HomeMy WebLinkAbout0288 ~InRTG ~G~ RIDER
TN~s ~t~Rrc:AGE R1DER is incorporated into that certain mortRaRe entered into by HOYT LEE
McKENZIE_and_MILDRED B,_McKENZIE,_ his wif~_______.____ _ ~
_ _ _ - - - - - - _ _ - - - -
and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUIvTY.
The folloNing are additional covenants under the above referenced mort~aQe:
24. If foreclosure proceedings of an}• second mortga~e or second trust deed or any junior lien of any
kind should be instituted, the Association may at its option. immediately or thereafter declare this
mortgage and the indebtedne.ss secured hereby due and payabte.
25. To the extent of the indebtednecs of the Mortgagors to the Association described herein or secured
hereby, the As.sociation is hereby subrogated to the lien or liens and to the rights of the owners
and holders lhereof 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 oi the loan described
herein or secured hereby, and the respective liens of said mortgages, liens or other encumbrances
shalt pass to and be held b~• th~ A.ssociation herein as serurity for the indebtedness to the 4sso-
ciation herein described or hereby secured, to the same extent that it would have been preserved -
and would have been passed to and been held by the Association had it been duly and regularly
. assiqned, transferred, set over and delivered unto the Association by separate deed of assignment,
notwithstanding the fact that tRe 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.
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 ~aid 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
..a:.. ..S ?1... A..~....:..~:.... ..d:e1..1.. ...nh•~n ??.n ..s~lir~a emm~nf nf ~r:nrino~ o~s~ in+nrne~ {+o~+n}~v
v'/<aVit va a~l4 Llal\A.aaa~Va~~ iai~i~la.uiu~.~.~' aa~u~u~4 •~a. ~+•a•~a~as~. v. ~+a.a.~.arua ~..ac a.a~v.w.~ ..v.v.iJ
secured and the Association may immediately #~nstitute 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.
IN WITNESS WHEREOF, Borrower has executed this Mortgage Rider this Zl ~ day of
_ May 1g77-
I -
; -
I ~ ~T. ~YClE QOUNTY f~i. ~ f L .
~ Si~d, sealed an delive ROCER PO~TRAS
~L ERk CIACJli CCt~RI H T LEE 1VIcI NZ
in rese . ~
, J .~k:fiE~:+ ' , -
~ /{~,/i / _ ~ •
MILDRED B. Mc Z
- ~~d---Ju~c 1 I sa PN'77 - ~s~u
s~ ~ , - (Seal)
MARY LAND
STATE OF ~ ~s •
COUNTY OF . /
The foregoing instru ent was acknowledged before e this ~ r S~ ~,~Vyof
~ ~~ay _ - , is _ by HOYT ~.EE McKENZIE and MILDR~Y~_._T~t~.
McKENZIE, his wife , _ - ~
L~ti i : . .
' N ry Public ~ r
" - 'r = i : .
~ `
~ My mi ion Expires: , . - .
STATE OF FLORIDA ~ SS. July 1, 1978 -
COUNTY OF ~ ~
~
~ The foregoing instrument was acknowledged before me this day of
~
- 19 bY and
_ respectively, _
President and _ Secretary of
~
~ a corporation, on behalf of the corporation.
I+Iotary Public
~ ~1/~ ~
A-325 12/76 ~~Ux (-~'y ~i
.~.~ar
Y, _ _ _ _.s-c~