HomeMy WebLinkAbout0997 M OR1'G AG E RI~DER
THIS MOItTGAC6 R1DS~ 18 IACOfPOL~t~ into thet certain mortgage enlered into by
_ ~HARLES W. .CARL and 11iAItiCY 1.. CARL~ his_ wife - -
and FIRST FEDERAL SAVINGS AND IAAN ASSOCIATION OF MARTIN COUNTY.
The foliowing are additional covenants undec the above referenced mortgage: ~
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24. If foreclosure proceedinga of any second mortgage or second trust deed or any junios lien of any
kind should be inxtituted~ the Association may at its option, immediately or thereafter declare this s
mortgage and the indebtedness secured hereby due and payable.
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25. To the extent of the indebtedness of the Mortgagors to the Aasociation described herein or secured
hereby, the Association is hereby subrogated to the lien or liens and to the rights of the owners -
and holders thereof of each and every morigage, 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 Assflciation herei:~ as security for the indebtedness to the Asao-
ciation herein described or hereby secured, to the same eatent that it would have been preaerved ~
and would have been pas.ged to and been held by the As.gociation had it been duly and regularly
assigned. transferred. set over and delivered unto the Association by aeparate 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. .
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~ 26. That. in the event that this mortgage be given to secure a construction loan. failure on the part of
~ the Mortgagors or their conttactors to complete said building in accordance with Construction
I Loan Agreement~ of even date herewith~ or to build said construction in accordance with plans i
and specifications filed with the Association, shall constitute a breach of this mortgage, and, at the ~
option of the Association, immediately mature the entite amount of principal and inter~st hereby
I secured and the Association may immediately institute proc~eedinga to foreclose thia mortgage.
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' In the e~ent this mortgage is purchased by a third party, these additional covenants mentioned above
~ shall become null and void.
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IN ~'VIT~ESS WHEREOF, Borrower has e:ecuted this Mortgage this _~_~O day of
--~1--- 19 ?7 • ~
Signed, scaled and delivered
! in the presence o : ~
~ ~
' - -J- - = (Seal)
, Ch es W. ar ~
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~
i - • (Sea1)
Nancy L. cQ~
i ~ .s
PENNSYLVANIA
~ STATE OF ~
~ COUNTY OF ~
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~ Before me personally appeared ~HARZ~ES W. CARL and_ NANCY L. CARL his wife, f
to me well known and known to me to be the individuaLg described in and who eaecuted the foregoing
instrument, and acknowledges before me that theY ezecuted the same for the purposes therein ezpressed.
WITNESS my hand and official seal this ~ __1~? _ da of A 1__ _ . '
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