HomeMy WebLinkAbout0005 MORTGAGE RIDER
THis Motrrc~cg RtoBR is incorporated into that ceriain mortgage entered into by
AI.RFRT ~T - BRAZAS and_I $A$EI~ ,1 ~ _BRAZAS_hi~ - ~tl£e--- - - - -
and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY.
The tollowing 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 +
kina should be instituted. the Association may at its option, immediately or thereafter declare this . ~
mortgage and the indebtednesa secured hereby due and payable.
25. To the extent of the indebtedness of the Mortgagois to the Association deacribed herein or secured
hereby, the As.gociation ia hereby subrogated to the Uen or liens and to the rights ot 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 prooeeds of the loan described
herein or secured hereby, and the respective liens of said mortgages, Uens or other encumbrances
shall pasa to and be held by the Association herein as security for the indebtednesa to the Aeso-
ciation herein described or hereby secured, to the same eztent that it would have been preserved
and would have been passed to and been hel d by the Association twd it been duly and regulady
- 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 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 Cot~struction
Loan Agreement, of even date herewith, or to build said construction in accordance with plans
and specifications filed with the Association, shall constitute a br~ach of this mortgage, and, at the
option of the Association, immediate~,y 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 additionat covenants mentioned above
shall become null and void. ~ ~
IN WITNESS WHEREOF, Borrower has ezecuted this Mortgage Rider this ~ 2nd ~y of
• January , 19~2.
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Signed, sealed and delivered
~ in t~j p nce of :d ALB J B AS `
• ~
~ • • !1' , ~
6 F,L~a H~.sp R~cORD~o~ ISABEL J. B ZAS
z ~ . Lt~ . •,~~t ;OUNTY. ~LA.
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~ FLORII~~ J~~,~ y P~'~ 2• 39 i
STATE OF ~11X
~ • COUNTY„QF Martin }
~ ''~'he foregoing instrument was acknoNled ed tfe b -Lhis ~ Znd day of
~ . , . B_ ~ ;
~ L
`JatiuarY' , 19
~~by-~ERT~I A°e~ec TCARFI t_ BRAZAS his
~ _ .
~ - ' ~ Wlf~ : ~ -
~ - . - .~:~~uv A. ~aJ~t.ere~~
~ I~? (S-El~Lr)y ~ v . . • Notary Pubiic
~ ~ v.... . My Commissiof'~OMIl~! STATf OF fIORIDA AT U1RGE .
~ MISSION EXP{RES Na. 19 1931 -
~ STATE 'UF ~LORIDA
CO[TI~'I`~l OF } ss. p~pEp T?ua~ GEr,~~t/LL ws. ursof~WRiT~s
The foregoing instrument was acknowledged before me this day of
n~ - 19 by _ ~ and
- respectively,
President and - Secretary of _
~J
a corporation~ on behalf of the corporation.
~
~ Notary Public
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~ A•301A ,z,~b g~ox 301 PAGE 5 '
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