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M 0 R T G A G E R I D E R ~ECORO
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THis Mosrcr?cs Rwa~ is inoorporated into that cert~in mortgage entered into by DAV ID A.
DINSMORE and SHARON F. DINSMORE, his wite
and FIRST FEDERAL SAVINGS AND LOAN A330CIATION OF MARTIN COUNTY.
T'he foUowing are additional covenants under the above referenced mortltage: -
24. If foreclasure prooeedings of any seoond mortgage or second trust deed or any jnaior lien of any
kind shouid be instituted. t6e Aaeociation msy at its option, innmediately or thereafter c~clare this
mortgage and the indebtedness eecured hereby due and pe~yable.
2b. To the_eatent of the indebtednees of the Mortgagora to the Aseociation deecribed herein os eecured
hereby, the Aseociation is hereby aubrog~ted to the lien or liens and to the rights ot the owneis
and holdera thereof of each and every mortgage, lien or other encnmbranoe on the land deecribed
herein whi~h is. paid snd (or) eatisfied, in whole or in part, out of the pmoeede ot tbe lout descdbed
herein or eecured hereby, aud the respective liens of said mortgages, liena or ot6er encumbranoes
shall pase to and be held by the As~ociation herein as security tor the iwdebtedneee to the Aeeo-
ciation herein deecribed or hereby aecured, to the same estent that it would have bee~a preseived
aad wo~ild have been pss~ed to and been held by the Aseocistion had it been duly and r~y
assi~ned, traneferred, eet ov~er and delivered unto the Aseociation by eeperate deed of assigitment,
na~twithetanding the fact that the same may be sstiafied and cenceUed of record, it beiag the inten-
tion ot the parties hereto that the same will be ae?tisfied and canceUed of i+eoord by t6e holders
thereof at or about the tia~e of the reoording of thia mortgage.
26. That in the e~rent that thia mortgage be given to secure a ow~struction losn, failure on the part o~
t6e Mortgagora or their oontractors to oomplete said building in aaoordance ~vith Constructian
Loan Agre~aent, of even date herewit6, or to build said o~nstruction in aooordanoe wit6 plsns
and specificatione filed with the Aesociatioa. ahsU oonatitute a breach of thia mortgage. and, ~t the
option of the Aeeociation. immediately meiture the entire amount of principal and interest hereby
eecnred and t6e Aseociation may ima~ediately inatitute prooeedings to forecloee thia mortgage.
In the e~vent this mortgage is purchaeed by a third party. theee additional omre~etnts mentioned above
s6all beoon~e nnll and void.
IN WITNI:9S WHERSOF, Borrower bas ezec~ted thia Mortgage ~iider thia T~ dsy of
September , 197? _
.
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Signed, sealed and delivered ~L~it/~~Q ~g~)
~ p~ DAVID A. NS ORE
~ 3es1)
- - SAARON F. DINSMORE
(8~1)
(Seai)
STATE OF FLORIDA ~ ;
COUNTY OFMARTIN } -
1'6e fo~oing inatcunnent ~ras acknowledged before me this ?th , day ot
Sev . b~t , 19 77 by DAV ID A. DINSMORE and SHARON F. ;
.
'l~a wife
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instrument was acknawledged before me thia day of ;
~ , - - - 19 by and ;
re~PectivelY.
President a~nd 3ecretery of
i OOlpOI'dtlOA, OD ~C}~ Of ~18 00?~Ol~tiOA. -
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Notary PuWic - i
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