Loading...
HomeMy WebLinkAbout0910M O RTGAG E R i D E R S~y~'7~ ~ ~uR ~ i ~x ~ ss THIS MORTGAGE RIDER is inco~porated into that certain mortgage entered int y ROHERT E. BA~ER. AN UNMARRiED MAN F~~EC~hcF~c~~~o s R G R POIjR~-`+~ CI.ERK CIRCU~i CCURT ~~~.. ~•~ : ~ . . and FIRST FEDERAL SAVINGS ANO LOAN ASSOCIATION OF MARTIN COU ~%~~- The following are additional ~covenants under the above referenced mortgage: 24. li foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any kind should be instituted, the Association may at its option, immediately or thereafter deciare this mortgage and the indebtedness secured hereby due and payable. 25. To the extent of the indebtedness of the Mongagors to theAssociation described herein or secured hereby, the Association is hereby subrogated to the lien o~ liens and to ihe rights oi the owners and holders thereof of each and every mortgage, lien o~ other encumbrance on the land described herein or secured hereby, and the respective liens ot said mortgages, liens or otherencumbrances 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, t~ansferred, set over and delivered unto the Association by separate deed oi assignmen~ notwithstanding the fact that the same may be satisfied and cancelled of ~ecord, it being ihe inten- tion ot the pahies hereto ihat the same will be satisfied and cancelled of record by the hotders thereof ~t or about the time of the recording of this mortgage. 26. That in the event that this mortgage be given to secure a const~uction Ioan, tailure 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 construclion 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 rrtature 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. IN WITNESS WHEREOF, Borrower has executed th~s Mortgage R~der th~s 9TH day of MAkCH , 19~1.. Signed, sealed and delivered ~n the presence of: /~ - ~ . . ~ ~.E;vi,c~ .~~ ~'.t,~it Q~'~c.~ G~,~ Seal) STATE OF F~ORIDA. Couniy ss: MAFTIN I hereby certify that on this day, before me, an oflicer duly authbrized in the state aforesaid and in the county aforesaid to take acknowledgements, personally appeared F:ObEFT E. BAKER. A~! Ui~tMARR IED MAN . to me known to be the persoMs) described in and who executed the foregoing 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 aforesaid this 9TH ~ day of ~~~'',t~I~CH , 19 81 ~ " ~ Y ~` '. .`. tr~ • •~e~ } ~/ ~ My C~ ' ~ ~ .sion expi(es: H'~y ~ ~ ~•a " '~~~ ~ , , : l ~~~ TT ~ ;, r ~ ~ - ~ ~ ' .. ~sea4 . . ~. , . , ._~ ~ A-30t A 6'79 _ ~-~.._. -- ~/ - (Seaq f;OBEkT E _ bAKER ISeaq (Seal) ,;K 3~ F~~~ ~a9 ~{»K •