HomeMy WebLinkAbout0427 MORTGAGE RIDFR
Ttns Mosrcecs Riogs is incorporated into that certain mortgage entered into by _
MAX S. BRADY and ANGELA _H. BRADYLhis wife ` _
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and FIRST FEDERAL SAVINGS AND LUAN ASSOCIATION OF MARTIN COUNTY. ~
The foltowing are additional covenants under the above referenced mortgage:
24. If foreclosure proceedings of any second mori gage or second trust deed or any junior iien of 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 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 procee~s of the loan described
herein or secured hereby, and .the respective liens of said mortgages, liens or other encumbrances
shall pass to and be hetd bp the Association herein as security for the indebtedness to the Asso- ~
cietion herein described or hereby secured, Lo 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 nto 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 _her~to 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 s construction loan, failure on the part of
_ the Mortgagors or their contractors to compl ete said building in accordance with Construction
Lo~an Agreement, oi even date herewith, or to build said construction in accordance with plans
and -specifications filed with the As.saciation, 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 As.qociation 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 WITNESS WHEREOF, Borrower has eaecuted this Mortgage Rider this 12th ~y of
_April , 19 ?8 .
Signed, sealed and delivered ~
in th resence : S. BRADY
` f LED AM~ REC~AUE~ (~I,
~ . 11CIf COUNTY FLA `
? AOCEit PO~TRAS NG LA H. BRA
~ ~---c_~~-. CtERR CIRCUIT C01lRT _
.,~~r-~--~~ J ~ ::ca~'t~~ (Sesl)
.r.- - - -
APS 13 3 a2 PN' ~ _ c~~
STATE OF FLORIDA ~
COUNTY OF MARTIN } ' ~~4
The foregoing instrument was acknowledged before me this 12th ~y af
_ April , 19 ?8 by MAx S. BRADY and ANGELA H. BRADY,
his wi,~e .
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~ N_;e:; P~~~l:c, St~tr ol Fl~rida at [arge
~ S'~`A~~F .FLORIDA ~ ss. Mr Cc~:.:.:ssi~n E~pice Oct.
~ ~~X3NT'~ ~O~' so.a.a • s 4, 1980 .
s K.n ~~e~ a C.~sw~r Co'wp~~f
~~~:~'68-~o~going 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
A-301A 12/T6 =
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