HomeMy WebLinkAbout0723 ht~4~.4? :
F ~O~YA~S
~l O ~~'I' C:~ Ca E R I D E K~~l~°~i~~ouyr~ f R
~E~4~Q v~R~ii[p caup~
3~Q288
M~nN i5 II 4~ AH'~~
Ttits AioRTC;AGB RIDEH is incorporated into that certai~ mortgage entered into by _ CASEY_ G.,___
I.YNN and PANIELA K. LYNN, his wife _
and FIl2S'I' FEDERAI. SAVINCS AND LOAN ASSOCIATION OF 1/IARTIN COUNTY.
"I'he tollu~•in~ are additional covenants under the abov~ referenced mortgage:
2~. If forc~clasure proceedinqs ot any second mortRage or second trust deed or any junior lien of any
kincl should be instituted, the Association may at its option. immediately or thereafter declare this
mort~a~e and thc~ indebtedne~.c secured hereby due and payable.
:.>5. 'f~~ the extent of the indebtednesR of the Mortga~ors to the A~.tiociation described herein or secured
h~~mb~•, the Association is herebS~ subrogated ta thc litn or liens and to the rights of the owners
and holders themof of each and every mortgage, lien or other encumbrance on the land described
h~rein wherh is paid and (or) satis6ed. in whole or in part, out of the proceeds of the loan described
herein or secured hereby, and the respective liens of said mortRages, liens or other encumbrances
~i~ail pass to and be held by the A~.4ociation her~•~.a as :u.>curity for the indebtednesa to the A.4so-
~~iation herein ciescrihed or hereby secured, to the ,ame extent that it would have been preserved
and «•ould have been passed to and been held by the As.4ociation had it been duly and regularly
a~.5i~necf, ttans[erred, ~:et over and delivered unto the As.aociation by separate deed of assignment,
- notwithstandin~ the tact that the same may be satis6ed and cancelled of record, it being the inten-
tion of the parties hernto that the same will i~e satisfied and cancelled of tecord by the holdet:~
thereof at or about the time of the recording of this mortgage.
?6. That in the event that this mortgage be ~iven to secure a construction loan, failure on the part of
the ~tortgagors or their contractors to complete said building in accordance with Construction
L~~an Agreement, of even ciate herew~th, or to I~uild :said construction in accordance with plans
and specifications filed with the Association, shail constitute a breach of this mortgage, and, at the
option of the Association, immediately mature th~• ~•ntire amount of principal and intere.st hereby
secured and the As.sociation ma~ immediately in,titute pr~xerdin~s to foreclose this morigage.
In the event this mort~a~e is pumha.sed by a third party, the~e additional covenanta mer.tioned above
;ha11 1~~~me nuil and void.
i I\ V~'(Tti~SS ~VHEREOF, B~rrower has ex~cuted thi~ Mort~a~e this 14th day of
~ Ntarch _ . 19 77 . '
i
E
~ Si~ned, seale~i an~1 deliver~~d
~
~ in t• pr Se ce of:
~ Y - ~ -~1 ~~L1.G~~. ~ / _ Seal
- , - i ( )
~ t CASEY G. L4'NN
~ "j A , .
6 ~ . .
~ " r _I _~~'l'c?.ct/7~ -,7 - _ f~ ~1=s ` - j ' } ' ( Seal )
~ PAMELA K. LYNN
~ ~-t~~"-J+,'~~L~~l
~ STATE l)F FLORIDA ~
~ COUNTY OF MARTIN r
~ t3eEnrc me personally appeared CASEY G. LYNN and PAI~IELA K. LYNN, his wife
~ to me well known and known to me to be the individuals described in and who executed the foregoing
c
p instrument, and acknowledges before me that the yexecuted the same for the purposes therein ezpressed.
~ ~
; WITNESS my hand and official seal this ___14th ~a} of March _ 19 7'~
~ -
~ ~
~ •
~ ~ ' ' ~ -
~ , - . . l`=h~ ~`1-~=~t_~~ _
Nota Public
~ ,~4~ ('ommiasion E:piree:
~
: ~ ?::.ery P~:b';c S::t. ~'ir:c'a rl 'a
- . M?r Comc~,s:~.:~ : ~ . v_~ : i3~
f A-30t 9/76 Iw~o.a s_.
~ o?~ e ¦ F~[.~ ~ " ' ~