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MORTGAGE RIDER '
THIS MO1CtCAGE RIDER i8 lilcorporated into that certain mortaage entered into by E~WARD L. ~
McGEEHAN and AGNES D. McGEEHAN, his wife ~
and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY.
The following are additional covenanta under the above reterenced morigage:
24. ~ If foreclo~ur~ proceedings of any second mortgage or second trust deed or any junior lien of any
~ClI1t1 Sf10L11(,~ ~ 1I18tI~UtC(1~ ~16 ASSOC1SLlOiI [I1CI~i ni iia v~,~;^vi., i~Tii~i~~'..°.:~~ j^:' !~3~*p~ftpr ~ecl~r~! this
mortgage and the indebtedness secured hereby due and payable.
25. To the eitent of the indebtedness of the Mortgagors to the Association described herein or secured
hereby~ the Aseociation is hereby subrogated to the lien or liens and to the rights of the owners
and holders thereof of each and evcry mortgage, lien or other encumbrance on the land described
herein which is paid and (or) satisfied~ in whole or in part, out of the praceeds of the loan deecribed .
herein or secured hereby, and the respective liens of said mortgages~ liens or other encwnbrances
shall p~ss to and be held by the Asaociation herein as security for the indebtedness to the Aseo-
ciation herein deseribed or hereby secured, to the same eztent that it would have been pr+eserved
and woutd have been passed to and been held by the Association had it been duly and regularly
assigned, transferred, set over and delivered unto Lhe Association~ by separate deed of assignment,
natwithstanding 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 loan, failure on the part of
the Mortgagors or their cvntractors to complete said building in accordance with Constructian
Loan Agteement, of even date herewith, or to build said construction in accordance with~ plans
and specifirations filed with the Association. shall constitute a breach of this mortgage, and, at the
option of the Association, iuunediately mature the entire amount of principal and interest hereby
secur~d and the Assoc~ation may nnmediately institute proceedings ~o 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 WI7'NESS WHEREOF, Borrower has ezecuted this Mortgage Rider this ~ day of
May , 1~8 , .
Signed, sealed and delivered - )
in th resenc~ of:~ - Edward L. 1l4cGeehan .
~ ' (~1)
, ~ gnes D. e~e
• , (Sea1)
~ .
• (Sesi)
STATE OF FLORIDA
• COUNTY OF,~.~o~.,~e } 7~ -
,~`~~,The~ fo.regoing instnunent was acknowledged before me this ~ 1~ ~ day of
~ _ , ig 78 by Edward L cGeehan and A es D. McGeehan, -
b .g~~~`~ ,~s -
~1 ~ Q 0 ' .
=°y' 6-~+ = • Notary Pubhc NOtARr MfBIIC STATE Of ftORIM ~t tARGE
"z ~ 1$C~~ ~ ~ ~
, d,. : c7 ; • My commission expires:Y1? COYMiSSiON E7cPIRES FEBRUART 2, 19I9
A~'~;.aR,'~
i
C
1RIDA ~o sr w~.~c~w e~~ts Ws~~cE CO`
~ ~1~'. ~ ss. ~
1`he foregoing instrument was acknowledged before me this--~~ dey of
18 by iT.111C1E COUNTV FlA
' =---itviziE~81~RA~ Snd
respectively f~K C~?CWT CO a
. , ~ ,-•----+-~•;~-iF9 =
PrESident and Secretary of
a -corporation, on_be}~lf of the corporatio~UN 2S
~oss~s
Notary Public
A-30TA 12/76 K~~V FA~f 498
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