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Home My WebLink About1142 • TO fIAVE AND TO HOLD the same. togetbes with the tenamenCr, heredltamcr•~ and apptuteaanoa, tmto the Mortgagee, In fee simpb. AND the Mortgagor does hereby covenant wlth the Mortgagee that he b indefeasibly seized oI sakl lard fn fes simpb, that hs 6aa full power aril lawful right to catvey said land in foe simpb as aforesaid; that it stroll be lawful for the Afortgagee at all tunes pea ~ly and quietly to enter upno, hold, occuppyy and en said land: that raid land is free from all iac:wnbrances; that be will make such f assurance to proteM the fee simpb d'de to Bald land fn the Mortgagee as ma reasonably be required; that be doe hereby fully warrant the title to said land and will defend the same agair?ct the lawful claims of all persons wbomsorver. PROVIDED, ALWAYS, that if the Mostgrtg~otr shall pay nato the Mortgagee the oertaln proarissosy note of which the following in word: and figures b • true copy. to•wit: ~ - CO~ibiUNITY FEDERAL SAVIlVGS AND LOAN ASSOCIATION OF RIVIERA BEACH ' ~IIX~~2I~E ~A~E i RIVIERA BEACH. FLORIDAJanuary 4, 19 80 Being indebted, for value received, the undersigned jointly and severally promise to pay to COMMUNITY FEDERAL SAV- ~ INCS AND LOAN ASSOCIATION OF RIVIERA BEACH at its office fn the City of Riviera Beach, Fbrida, or order, the sum of 1WENTY TWO THOUSAND AND NO HUNDRIDTHS-~ - DOLLARS (S 22,000.00 ) together with interest thereon as hereinafter stated in monthly installments of Two Hundred Fift. Two and 65/100------------ (s 252.65 The first installment shall l,c due and payable on the ..10th day of February 19 80 ' and subsequent iactaWnents shaD l,e due and payable on the 10th day of each and every calendar month thercaftcr until the principal and interest are fully paid. Larger sums may be paid at an time, but the payment of any such larger sums in addition to the payments herein re- quired shall not relieve the makers of the payment of the nxrnthly installments herein provided [or, unless it is specifically stipu- lated by the makers at the Gme of payment that such lamer sums are to he applied to the advance payment of the monthly install- ments next matunng in the onler of tfrefr due dates. All payments made upon this note slraU be applied first to the payment of acrmecl interest and secondly upon the principal. This obligation shall bear interest from date at tt?e rate of Thirteen and one/half-Per cent ( 13.50 per annum until the principal and interest arc fulh• paid. Interest for each calerxlar month shall be accrued on the• first day of said month and be computed on the unpaid balance of principal and interest existing on the last clay of tl?c precrcline month. This note shall he considered in default ~~•hen any pay- mc•nt required to be made hereunder shall not have been made by its due date and shall remain in default until said payment shall have been made. While in default, this note shall bear interest at the rate of per cent ( 15 Par amum in lieu of the rate hereinbefore specified. °-"Fifteen---- All makers and endorsers now or hereafter becoming parties hereto jointly and severally waive demarrcl, notice of non- payment and protest, and agree that in the e~rnt of default 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, and if this note bernmes in default and is placed in the harxis of an attorney for rnllPCtion, to pay reasonal,le attorney's fees and all other costs including casts and attorneys fees of Appellate Court Proceedings for making such collection. •I his note may be prepaid in whole or in part at any time without penalty. ~ ~(Sg,~,) S/Dieter__Koch. (SEAL) Dieter Koch I i (S~) S/Christa Koch (SEAL) j - - - - - - - - - - i "Christa Koch ~ i i•fbis note is secured by a mortgage of even date executed by the makers in fa.