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HomeMy WebLinkAbout1104MORTGAGE RIDER THIS MORTGAGE RIDER is incorporated into that certain morigage entered into by F:Ot~lALD S. RAFFIELLI A~lL1 SAf:AH J. RAiiFIELI~, HIS WIFE and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY. The lollowing are additio~al covenants under the ab~ve reterenced mortgage: 24. li foreclosure proceedings of any second mortgage or second trust deed or any junior tien of any kind should be instituted, the Association may at its option, immediately or thereatter declare this mortgage and the indebtedness secured hereby due and payable. 25. To the extent of the indebtedness o( the Mortgagors to the Association described herein or secured hereby, the Association is hereby subrogated to the I~en or liens and to the rights ef the owners and hotders thereot oi each and every mortgage, lien or other encumbrance on ihe land described herein or secured hereby, and the respective liens of sa~d mortgages, liens or other encumbrances shall pass to and be held by the Association herein as security ior the ir.debtedness to the Asso- ciation herein described or he~eby secured, to the same extent that it would have been preserved and would have been passed to and been hetd by the Association had it been duly and regularly assigned, transferred, set over and delivered unto theAssociation byseparatedeed ot assignment, notwithstanding the fact that the same may be satistied and cancelled of record, it being the inten- tion of the parties hereto that the s~me will be satisfied and c~ncelled 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 compiete said building in accordance with Construction Loan Agreement, of even date herewith, or to build said constructio~ in accordance with plans and specifications lited withlhe Association, shall constitute a breach ot this morlgage, 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 toreclose this mortgage. In the event this mongage is purchased by a third party, these addit~onal covenants mentioned above shall become null and void. IN WtTNESS WHEREOF, Borrower has executed this Mortgage Rider this iSTH day of I~ECEMPEk , 1 g 80 Signed, sealed and delivered in the presence of: ~ ~ ~'t ~ r / ~' ~ ~i~ ('a' ~.~! ~C, r~'. ~ (Seaq . I;OAlr;LI- ~. E~ARFI LI- n ~ ~ ~~~~,~~ y~~ ~1_~,~ .~t ~::~xt ~-~~ - (Seal) ~ SAF:AH J. NA F IELU i4F+t1 ilrt' 22 r1~; 1~ 28 _ (Seai- F~~~ C ~ht ~~ ~~~~:, : 53 'l254 S~.LUCIf G~Uy' ••~t'" RnGER PC~1R~`. (Sealj CIEfiH C:RiU•' `:LUi:, ~ STATE OF FLORID~k=c~~R~~"" `, ~~ County ss: MARTI~~! 1 hereby certify that on this day, before me. an off~cer duly authonzed ~n the state aforesaid and in the county aioresaid to take acknowtedgements. personally appeared tiOhALD S. bAf:F IELI~ At~U SAf:AH ~l. bAkFIE~I~, NIS WIFE . to me known to be the person(s) described in and who ~xecuted the foregoing instrument and acknowledged before me that Borrower executed the same for, the purpose therein expressed. ..~````-~~~ ,,:,,, ~ ~ - 15TN `:`~; •~ .,.,: ~. `_ emy hand and off~cial seat in the county and state aforesaid this . - J ' ~1r.g~' ~ ~i~Fi o~ _ r~~~ •J: . ~ s-. ~ , ~ ~.~~~, ~ .-j, ~ - - ~1 •'- Seal~ i ~ A 301 A 6~ 79 -- - ~ ..,:~-< ~,~_~ ~..:~~ ~. _. . ~ N gpplx(~'t5 PAGE 1~~ ~ ~~.;~~~, `..