Loading...
HomeMy WebLinkAbout0018 ?~iORTC ~GI~: RIDER TH15 A'IORTCAGE RIDER 1S 1fIC0[pOiBt@(~ into that certain mortgage entered into by DAVID K. NIALTBY and NANCY K. WOLF, _his_wite____ - - - - s - _ _ - - - - - - - and FIRST FEDERAL SAVINGS AND LOAN ASSUCIATION OF A'IARTIN COUNTY. The following are additional covenants under the above referenced mort~age: 24. If foreclasure proceedings of an}• second mort gage ~r second trust deed or any junior lien of any kind should be instituted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedn~.s secured hereby due and payable. 25. To the extent of the indebtedness of the Mortgagors to the Association described h~rein or secured hereby, the As.sociation is hereby subrogated to the lien or liens and to the rights of the owners and holders Lhereof of each and every mortgage, lien or other encumbrance on the land described herein which is paid and (or) satisfied, in whote 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 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 passed to and been held by the Association had it been duly and regularly assigned, transferred~ set over and delivered u~ito 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 I 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 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 institute proceedings to foreclose this mortgage. ~ ~ ~ In the event this mortgage is purchased by a third party, the.se additional covenants mentioned above ~ shall become null and void. ~ IN WITNESS WHEREOF, Borrower has eaecuted this Mortgage Rider this 5th ~y of . ~ ~ ~ Januar_y , 19?8 ~ ` ~ ~ Signed, sealed and delivered - ~ he presence of: j~~~~~~~~q~~~YFt~ AVID K. MALTBY ; R•.^.G~R °~tIRAy ~~1~ 4 - ~ ` ~ , ' , ; ~~:~f~~ NANCY . WOLF ~ ~ ~:=1 ~ ~ ~ ~ ~ ~~r.-4~ I I uz AH'~ - c ~ ~ . £ 38~4~ - ~ STATE OF FLORIDA ~ ~ COUNTY OF MA R TIN } ~ The foregoing instrument was acknowledged before me this 5th day of ~ January , 19 by DAVID K. MALTBY and NANCY K. WOLF, ~ li~s wiie ~ ~~t''~ ;~,Y otary Pub~ic cia:. :'•~'iat ~t ltrc,¢ ~ ~STATE OF FLORIDA ''Cc~-:i:,.,n E,c;+'es :::t. d, t'%~ a~ - ~$S. 1i:~~.:eS Zr An~~<.a ~r~ ! Ces.Mr Cw~7 , COUNTY OF ~ =s The foregoing instrument was acknowledged before me this _ - - day of ~ 19 - •bY - and - , respectively, President and - Secretary of a corporation, on behalf of the corporation. ; ~3 Notary Public ' ~ A-301 A 12/76 ~ ~8 ~ ~ - - ; ~ - : . ~ _ _ ~ _ : - ~ r:'~`. _ : - - .