HomeMy WebLinkAbout0699 , MORTGAGE RIDER
TH~s Mo~zc~?c8 RtuBR is incorporated into that certain mortgage entered into by EDWARD F.
ECKERT and VALERIE S. ECKERT~ his wife
- - - -
and ~ FIRST FEDERAL SAVINGS AND LOAN AS30(;IATION OF MARTIN COUNTY.
The follow?ing 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 thereafter declare this ?
mortgsge and the indebtednesa secured hereby due and payable. '
25. To the eztent of the indebtedness of the Mortgagora to the Association described herein or secured
hereby, the Association is hereby subrogated to th~~ 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 gaid and (or) satisHed, in whole or in part, out ot the proceeds of the loan described
herein or secured hereby, and the respective liens of said mortgag~, liens or other encumbrances
shall pass to and be held by the Aseocietion herein as secarity for the indebtedness to the A.vso-
ciation herein described or hereby secured. to the same extent that it would have been preserved ~
and would have been pas~ed to and been held by the Association had it been duly and regularly
asaigned, transferred, set over and delivered unto the ~saociation 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 thia mortgage.
26. That in the event that this mortgage be given to serure a construction loan, failure on the part of
the Mortgagors or their contractors to oomplete said building in accordance with Construction
Loan Agreement, of even date herewith, or to build said construction in aocordance with plans ~
and specifications filed with the Association, shall constitute a breach of this mortgage, and, at the i
option of the Association. immediately mature the entire amount of principal and intereat hereby
secured and the Association may immediately institute pruoeedinBs 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, Borrower has ezecuted this Mortgage Rider this ~~~"u-~'`'~^ day of
' September 19 7 8 .
~
;
~ Signed, seeled and delivered • ~
k in th nce of: a~ w~ ~~~~~~Seal)
, ~ ~
~ Valerie S. Eckert
~ ' ~ ' ~
~ ~u~ccce ct~ri~cs c~ 3 s•-. D. W. BAGNAIL, -
~-E~F ft+E~ /A~N S~v~+t 6 ~t • EM~N ~ (Seal)
~ ~ 3, 8R10 E ST., LEATNtRHEAD, SURREY.
STA'I'L OF ~ 1. SOLICITO~, Ca~vlt~~SSIONcR FDR OATHS '
COUNTY OF• I NVD NOTAR P~JfiLIC. _
The foregoing instrument was acknowledged before me this • ~l^~e day of
September 19~$ _ by EDWARD F. ECKERT and VALERIE S.
ECKERT, his wife
~ -
iILEO AND RECORUcO ~ Q ~
ST_ IUCIE COUNTY FLA ~`~7
apC,E~ POITRAS Notary Public
` C~ E~ 1 _ :~711 COU ;
~ _ . - 4
~ STATE OF FLORIDA
° COUNTY oF ~ ss.OCS a- IZ 25PM'TS ~,.8S2S . _
~ The foregoing instrume~t was acknowledgeu before me this ~ - - day of
~ , 19 by
~ ~ , respectively,
President and Secretaiy of
a corporation, on behalf of the oorporation.
Notary Public
A•301A 12/76 ~
~'~JK ~~ri, ~+~Vi
vw
- -
_ ~ . :
. .
- r... _ _ ' _ _
sr "3-J""~ c. ` _ '