HomeMy WebLinkAbout1074MORTGAGE RIDER
THIS MORTGAGE RIDER ~s incorporated into that certain mortgage entered into by
CLIFTON A. FOND AND EDITH G. BONL1. HIS WIFE
and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY.
The tollowing are additional covenants under the above referenced mortgage:
24. If fo~eclosure proceedings o( any second mortgage o~ second trust deed or any junior lien oi any
kind should be instituted, the Association may al its option, immediately or ihereafte~ decla~e this
mortgage and the indebtedness secured he~eby due and payable.
25. To ihe extent of the indebtedness of 1he Mortgagors to the Association described herein or secured
hereby, the Association is hereby subrogated to the lien o~ liens and to the rights oi the owners
a~d holders thereof of each and every morigage, lien orother encumbrance on the land described
herein or secured hereby, and the respective liens ot sa~d mortgages, liens orother encumbrances
shall pass to and be held by the Association herein as security (or the indebtedness to ihe 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 ihe Association had it been duly and regularly
assigned, transfer~ed, set over an~ delivered unto the Association by separate deed of assignment,
notwilhstanding the tact that the same may be satisiied and cancelled of record, it being the inten-
tion of the parties hereto that the same wifl be satis(ied and cancelled of ~ecord 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 camplete said building in accordance with Construction
Loan Agreement, of even date herewilh, 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 the Association may immediately institute proceedings to foreclose this mortgage.
In the event this mortgage is purchased by athird party, these additional covenants mentioned above
shall become null and void.
IN WITNESS WHEREOF, Borrower has executed this Mortgage Rider this `~~ day of
DECEMBER ~g 80 _
Signed, sealed and deiivered
in the presence of:
~ ~ - . ~,~r~~ ~~ ~ ..~ ~ ~ = (Seaq
~ _ c ~ A . ~o~i~ ~
~ _ /J • i'9~~ ~ ~ ~~ ~ .l.l (Seal)
G~~ E ~ITH G. HOi
~l
~j'~ l'+~ ~~ • _
(Seal)
/ f ~A I Hs^, ~
wr v-- • • I ~ J
(Seal)
. ,
STATE OF R~R~ ~}'1 ~}1~~= County ss: L~ i^IC u[. "!
I hereby certify that on this day. betore me. an ofticer duly authorized ~n the state aforesaid and in the
county aforesaid to take acknowledgements, personally appeared
CL I FTON A. bOND ~
H~Q4~C?~CX 3~Q~s~GX )4XQ19C ~ X
, to me known to be the persoMs- described in and
who executed the foregoing instrument and acknowledged before me that Bo~rower executed the same
for the purpose therein expressed.
WITNESS my hand and official seal in the county and state aforesaid this ~~~
UECEMbEf; 80
day ot
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