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HomeMy WebLinkAbout0995 i ~ :,l~31~' . :I.tli~-i'tf .UHt° . ~ ~r.r t; ' ' ' • ~r Mo~S~'GA~E ~ID~R~ THIS MORTGAGE RIDER is incorporated into that certain mongage entered into by WILLIAM H. HILL AND SANDRA J. HILL, 8IS WIFB and FIRST FEDERAL SAVINGS ANO LOAN ASSOCIATION OF MARTIN COUNTY. The foliowing are additionai covenants under the above referenced mortgage: ~N. ii i~rec~osure proceedings of any second mortgage or second trust deed or any junior lien of any kind should be instituted, the Association may at its option, immediately or tt~ereafter declare this mortgage and the indebtedness secured hereby due and payable. 25. To the extent of the indebtedness of the Mortgagors to the Association described herein or secured hereby, the Association is hereby subrogated to ihe lien or liens and to the rights of the owners and hotders thereot of each and every mortgage, lien or other encumbrance on the land described herein or secured hereby, and the respective lisns 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- ciation 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, setoverand delivered untotheAssociation byseparatedeed oiassignment, notwithstanding the fiact that the same may be satisfied and cancelled of record, it being the inten- tion of the parties hereto that the same will be satisfied and cancelled of recerd by the holders thereof at or about the time of the recording of this mortgage. 26. That in the event that this mortgage be given to secure a construction loan, failure on the part of the Mortgagors or their contractors to comptete said building in accordance with Construction loan Ag~eement, of even date herewith, or to bui{d said construction in accordance with plans and specifications filed with the Association, shal! constitute a breach of this mortgage, and, at the option of the Assaciation, immediately mature ihe enti~e amount of princ+pai and interest hereby secured and the Association may immediately institute proceedings to foreclose this mortgage. In the event this mortgage is purchased by a third party, t~ese addit+onal covenants mentioned above shall become null and void. IN WtTNESS WHEREOF, Borrower has executed this Mo~tgage Rider this gT~ day of JANUARY , 19 82 Signed, sealed and defivered ~l i the presence ot: / / t ~ • t'- r f ~ - ~ (Seal} ` > > W LI,AM H. BIL~. ;sQa~~ t SANDRA J. HILL << ! (Seal) E , A}~ 1 ~ 09 ~ 553118 ~ ~~~~v~ r.riH (Seail ~ .'r'•~i G~'` T~ri~.~~.'; t f:.e~. ;;iP~l~~ ~ STATE OF FLORIDA, _ C~ County ss: MARTIN ~ I hereby certifythat o~i this day, bei e me, an officer duly authorized in the state aforesai~J and in the county aforesaid to take acknowledgements, personaliy ~ppeared ~ ~ WILLIAM H. BILL AND SANDRA J. HILL, 8IS WZFE ~ 9 L , to me known to b~ the person(s) described in and ' who executed the foregcing instrumeni and acknowledged betore me that Borrower executed the same (or the purpase therein expressed. ` „~I1~f~NESS my hand and official seal in the county ~nd state aioresaid this em~_ , ,~,,:1s~ ~r; , ~ ~ ~n' s4.;:,t: . .i _ ~ . . , ~ . . ~t+~~l . y, ;ti , ~9~. r. • : `r '~II~ n ~OR~@XF21f~'~:'~ n~ ~ f ~ ~ . ~ d~ r~ / ,Y ~ ,A :s 1.• s~~,, ~t~.~~, ~~~~i..Q.~~ i t " ~.~L ~ € t • ~_Q 4 ~ ~v . otpty Public 'J~~~,. ~ ~~,~i,(~ ' . ..`7^'~~•~ ~ 4 ~aa~ Jll~ F~E ~ A-30~ A 6/79 ~ _