HomeMy WebLinkAbout0023 MORTGAGE RIDER .
'THCS Mo~rc~ca RtusR is incorporated into that certain morigage entered into by -
r F ~FiA~?R CONSTRUCTION COI~MM INC. a F~Qridasorn~~tion _
and FIRST FEDERAL 3AVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY.
The folloaring are additional covenants under the above referenced mortgage: ~
24. ~ If ioreclosure proceedings of any second mortgage or second trust deed or any junior lien ot any .
kind should be instituted~ the Asaociation may at ita option, immediately or thereafter declare this
mortgage and the indebtednesa secured hereby due and payable. ~
~ 25. To the eztent of the indebtednees of the Mortgagors to the Association described herein or secured ~
hereby~ the Association is hereby subrogated to the lien or liens and to the rights ot the ownera
and holdera thereof of each and every mortgage, lien or other encumbrance on the land described
her~in which is p~aid and ~(or) satisfied, in whole or in pe~rt, out of the pmeseda of the loan deecribed ~
herEin or secured hereby, and the reapective.liens of said mortgages, liena or other encumbranoes
ahall p~ss to and be held by the Association herein as security for the indebtedness to the Asea
ciation herein described or hereby aecured, to the same e:terit that it would have been pre~erved
and would have ~ been pas.sed to and been hel d by the Association had it been duly and regularly
assigned, transferr~d, 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 iu 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 builciing in aocordance with .Construction
Loan Agreement, of even date herewith, or to build eaid rnng~uction in aa;ordance with plans
and specifications filed with the Association, shall constitute a breach of this mortgage, and, at the
option of the Association, unmediately . mature the entire amount of principal and interest hereby
secnred and the Asaociation may immediately institute proceedings to foreclose this mortgage. -
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In the event this mortgage is purchased by a third party, the~e additional covenants m
shall beoome null and void. s=_>: ~:~~;y~~ s~}~~~ .
. ~ • ~ ~
IN WITNESS WHEREOF, Borrower has eaecuted this Mortgage Rider this 1~ i~`a~`~,;:'
-S'.. fy -:r.. . ~~r~.~. '
~ Januar~ , ig 79 , ~ _ ~ =
- ~ . J•` ~ y~ ~ ~~fFE:
C. F. CONST dIsl ~I~4+~
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' Signed, sealed and delivered - ~ ' ' ~ ` : _ .
4
1~ ~/I~e resence o C. F. SHAWVER, _ PRESIDF.NF r' .
,
, ~f~/ ~ ~ • ~ :l f~~'- +.:i•i~.., . ~
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~ . C~ FlLED AN~ RECORD£Dy , 6 ; ~ -
S'. ~'~C!E COUNTY, ~LA. (3ea1~
~ ' _ . '-!C *'i _
~ 431562
~ '79 ,1~"~ 22 PM 2 : 37
3TATE OF FLORIDA 1 ~ -
COUNTY OF j ~r
~
The foregoing instrument was acknowledged bef ore me thi~ L~ r: . C ~ F C u 1 T i; ~-i' ~Y of
19 by _ ~
Notary Public
STATE OF FLORIDA 1 _
COUNT;~. OF MARTIN f .
~T-.r '
x ;,`~~~~oit~g instrument was acknowledged before me this 18th day of
~ `'',.,.r' „k , 19 79 by C. F. SHAWVER ~
- ~a~ ,
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~ ~ci~;
~ , of _ C.F. SHAWVER CONSTRUCfION Co._ INC.
:~:~`a` -tG'j r~ corporation, on behalf of th ration.
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