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HomeMy WebLinkAbout2145 TO HAVE AND TO HOLD the same. together with the tenement. bereditamenb and ap~pntteoanoea. treto the Mortgages. in fee t~impk. AND` the Mortgagor dos hereby covenant with the Mortgagee tlwt be B iodefeasiby seined of aid land is fes simple. that he has full power and lawful right to convey said land in lee simpb as doresaid; that it shall be Lwful for the Aortgagee at all tunes pea@ly and quietly to enter upouti hold. occuppyy and espy said Ord; that said laid is free from all iacumbranoes; that 6e wfU matte au f assurances to protect the fee simple tr'tle to said land in the Mortgagee as ma reasonably be required; that hs doa hereby fully warrant the title to aid land and will defend the sauna against the lawful claims of all persons whomsoever. PROVIDED, ALWAYS. that ff tbs Motgagor shall pay mto the Mortgagee the certain promissory note of which the following in words soil figures b a true copy. to-wits C0111MUNITY FEDERAL SAVINGS AND LOAN ASSOCIATION OF RIVIERA BEACH I ~,'~IIx~~tz~E •~D~E i ~ RIVIEM BEACH, FLORIDA December ~19 ?9 ~ Being iaclebted, for value received, the undersigned jointly and severally promise to pay to COMMUNITY FEDERAL SAV• i INCS AND LOAN ASSOCIATION OF RMERA BEACH at its office is the City of Riviera Beach, Florida, or order. the sum of FIFTY TWO THOUSAND FOUR HUNDRED & No/100ths DOLLARS 52, 400. 00 ) ' together with interest thereon as hereinafter stated in monthly installments of FIVE HUNDRED SIXTY ONE AND O7/100ths------------------------------------------ DoLLARS(i561.07 ~ The first installment shaD l,e dare and payable on thelOth ~Y ~ May 19 $Q and subsequent iastaWnents shall be ud~lue and payable on the 10th day of each and every calendar month thereafter nntilB a~~~c~ ineer~c are ab~ ~mont~ntil the first payment above-mentioned, interest ~i ue an pay y Larrgger strmt array be paid at any time, but the ppaayment of any such larger sums in addition to the payments herein re- quired shaD not relieve the makers of the payment of the monthly installnents herein pprovided for, unless it is specifically stipu- laced by the makers at the time of payment that such larger Burns are to be applied to tfie advance payment of the monthly install- ; meets treat matunng ra the order of their due dates. All payments made upon this note shall he applied first to the payment of accrued interest and secondly upon the principal. Thu obligation shall bear interest from date at the rate of twelve and one/half per cent ( 12. 50 per annum until the principal and interest arc fully paid. Interest for each calendar month shall be accrued on the fist day of said month and be cumputecl on the unpaid I~alauce of principal and interest existing on the lazt day of the prea•cliug month. This note shall Ire consideretil in default when any pay- ment required to be made hereunder shall not have keen made by its due date and shall remain in default anti) said payment shall have been made. \Vhile in default, this note shall bear interest at the rate of fifteen- - - - - - - - - - - - - - - - - per cent ( 15. 00 Per annum in lien ~ the rate 6ereinbefore spedfied. All makers and endorsers now or hereafter parties hereto jointly and severally waive demand, notice of non- payment and protest, and agree that in the event of clefmr t in the payment of any installment due hereunder for a period of thirty (30) days the whole of said indebtedness shall thereupon at the option of the holder, become immediately due and pay- able, acrd if this note becomes in defatdt and is placed in the hands of an attorney for collection, to pay reasonable attorney's fees and :dl other costs including costs and attorneys fees of Appellate Court Proceedings for making such collection. This note u?ay be prepaid in whole or in part at any time without penalty. i - ---------(SF.AL)s~ ill iam_ T. Smith _ . (SEAL) William T. Smith M _____,_(S~,) s /Pate is ia_ A . Smith (SEAL) Patricia A .