HomeMy WebLinkAbout0072 1~InR'I'C aG RI llFR
TH1S MORTCAGB RIDB6 iS lI1COi~I'AtC(~ lAto that certain mortgaRe entered into by
- LEWIS J. GEORGE~JR. a_single_man - _ - :
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t
and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY.
The following are additional covenants under the above referenced mortgage:
24. lf foreclosure proceedings of an~~ second mort gage or sc~cond 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 indebtedne.SS secured hereby due and payable.
25. To the extent, of the indebtedness oi the Mortgagors to the A.SSOCiation described herein or secured
hereby, the As.sociation is herebv subrogated to the lien 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 proceeds of the loan described
herein or secured hereby, and the re.spective liens of said mortgages, liens or other encumbrances
shall pas.s 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 prnserved
and Hould have been passed to and been held by the A.ssociation 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 Mortgagocs or their contractors to complete said buildin~ in accordance with Construction
Loan Agreement, of even date herewith, or to build said construction in accordance with plans
and specifications filed wzth the A_csociation, 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 Association may immediately institute proceedings to foreclose this mortgage.
In the event this mortgage is purchased by a third party, the,Se additional covenants mentioned above
shall become null and void.
IN WITNESS WHEREOF, Bonower has executed this Mortga~e Rider this _ 12th day of
bfar.ch 19_ 79 .
L ,
' Signed, sealed and delivered _ (Seal)
; in presence of • LEWIS . GEORGE, JR. .
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} STATE OF FLORIDA ~s ' ~r~
~ COUN~Y~~UF ~~TIN ~
~ The Ioregoing in~tisument was acknowledged before me this 12th day of
_
~ _ ~ ~ ' ~~rc~__, ig _79 by _I~WIS J._GEORGE,__JR, a_sinQle_ man
y : . - - -
aP.~//l.K~ i`~• ~
; -
- Notary Public
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STATE OF FI,ORIDA l~~. ' ~ ~ J Y~
COliNTY OF J - ~
` The foregoing instrument w•as acknow•ledged bef ore me this _ day of
{ - - - , 19 - - hY - - _ _ - _ - - - - - - and .
~ - - - , respectively,
~ President and __Secretar~• of . ~
~
~ a corporation, on behalt of the corporation :
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x - Notary PuMi~
A-3u~A ~2/?6
gooK 305 ?2
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