HomeMy WebLinkAbout0955 MORTGAGE RlDER
THIS MORTGAGE RIDER is incorporated into that certain mortgage entered +nto by
QiARI.~: A. F~2A1ST, JR. A MARRIID MAN
A~ FI~iST FIDFd~I'I'Y ,.Sp?VIIr1C~ ArD IUAN AS90CIA'I'ION
e fo lowing are addit~onal covenanis und~r the above referenced mortgage:
2d. tl toreciosure proceedings of any second mortgage or second trust deed or any junior lien of ar.y
. kind shouid be instituted, the Association may at its option, immediately or thereafier declare this
mortgage and the indebtedness secured hereby due and payabls.
25. To the extent of the +ndebiedness of the Mortgagors to theAssociation described her~~~ or secured
hereby, the Rssociation is hereby subrogated to the lien or liens anci iu ii~e ;ights of the owners
and hoiders thereof of each and every mortgage, fien or other encumbrance on the land described
herein or secured hereby, and the respective Isens 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 hetd by the Association had it been duly and regularly
assigned, transterred, set over and delivered unto the Association byseparate deed oi assignment,
notwithstand+ng the faci that ihe same may be satisfied and cancetled of record, it being the inten- '
tion of lhe parties hereto that the same will be satisfied and cancelied of record by the holders
thereof at or about the time of the recording of lhis 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 compiete said building in accordance with Construction I
Loan Agreement, oi 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 i
option of the Association, immediately 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 mortgage is purchased by a ihird party, these additional covenants mentioned above
shall become null and void. , /
IN WITNESS WHEREOF, Borrowe~ has executed this Mortgage Rider this day of i
APRIL ,y9 83 I
~
Signed, sealed and deliuered ~
~n the presence of: ~ _
• / ~ l . ;
~ - < ( ~ t, l ~ • -~~Y( , ~ ' ~
f IW Sea~~
i ° CIiARLES A. ~LS'I'~ JR.
~ ~,~tl ",~~i Z~ 19~~ (Seal)
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_ 4~91 5 ~<<r er,r (Seal)
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- ~ tSeal!
STATE OF ~K~XXA(. PENNSYLVANIA ~ < ( Ct ~ ~ d = ~ ~ County ss: •
I hereby certiiy that on this day. before me. an off~cer duly authorized in the state aforesaid and ~n the
~ounty aforesaid to take acknowfedgements, personally appeared
C'~iARI.FS A. ~tNST, JR. A MARRIID MAN
. to me known to be the person(s) described in and ~
who executed the foregoing irstrument and acknowledged before me that Borrower executed the same
ior the purpose therein expressed.
WITNESS my hand and offic~al seal ~n the counry and state aforesa~d th~s ~~~c~~
day of Apri l . ~ g 83
M~y~~mission expires: ~1 `
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_ J. y ~ ~ ~ 7 ~ Notary Pu c/~ . .
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