HomeMy WebLinkAbout0923 F~~Ea ~MO Rtc R~o i
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~ CtERK CIRCUIT Cp~Rt ~g~ '
M O R T G A G E R I D E R RECORO YERIf/Ep~_
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E81~ 9 T g AH ~11
THts Mo~rrcecs Ri~BR is incorporated into that certain mortgage entered into by JAMES R.
CALLAHAN and CHARLOTTE GAIL CALLAHAN, hie wife, and JAMES L.
HLTRLEY and KAREN M. HiJRI.EY, his wife,
and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY. +
,
The following are additionai rnvenants under the above referenced mortgage: .
24. If foreclosure proceedings of any second mortgage or second trust deed or any. junior lien of any
kind should be instituted, the Association may at its option, immediately or thereafter declare this
mortgage and the indebtedness secnred hereby due and payable.
25. To the eztent of the indebtedness ot the Mortgagors to the Association described herein or s~cured
hereby, the Association is hereby subrogated to the lien or liens and to the rights ot the owners
and holders thereof of each and every mortgage, lien or other encumbrance on the land described ~
herein which is paid and (or) satisfied, in whole or in pnrt, out of the proceeds of the loan described ~
herein or secured hereby, and the reapective liens of said mortgages, liens or other encumbrances
shall pass to and be held by the Association hereu~ as security for the indebtedness to the Aaso- ;
ciation herein described or hereby secured~ to the same eztent that iE would have been preserved
and aould have been passed to and been heid by the Association had it been duly and regularly ~
assigned, transferred~ set over and delivered unto the Association by sep~arate deed of assignment~
notwithstanding the fact that the. same may be satisfied and cancelled of record. it being the inten-
tion of the parties hereto that the same wiU be satisfied and cancelled of record by the holders
thereof at or about the time of the recording of this mortgage.
26. That in the event that this mortgage be given to secure a construction loan, failure on the part of
the Mortgagors or their contractors to complete aaid building in accordance with Construction a
Loan Agreement, of even date herewitti, or to build said construction in accordance with plans
and sperifications filed 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 interest hereby
secured and the Association may immediately institute proceedings to foreclose this mortgage.
In the event this mortgage is purchased by a third party, these additional covenants mentioned above
I
shaU beoome null and void.
IN WITNESS WHEREOF, Borrower has eaec~ted this Mortgage Rider this 23~ day of
February , 19?? .
Signed, sealed and delivered u (Seal) •
in presence of: ames R. Ca112~han
~ - ~ (Seal)
- ar otte Gail all an
cs~~ ~
- J s L. Hur e
-
en . ur ey
STA,T~ OF FLORIDA
OF MARTIN
,.,-:-,~__•j~+ c:,
~p~ggging instrument was acknowledged before me thi.s 23rd c~ay of
.
~ , 19 77 by_~~NiES R. CALLAHAN and CHARLOTTE
: + r
_ • C~ ~l4t;,~c~iAN, his wife, and JANiES L. HiTRLEY and KAREN M. HURLEY, his wife,
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_:.j'. `'vl. `V:
- G• ~ otary Public
Nolary P~c. State oi fkr:da at t;rq!
~ ~S'f~,~ .,UP" FLORIDA ~ M~? Commissioo Ex~eres Oc~ 4, t~t3t1
COUNTY OF MARTIN ~ '"'i0 ti " ~
The foregoing instrument was acknowledged before me this - day of
, 19 by and
,-respectively,
President and Sec.•retary of
a oorporation, on behalf of the oorporation.
~
Notary Public
A-325 12/76
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