Loading...
HomeMy WebLinkAbout2850 - t • ~r MORTGAGE RIDER ~ . THIS MORTGAGE RIDER is incorporated inta that certain mortgage entered into by - JAMES QIUFFREDA AND BARBARA ©IUFFREDA. HI8 WIFE - _ - and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY. ~ - The following are additional covenants under the above rbferenced 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 atw the indebtedness secured hereby due and payable. _ " 25. To the exteniof the indehted~ess of the Mortgagors to theAssociation described herein orsecwed 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 martgage, lien or otherencumbrance on the land described herein orsecured hereby, and the respective liens of said mortgages, liens orotherencumbran~s shall. pass to and be-held by the Association herein as security for the indebtednes$ to the Asso- - ciatioh 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 inter- -tion of the parties hereto that the same-will be satisfied and cancelled of record by ihe-holders thereof at or about the time of the recording of this-mortgage. _ 26. That in the event thaf 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 immediaic~€y institute proceedings to foreclose this mortgage. _ In the event this mortgage is purchased by a third party, these additional covenants mentioned abo~~s shall become null and void. - ~ - IN WITNESS WHEREOF, Borrower has executed this Mortgage Rider this 30TH day Qf JANUARY ,19 80 _ - Signed, sealed and delivered in the presence ofi ~ _ - (Seaq - FE6 - I A~ ~ - - ~ (s~9 - sT'.~°uc~ cou~+TYfi.n. 4'74'751 ROGER POITR (Seaq CLERK C1RCUti C _ T STATE OF FLORIDA, ~ ~ ,-=r^ COUrlty SS: MARTIN I I~ereby certify that on this ~ay, be ore me, an offtcerduly authorized in the state aforesaid and in the county aforesaid to take acknowledgements, personally appeared. - JAMES GIUFFREDA AND _ BARBARA GIUFFREDA. HIS WIFE to me known to be the person(s) described-in and _ who executed the foregoing instrument-and acknowledged b_ afore me that Borrower executed the same for the purpose therein expressed. _ - - - 30TH WITNESS my hand and official seal in the county and state aforesaid this " ,,~1NUARY 80 day q~ r:-, ,19 - - ors: AR;~'::u . - ~j.c ~ t.~.~ID,;Y ` • Y NotaryPubl~c ~I ~9~ iV - fi 4'~ - A•301 A 6/~