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~ MORTGAGE R1DER
THIS MORTGRGE FiIDER is incorporaled into ihat certain martgage entered inta by
IRENE WODARCZYK, a single adult
and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTtN COUNTY.
The following are additional covenants under the above referenced mortgage:
24. If forectosure proceedings of any second mortgage or second trust deed or any junior lien of any
kind should be +nstituted, the Association may at its option, immediately or thereafter declare this
mortgage and the indebtedness secur~d hereby due and payable.
25. To the extent of the indebtedness of the Mortgagors to theAssociation described herein or secured
hereby, the Association 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 ot said mortgages, fiens or other encumbrances
shall pass to and be hetd by the Association herein as security for the indebtedness to the Asso-
ciation herein described or hereby secured, to the same extent that it would have been preserved i
and would have been passed to and been held by the Association had it besn duly and regularly
assigned, transferred, set over and delivered unto the Association by separate deed of assignment,
notwithstanding the fact that the same may be satisfied and cancelled of rec~rd, it being the inten-
ti rti s hereto that the same will be satisfied and cancelled of record by the holders
tion of t~ e pa e
thereof at or about the time of the recording of this mortgage.
26. That in ihe event that this mortgage be given to secure a construction loan, failure on the part vf '
the Mortgagors or their contractors to complete said building in accordance with Construction I
Loan Agreemeni, of even date herewith, or to build said construction in accordance with plans
and specifications filed with the Assoc~ation, shaN constitute a breach of lhis mortgage, and, at the ,
option of the Association, immediately mature the entire amount of principal and interest hereby ,
secured and the Association may immediately institute proceedings to toreclose this mortgage.
In the event this mortgage is purchased by a third party, these additional covenants mentioned above
shall become nul! and void.
IN WITNESS WHEREOF, Borrower has executed this Morlgage Rider this 23rd day of
i
December ,19 81
Signed, sealed and delivered
~ in ihe presenc of:
,
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' IRENE 'dOflARCZYK
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(Seal)
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} STA7E OF FLORIDA, ST. LUCIE County ss:
I hereby certify that on this day, before me, an officer duly authorized in the state aloresaid and in the
county aforesa~d to take acknowledgements, personally appeared
~ I~?ENE '.~ODARC2YK, a s i nale adul t
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, to me known to be the person(s) described ~n and
who executed the foregoing instrument and acknowledged before me that Borrowet executed the same
for the purpose therein expressed.
WITNESS my hand and official seal in the county and state aforesaid this _ ~'~rd
December 81 '
day of- . 19~.
; My Commission expires: / ~ ` • r:. . ~
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