HomeMy WebLinkAbout0467 ' .
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' MORTGAGE RIDER ~
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Tttts Mo~rcnce Riuaa is incorporated into that certain mortgage entered into by JOHN W.
BARKI~EY, JR. , a married man • _
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and FIRST FEDEP.~lL SAVINGS AND L(?AN ASSOCIATION OF MARTIN COUNTY.
The foUowing t~re additional covenants under the above referenced mortRage: ~ .
24. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any
kind should be instituted, the Aasociation may at its option, unmediately or thpe+eafter declue this
mortgage and the indebteaneas secured hereby due and payable.
25. To the eztent of the indebtedness of the Mortgagors to the Asaociation described herein or secured
hereby, the Assoriation is hereby submgated to the lien or liens and to the rights ot the ownera
and holders thereof of each and every mortgage. lien or other encumbrance on the land de8cribed
herein which is paid and (or) satisSed, in whole or in part, out of the pmce~eds of the loan desccibed
herein or secured hereby, and the respective liens of said mortgages~ liens or other encumbraaoee
shaU pe~ss to and be held by the Association herein as security for the indebtedness to the Aseo-
ciation herein de~cribed or hereby secured, to the same extent that it would have been preserved
and would hsve been passerl to and been hetd by the As~ociation had it been duly and regularly
assigned. transferred. set over and delivered unto the Associetion by ~eparate deed of assignm~nt,
notwithstanding the fact that the same may be satisfied and caneeUed of record. it being the u?ten-
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 oA the part of
the Mortgagors or their contractors to o~mplete said building in aocordance with Conatructian
I.oan Agreement, of even date herewith, or to build said construction in socordance with plana
and specifications filed with the As~ociation, shall constitute a breach of this mortgage, and, at the
option of the Asaociation. immediately mature the entire amount of principal and interest hereby
secured and the Associstion may ia~mediately institute proveedings to foreclose t6is mortgage.
In the even~ this mortgage is purchased by a third party, these additionai oovenants mentioned abave
ahall become null and void.
IN WITNF.SS WHEREOF, Borrawer has ezecuted this Mortgage Rider this 9~ day of
' November - - , 19 . - -
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Sign sealed and deli ! ~ i i
f in ce of: JO RARKLEY, JR.
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~ T~¢ ~oi+~&~g'~t was acknowledged before me this ~ _ day of
:-~ove~her. 19 77 by JOHN W. BARI~LEY, SR. , a married man
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•.n,~~.,.ua~. Notary PnWic
~ ~ ~ . }iotary Puh6c. State of Ror:~',a ~t [a~c-e
STATS OF FLORIDA ~ ss. ~Ar Com:~s~ Ex~ra Sea~. t`bt
C~Vi' 1 L ~F . ~%.~t0 ~r A~..e..c~. iwe t Cnw~s Co: p~+r
The foregoiag instrument was acknowledged befQre me this c3ay of
,-19 by and
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President and Secretary of
a oorporation, on behalf of the corporation.
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' CLEPK ~C~i1 COYAT p N~ t
'lftiflED,'..~L.~ k
A-301A 12/76 ii ~ t
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