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HomeMy WebLinkAbout2434MORTGAGE RIDER THIS MORTGAGE RIDER ~s ~r.corporated into that certa~n mortgage entered into by I~WAYNE F. FI.EE~l~:F ANI~ CHFF:YL W. FL~EhEF, HIS WIFE and FIRST FEOERAI SAVINGS ANO LOAN ASSOCIATION OF MARTIN COUNTY. The following are additional covenants under Ihe above reterenced mortgage: 24. If foreclosure proceedings ot any second mortgage or ;econd trust deed or any ~unior lien ot any kind should be instituted, the Assoc~ation may at its opt~on. ~mmediately or thereatter declare this mortgage and the indebtedness secured hereby due and payable. 25. To the extent of the indebtedness ot the Mortgagors to the Association described here~n or secured hereby, the Associat~on is hereby subrogated to the I~en or liens and to the rights of the owners and holders thereot of each and every mortgage, lien or other encumbrance on ihe land described herein or secured hereby, and the respective liens of sa+d mortgages. I~ens or other encumbrances shall pass to and be held by the Association herein as secur~ty tor the ~ndebtedness to the Asso- ciation herein described or hereby secured, to the same excent that rt would have been preserved and would have been passed to and been hetd by the tissoc~at~on had it been duly and -egularly assigned, transierred, set over and delivered unto the Assoc~ation by separatedeed of assignment, notwithstanding the fact that the same may be satisfied and cancelled ot record, it being the inten- . tion of the parties hereto that_the same will be satistied and cancelled of record by the holders thereot at or abc~t the time of the recording of this mortgage. 26. That in the event that th~s mortgage be given to secure a construction loan, tailure on the pan of the Mortgagors or their contractors to complete said building in accordance with Consiruction Loan Agreement, ot even date herewith, or to build said cc~struction ~n accordance with plans and spec~f~cations filed with the Association, sha~l constitute a breach of lhis mortgage, and, at the option of the Association, immediately mature the entire amount of principal and interest hereby secured and the Assoc~ation may ~mmediately ~nstitute proceedings to foreclose this mortgage. In the event this mortgage is purchased by a third party, these addit~onal covenants mentioned above shall become nutl and void. IN WITNESS WHEREOF. Borrowe~ has executed th~s Mortgage Rider this i~TH day of JAt~lUAF:Y . ~ g 81 . Signed, sealed and del~vered in the presence of: ,% / n ~ ~~ ~ ~. /' ,~ , -Q~.~Q/ ~S'~2~'~ ~I~~C~l~~ ~ -~ ~ lSeaq ~ . y ~' . "lC~4Alr~ F . 'FLE~ F ,,L,?'l~~~-i ' ~;~ i~?_~`j~-~~ ~~/~_ r L //t _ ,~f ~C~~z. ~,s: (Seaq . ~,HER`t~ I~ FLEEhEf; 1Sea~) (Seaq STATE OF FLORIDA. County s~: MAF~TIN I hereby certify that on this day. before me. an oificer duly author~zed !n the state aforesa~d and in lhe county aforesaid to take acknowledgements. personally appeared T.~W~,YhlE F. FI_EE.~~~C; AhU i::HEfiYL W. FLE.E~~fEfi. HIS WIFE . to me known to be the person(s) described ~n and who executed the foregoing instrument and acknowledged before me that 8orrower executed the same tor the purpose therein express~d. 13TH WITNESS my hand and otf~c~al sea! ~n the county and state aforesaid this ~~µs ~:, -~sl:: ~~ ; r 11qJ~lUAkY Ei l ~. ~, . ~. • .. da~~.s..r,.,s "_ `~ .:1 ~~.. . t 9 . ^ ~=~~mi5~q~ Ex~ites: /~ l~'gl , . . ~ ~ ~ :~ F4"~'~"', ~r~~ ' ~ f~ •' ~~ ? ~ ('i~ . • ~ ~ e / ~ r -A1~. :...(/,~ t ,-; ` = ' • No iy ubf~c : ~ %: - • ~ -, ~ ~.: - ~:~ . .,;~~;. ;~ .., . , A 3G t i. 6r 79 ~ - ~ = - -_ ~_.__:=3 an~ix~46 PacE24~ _ ~;`~-~