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HomeMy WebLinkAbout1840 MORTGAGE NOTE AMOUNT LOCATION DATE s 8,500.00 Part 3t. Lucie Florida ~ Jul 25, 1980 FOR VALUE RECEIVEp, the unde?signtd, (jointly and severally, if more than one) promises to pay to ' Paul Gern~aro and Gloria Gertnaro, his wife, at 3911 Sable Palm Drive, lot 22, Vero Beach, Flarida 32960 or order. in the manner hereinafter specified, the principal sum of F.:~ght thousand, Five H~ked~and No/100 is 8,500.00* With interest from date at the rats of 10.50 per cent, per annum on the balapce from time to time remaining unpaid. The said principal and interest shall be payable in lawful money of the United States of America at Vero Beach, Florida or at such place as may hereafter be designated by written notice from the holder to the maker hereof, on the date and in the manner following: Payments to be made in fatar (4) semi- installmeits with the first payment of ' $2,125.00, plus interest on umaid prim balance, becatdrtg due and payable on the 25th day of Jao<nsary, 1981, a~ t lmPStt of $2,125.00, plus interest on unpaid principal balmzce, to be dGe and le on Qr before the 25th day of each succeeding six month-period tit the le of said indrebtedness is paid in full.,. All payments are to be applied first to interest at the rate specified herein upon the principal sun of $8, 500.00; ar so much thereof, as may froaa time to time renain t>npaid and the balmx:e of each payment shall be applied to principal this note is prepayable in whole ar in part at arty time without penalty. This note with interest is secured by a mortgage on real estate, of even date herewith, made by the maker hereof in favor of the said payee, and shall be construed and enforced according to the laws of the State of 1larida Theaerms of said mortgage are by this reference made a part hereof. ' If default be made in the payment of any of the sums or interest mentioned herein or in said mortgage, or in the performance of any of the agreements contained herein or in said mortgage, Men the entire principal sum and accrued interest shall at the option of the holder hereof become at once due and collectible without notice, time being of the essence; and said principal sum and accrued interest shall both bear interest from wch time until paid at Me highest rate allowable under the laws of the State of Florid8 Failure to exercise Mis option shall.not constitute a waiver of the right to exercise the same in the event of any wbsequent default. Each person liable hereon whether maker or endorser, hereby waives presentment, protest, notice, notice of protest and notice of dishonor and agrees to pay all costs, including a reasonable attorney's fee, whether wit be brought or not, if, after maturity ot` Mis note or default hereunder, or under said mortgage, counsel shall be employed to collect Mis note or to protect Me security of said mortgage. Wherever used here in Me terms 'holder', 'maker' and 'payee' shall be construed in Me singular or plural as the context may require or admit. ~ _ ~ N17lkKER'S ADDRESS ~ • ` W ~ i N H AND the mortgagor hereby further covenants and agrees to pay promptly when due ~e prtn- cipal and interest and other sums of money provided for in said note and this mortgage, or either; to pay all and singular the taxes, assessments, levies, liabilities, obligations and encumbrances of every nature on said property; ~ to permit, commit or suffer no waste, impairment or deterioration of said land or the improvements thereon at any time; to keep the buildings now or hereafter on said land fully insured in a sum of not less than its full insurable value, but in no event less than the amount secured by this mortgage, in a company or companies acceptable to the mortgagee, the pol- icy or policies to be held by, and payable to. said mortgagee, and in the event any sum of money becomes payable by virtue of such insurance the mortgagee shall have the right to receive and ap- ply the same to the indebtedness hereby secured, accounting to the mortgagor for any surplus; to pay all•costs, charges, and expenses, including lawyer's fees and title searches, reasonably incurred or paid by the mortgagee because of the failure of the mortgagor to promptly and fully comply with the agreements, stipulations, conditions and covenants of said note and this mortgage, or either; in the event the mortgagor fails to pay when due any tax, assessment, insurance premium or other sum of money payable by virtue of said note and this mortgage, or either, the mortgagee may pay the same, without waiving or affecting the option to foreclose or any other right hereunder,-and alt such payments shall bear interest from date thereof at the highest lawful rate then allowed by the laws of the State of Florida. IF any sum of money herein referred to be not promptly paid within thirty days next after the same becomes due, or if each and every the agreements, stipulations, conditions and covenants of said note and this mortgage, or either, are not fully performed, complied with and abided by, then the entire sum mentioned in said note, and this mortgage, or the entire balance unpaid there- on, shall forthwith or thereafter, at the option of the mortgagee, become and be due and payable, anything in said note or herein to the contrary notwithstanding. Failure by the mortgagee to exer- cise any of the rights or options herein provided shall not constitute a waiver of any rights or op- tions under said note or this mortgage accrued or thereafter accruing. X335 P~F1833, , , . , r d I.-'-~....