HomeMy WebLinkAbout0506 - MORTGAGE RIDER
1'H~s Mo~rcr?cB RtuB~ is incorporated into that certain mortgage entered into by '
VICPO$Y CONSTRi1CTi~N; TNS; a Flnr A rn, ~rar; np
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and FIRST FEDERAL SAVINGS AND LOAN AS30CIATI4N OF MARTIN COUNTY.
The following are additional covenants under the above referenced mortgage:
24. If foreclasure proceedings of any second mortgage or second trust deed or any junior lien of aay
kind ahould be instituted~ the Association tnay at ita option~ uamediately or thereafter declare this .
mortgage and the indebtedness secured hereby ~ due and p~yable.
2b. To the eztent oi the indebtedness of the Mortgagors to the Association de,scribed herein or secured
hereby; the Aaeociation ia hereby subrogated to the lien or liens and to the righta of the ownere
and holdera thereof of each and every mortgage~ lien or other encumbrance on the land deecribed
herein which is p~id and (or) eatisfied, in whole or in psrt, out of the proceeds of the loaa deecribed
herein or secured hereby, and the respective liens of said mortgages, liena or other encumbranoea
ahall p~ss to and be held by the Aseociation herein as security for the indebtednesa to the Aseo-
ciation herein described or hereby secured, to the same e:tent that it would have been preeerved
and v~rould have been passed to and been held by the Association had it been duly and regularly
sasigned, transferred, set over and delivered unto the Association by separate deed ot asaignment,
notwithstanding the fact that the sarne may be satisfied and cancelled of rec:ord, it being the inten-
tion of the parties hereto that the same will be satisfied ~ and canceped of record by the holders
thereof at or about the time of the recording of this mortgage.
26. That in the eve~t that this mortgage be given to eecure a constructiori loan., failare on the part of
the Mortgagors or their contractois to complete said building in aocordance with Constructioa
Loan Agreement, of ~even date herewith~ or to build said construction in acoordance with plana
~ _ and specifications filed with the Association, shall constitute.a breach of thia mortgage, and; at1f,~}e,
option oi the Association, immediately mature the entire amount of principal and inter~sl;~y~
secur~d and the Association may innmediately inatitute proceedings to forecloee this mo~$e.' 3 -
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In the event this mortgage is purchased by a third party, these additional oovenants mentii~hed abo~e -
shall beoome null and void. ~
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IN WITNESS WHEREOF, Borrower has ezecuted this Mortgage Rider this lst , day~of
December , 18 ~g . . .
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~ VIC ,CONSTRUCT N, INC.
~ Si ed, sealed and delivered B' ~
~ e pr~sence of: VI Ij• GEOR FF,P
I ~ ~~1~
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(Seal) ~
F~!_~~ :.t•~~ R%CO~DED
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STATE OF FLORIDA 1~." 4i~~4S(
COUNTY OF ~ -
The foregoing instrument was acknowledged before me t~1i87`~ nrr. ~ 58 day of
19 bY
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"~*r . . ' -
Notary Public ~
STATE OF FLORIDA 1
~ COUNTY OF 1?1ARTIN ~ .
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~ The foregoing inatrument was acknowledged before me this lst day of
~ December -,19 78 by VICPOR GEORGEFF ~ ~
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~ President aad VIRGINIA GFOR.:FFF Secretary of
~ s~~.~IQ?~~ corporation, on behalf of the oorporat ~
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