HomeMy WebLinkAbout0440 MORTC AC E R~I'DER .
THts Moerc~cs Ri~sR is incorporated into ihat certain mortgage entered inta by -_Morr i s _
Schtupak and Sandra Schtupak, his wife .
_ - - - - - - - - - - - - -
and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY. '
The following ure additional covenants under the above reterenced mortgage:
24. If foreclosure pmccedings 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 thereafter declare this
mortgage and the indebtedness secured hereby due and payable.
25. To the eztent of the indebtedness of the Mortgagors to the As.gociation 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 tand described
herein which is paid and (or) satisfiedf in whole or in part. out of the proceeds of the loen described ~
herein or secured hereby, and the respective liens of said mortgages, lieas or other encumbrances
shall pass to and be hetd by the Association herein as security for the indebtedness to the Asao- '
ciation herein described or hereby secured, 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, transfetred, set over and delivered unto the Association by separate deed of assignment,
notwithstanding the fact that the same may be satisfied and canceUed 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
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 Sled with the Association, shall constitute a breach of this mortgage~ and~ at the
optian of the Association, immediately mature the entire amount of pr~ticipal 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
shalt become null and void. ~
IN WITNESS WHEREOF, Borrower has eaecuted this Mortgage Rider this ~ ~Z 3 day of
March 19 78 .
SigMed, sealed and deliveFed . r.~,~^^,,"
in tfie~+esence ~f , Mo r r i s h t n k
•
• ~ ~ . Uc~ C~
~ ROEO
~ oCER t O,t~~S~ A Sandra Scht ak t~,
• ~ u r! [gK Ci~~U1~ CCU I N~ -
• .
' " ~ : ~ - ~c1E0 ~ - (Sea1)
' . cc <~ttss~or~Ea of ~c,
APP ' l! 8 40 aN , t-^ OF NEIY YORK 2~7 _
f 1.Mt:. f'~+.,~.-:w Nrw Yo {c~ ~?~Sl~ .
NEW YORK c«~; , , '
STATE OF
• COUNTY OF ~ ~ ~ s
The foregoing ' rument was acknowledged before me this ~ 3 , day of
March , 19 by Morris Schtupak and Sandra
Schtupak, his wife
^ '''SSi:a -n- _ L-- , / ~ ~t ~ .1~
~ ~ t~IF~Y` Y:,Rt, '
= ; , ~ f:: _ - , • Notary Public -
~ . _ "d ' Y' - ^ .
1a1+
STATE OF ~ aA~ ~ ~ 7
.
COUNTY O ~ _
The foregoing inst~rument was acknowledged before me this - G°r ~ y~yn-b#.,`
f' ~ ~ , 19 ~ by A~e i..' s S _ .x,.,~ _ _ ~ ~ ; ` " . -
- aad
5~~.,. d~ a Sc~ . i • t w .~v , ~~gtjirejy, _ - ` " ' .
12reeide~b-~d ~ + - " .
w ~
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r
~ ROSALIE SILL'Alt~ Notary P bl' ~~/4
. Ndtery Psb~~c, State ot New ybr~
A-301A 12/76 ~VO. 14-y'(~33723
Qualified in Kin~;s County tt 2~~ ~
~1~m?t,sion Ex~ires :l;arch 30, lq$p 8~~x Y~~
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