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HomeMy WebLinkAbout0988 ~ S;LA l~I O R T G A G E R I D E R C~ ERK ~C.q~~iT .~~~i . - ~-~.,r~co FEB 1 3 3sPN~~~ ~ 3g~5 Tttts Mortcecs R1nsR ia incorporated into that certain mortgage entered into by SEYMOUR LEVIN and CAROLYE M. LEVINj 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 proc~dings of any second mortgage or second trust d~ ~r a~y ~L?uu~ y~r~ ` kind should be instituted~ the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured her~by due and payable. 2S. 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 owners and holdera 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 loen deacribed _ herein or secured hereby, and the respective liens of said mortgages, liens or other encumbranoea , shall pass to and be held by the Association herein as security for the indebtednesa to the Asao- fr ciation herein described or hereby secured~ to the same e:tent 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 deliver~ct u;jLu the Association by separate deed of assigament, notwithstanding the fact that the same ~may be satisfied and cancelled of record, it being the inten- tion of the psrties hereto that the same will be satis6ed 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 aooordance with plans and specifications filed with the Association, ahall conatitute a breach of this mortgage~ and, at the option of the Association, immediately mature the entire amount of principal and intereat hereby secured and the Association may immediately inatitute proceEdinga to foreclose this mortgage. ; In the event this mortgage is purchased by a third party, these additional ~venants mentioned above shal~ become null and void. ' f ' IN WITNESS WHEREOF, Borrower has ezecuted this Mortgage Rider this ~-~-e'C 7~~ day of ? ~ January ig 78 ~ ~ , , . ; ' ~ Signed, sealed and delivered SE MO LEVIN ~ ~ in p nce of • ~ " ~ ~ ~ _ ~ (~1) F CAROLY~E M. L VIN ~ • ~ .~-x- ~ ~jl. ~iC (Sea1) ~ ~ . 3 ~ ~ NEW JERSEY ~ STATE OF ~l~lf~'A t ~ • COUNTY OF ~'d~,o~~Y I , r~ , . - ~ ' ~ The foregoing instrument was acknowledged before me this d~' , ~ January , 19 78 by SEYMOUR LEVIN and CAROLYE ~:~L~~FIN~,. ~ his wife _ % ~ ~ = - ~ • I ~ : Notary Pub6c 'v;.~? - , c'•_ - NOTARY PUBUC OF NfW 1ER~ i' • ~ STATE OF FLORIDA 1~. My Commi~ Ex~ires ~une s, 198Y''~ ~ ~ COUNTY OF j ~ The foregoing instrument was acknowledged before me this day of ~ ~ , and < s~ 19 by ~ , respectively, ~ . g President and Secretary of ~ a oorporation, on behalf of the corporation. ~ ~ ~ Notary Public ~ ~ A-301A 12/76 R ? ~~aK ~81 9~6 ; ~ ~ : d.