The URL can be used to link to this page

Home My WebLink About1199 _t t • SCHEDULE A- COMMUNITY fI:DI;RAL SAVINGS ANU LOAN ASSO(:IATION OF TI!!: PAt,M BEACHES RENEGOTIABLE RATE MORTGAGE NOTE Being indebted, for value rtceistd. the urtslersigned, hereinafter ralltilivdy called the "&xruwer", jointly and severally promise to pay to COI?1MUNITY FEDERAL SAVINGS ANp t-OAN ASSCY.'IATItIN (If IIIE PAl 1?1 tlfA('111~5, or order, at its office at 2h00 Broadway. Riviera Beach, Florida Tl~, or at such abet place as the holler hereof may designate. the cum of NINETY THREE THOUSAND AND NO HUNDREDTHS-------------=--------- nOLLARS IS 93, 000.00 ) together with inttrttt thereon u hereinafter stated in monthly installments of Nine Hundred Seventy Four and SS/100------------------------------------------------------ I>nl.I.ARSIf 974.55 The first installment shall be due and payable on the 10th day at November , 19 80 and wbsequcnt instagmeMS shall bE due and payable on the 1 Oth day of each anJ entry calendar month tbereaher omit the 28th day of February ~9 84 tent s?f the "Initial loan Term"1. whrn the outvandrng principal balance tognher with any accrued and unpaid interest shall baomt due and payable, lydtss &xrower elects to estend the term of this Note as hereinaQer set forth. Prior to the end of the Initial Loan Term as well as subsequent Renewal I wn Terms, Hnrrawcr shall havrlhe option to evtrnd the term of This Nde beyond the end of the current Loan f erm for additional xparate three (ll-year pcr+s+Js t•'Rrncwal Loan Terms"1, a~ the interest rate and monthly payments hereinafter set forth. Provided, I+uwever, the final Renewal I oan Term may be for a period of Iesa than three (31 ytan so that in no event sMll the "Final Maturity t)ate" of this note be egended beyond the 10th day of October , 20 1 Q when all sums Then remaining due togdhcr with accrued interest shall Immediately become due and payable. This obligation shall beu interest from the date of disbursement of this Note a1 the rate af1'y+elve and one/quarter----=- per eem f 12.25 rty) per annum ("Original Interest Rate") until the end of the Initial l oan Term. Thereafter a "Renewal Interest Rate" shall be in effect for each subsequent Renewal Loan TermlThe holder shall send Borrower a writtrn "Renewal !daice" at least ninety (901 days before the end of the Initial I-oan Term or the end of any Renewal Loan Term eicep the final Renewal 1 oan Term. apttiifving that unless this Nwc is paid in full on or before the erid of the currrnt I oan Term, it will bt automatically renewed for an additional Renewal Loan Tetm at the interest rate and monthly payment specified in said Notice u cakulattd by Aalder in the manner hereinafter sq forth: Adjustments in the interest rate of this Note after the end of the Initial Loan Term shall he haled ors changcv in the "Afortthly'Wtional Ateraga Contraq Interest Rate on the Purchase of Previously-Occupied Ilona Mr~fl Alajor Lenders". an index furnished M the Federal Nome Lwn Beak Board, as agency of the federal governmrnt. htrtinafter called the "Index". The interest rate for each Renewal t-wn Tetm shall !+e the Original Interest Ratt plus the change in the Indet as measured by the difference betwern the most currrnt available Ittde+c at the time of the Renewal Notice and the "eax Indct Rate". The Base Indet Rue shall tie the most recent assailable Indec on the 28th ~ day of ~~P~,,- . 19 Increases in the interest rut resuhing from differences in the Indet as aforementioned shall be optional wrth the libFOl~ ~~all be made unlMtwaived by the holder hermf in writing: however, any resulting decreases in the interest rate shall be mandatory ao as to effay a redu.-tion m the monthly payments required during a subsequrnt Renewal I.wn Term. fhe monthly pa>ment in effect frx each subse- quent Renewal Loan Term shall be an amount sufficient to amorlite the principal balance at the end of the current Loan Term (usuming all payments are made on or before their due date until the end of the current loan Term) in equal monthly installments over the remaining term of this Note from the end of the current l.wn Term to the Final Maturity byte at the interest rate for said Renewal Lwn Ttrm as hereinabove calculated. At rrnewal the ntatim..m interest rate increase or decrease shall be one and one-half (l-~ percentage points. At no time during the entire terws of this Note may the Renewal Intertu Rate be more than five (S) percentage points in escesv of the Original Interest Rate or more than five lS) percentage points less Than the Original Interest Rau. Interest for each calendar month shall be accrued on the first day of said month :nd be computed on the unpaid balance of principal and interest txiaina on the lax day of the preceding month. This Note shall be Considered in default whrn any payment required to be made hereunder • shall not have been made by its due dale and shall rcmarn in default until said p~~t~~f~tll have bern made. V1'Aik in default, this Note shall hear imerest at the rate of three per rrnt ( 3 as) per annum in Utrof the rate Aerernhefore specified, and holder during dcfauh may at its opion refux to s«ept payment of any sum Ins than the total amount thrn due or declared hereunder to l+e due. All maters and endsxatrs now or hereaher becoming parties hereto jcanlly and stserall> waive demand, notice of non-payment and protest. and agree that in the esem of dcfauh in the payment of any installnscm due hereunder for a peri+xl n(Ihiny (1f1? days the whole o(said indcMedneav shall thereupon at the optic+n of the holder become rmmedutely due anJ payable; and, if Ihiv Nute he, amK in dcfauh and is placed in the hantta svf an attorney for culkdion, to pay reasonable atrrxney's fees and all W her casts including costs anJ au.antya fees of apprllste court p.xecdinRa for making such collection. This Note may be prepaid in v?hale or in parr at any time on or alter ninety 1901 days prior to tl~c end of the Initial 1 wn Term. If this Note is prepaid in whole or in part before ninety (901 days prior to the end of the Initial (oan Term, the uudervigned shall pay to the holder hereof a penahy of sit months' interest on the amount by which the sum of prepayments msde in any year esreeds twenty percent I:Ori1 of the original principal of this Nde. Any notice to Borrower prmided for in this Noe shall be given by mailing such notice addrea.ed In Borrower at the address of the more- . gaged properly xcuring this Note or to such dher addrea as Barowtr may designate b> written notice to the holder hereof. Any notice to the holder of this Nde shall be given by mailing sucA notice to the holder at the address stated in the first paragraph of this Nae a st such address as may be designated by wriurn ndice to Borrower. , The indebtedness evidenced by This Note is secured by a mortgage of even date esecrrted in favor of ('ommunrty Federal Savings and Loan Association of the Palm Bexhes. n - ~ _ (SEAI.I _ ~ _ _ fSFALI Sidney Wi 11Iam Alexander Green :Pii fy~'`~1~.`''r l; r,. t ° ~ (This nae is secured by a mortgage of even date csecuted by the makers in favor of Comm Icy Federal;Savings and !clan Assn: of the Palm Beached 5U485~ ~;R - `ti ~n~X~ eAVE~~~ iamt2r t Sour~asre.~ 7M