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. MORTGAGE RIDER '
Tttts Mott~rc~ce RtnsR is incorporated into that certain mortgage entered into by _
MICHAEL R. PBITZ and ELLEN M. PEITZ his Wife
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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 foreclosure proceedings ot 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 e:tent oi the indebtedness of the Mortgagors to the Aasociation described herein or secured
hereby, the A.4sociation is hereby subragated to the lien or liens and to the rights of the owners
and holders thereof oi each and every mortgage. lien or other encumbrance on the land described
herein which is paid snd (or) satisfied. in whole or in part, out of the proceeds of the loan described
herein or secured hereby, and the respective liena of 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 eztent that it would have been preserved
and aould have been passed to and been held by the Association had it been duly and regularly
assigned, transfen~ed. 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 caneelled 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 Mortgagora or their contractors to complete said building in accordance with Construction
Loan Agreement, of even date herewith, or to build said construction in aocordance with plans
and specifications filed with the As.gociation, 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 additiQnal covenants mentioned above
shall become null and void.
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IN WITNESS WHEREOF, Borrower has ezecuted this Mortgage Rider this 28th day of
March , 19 79.
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~ i ed seal an delivered ~t
, S Bn , ed d (Sea1)
' e p nce of• L R.. PEI Z
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.~,~~t.o~. A• ' . - - ~-4- cs~a)
F / r N ~~=_COROED ELLEN M. PEITZ
` G1X'Jt-,~.- ~t~i.c.co F~~ f~~ :'U~STY. FlA-
f . .!.It ^ . _~t;~:FC
i ~ Q~~~O (Seal)
f ~ ~ : 32
! STATE OF FLORIDA A~R y~ (L
( COUNTY OF Mp~Ip } O~
~ 28th
~ The foregoi~lg instrument was ackaFid~?~~~~~ ~~me this ' day of
E March ~~g~K7J'hy MICHAEL R. PEITZ and ELLEN M. PEITZ his wife
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€ ~ r~'; p.-~ ~ ~ . ~ , -~i0~i.~
;
_ . : r-~ , . , Notery Public
- . ~,'~c. . r~ ~i~~•~s A~ taRGf
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'IlE QF. ELORIDA ~ ss. t~vv:u r~~•, v~c ~o.,~ /9~
, +~~c.. ~xr..dAl t:li JK:ifAWR~I[R!.
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~•~~3r~going instrument was acknowledged before me this day of
19 bY _ and
; , respectively, -
~ President and _ Secretary of
s
~ a corporation, on behalf of the corporation.
r
` Notary Public
A-~O~A 12/76
~ g~QK 306 PACE1031
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