HomeMy WebLinkAbout0543 ~ iVI ORTGAG E RI l~~R
THi3 MOQTCAGB RtDBR 18 lilCOipolate(I into thst certain mortgage entered into by
RC~NALD R. WARREN, a si_ngle man ~ ~ _
- _T . - - ~ - -
and FIRST FEDERAL SAVINGS AND LOAN AS30CIATION OF MARTIN COUNTY.
The following are additional covenants under the above referenced mort~Cage:
24. If foreclosure proceedings of any second mortgage or second truat deed or any junior lie~ of any
kind should be inatituted, the Association-may at its option, immediately or thereafter declare thie
mortgage and the indebtedneas secured hereby due and payable.
25. . To the extent of the indebtednees of the Mortgagor~ ta the Aseociation described herein or secur~d
hereby, the Association is hereby submgated to the lien or liens and to the righta of the ownera
and _ holders ther~e~of of each ~and every mortgage, lien or other encumbranoe on the land deectibed
herein which is p~aid and (or) satisfied, in whole or in part, out of the proceede of the loan deecribed
herein or sec~red hereby, and the r~apective liena oi said mortgagea~ liena or other encumbrances
shall peiss to and be held by the Aseociation herein as security for the indebtedn~a to the Aseo-
ciation herein deacribed or hereby secured, to the same eztent that it would have bee~i pre~erved
and would have been pasaed to and been held by the Asaociation had it ~en duly and regularly
assigned~ tranaferred, set over and deGvered unto the Association by separate deea of aseignnient, ~
notarithstanding the fact that the same may be satisfied and carecelled of record. -it being the inten-
tion of the parties hereto that the same w?iA be saLiafied and canoelled of record by the holdera
thereof at or about the ti~ne of the recording of this mortgage.
26. That ir 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 avcordsnce with plane
and specifications filed with the Aseociation, shaA constitute a breach of Lhis mortgage, and, at the
option of the Aseociation, immediately maturs Lhe entire amount of principal and interest hereby
secured and the AssociatSon may immediately institute proceedings to toreclose 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 eYecuted this Mortgage Rider this 30~ day of
November , is ~8 .
Signed ed and delive _
in the nce of: ~ RONALD R. WARREN ~
- ':~~-;..Sa R= CORO~~ (Seal)
. ~~_~INiY FLA.
_ -r .`!r~FD (~Al~ ,
_ _ ~ Q~
~ ~ - r _ eu ~ • ~ u (Seal)
STATE OF FLORIDA ~ ~ 2
COUNTY OF MARTIN~ -
T~e foregoing instrument was acknowledged before me this ~-~T -'"ilF ' da of
Y
Novenaber _ , 19 ?8_ by RONALD _R. WARREN, a single man
.
: /
~ - . . ~ ~ No ~f~'i~,
`i~~ie ot Fl«id~ ~t tar~e .
I 1J~y Commission Expioes Ott. 4, i480
- ~~~'I'A'I'S 'OE•'I~f~6RIDA
. ~ SS, .c....., w~.~.~.. G+....~ c~.~V..t
CO ~OP: ~ ~ ) ~
~''I'he to~aing instrument was acknowledged before me this day of
19 by and
, respectively,
President and - , Secretary of ~
$ corporation, on behalf of the corporation.
~ Notary Public
A-301A 12/76
B4 K 299 F~~~ 543
-
~~S 3y?-. p~:,ry:1 F"° 1 ~ ~ . ~ . . .
y„
. 13 ~~a•y+',~y~F~~~'~ $ s'a'j ~?N3i~ i~
~ ~
~ , 9 1~' ' ~ 'i ~
I ~ y~.i=~.n I
~ . . . . „ . . , . n .,c.^~~~,'>~'~