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HomeMy WebLinkAbout0342 ~GRTGAGE RIDER - THIS MORTGAGE RIDER is incorporated into that certain mortgage entered-into by t,HA17~.ES C. McNAHFs, Jf.. AND JUANITA E. McNAPB, HIS WIFE and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTI-N 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 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. - - 25. To the extent of the indebtedness of the Mortgagors to the Association described herein or secured - 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 otherencumbrances shall pass to and beheld by the Association herein as security for the indebtedness to the Asso- ~iation herein described or hereby secured, to the same extent chat 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,setoverand delivered untotheAssociationbyseparatedeedotassignmeni, - notwithstanding the tact that the same may be satisfied and cancelled of record, it being the inten- tion of tfie 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 tiled 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 Wulf and void. IN WITNESS WHEREOF, Borrower has executed this Mortgage Rider this 17TH day of ~ oeTO~i=f; ~9 80 !'~.0 C-+' 2G =i ~ ~ 503956 Ft:`C tit - , . Signed, sealed and delivered "FROG R r~'~-~:F'', in the presence of: c~~P~ c:~,:,~ ~ ~v / p ~ T (Seaq _ FILES C. ~IcT~IAI;H, Jf;. tJ.~,.C. ~ -L~~~2~ - ~ (Seal) ~ - - - U VITA E. McNAHB - _ - - ~ ~ ~ - ' (Seal) i - • - - (Seal) STATE OF FLORIDA, County ss: MAr<T I N 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 CHAkLES C. McNAbEs, JFi. ANU JUANITA E. McNAIjE~, HIS WIFE to me known to be the person(s) describedf in and who executed the foregoing instrument and acknowledged before me that Borrower executed the same for the purpose therein expressed. ~ - 17TH - WITNESS my hand and official seal in the county and state aforesaid this UCTO$Ek 80 day of - '~;j- , 13_: - y . ~ - - , : r ti ~ J,~; ~ Notary Pubtic 342 A-30tA -6179 g~~~ ~I~E - <s _ ~ _ _ _ U~ .