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Home My WebLink About0763MORTGAGE RIDER THIS MORTGAGE RIDER is incorporated ~nto that certa~n mortqage entered into by JOHN F. KOSS. A SINGLE ADULT AND kITA PHILIPSON. A SINGLE ADULT and FIRST FEDERAL SAVINGS ANO IOAN ASSOCIATION OF MARTIN COUNTY. The following are addit~onal covenants under the above referenced mortgage: 24. If fo~ectosure proceedings ot any second morigage or second trust deed or any junior I~en of any kind should be instituted, the Assoc~at~on may at its option. ~mmed~ately or thereafter declare th~s mortgag~e and the ~ndebtedness secured hereby due and payable. 25. To the extent of the indebtedness ot the Mortgago~s to theAssociation described herein or secured he~eby, the Assoc~ation ~s hereby subrogated to the lien or liens and to the rights oi the ow~ers and holders thereof ot 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 securily tor the indebtedness to the Asso- c~ation herein described or hereby secured, to the same extent that it would have been preserved and would have been passed to anc~ been held by the Association had it been duiy and regularly ass~gned, transferred, set over and delivered unto the Assoc~at~on by separate deed of assignmenl, notwithstanding the fact that the same may be satisfied and cancelled of record, it being the inten- tion of the parties hereto that the same tNill be satisf~ed and cancelled of record by the holders thereof at o~ aboul the time of the recording of this mortgage. 26. That in the event that th~s mortgage be given to secure a construction loan, failure on ihe pan of the Mortgagors cr their contractors to comptete said bu~tding in accordance with Construction ~oan Agreement, of even date herewith, or to build sa~d construclipn in accordance with plans and specifications filed w~th the Association, shall constitute a breach of-this mortgage, and, at the option of the Assoc~ation, immediately rrzature the entire amount of principal and interest he~eby secured and the Assaciat~on may imr~ed~ately ~nstitute proceed~ngs to foreclose th~s mo~tgage. In the event this mortgage ~s purchased by a third parly, these add~tional covenants mentioned above shall become null and void. ~ IN WITNESS WHEREOF. Borrower has executed lh~s Mortgage R~der th~s ,~_r~ day ol G~urr~ ~e~Y . 19___g_~. Signed, sealed and del~vered ~ in the presence of: ~,p,~,~, -. ~ ~ / _ ~ ;xr_tic.v ~--~ ~,L~`_~ _ ~ ~. LL. ~ ~ .--~ `~-'1- Seal 1 1 .J[]H~! F' . t~ OSS . _-,~e~.~ n . ~A.~ ~-~'~ ISea~- f:ITA FHILIFSO~! .~.~~ _9 ~:., 2= 3~ (Seal) _ ~., F ~ ~ ~ +~. i 516368 - _ f~~~~t!'~2 l;G_'\r'(.~i %•- , : H f'CtTfr.••, /~ ____ (Sea~) ~: ~F,it Ci..~1;!' ."~'~~. • t~ STATE OF FLORIDA. ~! County ss: MAk.TIt~ I hereby certify that on this day, before me. an ofi~cer duly authonzed ~n the state aforesaid and in the county aforesa~d to take acknowledgements. personally appeared JOHI~ F. nOSS. A SINGLE AUULT ANL kITA PHILIF'SON. A SINGLE AUULT . to me known to be the person~s) described ~n and who executed the foregoing instrument and acknowted~ed befare me that Borrower executed the same foj~ the purpose therein expressed. ~ t~T .„x 1A~ 7NESS my hand and o(fic~al seal ~n the county and state aforesa~d th~s _ `N~ '1 `h~ „ ~t`, ~ ` ~ S%C ,"'~FE~RUARY ~c~jf ot'~-•=. . I 9 @ i s'.. ~- .` _'` . ~ ' . : Nljr~'Co Jf~Iss'ibr~~xpires: ~~,~9'~~ - ~~;~`. ;~~.: , ~ . •~~.~ ~ n /( „~ ~~-. ,~s --~t,N ~t - .~yC ~•, ./;5~;1 ~;~••LF' otaryPubl~c .~.• • :_, . ~,~~;.~ r ~ ~,, a ?0~ ti F.,,.~ ~ ~_~. ~'M__ . t. > ~.: ~ ~~x i~°.~:;K pdGg ~ ~ - - _ ~