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HomeMy WebLinkAbout0434 • TO HAVE AND TO HOLD the same. together with the temerneab, heroditaments and appurteoanoes, canto fhb Mortgagee, In fee dmpk. AND the Mortgagor does hereby covenant with the Mortgagee that be b ~ode~W~r seitxd d said land in fee simple, drat be has full power and lawful right to convey said land in fee simple a: aforesaid; that it shaII be lawful f~ the Mortgagee at all times peaceably and quietly to enter upon, hold. occupy amd em said land: flat said land b free from aD inctmnbrances; that be will make such further assurances to protect the f~+e simple 4'tle to said land in the Mortgagee as ma roasooably be requirod; tbat hs does hereby fully ~rarraat the title to said land and wW defend rite sirne against the lawful claims of ~ persar whomsoever. PROVIDED. ALWAYS, that B the Mortgagor shall pay unto the Mortgages dre oertatn promissory torte of which rite fo0awins is wads and Eigurea it a troe Dopy. to•w?t: COMMUNITY FEDERAL SAVINGS AND LOAN ASSOCIATION OF RIVIERA BEACH ~ux#$~~~ ~u#e RMERA BEACH, FZAAIDA March 10 18 8 0 Bring indebted, far vahre eeoeived, the mdersigoed Jdndy sad severally promise to pay bo COMMUNITY FEDERAL. SAV- WGS AND LOAN ASSOCIATION OF RIVIERA BEACH at its office in the City of Rivieas Beadt, Florida. or order. the sum of FORTY NINE THOUSAND FIVE HUNDRED & NO/100th:--- DOI.I.ARS 49, 500. 00 ) together with interest thereon as hereinafter stated in monthly instaMteats of FIVE HUNDRED FORTY NIIVE AND 1$r 100th:-- (i 549.18 The Etter i~oneat shaD be due and payable on the 10th of April 19 80 and subaegaeat iastallmenb shall be due and payabb on the 10th of es~eh and every calendar month thereafter tmtil the principal and interest are fully paid. ~e~ sums may be paid at time, but the payment of a~ such Lrger sums in addition to the payments herein re- gnired ahaD not relieve the makers of~ payment of the monthly Installments herein provided for. unlm it is specifically stipu- lated by the makers at the time of payment that sudr Lrger sums are to be applied to the advance payment of the monthly irutall- ments Wert maturing in the order of their due dates. AD payments made upon this note shall be applied first to the payment oaf accrued interest and secondly upon the principal. This obligation shall bear interest from date at the rate of thirteen - - - - - - - - - - - per cent ( 13. 0 0 % ) per annum until the principal and interest are fully paid. Interest for each calendar month shaD be accrued on the first day of said month and be computed on the unpaid balance of principal and interest existing on the last day of the preceding month. This note shall be considered in default when any pay- ment required to be made hereunder shall not have been made by its due date and shall remain im default until said payment shall have been made. While in default, this note shall bear interest at the rate of fifteen - - - - - - - - - - - - - - - per cent ( 1 QO 96) per annum in lieu of the rate hereinbefore specified and holder during default may at its option refuse to accepE payment of any sum less than the total amount then duo or declared hereunder to be due. 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 defa tin the payment of any installment due hereunder for a .period of thirty 130) 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 sad is placed in the hands of an attonaey for collection, to pay r~easanabk attorney's fees acrd all other coats including sorb and attorneys fees of AppelLte Conrt Proceedings ~fot making such collkction. This note.may be prepaid in whole'or in part at any time without penalty. _ _ - (S~) s /Kenneth J._ _Thomas (SEAL) Kenneth J. Thomas ~ -----____--(SEAL) _31AIIita_B~ CQG1ce~h~Tn.---- - . (SEAL) A~ita. ~t. Cockerham (This note is secured by a mortgage of even date ezecuted by the ma err in avor of Community Federal Savings and Loan Assn. f ~ of Riviera Beach ) i and shall promptly perform, comply with, and abide by each and every the stippulations, agreements, conditions, and covenants of said prom- iwory ante and Ul this deed, then the estate hereby created shall cease and be null and void. AID the Mortgagor does hereby covenant and agree: 1. To pay all and singularthe day~re p~ectively the e~same ~ rally Dome d~ue~ payable by virtue of said promissory note and this mort- gage, or either, promptly 2. To pay all and singular the tares, assessments, levies, liabilities, obligations and encumbrances of every nature on said described prop- erty each and every when due and payable according to law, before they become delinquent, and if the same 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 all equipment and personal Property now or hereafter on said premises, covered by this mortgage, insured in a sum at least eciual to the unpaid balance of this mortgage, including Kre, fkrod, arbended aaverage vandalism, malicious miscluef, and any other coverage regn:recl by the mortgagee, as to properties other than dwellmggss and fire, flood, exten~ed coverage, special-forth other-perik insurance, and any other coverage required by the mortagee, 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 Fbrida, and prodded further that the policy or policies shall be written in a company or companies and through an agency satisfactory to the I1tort- ~agee and that said policy or policies shall be held by the I?lortgagee and shall bear a standard I\ew York Ilfortgagee Clause without contribu- lion, making the bas under said policies payable to the Mortgagee as its interest may appear; and in the event a~ sum of money becomes w ayable under shy such policy or policies, the I?tortgagee shall have the option to receive and apply the same om aooount of the indebtedness hereby secured, or to permit the I?iortgagor to receive and use it, or any part thereof, for other purposes, without thereby waiving or impair- ing any equity, lien, or riKlrt under and y virtue of this mortgage; and in the eves the Mortgagor does not comply with this rnvenant, the ltortgagce may pl~a~ce and pay for such insurance, or any part thereof, without waiving or offeehng the option to eredaae, 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 dabs g thereof until paid at the default rate provided in said note and together with such interest shaD be secured by the lien of this mortgage. Iruur- once covering the peril of flood damage shall be as required by the Federal Disaster Protection Ad of 1873, or as amended, and mortgagor rovenants and agrees to comply in all respects with the provisions thereof. 4. That mortgagee may, at any time during the mortgage term, and in its discretion, apply for renewal of mortgage 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 of such amounts as are advanced by said mortgagee. In the event of failure by the undersigned to repay said amounts to said mortgagee, such failure shall be considered a default, and all provisions of the note and mortgage with regard to default shall be appli- cable. 5. To permit, commit or suffer m waste, impairment or deterioration of said pprrooperty, or any part thereof, and npoa the failure of the mortgagor to keep the buildings on said property in good coodItion of repair the Mortgagee may demand the immediate repair of said build- ings, or an increase in the amount of security, or the immediate repayment of t~e debt hereby secured and the failure of the Aiortgagor to com- pfy with said demand of the Mortgagee for a period of thirty (30) days, :hall coactihrte a breach of this wortgage, and, at the option of the Mortgagee, immediately matnre the entire amount of prindpal and interest hereby sotvred, and immediately and without notice, the Mortgagee may institute proceedings to foreclose this mortgage and apply for the appointment of a Receiver, as hereinafter provided. ~0<~327 P~~E 433 r. _ _ - - - - _ - - - _ _ .