HomeMy WebLinkAbout0294 ' iILED ANO NECUNUE(~
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pO~ER POITR~S 6
MORTGAGE RIDER , ~~E?~.~~R~Ulti:o,~~
OEC 11 2 3v PH'71
~ 3~382'79
THis Mott~rc~cs RI~BR is ineorporated into that certain mortgage enteted into by ~
RUDOLF B. SCHLIEDERMANN and URSULA M. SCHLIEDERMANN, 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 lien at 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. . To the eztent of the indebtedness of the Mortgagors to the Association described herein or secured
hereby. the Association is hereby subrogated to the lien or liens and to the rights of the ownera
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, liens or other encumbrances
shall pas~s to and be held by the Association herein as security ior the indebtedness to the Asso-
ciation herein described or hereby secured, to the same extent that it would have been preserved
and aould have been passed to and been heid by the Association had it been tluly and regularly
assigned, transferred, set over and delivered unto the As.gociation 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 wiU 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 sec~re a construction loan. failure on the part of
the Mortgagors or their contractors to complete said bailding in accordance with Construction ~
Loan Agreement, of even date herewith. or to build said construction in accordance with plans
and specifications filed with the A.gsociation, 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 institute proceedings to foreclose this mortgage.
In the event this mortgage is purchased by a third party, these additional covenants mentioned above
shall become null and void.
i IN WITNESS WHEREOF, Borrower has ezecuted this Niortgage Rider this 20th ~y of =
~
~ December , 19 ?7 .
I ~ ~ ,
:l
Signed, sealed and delivered ~ • '
he n o: B. S~ ~ D RMANN
,l e-o~ ,4/' ~~j1)
~ J URSULA M. SCHLIEDERMANN
~~-~4 - r~ (Seal)
(Seal)
STATE OF FLORIDA~ ~
COUNTY OF M~RTIN } '
The foregoing instnunent was acknowledged before me this 20th day of
December , i9 77 by RUDOLF B. SCHLIEDERMANN and URSULA ;
M. SCHLIEDERMANN, his wife
~ _ . - - 7 ~ st.'
~ _ . _ . No ry Public ~
~=^tarv P~?hIK,.Statr of Flwid~ at larqe ~
S`~"A~TE OF; ;17~:ORIbA •'.~1r Crr..:r.~se~.,~ Ez~ces Oci. 4, 1980 ~
V~[7i~1-1 `i ~ . ~ SS. b~Ow ~s M~nu. rr. • Gs.+lr GwW~s -
I
--'~{e:fo~going instrument was acknowledged before me this day of
1 i , 19 by and ;
~ , respectively, .
~ President and Secretary of
~
a corporation, on behalf of the corporation.
Notary Public
~
~ A-301A 12/76 :
~ BeoK ~ ~ ~ ~ ~