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~37494 RBPUBLIC Sl~?~IIHGS Bl?N1C
MOR?GI?GB btZD88 8HGJ18DING CONS?BUCRION LQAN
THIS MORTGAGE RIDER REGARDING CONSTRUCTION LOAN is incorporated into and
shall be deemed to amend and supplement the mortgage ("Mortgage") of even date
given by the undersiqned (individually and collectively, the "Mortgagor") to
REPUBLIC SAVINGS BANR (the "Mortgagee") to secure payment of a note (the
"Note") of even date in the principal amount of S 41,000.00
ADDI?IONAL COVBNAN?S. In addition to the covenants and aqreements made
in the Mortgage, Mortgagor and Mortgagee further covenant and aqree that (i)
all of the terms and conditions of the Construction Loan Aqreement (the
"Construction Loan Agreement") of even date betWeen Mortgagee and Mortqagor
for the construction of improvements on the property encumbered by the
Mortgage are hereby incorporated into the Mortqage, (ii) any default under the
Constructioi~ Loan Aqreement shall constitute a default under the Mortgage, and
(iii) any advances or disbursements made under the Construction Loan Agreement
to enable completion of the contemplated improvements, ~+ith interest on such
advances or disbursements, are secured by the Mortgage.
BY SIGNING BELOW, Mortgagor accepts and agrees to the terms and covenants
contained in this Mortgage Rider Regarding Construction Loan.
MORTGAGOR : PnRT ST . L~JCIE PROPF~E2TIFS , INC A FL~ORIDA
OORPORATION
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