HomeMy WebLinkAbout0967 MORTGAGE RIDER
Tttis MueTCRCB Rtnge is incorporated into that certain mortgage entered into by _
ROBERT D. GR~FFIN and 1.OI5 L~,~',$~F1N hig__Ki
- - - - - - _ - -
and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY. ~
The following are additional covenants under the above referenced mortgage:
24~. If foreclosure proc~eedings of any second morLgage 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 Association is hereby subrogated to the lien or liens and to the rights of the owners
and hotders thereot of each and every mortgage, lien or other encumbrance on the land described ?
herein which is paid and (or) satisfed~ in whole or in' part, out of the proceeds of the loan described }
herein or secured hereby, and the respective ]iens 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 4ssociation had it been duly and regularly
assigried, transferred, set over and delivered unto the Association by separate deed of assignment,
notwithstanding the fact that the same may be satis6ed and canc~elled of recard, 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 Lime 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 eve~ date herewith, or to build said construction in accordance with plans
and specifications filed with the Association~ shall constitute a breach of this tnortgage, 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. ~
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IN WITNESS WHEREOF, Borrower has executed this Mortgage Rider this day of ;
' u nJ c =
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Signeti, sealed and delivered '____1~~~~~
(Seal)
in t p nce of: RO D. GRIF IN ,
a~ ~ • " -
' . GRIFFIN
.
(~1)
- (Sea1)
MICHIGAN ~
~ STATE OF ~X~(XX
• COUNTY OF U9~tr.leu~~}
••••~~+'~+~~e fo oi~g instrument was acknowledged before me this day of
1' ~ , 19 by_ ROBERT D. GR FIN and LOIS L. Rl FIN his wife
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~4 ~SL~`^~ = igZS .~i;it ~8 F~`i ~ 2 ~ • No P iic ~
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FItEO FkC Fi-COrif~E.. i
~'QF FLORIDA tUC~E CU4HTY.FLA.
I,• C`~~~i"i'Y OF ~OGER POITRAS No!ary Public. Wayne CourNyr ~fJ1t,
~ CLERK GRCUIi CGtJ T My Comm+ssi~n E~cpires 1 ii-~5-81
The fore oin inst ~ ~~'J
B g ~ilmt~pOv~Xj~crwwte~gec}-before me this day of
_ 19 by - - - and
, respectively, -
President and ~ _ _ Secretary of ~ _
a corporation, on behalf of the corporation.
Notary Pubtic
A-101A )2/76 ~
310 ~A~E g67