--Smith (Phis note is secured by a mortgage of even date executed by the makers in favor o[ Community Federal Savings and Loan Assn. ~ of Riviera Reach ) and shall promptly perform, comply with, and abide by each and every the stipulations, agreements, conditions, aril covenants of said prom- is~ory note artd of this deed, tl?en the estate hereby created shall cease aril be null and void. AID the Mortgagor does hereby covenant and agree: I. To pay all and singular tl?e principal soil interest and other sums of money payable by virtue of said promissory note sect this mort- ,age, or eitlrcr, promptly on the days respectively, the carne severally come due. 2. To pay all and singular the lases, assessments, levies, liabilities, obligatioru and encumbrances of every nature on said described prop- ~rty rash and every when due anal payable according to law, before they become delinquent, and if the same shall not be promptly paid the ~tortg;rge•r Wray at any tithe citlrer lx-fore or after dcliuquency pay the same without waiving or affecting the option to foreclose, or any right hereunder, and every payment so oracle shall bear interest from the date thereof at the rate provided in said promissory note. 3. To keep the buildings and all equipment and personal property now or hereafter on said premises, covered by this mortgage, insured in a sum at least equal to the unpaid balance of this mortgage, including fire flood, extended coverage vandalism, malicious mischief, and any other coverage rcc uirecl by the mnrts;aKer, az to protx•rties other than dwel~ings and fire, flood, exterre~ed coverage, special-form other-perils ~nsurancr• and any o~er coverage rerprired by the mortagec, on dwellings eligib~e for such broadened coverage -provided, however, that such insurance be in an amount sufficient to rnmply with any co-insurance requirements covering same under the laws of the State of Florida, suet provid<•d further brat the pc,liey or policies shall be written in a company or companies and through an agency satisfactory to the Mort- t;a¢c•e and that said polices or policies shall be held by the Mortyagce and sha0 bear a standard Nevv York \tortgagce Clause without contribu- tion, nrakine the loss under said policies payal,le to the ~fortca}gee as its interest may appear, and in the event any sum of mtmey becomes p1 ~y.ehlc unc)er am• strc~ poll the ~tortrg:rgor to `receive arnlsuse) it,aor ane option to receive artd apply the same on account of the indebtedness t • ••hy secnn•d, or to y part thereof, for other purposes, without thereby waiving or impair- iut auy equity, lien, or richt urxler and by virtue of this mortcas;c; and in the event the Mortgagor does not rnmPPly with this covenant, the ~lurteaecc gray plc: r amt pay for such intnrancr, or any part thcrrof, without waiving or affecting the option to (oredc~sr, or am• ri~*ht here- nndcr, ana the frill arnnmt of each anal every such payment shall be immediately ilea and payable, and shall bear interest from the date thereof until paid at Ure default rate pmvidr•d in viid note and together with such interest shall Ire secured by the lien of this mort?;ace. lnarr- arur covrriu, lire peril of flood damaxe shall lx• az ny;uirrcl by the Federal Disavtrr Protection Act of 1973, or as amended, aril mortgaur r~ovenauts aril agrees to comply in alJ respects with the provisions thereof. 4. That mort_a>;rr may, at any time during the mortgage t~rnr, and in its discretion, apply for renewal of mortgage t•uaranh• imuranr covr•rint! the rnort.a;;c• ezr•cuted by the undersi~,ned nn even date herewith, ppay the premimm due by reason thereof, and require repayment by the undcrs~~,nea of Suctr amnnnta as art aa.anecd by Baia rnorttaCee. In the event of failure by the undersigned to re ay Baia amounts to wid mortgagee, such failure shall be~ ousi~'ered a default, and all provisions of the note and mortgage with regard to default shall he applic- able. 5. To permit, commit or suf[er no waste, impairment or deterioration of said property, of any part thereof, and upon the failure of the murtgagnr to keep ibe buildings on said property in c;ooc! con!ition of n•pair, the \fortgaKe'e may demand the immediate repair of said build-. in•d~, or an inc•reasr in the amenmt of security, or the immediate repaymeut n( the debt hereby secured and the failure of the Mortgagor to rnm- piy with swirl demarxl of the Mortgagee for a period of thirty (31)) days, shall constitute a hrPach of this mortgage, and, at the option of the \tortt:agee, inun.•eliately mature the entire amount of principal aril interest hrrehy secured, and immediately and without notice, the Mortgagee rosy institute proceedings to foreclose this mortgage and apply for the appointment of a Receiver, su hereinafter provided. n1rAn• na an !