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Home My WebLink About0926 r y1~nRTGAC~i: HIDFH RICHARD C. ~ TH13 MORT(:ACS RIDBt l8 lI1COCp0lAlE'(I into that certain mortgage entered into by CAMPBELL and MILDRED CAMPBELL, his wife ? --r and FIRST FEDERAL SAVINGS AND LOAN AS30CIATION OF MARTIN COUNTY. ~ ~ The following ac+e additional covenanta under the above referenced mortgage: 24. If forecloeure proc~eedinga of any second mortgage or aecond trust deed or any junior lien oi any kind should be instituted. the Association may at its option, immediately or thereafter declare tfiis mortgage and the i~debtednesa sccured hereby due and pa~~able. f f j i 25. To the extent of the indebtedness of the Mortgagor3 to the As~ociation described herein or secuted ; hemby, the Association is hereby subrogated ta the lien or lien.4 and to the rights ot the owners and holders tfiereof oi cacfi and every mortgage, lien ar ather encumbrance on the land deecribed ~ herein which is paid end (or) satisfied, in whole or in part~ out ot the proceeda ot the loan described # hercin or secured hereby, and the respective liens af said mortgages, liens or other encumbra~ces ' shatl pass to and be held by the Association heieir~ us security for the indebtednesa to the Asso- cialion herein described or heceby secured, to the same ~xtent that it would have been pt+esecved 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 Asgociation by separate deed of assignment, notwithstanding the fact that the sarne 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 ot sbout the time ot the recotding of this mortgage. ~ 26. That in the event that thia 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 accordance with ptans and specifications filed with the As.sociation, shall constitute a breach of this mortgage. and, at the ~ option of the As.gociation, immediatefy maturc the enlire amount of principal and interest hereby ' secured and the Association may immediately institute proceedings to foreclose this mort$age. ~ ~ i = ~ . ~ in the event thi.s mortRage is purchased by a lhird party, thc~e additiqnal covenants mentioned above shall become null and vaid. ~ ~ - ~ ~ IN W1T\ESS WHEREOF, Borrower has executed this :Nortgage this ~ L_~, day of ; ~ 7? , ; _ A~ril - - . _ _ , l9 ~ ~ Signed, ; aled r~d delivered ~ in th ~ n ot: i ~ ~ I • ~~71~" • is~l) - - - - _ - - ~ . Richard C. Campbell I ~ ' I ' • ~~t~d/t,r E! ( Seal ) ~ • - - ~ t Mildred Carnpbell i NEW YORK ' STATE OF ~~(.QSft~~I+I ~ COUNTY OF /N~~?~I~i~tl ~ ~'g' ~ I' ~ RICHARD C. CAMPBELL and MILDRED CAMPBELL, h/w ' Before me personally appeared _ _ _ - - - - - _ to me welt known and known to me to be the individual s desctibed in and who executed the foregoing instrument, and acknowledges before me that th~y executed the same for the purp~ses therein ezpressed. : ; ~ WITNESS my nd and o~icial seal this'____ __~~day of APr~ 19 ~ _ ~ ~ r~~i~~~~Nrr 4 . - F ~ ~ 4cuiTR~s - . ~rr:E~ Ce~~p. ' , ? - - ~ - "`~r. ' , • V - - - x QI' ' • ~ otary Public ~ i 3 PN _ ~ : . , ~ My ~,~.x p,~~: . - Y' ' P~f>>,~. sfa?4 0~ Ngw ito.R 6~~x..~J~ ~i?tE I~ ~ rs~ 52 - 6247850 " A-~Ol 9/76 , , ~ ~~~l~il • ~ e° , ~ 1~'~ ~.,o'~(~ed t~ Sul{olic Cour.ly • ~ r a Comm~ss~on Expires Motch 30, ,v.~~~~aMi~.~'~'~'~"~"a~R.`.k'er _ . . ~ .i._