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I!lIIORTGAC;E ~tD~R .
. THtS MORTGAGF RIDER is incorporated inlo that certain morlgage entered into by _
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PYRAMID EQUITIES, INC., A FL0~3IIaA CaO~RPORATION ~
; and ~IRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY.
The following are additional covenants under the above referenced mortgage:
~ 2Q. If foreclosure proceedings ot any second mortgage or second trust deed or any junior lien of any~
kind snould be instit~ated, the Assaciation may at its option, :mmediately or ihereafler declare this
~ mortgage a~d the indebtedness secured hereby due and payable. . '
~ 25. To tne extent of the indebtedness of the Mortgagars to the Assocsation described herein or secured
hereby, the A.~sociation is hereby subrogated to the lien or liens and to the rights of the owners
~ and holders thereoi of each and every mortgage, lien or other encumGrance on the land described
~ herein or secured hereby, and !he respective liens of said mortgages, liens or other encumbrances ~
s shall pass to and be held by the Association herein as security for the indebtedness to the Asso-
~ ciation herein described or hereby secured, to the same extent that it would have been preserveci
~ and would hav~ been passed to and been held by the Association had it besn duly and regularly
~ assigned, i~ ansferred, set over and delivered unto the ~ssaciation by separate deed of assignmeni,
notwithstanding the fact that the same may be satisiied and cancelled olYecord, it being the inten-
tion of the parties hereto that the same will be satisfied and cancelled of record by the ho!ders
thereof at or about the lime of the recording of this mortgage. ~
26. 7hat in the event that ihis mortgage be given to secure a construction loan, failure on the part of
~ the Morigagors ar their contractors io complete said building in accordance with Construction
~ Loan Agreement, of even date herewiih, or to build said construction in accordance with plans
~ - and specifications filed wiih the Association, shall constitute a breach of this mortgage, and, at the
~ ~ ~ option of the Association, 'immediately mature the eniire ~rnount of principal and interest hereby
secu~ed and the AssQCiation may immediately institute proceedings to foreclose this mortgage. ~
~ _
In the event this mortgage is purchased by a third party, Ihese additional covenants mentioned above
~ shall becorne null and void. ~
~ IN WITNESS WhEREOF, Borrower has executed this Morigage Rider this 20TH day of
~
; SEP'I'II~ , 1 g 82 ~ '
~ Signed,. sealed and delivered ~
~ i the presence of: _ ~ I~• ~ ~
. . BY: - ~l
~ - i
/l` - ~ - - (Seal)
j J (~D~'Y, PRFSID - - ~
~ ~ , ~,L- ~~V ~ / Seal .
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~ • 1,48Z S~I` 22 tt'.~ c~~ ,(S~al); -
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i STATE OF FLORIDA ~G' County ss:~,~p '„~t~y ~ s
_ I hereby ceriify that on this day, before me, an afficer duly authorized in the state aforesaid ap~~'~h~ f'~,~ ~
county aforesaici to take acknowledgements, personally ap~eared f''}~':',~_.~~~~:``=':'':;>'~ ~
~ • . r . _ _ ~
- J1~C~i ~'Y, PRFSIDF~ _ ~ _ . ~ . . ~
QF PYRAMID E~tIITIE'S~ INC., -
A FIURI.~A ~Z~I, ON B~3AIF QF ~4iE OOltPC3RATION. - -
i _ ~ , to me known to be the person(s) describe~ in and -
who executed the foregoing instrument and acknuwledged before me that Borrower executed the same
for the purpose therein expressed. _ .
' WITNESS my hand and official seal in the county and state aforesaid this 20'~ _
~ ~ . day of ~ ;.~-t:
~ , 1 ~2 .
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My Con,,~tiSS' -
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~~1~ ? 191185
f ~:~:.N~YyC~~ ; Notary P lic -
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- 3. a 4 ~ I ~.L , ~ i.
~ j-. ~O~K,.~O~ PAGE 90 . ~
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