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l1AC3RT~A~~ Rip~R
THIS MOR7GAGE RIDER is incorporated into that certain mongage enter~d into by
Fi0kQ1 J. ANDER..90N AI~ID JQAN E. AI~ID~.90N i HIS WIfi~ ~
and FIRSTF~DERAL SAVINGS ANL~ LOAN ASSOCIATION OF MARTIN COUNTY.
The foilowing are additional covenants under th~ above ref~renced mo~tgage:
~ 24. If forzclosure proceedings af any second morigage or second trust deed or any junior lien of any
~ kind shouid be inslituted, the Associaiion may at its option, immediately or thereafter declare this ~
mortgage and the indebtecness secur~d hereby due and payable.
25. To the extent oflhe indebtedness of the Mortgagors to the Association described herein or secured
hereby, the ~ssociation is hereby subrogated to ihe lien or liens and to the righis of the owners ~
and holde~s thereof of each and every mortgage, lien or other encumbrance on the land described
herein or secured hereby, and the respective liens of said mortgages, liens orotherencumbrances
shall p~ss to and be held by the Association herein as security for the indebtedness to the ~sso-
ciation herein describ~d or hereby s~cured, to the same extent that it v~ould have been pr3served
. and would have been passed to and been held. by the Association had it been duly and regularly
assigned, transferred, set over and deliyered unto theAssociation byseparate deed of assignment, .
notwithstanding the fact that ths same may be saiisfied and cancelled of record, it being the inten-
tion of the panies hereto that the same will be satisfi~d and cancelled of fecord by the holde~s
. thereof at or about the time of the recording of this mortgage. . . :
26. That ~n the ~vent that this mortgage be given to secure a canstruction loan, failure on the part of
- the Mortgagors or their contractors to complete said build~ng in accorciance with Construction
Loan Agreement, of even date herewith, or to build said construction in accordance with plans
and specitications fil~d with the Association, shall c~nstitute a breach of this mortgage, and, at the
option of the Association, immediately mature the entire amount of principat and interest hereby
~ , secu~ed and ihe Association may immediately institute proce~dings to foreclose this mortgage.
In the event this mortgage is purchased by a third party, these additional covenants mentioned above
shall become null and void.
IN WITNESS WHEREOF, Borrower has executed this Mortgage Rider this ~ day of
_ , 19~-.
Signed, sealed.and delivered
. in the presence of:
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STATE ~F FLORIDA, - County ss:ST. L~CIE
- I hereby certify that r~n this day, before me, a~ officer duly authorized in the state aforesaid and in the E
~ounty af~resaid to take acknowledgements, personally appeared .
~?FH~ J. A~IDIIt~90td AI~D ~QAN E ~~IDIIi.903~ , HZS WIFE ~ ~ ~
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. , to me known to be the person~s)~described in and
who executed the foregoi~g instrument and acknowledged betore me that Borrower axecuted the same - -
I, for the purpose therein expressed. - ~ _ _ -
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~.NITNESS my hand and official seal in the county and state aforesaid thi~~~_.~~'~:~~~~~='~~:
- day of ~ 82 - - ~,';::~.4 i~ ~ ~':~.s_ s . ;
~ 19 5 i
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My Commissio~~ expires: - ~~~4~ ~.t : ~
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_ Notary P~blic - _ ~
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" • ysy Comm~ss:~n E~p~r~s Sept.3. 1~-
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