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hZORTGAGE RIDER
TH~s Mos'rc.~cs RtorR is incorporated into that certain mortgage entered into by _
~iERBER'~ C ANSTETT I I I and _ CH~RYL A. _AN~TETf, 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 ot any ,
kind should be instituted, the Association may at its option, immediately or thereafter declare this
mortgage and the indebtedneas secured hereby due and payable. ~
25. To the extent of the indebtedness of the Mortgagors to the Association described herein or secur~d
hereby, the Association is hereby subrogated to the tien or tiens and to the rights of the owners
and holders thereof of each add every mortgage, lien or other encumbrance on the land de8cribed
herein which is paid and (or) satisfied, in whole or in gart, ont of the pmceecis 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 Association herein as security for the indebtedness to the Asso-
ciation herein described or hereby secured, to the same eztent that it would have been preserved
and would have been passed to and been held by the Association had it been duly and regularly
. assigned, transfen~ed~ 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 wil! be satisfied and cancelled of record by the holdeis
thereof at or about the time of Lhe 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 Mortgagots 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 Association, shall constitute a breach of this mortgage~ and, at the ;
option of the Association, immediately mature the erttire amount of principal and interest heseby _
secured and.the Assocfation 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.
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IN WITNESS WHEREOF, Borrower hes eaecuted this Mortgage Rider this ] oth day of ~
_ N~vemh~r , 19___Z$. .
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Signed, sealed and delivered
' the presen~of HE ERT C. TETT I I I
.
. .
J CHERYL A, STETT _
~ es o e . s e Fil.~
. ~~~:F ~GUNTY. Fl~~.
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C4UN1"Y..OF MARTIN 'ZS NOV 2T '
20 pN 2: :
1'~e foregoing instrument was acknowledged before me this R°~~~Q
5' ~ i
. . day of
' -Noatember , 19 J_8_ by._HEBSEBZ~AN~TETT I~~?3I~~D~I~CR~IG~tOtX~ ~
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~ NE W YOR K ~~~R~~ ~ 1~ AT V1RGE ~
MY GOMMRSId1 aV1~B NO~V. 19 1q8! ~
STATE OF 8k~ fo~o~ A~ ~d~ALls. aMOdtwut~s ;
~g_
COUNTY OF ~,c1CSfCN ST~~
The foregoing instrument was acknowledged before me this day of
November 19 ?8 by Cheryl A. Anstett ` ~
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