HomeMy WebLinkAbout2546 TO 1IAYE AND TO HOLD the sane, together with the teaerrrents, hereditameab and appurtenances, unto the Mortgagee, in f,~ simple.
A\D the Mortgagor does hereby covenant with the Mortgagee that he is irxlrfeasiby seized of said larwl to fee simple, that he has
full power-and lawful right to convey said Iar?d in (ee simple as aforesaid• that it shall hr lawful fur tl?e I~torty;aRce at all tunes peaceably
and quietly to enter upon, hold, occupy and en' y said Iar?rl; that said land is free from all incuurbran~es; du?t 1?e will make such further
assurances to protect the fee simple title to said tercel io the Mortgages as may rcasonahly tee re,uired; that be does hereby fully warrant
the title to said lead suet will defend the same against the lawful clatu?s of all persons whorruoever.
PROVIDED, ALWAYS, that if the Mortgagor shall pay unto il,e Mortgagee the certain proaaissory note aI which the tollosring fn
words and figures b a true Dopy. to-wlt:
COMMUNITY FEDERAL SAVINGS AND LOAN ASSOCIATION OF THE PALM BEACHES
RIVIERA BEACH, FLORIDA - ~~r'~ II/ 19 80 '
i
Being indebted, for value received, the undersigned Jointly and severally promise to pay to C0111MUNITY FEDERAL SAV-
INGS AND LOAN ASSOCIATION OF THE PALM BEACHES at its office in the City of Riviera Beach, Florida, or order, the sum
~ FIFTY THOUSAND AND NO HUNDRIDTHS-------- -----_----DOLLARS (i S0, 000.00 )
together with interest thereon as hereinafter stated in monthly instalhnenb of Six Hundred Three slid .
69/ 100---------_~~____~____~__~____~~~__~__~ (3 603.69
The first installment shall be due and payable on the 10th day cE May 19 8 .
and subsequent imtallmenb shall be due and payable on the 10th day of each and every calendar month thereafter
until the principal and interest are fully paid.
La er sums may be paid at time, bm the ppaayment of a~? such larger sums in addition to the payments herein re-
quired shall not relieve the makers of~e payment of the monthly irutallments herein provided for, unless it is specifically stipu-
fated by the makers at the time of payment that such larger sums are to ire applied to the advance payment of the monthly install-
i manse nett matunng m the order of their due dates. All payments made upon this note shall be applied first to the payment of
secured interest and secondly upon the principal.
This obligation shall bear interest from date at the rate of Thirteen and one/half- per cent ( 13. SO )
per annum until the principal and interest are fully paid.
Interest for each calendar month shall be accrued oo the first day of said nanth and be rnmputed 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 in default until said payment shall
have been made. While in default, this note shall bear interest at the rate of --Eighteen-------------- per cent
~ ( 18 96) per annum in lieu of the rate hercinbefore specified and holder during default 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 Haw or hereafter parties hereto Jointly and severally waive demand, notice of non-
payment and protest, and agree that in the event of defau t in the payment of any irutallment 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 rate becomes in default and.is placed in the bands of an attorney for colleMion, to pay reasonable attorney's fees
and all other costs including costs and attorneys fees of Appellate Court Proceedings for making such collection.
This note may be prepaid in whole or in part at any time without penalty.
I
i ttx~ti S/Douglas L. Tauber
(SEAL)
Doug as L. Tauber
I
(SEAla - - (SEAL) .
(This nntr is secured by a mortgage of even date a=ecated by the makers in favor of Community Federal Savings and Loan Asses. - ~
of the Palm Beaches) -
and shall prornnpfly perform, comply with, and abide by each and every the ulatioas, agreements, oonditiom, and covenants bf said prom-
issory note and of this deed, then the estate hereby created shall cease and null and void.
AND the Mortgagor does hereby ooverrant and agree:
pay gala p ' nay payable by virtue of said promissory note and this mort-
1. To all and sin r the nncipal and interest and other sums of mo ;
gage, or either, promptly on the days respectively, the same severally come due.
2. To pay all acrd singular the lazes, assessmenb, levies, liabilities, obligations and encwnbrances 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 stall not be promptly paid
the 1?fortgagce may at any time either before or after delinquency pay a same without waiving ar 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 >eortgage, insured
in a sum at least c~riua) to the unpaid balance of this mortgage, including fire flood, ertended coverage vandalism, malicious mischief, and
any other coverage required by the mortgagee, as to properties other than dwel~in~s and fire, flood, a:ten~ed cm~erage, special-form other-perils
insurance, and any other covcrai;e required by the mortagee, on dwellings eligible for such broadened coverage -provided, however, t}wt
such insurance be in an amount sufficient to rnmp1Y with any 'co-insurance requirements covering same under the laws of the State of Florida, _
and pros~ded further that the policy or policies shall be written in a company or companies and through an a~eency satisfactory to the Mort- '
~asee and that said policy or policies shall 1?e heW by the hfo:tbagee and shall bear a standard l~ew York !Mortgagee Clause without rnntril~u-
- lion, making the loss under said policies payable to the Mortgagee as its interest may appear; and in the event any sum of money becomes
payable under any such ppliCY or policies, the Mortgagee shat) have the option to receive and apply the same on account of the indebtedness
hereby secured, or to permit the 1?lortgafior to n~ceive and rue it, or any part thereof, for other purposes, without thereby wais-infi or impair-
tuft any equity, lien, or right under and by virtue of this mortKage; and in the event the 1•fortgagor does not comply vith this covenant, the
i.tortgag~e may place and pay for such insurance, or any part thereof, without waiving or affecting the option to foreclose, or any right 6ere-
under, and the full amount of each and every such pa~T»ent shall be immediately due and payable, srrcl shall bear interest from the date
thereof until paid at the default rate provided in said note aril together with such interest shaD be secured by the lieo of this mortgage. Insur-
! ante covering the peril of flood damage shall be as required by the Federal Disaster Protection Ad of 1973, or as amended, and mortgagor
f covenants and agrees to comply in all respects with the provisioru thereof.
R 4. That mortgagee may, at any time during the mortgage term, and in its discretion, apply for renewal of mortgage guaranty insurance
covering the mortgage a:ecuted 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 try the undersi¢r?rd to tepay said amounts to
said mortgagee, such failure shall be considered a default, and al! provisions of the note and mortgage with regard to default shall be appli-
cable.
S. To permit, commit or suffer no waste, impairment or deterioration of said properly, or any part thereof, and upon the failure of the
mortgagor to keep the buildings on said property in good condition of repair the 1?1ortRagee may demand the immediate repair of said build-
ings, or an increase in the amount of secunty, or the immediate yymmant of t~e debt hereby secured acrd the failure of the Mortgagor to com-
ply with said demand of the Mortgagee for a period of thirty (30~adays, shall constitute a breach of this mortgage, and, at the option of the
fortgagee, immediately mature the entire amount of principal aanndd [merest bercby secured. and immediately and without notice, the Mortgagee
may institute proceedings to foreclose this mortgage and apply for dse appofntmeat oi: a Receiver, ss hereinafter provided.
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