HomeMy WebLinkAbout0372 MORTG AG ~ RIDER
Ta~s Moa~rc~as R~nBQ is incorporated into that certain mortgage entered into by
MATTHEW BUTTERI~JR. _ and MARLENE S. BUTTERI~his wife ~_____i
and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY.
The following are additional covenants under the above referenced mortgage:
24. If foreclosure proceedings of any second mortgage or second trust tieed or any junior lien of arry
kind should be instituted~ the Association may at its option, immediatety or thereafter declare this
mortgage and the indebtedness secured hereby due and payable.
25. To the eztent of the indebtedness of the Mortgagors to the Association described herein or secured .
her~by, 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) satisfied, in whole or in part, out of the proceeds of the loan described
hereut or secured hereby~ and the respective liens of said mortgages~ Gens or other encumbrances
shall pass to and be held by the Association herein as security for the indebtedness to the Aseo-
ciation herein described or hereby secured, to the same extent that it would have been preserved
and wou2d have been passed ta and been hel d by the Association had it been duly and r~gularly
assigned, transferred, set over and delivered unto the Association by separate deed of assignment, ~
notwithstanding 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 ~ancelled of record by the holders
thereof at or about the time of the rECOrding of thia mortgage.
26. That in the event that this mortgage be given to secure a construction loan, tailure on the part of
the Mortgagors or their contractors to complete said building in accorda»ce 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 of the Associatio», immediately mature the entire amount of principal and interest hereby
secured and the Association may immediately institute proceedings to foreclose this mortgage.
In the event this mortgage is purchased by a third party, these additional covenanta mentioned above
shaU beoome null and void. `
IN WITNESS WHEREOF, Borrower has eYecuted this Mortgage Rider this ,~0 ~ day of
July , 19 7 8 .
/
Sign , sealed delivered 7G'CZ~Z'~" (Seal)
in e p n - Matthev,y Butter' ;
~ ~ ~z. ~ ~
~ ~ arlene S. Bu eri
~^/,/1~., cs~~
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STATE OF Ye~ylvsnia - .
CQ~1
.~,YTY OF ~ Allegheay ~
~~`oregoing uistrument was ac ow e
gT~efore me this - 20 day of
~ ;J?~ , 1978 _ by ~TTFIEW BUTTERI, and
- - ' `"~V~ART..ENE S. BUTTERI, his wife ~
~°.A-~ _ = _ • ~ -D~
. _ , ` _ti
' ~ Nota~Y Public
• r..~'. RNEA Y. SARDEIIO. 110iNCr Pu~uC
~ST~1.TL. O~F FLORIDA ) ~u. ALLEGHENY COUNTY
CO~N`~`~ ~F } ss' NY C071AMiSSIOH fXPIRES UCi. 12. 19B1
J Yember.PeaasytrmiaAuautaaof NoUri~
The foregoing instrument was acknowledgec! before me this day of
_ 19 by ~d
respectively, w r
`f 1.~ IG~<TJ
President and Secretary of ~
a oo ration on behalt of the co ~E~~?KuE~ ;
~ , rporation. • C4UMTr F«
4G~! o~lfF.RS ~
f r - i4i;~!~
~
Notary Public -
A-301A 12/76 L ' ` Y _
` ' '1 ~#H'1Q
a Z91 P~~~ 372
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