HomeMy WebLinkAbout0220MORTGAGE RIDER
THIS MORTGAGE RIDER ~s ~ncorporated +nto that certa+n mortgage sntered +nto by
FAUL T. TURSCAh AND GERALDINE A. TURSCAK. HIS WIFE
and FIRST FEDERAL SAVINGS AND IOAN ASS~CIATION OF MARTIN COUNTY.
The follow~ng are additionat covenants under the above referenced mortgage:
24. It foreclosure proceedings ot any second mortgage or second trust deed or any jurnor tien of any
k~nd should be instituted, the Assoc~ation may at i1s option, immediately or thereafter declare this
mo~tgage and the indebtedness secured hereby due and payable.
25. To the extent oi the ~ndebtedness of ihe Morigagors Io the Associat~on des4ribed here~n ur s~cured
hereby, the Association is hereby subrogated to the I~en or liens and to the r~ghts ef the owners
and holders thereof of each and every mortgage,l~en or other encumbrance on the land described
herein or secured hereby, and the respective liens of sa~d mortgages. I~ens or other encumbrances
shall pass to and be held by the Association herein as secur~ty for the ~ndebtedness to the Asso-
ciat~on 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 Assoc~at~on had it been duly and regularty
assigned, transferred, set over and delivered unto the Assac~at~on by separate deed ot assignment.
notwithstanding the fact that the same may be satisfied and cancelled of record, it being the ~nten-
tion of the parties hereto that the same w~ll be satist~ed and cancelled of record by the holders
thereoi at or about the time of the recording of this mortgage.
26. That ~n the event that th~s mortgage be given to secure a construction loan. failure on the part of
the Mortgagors or their contractors to complete said building ~n accordance with Construction
Loan Agreement, of even date herew~th, or to bu~ld said construct~on ~n accordance with plans
and spec~(ications filed with the Assoc~ation, shall consiitute a breach oi th~s mQrtgage. and, at the
option of the Associat~on, immediately mature the ent~re amount of principal and interest hereby
secured and the Assoc~at~on may immediately institute proceedings to foreclose this mortgage.
In the event this mortgage is purchased by a!h~rd party, ihese add~t~onal covenants ment~oned above
shall become null and vo~d.
IN WITNESS WHEREOF. Bcrrower has executed th~s Mortgage R~der ih~s ~,g~~ _ day of
FEHkUAkY
19_~L_ .
Signed. sealed and detivered
in the presence of:
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(3EFtALUINE A. 7~lIf~SCAK
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STATE OF FLORIDA. ~ County ss ~AFTI ~
I hereby cert~fy thal on thfs day. before me. an off~cer duly authonzed m the state a(oresa~d and in the
county aforesa~d to take ackr.ow~edgements. personally appeared
FAUL 1. TURSCAK ANU
GEkALUIT~lE A. TUkSCAFc. HIS W1FE
. . to me known to be the person~s) descnbed ~n and
who executed the forego~ng ~nstrument and acknowledged before me that Borrower executed the same ,
for the purpose therein expressed.
WITNESS my hand and off~c~al seal ~n the county and state atoresaid th~s ~BTH
day oi FEBRUAkY ~ 9 81
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