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HomeMy WebLinkAbout0610 , . : i 4a MORTGAC3E RIQER THIS MORTGAGE RIDER is incorporated into that certain mortgage entered into by DONALD W. 60H@ AND BETTY 8. LQ~B. HI8 WIFE and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY. The following are additional covenants under the above referenced mortgage: 24. It foreclosure proceedings of any second mortgage or second trust deed or any junior 13en of any kind should be instituted, the Association may at its option, immediately or thereafter declare this nwrtgage and the indebtedness secured hereby due and payable. 25. To the extent of the indebtedness of the Mortgagors to theAssociation described herein orsecu-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 respectivq 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 orhereby 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 duty and regularly assigned.transferred, setoverand delivered untotheAssociation byseparatedeed of assignment, notwithstanding the fact that the same may be satisfied and cancelled of record, it being the inten- lion 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 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 third party, these additional covenants mentioned above shall become null and void. IN WITNESS WHEREOF, Borrower has executed this Mortgage Rider this iST day of FEBRUARY ~ ~ g 80, Signed, sealed and delivered in the presence ot: ONA D W. LO BETT S. LOB (Seaq t~~ STATE OF FLORIDA, County ss: MARTIN - I hereby certify that on this day. before me, an officer duly authorized in the state aforesaid and in the _ county aforesaid to take acknowledgements, personally appeared DONALD W. LOHH AND BETTY 8. l_OBB. HI8 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 !hs purpose therein expressed. 1ST WITNESS my hand and official seal in the county and state aforesaid this 1N~q-- FEIRUARY 9 60 ; , `v A ~ ; 'expires: O ~ 1980 FE9 -6 ~ 4 ~~t.~~,u ~ " ~ . Fie; .~~r: : , ~ ~ . r i Ct? ~f","~E~g^1~~i Y i`` A Nary ~V?~',~/~lwil~!?~;3rr ~ z ~ s ~ rU1rRA5 ~I I I ~i0/a Y ~/f!