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HomeMy WebLinkAbout1703MORTGAGE RIDER THIS MORTGAGE RIOER is incorporated into that certa~n mortgage ente~ed into by WAYNE E. LEACH AND JA~lE S. LEACH, HIS WIFE and FIRST FEDERAL SAVINGS ANO LOAN ASSOCIATION OF MARTIN COUNTY. The tollowing are additional covenants under Ihe above referenced mortgage: 24. If foreclosure proceedings of any second mortgage or second t~ust deed or any ju~io~ iien of any kind should be instituted, the Association may at its option, immedi~tely or thereafter declare lhis mortgage and the indebtedness secured hereby due and payable. 25_ To the exient of the indebtedness ol the Mortgagors to the Association described herein o~ secured hereby, the Association is hereby subrogated to the lien or liens and to the rights of the owners and holders thereof ot each and every mortg2ge, lien or other encumbrance on tne land described herein or secured hereby, and lhe respective liens of said mortgages, liens or other encumbrances shall pass to and be held by the Association herein as.security for the 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 the Association had it been duly and regularly assigned, transferred, set over and delivered unto the A'ssociation by separate deed of assignment, notwithstanding the fact that 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 this mortgage be given to secure a construction loan, failure on the 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 ptans - and specifications filed with the Association, shall constitute a breach of this mo~tgage, 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 is purchased by a third party, these additional covenants mentioned above shall become null and void. •~~ 7-r, , IN WITNESS WHEREOF. Borrower has executed this Mortgage Rider this ~ day af JANUARY / ~ ~ 19 81 . ~ Signed, sealed and del~vered in the presence of: , . ~ ~ ' _ ~~s.~ ~ /~ f , • (Seal) AY~ E LEAC ~ • ~ ~Q'~-~~ ~ ~2-~t-~~~. , ,,, / ~ (Seaq Ja~~ S. LE;~CH . , (Seal; S151L~32 _ fSeaq i4$I ±`';_20 '~!~ ~ 52 f~. ~ c 4 . -_ c:,-~~:,: ST~LU~1 i f i:vi r.; :~- t~~;~r~ Ft?fIR: 5_ n _ , ~i~cr. ~.:: ._:°' : = _~~ o ~ 0~ STATE OF FLORIDA. :_ -~"'~ ~ ~~ County ss: I~AUE I hereby certify that on this day, before me, an ofiicer duly authorized in the state aforesa~d and in the county aforesaid to take acknowledgements, pers~nally appeared WAYNE E. LEACN A~lL JANE S. LEACH, HIS WIFE . to me know~ to be the persoMs) described in and who executed the foregoing instrument and acknowtedged before me that Borrower executed ihe same for the purpose therein expressed. ~ WITNESS my hand and offic~al seal ~n the county and state aforesaid this ~ / ~ day of -~A~lUAkY My corr~qis~;~res:~. ~ ''~y~,.._t. - .,~ ~ •1 ~ ~f~ .,J~ : :Z~,'~ ~~~ -. `s= , c ~ % .. ; ; ~ - . . ? ~.a. ' .•*;z f~s~q ~ ~ ~ .R•~ ~}~+.~~~ `~~~ hA~ a-3r~A 6~79 ~ ~ i - - ~; ` ~~~r~ ,-~".~.~..~::'~ ~ ~ . -.. 19 81 (~ ~ " ~ ~ Notary Puqryc~ !/ NSot~ry PWN'ic, St~le of fbrid~ at Laras M`y~ Coarofssion Err~es A~~ fl. 1S32 ~ ~aN~~ ~1 ~f:l~KaO ,,.. . ~..~. <<.~. 34 ~ ,~_~~- P.~~K• 7 ~A~E1697 ~ v~ ~~..-~ ~.~: ~ s .