HomeMy WebLinkAbout2907MORTGAGE RIDER
THIS MORTGAGE RIDER is ~ncorporated inlo that certain morigage ente~ed into by
AhTHONY F'IERAi~TOZZI AND TERRI F'IERANTOZZI. HIS WIFE
and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY.
The follow~ng are a~ditionai covenants under the above referenced mortgage:
24. Ii foreclosure p~oceedings of any second mortgage or second trust deed o~ any jun~or lien ot any
kind should be instituted, the Associaiion may at its option, immediately or thereafter declare this
mortgage and the indebtedness secured hereby due and payable.
25. To the extent of the ~ndebtedness of the Mortgagors to the Association described herein or secured
hereby, the AsSociation is he~eby subrogated to the =~en or liens and to the rights ef the owners
and holders thereof of each and every mortgage, lien or other encumbrance on the iand described
herein or secured hereby, and the respective liens of said mortgages, liens or other encumbrances
shall pass to and be hetd by the Association herein as secur~ty (or the indebtedness to the Asso-
ciation herein described or hereby secured, to the same extenl that it would have been preserved
and would have been passed to and been held by the Assoc~at~on had it been duly and regutarly
assigned, t~ansterred, set over and delivered unto the Assoc~at~on by separate deed of assignment.
notwithstanding the fact thai the same may be satisfied and cancelled of record, it being the inten-
tion of 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 th~s mortgage be given to secure a constructi~n loan, failure on the part of
the Mortgagors or their contractors to complete said building ~n accordance with Construction
Loan Agreement, of even date herewilh. or to build said constructio~ in accordance with plans
and specifications liled with the Association, shall constitute a breach of this mortgage, and, at the
option ot the Association, immediately mature the entire amount of principal and interest hereby
secured and the Association may ~mmediately institute proceedings to foreclose this mortgage.
In the event this mortgage ~s purchased by a third party, these add~tional covenants mentioned abQve
shatl become null and void. , ~
IN WITNESS WHEREOF. Borrower has executed this Mo~tgage Rider this 9TH day ot
JAi~tUAFY , 1 g 81 .
Signed. sealed and delive~ed _
in the presence of: _ .
~
-C~I.~IJ ~• ~ ~ (~' .
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~~ A~dTHONY F'IE A~lTOZZI
,~
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~ ~ ~TEF:FI F'IEf;ANTOZZ
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STATE OF FLORIDA. ~ County ss. MARTI~! •
I hereby cert~fy that on th~s day. before me. an oft~cer duly author~zed ~n the sta!e aforesaid and in the
county aforesaid to take acknowledgements. personally appeared ~
!~~lTHONY F'IEf:ANTOZZI A~lU
~TERFiI PIE~iAT~tTOZZI. HIS WIFE
. to me known to be the person(s) described ~n and
who executed the forego~ng instrument and acknowledged before me that Borrower executeci the same
for the purpose therein expressed.
~ 9TH
~,~,~AI~T1+J~$S my hand and official seal ~n the county and state aforesaid this
'' ' ~ .1~1VLIF~kY • i31
day ol~ _ • - _ . 19_.
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~ 30, A~~79 a~~~ 346 pac~ 2'~
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