HomeMy WebLinkAbout0521 M4RTGACE RIDER
Tttts Nloerc~ca Rt~ss is incorporated into that cettain mortgage entered into by _
_ HF.R~E~ WF.~i' ~rid~HA8L1uEST._hi.s ~Kife------- -
and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY.
The following are additional covenants under the above referenced mortgage:
24. If foreclosure proceedings of any second mortgage or second trust deed or any junior tien of any
kind should be instituted~ the Association may at its optian, immediately or thereafter declate this
mortgage and the indebtedness secured hereby due and payable. ~
25. To the extent o# the indebtedness of the Mottgagors to the Association described hetein or secured
hereby, the Asgociation 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 ~lescribed
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 encumbrences
shall pass to and be held by the Association herein as security for the indebtetiness to the Asso-
ciation herein describe~d or hereby secured, to the same extent that it would have been preserved
and ~ould have been passed to and been held by the Association had it been duly and regularly
assigned. transferred, set over and delivered unto the Association by separate deed of assignment,
notwithstanding the fact that jhe same may be satis6ed 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 eomplete said building in accordance with Construction
Loan Agreement, of even date herewith, or to build said construction in aocordance with plans
and specifications filed with the A.cgociation, 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 As,9ociation may immediately institute proceedings to foreclose this mortgage.
In the event this mortgage is purchased by a third party, these adc~itional covenants mentioned above
shall be~ome null and void. '
IN WITNESS WHEREOF, Borrower has ezecuted this Mortgage Rider this 3[)th day of
November , 197? .
Si ed sealed snd delive ..P-Q~~
8n , red ~~l/
(Sea1)
e presence o#: e e es
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~hari est "
' AOli1l~E ~
~RK C~~~WZ GflUitT (SeS1)
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~c 5 8 AM''~
STATE OF FLORIDA - a~49~J
COUNTY OF MARTIN }
The foregoing instnur:ent was acknowledged before me this _ 30th day of
November 19?7 by HERBERT WEST and SHARI WE3C , his wife
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- - _ - - ,-k~
_ : : otary Public
. Nota~r G~~:K. State c~ Florid~ at lm~
9~'ATE OF: FLO~IDA Mp Car+m~ssrn Expices Oct. 19gp
'~,,lsV Ll~ 1 Z ~ Vr ~ . b.e.a wT...c.. s C„~.M, Ca~wnr
;'!'~ie foregoing instrument was acknowleclged befoze me this day of
,
~ 19 . by and
, respectively,
PrESident and Secretary of
a corporation, on behalf of the corporation.
Notary Public
A-301A 12/76
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