HomeMy WebLinkAbout2550MORTGAGE RIDER
THIS MORTGAGE RIDER ~s incorporated into that certain mortgage entered inlo by
MOHAMMAD FARIVAR AAlD MASUMEN FARIVAR. NIS WIFE
and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY.
The following are additional covenants under the aDove re(erenced mortgage:
24. If forectosure proceedings of any second mortgage or second trust deed or any junior I~en ot any
kind should be instituted, the Association may at its option, immediately or thereafter declare this
mortgage and the indebtedness secured hereby due and payabte.
25. To the extent of the indebtedness of the Mortgagors to ihe Assoc~ation described herein or secured
hereby, the Association is hereby subrogated to the lier~ or liens and to the rights ~i the owners
and holders thereot oi each and every mortgage, lien or other encumbrance on the land described
herein or secured hereby, and the respective liens of said mortgages, liens or other encumbrances
shall pass to and be held by the Association herein as security for the indebtedness io 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 iheAssocialion by separate deed ot assignment,
notwithstanding the tact that the same may be satisfied and cancelled of record, it being the i~ten-
tion of the parties hereto that the same will be satislied 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 iheir 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 specifications filed with the Association, shall constitute a breach of this mortgage, and, at the
option of the Association, immediately mature the enti~e amount of principal and interest hereby
secured and the Association may immediately ~nstitute proceedings to foreclose this mortgage.
In the event this mortgage is purchased by a third party, these addit~ona~ covenants mentioned above
shalf become nuil and void.
IN WITNESS WHEREOF, Borrower has executed th~s Mortgage Rider th~s 27th day of
February 19 g~
Signed, sealed and delivered
in fhP nrecpnrp nf-
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MOHAMMAI~ FAFi I VAR
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MASU~IEH FAF I VAk
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(Seal)
STATE OF FLORIO~(. County ss:
I hereby certi(y that on this day, before me, an officer duly authorized ~n the state atoresaid and in the
cc~unty atoresaid to take acknowledgeme~ts. pe:sona!!y appcased
,.
~iOHAMMAU FAf:IVAk A~lU
MASUMEH FARIVAR. HIS WIFE
. to me known to be the person(s) described in and
who executed the forego~ng instrument and acknowledged before me that Borrower executed the same
for the purpose therein expressed. ~
WITNESS my hand and official seal ~n the county and state a(oresaid lh~s ~ 7~~
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day of ~~' ` ~~~'~ ~~f/ ~ . t 9 .
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My ~~issic~t~ exp~r~s
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otary Pub~ic 4
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~ ~ ''~349 ~~~,~2549