HomeMy WebLinkAbout0992 ~
MORTG~?GE RIDER
THIS MORTGAGE RIDER is i~corporated into that certain mortgage entered into by
DiAN W. 1~lARPIN Ah'U LIAID~A E. MARTIN , HIS WIFE
and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY.
The following are additional covQnants under the above referenced mongage:
24. If foreclosure proceedings of any second mortgage or second tn~st deed or any junior lien of any
kind should be instituted, the Association may at its option. immediately or thereafte~ declare this
mortgage and the indebtedness secured 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 of said mortgages, liens or other encumbrances
shalt pass to and be held by the Association herein as securiry 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, set over and delivered unto the Association by separate deed of assignment,
notwithstanding the fact that the same may be satisfied and cancetled of ~ecord, it being the inten-
tion of the parties hereto that the sarrte will be satisfied and cancelled of record by the holders
thereof at or about the time of the recording of this mo~tgage.
26. That in the event that this mortgage be given to secure a construction loan, failure on the part of
the Mortgagors or thei~ contractors to complete said building in accordance with Construction
Loan Agreemenl, of even date herewith, or to build said construction in accordance with plans
and specifications filed with the Association, shall constitute a breach of this mortgage, and, at the
option of the Association, immediate{y mature the entire amount of principal and interest hereby
secured and the Association may immediately institute proceedings to foreclose this mortgage.
In the event this mo~tgage is purchased by a third party, these additional covenants mentioned above
shall become null and void.
IN WITNESS WHEREOF, Borrowe~ has executed this Mortgage Rider this • l~ ~ day of
DDCII~IIt , ~ g 82
Signed, sealed and delivered
in the presence of: -
- ~ / , l u ~ f/ "
- f~~C~.~? (Seaq
UAt~I W. MARR'IN ,
i . ~
~ `Z s2 ~ f ~ ~ ~ (Seah
~ LII~DiA E. ~ ! N
~ !~t'1 QEC 23 a8
(Seaq
' _ : f 590186
E ~j'i itir.i ~C~ ; ~
z ` :s~c~ ~ 1'~~ ~ - (Seaq
E r` . ~ ~
~ STATE OF J£ldQ~~(~C` C~GIA County ss: .
~
E I hereby certify that on this day, before me, an officer duly authorized in the state aforesaid and in the
~ counry aforesaid to take acknowledgements, personally appeared
~
~ UAN W. MARTIN AI~ LII~A E. MA~~lZN , HIS WIF'E
~
~ •
f
` , to me knawn to be the person(s) described in and
who executed the foregoing instrument and acknowfedged before me that BoROwer executed the same
for the purpose therein expressed.
.
WITNESS my hand and official seal in the county and state aforesaid this
day of , 19 82 :
My Com~ni~i~n expires: ~ l-Z~1
~ ~~G~ ? E,L ' •
- ' ~ . ~;c~
~
~ ~~~rl- ••r'•`•':~ . NotaryPubliC
, - r~ r.s . " ~Q~.``y{.~"
- ' s~eA; ' .
i ~ . ~~1• a .
• : ]~pt` ~ •.-J• i~ ~`"J . ~ •Y ~ .
A-30'~A'.~/~~:: ~lt, ` ~ d00K ~U PacE ~z
.
~