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MORTGAGE RIDER
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TH~s MOICrCACB R1DBB is incorporated into that certain mortgage entered into by -
CHARLES- M. REELER,, JR. and DONNA MARIE REELER his wife _
and FIRST FEDERAL SAVINGS AND LOA~1 ASSOCIATION OF MARTIN COUNTY.
The following are additional covenants udder the above referenced- mortgage:
- 24. If foreclosure proceedings of an~~ 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 Uen or liens and to the rights of the owners
and holders thereof of each and every mortgage, lien or other encu>7nbrance on the land described
herein which is paid and (or) satisfied, in whole or u~ 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 ABSo-
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 tune 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 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 thud party, these additional covenants mentioned above
shall become null and void.
IN WITNESS WHEREOF, 13oiaower has ezecuted this Mortgage Rider this 25th day of
September , 19 79 . -
Signed, sealed and delivered - " ' Seal)
in e p nce ofn S M. LEER, JR. _ '
• G~ !979 SEP 28 Pty ~ 0 I DONNA MARIE REELER
(Seal) ~
flLED.ANC F.:COHOEO
S ROGER
POITRASA• (mil)
CLERK CIRCUIT CC~ttT
STATE Q ~ lDA SS. RECORC YE^nIF1E^.~.-''-iuc'~-- -
COUN N } _
- ~ ~ _ ment was acknowledged before me this 25th day of t
` ; . ' lg 79 by CHARLES M. REELER, JR. and DONNA MARIE REELER -
- ,
- - - - - his wife ~A}
ti : kY ~
~ s
%`n>?~ - Notary Public
f'•',: - r . _ NOTARY Dl1EUC 5T4iE O~ fLC1f.IDA AT LARGE
STATE: .,)1GtIDA~ MY CONrA15SlOn Erp1tE5 NCrI 19 19b1
COUN'I`~~41~ } 60ni[>ED tHat; CTtr~l I.~tS. UhbERWRITERS
The foregoing instrument was acknowledged before me this day of
19 by and
- respectively,
President and Secretary of
a -corporation, on behalf of the .rorporation.
Notary Public -
A-301A 14/76 ~~~nK V~~ (1Wr~648
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