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Home My WebLink About1924 TO HAVE AND TO HOLD the same. together with tLs tenements, bereditamenb and apparteaanod, mto the Mortgagee, in fee :iruple. AND the Mortgagor doh hereby Covenant with the Mortgagee that be B indefeasibly seized of said land io fee simplo, that be has full povrr and lawful right to convey said land ip fee simple as aforeaid; that it shall be lawful for the I?fortt:agee at all times peaceably and quietly to enter upoo~ hold, occuppyy and rnpy said Lind; brat wid laud is free from sU iocumbrancrs; that he will make such further assurances to protect the fee simple tr'tle to said Wrd is the llfortgagee as ma reasonably be required; that be,doea bereby fully warrant the title to said land and will defend the carne against the lawful claims of ~ pesom whomsoever. PROVIDED. ALWAYS. that ff the Mortgagor shall par unto tt s Mortgages the certain promis:orr Hots of whkh the foDo~wL?s fa words and flgurea is a tree Dopy. to-wit: COM11iUNITY FEDERAL SAVINGS AND LOAN ASSOCIATION OF THE PALM BEACHES i c~or#~tt~gE ~'°#e RIVIERA BEACH. FLORIDA /rl ~ ~ ~ y 19 80 Being indebted, for value received, the undersigned jointly and severally promise to pay to COMMUNITY FEDERAL SAV- INGS AND LOAN ASSOCIATION OF THE PALM BEACHES at its office in the City of Riviera Beach, Florida, or order, the sum ~ FORTY EIGHT THOUSAND EIGHT HUNDRED AND NO HUNDREDTHS------~~~ 48,800.OU ~ together with interest thereon as hereinafter stated in monthly installments of Four Htrndred Fort Eight and 64/ 100- 448.64 lire first installment :haIl be due and payable on the 10th cf July 19 80 and subsequent installments 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, but the payment of any such larger aurns in addition to the payments herein re- gained shall not relieve the makers of~ payment of the monthly installments herein pmvicled for, unless it is specifically stipu- lated by the makers at the time of payment that such lager sums are to be applied to the advance payment of the rnoutldy inctall- ments neat matunng m the order of their due dates. AU payments made upon this note shall be applied first to the payment of ~I accrued interest and secondly upon the principal 1 This obligation shall bear interest from date at the rate of Ten and one/half----- per cent ( 10. SO Flo ) I per annrun until the principal and interest are fully pvd. Interest for each calendar month shall be accrued on the first day of said month and be computed on the mpaid balance of principal and interest existing on the last day of the preceding month. This note shag 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 i htee 1~r cent ( 18 96) per annum in lieu of the rate hereinbefore specified and hold-er ~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. I All makers and endorsers Haw or hereafter parties hereto jointly and severaDy waive demand, notice of non- I payment and protest, and agree that in the event of defa tin the payment of an}~ installment due hereunder for a perial of i thirty (30) days the whole of said indebtedness shall thereupon at the optim of the holder, become immediately due and pay- able, and if this note becomes in default andrs placed in the hands of an atton~ey for colleMion, to pay reasonable attorney's fees and aD other costs including costs and attorneys fees of Appellate Court Proceedings for making such collection. Ibis note may be prepaid in wbok or in part at any time without penalty. S/Richard G. Schmidt - - (SEAL) c ar c t SEAL) S1Ele M. Schmidt (S~-) ~ ~ E eano M. hm ~ o~t)~ Palm B~ hems) ~ a mortgage of eves date rsecubed by the ~ers m ~vor of ~tiisi~y Federal Savings and I.wn Assn. i t F t and shall pranptly ~r{arm, Damply with, and abide by each and every the ~~ons, agreements, conditions. and covenants of said prom- issory note and of this deed, then the estate hereby created shall cease and be nuD and void. ~ AND the Mortgagor does hereby covenant and agree: • 1. To pay all and singular the princtipaf and interest and other sums of money payable by virtue of said promissory note and this mort- gage, or either, promptly on the days respectively, the same severally Dome due. 2. To pay all and singular the fazes, assessments, levies liabilities, obligations and encumbrances of every nature on said described prop- arty each and every when due and payable according to 1'aw, 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 withart waiving or affecting the option to foreclose, or zny right hereunder, and every payment so made shall bear interest Gram the date thereof at the rate provided in said promissory note. 3. To keep the buildings and all equipment and personal p • rty Haw or hereafter oo said premises, covered by this mortgage, insured in a sum at least equal to the mpaid balance of this mortgage, ~uding fuugg flood, extended Coverage vandalism, malicious mischief, and any other rnverage required by the mortgagee. as to properties other than dweWngs and fire, flood, ezten~ed coverage, special•form other-perils insurance, and any other coverage required by the mortagee, on dwellings eligible for such broadened covesge -provided, however, that such insurance be in an amount sufficient to eomp~y, with any co-insurance requirements covering same under the laws of the State of Florida, and prm•ided further that the policy or policies shall be written in a company or companies and through an agency satisfactory to the Mort- ~ gggee and that said policcyy or policies shall be held by the hfortgagee and shall bear a standard New York Ilfortgagce Clause without contribu- ~ lion, making the k>ss ur,dcr said policies payable to the I?fortfcagee as its interest may appear; and in the event any sum of money beeo:nes 4 w payable under any such policy or policies, the I?fortgagee shall have the option to receive and apply the same on accormt of the indebtedness i3 ~ hereby secured, or to permit the 1?fortgagor to receive and use it, or any part thereof, for other purposes, without thereby waiving or impair- - ing any equity, lien, or ng6t under and by virtue of this mortgage; and in the event the Mortgagor does not comply with this covenant, the Afortgagce may place and pay for such insurance, or any part thereof, without waiving or affecting the option to foreclose, or any right here- under, and the full amount of each and every such payment shall he immediately due and payable, and shall bear interest from the date ~ thereof until paid at the default rate provided in said note and together with such interest shall be secured by the lien of this wortgage. Insur- ance covering the peril of flood damage shall be as required by the Federal Disaster Protection Act of 1973, or as amended, sad mortgagor covenants and agrees to comply in sll respects with the proviSiocrs thereof. 4. That mortgagee may, at any time duriaq the mortgage term, and in its .discretion, apply for renewal ~ mart$a guaranty iasaranoe covering the mortgage executed by the undersigned oo even date herewith. pay the premium due by reason thereof. amend require repayment by the undersigned of such amounts as ate advanced by said rnort¢sele. In the event of failure by the unciersi¢ned to relay 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 no waste, impairment or deterioration ~ said property, or any part thereof, and upon the failure of the mortgagor to keep the buildings oa said property io good condition of repair the Mortgagee may demand the immediate repair of said build- ~ ings, or an increase in the amount of security, or the immediate ymeat of t~e debt hereby secured and the failure of the Mortgagor to com- ply with said demand of the Mortgagee for a period of thirty (30 days, shill constitute a breach of this wort ge, and, at the option of the Mortgagee, immedrately mature the entire amount of principal a~interest hereby secured. irar~diately~ notice, the Mortgagee may institute proceedings to foreclose this mortgage and apply fa the ap~pointmeat of a provded. ~~332 ~~1~18 .q - _ rte. - _