HomeMy WebLinkAbout0101 TO IIA,VE AND TO HOLD the same, together with the teneraenb. beredltamenb and appartenarroa, unto the Mortgagee, in fee simple.
A)\D the Mortgagor does hereby covenant with dre MortitaRer drat he is indefeasihly seized of said land in fee simple, drat he has
full power and lawful right to convey said 1rrd in fee simple as aforesaid; that it shall be lawful for die MortKayee at all tinxx p~u~eal,ly
aril quietly to enter uppoun. hold, occupy and rnK~y said land; that said land is free from all iacrrmbranas; that he will make such further
assurances to protect dre fee simple title to said land is the lfortgai;ee as ma reasonably be required: that he does hereby fully warrant
the tick to said larr<1 and will defend the carne agwrut the lawful claims of ~ persona wborotoevm.
PROVIDED, ALWAYS. that R the Mortgagor shall pay unto the Mortgagee the oertaiu pmmissory note of which tbs fdlowing fn
weds and figures la a true copy. bo-vdt:
COAiAiUNITY FEDERAL SAVINGS AND LOAN ASSOCIATION OF THE PALM BEACHES
D~l'~~M~E ~LV fJ~P
RIVIERA BEACH, FLORIDA July ~ 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
d FIFTY FIVE THOUSAND AND NO HUNDItEDTRS--------_~_____~~_ ~y~~ 55,000.00 )
together with interest thereon as hereinafter stated in monthly instalLnenb of FIVE HUNDRED EIGHTY EIGHT
AND 91/100ths--- -------------~LLARS (s 588.91
The first installment shall be due and payable oo the 10th day of September 19 80
and subsequent imtaWaenb shall l,e due and payable on the 10th day of each and every ca1cK?dar month therea[ter
until the principal and interest are fully paid.
Lsrger sums may be paid at arty bore, bat the payment of any such larger sums in addition to the payments herein re-
quired shat! not relieve the makers of the •pa)~nent of the monthly installments herein provided foz, unless it is specifically stipu-
fated by the makers at the time of payment that such larger sums are to be applied to the advance payment of the monthly install-
ments neat maturing in the order of their due dates. All payments made upon this note shall be applied first to the payment of
i accrued interest aril secondly upon the principal.
This drligation shall bear interest fmm date at the rate of twelve and one/half Per cent ( 12.50 )
per annum until d?c principal and interest are fully paid.
j interest for each calendar month shall be amved on the first clay of ssid month and be computed on the unpaid balance
1 of principal and interest existing on the last day of the preceding month. Thie note shall be considered in default when any pay-
rnent 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------------° 1?eT cent
18 0 `~D) ter annum in lieu of the rate hereinbefore specified and holder during default may at its option refuse to
accept pat of any sum less Bran die total amount then due 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, acrd agree that in the event oft in the payment of asy installment due hereunder For a period of
tl~irty (30) days the whole of said indebtedness shall thererrpan at the option of the holder, become immediately due and pay-
able, aril if this note becomes in default and is placed in the hands of an attorney for collection, to pay reasonable attorney's fees
and aD other costs including rnsb and attorneys fees of Appellate Court Proceedings for malting such collection.
This note be p in whole or in part at any time. without penalty.
~I ~
s/Jo Palaz 1 s/ ill Palazzolo (Sgt,)
Jo Palaz to Phi ip Palazzol ,
_ _ - ~ ~f
Dann a azzo o P y~Palazzo 0
the Palm Beaches) ~ a of even date executed by the makers in favor of Community Federal Savings and Loan Assn.
and shall promptly orm, comply with, and abide by each and every the stIpptilatiau, 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 agrce:
1. To pay all and singular the principal 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-
erty each and every when due and payable according to law, before they become delinquent, and R 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 aD equipment and personal property now or hen~fter an said premises, covered by this mortgage, insured
in a sum at led~t equal to the unpaid balance of this mortgage, ' udinR Ere, flood. extended coverage vandalism, malicious mischief. aril
any other coverage rery~ired by the mortgagee, as to properties other than dwellings, and fine, flood, eztenr~ed coverage, special-form other-perils
iruuranCe, and any other coverage required fry the mortagee, On dwellings eligible for such broadened covesge - protided, hmvever, that
3 such insurance be in an amount sufficient to eomp}Y with any oo-insurance requirements covering same under the laws of the State of Florida,
r and prmided further that the policy or policies slra be written in a company or companies and through an agency satisfactory to the ~tort-
Qagee and that said policy or policies shall be held by the 1?tortpasee and shall bear a standard New York Mortgagee Clause without contri~u-
tien, making the loss under said policies payable to the MorticaRee as its interest may appear; and in the event a~ sum of money hecanes
payable under arry such policy or peliries, the I?fortgagce shall have the option to receive and apply the same on account of the indebtedness
hereby secured, or to pemrit the :llortpaRor to receive and use it, or any part thereof, for other purposes, withart thereby waiving or impair-
ing a~ equity, lien, or right under and by virtue of this mortgage; and in the event the Mortgagor does not rnmpply with this covenant, the i
t?fortgagee may pl~a~ce and pay for such insurance, or any part thereof, without waiving or affecting the option to foreclose, or any right here-
~ ender, 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 b~ the lien of this wortgage. Innrr-
ance covering the peril of flood damage shall be as required by the Federal Disaster Prdectiao Ad of 1973. or as amended, and mortgagor
ooveaanb and agrees to comply in all rrspeds with the provisions thereof.
4. That mortgagee may, at asy time during the mortgage term, and in its discretion, apply for renewal of guaranty insurance
covering the mortgage executed by the andersiRned on even date herewith, pay the premium due by reason tlh~e~reof. a~od require repayment
by the undersigned of such amounts as err advance,l by said mnrt¢ae+ee. In the event of failure by the andersiRrrecl to repay said amounts to
said mortgagee, such failure shall be ooasidered 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 property, or any part thereof, and upon the failure of the
~ mortgagor to keep the buildinp~s ao said property in good condition of repair the Mortgagee may demand the immediate repair of said build-
in~, or an increase in the amount of security, or the immediater~p yymatens of the debt hereby aenued and the faIiur~e of the Mortgagor to com-
ply with said demand of the MortlSaAee for a period of thirty (30) 'days, shall constitute a breads of this wortgag~ and, d the option of the
trrtgaRee, immediately mature the entire amount of principal aondd interest hereby secured, and immediately and witbwt rwtice, the Mortgagee
€ may imtitute proceedings to foreclese this mortgage and apply for the appointment of a Reodver, as hereinafter provided.
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