HomeMy WebLinkAbout0948 MORTGAGE RIDER
THIS MORTGAGE RIDER is incorporated ~nto that certain mortgage entered into by
~~F:~ A. F~2KS'T, JR. A MARRIID M.~.~
APID FIRST FIDELITY SAVINGS ANID I~,IAN A.S.90CIATION
The fo!lowing are additional covenants under the above referenced mortgage:
24. If foreclosure 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, immedia!ely or thereafter declare this
mortgage and the indebtedness secured hereby due ana payable.
25. To the extent of the indebtedness oi the Mortgagors to the Association described herein or securea
hereby, the Associatian is hereby subrogated to the lien or iiens and to the rights of lhe owners
and holders thereof of each and every mortgage, lien or other encumbrance on the land described
herein or secured hereby, and the respsctive liens of said mor*,gages, liens orother 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 ~assed to and been held by 1he ~ssociation had it been duly and regularly
assigned, transferred, set over and delivered unto the Association by separate deed ot assignment,
notwithstanding the fact that the same may be satisfied and cancelled of record, it being the interr
tion of the partis; hereto that the same will be satisfied and cancelled of record by the holders
therecf 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 complete said building in accordance with Construction
Loan Agreement, 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, immediately mature the entire amount of principal ared 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, these additional covenants mentioned above
sha~l become null and void. ,
IN WITNESS WHEREOF, Borrower has executed this Mortgage Rider this ~ I~ day of
~
APRIL ~g 83 I'I
Signed, sealed and delivered
in the presence of: ; ~ `
~ . ~~~~~r ~:s~ ~
~ C'' / ~ ~
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' C~~ARI.ES A. f~1~IST , JR . v
~ i~83
• ~ ll1'lt~ +~~31~PR 2~ Pa 3~ ~
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~ STATE OF RXk?~pp~(X PIIv~~SYLVANIA y-~ County ss: ~
~
~ I hereby certify that on this day, before fie, an officer duly authonzed in the state aforesaid and +n the
; county aforesaid to take acknowledgements, personally appeared
~ C~~ARI,~S A. E~2DLST, JR . A MARRI ID MAN
_
~ .;o me known to be the person(s) described in and .
= who executed the forego~ng instrument and acknowledged before me that Borrower executed the same ,e.
for the purpose there~n expressed. ` ~
.
~ WITNESS my hand and official seal in the ccunty and state aforesa~d this = j~
~ day of 1~PRIL 1 9 83
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