HomeMy WebLinkAbout0251MORTGAGE RIDER
THIS MORTGAGE RIDER ~s ~ncorporated ~nlo that certain mortgage entered into by
~1~.. i F~1 W. E~i~3,'~r:r rri~li~ 1~1i>i~! ~. E+~ i'i!:'r'. N i~ w t+' c
and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTiN COUNTY.
The following are add~lional covenants under ihe above referenced mortgage:
24. It foreclosure proceedir~gs of any second mortgage or second trust deed or any ~unior lien of any
kind should be instituted, the Association may at its option, ~mmediately or thereafter declare this
mortgage and the indebtedness secured hereby due and payable. ~
25. To the exient of the indebtedness of the Mortgagors to theAssociation described herein or secured
hereby, the Association is hereby subrog~ted to the I~en or liens and to the rights et the owners
and holde~s thereof of each and every mortgage, lien o~ other encumbrance on the land described
herein or secured hereby, and the respective liens o1 sa~d mortgages,l~ens or other encumbrances
shall pass [o and be held by the Association herein as security for the indebtedness to the Asso-
ciation herein described or hereby secured, to Ihe 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, lransferred, set over and delivered unto the Assoc~ation by separate deed of assignment,
notwithstanding the fact that the same may be satisi~ed and cancelled of record, it being the inten-
tion of the parties hereto that the same wi~l be satisfied and cance~led of record by the holders
thereoi at or about the time ot the recording ot this morlgage.
26. That in the event that this mortgage be g~ven to secure a construction loan, faiture on the part of
the Mongagors or their contractors to comptete said building in accordance with Const~uciion
Loan Agreemeni, of even date herewilh, or to build said construct~on in accordance with plans
and speciiications fifed with the Association, shall constitute a breach of this mongage, and, at the
option o( the Association, immediately mature the entire arr~ount ot principal and interest hereby
secured and the Association may immediately institute proceedings to (oreclose this mortgage.
In the event ihis mortgage is purchased by a third party. these additional covenants mentioned above
shall become null and void.
IN WITNESS WHEREOF, Borrower has executed th~s Mortgage R~der this :a ~:- day~of
;~,-~';.~HF~`~' . 19 ^ ~~ -
Signed, sealed and delivered
in the presence of: _
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STATE OF FLORIDA. Cour.ty ss: ;ti~,~: :-:;
t hereby certify that on ih~s day. before me. an off~cer duly author~zed in the state aforesaid and in the
county aforesa~d to take acknowledgements. personally appeared
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• . to me known to be the person(s) described in and
wF~prexe6~ted the foregoing instrument and acknowledged Cetore me that Borrower executed the same
.~.R~t'the-Rrirpos~therein expressed.
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.~ ~i; , Gk,~,~~ ~fll'~~y~SS my hand and official seal in the county and state aforesaid this
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