HomeMy WebLinkAbout0981MORTGAGE RIDER
THIS MORTGAGE RIDER ~s ~ncorporated ~nto that certa~n mortgage entered ~nto by
IiF:E~TT M. SHAi~N. A SINGL.E MAT!
and FiRST FEDERAL SAViNGS AND LOAPJ ASSOCiATiON OF M~iRTiN COUNTY.
The follow~ng are addit~onal covenants under the above referenced morigage:
24. If foreclasure proceedings of any second mortgage or second trust deed or any jun~or i~en of any
k~nd should be instrtuted, ihe Assoc~alion may at its option, ~mmed~ately or thereafter declare th~s
mortgage and the ~ndebtedness secured hereby due and payable.
25. To the extent of the indebtedness of the Mortgagors to the Assoc~at~on described here~n or secured
hereby, the Assoc~at~on is hereby subrogated to the I~en or I~pns and to the rights of the owners
and holders thereof of each and every mortga,ge. I~en or other encumbrance on the tand descnbed
here~n or secured hereby, and the respect~vP liens af sa~d mortgages, I~ens or other encumbrances
shall Rass to and be hetd by the Assoc~at~on herein as secunty for the ~ndebted~ess to the Asso-
c~at~on here~n described or hereby secured. to the same extent that it would haue been preserved
a~d would have been passed to and deen held by the Assoc~at~on had it been duly and regulariy
ass~gned, translerred. set over and del~vered unlo the Association by separate de2d of assignment.
notw~thstand~ng the fact that the same may be s2tisfied and cancelled of record, it be~ng the ~nten-
t~on of the parties hereto ihat the same will be satisf~ed and cancelled of record by the holders
' thereof at or about the time of 4he recording of th~s mortgage.
26. That in the event ihat th~s mortgage be given to secure a construct~on loan. failure on the part of
the Mortgagors or their contractors to complete sa~d bu~~ding ~n accordance with Construct~on
L-oan Agreement. of even ~ate herew+th, or to bu~ld sa~d construct~on ~n accordance w~th plans
and specif~cat~ons f~led w~th the Assoc~ation, shall const~tute a breach of th~s mortgage, and. at the
opUon of the Assoc~aUon. ~mmed~ately mature the ent~re amcunt of princ~pa! and interest hereby
secured and the Assoc~at~on may ~mmed~ately ~nst~tute proceed~ngs to foreclose th~s mnrtgage.
In the event th~s mortgage ~s purchased by a th~rd party, these add~t~onal covenants mentioned above
shall become nuii and vo~d.
IN WiTNESS WHEREOF. Borrcwer has executed th~s Mortgage R~der th~s _ ~3F:U _ day ot
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t 9 81.
Signed. sealed.a~d del~vered
in the presence of:
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STATE OF FLORIDA. County ss: t~ARTI~! '
I hereby cert~fy that on th~s day. bEfore me. an e!i~cer du!y a~thor~zed ~n the state aforpsa~d and ~^ the
county aforesa~d to take ackn~wledgements. personatly appeared
l~fiETT M. SHA~lh, A S7TKGLE MAT~
to me known to be the person~s- descnbecf ~n and
who exEruted the forego~ng ~nstrument and acknowledged before me thai Bor!ower executed the same
~or the purpose there~n expressed.
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WITPJESS my hand and off~c~ai seal ~n tr;e couniy and state aforesa~d th~s ____
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