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MORTG AG E RI DER
THCS Mos~rc~cs R~nBe is incorporated into that certain mortgage enterPd into by I~~
ZULAGER, a married woman and CHARLES R._ZULAGER, her husband
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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 lien of any
kind should be instituted~ the Association may at its option, icrtmediately or thereafter declare this
mortgage and the indebtedness secured hereby due and payable.
25. To the extent of the indebtedness of the Mortgagors to the Association described herein or secured
hereby~ the As.4ociation 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 described
herein which is paid and (or) satisfied. in whole or in part. out of the proceeds o# the loan described
herein or secured hereby, and the respective liens of said mortgages. liens or other encumbrances
shall pass to and be held by the Association herein as security for the indebtedness to the Asso-
ciation herein described or hereby secured, to the same extent that it would have been preserved
and would have been pas.sed 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 the 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 complete said building in accordance with Construction
Loan Agreement, of even date herewith, or to build said construction in accordance with plans
and sperifications 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 ~nd interest hereby
secursd and the Association may immediately institute proceedings to foreclose this mortgage.
In the event this mortgage is purchased by a third party, these additional covenants mentioned above
shaA become null and void.
IN WITNESS WHEREOF, Borrower has eaecuted this Mortgage Rider this ~ day of
December , 19 ?7 .
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Signed, sealed and deGvered • cs _ , ~ ~ c ` a ~j. c'- z '
in the presence of : I L. Z UL GE
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• ~ `"li ~ ~ r~ .Ln ,-<<' • ~L~% - (?~SI)
~ , , ^ CHARLES R. Z AG
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OHIO
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` ' instrument was acknowledged before me this ~ _ day of
= • 9= 19 ?7 by ~RENE L. ZULAG: R, a married woman
_ ~ her husband
~ ` E~ R. ZULAGER, '
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N : i~
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J::.~ O .
•,9T~, otary P~blic g~( JANE WILSON -
~ ~~~~i~~ O F 0~~~~~~, ~ Notary PuWic, State of Oh10
~~~e~ssut~~
~ STATE OF FLORIDA 1~. IM~r Commiaston Expira Nov. 14, 18~`1
~ COUNTY OF )
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~ The foregoing instnunent was acknowledged before me this day of
, 19 by ~d
~ , respectively,
~ President and Secretary of
~
~ a oorporation, on behalf of the corporation.
~
~ Notary Public
~ A-301A 12/76 Q R c~
BOOK iG~ PACE ~
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