HomeMy WebLinkAbout1388MORTGAGE RIDER
THIS MORTGAGE RIDER is ~ncorporated into that certain mortgage ente~ed into by
..~ar~: G. 1JAG~lER. A MAf:RIEU MA1~
and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY.
The tollowing are additional covenants under the above referenced mortgage:
24. If foreclosure proceedings oi any second mortgage or second trust deed or any junior lien of any
kind should be instituted, the Assoc~ation may al its option, immediately or therea(ter declare this
mortgage and the indebtedness secu~ed hereby due and payable.
25. To the extent of the indebtedness of the Mongagors to the Association described herein or secured
hereby, the Association is hereby subrogated to the t~en 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 sa~d mortgages. liens or other.encumbrances
shall pass to and be held by the Association herein as secunty for the indebtedness to the Asso-
ciation herein described or hereby secured, to the same extent that it woutd have been preserved
and would have been passed to and been held by the Associat~on had it been duly and regulariy
assigned, transferred, set over and delivered unto the Association by separate deed of assignment,
notwithstanding the tact that the same may be satisfied and cancelled ol record, it being ihe inten-
tion ot 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 morlgage be given to secure a construction loan, failure on the part of
the Mortgagors or their contractors to complete said buitding in accordance wilh Construction
Loan Agreement, of even dale herewith, or to build said construction in accordance with plans
and specifications filed with the Association, shall constitute a breach oi 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 ihe event this mortgage 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 19TFi day of
L~E~:EMBER 19 80
Signed, sealed and delivered
in the presence of:
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STATE OF FLORIDFi. ` - ~' ~ ' ` County ss: ~iAf;7ItK
I hereby certity that on th~s day. before me. an oftic~~buly~Uthorited in the state aforesaid and in the
county aforesa~d to take acknowledgements. personally appeared
..iFrCt~; G. WAGii~R, fi. MFirif'iC_RE Mt,~!
. to me known to be the person(s) described in and
who executed the foregoing instrument and acknowledged before me that Borrower executed the same
tor the purpose therein expressed.
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~= ~, ;: Vy{~TNESS my hand and offic~al seal in the county and state aforesaid this
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