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MORTGAGE RIDER ~
THIS MORTGAGE RIDER is incorporated into that certain mcrtgage entered into by
JOBL l~ITIRB 1~I~ID SUS~I G. I~(UIItS • 8IS WIFS
and AMERICAN PIONEER SAVINGS BANK, f~rmerly First Fidelity Savings and Loan Association, as
successor by merger with Fi~st Federal Savings and Loan Association of Martin County.
The foltowing 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 should be instituted, the Bank at its option, immediately or thereafter declare this mortgage
and the indebtedness secured hereby due and payable.
25. To the extent of the indebtedness of 1he Mortgagors to the Bank described herein or secured
hereby, the Bank is hereby subrogatecl 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 respective liens of said mortgages, liens or other encumbrances
shall pass to and be held by the Bank herein as security tor the indebtedness to the Bank herein
described or hereby secured, ta the same extent ihat it would have been preserved and would
have been passed to and been held by the Bank had it been duly and regularly assigned, t~ans-
ferred, set over and delivered unto the Bank by separate ded of assignment ~otwithstanding
the fact that the same may~e satisfied and cancelled of record, it being the intention of the parties
hereto that the same wilt 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
the Mortgagors or their contractors to complete said building in accordance with Construction
Loan Agreement, of even date herewith, or to build said construction in accordance with plans
and secifications filed with the Bank, shall constitute a breach of this mortgage, and, at the option
• of the Bank, immediatety mature the entire amount of principal and interest hereby secured and
the Bank may immediately institute proceedings to foreclose this mortgage.
In the event this mortgage is purchased by a third party, thess additional covenants mentioned above
shall become null and void.
fN WITNESS WHEREOF, Borrower has executed this Mortgage Rider this ~ day of
JAI~J~FtY , 19_ ~
Signed, sealed and delivered /
in the presence of: ~
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~ STATE OF FLORIDA, ~ County ss:
~ I hereby certify that on this day, before me, an oificer duly authorized in the state aforesaid and in the
~ county aforesaid to take acknowledgements, personally appeared
JOEI, M~OC~E ArID S[JSAN G. Mi0(~JZRE , ffiS WIFE
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„ , to me known to be the person(s) described in and
who ~x the foregoing instrumeni and acknowledged before me that Borrower executed the same
' p ~ ~ erein expressed.
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~ my hand and official seal in the county and state aforesaid this ~
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f Notary P~3bNe~ State of Fbrfda at l:arge•
My OtflRlifit6on Exp~res Nov. 19, 198A ary Publ~c
~i3?iryd~d thru Notary PubYc UnGerw~iterw
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i 00185000870 BQOk pAGE ~10
- A-301
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