HomeMy WebLinkAbout0214MQRTGAGE RIDER
THIS MORTGAGE RIDER is ~ncorporated into that certa~n mortgage entered into by
(.NARL.ES A. FETERS AND LOIS M. F'ET~RS. HIS WIFE
and FIRST FEDERAL SAVINGS AND IOAN ASSOCIATION OF MARTIN COUNTY.
The follow~ng are additional covenants under the above ~eterenced mortgage:
24. It toreclosure proceed~ngs ot any second mortgage or second t~ust deed or any ~un~or I~en of any
kind shoufd be ir.stituted, the Association may at its option. ~mmediately or thereafter declare th~s
mortgage and the indebtedness secured hereby due and payable.
25. To the extent of the indebtedness ot the Mortgagors to the AssoCiation desCribed herein or SeCUred
hereby, the Association ~s hereby subrogated to the i~en or tiens and to the rights ~t the owners
and holders thereof of each and every mortgage, iien or ether encumbrance on the la~d described
herein or secured hereby, and the respective I~ens ot sa~d mortgages. I~ens or other encumbrances
shall pass to and be held by the Assoc~ation herein as security for the ~r.debtedness to the Asso-
c~alion herein described or hereby secured, to the same extent that ~t would have been preserved
and would have been passed to and been held by the Assoc~~tion had it been duly and regularly
assigned. transferred, set over and del~vered unto the Assoc~at~on by separate deed oi ass~gnment.
notwithstanding the fact that lhe same may be satisfied and cancelled ot record, i; being the inten-
tion of the parties hereto that the same will be satisfied and cancelled of record by the holders
thereot at or about the t~me of the recording of this mortgage.
26. That in the event that this mortgage be given to secure a construct~on loan, ta~lure on the part ol
the Mortgagors or their contractors :o complete said building ~n accordance with Construction
Loan Agreement. of even date herewith, or to build said construction ~n accordance with plans
and specit~cations filed w~th the Assoc~ation, shall const~tute a breach of th~s mortgage, and. at the
oplion o( the Assoc~ation. ~mmediately mature the entire amount ot principa! and interest hereby
secured and the Assoc~at~on may immediately ~nstitute proceed~ngs to foreciose this mortgage.
In the event this mortyage ~s purchased by a th~rd party. these add~;~onal covenants ment~oned above
shall become nutl and void.
IN WITNE~S WHEREOF, Borrower has e~Cecuteci th~s Mortgage R~der th~s 1"~IN day of
FEE~FiUARY ~ g 81 .
Signed. sealed and del~vered
in the presence of:
~...~.a- ~ - ~c ~ . _ ~~ ~ ~ ~ ,
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~ > ' (::HAF'LES i-i . F'E7 tF'S
_ - ----~,~~ _ ~~. - f ~2d~ ISeal-
~ ,.. ~~, ~~ •: -I._OIS M. F'F'TE.kS
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~ . (Seal-
STATE OF FLORIDA. Couniy ss. ~q~T1~
I hereby cert~ty that on th~s day. before me. an off~cer duly author~zed ~n ihe ~tate atoresaid and in the
county aforesa~d to take ac;knowiedgements. personally appeared
(::HI~RLES A. F'FT~kS AT~U
{._.DIS T1. F'ETEhS. HIS WIFE
. to me known to be the person~si descr~bed ~n and
who executed the toregoirg instrument and acknowledged belore me that Borrower executed the same
for the purpose therein expressed.
.. 1: TH
~,>>dd11,~NESS my hand and otf~cial seal ~n the county and state aforesa~d th~s
_ `;~~~:~ '1~~'ikUAFY 81
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