HomeMy WebLinkAbout0348 MORTGAGE RIDER
THIS MORTGAGE RIDER is incorporated into that certain mortgage entered into by
LEON BECK ANU TERE5A FECK. HIS 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. i
25. To the extent of the indebtedness of the Mortgagors to the Association described herein o?secu.
ed
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 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 f
a ; ; =~o::ld t:a:~ ^ Yasser+ tL a:^:d heen f~Al~f by the AcsQCiation had it been duly and regularly
assigned, transterred, set overand delivered unto the Association byseparate 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 mortgage.
26. That in the event that this mortgage be given to secure a construction loan, failure on the part of
the Mortgagors or (heir 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 third party, these additional covenants mentioned above
shall become null and void.
IN WITNESS WHEREOF, Borrower has executed this Mortgage Rider this ~ 8TH day of
hECEMBER ,tg ?9. •
Signed, sealed and delivered
n t`he presence of: ~
~
~ (Seaq
~ LEON BECK ?
y (Seaq
1~8Q JAN '2 ~ i1~ QZTERESA BECf~
ENO aecoaot•o ry (Seaq
ST.l11Clf COIINTY.fLA. 4 I
Fip6ER P01TRA5
CtfRK CiRCWT C0~
RccoR trtto (Seaq
STATE OF FLORIDA, County ss: MARTIN
I hereby certify that on this day, before me, art officer duly authorized in the state aforesaid and in the
county aforesaid to take acknowledgements, personally appeared
LEON BECK ANI?
TEkESA BECK, HIS WIFE
to me known to be the person(s) described in and
who executed the foregoing instrument and acknowledged before me that Borrower executed the same
for the purpose therein expressed.
~BTH
WITNESS my hand and official seal in the county and state aforesaid this
day of ,.L•,t"~jt,CEMBER , t 9 79
My . idrf. eicp~,Qg-~= ` •
~ t ~ G ..SSj`` Notary Pu c ~ C
.,w:, w;Y:iEAc WC:iEiv/R~:ERi e
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