HomeMy WebLinkAbout0991 MORTGAGE RIDER
TNIS MORTGAGE RIDER is ~ncorporated ~nto that certa~n riortgage entereci ~nto by
OAVID E. PURKEY ,A SINGI,E MAN
and FiRST FIDE~ITY SAVINGS AND LOAN ASSOCIATlON.
The foilow~ng are add,t+onal covenants under Ihe above referenced mortgage:
24. If foreciosure Qroceedings ot any second mortgage or secand trust deed or any ~un~or ~~en of any
kmd should be ~nst~tuted, the Assec~at~on may at ~ts opt~on. ~mmed~ately or thereatter declare th~s
mortgage and the ~ndebtedness secured hereby due and payabie.
25 To the extent of the ~ndebt~dness of the Mortgago~s to the Assoc~at~on descr~bed here+n or secured
hereby, the Assoc~ation ~s hereby subrogated to the i~en or I~ens and to !he nghts of the owners
and holders thereof of each and every mortgage. I~en or other encumbrance on the land described
here~n or secured hereby. and the respect~ve liens of sa~d mortgages, t~ens or ather encumbrances
shall pass lo and be held by the Assoc~at~on here~n as secur~ty br the indebtedness to the Asso-
c~at+an here?n described or hereby secured. to the same exteht that ~t would have been preserved
and would have been passed to and been he~~ by the Assoc~at~on had ii been duly and regu~arly
assigned, transferred, set over and del~vered unto the Assoc~aUon by separate deed ~f ass~gnment.
notwithstanding the fact lhat the same may be sat~sf~ed and cancelled of record, +t be~ng the ~nten-
tion of the parties hereto that the same w~ll oe sat~sf~ed and cancelled of record by the holders
thereof at or abo~t the t~me of the record~ng of th~s mortgage.
26. That ~n tFie event that th~s mortgage be given to secure a construct~on loan. ta~lure on the part ot
the Mortgagors or the~r contractors to complete sa~d bu~ld~ng ~n accordance w~th Construction
Loan Agreement. of even date herewith, or ro build sa~d construct~on ~n accordance w~th plans
and specifications i~led w~th the Assoc~ation, shall consUtute a breach of this mortgage. and, at ih~
option of the Assoc~at~on. ~mmed~ately mature the ent~re amount of princ~pal and ~nterest hereby
secured and the Assoc~ation may immediately ~nstitute proceed~ngs to forec~ose this mortgage.
In the event this mortgage is purchased by a th~rd party. these add~t~onal covenants mentioned above
shall bscome nuf! and void.
IN 4ViTNESS WHEREOF, Borrower has executed th~s Mortgage R~der th;s 26Z4i day of
MAY . 19~_ .
Signed. sealed and del~vered
in ~he presence oi:
~ ~ /
; ; ` / ~ - /
I ~ n-I-r 1'~'-i'~ - ~~I -ISeaij
/ L
i . ' ~ ~ DAVID E . PiJRKEY ~
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' -~~=r~ ----!Sea~~
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- -(Seal)
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~ _ _ _iSeal)
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STATE OF FLORIDA. ~IN County ss:
~ I hereby cert~fy that on th~s day, before me. an officer duly authonzed ~n the state aforesa~d and ~n the
county aforesa~d to take acknowledgements. persoralfy appeared
~ DAVID E. PURKEY ,A SINQ,E MAN
~
~
~
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~ . tc me known to be the person~s) descr~bed ~n anc~
~ who executed the foregoing instrument and ackno~vledged betore me tnat Borro~r~er executed the same
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for the purpose therein expressed.
~ . WfTNESS my hand and off~c~al seal ~r the county and state aforesa+d th~s _ 2~
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