HomeMy WebLinkAbout0927 I~ZORTGAGE RI DER ~
THIS MO1tTGAGB RIDBR 18,1riCOtpOTate(I into that certain mottgage enter~d into by _
RICHARD SIPOS a sinQle man
and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY.
The following 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
kind should be instituted, the Association may at its option, immediately or thereafter declare this
mortgage and the indebtedness secured hereby due and payable.
25. To the eatent of the indebtedness of the Mortgagors to the Association described herein or secured
hereby~ the Association is hereby subrogated to th~ lien or liens and to the rights of the ownera
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
herein or secured hereby, and the respective liens of said mortgages, liena or other encumbrances
shall pass to and be held by the Association herein as security for the indebtedness to the Asso-
ciation herein described or hereby secured, to the same extent that it would have been preserved
and wouId~ have been passed to and been held by the Association had it been auly and regularly
assigned, transfetreci, 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-
Lion of the parties hereto ttiat the same will be satisfied and cancelled of record by the holders
thereof at or about the time of the recording af this mortgage.
26. That in the event that this mortgage be given to secure a construction loan, faiture on the part of
the Mortgagors or their contractors to comptete said building in accordance with Construction
Loan ,Agreement, of even date ~herewith, or to build said construction in accordance wiLh 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 interest hereby
secured and the Associa~ion may immediately institute proceedings to foreclose this mortgage.
In the event this mortgage is purchased by - a third party, these additional covenants mentioned abave
shall become null and void.
IN WITNESS WHEREOF, Borrower has eaecuted this Mortgage Rider this _ gth day of
_ February , 19 79 .
Signed, sealed d delivered F'~ED r~i0 h~CORCED . ~
in t e p n ~ of: , . _ " ~U~T~ ~ - ICHARD SIPOS
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STATE OF FLORIDA ~ ~_F ~ v,^, R v~ t` 4`~ ~
COUNTY OF MARTIN ~
The foregoing instrument was acknowledged before me this 8th day of
' Feb~~ary , 19 by RICHARb SIPOS a single man
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.w:. _ - Not~a~`~c. S!ate o! Flo.^:~ at l~rqe
~ ~ N?y [ommission Expices Od. 4, i980
'~'~l~i,-:~F.FI.ORIDA ~ ss. ~..ae w..K.. c...... co.P.n
COUNfTY OF
The foregoing instrument was acknowledged before me this ciay of
Z~ - bY and
, respectively, ~
President and Secretary of
i
a corporation, on behalf of the corporation. ,
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• Notary Public
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