HomeMy WebLinkAbout0980 . - MORTGAGE RiUER
rHiS MORTGAGE RIUER is incorporated into that certain mongage eniered into by'
~1B N. QUN8i4!! kID ~RRT~R 8. L~NB~1?1 ,~R ~SSAltD ~
and AMERICAN PIQNEER SAVINGS BANK, formerly First ~idelity Savings and Loan Assaciation, as
successor by merger w:th Firsi Federal Savings and Loan Association of Martin County.
The tollowing are additional covenants under the above referenced mortgage:
24. If foreclosure proceedings ot any second mortgage or secand trust deed or any junior iien of any
kind should b~ instituted, the 6ank at its option, immediately or thereafter declare this mori~age ~
and the indebtedness secured hereby d~e and payable. • ~
25. To the extent of the indebtedness of the Mortgagors to the Bank des~ribed herein or secure~i a
hereby, the Bank is hereby subrogated to the lien or iiens and to the rights of the owne~s and
haiders ihereof ~f each and every mortgage, lien or other encumbrance on the land described '
herein or secured hereby, and the r~spective liens of said mortgages, liens or other encumbrances
shall pass to and be held by the Bank herein as security for the indebtedness to ihe Bank herein
described or hereby secured, to the same ~xtent that it wouid have been pre~erved and would
have been passed to and been held by the Bank had it been duly and regularly assigned, trans-
ferred, set over and delivered unto the Bank by separate ded ~f assignment notwithstanding 5
the faci that the same may be satisfied and cancelled of record, it being the intention of the parli~s
hereto that the same will be satisfied and cancelled of record by the holders triereof at or about ,
the time of the recorciing of this mortgage.
26. That in the event thal this mortgage be given to secure a cor~struction loan, failure ~n the part of
the Mortgagors or their contractors to complete said building in accordance with Construction
Loan Ag~eement, of even date herewith, or to build said construction in accordance wiih plans
and secifications filed with the Bank, shatl constitute a breach of this rnortgage, and, at ihe opti~n
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, these additional covenanis mentioned above
shall become nult and void. .
IN WITNESS WHEREOF, Borrower has executed this Mortgage Rider ihis 1QI~ day of
~~lt.Y , 19_~.
Signed, sealed and delivered
in the presence of: 4
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~ . ,~~~%c-~~%,~.~~~ ~ (Seal)
ARTHJR B. WNH~!
(Sea!)
(Seal?
STATE OF FLORIDA, ~ Ccunty ss: ~
. I hereby certify that on this day, before me, an officer ~y authorized in the state aforesaid and in the '
county aforesaid ta take acknowtedgements, personalfy appeared
A[~lE N. QJNBAl~I AND ARR'~JR 8. DONKAM ,~R ~58A[~1D
, to me known ta be the p~rson(s) described in anc~ ,
who executQd the foregoing instrument and acknowledged before me ihat Borrower executed the ~ame
fa` the,purpose therein expressed.
~ , . . . ,
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~(~y: •,..~..t,fWt~"+~S iny hand and official seal in the cour~ty and state aforesaid ihis 101'6
Y_d~~-~~~ , 19~.
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Notary at~ dt Florida at t:di-~. r;
My CQmmia`. Expires Nov. 19, 1989.
E3onded thru oWry PuDl1c U~ervrrltQra. i:S i.:,;j; ary Rub(ic
Seaq
~i~-ZOOSSO aoax509 ~cf 9~8
001~6000505
A-301
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