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HomeMy WebLinkAbout0962 MORTGAGE RIDER THIS MORTGAGE RIDER is incorp~rated into ihat certa~n mortgage enterPd into by Q~ARL+FS A. IItNS'T, JR. A MARRIm MAN AAID FIRST FIDELITY SAVIAIGS AAID I~.IAN AS.9UCIATION The following 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 shoutd be instituted, the Association may at its option, immediately or thereafter declare ihis 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 1o the lien or Iiens 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 shalf 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 Assaciation had it been duly and regularly assigned, transferred, set over and delivered unto theAssociation by separatedeed of assignment, notwithstanding the fact that the same may be satisfied and cancelled of record, it being the inten- tion of the part~es hereto that the same will be satislied and cancelled of record by the holders thereof at or abaut the time of the recording of this mortgage. 26. That in the event thai this mortgage be given to secure a construction loan, failure on the part of tlie Mortgagors or their contractors to comptete said building in accordance with Construction Loan Agreement, of even date herewith, or to buitd said construction in accordance with plans I and specifications filed with the Association, shall constitute a breach of this mortgage, and, at the option ot the Association, immediately mature the entire amount ot principal and interest hereby secured and the Assoc~ation may ~mmed~ately institute proceed~ngs to foreclose this mortgage. In the event this mortgage is purchased by a third party, these additional covenants mentioned above shall become null and void. tN WITNESS WHEREOF, Borrower has executed th~s Mortgage Rider this ~ ~ day of APRI L , 19 8 3 Signed, sealed and del~vered in the presence of: ~ , - - ' - \ . , C ~ ~ ~ ~ ~,'~t • (Seaq ~ ~ CI~ARI~E`.S A. ~ST, JR. ~ ~ % ~ ( - ~%~~~7'l Zo--( ~ (Seal1 w sQ~9~ 1~83 kFR 2 I F'~# ~ ~ , 1Seaq ~ i.•':ti~ , . ~ - :f'I:t (._~.r ~ • . . i . , ' - - -_-~a~ ~Seal) ~ STATE OF ~Ck~ PIN~;SYLVANIA ~ Count ss: ' I hereby certify that on th~s day. before me` ar ofiicer duly authorized in the state atoresaid and ~n the ~ y county aforesaid ta take acknowledgements, persona!ly appeared ~ ~ CHARLa~S A. E~2NS'T, JR. A MARRI~ MAN ~ ~ ~ to me known to be the person(si descnbed ~n and A: who executed the foregoing ~nst,?ument and acknovriedged before me that Borrowerexecuted the same ~ for the purpose therein expressed. ~ • ~ WlTNESS my ha~d and off~c~al seal ~n the county and state aforesaid this _ ~ ~ ~ day of _ 1~'RIL . 19 83 . .My-Corriftlission~x~~r,~s~ ;~if ~F„~CF ~ ; _ ` K('1~'3tY ?1: ~ . _ , ~ b r. y, •3. vuJ ^~1 ~ - . , " ' . . ~x T~~ ~:i:fiY~ . ~'i~ . ~ . . . ' ~ ~ ~ Notarv PllG!~c ~ S~aQ ' - ~ ~ ~ . ~ A-3a, A 6i79 g~~~ PdGE ~Z ~ ~ ~ v~:~