HomeMy WebLinkAbout0800 MORTGAGE RIDF.R
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Tttts MORTCAC6 RIDSR is incorporated into that certain mortgage entet+eci into by CONSTANTINO
COSTANZO and FLORENCE COSTANZOt his wife & CATHY J~ .~OSTANZO, a m~rried ;
and FIRST FEDERAL SAVINGS AND LOAN AS30CIATION OF MARTIN COUNTY. woman ~
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1'he following are additional covenants under the above referenced mortgage:
2~t' If forectosure proceedings ot any second mortgage or second trust deed or any jutuor lien of any 1
kind ahould be instituted~ the Association may at ita option, immediately or thereafter declare this ~
mortgage and the indebtedness secured hereby due and payabie. ~
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25. To the extent of the indebtedness of the Mortgagors to the As.gociation described herein or secured ~
hereby, the Association ia hereby subrogated 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 proceeds of the loan described ~
herein or secured hereby, and the respective liens of said mortgages, liens or other encumbrances ~
shall pass to and be held by the Association herein as security for the indebtedne.ss to the Asso-
ciation herein described or hereby secured~ to the same extent that it woutd have been pt~eserved
and would have been passed 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 parti~s hereto that the same wilt 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 thst thi.s mortgage be given to secure a const.ruction loan~ failure on the part of
!he hlortgagors or their coatractors t~ M?i1~~P.fP xaid huilding in accordance with Construction
Loan Agreement, of even date herewith, or to build said construction in accordance with plans ~
and speci&cations filed with the Associetion, shall constitute a breach of this mortgage, and~ at the
option of the Association, immediately mature the ~~ntire amount of principal and intetest 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
shall becomc null and void. •
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; II` WITNESS WHEREOF, Borrower has executed this Mortgage this _ day of ~
! March 19_?_?... :
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I Signed, sealed and delivered fIIED ANO AEGOROED `
; .i~rt~ie nce of: ST.IUCIE COUNTY FLA.
f~OCf.R POITRAS
E ~ CLERK CIRCUIT COURt ~ ~
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~ ~ ~~,~~q RECOR~ YERIFtEp r" tt (Seal)
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~ ' Constantino Costanzo ;
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F~orence Costanzo
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J`=--- Seai3
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~ STATE OF FLORIDA ~ Cathy J. Costanzo .
~ COUNTY OF MARTIN } ~
Constantino Costanzo and Florence Costanzo, his wife and
' Before me personaily appeared ~athy~. Costanzo, a_ married _woman
to me well known and known to me to be the individual s described in and who ezecuted the foregoing '
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instrument. and acknowledges before me that t heyezecuted the same for the purposes therein expressed. ~
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WITNESS my hand and official seal tb~is: day of .__March__ _ , 19 7?_.
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.~c,~~~.:iex~~~lda at large
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. ''~;'~i-i=~~ My Cem:~~~„~or, E.qres Oct. 4. 1980
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A-301 9/76 • , . ~a ~t wie.r.c.A • C...M Ca.~v.~I
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