Loading...
HomeMy WebLinkAbout0492 MORTG~C E RIDER . TH~s MosTC~cs RtnsR is inrnrporated into that certain mortgage entered into by RO$ERT T SISCO a sinQl~mSII..___ - - - - - - - _ _ - and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY. The following are additional covenants under the above reterenced mortgage: - 24. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any kind should be instituted. the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and gayabie. - 25. To the e:tent oi the indebtedness 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 of 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 proceeds of the loan described her~in or secured hereby, and the respective liens of said mortgages. liens or other encumbrances shall pass to and be held by the As.4ociation 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, transferred, 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 hereta 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 Construction 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 entire amount of principal and ititerest 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 additional covenants mentioned above shall become null and void. ~ IN WITNESS WHEREOF, Borrower has executed this Mortgage Rider this 8th day of Febr_»~ry , 19~2. ~ , , 1 li Signed, sealed and delivered ~ . ~ ` ROBERT T. SISCO ; the ~ ce o • _ I - ~'~G ~?`COr~DED ~ ~~.-._.y` _ - ,.._Ij'iT`!-r`~. ~Seg]~ ~ ~ - t.~33'75'7 (s~.~) ~ 'i~ F=:' I~ ~1 ~ :'i5 STATE OF FLORIDA 1~ 1,L COUN~'-Y-4F MARTIN j q~' ~ The.~ore8qing it~trument was acknowledged before me this 8tk day of ~ 1, r•':" - ~ _ ---F,e~~u~~r~? , 19 -79ny ROBERT T. SISCE~- a`s~tii~2~ ~oan ~ ~ • . ~ - ~ ~ ~ - ~ - ~ ~'ot n'~urbl'K, Sate ol Fl~r.:a at larqt r . ' My Ce;.:~:s:icn E.;.ices Oct. 4. 1930 ~ STA1'E OF FLORIDA ~ ss. . ro.«a s. ~w a c...r.r, co.w..r COUNTY OF ~ . ; The foregoing instrument was acknowledged before me this daY of ~ 19 bY - and 9 ~ respectively, ~ President and - Secretary of ~ ~ a corporation, on behalf of the corporation. ~ ~ ~ ~ Notary Public ~ A-301A t2/76 ~ go ~ 3tJ3 p~_ 49,1 ~ . ~`~~r . ~ . ' . ' a~' ~ ~E~"S : . .