~or of G,mntunity Federal Sasings and Loan Assn. of liiviera Beach ) { and shall prompfly perform, comply with, and abide by 'each acrd every the stippulations, agreements, rnnditions, and covenants of said prom- issory note and of this deed, then the estate hereby created shall cease and be null and void. AND the Mortgagor does hereby covenant and agree: 1. To pay all aril singular the principal and interest and other snms of money payable by virtue of said promissory note and this mort- cage, or either, promptly on the days respectively, the same severally come due. 2. To pay all arxf singular the taxes, assessments, levies, liabilities, obligations and encumbrarues of every nature on said described prop- :rty each and every when clue and payable affording to law, before they become delinquent, and if the same shall not be promptly paid the \lurtgagce may at any time either before or after delinquency pay the same without waiving or affecting the option to foreclose, or soy right hereunder, and every payment so made shall bear interest boor the date thereof at the rate provided in said promissory note. 3. To keep the buildings and all ec~uiptnent and personal property new or hereafter on said premises, ooverexl by this mortgage, insured in a sum at least equal to the unpaid balance of this mortgage, including fire, food, a:leaded coverage vandalism, malicious mischief, and any order coverage rec wired by the mortgagce, as to properties other than dwellings anti fire, food, exterxl'ed coverage, special-form other-perils in.uranm, and any ot~er coverage reclnired by the rnortagee, oo dwellings eligible for such broadened coverage -provided, however, that such insurance l,e in an amount sufficient to rnmply with any co-insurance requirements cm~ering same under the laws of the State of Florida, and pros"ided further that the policy or policies shall be written in a company or companies and through an agency satisfactory to the Atort- gat•ce aril that said policv or policies shall be held by the Mortgagee and shall bear a standard New York Mortgagee Clause without contribu- tion. making the loss unc(er said policies payable to the Mortgagee as its interest may appear; and in the event any sum of money becomes pp r~-:role under any such policy or policies, the Mortgagee shall have the option to'receive and apply the same on account of the indebtedness i Frrrrby sec»n•d, or to pernrit the Mortgagor to receive and rue it, or any part thereof, for other purposes, without thereby waiving or impair- ~ inC any equity, 1irn, or right under and by virtue of this mortgage; and in the event the Mortgagor does not comply with this cmenant, the ~Irrrtg.rgee may close anel pay for snc•h insurance, or any part thereof, without waiving or affecting the option to foreclose, or any right here- 6 t unrlrr, and the full amount of each and every such payment shall be immediately due and payable, aril shall bear interest from the date 1 thereof anti) paid at the default raft provided in said note and to;:etirer with such interest shall he secured by the lien of this mortgage. Insur- F .r:ic•t• covering the peril of flood damage shall he as required by the Federal Disaster Protection Act of 1973, or as amended, acrd mortgatior i rrr4.1i1That mortgagee maymat am 6•nre d~n g tl er ortgaroestom, antl~in its diceretion, apph• for renewal of mortgage guaranty imnrancr ~ cost'rinA the nrortcagc• exrcute*d by the undersigned on even date herewith, pay the premium due by reason thereof, and rectuire repayment b.• dre• undersigned of snc•h amounts as are arh:~ncrd by said mortgagee. In the event of failure by the undersigned to repay said amounts to ~ sai~.l mortgagee, such [adrue shall br coosi~~recl a default, and all provisions of the note and mortgage with regard to default shall Ire applic- able. S. To permit, cornrnit or suffer r?n waste, impairment or deterioration of said pproperty, or any part thereof, and upon the failure of the n.urtgagor to keep the buildings on swirl property in good conection of repair, the 1lfortga ce may demand the immediate repair of said build- , Ines, or an increase in the amount of security, or the immediate re ymr~t of the debt hereby secured and the failure of the Mortgagor to com- ply with said drmani of the Mortgagee for a period of thirty (30~days, shall constitute a br~•ach of this mcMgage, and, at the option of the \lortgage•e, immc•cliately mature the entire amount of principal a mterest hereby secured, end immediately and withart notice, the Aortgagee nwy institute proceedings to foreclose this mortgage anti apply fa the appointment of a Receiver, as hereinafter provided. X323 P~E1141