HomeMy WebLinkAbout1426MORTGAGE RIDER
THIS MORTGAGE RIDER is incorporated ~nto that certa~n mortgage entered ir~to by
WILLIAM R. A~ll~FiOM ANI~ LI~lL~A S. A~lnkUti. HIS W.LFE
and FIRST FE~ERAL SAVINGS AND LOAN ASSOCiATION OF MARTIN COUNTY.
ThP f~ll~w~n~ arP aciri~t~~nal cnvPnanls uncier the ahove rP.ferenced mortoaae:
24. If foreclosure proceedings of any second mortgage or second trust deed or any ~un~or i~e~ of any
k~nd should be ~nst~tuted. the Assoc~at+on may at ~ts option. ~mmed~ately or thereatter deciare th~s
mortgage and the ~ndebtedness secured hereby due and payable.
25. To the extent of the ~ndebtedness of the Mortgagors to the Assoc~at~on descr~bed here~n or secured
he+eby, the Assoc~at~on ~s hereby subrogated to the I~en or I~ens and to the nghts of the owners
and holders ihereof of each and every mortgage. I~en or other encum~rance on the !and descr~bed
here~n or ~ncured hereby. anci the respect~ve I~ens ot sa;d mortgages. i~ens o~ other encumb; ar;c2s
shall pass lo and be held by the Assoc~at~on here~n as secur~ty (or lhe ~ndebtedness to the Asso-
c~ahon here~n described or hereby sec~~red. to the same extent that ~t would have been preserved
and wouid have been passed to and been heid by ihe .Rssoc~at~on had ~1 been duly and reyularly
-i.R ~i I.•.r..i.~.• .~1 •~.~•~~ ~nr1.-~~ii..~ rd n/n~1.Ct1 n~,-i~.r.~~i~rr~.~c~~t~i~.~CCr1n{'~t~r.nnMCn-
aJJ~y~1~V.lICi~tJ~l.~~~V. J~l Vtl ~V u v it,V u~~~vt~~ JJV~.~U~~v~~ r J ~ v V V~4JJ~y~ •.
notwithstand~ng the fact ihat the same may be sat~sfied and cancelled of record. it be~ng the ~nten-
t~on of the part~es hereto that the same w~ll be sat~sf~ed and cancelled ot record by the holders
thereof at or about the t~me of the recording of th~s mortgaye.
26. That ~n the event that th~s mortgage be g~ven to secure a construct~on loan, fa~lure on the past of
the Mortgagors or the~r con~ractors to comp~ete said build~ng in accordance with Construction
Loan Agre~ment. of even da?e herew~th, or !o bu~Id sa:~ construcUon ~n accordance w~th plans
and specit~cat~ons f~led w~th the Assoc~at~on. shaii const~tute a breach of th~s mortgage. and. at the
opt~on of the Assoc~at+on. ~mmed~ate~y mature the enUre am~unt of prmc~pal and ~nterest hereby
secured and the Assoc-at~on may ~mmed~ately ~nst~tute proceed~ngs ta forectose th~s mortga~e.
In the event th~s mortgage is purchased by a th~rd party. these addit~anal covenants ment~oned above
shall become nuii and vo~d.
IN WiTNESS WNEREOF. Borrowe~ has executed th~s Mortgage R~der th~s _ ~bTH _ day of
MAf:CH . i g 8 ~.
S~gned. sealed and del~vered
m the presence ofi
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~,JILLIAM R. ~',i~F:hO~f
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1_ I RlI~~'. ~. At~lhl:'OM
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STATE OF FLORIDA. County ss ~q~;7IN
I hereby cert~fy that on th~s day. oefore me. an ~ff~cer ciu,y autt~o~~zed ~n the state atoresa~d and in the
county aforesa~d to take acknow~~dgemer~ts. per;onai:y appear~d
~.1I LL I AM R. i-~NF~RUM AAlU
L I~lUA S. n1~lKF"iQT'1, HIS WIFE
So me kn~~vn to be the person~si descnbed ~n ar~
who executed the forego~ng ~nstrumen;.and acknow~e~~iged before me that Borro~ver executed the same
tor the purpose ihere~n expressed.
WITNESS my hand and offic~ai
..-actr.~
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seal ~r, the county and s?a!e a!orESa~:i th~s _____ _____
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