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Home My WebLink About1882 TO RAVE AKD TO HOLD the save, together with the tenements, 6ereditamwts and appurteaanoea, unto the Mortgagee, in fee simple. AND the Mortgagor does hereby covenant with the 11lortga~ jee that he is indefeasibly seized of said hold is fee simple, that be has full po~s~er and lawful right to convey said land in tee simple as aforesaid; that it shall be Lwful for tl?e 1?lurtgagee at aU times p~aoeat?}y and quietly to enter upon, hold. occupy and ea said land: that said land is free free aD iacumbrances; that he will make such further assurances to protect the fee simple title to said land in the Mortgagce a: ma reasowbly be required: that he doe hereby fully warrant the title to said land and wiU defend the acme against the lawful claims of ~ persons wh~oanaoever. PROVIDED. ALWAYS. that H the lfatgagor shaD pay naDO the Mortgages the certain prouriaaory note of whteh the following M words anti figures b a true Dopy, to-wltr C011iMUNITY FEDERAL SAVINGS AND LOAN ASSOCIATION OF RIVIERA BEACH i IIx~~M~E ~DfB RIVIERA BEACH, FLORIDA March 21 19 79 Being indebted, for value received, the undersigned jointly and severally promise to pay to COMMUMTY FEDERAL SAV- WGS AND LOAN ASSOCIATION OF RIVIERA BEACH at its office fn the City of Riviera Seaeh, Fbrlda, ar order. the sum of THIRTY TWO THOUSAND AND NO HUNDREDTHS DOLLARS(i 32,000.00 ) together with Interest thereon as hereinafter stated in monthly installments of TWO HUIv'DRED EIGHTY EIGHT AND i 28/100------ - DOLLARS (i 288.28 The flat insbllmaat shall be due and payable on the 10th day ~ September 19 79 and subsegneat installmeata shaD be due and payabb on the 10th day of each and every cxleadar month thereafter until the principal and interest are fully paid. Until the first payment above-mentioned, interest shall be due and payable monthly. y~er sums may be paid ac any time, but the payment of any such larger sums -in addition to the payments herein re- gwred shaII not relieve the makers of the payment of the monthly irutaDments herein provided for, unless tt Ls specifically stipu- lated by the makers at the time of payment that such larger sums are to be applied to the advame payment ~ the monthly iastaII- ments nest ma~~riag m the order of their due dates. All payments made upon this note shaD be applied first to the payment of secured interest and secondly upon the P~p~• This obl'gation shaD bear interest from date at the rate often and one/quarter P~ cent ( 10.25 ) per annum until the principal and interest are fully paid. J Interest for each calendar month shall be accrued on the first day of said month and be computed an the unpaid balance i of principal and interest existing on the last day of the preceding month. This note shall be eoa~idered in defauh when any pay- ~ went required to be made hereunder shall ~t have been made by its due date and shall remain in default until said payment shall alt, ` have base made. Whrk in defa this note shall bear interest at the rate of -fifteen------ per Dent ( 15 9L) per annum io lieu of the rate hereinbefore spedfied. All makers and endorsers naw or hereafter parties hereto jointly and severally waive demand, notice of non- yment and protest, and agree that in the event oft im the payment of any iastallmeat due hereunder for a period of (30) days the whole of said indebtedness shall thereupon at the option of the holder, become immediately due and pay- able, and if this note becomes in default and b phoed in the hands of an attorney for oollecHoo, to pay reaaoaabk attorneyrs fees and all other costs including costs and attorneys ffeeeas of AppelLte Court PmoeedinRr for malting such eollecfiar. This note may be prepaid in whole or in part at say time without penalty. - ---s~dward _I . _P11t~la>Z--------------- - -----(SEAL) Edward J. Phelan ~ ~i.) . -s~-Sylvia _M; Phelan _ (S~,) t I kS~?lvi~a M. Phelan (This note is secured by a mortgage of even date executed by the ma m aunt of Community Federal Savings and Lawn Assn. of Ri~icra Beach ) and shall prom~y ~rform, comply with, and abide by each and every the nlatioos, agreements, coaditioas, and covenants of said prour- t issory note and of this deed, ihea the estate herby created shall cease and null and void. ~ AA'D the Mortgagor does hereby ooveaant