HomeMy WebLinkAbout0169MORTGAGE RIDER
THIS MORTGAGE RIDER is incorporated into that ce-ta~n mortgage entered into by
CHRISTIA LI WILSON, A SINGLE WOMANb4dANCY C. WILSO~l. A MAR~IED WOMAN
and F~RST FEDERAL SAVINGS AND LOAN AS50CIATION OF MARTIN COUNTY.
The following are additionai covenants under the above referenced mo~tgage: '
24. If foreclosure proceedings of any second mortgage or second trust deed or any junior tien of any
kind should be instituted, the Association may at its option, immediatety or thereaiter declare this
mortgage and the indebtedness secured hereby due and payable.
25. To the extent of the i~debtedness ot the Mortgago~s to the Associaiion described herein or secured
hereby, the Association is hereby subrogated to the lien 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 ar secured hereby, and the respective liens ot said mortgages. liens or otherencumbrances
shall pass to and be held by the Association herein as security tor the indebtedness to the Asso-
ciation herein descsibed or hereby secured, to the same extent that it woutd have been preserved
and woutd have been passed to and been held by the Association had it been duly and regularly
assigned, transferred, set over and delivered unto the Association by separate deed of assignment,
notwithstanding the fact that the same may be satisfied and cancelled of ~ecord, it being the inten-
tion of the parties Mereto that 1he same will be satisiied and cancelled of record by the holders
thereof at o~ about the time of the recording of this mortgage.
26. That in the event that this mortgage be glven to secure a construction loan, tailu~e on ihe part of
the Mortgagors or their contractors to complete said building in accordance with Construction
Loan Agreement, of even date herewith, or to build said construction in accordance with plans
- and specitications filed with the Association, shall constitute a breach of this mortgage, and, at the
option of the Association, immediately mature the entire amount of principal and interest hereby
secured and the Association may immediately institute proceedings to foreclose this mortgage.
In the event this mortgage ~s purchased by a third party. these additional covenants mentioned above
shall become null and void.
IN WITNESS WHEREOF, Borrower has executed this Mortgage Rider this l.~I~ day of
JAi~lUARY , 19 $.1.
Signed, sealed and delivered
in the presence of:
ii/ '~~ ' f / ', i~~ ~~
_~ ~k~U,'u/ ~. ~ ~ / / 1 c U / ~" c, /i ~ ._ . f ,~ ~ ~ ~ (Seaq
% J~~~~~ CHkISTIA LI WILSO~!
/ . /' = i . ~/
/ , ( Y.
/~~:;%~C~l~C/ !•" ; ., ~ -
„t~~xy~~' _ _ . _ ~ ~. ~ ~-'~ t~~.(Seal)
i'~lANCY C. WILSdt~
. 196i ~,.!.:; I ~ ~.; 2: ~3 (sea~)
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=~ ivcrt ic_~;:'^~:~: . (Seaq
FC;~EF? •'~~- . ;
CLEFi' ~.~ .~t:~- ~~=~ :~
STATE OF FLOFtI~A, ~~ ~~P County ss: ~ARTIN
I hereby certity that on this day. before me, an officer du~y authorized in the state aforesa~d and in the
counly aforesaid to take acknowledgements, personally appeared
. t;HF:ISTIA LI WILSON, A SIAlGLE WOMAt~! AND
l`~lAirlCY C. WILSOi~l. A MAFFiIEU WOMA~!
. to me known to be the person(s) desc~~bed in and
whaexecuted the foregoing instrument and acknowledged betore me that Borrower executed the same
tor the purpose therein expressed.
NVITNESS my hand and offic~al seal ~n the county and state aforesa~d th~s 1~TH
('~Q~ ,~•:.~. JANUAkY
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Not~ry P~o1~c
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"'; 347 P~~E 169
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