HomeMy WebLinkAbout0817 i~ZORTGAGE RIDER
THIS MOxTGAGB RID6R is incorporated into that certain mortgage entered into by _MICHAEL A.
FOLIGNO~ a single_man _ ~ _
- - - _ _ _ - -
and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY.
~
The following are additional covenants under the above referenced mortgage: ~
24. -If foreclosure proc~eedings of any second mortgage or second trust deed or any junior lien of any
kind should be instituted~ the A.4sociation may at its option, immediately or thereafter declare this
mortgage and the indebtedness secured hereby due and payabte.
25. To the eztent of the indebtedness of the Mortgagors to the As.sociation 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 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, liena or other encumbrances
shall pass to and be held by the Association hereir. as security for the indebtedness to the Asso-
ciation herein described or hereby secured. to the same extent that it would have been preserved
and w•ould have been passed to and been held hy the Association had it been duly and regularly
assigned, transfen~ed, set over and delivered unto the Association by separate deed of assignment,
notwithstanding the fact that the same may t~e 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 F
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 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 plans
and specifications filed with the Association, shall constitute a breach of this mortgage, and~ at the
option of the Association, immediately mature the entire amount of principal and interest 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 become null and void.
t
~f IN WITNESS WHEREOF, Borrower has executEd this Mort.gage this ___~__'3_ day of
~ 19_77_.
~ ~
~ _
E
E
~ Signed, sealed and delivered ~
~ in the presence of: . _ €
. ~
,
- - '"""~'~al) i
MICHAEL A. FOLI~r O `
_ _ - - (Seal)
~
NEW JERSEY +
STATE OF F~~~A ~
COUNTY OF ~~'~Ir11 ~
~ '
Before me personally appeared ~ICHAEL_A._FOLIGNO, a single man _
~ to me well known and known to me to be the individual described in and who eaecuted the foregoing
~ instrument, and acknowledges before me that he eaecuted the same for the purpo.ges therein ezpressed.
,W.LT,N,~,SS my hand and official seal this • 1 3~ day .of Ma.~__-- _ , 19 . ~
:~r,~,.•
~ ' ~
J, • .
. „ _ _ ~P
~ • ~ ii
~ L.! : O i 0 otary 1'tC ;
~ Z J . ~ My Commiaeion Ezpires: • ;
.
7- v . ~ JOAN T. PFLUQ .
A~~~~+1lu d: a. ~ `
~ ~ N4'TARY PUBLIC OF NEW jER:[Y
sduK ~68 PacE 8~6 M~ r. ~9»