HomeMy WebLinkAbout0664 MORTGAGE RIDER
THIS MORTGAGE RIDER is incorporated into that certain mortgage entered into by
JOHN F. SRHOLEC AND FLORA SRHOLEC, HIS WIFE
and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN tAUN~If.
The following are additional covenants under the above referenced mortgage:
24. If foreclosure proceedings of any second mortgage or seed trust deed a any junior Lien of any
kind should be instituted, the Association may at its option, immediately or thdeafter declare>fhis
mortgage and the indebtedness secured hereby due and payable.
25. To the extent of the indebted„ass of the Mortgagors to the Association described herein orsecu.~ed
hereby, the Association is hereby subrogated to the lien or liens and to the rights of she owners
and holders thereof of each and every mortgage, lien or other encumbrance on the land desarbed
herein or secured hereby, and the respective liens of said mortgages. liens orother
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 ha~ne been pneser+red
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 ofassagrMraent,
notwithstanding the fact that the same may be satisfied and cancelled of record, it being the irNert
lion of the parties hereto that the same will be satisfied and cancelled of ~d 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 loam, failure on the part of
the Mortgagors or their contractors to complete said building in accordar~oe with Construction
Loan Agreement, of even date herewith, or to build said construction in accordance w~ 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 inter+at 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 mention ~oe~e
shall become null and void.
IN WITNESS WHEREOF, Borrower has executed this Mortgage Rider this 18th day of
March , ~ 9 80
Signed, sealed and delivered
in the presence oi:
. ~ Seal) -
_ OF~N f' . SRHC~EC -
"
~ ~ FLORA SRHOLEC
. {980 !!AR 26 ~ ~ ~ S
. LE ~1~~WY~
A. ~ iSea~ -
R p01TR~~~
STATE OF FLORIDA, ~RKC~tC+MT ~ County ss: MAfiTIi~l
I hereby certify that R~,~fererrte;~n officer duly authorized in the stale aforesaid and ~ tt~e
county aforesaid to take acknowledgements, personally appeared
JOHN F. SRHOLEC ANL
FLORA SRHOLEC. HIS WIFE
to me known to be the person(s) described in arjd
t who executed the foregoing instrument and acknowledged before me that Borrower executed me same
for the purpose therein expressed. -
18t1y
°:~i'NESS my hand and official seal in the county and state aforesaid this
s•~HARCH ~ ~ 80
_ . _
t. `
p, ~ - rs~r*;.. ~~7 ~O, lorry Pu~~~c -
A-301A 6/79 ~~IX.~V ~~i