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HomeMy WebLinkAbout0949 NIORTGAGE RIDER 'feta Morrcnc~t Rtua~ is inrnrporated into ttu~t cerfsin mortgage entered into by ~ADE J. SANDERS and_MICHELE_P. SANDERS~ his wife and FIRST FEDERAL 3AVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY. The following are additional covenanta undcr the above referenoed mostgage: 24. If foreclasure procEedinga of any second mortgage or second trust deed or any junior lien ot any kind should be instituted, the Association may at its option, immediately or thereaiter declare this mortgage and the indebtedness secured her~by due and payable. 25. To the extent of the indebtedness of the Mortgagora to the Association deecribed herein or eecured hereby, the Association is hereby submgated to the lien or liens and to the rights oi the ownere and holders thereof of each and every mortgage, Gen or other encumbranoe on the land described herein which is paid and (or) satisfied~ in whole or in part. out of the prooe~eds of the lo~ta deecribed herein or secured hereby, and the reapective liens of said mortgages. liens or other encumbrances shal! pass to and be held by the Association hereih as security for the indebtedness to the Asso- ciation herein de.scribed or hereby aecured. to the same e:tent that if would have been preeerved and would ha~e been passed to and been held by the Aseociation had it been duly and regulddy assiECned, tranaferred. set over and delivered unto the Aseociation by separate deed ot assignnnent, notwithstanding the fact that the same may be satiafied and cancelled of record, it being the inten- tion of the partiea hereto that the same will be a~tisfied and cancelled of record by tbe 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 constsuMion loari, failure on the part of the Mortgagors or their contractors to complete said building in aocordance with Consttuction Loan Agreement, of even date herewith. or to build said construction in sooordance with plans and specificetions filed with the Association, shall constitute a breach of this mortgage, and, at the option of the Aasociation, immediately mature the entire amount of principal and interest hereby secured and the Association may immedietely institute proc~eedings to foreclo~e this mortgage. In the event this mortgage is purrhased by a third party, these additional rnvenants mentioned above ~ shall become null and void. j IN WITNESS WHEREOF, Borrower has executed this lblortgage this ____6th ~y of A~ril . - - 19_??. ti ~ 3s~~ ' Signed, sealed and delivered ' ~Q R~~1~0~,~~. ! ~q ~ in ~e presence of: > i'' ~OGE~t ~v'~'S t ~ ~ :aK C?RC~?t : ~ `tplfl 0 i ; E "r= ~ - (Sesl) i i 9 z, pN 1 ADE . A DERS ; ~ p~~ T t ~ - _-~!!~-c~~=' - ~ s~~f A .J~i Seg] ~ ~ f ~ MICHELE P. SANDERS ~ ~ ~ ~ STATE OF FLORIDA - _ ~ COUNTY OF MARTIN } Before me personally appeared WADE_ J. SANDERS and MICHELE P, SANDERS, his wife j to me well known and known to me to be the individual s described in and who ezecvted the foregoing instrument, and acknowledges before me thatt heye:ecuted the same for the purpoaes therein ezpressed. WITNES3 my hand and o~cial seat'this' ~ h__ dsy of _APr~__ ly ?7 . , . ~ - ; ~ : J~~ ~ : ~ / ~ _ . ~ - ~ i;~`~' ~ Notaf~Publ'u ~ V 7.~, 'I i•r~--? My Commiasion E:pir+e~: , t~' ~ • • . ~ . ~:i.C.,, r. .~r, ~S. S:::d 'J. (r3:~a tt W:~ k A-301 9/~• yC~ ~p~ ~-..t'i t~tr e~:....;:s:wo Ex;.:~es Oc~ 4, i98o ~ ' C:l{ rNUC 9~9 ~ iwOw A....c.. /ir~ i G.,YV Co.,,,~ -".r _ - . . _ . - - _ =,~.5. _ . .