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MORTGAGE RIDER
THIS MORTGAGE RIDER is incorporated into that certain mortgage ente~ed ~nto by
L.LOYI) SNOW AND MARY C. SNOW, HIS WIFE
and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY.
The foltowing are add~t~onal covenants under 1he above referenced mortgage:
24. It foreclosure proceedings of any second mortgage or second trust deed or any junior tien ot any
kind should be instituted, the Association may at its option, immediately or thereafter declare ihis
mortgage and the indebted~ess secured hereby due and payable.
25. To the extent of the indebtedness of ihe Mortgagors to the Association described herein or secured
hereby, the Assoc~ation is hereby subrogated to the lien or liens and to the rights of 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 the Association herein as security for the indebtedness to the Asso-
ciat:on herein described or hereby secured, to the 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, transferred, set over and delivered unto ihe Associat~on by separate deed ot assignment.
notw~thstanding the fact lhat the same may be satisfied and cancelled of record, it being the inten-
tion of the parties hereto that the same will be satistied and cancelled of record by the holders
thereof at or about the time ot the ~ecording of this mortgage.
26. That ~n the event that this mortgage be given to secure a construclion loan, failure on the pa~t o(
the Mortgagors or thei~ contractors to complete said bu~lding in accordance with Construction
Loan Agreement, of even date herewith, or to build said construction ~n accordance with ptans
and specitications filed with the Assoc~ation, shall const~tute a breach of this mortgage. and, at the
option oi the Assoc~ation, immediately mature the entire amount of prlncipal and interesi hereby
secured and the Associat~on may immediately institute proceed~ngs to foreclose this mortgage.
!n the event this mortgage is purchased by a third party. these additional covenants mentioned above
shali become null and void.
IN WITNESS WHEREOF. Borrower has execuled this Mortgage R~der th~s ~2ND day ot
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Signed, sealed and dei~ve~ed 533'799 . ' 3~
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~ STATE OF FLORIDA. County ss:
~ MARTIi~
1 hereby ceriify that on this day, before me. an olf~cer duly authorized ~n the state aforesa~d and ~n the
county aforesaid to take acknowleclgements. personaiiy appeareci
LLOYI~ F . SNOW ANL .
~iAkY C. S~lOW. HIS WIFE
~ t m kn wn to be the erson s described ~n and '
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~ who executed the forego~ng instrument and a~knowledged before me that Borrower executed the same
for the purpose therein expressed.
~ m hand and otfic~al sea! ~n the count and state aioresaid this 22ND
{ WITNESS y y
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~ day of ~JUNE ~ 9 81
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