HomeMy WebLinkAbout2505 TO HAVE AND TO HOLD the aarr?0. together with the tenements, beroditameats sad appnrteaanoes, unto the Mortgagee. is fee simple.
AND the Mortgagor does hereby covenant with the MortKaRre that he is inclefrasiblY seized of said 4nd in fee simple, that be has
full power and lawflul riKht to couvey said 41nd in fee simple as aforesaid; that it sl?all be lawful for the 1lfortgagee at all tunes peaceably
noel c uietl to enter upon, hold, ocru y aril rn~'cryy said land; that said land is free from all irrcunrhrar?ees; tlwt he will make n?ch further
assurtinces to protect the fee simple title to said latxl in the Mortgagee as ma rcasor?ably be required; that he does hereby fully warrant
the tick to said land and will defend the same aitainst the lawful claims of all persons w6omsoeyer,
PROVIDED, ALWAYS, that if the Mortgagor shall pay unto the Mortgagee the aertalo promissory note at which tbs fo0ovfat fn
words and figures b a true Dopy. Eo-s?it:
COM,~iUNITY FEDERAL SAVINGS AND LOAN ASSOCIATION OF THE PALM BEACHES
~~ar#~~~e ~o#E
I ~
RMERA BEACH. FLORIDA /Y r ~ / - / 19 80
Being indebted, for value received, the undersigned jointly and severally promise to pay to COKiMUNITY FEDERAL SAV-
INGS AND LOAN ASSOCIATION OF THE PALM BEACHES at its office in the City of Riviera Beach, Florida, or order, the sum
of FORTY SIX THOUSAND. FOUR HUNDRED AND NO HUNDREDTHS 46,400.00 )
together with interest thereon as hereinafter stated is monthly installments of Six Httndred Six and
31/100________________________________~~__~_~~_____ DOLLARS (i 606.31
The first installment shaII be due and payable oa the 10th ~Y M May 19 80
and subsequent installments shall be due and payable on the 10th ~Y M each and every calendar month thereafter •
until the principal and interest are fully paid.
er sums may be paid at an time, bnt the ppaayment of any such larger sums in addition to the payments herein re-
~ quired shall not relieve the makers of the payment of tl?e monthly installments herein provided for, unless it is specifically stipu-
laced by the makers at the time of payment t~rat such larger sums are to be applied to the advance payment of the monthly install-
rnents next matunn m the order of their due dates. All payments made upon this note shall be applied first to the payment of
accrued interest a~ secondly upon the principal.
This obligation shall bear interest from date at the rate of Fifteen and One/half- per cent ( 15.50 )
per annum until the principal and interest are fully paid.
j 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 ezrsting 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 in default until said payment shall
have been made. While in default, this note shall bear interest at the rate of --Ei h~ee _ per cent
( 18 96) per annum fn lieu of the rate hereinbefore specified and holder ~unng ~efault may at its option refuse to
accept payment of any sum less than the total amount then due or declared hereunder to be due.
All makers and endorsers now or hereafter becoming parties hereto jointly and severally waive demand, notice of non-
! payment and protest, and agrce that in the event of default in the payment of asy installment due hereunder for a period of
~ thirty (30) days the whole of said indebtedness shall thereupon at the option of the holder, became immediately due and pay-
' able, and if this note becomes in default and is placed in the hands of an attorney for collection, to pay reasonable attorney's fees
and all other costs including costs and attorneys fees of Appellate Court Proceedings for malting such collection.
~ This note may be prepaid in whole or in part at any time without penalty.
/SF.AiI S/Edward A_ CantraPll _..-..(SEAL)
I
Edward A. Cantwell
E
I rtEAL) _
S/pA~nne ~~F. Ca ~we~---------------------------(SEAL)
(This note is sernred by a mortgage of even date executed by the ma]cersm favorCot we unlity Federal Savings and Loan Assn.
~ of the Palm Beaches )
I
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and shall promptly perfotvr, comply with, and abide by each and every the stipulations, agreements, conditions, 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:
i 1. To pay aD and singular the principal and interest and other sums of money payable by virtue of said promissory note and this wort- .
gage,' or either, promptly on the days respectively, the same severally come due. i
2. To pay aD and singular the fazes, assessments, levies, liabilities, obligations and encumbrances of every nature on said described prop-
erty each and every when due and payable according to law, befon; they become delinquent, and if the same shall not be promptly paid
the I?fortga{tee 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 p rty now or hereafter on said premises, covered by this mortgage, insured
in a sum at lc;•?st c•iual to the unpaid balance of this mortgage, including fire, flood, ertended coverage vandalism, malicious mischief, and
any other cmerage required by the mortgagee, as to properties other than dwellings and fire, flood, exte ed coverage, special-form other-perils
Insurance, and any other coverag required by the mortagce, on dwellings eligib~e for such broadened covesge provided, however, that
such iruurance be in an anrotmt sufficient to comp with any co-iresurarrce requirements covering same under the laws of the State of Florida,
and provided further that the policy or policies shal be written in a company or companies and through an agency satisfactory to the Alort-
cagee and that said policy or policies shall be held by the Alortgagce and shall bear a standard New fork Mortgagce Clause without contribu-
tion, making the loss under said policies payable to the I1fortAagee as its interest may appear, ar?d in the event atry sum of becomes
payable under any such policy or policies, c 1lfortgagee shall have the option to receive and apply the same on account of the~i
ebtedness
hereby secured, or to perntit the A1ort{~aggor to receive and use it, or any part thereof, for other purposes, without thereby waiving or impair-
inq any eciuity, lien, or right tinder and by virtue of this mortgage; and in the event the I?fortRagor does not comply with this covenant, the
I?fortgagee may place and pay for such insurance, or any part thercnf, without waiving or affecting the option to foreclose, or any fight 6ere-
under, and the full amount of each and every such payment shall be immediately dire and payable, and shall bear interest from the date
t},ereof until paid at the default rate provided in said note and together with such interest shall be secured by the lien of this mort age. Incur-
! once covering the peril of flood damage shall be as required by the Federal Disaster Protection Act of 1973, or as amended, and mortgagor
covenants and agrees to comply in all re;;pects with the provisiaru thereof.
4. 'T'hat mortgagee may, at any time during the mortgage term, and in its discretion, apply for r~eaewal of Se guaranty iasrrrmoe
covering the wortgage executed by the undersigned on even date herewith, pay the premium due by reason thereof, and require repayment
by the tmdersigned of such amounts as are advarrcwd by said mnrt¢acee. in the event of failure by the undersiRrrecl to repay said arncrunts 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 no waste, impairment or deterioratiaa of :aid property, or any part thereof, snd npoo the failure of the
p mortgagor to keep the buildings ao •said property in good coaditioo of repair the ortgagee may demand the immediate repair of said build-
ings, or an increase fn the amount of security, or the immediate ymrat of t~e debt hereby secured and the failure of the Mortgagor to rnm-
pply with said demand of the Mortgagee (or a period of thirty (30 days, shall constihrte a breach of this mortgage, and, at the option of the
Mortgagee, immediately mature the entire amount of prindpal interest hereby secured, and immediately and without notice, the Mortgagee
may institute proooedings to foreclose chi: mortgage and apply far the appointment of a Receiver, as hereinafter provided.
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