HomeMy WebLinkAbout16931'O HAYE AND TO HOI.D t6e sune. togett~ with the tc~nents. beoeciitamcnb tod ~~-pnrtenances, nnto the Morti~~e~e+, in (=~e timple.
AND the I-1or~Kattcx dces hereby cove~w~t with the I-fonuas;ir that he is t~fr(rxsibly seiad d said la~l ia Eee ~tmple, that be has
fuU powe~ a~a! luwful ri~ht to convey saiJ IanJ in (re siiuple as afure~sxid; thal it shall tie law(iJ tor tl~e Murty~ay;re at al1 tuncsp~a ceal,ly
a~Ki ~~~iirdy to cotr.r upun, IwW, oerupY aud rn}'oy suid laenl; th~it mid land is fnr fnun ~1) incu+nhra~-ers; t6at I~e w~U make such Eurtl~cr
assuranc~s to protect tho ter simple tiU@ to said la~~ in U~e I11urtKa~:ee as may reaso~wbly !~e nr~uirc~l; that 6e does hereby fully warr~ut
the tide to aaiJ L1nd wJ will deEead the same ~aiust tLe It-w~fid claLns o( nU pe~sons whoinx~ever.
PROVIDED. ALWAYS. tbat U tbe Matgagor c6aU pay unto 1l~e Mortgagee tLs oertaia promis~oq- nots af wWcb t6s io0o~wlnt !a
woccb aod figum ir a true oopy. oo-wlt:
COAI11iUNITY FEDERAL SAVINGS AND LOAN ASSOCIATION OF THE PALbi ~BEACHES
~Ul'~M~C ~OfC
RIV[EM BEACH, FLORiDA January 9, ~ 1981
Being indebted, for value reoeived. the undersigned iointly and severally promise to pay to COMMUhI1Y FEDERAL SAV-
INCS AND LOAN ASSOCIATION C1F THE PALM BEACHFS at its oUice in ihe City of Riviera Beach, Florida; or ordcr, t6e sum
~ FORTY THOUSAND AND NO HUNDREDTHS------------------------- DoLLAtts (~40,000.00 )
together with interest thereon as hereinafter stated in montWy installments of Five Hundred Five arid
78/100-------------------------------------------------- DoI.LARS(i 505.78 ).
'1'be first tnstallment shall be due and payable on che lOth d,y aE June 19 81
and suhsequent fistallments sha1) be due and payable on the lOth ~y ~ each and every calendar month then~siter
unc;l ~he princ~pal and interest are i.,lly paid. Until the first payment mentioned above, interest
shall be due and payable mqnt1~ly
Lar~er sums tnay be paid ata~y time, btrt the payment oE any such lartter si~mt in addition to the payments herein re-
quired shall not relie~ve the makers oF We payment of the monthly insiallmeats hercin provided (or, unless it is specifically stipu-
lated by the makers at the time oE~a yment that such lar~ ger sums arc to be appli~rl to tF-e advance payrnent of the mouthfy install-
ments next mahmng ~n the onler ot their due dates. All paymeats tnade upon diic note shaU be nppliecl first to !he payment of
ac~:rued interest arxl secondly u~x-n the princi~l.
This obli~ation shall bear interest from date at tt~e rate of Fif teen------------ ~~ ~~ t 1S . ~0 `rO ~
per annum until thP prin~ipal arxl interest are fully paid.
)ntcrest for each calendar month shall be accrued on the first day of said month aad be computed on the unpaid 1-alance
of principal and interest existinK on the lazt day of the precetling month. This note shall be rnnsidered in deEault when any pay-
ment required to be made hereunder shall not have Ueen made by its due date and shall remain in default until said payment shal!
have been made. Whik in default, ihis note shall bear intemst at the rate of --Eighteen-----=------- per cent
( 18 96 ) per annum in lieu of the rate hereinbefore specified and holder during default may at its option reluse to
aocept payment af any sum less than the total amount then due or declared hereundcr to be due.
All makers and endorsers naw or he~eafter ~ pacties hereto jointly aad severalty waive demand, notice of non-
payment a~d protest, aixi agree that in the event of de(a t in the payment of any inctallment due 6ereunder (or a period of
t6irty (30) days the whole of said indebtedness shall thereupm at thc option of the holder, become immediatcly due arnl pay-
able, and if this note hecomes in default and is placed in the hac~ds of an attorncy for rnllection, to pay reasonable attomey's fees
and aII other costs induding costs and attorneys fees of AppeUate Court Proceedings for making such coUection.
Thic note may be prepaid in w6ole or in part at any time K7~~lOU~ pCOaILy.
