HomeMy WebLinkAbout0184 ~[O t~ 't' c~ i~ t: l~ I I) h~ 1~
Ttits MottTC~cF. RIDF.R i~ irncirFwrated into that certain mortRnke entered into by . WILLIAI~r1 W.___ _
BASS, JR. and NANCY J. 13ASS, his ~vife .
and FIRST FEDF.RAL SAVINGS ANI) 1.QAN ASSU('IATION nF ~1ARTIN COUNTY.
The follo~~•inR nre Additional covenants under the above n•ferenced mortRa~e:
•?-1. I f torc~losure prcx~ec din~s of an~• sc.~cond mort gaKe or ~econd t rust dced or any junior lien of any
kind should ix~ instituted, the A~.~aciation ma~• at its opiion, immc•diatcly or thereafter dE~clare this
mort~age and the indebtedne~.s ,c~cured hereb~~ due an~l pa~~ahl~~.
?5. T~ th~ extent of the indebtedne~.~ ot the \iort~a~on to the A~~oci~tion described herein or secured
hereb~~, the ~k~uciation i~ hereb~~ subro~ated to thr li~m or liens and to the rights of the owners
and holders thereof of each and every mort~a~e, lien or other cncumbrance on the iand described
~ herein which is paid and (or) satisfied, in whole or in part, out of the proceeds of the loan de.~cribt~d
herein or secured herebc, and the respective liens of ~aid mortgages, liens or other encumbrances
shall pas.e to and be held b~• the A~.sociation herc~n a~ sc~curity for the indebtedness to the Asso-
ciation herein descrit~ed or hereb~ secured, to the ~~me extent that it would have been presetved
and ~could have been pa~.5ed to and been held by the Astoriation had it besen duly and re~ularly
a~.si~ned, transierred, set over and delivered unto the A~.~ociation by separate deed of assignment,
n~tK•ithstanding the fact that the same may tx~ ~atisfied and cancelled of record, it being the inten-
ti~n of the parties hereto that the samc~ w~ill tx~ tixtisfied and cancelled of record by the holders
thercof at or about the time of the recordin~ this mortga~e.
'~6. That in the c:~~ent that this mort~age bc' ~IVE'11 f0 ~ecure a con~truction loan, failure on the part of
thc• ;1lortga~or~ ~r their contractors to complete ~aid buildin~ in accordance with Construction
I.~~an A~re~cment, uf cv~~n date herewith, or to huild ~aid construction in accordance with plans
and specifications filed ~~ith the AcSOCiation, :hall constitute a hreach of this mortgage, and, at the
c,~~tion of the A~:;~x~iation, immediately mature tt}c• ;•ntire amuunt of prinripal and interest hereby
~c~cured and the Association ma~• immediatel~• institute proceedin~s to foreciose this mortga~e.
:n thc c~ti~Fnt this mnrtga~;E~ is purchased h~• a[hird part~•, these additional covenants mentioned above
~hall hec~?me null and void.
j Iti ~VIT\ESS WHF.REOF, Bnrrow~er has ext~cuted thi~ ~1~?rt~a~e thic llth _ ~ay of
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\'I ak- - . 19 77 . .
f
y
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~ Si~ned. ~Ciilf~d and delivc•rc•d i ~ ' f
~ : r
in t_he presence of: ` I (
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'1
~ p ANO RECOQ='~- ~ ~
:~L~-~ ~ ~x T.i E CA~T~ F~' , ~{.1.`_ (Seal)
qr~,,.~F ~~G~'R~~ _ ~ 'ILLIAVI W. BASS, J~.
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• ~ r~ ~ . r.c^. -
' " ' ( i° ~ % ' - ~ (Seal)
, . ; , j . ~ , ; ~ ~ ! . _ .~:_L ~
- ----'"V;,,~-12, ~ ,f P ~1 NANC~ J. _13A5S -
R1~1
STATE (3F FLnRInA ~
~ COUNTY nF ~1AitTI:~ 1 ~s. ~~~~~53
~ - ~VILLIAi1'I W. ~3ASS, JR. and Nr'~NCY J. BAS5, is wife
= Bef~rt• me F~er~~,nall~• appeared 11 -
to mc well known and knn~~n to me to t~e the individuats descrit~d in and who execvted the foregoin~
~ instrument, and acknovrled~e~ before me lhat theycxecuted the ~ame for the purposes therein expressed.
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~ ~t'17'ti~;SS m~• hand and oHicial seal this . l lth da~• of ~'Iay , 19 77 .
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R ~ otary Public
f+ p p ' ~ty Commission ExE~ires: ~y
BJOK~O PA6E 104 ~ •ik- . _ . H ~
~ ~~r 9,~~. f.!y : . . , ~i .:t. ~~SJ ,O•
r e .~.L.e~ ~+or
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