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MORTGAGE RIDER
THts Mo~rcncs RtDas ie incorporated into that oertain mortgage entered into by - ~
RAYMOND E. wALCH and MARION H._ WALCH, his wife _
and FIRST FEDERAL SAVINGS AND LOAN AS30CIATION OF MARTIN COUNTY.
The foUowing are additional covenants under the above referenoed mortgage:
24. If iorecloaure prooeedings of any eecond mortgage or eecond trust deed or any junior 4en of any -
kind should be inatituted, the Aseoaation may at its option, inamediately or thereaf~er declare thia
mortgage aad the indebtedness eecured hereby due and payable.
26. To the ezteat of the indebtednees of the Martgagors to the Aesocia~ion de8cribed herein or eecured
hereby, tlie Aesociation ie hereby submgated 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 deecribed
herein which ia psid and (or) s~?tisfied, in whole or in part, out of the proeEeds of the loan deecribed
herein or aecured hereby, and the reapective liens of said mortgages, liens or other encnmbrancea
shall p~a to and be held by the Aasociation herein as secarity for the indebtedaess to the Aaeo-
ciation herein described or hereby secured, to the eame eztent that it would have been preeerved
and would have been paseed to and been held by the Aesociation had it been duly and regularly
assigned, transferr~d, set over and delivered unto the Aaeociation by sep~rate 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 tlie same will be satiafied and canc8lled of record by the holders
thereof at or about the time of the recording of this mortgage.
26. That in the event thait thia mortgage be given to secure a construction loan. failure on the part of
the Mortgagors or the' ~Is to complete said buildittg_ in socordance with Constructian
Loan Agreement, of e~~
t~' 11e~rith, or to build said construction in aooordance with plans
and apeci6cations 61ed with the Association, ehall oonstitute a breach of this mortgage, and, at the
option of the Aseociation, immediately mature the entire amount of principal and.interest hereby
secured and the A$sociation may immediately institute prooeedings to forecloee thia mortgage.
In the event thie mortgage is purchesed by a third party, these additional oovenanta mentioned above
shall beoome null and void
IN WITNESS WHEREOF, Borrower has e:ecuted this Mortgage Rider this - 27th day of
- June ig 78 ,
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; Signed, sealed and delivered ~ (g~)
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~ ( MARION H. WALCH
~ (Sea1)
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~ 3TATE OF. _ ~T,iORIDA ~ ~ -
; COUNTY• ~`=.NNtTT.~f
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~ ~ _,F ~ i~strument was acknowledged before me this 27th day of
MARION H. ~
~ ~ ` j. 19 by RA1(~1UND E. WALCI~! and WALCH, _ i
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~ _ L^ • ~ , ~ r"' ' ji'. ' ' Notary PubUc
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~ NpTAxY Pl~'dllC STA7F ~ F~ORIOA AT IARGE
; S~'~$ ~'.~RIDA ~ Mr co~~M~ssicxa ~ie~s ?~av. ~v i9s~
~ (~QjJj~!~ti~~i' !~D TMxU C,ENtIU: iNS. U1:DfRWRlTfRS ~
~ _ Tbe foregoing instrument was acknowledged before me this day of ~
, 19 bY and
~ , respectively,
~ President and Secretary of
~ a corporation, on behalf ot Lhe oorporation.
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~ Notary Public
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