HomeMy WebLinkAbout0975 ~
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~ n~oR-~~~G~ ~r~ER
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THIS M RT AAGF~Ef~i~~~a~d~ I~~~~mc~~e er~~~~b~ ;
and FIRST FEOERAL SAVING~ AND LOAN ASSOCIATION OF MARTIN COU~lTY.
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- Tha following are additional covenants under the above refPrenced mortgage: ~ ~ ~
24. Ifi foreclosure proceedings of any second mortg~ge or second trust deed or any junior lien of any ~
~ kind should be instituted, the Association may at its option, irnmecSiatel~ o~ thereafter declare this
1 mortgage and the indebtedness secured hereby due and payabla.
25. To the extent of the indebtedness of the Mortgagors to the Association described herein or secured
he~eby, the Assooiation is hereby subrogated to the lien or liens~and to the rights oi th~ owners i
~ and holders thsreof of each a~id every mortgage, lien or other encumbrance on theland describeci ~
! herein or secured hereby, and the respective liens of said mo~tgages, I~ens or otherencumbrances ~
~ shall pass to and be held by the Association herein as security for ths indebtedness to the Asso- ~
ciation herein described or hereby secured, to the same extent ihat it would have been preserved ;
and wauld have been passed io and been helci by tha Association had it been duly and regularly ;
~ assigned, trans(erred, set overand delivereci unto theAssociation byseparate deed of assignment, t
notwithstanding the fact that the same may be satisfied and can~etled of record, it being the inten- ;
~ tion of the parties hereto that 1he same will be satisiied and cancelled oi record by the holders
~ thereof at or about the time of the recording of this mortgage. ~ .
~ 26.~ That in the event that lhis mortgage be given to secure a const~uction loan, failure on the part of i
the MortCagQrs or their c~ntractors to complete said building in accordance witt~ Construction ~
Loan Agreement, of even date herewith, or to build said construction in accordance with plans {
and specifications filed with the Association, shall constitute a breach ~i this mortgage, and, at the . ;
~ option of the Association, immediately mature the e~tire amount of principal and interest hereby i
sec~red and the Association may immediately institute proceedings to foreclose this mortgage. }
~ In ihe event this mortgage is purchased by a ihird party, these additional cavenants mentioned above - ;
~ shall become null and void. ~
~ IN WITNESS WHER~OF, Borrower has executec± this Mortgage Rider this ' y~ day of
~ SEP'.I'~MBF~2 ~ ~ 1 g g 2 _ . ~
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~ Signed, sealed and~delivered
in the pr~sence of:
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STATE OF ~#k~~cPII~1SYLVAI~IIA County ss: • ~
I hereby certify that on this day, before me, an ofiicer duly authorized in the state afCo
a id an in the ~
` county aforesai~ to take acknowledgements, personally appeared ~
RAYtrYJND A. I~i0TI~0 ,A MARRIID MAN AI~ LAWRENCE F. E~N A MARRIE~ MAN {
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- , to me known to be the person(s) described in and
who executed the foreg~ing instrument and acknowledged 5efore me that Borrower executed the same
~ for ~he purpose therein expressed. ~ .
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; - WITNESS my hand and official seal in the county and state aforesaid this ~g~
~ f day of 19 82 -
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My CQ Jv -15d"YI • Ces: . • ~
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~ .:'~i~t`a n'~} e t'~i?i1 ~orQSt 1~vr7., C~•:.. _
~ s~~ r;~; ~Y CQfiTntssion Expires frf.;Y 2, 1i,33 -
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