HomeMy WebLinkAbout0614 MOI~TGAGE RIDER
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1'Hts ox~rcnce RtosR is incorporated into that certain martgage entered into by Gregory M.
Ki bourne and Marlene Kilbourae, hia Wife ~ ~
and FIR3T FEDERAL SAVINGS AND LOAN ASSOCI~TION OF MARTIN COUNTY. ~
The following pre additional covenants under the ebove referenced mortgage: "
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24. If foreclosure proceedings of any second ~nortgage 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 j
mortgage and the indebtedness aecured hereby due and payable.
25. To the eztent of the indebtedness of the Mortgagors to the Association described herein or secured ~
h~reby, the Asaociation is hereby submgated to the lien or liens and to the rights of the' oamers ;
and holders thereof of each and every mortgage, lien. or other encumbrance on the land described {
_ herein which is paid and (or) satisfied. in whole or in part. out of the proceeds of the loan described ~
herein or secur~d hereby. and the respective liens of said mortgages~ liens or other encumbrances ~
ahall pass to and be held by the Association herein as security for the iredebtedness to the Asso- ~
ciation herein described or hereby secured, to the same eztent that it would have been preserved €
and would tiave been passed to and been held by the Association had it been duly and regulatly
aesigued. transferrEd~ set over and delive~ted ~nto the Association by separate deed of assignment,
notwithstanding the fact that the same may be satisfied and cancelled of rec.^ord, 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 constreiction loan. failure~on the.part of ~
the Mortgagora or their contractors to complete said building in accosdance with Construc~ion ~
Loan Agreement, of even date herewith, or to build said construction in accordance with plans ~
and apeeifieations filed ~?ith the Association, shall constitute a breach of this mortgage, and, at the
option of the Association, iaunediately mature the entire amount of ~ principal and interest hereby
eecnred and the Aseociation -may immediately institute proc~eedings to foreclose this mortgage.
In the event this mortgage is purchased by a third party, these adaitional covenants rrientioned above
ahall become null and void. i
IN WITNESS WHEREOF, Borrower has eYecuted this Mortgage Rider this Z9th day of ~
June , 19~_. #
Signed, sealed and delivered ~
' the pt+esence of : re y H i~2 urn #
, f
UMD RECOROEO ~
5 l CtE COUNtr flA ene i ourne
P.OCE~ POfTR45
^";it ;;'2CtitT CG!~ ~~i) • ~
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STA'~'E ~ QF FLORIDA . ~ '
.•CO~JNT'Y_ O~F. MARTIN ~ 4~~~j
•'~~The totegoing instrument was acknowledged before me this 19th day of
~U~~Y'- ~
~y ig 78 by Gregory M. Kilb~urne and
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" harlene.`~i:lbourne, his wife - .
.~,ti.~L':: v • _ ' -
~ Notary Public
. . Hp~n~~ p.J•~.K STAIE Of {lORIDA AT URGE
STATE OF FLORIDA Mr cO~~kiSS~a~r~r~~sNOV, ~q ~sa~
~ 83' K. ~D U.u ~ xAl fNS . 1~OElMltl iERS
COUNTY OF
The [oregoing instrument was acknowledged before me this -day of
19 by - and %
. , respectively, -
President and Secretary of
a corporation, on behalf of the corfwration.
' Notary Public
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A-301A 12/76 '
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