HomeMy WebLinkAbout1888MQRTGAGE RIDER
THIS MORTGAGE RIOER is incorporated into that certain mortgage entered into by
~OBERT M. YOUNG AND ARACELI N. YOUNG, NIS WIFE
and FIRST FE~ERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY.
The following are additional covenants under the aboVe referenced mortgage:
24. If foreclosure proceedings of any second mortgage or second trust deed or any junior fien of any
kind should be instituted, the Association may at its option, immediately or thereafter declare this
mortgage and the indebtedness secured hereby due and payable.
25. To the extent of 1he indebtedness of the Mortgagors to the Association described herein or secured
hereby, the Association is hereby subrogated to the lien or liens and io the rights of the owne~s
and holders thereof of each and every mortgage, lien or other encumbrance on the land described
herein or secured hereby, and the ~espective liens of said mortgages, liens or other encumbrances
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 ihe 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, transfer~ed, set over and delivered unto the Association by sepa~ate deed of assignment,
notwithstanding the iact that the same may be satisfied and cancelled of record, it being the inten-
tion of the parties hereto that the same will be satisfied and cancelled ot record by the holders
thereof at or about the time of the recording oi this mortgage
26. That in the event ihat 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 Agreement, of even date herewith, or to buitd said construction in accordance with plans
and specifications tiled with the Association, shall constitute a breach of this mortgage, and, at the
option of the Association, immediaiely malure the entire amount of principal and interest hereby
secured and the Association may immediately institute proceedings to foreclose this mo~tgage.
In the event this mortgage is purchased by a third party, these additional covenants mentioned above
shait become null and void.
IN WITNESS WHEREOF, Borrowe~ has executed this Mortgage R~der this 12TH day of
~a~rN , 19__$1-
Signed, sealed and delivered
in the presence of:
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AkACEL I T! . Y
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STATE OF FLORIDA. ~ County ss: ~A~i~IN
I hereby certity that on this day, before me, an otficer duly authorized in the state aforesa~ and in the
county aforesaid to take acknowledgements, personally appeared
kOF3EkT M _ YOUMG ANU
AF:ACEII M. YOUNG. HIS WIFE
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. to me known to be the person(s) 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 in the county and state aforesaid this
MARCH
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