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MORTGAGE RIDER
Tats Mosa~c~cs Rtuse is incorporated into that certain mortgage entered into by -
GROSSKOPF OIL, INC.. a Wisconsin Corporation, authorized to do business in Florida ~
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and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY.
The following are additional covenants under the above referenced mortgage: ~
24. If forecl~ure proceedings of any second mortgage or second trust deed or any junior lien of any
kind should be inatituted, the Association may at its option, immediately or thereafter declare this ~
mortgage and the indebtedness secured hereby due and payable. ;
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25. To the eztent of the indebtedness of the Mortgagors to the Association described herein or secur~d
hereby, the Association is hereby subrogated to the 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~ liens or other encumbrances
shall pass to and be held by the Association herein as security for the indebtedness to the Aaso-
ciation herein described or hereby secured, to the same eatent 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 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 Mortgagoss 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 As.sociation~ immediately 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. additional covenants mentioned above
! shall become null and void.
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; IN WITNESS WHEREOF, Borrower has executed this Mortgage Rider this ~ 7 day of
" February ~ ig'19
; Grosskop Oil Inc
Signed, ed and delivere ^ By' ~
~ in the nc of: Cli.f J. G s opf, ident
~ • ~ . . Richa . o ge, Secretary
~ . ~ _ :_r', - ' . .
~ ' , _ (Seal) ~
~ .4.359~~ =
~ ~.g - ~ P~~ ~ : 32 - c~> ;
i
~ STATE OF FLORIDA l ~ f~
~ COUNTY OF ) _
~ The foregoing instrument was ~cknowledge~ before~ me this _ day of
~ , 19 hY -
~
~
~
~
ry
Notary Public •
~ WISCONSIN
' STATE OF R~(~'pI~A l
_ • COUNTY 'OF j
' The foregoing instrument was acknowledged before me this l-___-_ day of
~ February 19 ?9 by CLIFTON J. GROSSKOPF and ~
. ,
~ RICHARD J. DODGE ~p~tively,
' Pre~ide~it ,~d Secret~ry of ROSSKOPF OIL, INC. ,
~ :
Wiscvnsin at~tho z d to o bu, ~.n ori a °
~ a: corporation, ~bn beha~~ o~ the corporat~ ~
~ , _ . , . _ :
. ` ~
~ ~ ~~.A Y ` : ~ - Notary Public aT/f oF NSto,vy.v ~ ~
s a'~'~~'r- - • My Commission ~eac-/3 f~',c~H~t,v~itlT
7~-30)A 1?j76-~ ~
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