HomeMy WebLinkAbout0226 ~I()RTC ~(~E RIDER
THIS A'IOSTGACS RiDES IS IIICOIpOTAte(~ into that certain mort~a~e entered into by ~GH B. NICKEL
and JOYCE_A. NICKEL. his wife
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and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF 114ARTIN COUNTY.
The tollowing are additional covenants under the above referenced mort~age:
2~. If foreclosure .proreedings of an~• cecond mortga~e or second trust deed or any junior lien of any
kind should be instituted, the Association may at its option, immediatelv or thereafter declare this
~nortgage and the indebtednes.s secured hereby due and payable.
25. To the eatent of the indebtedness of the Mortgagors to the Association described herein or secured
hereby~ ~'he Association is hereby subrogated to the lien or liens and to the rights of the owners
and holders ihereof 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~ liens or other encumbrances
shaii pass to and be heid by the Association herein as security fur fhe indebtednrss to Lhe As~-
ciation hetein described or hereby secured, to the sa,ne extent that it would have been preserved
and would have been passed to and been held by the A~.sociation had it been duly~ and regularly
assigned, transferred. set over and delivered unto the Association by separate deed of assignment~
notwithstanding the fact that the same may be satisfied and cancelled of record, it being the inten-
tion of the patties heceto that the came will be satisfied and cancelled of record by the holders
thereof at or about the tidne 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 Mortga~ors or their contractors to complete said building in accordance with Construction
Loan Agreement, of even date herewith. or t o build said construction in accordance with plans
and specifications filed with the Acsociation, shall constitute a breach of this mortgage, and, at the
option of the Association, immediatel} mature the entire amount of principal and interest hereby
secured and the As.sociation 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. _
, 15th
IN WITNESS WHEREOF, Borrower has executed this Mortgage Rider this _ day of ~
July ~ ig__?_7_, _ ~
. :
~ ~
Signed, sealed and delivered _ (Seal)
~ in presence of: ~ ~ H B. I L
~ -J E~ (Seal)
f i1LE0 AMD RECpROE4 NICKEL
E` " ST. tUCIE C4UNT1? FtA. O CE A.
I --(,v~~ ROCfR POtTRAS ~~j~
~ . _ G.aGUIT COURT
' ~t'o:f~cp
~ • . ' - ;
J~t~ 18 8 4? AH 77 ~
STATE OF FLORIDA ~ 3• iSO
COUNTY OF MARTIN ~ ~
The foregoing instrument was acknowledged before me this 15th ~ day of
J~y 19 by ~NGH B. NICKEL and JOYCE A. NICKEL,
.his • e ' _ ~
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, ~ - f1o2 p~bt'~ .
- _ ~•S • • e of Fbrida at iarge ~
~ ~ ~-r • ~ 1Mr Comrais:roa E:pi •
~ .S'.~~T.~ ~~::Fj~.~RIDA ( ~.s. '°.°w t. 4. 1980 , ~
~
_ ~ : C~3II~`!`Y ~J~ _ ' .w». ~.,.,o...
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e ~ . '`.~~y~
~ T ~'~going instrument~was acknowledged before me this day of ~
t ~ ; `.C ' s
~e . . . _
~ 19 _ by _ ~ and
€ , respectively, ~
~ President and _ Secretary of _ i
~ a corporation, on behalf of the corporation. ~
~ . - , ~
~ Notary Public • E
~ ,
A-3I5 12/76 g
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BOOK PACE
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