HomeMy WebLinkAbout1051 •
MORTGAGE RIDER
THIS MORTGAGE RIDER is incorporated into that certain mortgage entered into by
JOHN E. MORRIS and CARLA J, MORRIS, his wife
and FIRST FEDERAL SAYINGS 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 I
mortgage and the indebtedness secured hereby due and payable. ~
25. To the extent of the indebtedness of the Mortgagors to theAssociation described herein or secw
ed
hereby, the Assoctatiori is hereby subrogated to the lien or liens and to the rights of the owners
acid 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 otherencumbrances
shall pass to and be held by tha 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 overand delivered untotheAssociation by separatedeed 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 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 theAssociation 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. '
tN WITNESS WHEREOF, Borrower has executed this Mortgage Rider this 9th day of
April ~ 9 80
Signed, sealed and delivered ~
to the presence of:
/j `
h • (Seaq
OHN ORR
~ ~r,`'°~ (Seaq
- CARL J. MORRIS
'E
~ ~ (Seaq
~ '
(Seaq
STATE OF FLORIDA, County ss: MARTIN
1 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
JOHN E. MORRIS and CARLA J. MORRIS, his wife,
d
t
t , to me known to be the person(s) described in and
t
who executed the foregoing instrument and acknowledged before me that Borrower executed the same
for the purpose therein expressed..
~ WITNESS my hand and official seal in the county and state aforesaid this 9th
day of- , ~ , 19 80 .
- ~ - .482913 ~ t
~y.:~sQ,~X~~~ !9~ APR 14 A!I 11=
• aa~h Y : ~tZ•A ~ .
'-s , .~r,'~.~:
~ __~._,-J~~.', fyt Eo RE ~ Notary blic ~GJ~ f!/
~.f.3~'t».t~ 1{i~ C11tCi1R 60URT
_ F.~e$A9 .
A301A 6/79 ann~r.l/y ld~~~~