HomeMy WebLinkAbout0975 . T~
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: IVIQ~~TCA?GE RID~ER ~
~ THi~~gT~AG~I$~~s~or~r~t~d~~~~e~ia~~qn~~~ge entered into by ~
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and FIRST FEDERAL SAVtNGS ANd LOAN ASSOClATION OF MARTIN CQUNTY. ~
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' The following are additional covenants ur~der the above refierenced mo;tgage: . ;
` ~ 24, li foreclosure proceedings of any second martgage or se~ond trust cieed or any juniur lien ~f an~r ;
~ kind should be instituted, the Associaiion may a1 its option, immediately or thereafte~ declare this
- ~ mortgage and ihs indebtedness secured hereby due and p~yable. -
25. To the exteni ot the indebt~dness oi the A3ortgac~ors tb theAsso~iation described herei~ or secured -
hereby, the ~Association is hereby subrogated !o the lien or liens and to the ~iyhts of tne owners -
~ and ho~ders thereof of each and every mortgage, lien or oiher encumbrance on tt~e land described '
~ herein or secured hereby, and ihe respective liens oi said mortgages, liens or other encumbrances
shal; pass to and be held by the Association herein as security f~r the indebtedness to 1h~ Asso-
~ ciation herein described or hereby se~ured, to the same extent that it would have been preserved ' ;
1 ~ and would have beer. passed to and been held by ihe Association had it been duly and ~egulGrly i
F assigned, transferred, set over and delivered unto ihe Association by separate deed of assignmeni, `
~ notwithstanding ihe fact that the same may be satisfied and cancelled of record, it being ihe inten- ~
lion of the parties hereto that ihe same wii( be satisfied and cancelled of record by ihe holders
~ ~ thereof at or about the time ot the recording o( ±his mortgage. -
~ 26. That in the event ihat this mortgage be given to ~secure a construction loan, failure on the part of
t th~ ~<<ortgagors~or their contractors to camplete ~aid buiiding in accordance with Construction
- Loan Agreement, of even date herewith, or to build said construction in accordance with plans
~ a~~ specifications filed with the Associafiu~, shall constitute a breach of this mortgage, and, at the ~
option of the Association, immediately mature the e~~tire amount of principal and interest hereby ~
secured and iha Association may immediaiely institute ~roceedings to foreclose lhis mortgage. ~
In ttie event this mortgage is purchased by a third party, these additional covenants meniioned akio~;2 ;
shal~ become nuli and void. ~ ~
~ IN WITNESS WHEREOF, ~iorrower has executed this Mortgage Rider this 2~ ~ day of ~ ~
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. MAY ,19 82
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Signed, seal~d and deli~~ered . ~ ~
in the pres.~ce of: ~ _ ~
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i %r_~ ~~i~' ~ ~ GlNt-CE~~ ~A.L~'~~z (Seaq i
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ST~1TE OF FLORIDA, County ss: ~I~
I hereby certify tnat on this day, betore me, an officer.du(y authorized in the state aforesaid and in the •
county aforesaid to take acknowledgements, personatly appeared ~
LIANIEL J. S~1~DELIER ATID JOY L. SAI~ELI~t , HIS WIFE ;
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'~~~y . , to me known to be th~ p~rson(s) described in and
whp. r the foregoing instrument und ackr+owledged before me that 8orrower executed the same
ti~erein expressed.
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J.~ ~~,,~SS my har~d and officiat sea! in the county and state aforesaid this ~1~' ,
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:>i ~ . A-301 A S/79