HomeMy WebLinkAbout1866MORTGAGE RIDER
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THIS MORTGAGE RIDER is incorporated into that certain mortgage entered into by
GILBERT GEITNER AND BETTY J. GEITNER, HIS WIFE
and FIRST FEDERAL SAVINGS AND IOAN ASSOCIATION OF MARTIN COUNTY.
The following are additional covenants under the above reterenced mortgage:
24. If forectosure p~oceedings of any second mortgage or second trust deed or any junior lien of any
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mortgage and the indebtedness secured hereby due and payable.
25. To the extent oi the indebtedness of the Mortgagors to theAssociation described herein or secured
hereby, the Association is hereby subrogated to the I~en or liens and to the rights oi 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 said mortgages, liens or other encumbrances
shall pass to and be held by ihe Association herein as security for the indebtedness to the Asso-
ciation herein described or he~eby secured, to the same extent that it would have been preserved
and would have been passed to and been held by the Associaiion had it been duly and regularly
assigned, transferred, set over and delivered unto theAssociation byseparatedeed of assignmen~
notwithstanding the fact that the same may be satistied and cancelled of ~ecord. it being the inten-
tion of the parties hereto that the same wit! be satisfied and cancelled oi record by the holders
thereof at or about the time of the recording oi 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 their contractors to complete said building in accordance with Construction
Loan Agreemen~ of even date herewith, or to build said construction in accordance with plans
and specifications filed with the Association, shatl constitute a breach of this mortgage, an~, at ihe
option of the Association, immediately mature ihe entire amount of princip~! and interest hereby
secured and the Association may immediately institute proceedings to foreclose this mortgage.
In the event ihis mortgage is purchased by a third party, these additional covenants mentioned above
shall become null and void:
IN WITNESS WHEREOF. Borrower has executed this Mortgage Rider this 12TH day ot
MAkCH , 19_$1.
Signe,d, seated and delivered
in the presence of:
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BETTY J. ~EITNER
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(Seal)
(Seal1
STATE OF FLORIDA, County ss: MAkTIN
! hereby certify that on this day, before me. an officer duly authorized in the state atoresaid and in the
county aforesaid to take acknowfedgements, personally appeared
GILHEkT GEIT~lER ANU 5~391 ~~ ~~R 16 ~~ ~'~ ~~
HETTY .1. GEITNER. HIS WIFE Q
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SI.LtlCIE CCU~t'GFt r. p t
ROGER i'0~ ~ ~t ;. 0~
. to me knawn to be the perso~~~~~~~~~ed in and
who executed the foregoing instrument and acknowledged before me that Bo~~~ercecuted 1he same
for the purpose therein expressed.
my hand and offic~ai sea! in the county and state af~resaid this
day -- .~ .- -
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Notary Pubi~c
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