HomeMy WebLinkAbout0946MORTGAGE RIDER
THIS MOR7GAGE RIDER +s ~ncorporated ~nto thal certain morigaye entered ~nto by
JOHN A. THOMAS and BEATRICE H. THOMAS, his wife
and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY.
The foilow~ng are additicnal covenants under the above rete-enced mortgage:
24. If foreclosure proceedings ot any second mortgage or second irust deed or any ~un~or I~en of any
kind should be inslituted, the Assoc~ation may at its opt~on. ~mmediately or thereatter declare ihis
mortgage and the indebtedness secured hereby due and payable.
25. To the extent ot the indebtedness of the Mortgagors to the Assoc~at~on described herein o~ secured
he~etiy, the Association ~s hereby subrogat~d to the I~en or I~ens and to the rights ef the owners
and holders thereot of each and every mortgage. I+en or other e~cumbrance on ihe land described
herein or secured hereby, and the respectwe liens of sa~d mortgages, liens or other encumbrances
shall pass to and be held by the Association herein as secunty fo~ the indebtedness to the Asso-
ciation herein described or hereby secured, to the same extent that i1 would have been preserved
and would have been passed to and been held by the Assoc~at~on had it been duly and regularly
assigned, transferred, set over and delivered unto the Assoc~dt~on by separale deed o( assignme~l,
notwithstanding the fact that the same may be satisf~ed and cancelled of record. it being the inten-
tion of the parties hereto that the same will be satisf~ed and cancelled of record by the hotders
thereof at or about the time of lhe recording of ihis mortgage.
26. That in the event that th~s mortgage be given to secure a construct+on loan, failure on the part of
the Mortgagors or ihe~r contraciors to complete sa~d buifd~ng ~n accordance with Construction
Loan Agreement, of even date herew~th, or to bu~ld sa~d construct~on ~n accordance with plans
and specifications tited w~th the Assoc~ation. shall const~tute a breach o( this mortgage. and, at the
optibn of the Association. ~mmediately mature the ent~re amount of princ~pal and interest hereby
secured and the Assoc~a'.~on may ~mmed~ately ~nst~tute proceed~ngs to foreclose this mortgage.
In 1he event this mortgage ~s purchased by a third party. these add~t~onal covenants mentioned above
shall become null and vo~d. ,
IN WITNESS WHEREOF, Borrower has executed th~s Mortgage R~der th~s ~ day of
January .tg 81
Signed. sealed and de~~vered
in the. presence of:
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~. ~ ~ ~. . - 1 ~~ _ ~// /~~, _ Q c~ _ (Seal1
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~' ) j ~' ~" OHN A. THOMAS
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' i ;,,` BEATRICE H. THOMAS
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STATE OF R. ALIFORNIA C:!i~ • COU~!~r' S5
I here y cert~fy that on this day. before me. an oif~cer duly author~zed ~n th~- ~tar.e aforesa~d and in the
county atoresaid to take acknowledgements. personally appeared
BEATRICE H. THOMAS
. to me known to be the personis) descr~bed ~n and
who executed the forego~ng ~nsirument and acknowledged before me that Borrower executed the same
tor the purpose therein expressed. ' ~
WITNESS my hand and oft~c~al seal m the county and state aforesa~d th~s ~ ~
January
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• ~ ~ MILDRED MAY LOWE
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i. ~ ~ ,~ ~ ~ ~ ~. NOTARY PUBUC - CAUFOR(11A
_ ' • ~.''~ f -j~•;;~ ~ ,~ PRIHCIPIE OfFICE IN
.) - .~ SANIA CIARA COUMTY
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