HomeMy WebLinkAbout0506 ' ;
MO~TGAGE RIDER
Teis Mo~zcu?ct R~o~~t is incorporated into that certain mortgage entered into by ELMER E.
McCLiNTOCK and VERA McCLdNTOCK, his wife
~ -
~.`iAM` ~`~`11FRAT. ~Ayit~lrC AND LOAN ASSOCIATION OF MARTIN COUNTY.
The following ~?re additional covenants under the above reterenced mortgage: . 1
24. If foreclosure proceedinge 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 peyabte. .
25. To the estent of the indebtedneas 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 ownera ~
and holders thereof of each and every mortgage. lien or other encumbrance on the land described ' ;
herein which is paid and (or) satis&ed, in whoje or in part. out of the proceeds 6f t~~ Ic,at3 d~r~~ '
herein or secured hereby. and the respective tiens of said inortgages, liens or other encumbrances
shall pass to and be held by the Association herein as security for the indebtednesa to the Asso-
ciation herein described or hereby secured~ .to the same extent that it would have been preeerved
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 Asaociation by separate deed of asaignment, ~
notwithstanding the fact that the same may be satisfied and cancelled ~of record. it being the inten- i
tion of the partiea 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 secvre a construction loan, failurE on the part of
the Mortgagots or their contractors to complete said building in acc:ordance with Construction
Lo~an Agreement, of even date herewith, or to build said construction in aocordance with plans
and epecifications fil~d with the Association, shall constitute a breach of this mortgage. and, at the
option of the Asaociation, ii'nmediately mature the entire amount ot principal and interest. hereby ~
. secured and the Asaociation may immediately instit~te proceedings to foreclo~e this mortgage.
In the e~vent this mortgage ia pur~hased by a third party, these additional covenants mentioned above #
shall bec~me null and void. ~ ~ .
IN WITNES3 WHEREOF, Borrower has e:ecuted this Mortgage Rider this ~ day of '
Mav ~ lg 78 ,
~ ~j,~
Signed, sealed and delivered ' . 4 C~:~ ,
in the presence of: ~ er . G in oc ~
) ~ L~~,~rr
~.B-.~ ,
• ~era c ~.n oc _
t
. .
F1LEO ANO RECORDED
ST. ROGER-~e ~Tr ~u
INDIANA - ~trRK CI~CUiT CC~ R- eo~~
Qg ~ ~ ss. . . • . - y . ~ r t C D :
. Jtl~ i 1 t
~-4~-fo~ instrument was acknowledged 6eT_ore1melfh~4 day of
•J : .
~'1 19 by ELMER E. McCLINTOCK and VERA
~ ~ _ j ~I~1i ~ , his wife ~ -
, . ,
.
. . ~ ; - .
t~~~ • Notary P lic ~
• My commission e$pires : ~ . `
STATE OF FLORIDA ~ _
CUUNTY OF
The foregoing instrument was acknowledged before me this ~y of
, 19 by a~,d .
, respectivety,
Pr~sident and Secretary of
$ corporation, on behalf of the corporation.
Notary Public •
M30~A ~~,~6 ~i P ~~;8
~uvx c ~~LE ~ 504 . ~ ~
~ _ . -