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MORTGAGE RIDER ~~"~~~~'~U~TCO~RT
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TH18 MOQ'1'GACE RIDER 18 1RCOIF10I8t~ into that certain mortgage entered into by
RICHARD O. LOCKAART and JOANNE S~ LOCKHART ~is wife
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and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY.
The following are additional covenants under the above referenced mortgage:
24. If for~clo~ure proceedings ot 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 deciare this
mortgage and the indebtedness secured hereby due and payable. •
25. To the extent of .the indebtedness of the Mortgagors to fhe Association described herein or secured
hereby, the Association ia hereby subrogated to the lien or liens and to the rights of the owners
' and hoidere thereof of each and every mortgage, lien or other encumbrance on the land described
het~ein which is paid and (or) satisfied, in whole or in part, out of the pmceeds of the loan described '
herein or secur~d hereby, and the respective liens of said mortgages. liens or other encumbrances
~ shall pass to and be held by the~Association herein as security for the indebtedness to the AsBO-
ciation herein describ~i or hereby ~ecured, to the same eztent thet it woulc! have been preserved
and would have been passed to an~d been held by the Association had it been duly and regularly
assigned, traneferred, aet over and delivered unto the Association by separate deed of. assignment,
notwithstanding~the tact that the same may be satisfied and cancelled of record. it being the inten- x
tion of the parties hereto that the same will be satis&ed 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 Mortgagots or their contractors to complete said building in accordance with Constructiun
Loan Agreement, of even date herewith~ or to build said consttuction in accordance with plans
aitd specifications filpd with the Association, shall constitute a breach of this mortgage, and, at the
option of tlse Aseociation, immediately mature the entire amount of principal.and interest hereby
secured and the Association may immediately institute proceedings to foreclose this mortgage. ~ :
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In the event this mort a e is urchased b a third ~
8 8 p y party, these additional covenants mentioned above
shall became null and void. ~
IN WITNES3 WHEREOF, Borrower has ezecuted this Mortgage Rider this 31 st ~y of
MaY lg 7$ ~
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f
Si ed sealsd and delivered ~
Sn , /_~~~1G~lX Ci: /~,dfit~h~~.ci/f~(G~ f
e nce of: t RICAARD O. LOCKHART ~
~ ~ ,~~.Q['~a~(Seal) .
OANN~ LOCKAART _ ,
tSeal)
- (Seal)
STATE OF FLORIDA ~
COUNTY OF MARTIN} -
The foregoing instrument was acknowledged before me this 31 st ~y of
May ~ lg 78 tiy RICHARD O. LOCKAART and JOANNE S.
LOCKHART, his wife
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N/~1~ ry ~}~hc ~
. t , . . ROiDIY ~j10M. S~: ~ .
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~ " Ci r'.r,ds !f luq~ r
STA~'E"EI~+` FLORIDA ~ ss. M._r...~.a
~:~~~Y f`~:res O:L 4, 1980 ~
` . LOUNT''Y:ClI~' - ~ ~
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._T~t~~foreYoutg instrument was acknowledged before me this " ~y of -
= ,F,~ . ~ 19 by and
~ , respectively,
Fresident and Secretary of
a corporation. on behalf ot the corporation.
Notary Pubtic
~-ao~~ ~inb d~~G~ 2~~ PAr,f ~ 91O -
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