HomeMy WebLinkAbout0257MORTGAGE RIDER
THIS MORTGAGE RIDER is ~ncorporated into that certain mortgage entered into by
l)WEt~i J i!ti:RAi~f ~~lU CHkISTlAEc ±i. C!iF'r•-~,hf, HI<i IriIFE
and FIRST FEDERAL SAVINGS ANO LOAN ASSOCIATION OF MARTIN COUNTY.
The following are additional covenants under the above referenced mortgage:
24. If foreclosure proceedings of any second mortgage o~ second trust deed or any junio~ lien of any
kind should be instituted, the Association may at its option, immed~ately or thereafter declare this
mortgage and the indebtedness secured hereby due and payable.
25. To the extent of the indebtedness ot the Mortgagors to 1he Association described herein or secured
he~eby, the Association is hereby subrogated to the I~en or liens and to the rights of 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 said m~rtgages, liens or other encumbrances
shall pass to 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 ii would have beeri preserved
and would have been passed to and been held by the Association had it been duly and regularly
assigned, t~ansferred, set over and delivered unto ihe Association by separate deed of assignment,
notwithstanding the fact that the same may be satisfied and cancelled of record, it being the inten-
tion of the parties hereto that the same wilt be sat~slied and cancelled ot record by the holders
thereof at or about the time of the recording of this mortgage.
26. Thal in the event that this martgage be given to secure a construction loan, failure on the part oi
the Mortgagors or their contractors to complete said building in accordance with Construction
Loan Agreement, of even date herewith, or to build said construct~on 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 oi principal and interest he~eby
secured and the Association may immediately institute proceedings to foreclose this mortgage.
In the event this mortgage is purchased by a third party,.these additional covenants ment~oned above
shall become null and void.
IN WITNESS WHEREOF, Borrower has executed this Mortgage Rider this ~r~r ~~+ day of
., r r := ~,3~~= . 19 ~~ ~ .
Signed, sealed and delivered .
in ih presence of:
~ ~`~
~ ~ y~:~c.t~, ~~CJ ~~Lcv~-_ ~ ` l ~~.t.,za (Sea~)
:'wct~ ~. :~}h:~:t~t~
--~~- ~ ~/~~ ,~ ~~ ~
~J ~(lC ~-~'°~~% ~~ ~%%~'''~- (Seaq
,.-iRl.-JTlt?f. {J. .?%-~nn'r=~t~
(Seap
~ (Seal)
STATE OF FLORIDA. County ss: ,~,_,c:; T;.~~
I hereby certify that on th~s day. before me. an off~cer duly autfior~zed in the state aforesaid and in the
county aforesaid to take acknowledgements, personally appeared
~.,i~;'c:i: C;~1~.~e+i~ r~fiU
i_.riFiiST1f~~E ri. C~!FiFiAtv, i~.ici wi'r=i_
. to me known to be the person(s) described in and
who executed the foregoing insirument and acknowledged before me that Borrower executed the same
ior the purpose therein expressed.
. ..~.:. .
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.~.V1~4TNESS my hand and official seal in the county and state aforesaid this
`w~(i8y o~ . ~ ~1E~C E i~ ~ E ~ . 19 r~ ~'.
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