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HomeMy WebLinkAbout1791 t . _ _ . _ . ~ _ ~ . ' ~ ~ ~ MORTGAGE RIDER THts Mo~cs RtnsR is incorporated into that certain mortgage entered i~nto by - MARGOT E. LOACH a sinstle woman _ - and FIRST FEDERAL SAVINGS AND LOAN AS30CIATION OF MARTIN COUNTY. The following are additional covenants under the above referenced mortgage: 24. If foreclosure proc.~eedings of any second mortgage or second trust deed or any junior lien of any kind should be instituted, the Asaociation may at its option, immediately or thereafter declare this mortgage and the indebtedness 9ecured hereby due and payabte. 25. To the eztent of the indebtedness of the Mortgagors to the Association described herein or secured her~by, the Aseociation ia hereby subrogated to the lien or liens and to the rights of the ownesa . and holders thereof of ~~h 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~ Gens or other encumbrances shall pass to and be held by the Association herein as security for the indebtedness to the Asso- ciation herein descrit~ed 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 aesigned, transfert~ed. set over and delivered unto the Association by separate deed of assignment, notarithstanding 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 rPCOrding 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 t o tiuild said construction in aocordance with plans and specifications Sled with the Association. shall constitute a breach of this mortgage. and, a`_ the option of the Association. immediately mature the entire amount of principal and interest hereby secured and the Association may immediately institute proceedings to for~close this mortgage. In the event this mortgage is purchased by a third party, these additional covenants mentioned above - ~ shaU become null and void. ~ IN WITNESS WHEREOF, Borrower has ezecuted this Mortgage Rider this 22nd day of f ~ June , 19-Z2. ~~Q'~l B~(D r C,2.C~iL~/ (Seal) ~ Signed, and delivered ~ - in h ce (~1) . _ (~1) ; 29 1l- cs~) " r r..~;~ ~ ~ t~~s STATE OF FLORIDA 1~. 4~49619 COUNTY OF MARTIN J ~ ~ ~i, The fo~egoing instrument was acknowled~~bt+~me - 22nd day of ' ~ June , 19 by~~~' E. LOACH a sin~le woman •'~f : 'r : ! ~ . . • " ~ ' R] ~'~:.~~k-;.' yfi 4a ~ ~~'C~~~~-jt; f _ ~ ~ '"~R10 ~!~'~".`~j~` N enr P~c SisM ol b~Florid, - ~ : - . nt at la•4e ~ ~i G-'`i~`? My Comrn~s~~cn.Elr,:, cs ayr~! ib. 1983 ~~A, t~ Lc~..sa 1. A:e~.. ,.~..w~r ewy+~r ~ t? ! ~ ~ ~1 . : ~ ~instrument was acknowtedged before me this daY of ~ ':.i- `;r ~ , 19 bY - - and ~ ~ ' f:~ ; _ - resPectivelY, - ~ w ~ President ~and - --Secretary of ~ a corporation, on behalf of the corporation. Notnry Public ~ A-JOtA 12/76 k ~ ao~K311 PaGE17~ 1