HomeMy WebLinkAbout0149 l~'IORT(~ ~G~ RIDER
THIS MUBTCACE RIDBR ls 1t1C0lpOTAi@tI into that certain mortgage entered into by
William D. Riley and Dorothy J. Riley~ his wife
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 deed or any junior lien of any
kind should be instituted~ the Association may at its option, immediately or thexeafter declare this
mortgage and the indebtedness secured hereby due and payable. >
25. To the eatent of the indebtedness of the Mortgagors to the Association described herein or secured
hereby, the Association~ is hereby su6rogated to the lien or liens and to the rights of the owners
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 secured hereby, and the respective liens of said mortgages, liens or other encumbrances
shall pass to and be held by the Assoc`iation herein as security for the indebtedness to the Asso-
ciation herein described or hereby secured, to the same extent that it would have been preserved
and would have been pa~sed to and been held by the Association had it been duly and regularly
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 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 contractors to complete said building in accordance with Constructian
Loan Agreement~ of even date herewith~ or to build said construction in accordance with plans
and specifications filed with the As.SOCiation, ahall constitute a breach of this mortgage~ and~ at the
option of the Association, 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 covenants mentioned above
shall become null and void.
~ IN WITNESS WHEREOF, Aorrower has ezecuted this Mortgage Rider this 8th day of
i
~ SeQtember , 19?g_.
~
E Signed, sealed and delivered ~ ? (Seal)
' the presen f:_ W i 1 i am D. R i~ey :
~bd l, ~ C ~ C ~ Yl ~L E ( Sesl )
~ • -
. ~ J f~~E ` rot y J.~Ri ey
~ ~ D ND RE~ORUED
3 :'C ~ ,i 1 ~ , ` ~ ~ . ST. IUCIE COUNTr F(.: - _ (Seal)
~ i r~O~EF apIT~AS
K ~ :ut; ~t•~p~
. r zr / +~1~
~ QiF ~ • ~ `
~ STATE OF FLORIDA ~ ~ 3 0? PM'1~ 4~66`75
~ COUNTY OF ~1RTIN }
~ 'THe ~fdl~going instrument was acknowledged before me this 8th _ day of
~ _ t• •--_Septett~bg
r~. , 19 _~S__ by__ Wi 11 iam _ D. _ Ri 1 ey and Doroth J. Ri 1 ey, hi s
~ - ` ,-1~L~e .
_ - _ Tt ' ~
~
~ " Notary Public
~ ,
" STA~`~ 9F FLORIDA ~+oT4?Y ~:a' ~c sT•h ofaanror?ATt~uaE
>f JMY CO!AMISSIOt~ fXP1f6 tJOV. n na~
°3 COUNTY OF ~:;:a ~~+~u ~y.~nt. r~, uNDetwe~~
The foregoing instrument was acknowledged before me this day of
~ - 19 - - bY - - - - and
~ respectively, _
President and - _ Secretary of _
a corporation, on behalf of the corporation.
~ Notary Public
~
-
~
_ A-301A 12/76
o~oK294 P~E i49
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