HomeMy WebLinkAbout0074 . •
MORTCA(~~ RIDFI~ i
i
. ~
,
- {
TH13 MORTCACB RIDSR 13 incorporated into that certain mortgage entered into by ~YLE W.
CHAMPION and BONNIE W, CHAMPI4N, his ~f~,_ _ _ _
and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY.
The following ar~ additional covenants under the above referenced mortgage:
24. If foreclosure proc~edinga of any second mortgage or eecond trust deed or any junior lien oi any
kind should be instituted. the Association may at its option~ immediately or thereaiter declare thia
mortgage and the indebtedness secured hereby due and payable.
.n
25. To the extent of the indebtedneas of the Mortgagora to the As4ociation described herein or secured ~
hereby, the Asaociation is hereby subrogateci to the lien or liens and to the rights of 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 part, out of the procc~ds of the loan desctibed
herein or secured hereby, and the respective Gens of said mortgages, liens or other encumbrances
shall pass to and be held by the Aasociation herein a.g security for the indebtednesa to the Asso-
ciation herein described or hereby secur~d~ to the same extent that it would have been preserved
and would have been pa.ssed to and been held by the Association had it been duly and regularly
assigned, transferred, set over and delivered unto the Association by separate 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 will 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 said building in accordance with Construction
Loan Agreement, of even date herewith, or to build said construction in accordsnce with plana
and specifications 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 Agsociation may immediately institute proceedings to foreclose this mortgage.
In the event this mortgage is purchased by a third party, these additional covenants mentioned above
shall become null and void.
E IN ~VITNESS WHEREOF, Borrower has executed this Mortgage this .___?th day of '
March - 19 77 ,
W' nesses as to Doyle W. C,~ampion:
`
E
~
Signed, sealed and delivered
in the presence of: ' , .
' - ~ _ ~HIS MARK~~( (Seal)
DOYLE W. CHAMPION
Ll/ ~
~C.- , ~ .
~ - ^
- -
BONNIE W. CHAMPION
STATE OF FLORIDA
COUNTY OF MARTIN ~
Y Before me personally appeared _~YLE W. CHAMPION and BONNIE W. CHAMPION
_ _ _ - - - -
~ to me well known and known to me to be the individual s described in and who executed the foregoing
~ instrument, and acknowledges before me that t heyezecuted the same for the purposes therein e:pressed.
~ WITNESS my hand and officisl seal this 7th ~y of March _ , 19 ?7 .
35ga65 - . ~ ~ - -
aE~~R0E0 - ' . ~ ~
f 1.E0 ~E ~OVNSY fl~~ N tary Public ;
s~' aOGEa Pa~ja~ouat n , _1 + .
R~ CIACNti~ ~ - _ . My Commiasion E:pirea:
Ctao ~~a~F?EO ~ ~ , ~ ~ - ~ ;
A.~~~ynb pN ~~T = MY ~~mnissi~n E~- :,;:r~~ ~
lo ~ 4~ 1 1' I• , r::Cf ,Q(t.'Q. ~S~pQ
~ ' ~ A~rK~ iq a
r k
i PAGE ~