HomeMy WebLinkAbout2958MORTGAGE RIDER
THIS MORTGAGE RIOER is incorporated into that cerlain mortgage entered into by
~fARGARET MAY, AN UNREMARFIEP WID()W
and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY.
The following are additionai covenants unde~ the above referenced mortgage:
24. If foreclosure proceedings of any second morigage or second trust deed or any junior lien of any
kind should be instituted, the Association may at its option, immediatefy or ihereafter declare this
mortgage and the indebtedness secured hereby due and payable.
25. To the extent of the indebtedness o( the Mortgagors to the Association described herein or secured
hereby, the Association is hereby subrogated to the lien or liens and to the rights of the owners
and holders thereot of each and every mortgac~e, lien or other encumbrance on the Iand described
herein or secured hereby, and the respective liens of said mortgages, Ilens or other encumbrances
shall pass to and be held by the Association herein as security for ttie indebtedness to the Asso-
ciation herein described or hereby secured, to the same extent that it would have been preserved
and would have been passed to and been held by ihe Association had it been duty and regularly
assigned, transferred, set-over and detivered unto theAssociation byseparatedeed of assignment.
notwithstanding the fact that the same may be satisfied and cance!!ed 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 oi the recording of this mortgage.
26. That in the event that this mortgage be given to secure a construciion loan, failure on the part of
the Mortgagors a their contractors to complete said building in accordance with Construction
Loan Ag~eement, of even date herewith, or to build said construction in accordance with plans
- and specifications filed with the Associaii~n, shall constitute a breach of this mortgage, and, at the
option of lhe Association, immediately matu~e the entire amount of principal and interest hereby
secured and the Associatidn may immediately institute proceedings to toreclose this mortgage.
In the event this mortgage is purchased by a third party, these additional covenants mentioned above
shall become null and void.
IN WITNESS WHEREOF, Borrower has executed this Morlgage Rider th~s 15TH day ot
JAt~tUAf:Y ~ g ~.
Signed, sealed and delivered
in the presence of: -1 ~ }
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j ~~ ~iARGARET MAY
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STATE OF FLORlDA, , ~ County ss: MAR7I~!
I hereby certify that on this day. betore me, an oificer duly authonzed in the state aforesaid and in the
county aforesaid to take acknowledgements, personally appeared
J'4AFtGAFiET ~'fAY. A~! Ui~lfiEMARfiIEI~ WIDOW
. to me known to be the person~s) described in and
who executed the foregoing instrument and acknowledged before me that Borrower executed the same
tor the purpose therein expressed.
WITNESS my hand and ofiicia! sea! in the county and state aloresaid this 15TN
day ot~,,,~~". ~•. JA,~ `, Y
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