HomeMy WebLinkAbout0437MORTGAGE RIDER
THIS MORTGAGE RIDER is incorporated into that certain mortgage entered into by
ROPERT H. FIER ANn WEhDY A. FIER, HIS WIFE
and FIRST FEDERAI SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY.
The tollowing are additional covenants under the above referenced mortgage:
24. If foreclosure p~oceedings ot any second mortgage or second trust deed or any junior lien of any
kind s'~ould be instituted, the Association may at its option, immediatety or the~ea(ter declare this
mortgage and the indebtedness secured hereby due and payable. -
25. To the extent oi the indebtedness ot the Mortgagors to the Association described herein or secured
hereby, the Association is hereby subrogaled to the lien or liens and to the rights ef 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 be held by the Association herein as security for the indebtedness to ihe Asso-
ciation he~ein 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 Assoc~ation had it been duly and regularly
assigned, iransferred, set ove~ and delive~ed unto the Assoc~ation by separate deed of assignment,
notwithstanding the iact that the same may be satisfied. and cancelled oi record, it being the inten-
tion of the parties hereto that the same will be satisfied ard cancelled of record by ihe 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, iailure 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 buitd 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 oi principal and interest hereby
secured and the Association may ~mmediately institute proceedings to foreclose this mortgage.
In the evenl this mortgage ~s purchased by a third party. these a~dit~ona! covenants mentioned above
shall become null and void.
IN WITNESS WHEREOF. Borrower has executed this Mortgage Rider this QTH day of
DECEMBER ~q 80
Signed, sealed and delivered
in t~ p~esen' oi:
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v U bJETlI~Y A~FIEFt
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F~(:G: R P4t?RAS ~Seal~
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STATE OF FLORIDA. ~` c~' `~ ~ ~- County ss: MAF:TIN
I hereby certify that on this day, before me. an officer duly author~zed ~n the state aforesaid and in the
county aforesaid to take acknowledgemenis, personally appeared
kOFsEkT H_ F IER At~U
WEhL~Y A. FIEk, HIS WIFE
. to me known to be the person(s) described in and
who executed the for~going instrument and acknowledged betore me that Borrower executed the same
for the purpo.se ein expressed.
, :` ~,;: : ~ 4TH
:= ~IA-f~'fiI~SS rhy hand and off~cial seal in the county and state aforesaid ih~s
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