HomeMy WebLinkAbout2483MORTGAGE RIDER
THIS MORTGAGE RIDER is incorporated into that certain mortgage entered into by
ALFRED SHEPARD and THERESE SHEPARD, his wife
and FIRST FEDERAL SAVINGS 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
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 Iten or liens and to the rights of the owners
and holders thereof o1 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 other encumbrances
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 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 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 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 additionai covenants mentioned above
shall become null and void
IN WITNESS WHEREOF. Borrower has executed this Mortgage Rider this 9th day of
December
t9 80
Signed, sealed and delivered
in the presence of:
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ALFRED SHEPARD
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THERESE SHEPARD
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(Seal)
STATE OF FLORIDA. County ss. MARTIN
hereby certify that on this day. before me. an officer duly authorized In the state aforesaid and in the
county aforesaid to take acknowledyements. personally appeared
ALFRED SHEPARD and THERESE SHEPARD, his wife
. to me known to be the personls) described In and
who executed the foregoing Instrument and acknowledged before me that Borrower executed the same
for the purpose therein expressed.
W~'fNESS my hand and official seal in the county and state aforesaid this 9th
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