HomeMy WebLinkAbout1374 MORTGAGE RIDER
Tats MoeTC~cs RIt)sR is incorporated into that certain mortgage entered into by -
STEVEN B. SWARTZEL and DIANE L. SWART2EL 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 extent of the indebtedness of the Mortgagors to the Association described herein or secured
hereby, the Association 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 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 extent 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 recordit?g 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
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 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 3rd day of
x
A,~ri 1 , 19 79 .
z
Signed, sealed d delive (Seal)
in the prase of• STEVEN B. SWART L
E
C DIANE L. SWARTZEL'
(Seal)
€
STATE OF FLORIDA ~ ~
COUNTY OF MARTIN
Tbe• foregoing instrument was acknowledged before me this _ 3rd _ day of
.March ~ lg 79__ by STEVEN__B._SWARTZEL and DIANE L. SWARTZEL
-
- ~ his wife - -
. , ~ ~ •
l - . . - ~ ~ Noi~ry ?~c: mate of Florida at t~9s ~
STA'I`l?:• :U~;;BLOR~DA l ~ E~w.+. c..-..n
COUI~I~'Y: bF•~ )
The foregoing instrument was acknowledged before me this ~ FQ- day of
~ 19 - by - - S" ~ ~s~sv~F! t,. and
. = ~ .
,respectively, _ '
~ President and - - _ Secretary of
a corporation, on behalf of the corporatio~9 2~.~'i 5 ~ ~ `
~ {
Notary public
- ..w
A-30iA 1/76
3tlfi ~~rc1373
v.l,...
s,