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MORTGAGE RIDER
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TH[s Mo~rcACS RtDSR is inc~orpontted into that certei~ morLgage entered ;nto by _ALBERT E.
SCHAEREN and INGE L. SCHAERER, t~i$ wife
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and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY. - `
The following are additional covenants under the above referenced mori~age: ;
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24. If foreclosure proc~eedings of any second.mortgage or second trust deed or any junior lien of any
kind should be itietituted~ the Association may at its option, immediately or thereafter declare this ~
mortgage and the indebtedness secured hereby due and payable. ~
25. ~To the e:tent of the indebtedness ot the Mortgagots 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- holdere thereof of each and every mortgage, lien or other encumbrance ott the land described ;
herein which is paid and (or) satisfied, ire whole or in ~an, out of the proceeds of the loan described ;
herein . or secured hereby, and Lhe respective l iens 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 th~ same e:tent that it would have been preserved
and would have been pa.4sed 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 assignment.
notwithstanding the fact that the same may be satisfied and canceiled of record~ it being the inten-
tion of the parties hereto that the same will be satisfied and cancelted of record by the holders
thereof at or about the time of the recording of t~?is ~ mortgage. ~
26. That in the event that this mortgage be given to secure a construction loan, failure on. the part of
the Mortgagots or their contractors to complete said building in accordance with Constructian
Loan Agreement, of even date herewith~ or to build said construction in accordance with plans ~
and specifications filed with the Association, shall constitute a breach of this mortgage~ and, at the ~
option af the Association, .unmediately mature the entire amount of principal and interest hereby ~
secured and the Asaociation may immediately institute proceedings to foreclose this mortgage. ;
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In the 'event this mortgage is purchased by . a third party, these additional covenants mentioned above
os,1.~11 ~+.~.o n»ll an~l vnitl;
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IN WITNESS WHEREOF, Borrower has executed this Mortgage Rider this 3~h day of ~
Ma_y ~ ig?8 , .
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Signed, sealed and delivered • :
e presence of rt . Sc ae e r ~
~
~ Ing . aerer ~
(Seal)
(Seal)
STATE OF FLORIDA ~ _ '
COUNTY OF ~Iartin ~ ;
The foregoing insttvment was acknowledged before me this 3~h da of ~
May ~ 19 ?8 ~y Albert E. Schaerer and Inge~ L. Schaerer, y
' Nig: ~vife ~
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. ` - v,• ~'JK ~ ~~Q~2 ~ ~
n' n'S~~bt Rorid~ at 4rqe
, - 1.Sy tca-,:.~is:ion Erpites Ott. 4, 1980 ~
$~ATF~:DP $~:ORIDA AMfK~0/t1 ~ ±
C-bUN'`I``~.'~SF~ ~ ss'
~Tlie foregoing instrument was acknowledged before me this ~ {
. ~ - day of
, 19 by and .
, respectively~
President and Secretary of
a corporation, on behalf of the corporation.
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Notary Public ~
A-301A 12/76 ~
° R 2~8 389 ~
. ~ ~ BOu~c PACE
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