HomeMy WebLinkAbout1482 TO RAVE AIv'D TO HOLD the tame, together with the teaer:rerrts. beredltaarerrb and appurtenances. unto the Mortgagee. in fee dmpk.
AA'U the Mortgagor does hereby covenant with the Mortgagee that he B indrieasibly seized of said larxi is fes aimpb, that 6e has
fall powrr oral lawhd right to Garvey said laud in fee siwpk as aforesaid; that it shall be lawful for t},e Morty;Agee at all tunrs praceably
arks yuirtly to eater u hold, occupy aril en'oy sakl larKl; that :Aid Ia,xl is free from all irxr,mt?rances: tlwt he will make such further
assurances to protect tl,e [ee simple title to sa~ ?a?rd in tho Mort ogee as ma reaswably be required; that he dons hereby fully warrant
the tick to said land and will dekad the name againd the lawfu~ claims of ~ perfom whawoever.
TROVIDED, ALWAYS, that # the Mortgagor shall pay unto the Mortgagee the oertata promissory note of which the fdlo~ m
words and figures !a a true Dopy. to-wR:
C011iMUNITY FEDERAL SAVINGS AND LOAN ASSOCIATION OF THE PALM BEACHES
~CUL'#~tt$E ~UtE
RIVIERA BEACH, FLORIDA August 25 19 80
Being indebted, for value received, the undersigned saintly and severally promise to pay to COMMiJNITY FEDERAL SAV-
INGS AND LOAN ASSOCIATION OF THE PALM BEACIiES at its offioa in the City of Riviera Beach, Florida, or order, the sum
~ FORTY THOUSAND AND NO ,HUNDREDTHS---- DOLLARS (i 40,000.00)
together with interest thereon as hereinafter stated in monthly instalbnents of FOUR HUNDRED NINETEEN AND
16/100ths---------- DOLLARS (i 419.16
The first installment shall be due and payable en the 10th day of February 1~1
and subsequent installments shall be due ar,cl payable on the 10th day of each and every calendar month thereafter
until the principal and interest are fully paid. Until the first payment above-mentioned, interest
shall be due ana pa ble ~pnt}~1 .
7,arger sums may ~e pa3d at time,-bUt the payment of auy such larger sums in addition to the payments herein re-
quired shall not mlieve the makers of~ payment of the monthly installments herein provided for, unless it is spethfically stipu-
fated by the makers at the time of payment that such Iar er sums are to be applied to the advance payment of tlce ma,thly install-
ments next matunng in the order of their due dates. A)~ payments made upon this note sl?all be applied first to the payment of
accrued interest aril sernrx}ly upon the principal.
This obligation shall bear interest from date at the rate of twelve and one/quarter Per cent ( 12.25 )
per annum rmtil the principal and interest are fully paid.
=foe caz#. radar s~.:u m=all ~ a~.r~ cn t~ fe;E! say o< asset rn~!h and h~r cornguted on the unpaid -l,alance
- IntsrES=
~ of principal and interest existing on the last day of the preceding month. This note shall be coruidered in default when any pay-
meat required to be made hereunder shall not have been made by its due date and shall remain in default until said payment shall
t have been made. While in default, this rate s}rall bear interest at the rate of eighteen---___~_~ per cent
( 18.0 cA) per annum in lieu of the rate 6ereiabefore 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 now or hereafter~~ parties hereto saintly and severally waive demand, notice of non-
payment and protest, and agree that in the event of default in the payment of any installment due hereunder for a period of
thirty (30) days the whole of said indebtedness shall there+rpoa at the option of the bolder, },ecane immediately due suet pay-
aLle, and if this note becomes in default soda phoed in the bands of an attorney for collection, to pay reawnabk attorney's fees
and all other costs including costs and attorneys fees ~ Appellate Court Proceedings for making such collection.
This note may be prepaid in whole or in part at any time v~~thout penalty.
s/Earl E. Dorband
fSF.ALI o ~ - _ (SEAL)
~ (SEAL) ----s" I)~aIef -~:-DorbSrid (SEAL)
(oTh~ P~c~teer~) by a mortgage of eves date executed by the makers in favor of Community Federal Savings and Loan Assn.
and shall promo
pt)~ perform, oomplY with, and abide by each and every the stipulatioat, agreemeab, oonditioas. and covenants of said prom-
issory note a d 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 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 came due.
2. To pay all end singular the taxes, assessments, levies liabilities. obligations and encumbrances of every nature on said described prop-
erty each and every when due and payable according to ~aw, before they become delinquent, and H 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 rikbt hereunder, and every payment so made shall bear interest from the date thereof at the rate provided in said promissory note.
the buildin sod all uigment end personal g rty now or hereafter on said premises, covered by this mortgage, iruured
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in a sum at least equal to t~ unpaid balance of this mortgage, ' uding fires flood, es<ended coverage vandalism, malicirnrs mischief, and
any other coverage n~q~ired by the mortgagee, as to properties other than dwellinggss and fire, flood. exten~ed coverage, special-form other-peals
insurance, and any other rnverage required by the mortagee, on dwellings eligib~e for such broadened coverage -provided, however, that
such insurance be in an amount sufficient to comply with any co-insurance requirements covering name under the laws of the State of Florida,
and providal further that the policy or policies shall be written in a company or oompaaies and through an agency satisfactory to the htort-
yaree and that said pub-cy or policies shall be heW by the Mortgagee and shall bear a standard New York 1?iortgagee Clause without contribu-
tion, making the leas under said policies payable to the Afort~agee as its interest may appeu; and in the event any sum of money becomes
payahk under any such policy or policies, the Mortgagee shall have the option to receive and apply the same oo account of the indebtedness
hereby secured, or to permit the Mortga or to receive and rue it, or any part thereof. for other purposes, without thereby waiving or tmpair-
ina ar?y equity. lien. or ri ht under and ~y virtue of this mortgage; and in the event the Mortgagor does not comply with this covenant the
I?tortgagce may place an~pay for such insurance, or any part thereof, without waiving or affecting the option to foreclose, or any right ~ere-
ender, and the full amount of each and every such payment shall be immediately dire and payable, and shall bear interest from the date
thereof until paid at the default rate provided in said note and together with srrc6 interest shaD be secured by the lien of this wortgage. Insur-
ance covering the peril of fkod damage shall be as required by the Federal Disaster Protection Act of 1973, or as amended, and mortgagor
ooveaants and agrees to comply io all respects with the pmvisiaai thereof.
4. That mortgagee may, at any time during the mortgage term, and in its discretion, apply for renewal of mortga®e guaranty iasoranoe
covering the mortgqage exea,ted by the undersigned on even date herewith, pay the premium due by reason thereof. and require ~epayrnent
by the undersiRnecl of Inch amrnmts as are advanced by said mnrtttacee. to the event of failure by the undersirer>PCl to repay said amounts to
said mortgagee, such failure shall be oor~sidered a default, and all proviaoai of the note and mortgage with regard to default shall be app$-
cabk.
5. To permit, commit or suffer no waste, impairment or deterioration of said pp~~~ppee~~tyy. or arty part thereof, and upon the failure of the
mortgagor to keep the buildings oa said property in good ooodition of repair the Mortgagee may demand the immediate repair bf said build-
in>Cs, or an increase in the amount of security, or the 6nmediate yymmeat of the 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. shall constitute a breach of thb wortgage, sod, at the option of the
ortgagee, immedutely mature the entire amamt of prindtral aaondd interest hereby secured, and immediatdy and withart notice, the Mortgagee
may Institute proceedings to foreciae this mortgage sad apply for the appoiodmeat of a Reot'tver, as bereiwfter provded.
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