HomeMy WebLinkAbout0934 DUE ON FURTHER ENCUMBRANCE RIDER
NOTICE: THIS RIDER ADDS A PROVISION TO~THE SECURITY INSTRUMENT
PROHIBITING THE BORROWER FROM FURTHER ENCUMBERING THE
PROPERTY.
This Rider is made this 19th day of ,
198 6, and is incorporated into and shall be. eemed to amend
and supplement the Mortgage, Deed of Trust, or Deed to Secured
Debt (the "Security Instrwaent") of the same date given by the
undersigned (the "Borrower") to secure Borrower's Note to
AMERiCAN PIONEER SAVINGS BANK (the "Lender")
o the same date the Note and coverin.g the property described
in the Security Instrument and located at
XXX Thanks ivin Street Port St. Lucie Florida 33452 .
Property A ress
In addition to the covenants and agreements made in the
Security Instr~unent, Borrower and Lender further covenant and
agree as follows:
A. PROHIBITION OF FURTHER ENCUMBRANCE
The Security Instrument is amended to include the following
as an additional covenant of Borrower:
24. Agreement Not to Further Encnmber. As part of the
inducement for Lender to Make the Loan evidenced by the Note and
Mortgage, Borrower covenants and agrees not to mortgage, finance,
or otherwise further encumber any interest (either legal or
beneficial) in or any part of the Property, without the prior
written consent of the Lender. In the event any such encumbrance
is made by the Borrower, Lender, at Lender's aption, may declare
all the sums secured by the Mortgage to be immediately due and
payable. If Lensier exercises such option to accelerate, Lender
shall mail Borrower notice of acc~leration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not
less than thirty (30) days from the date of that notice is mailed
within which Borrower may pay the sums declared due. If Borrower
fails to apply such sums prior to the expiration of such period,
Lender may, without further notice or demand on Borrower, invoke :
~ any remedies permited by paragraph I8 of the Mortgage.
~ IN WITNESS WHEREOF, Borrower has executed this Rider.
~
z
~
~~~01 ~ oon xa n - Borrower
P
~ 9 (SEAL) -
~ un Kwon - Borrower
;3 A10:04
~
~ ~
~
~ ~
,
i
f
~
_
. }
~
~ 600K 5O~ PAGf ~7~ j
~ i
s
~
- ~
_ .
. . _ . _ _
_ _ _ _ _ _ - - - ~ _