HomeMy WebLinkAbout0006 MORTCAGE RIDER
THis MoaTC~tcs Rtnss is incorporated into that certain ~mortgage entered into by ~
FREDERICK L. EA~T~~1I~rLd,]~,JA~ITA_ p`E~1~~~Q~ his wife_____
and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY.
The following are additionat covenants under the above referenced mortgage:
24. If foreclosure proceedinqs 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 eatent of the indebtedness of the. Mortgagors to the Association described herein or secured
hereby, the Association is hereby submgated to the lien or liens and to the rights of Lhe owners
and• holders thereaf of each and every mortgage, lien or other encumbrance on the land described
' herein which is p~aid 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, tiens 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 secuted, to the same eztent 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 unto the Association by separate deed of assigncnent,
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 mortgag~tre ~iver~ 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 plat~s
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 pumhased by a third party, these additional covenaY?ts mentioned above
shall become null and void. .
IN WITNESS WHEREOF, Borrower has executed this Mortgage Rider this _ 22nd ~y af
March _ , 19 78 . ~
r--
Signed, sealed and delivered ~
in resence of: ~re ericlc L. ~as man
~p ~ ~Q~ J
. iJ~~
anita P: astman
-Q-~'~-~ ~ Ll'~~'' (Seal)
' . v -
(Seal)
STATE OF FLORIDA ~
COUNTY OF MARTIN }
The forPgoing instrument was acknowledged before me this 2Lnd . day of
March , 19'Z~_ by_~BEDERICK L EASTMAN and
dUANITA P. EASTMAN, his wife.
FKED AliB R$CdRDEL' _
• ST.IUCIF COUKTY Flt ` -
~ ` C,OC~a +017P.AS -y
N~t~y ~u¢lic
. ~:1: ":UI'. .,^UA' Nota.ry t•r.c. t_.o o~ F{oreda at Larqe
- - c' .
S"TATE OF FLORIDA M~ Co~~,,.:_:. ~•;-"ses Oct. 4, 1980
S$. {o~d~a h Aw~.cev .w• s Ca...~r. ~,....,,,~~t
COUNTY:OF ~ K~~ 23 12 3~ PN'~~ _
-..T~e~#oregoing instrument was acknowledged before me this Y day of
, 19 by ~~•9'~~.~ and
, respectively,
President and - _Secretary of
a corporation, on behalf of the corporation.
_ Notaty Public
A-301A 12/76
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