HomeMy WebLinkAbout0755 MORTGAG~ RIDER
THIS MOltTCAGE R106t 18 1flC0?pOTAf.ed into that certain mortgage entered into by ~GH A. TURNER,
and_LYDIA TURNER~., his wife, _
and FIRST FEDERAL SAVING3 AND LOAN ASSOCIATION OF MARTIN COUNTY.
The following are additional covenants under the ebove referenced mortgage:
24. . I[ totc~closure proceedings of any eecond mortgage or second trust deed or any junior lien of any
kind ahould be inatituted. the Aasociation may at ite option, immediately or thereafter declare thia
mortgage and the indebtednesa secured hereby due and payable.
25. To the e:tent of the indebtednesa of the Mortgagora to the A.asociation described herein or secured
hereby, the Association is hereby subrogated to the lien or liens and to the rights of the ownera
and hotders thereof of each and every mortgage, lien or other encumbrance on the land described
herein which ia paid and (or) satisfied~ in whole or in part, out of the prooeeda of the loan described
herein or aec~red hereby, and the respective Gens of said mortgages. liens or other encumbrances
shali pass to and be held by the Association herein as security for the indebtednesa to the Asso-
ciation herein described or hereby secur~d, to the same estent that it would have been preserved
and would have been passed to and been held by the Association had it been duly and regularly
agsigned, transferned. set over and deGvered unto the Association by eeparate deed of assignment,
notwithstanding the fact that the same may be satis&ed and cancelled of record, it being the inten-
tion of the parties hereto that the ssme will be satisfied and canceUed of record by the holders
thereof at or about the time o# the recotding of this mortgage.
26. That in the event that this mortgage be given to secure a rnnstruction loan, failure on t~he part of
the Mortgagors or their rnntractors to complete said building in aocordance with Construction
Loan Agreement~ of even date herewith, or to buiid said construction in aocordance with plans
and specifications Sied with the Association. shall constitute a breach of this mortgage, and, at the
option of the Association. immediately mature the entire amount of principal and 'u?terest hereby
secured and the Aasociation may immediately institute proceedings to foreclvee this mortgage.
In the event this mortgage is purchased by a third party. these additional covenants mentioned above
shall become null and void.
IN WITNESS WHEREOF, Borrower has eaecuted this Mortgage this ___?8th day of
February ~ 19_ 7? .
Signed~ r,ealed and delivered -
in the resence of : r _ /r /
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Ett.~e ~ro ~tEC RoE
~T. ~E
Cp~~Ya ~Q. HUG Ac TURNER
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~ IA TURNER
! FEO Z3 8 s~ ~N
STATE OF FLORIDA
COUNTY OF MARTIN } 3SS~~~
Before me personally appeared HUGH A._TURNER and LYDIA TUR,NER, his wife,
to me well known and known to me to be the individual s described in and who ezecuted the foregoing
instrument, and acknowledgea before me that th~ executed the same for the purposes therein ezpressed.
WITNESS my hand and official seal,.this. , 18th ~y of ` February ~ 19 7? .
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