HomeMy WebLinkAbout0950 PsL-3-3eqo
M4RTGAGE RIDER ~
.
THtS MORTGAGE RIOER is incorporated into that certain mortgage entered ~nt~ by
WIId,IAM J. 232AYI~ AAID JEAN T. ZRAYN(Yt , HiS WIFE
and FIRST FIDELITY SAVINGS AND LOAN ASSOCIATION.
The following are additional covenants under the above re(erenced mortgage:
24. If foreclosure proceedings of any second mortgage or second trust deed or any junior i~en ot any ~
kind should be ~nstituted, the Associat~on may at its option, imme~iately or thereafier dectare this
mortgage and the indebtedness secured hereby due and payable.
25. To the extent of the indebtedness of the Mortgagors to the Assoc~ation des:.ribed herein or secured
hereby, the Association is hereby subrogated to the fien or tiens and to the rights of ihe owners
and holders thereof of each and every mortgage, lien or oiher encumbrance on the lard described
herein or secured hereby, and the respective fiens of said mortgages. liens or othe~ 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 held by the Association had it been duly and regularly
assigned, transferred, set over and delivered unto the Association by separate deed o1 assignment,
notwithstanding the fact that the same may be satistied and cancel~ed of record, it being the inien- :
tion oi the parties hereto that the same w+ll be satisfied and cancetled 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
the Mortgagors or their contractors to complete said building in accordance with Construction
Loan Agre~ment, of even date herewith, or to Guild 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 and interest hereby '
secured and the Association may immediateiy institute proceedings to foreclose this mortgage. i
In the event this mortgage is purchased by a ihird party, these additional covenants mentioned above ;
shall become nutl and void.
IN WITNESS WHEREOF, Borrower has executed this Mortgage Rider this • 16th day of
JANUARY , 19 85 .
Signed, sealed and delivered
in the presence of:
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(Seal)
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~5 JAN 24 A11 :43 (sea~?
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FILEC . ! . -
ROGER r ~ ~ (Seal)
ST. LU :E ,
STATE OF F~, ~ yp~{ County ss: v~z~' S
I hereby certify that on t~s ay, be ore me, an otficer duly authorized in the state aforesaid and in the
co_untyIaf~or J a~d to take acknowled eme-n-t_s1~~-ersan-alyl app~ ared
wiT.T. TE2AYNO~t ArID JF~AN TRA~cIV~ , I~5 WIF~
, to me known to be the person(s) described in and
who executed the foregoing insirument and acknowledged before me that Borrower executed the same
for the purpose therein expressed.
WITNESS my hand and official seal in the co~nty and state aforesaid this • ~~~1~r~c:~~T~
day of J~~ , 19 ~5.
My Commission xp~ ~ •
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