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HomeMy WebLinkAbout0361 . MORTC AG E RIDER C: ~t~~ 1 I~ i 6 FM'~ 39b011 Tttis Mo~rc~c8 RtosR is incorpotated into that certain mortgage entered into by _ J. W. SHAWFIELD and FLORENCE_SHAWFIELD~his_wife _ and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MAR1'IN COUNTY. ~ The following are additionel covenants under the above reterenceci 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; immediately or theteafter 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 A.ssociation 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 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 eatent that it would have been preseryed and aould have been passed to and been held by the A.ssociation 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 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 Ic?an~ 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 baild said con.4truction 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, these additional covenants mentioned above ~ # shall become null and void. ' IN WI1'NESS WHEREOF, Boaower has eaecuted this Mortgage Rider this 3rd ~y of ' March , 19 78 . • - i _ % - ' j,` Si ed sealed and deLvered , ~ (Seal I 8'n . ) ' in presence of : , ~ . ~ . =-~J W . SHA WF D ~ ~ /j~% FLORENCE SHAWFIELD ~~~,"C, ~~!/_,!.~i ~e~L ~~j ~ ~ - a STATE OF FLORIDA COUNTY OFMA R TIN } The foregoing instnunent was acknowledged before me this 3rd day of Msrch 19 ?8 by J. W. SHAWFIELD and FLORENCE -~~iAWFIELD, his wife ; _ ~ ~ K0f ~i .~C~le of Flo.~da at larq~ 3 MI Comrmssicn E~~i~es Oct. d. 1980 ~ STATE OF .FIARIDA ~ ss. w-•« ti...K,. , ~ ~ coux~ aF ~ ~ ~•'~he~.fot+egoing instrument was acknowledged before me this ~ day of ~ 19 by and ~ , respectively, ~ President and Secretary of ~ ~ a oorporation, on behalf of the corporation. ~ ~ Notary Public i ~ A-301A 12176 ~ Ea~~2~3 P~E 3~ ~ - . - _ _ - - - - ~.~e _ _ . _ . .