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MORTGAGE RIDER
This MOaTGAC6 RIDER is incorporated into that certain mortgage entered into by _
CHARLES W. BIERDS and DOROTHY. N. BIERDS_hia 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 Aviation described herein or secured i
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 recording of this mortgagc. '
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. y
In the event this mortgage is purchased by a third party, there additional covenants mentioned above
shall become null and void. i
i
IN WITNESS WHEREOF, Borrower has executed this Mortgage Rider this _ 30th day of
November , 19 79-.
r
~
~ ed, sealed and delivered ~ - -
he resen o CHARLES W v BIERDS
~ ~'1_~-~~ `~7- X13-~~-~- (seal)
, DOROTHY N. BIERDS
- ~ F t.EO Rh. . ~~DEO ---------j (Seal)
t -
~ • FLA.
/ _ ~ - CIfF~ - :0 ~ r _ (mil) ,
REC9~~ E.i
STATE OF FL_
ORIDA ~ 4'7909
ss. DEC 3 i l 4s ~M
COUNTY OF MARTIN
The foregoing instrument was acknowledged before me this _ 24th day of
~ioaiemhe~ , 19 -Z4_ by __CHgR_LES W_ i _ BIERDS and DOROTHY N .
TT,~" ' -
-
- . - Notary Public
. NQTARY DUDVC STA~f ~ FIORiDA AT LARGE
STATE dF~~O~LDA CS. MY CON.MISSION EMPIRES NOV w roar
COUNTY O.F. ~ IOrrJEO 'M~cU C;Er~;Rr?i tV5 UttiDERWR~IERS
The foregoing instrument was acknowledged before me this _ _ - day of
- - - 19 by - - - and
- - ,respectively,
President and ---------Secretary of
a _ corporation, on behalf of the corporation.
Notary Public
A-30'A 12176
n~bK321 ~a~E 98