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HomeMy WebLinkAbout0981 MORTGAGE RIDER THIS MORTGAGE RIDER ~s ~ncorporated into that certain mortgage entered into by ~P?RLES A. F.RKS'T, JR. , A t3i~RRIID FiRN AI~ID FIRST FIDELITY SAVINC~ AI~ID L~1N AS.90CIATION The iollowing are additional covenants under the above referenced mortgage: 24. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien oi any kind should be instituted, the Association mav at its option, immediately or thereafier declare this mortgage and the indebtedness secured hereby due and payable. 25. To the sx!~ni o! the inde~?edness of ihe MoRgago~s io the Association describe~ herein or sec:~red 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 respect~ve iiens ~t said mortgages, liens o.? other enc~mbrances shall pass to and be he~d by the Association herein as security for the indebtedness to 1he Asso- ciation herein described or hereby secured, to the same extent that it would have been preserved and woutd have been passed to and been held by the Association had ii been duly and regularly assigned, transferred, set over and delivered untotheAssociation byseparatedeed otassignment, notwithstanding the fact 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 record 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 ihe tviorigagors or tneir contraciors io compieie saia duiiaing fn accoraance witn 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 ancl interest hereby secured and the Association may immediately institute proceedings to foreclose th~s mortgage. In the event this mortgage i~ purchased by a third party, these additional covenants mentioned above shali become null and void. ~ !N WITNESS WHEREOF, Borrower has executed this Mortgage Rider tnis ~ ;~'~~~1 day of APRIL .19 83 Signed, sea!ed and delivered ~n the presence of: - ~ ~ ; ) . " ' s', ~.i. • f~';4_~~ L ~'1~ ~ `'"~~rSea~) ~ , _ CHARI,F~S A. E~tIZST, JR. " ~ ~ Un~~ ,~~3 _ _ (Seal) „ , ' _ sU~.S~~ ' . c r,,? ~ . . - (Sea!) ; . ~ . `y r• ~ ~ r , i ~ - (Seal) ~ f STATE OF ~d~6{X PII~ISYLVANIA 1~ ~ ~ . ~ ~ . County ss: ~ ` I hereby certify that on this day, be!ore me. an off~cer duiy authonzed in the state atoresa~d and in the > z county aforesaid to take acknowtedgements, personaliy appeared s P CT~ARI.~ES A. E~2N.S'T, JR. , A M~1FiR~ID MAN ~ ~ € ~ . to me known to be the personrs? described in and who executed the forego~ng ~nstrument and acknowledged before me that Borrower executed the same for the purpose therEin expressed. ~ WITNESS my hand and off~c~al s2al ~n !he county and state aforesa~d th~s ~ ~ _ - ~ day of _ APRIL _ . 19 8j . ~ ~ s , ~ My Cora~miSsion ex~3ih2s~ ~ ~ J ~ ~'~;'~f p~ary t'•..F,t~ „ =.,~rz.. C-.fs.:a.v :A. ~ ?~tt .,.::t~m~-~:;;i E.cc,ins f~t;¢ T, 1d34 • /j r ~ j. l~ t / i ,<i~'~ ~ • ~ Notary Pub?i ~ Sea ~i ~ . ~ ~ ~ ti~~o~ r. ~~~y ~I;R PACE +7V~ g B;.UI( ~v~r ~ - ~ ~ - ~ . ~ ' '