HomeMy WebLinkAbout0999 MOR'TGAGE RIDER
;
~
THIS MOitTCACB RIDHR i8 IRCOIpOTat@d into that certain mortgage entered into by
THOMAS W. WETZL and JOANNE L. WETZL~ his_ wife ~
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 Gen of any
kind should be instituted, the Association may at its option, immediately or thereafter declare this
mortgage and the indebtedness secured hereby due and payable.
25. ~'o the eztent~ of the indebtedness of the Mortgagors to the Association described her~in or secured
hereby, the As.SOCiation is hereby, subrogated to the lien or liens and to the rights of the ownerg
and holders thereof 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, iiens or other encumbrences
shall pass to and be held by the Association herein as security for the indebtedness to the Aseo-
ciation herein described or hereby secured, to the same extent that it would have been preserved
and would have been passed Lo and been hef d by the Association had it been duly and regularly
assigned, tratLSfened~ 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 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 said building in accordance with Construction
Loan Agr+eement, 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
option of the Association, immediately mature the entire amount of principal and interest hereby
secured and the Association may immediately inatitute proceedings to foreclose this mortgage.
In the event this mortgage is purchased by a. third party, these additional covenants mentioned above
shall become nutl and void. .
IN WITNESS WHEREOF, Bcan~ower has eaecuted this Mortgage Rider this 5~ day of
December , 19 ?7 .
Signed, sealed and delivered "
in p nce ofn TAOMAS W. WE L
~ ' ~ , _
: , L~~~- ts~)
~~o ~~v • JOANNE L. WETZ
o E4o oEa
SL L Ci C
ROGER POITAAS
CL~a~ Ci~tCb1T COURT ~~1~
-.~...r_ .'~OIC~CL1
oA~ pEC 1 I~2 PH'1~ :~~~~08~3
r 1 5th
' 3'tie iaiiegoing'~petrument was acknowledged before me this day of
- ~F ~ ~ ~ ~ , 19 ?7 by THOMAS W. WETZL and JOANIVE L.
z~~ ~
. __~z~,T~`r~;'~~ ~ft
- • 'J . ~ ?
. . . - ` ~ Notary Public
_ .,:t...;:..-.
STA1'E ~d1* F~.ORIDA ~as~~rr ~~c sr~?~ a aoR~a? ~t t~
ss. ~r coM:NUSSioN Exr~rFS Nar. 19 1951
CQZJj1TT}~ ~j~' ~ ~pNpfcD IFWi GErL"Rl~l M1S. tfNDfRWR1tERS
The foregoing instnunent was acknowledged before me t~us day of
, 19 by ,~r,a
, reapect;vely,
President and Secretary of
a vorporation, on behalf of the oorporation.
Notary Pubiic
A-301A 12/76
680K 278 F~~ y97