and agree: f i. To pay all and singular the principal and interest and other soma of money payable by virtue of said promissory note and this wort- gage, or either, Promptly on the days rapedively, the same severally come due. 2. To pay aIl and singular the toes, assessments, levies, liabilities, obligations and encumbrances of every nature on said described prop- mercy each and every when due and payable according to law, before they become delinquent, and R the name shall not be promptly paid the Mortgagee may at any time either before or after delinquency pay the same without waiving or affecting the option to foreclose, or any right hereunder, and every payment so made shall bear interest from the date thereof at the rate provided in said promissory note. 3. To keep the buildings and aII egwpment and personal p~operty or hereafter m said premises, covered by this mortgage, insun~d in a sum at least equal to the unpaid balance of this mortgage, indudiag fie, flood, e:teaded coverage vandalism, malicious mischief, and any other coverage required by the mortgagee, as to properties other than dvrellinpp~~ and fire, flood, ertenr~ed coverage, special-form other-perils insurance, and any other coverage required by the mortagce, oa dwellings eligib~e for such broadened coverage -Provided however. that such insurance be in an amount sufficient to oompiy with any oo-insurance requirements covering same under the laws of the Sttate of Florida, and provided further that the policy or policies sshhaalht be written in a company or companies and through an agency satisfactory to the 1?iort- - Ragce and that said Polley or policies shall be held by the Mortgagee and shall bear a standard New York Mortgagee Clause without oontribrr- tion, malting the loss under said policies payable to the Mortgagee as its interest may appear, and in the evwt any smn of money becomes ~ payable under any such policy or apoLcres, the Mortgagce shall have the option to receive and apply the same ao aocormt of the indebtedness hereby secrued. or to permit the l~iortgagor to receive and use it, or any part thereof, for other purposes, without thereby waiving or impair- ing ~Y equity, lien, or ri t under and by virtue of this mortgage; and in the event the Mortgagor does not compply with this covenant, the I?lortgagce may pl~a~ce and pay for such insurance, or any part thereof, without waiving or affecting the option to foreclose, or any right here- under, and the full amount of each and every such payment shall be immediately due and payable, and shall bear interest from the date thereof until paid at the default rate provided im said note and together with such interest shaII be secrrn~ by the lien of this mortgage. Insrrr- _ once covering the peril of flood damage shall be as required by the Federal Disaster Protection Act of 1973, or as amended, and mortgagor rnvenants and agrees to comply in all respects with tbe provisions thereof. j 4. That nwrtgagce may, at any time during the mortgage term, and in its discretion, apply for renewal of wortgage guaranty insurance covering the wortgage executed by the undersigned on even date herewith, pay the premium due by reason thereof, and require repayment by the undersigned df such amounts as are advanced by said mortgagee. In the event of failure by the undersigned to repax said amounts to said mortgagee, such failure shaD be corssidcred a default, and all provisions of the note and mortgage with regard to default shall be appHc- able. 5. To permit, commit oT suffer no waste, impairment or deterioration of said ppttoptrty, or any part thereof, and npoa the failure of the mortgagor to keep the buildings om said property in good condition of repair the Mortga may demand the immediate repair of said build- lugs, or an increase in the amount of security, or the immediate re yment of t~e debt here secured and the failure of the Mortgagor to com- ply with said demand of the Mortgagee for a period of thirty (30 days, shall constitute a ch of this nwrtgage and, at the option of the i?tortgagee, immediately mature the entire amount of principal an~interest hereby secured, and immediately and without notice, the 1liortgagee may institute proceedings to foreclose this mortgage and apply for the appointment of a Receiver, as hereinafter provWed. g~~.~~US -~~47~ - _ _ -