HomeMy WebLinkAbout2217MORTGAGE RIDER
THIS MORTGAGE RIDER is incorporated ~nto that certain morigage entered ~nto by
LEONARD SEYMOUR BARAHL and ALICE M. BARAHL, his wife, an undivided one-half
interest and DONALD J. MOLL and JULIE A. MOLL, his wife an undivided one-half
and ~I~~~ FE~~RA~~~AVIN~S A~D LU~N ASSOCIATION OF MARTIN COUNTY.
The following are additional cover.ants under the above referenced mortgage~
24. If foreclosure proceedings of any second mortgage or second t~ust deed or ~ny ~unior lien ot any
kind should be instituted, the Association may at its o~;:~on, immediately or thereafter declare this
mortgage and the indebtedness secured hereby due and payable.
25. To the.extent oi the indebtedness of the Mortgagors to the Assoc~ation described herein or secured
hereby, the Association is hereby subrogated to the lien or I~ens and to the rights of the owners
and holders thereof of each and every mortgage, lien or other encumbrance on the land described
herein or secured hereby, and the respectivE liens of sa~d m~~~tgages. I~ens or olher encumbrances
shall pass to and be held by the Association herein as secur~ty for the ~ndebtedness lo the Asso-
ciation herein described or hereby secured, to ihe same exient that it would have been preserved
and woutd have been passed to and been held by the Ass~c~ation had it been duiy and regularly
assigned, transferred, set over and delivered unto the Association by separate deed ot assignment.
notwithstanding the tact that the same may be satisiied and cancelled of record, it being the inten-
tion of the parties hereto that the same ~Hill be satisfied ar~d cancelled ot record by the holders
thereof at or about the time of the record+ng of this mortgage.
26. That in the event thai lhis mortgage be given to secure a construction loan, tailure on the part oi
the Mortgagors or their contracto~s to complete said bu~ld~ng in accordance with Construction
Loan Agreement, of even date herewith, or to build said construction ~n accordance with pla~s
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 immed~ately institute proceedings to foreclose this mortqage.
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 ih~s ~~ day of
DP[~Plfthnr , ~ 9~,.
Signed, sealed and delivered -
in~the presence of:
' •-~~~~t~ ~' ^ ~ "~ _
4Lc '~:.tti~u t~~ ~~ti~c•u.~ ~@~..~--~~ (Seal}
~ ~ U LEONARD SEY~OUR BARAHL
~~.~d~ ~~) ~ ~ 7
(Seal-
ALICE. M. BARAHL
' .-~y~ .~..~~- f . ~ ' ~1 ) ~.~ 7-/~~~. ~Seaq
DO~tALD J . MO~L
~ _ _ ~/ICt'-~` fj , ' ~ ~i • :~ ~ (.~t - ~/f LG~--(~~G~' (Sea~)
~ ~U IE A. MOLL
STATE OF P'4_~9~4X MICHIGAr' ( • County ss: Wayne
I hereby certify that on this day. before me. an off~cer duly author~zed ~n the state atoresa~d and in 1he
county aforesaid to take acknowledgements. personally appeared
DONALD J. MOLL and JULIE~A. MOLL, his wife
. to me known to be the personls) described in and
who exec~ted the foregoing ~nstrument and acknowledged before me that Borrower executed the same
for 1he purpose therein expressed. -
WITNESS my hand and off~cial seal ~n the county and state aforesaid this ~~Znd
day of December
~ . My Commission expires:
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