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MORTGAGE RIDER
Tx[s Mo~~rc~cs Rtnss is incorporated into that certain mortgage entered into by -
WILLIAM H. MCELHENY and LOLA A. MCELHENY his wife _
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 eztent of the indebtedness of the Mortgagors to the Association described herein or secured
hereby, the -As.sociation 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
herein or secured hereby, and the respective liens ot said mortgages, liens 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 eatent that it would have been preserved
and aould have been pas.ged 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 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
a~?d 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 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 _ 29th day of
March ~ lg 79 ~
I Signed, sealed and delivered
~ e presence of: WILLIAM H. MCELHENY
~ '1LL/i
'I LOLA A. IKCELHENY ~ ~Seal)
~ ~~.~.a/ • " (Sea1)
6
~
~
~ STATE OF FLORIDA 1 ~
COUNTY OF MARTIN )
~
~'be• #onegoing instrument was acknowledged before me this 29th day of
~ ar , 19 79_ by wILLIAM H. MCELHENY and LOLA A. MCELHENY
~ . _ .
his wife
' ~ fT•
» _
# _ „ Notary Public
` 3TA'~'B .OF FLORIDA . , . ~ , -.f'~~; sr ~4RCr ~ ~
~ COUI3'I'Y"OF } ss" . , . , ~l
3 r' ' c
~ The foregoing instrument was acknowledged before me this day of
~ - 19 - - by - and
$ respectivelY. - ~ r 1i6~flRDEO
F : ..r ^"iTr
, u ~ ~ v~j- ~r.
~ . _ . .
~ President and _ _ Secretary of - - ` ~ ~
~ a corporation, on behalf of the corporation. ai~v" '
~ . - 4 ' • c, ~
~ Notary Yubl~ ~ • ' ~ ~
~
~ A-301A 12/76 G F (~Q • :
E 30~K JU~ f'AGE ~707 ~ ;C~'~ ' ' ~
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