HomeMy WebLinkAbout1173MORTGAGE RIDER
THIS MORTGAGE RIDER is incorporated into that certain mortgage entered into by
MORRIS RUBELL AND ELAITlE RUHELL . HIS WIFE
and FIRST FEOERAL SAVINGS AND LOAN ASSOCIATION OF MART~N COUNTY.
The fotlowing are additional covenants under the above reterenced mortgage:
24. If foreclosure proceedings of any second mortgage ar second trust deed or any junior lien of any
kind should be instituted, the Association may at its option, immediately o~ thereatter declare this
mortgage and the indebtedness secured he~eby due and payable.
25. To the extent of the indebtedness of the Mortgago~s to the Associalion described herein or secured
hereby, the Association is hereby subrogated to the ~ien or liens and to the rights of the owners
and holders thereof of each and every mongage, lien or other encumbrance on ihe land described
herein or secured hereby, and the respective tiens ot said mortgages. Iiens or otherencumbrances
shall pass to and be held by the Association nerein as security for lhe indebtedness to the Asso-
~iation herein described or hereby secured, to the same extent that it wouid have been preserved
and would have been passed to and been held by the Assoc~ation had it been duly and regularly
assigned, transierred, set over and delivered unto the Association byseparatedeed of assignment,
notwithstanding the tact that the same may be satisiied and cancelled oi record, it being the inten-
tion of the parties hereto that the same wilt be satisf~ed and cancelled oi 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 Ioan, failure on the part of
the Mortgagors or their contractors to complete said buitding ~n accordance with Construction
Loan Agreement, of even date herewith, or to buitd said construction in accordance with plans
and specifications filed wfth the Association, shall constitute a breach of ihis mortgage, and, at the
option of the Association, immediaiely 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 morigage is purchased by a third party, these additional covenants mentioned above
shall become null and void.
IN WITNESS WHEREOF, Borrower has executed this Mortgage Rider this ~SZIN day of
UECEMHEk ,~g 80 .
Signed, sealed and delivered
in ihe presence of:
~ Q
U .
~'
~_ ---
f ~
_ v~-~'- I ~. .; ,
R RUBELL~
~~P
ELAITlE FtUbELL
(Seal)
~i~"~-°~~( (Seat)
(Seal)
(Seaq
STATE OF FLORIDA. County ss: MAKTIN
I hereby certily that on this day, be(ore me. an otficer duly authorized ~n the state aforesaid and in the
county atoresaid to take acknowledgements, personalfy appeared
MOkkIS kUHELL Ai~lU
ELAINE RUHELL . HIS WIFE
, to me known to be the person~s) described in and
who executed the foregoing instrument and acknowledged betore me that Borrower executed the same
for ihe purpose therein expressed.
day
WlTNESS my`hand and official seal ~n the county and state aforesaid this
!:`~'~-~EMbE~ 80
.~ ,
h ~~~ '
+
r
~ .~V ~:~
, ~ p ?~=':V,
~' .~~6L1; ; ::;
_ ~= ~~~~, ,. ~. .. .
~I~~I~ "`~~J.~~ii~~•.s~:v:
r ~~ ~.1 ~•, / ' .
~~i...... ~
A-30iA 6/79
.~9 .
~ ~
Not Pu c
10TH
aoaK ~45 PaGE 1171
~
~_~.. _-,_.,,~»~~