HomeMy WebLinkAbout0472MORTGAGE RIDER
THIS MORTGAGE RIOER ~s incorpo~ated ~nto 1ha1 ceriain mortgage entered ~nto by
RAY~fUML1 T. SAU~lI~E:FS AND IRE~lE M. SAUTlL~EFS. NIS WIFE
and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY.
The following a~e addit~onal covenanis under the above referenced mortgage:
24. It foreclosu~e proceedings of any secand mortgage or second trust deed or any jurnor f~en ot any
kind should be instituted, the Association may at its option, immed~ately or thereafter declare this
mortgage and the indebtedness secured hereby due and payab~e.
25_ To the extent of the indebtedness ot the Mortgagors to the Assoc~at~on described here~n or secured
hereby. the Associat:on is hereby subrogated to the l~en or liens and to Ihe rights of the ow~e~s
and holders thereof ot each and every mortgage, lien or other encumbrance on the land described
herein or secured hereby. and the respect~ve liens ot said mor;gages. I~er.s or other encumbrances
shal! pass to and be held by the Associat~on herein as secur~ty for the ~ndebtedness to the Asso-
ciation herein described or hereby secured. to the same extenl that it would have been preserved
and would have been passed to and been held by the Assoc~ation had it been duly and regularly
assigned. transferred. set over and delivered unto the Association by separate deed of assignment.
rrotwithsta~ding the fact that She same may be sat~s`ied and cancelled of record. it being the inten-
t~on ot the parties hereto that the same w-1t be satistied and cancelled ot record by the holders
.thereof at or about the time of the recording of this mortgage.
26. That ~n the event that this mortgage bP g~ven to secure a construction loan. failure on the part of
the Mortgagors or their contractors to complete said building ~n accordance with Construct~on
Loan Agreement, of even date herewith, or to build said construct~on ~n accordance with plans
and specifications filed with the Assoc~ation. shall constitute a breach of this mortgage. and. at the
opt~on nf the Association, immediately mature the ent~rs amount o1 principal and interest nereby
secured and the Assoc~a4~on may ~mmediateiy institute proceed~ngs to toreclose this mortgage.
In the event this mortgage ~s purchased by a th~rd party, these a~dit~onal covenants mentioned above
shail become nu11 and void. o L[.
IN WITNESS WH~REOF, Borrower has executed th~s Mortgage Rider th~s /~ day of
~ . 19 81
March j~~ _
Signed. sealed and delivered
in the presence of:
~
jSeall
STATE OF FLORIDA. 7?r~?c_ • County ss:
I hereby cert~fy that on th~s day. betore me. an off+cer di.fy author~zed ~n the state aforesa~d and ~n the
county aforesa~d to take acknowle~gements, personally appeared
I;AYMOT~lU T . SAUi~UERS A~lL
IkENE ~i. SAU~lI~EkS. HTS WIFE
. to me known to be the person(s) descr~bed ~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 a~-d off~c~a~ sea~ m[he county and state atoresa~d th~s
MARCH
day of __
. My Commission expires:
ti'..:.•; -. ~ . _.. • ~,f i:w,r~ at ior
~/;y l~~~-.,'~: ;'t Er(,"r~5 ~111~U5t $, ~ .
~San~~3 u:-u Mayr~~~d E3or~io pgerK~~__ -
~ ~f ~
• JE'i~il _ ~ . ~ ^ t ~,
•~ R,~-~3
, t
_ „ . .
~~ -
a ~o~;, 5 ~~ ~ _. -
- r-- ~~
~~ ~,..
• ~, ~~\ ~~ ~..~~~ ~ eaq
FtAY C~ T . SAU~lUEF:S
._ .
• I).~,~.~ /~~ _ ~-e~.,- -~,---~ ISeall
I NE M . SAUNGEF:S
23 At; ~~ ~~+
Seal;
:,, ~~ ~~,r ;.--;,: 5~1;Z'~S
t~~.~t ~.~~~:~--
` f;(fG=~i1 f' ~~ i'~ •=`~ l
C~C':, ~E ...- O n
. ~~ t.~.
~;~;~51 F~~.~ ~7~
~~ ~..,;
" WL~ r;nn