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Home My WebLink About0011.i COMMUNITY FEDERAL SAVINGS AND LOAN ASSOCIATION OF THE PALM BEACHES RENEGOTIABLE RATE MORTGAGE NOTE RIVIERA 6EACH, IFLOItIDA November 25 I~ 80 Being indebted, for value received, the undersigned. hereinafter collectively called the "Borrower", jointly and severally promise to pay to COhIMUNITY FEDERAI. SAVINGS ANn LOAN ASSOCIATION OF THE PALM BEACHES, or order. at its office at 2600 8roadwa . Riviera Beach, t•lorida 13404, or at such other place as the holder hereof may designate, the sum of THIRTY TWO THOUS- AND NINE HUNDRED AND NO HUNDREDTHS-------------~LI.ARS(S 32.90.00 ) together wnh tntrre.t thera~rt as herenafter aattYl in monthly installments of THREE HUNDRED EIGHTY NINE AND 83/j00ths------------------------------------- ooLLARSIS 389.83 )- The tint installmrnt .hall be due and payable t+tt the jOth day of jyjgy . 19 $j and subsegttrnt install- mentsshall he dur and payable on Ihr jOth day of each and every calendar month thereafter until the 28th daY of Feb- r 19 $~nJ of thr "Initial Loan Term"1. whrn the rwtstanding principal balance together with an ace un- ~rset pa~jarm~e~n`~"a~iove n~eiori~d;~°rfn'"~e~est°ski`a"~f~"1;e"'cfiieh'an~e~alya`~'t~e mon~i~y.~nt . t e Prior to thr end of the Initial Loan 1 rrm as well as subsequent Renewal Loan Terms, Borrower shall have the opion to extend the term of this Nate beyond the emt of the currrnt Loan Term for additional separate three (3)-year periods ("Renewal Loan Terms"), at the interest rateattd monthly payments hcreinaf~er set forth. Provided, however, the final Renewal loan Term may be fora of less than three (1) cars so that in no event shall the "Final Maturity Date" of this nwc be extended beyond the . 10th daY of prlj . 20 ~`j . whrn all sums then remaining due together with accrued interest shall immediately become due and payable. This obligation shall bear intereu from the date of disbursemrnt of this Nwe at the rate of FOUR TEEN- - - - - - - - - - per trot ( 14. Q v'i) per annum 1"(higinal Interest Rate") until the end of the Initial Loan Term. ThereaRer a "Renewal Interest Rate" shall be in effect for each subsequrnt Renewal Loan Term. The holder shall send Borrower a writtrn "Renewal Notice" at lezst ninety (90) days before the end of the Initial I-wn Term or the end of any Renewal Loan Term except the final Renewal Loan Term, specifying that unless this Note is paid in full on tx heftxe the end of the currrm Loan Term, it will be automatically renewed for an additional Rrnewal Loan Term at the interest rate and monthly payment specified in said Noise as calculated by ltoldrr in the manner hereinafter set forth. Adjwtmenrs in the interest rate of this Nwe after the end of the Initial loan Term shall be based on changes in the "Monthly National Asctage Contsa.Y tatctcst Kate on the Purchasr of Navioudy-(lt:cYt(ric+d flomcr !or al! Afa%ni tenders", an index furnished by the Federal Home l ~aa flaak hoard, an agrncy of the fedesa{ gmecttmcttt, heceiaaftcc called the "(ttdex". '1'lse iotecest sate less eacts AenewaS Loan Term shat! 6e the Original Interest Rate plus the change i+s ttse (tsSex as measured t+y the difference belwern the most current available Index at the lime of the Rrncwal Notice and tltc •'llase lndea Katr". The Base Index Katc shall be the most recent available Irttlex on the 28th day of February . 19 $j - Increase. in the tntnazl rate resulting from Jilfrrettres in the Index a. aloretnrntior+erl .hall be riptional with thr lu+ldrr, hat sh:dl I+r made unlrss waiver( by thr holder Itrra+l in wtiung; however, any resulting datrcase. m the interest iatc shall be tnanda- tory so a- to effect-a rrslus-lion in the momhly ptymrms rryuired during a subseyurnt Renewal Loan Ttrm. The monthly payment in effrd for each subseyurnt Renewal Lwn Term shall bean amount wfficicnt to amortise the principal balance at the end of the currrnt loan Term (assuming all payment: are made on ur belrire !heir due date until the end of the current loan Term) in equal monthly installmrnls over the remaining term of this Nwe from the rnd of tlrr current Loan Tcrm to the Final Maturity Irate at the interest rate for said Renewal Loan Term as hereinabove cakulated- At renewal the maxnnum interest rate incrrase ur decrease shall be one and one-half /I-~/i) percrntage puinls. At no time during the rntire term of this Note may the Renewal Interest Rate hr more than five IS) percentage points in excess of the Original Interest Ratc or more than five ISI percrntage poinh Icss than the Original Interest Rate. Interest for each calendar month shall be accrued nn the first day of said month and be:omputed on the unpaid balance of principal and interest existing on the last day of the preceding month. -ibis Nwe shall be considered in default when any payment required to be made hereunder shall not have bern made by its due date and shall remain in default until said payment shall have been made. While in default, this Notc shall bear interest at the rate of three pd cent 13c'i) per. annum in excess of the rate hereinbefore specified, and holder during default may at its option refuse to accept payment of any sum less than the total amount thrn due or declared hereunder to be due. All makers and indorsers now or hercaftrr hrcuming parties hereto windy and severally waive demand, notice of nun-payment and prwesl, and agree that in the cvrnt of default in the payment of am installment due hereunder fix a pcriad M thirty (301 Jays the whole u(said indebtedness shall Ihereupnn at the option of the holder become immediately due and payable: and, if this Nwe becomes in dctault and is Plxrtl in the hands of an annrnrr fix cullcrtinn, to pas reaun~ahlc aoornr.'s ties attd all rNhcr ants inihtdintta+sts and attorneys (ees of appellate r~Url pr+xccdmRs for making wch rollcntiun. This Nwc may be prepaid in whole or in pan at am time on or after ninety 1901 days prior to the end of the Initial Loan Term. If this Note is Prrpaid in w hole ar in part heroic nintl~-1911- Jays poor to the end of 1Le Initial Loan term, thr undersigned shall pay to the holder hereof a penalty of sis munthi interest un thr amount by which the ,um °I prepayments made in any twelve month period exceeds twenty percent 120rtri) of the original principal ut Ibis Notc. Any notice u+ It~nn+wer pn+sidrd fur in this NtNC shall be givrn by mailing such notice addressed to Burrower a1 the address of the morl- gagcd Property securing Ihi+ Nuti ur to wch +Nhcv aJdress as Borruwrr may designate by written notice to the holder hereof- Any nwicY to the holder of this NWe shall hr given by mailing such notice w the huller at the address stated in the fire Paragraph of this Note or at such address as may he designated by wnttcn notirr a+ I)orruwrr. The indebtedness csidcnad hp this tiwc is sttiurcd by a mortgage of even date execuied in favor of Community Federal Savings and Lwn Asstxiation of the Palm Beaches. --- ISEAI-1 ------- -------- ----- - (SEAL) Frederick L. Breu E~~~ ~Gr - ~ ~,~ I~~ 3 ~ Deborah M. Breu - f lllC Rh[ bECORpC((~~FAI) ~~~ -- -- -___ _ - (SEAL) _ _ -- - - S1.lUC)EC01)NTY.FIW.~ - - ------ -- - - ROGER POt i RAS CLERI( CI7CUiT CGURT n - ~~"'~44 p~ li s~ ~~. ~~ -- ~ - ~~~_~