S/James F. Simpson ~.~W ___ (SEAL)
------------ ---- - -----
.lames F.Simpson
5/Su C_ Sim ~nn ISg~i, ~
~ --- ----- -------------------------------------- --- --- - -- -- ~SEAI.
(This not~ uese~43~~paS~ttgage of even date aecuted by tt~e makers in favor of Community Fe~eral Saving~ and Loen Aam.
of the Palm Beaches ) .
and s6a11 pmmpdype rfocm, camPlp with, and abide by eaeh ancl every tbe stipn1atiaas. agreements, aonditio~. and covenants of said prom-
issory note and of this deed, then the estate hereby created shall ceace and be null and void.
AND the Moitgagor dces hereby oovenant and agree:
1. To pay all and singalar the principal and interest aod other svw af money payable by vlrtue of said promiswry note and this mort-
BaBe, or either. P*~PvY on the clays respecti~rly, tLe sa~ne severally come due. ~
2. To pay all and singular the t~es, assessmeuts, levies liabilities, obligatimu and encvmbranees of every nature on said describecl prop-
erty each and every when due and payable according to ~aw, before they become delinqueut, and if the same shall not be promp-ly paid
the Mortp,aRee may at any time either - before or after delinquency pay the same without waiving or affecting tbe option to foreclose, or
u-y right hereunder. and every payment so made shall bear interest from the date tbereof at the rate provided in said prmnicsory note.
3. To keep t6e buildings and alleq~ ~pment nnd pe:sooal property raw ar hereaEter ao said premises. oovcred by this mortBaSe. insured
in a sum at least eqaal to the unpaid balance af this mortgage, including Eire flood, e:teoded coverage vandalism, malicious mischief, and
any other coverage n•~ uired by the mortgage~e; as to properties other than dw~el~Inps and fire. flood. e:ten~ed coverage. special-form other-perils
insnrance. and any o~er ooverage requimd by the uwrtagee, oo da~llings eli~'b~e for suc6 broadened ooverage- proroided, however, d~at ~
such insurance be in an amo~wt snfficient to oom~p1y with any co-iiuvrance requiremmb coverinQ same nnder the laws of the State of Fbrida, ~
and providod fu~ther that the policy or policies shall be written iu a company or oompanies and t}-rougb an ageocy satjsfactdry to the Mort- -
~agee aad t~at said policy or policies shall be held by the Atortgagee and shall bear a standard New York I-fortgagee Qause without rnntribu- ~
tioo, maL-iag the loss under said policies papable to the I-~ort~agee as its interest ~y appear, and in the event s~- sum ofmoce~ becomcs ~
payable ~mder any such policy or policies. the Mortgagce sl~all have the aptioa to reoeive and apply the aame oo aooount of the indebtedneas
i hereby secured, or to pemut tl~e Mort~agor W receive and ~ue it, or a~ p~rt thereof. (~ other purposes, witLart thereby waiving or impair-
~ inK enY eqoity, lien, or dglit under and by virtue of this moctgage; and in the event the MortRagor does not oomply with this cavenant, the ~
[~lortgagee may place and pay for such insurance. or anY Part tbereof, witho~t waiving or dfecting the aptioo to (~reclase, or any right 6ere-
under, a.xl the Eull amount of each and every such payment shall be immediately due and payabk, and shall bear iaterat from the date :
thereof unti) paid at the defaalt rate provided in said note and together with such interest shal) be secnred by tbe lien aE this mortgaga. Iasar-
' anve covenn the peril of Flood damage shaD be as required by the Federal Dl~ster Protection Act of 1573. or as amended; and mat~agor 3
~ oovenants ~ a~~ees to oomply in all rapei.~ts with the prm~isiaat thereof. .
4. That mortgagee may, at a~ time during tLe mortgage term. and in its discretion, apply for renetwal of~ mortgage gnaranty ins~raooe .
covering t6e mort ge esecuted by the undersi~~ed on even date 6erewitb.pa Y the prcmium due by reasao thereof. aod ~ec~uire repayment
by the undersi~of such amnunts as are advanc~l by said rrMrteaeee. In the e~~eat of failnre by the unciersirrnecl to r~ay said amountx to
said mortgagee, sach fail~ue a6aII be oonsidered a ddault, and all provisiom of the note aod mortgage wit~ reg,ard to default s6a11 be applt-
cable. .
; 5. To permit, cornmit or snffer no vriste, impairment or deterioration of satdp~p~y . or anY Put tliereof, and npoo tLe failnre of ehe ~
mortgaRor to keep tbe bnildinlcs on said praperty in good oondition of repalr the MortRa may denwnd tbe immediate repair of said buiid-
inlGs. or an increase in the amount of security, a the ima~ediate ~m ent of tbe debt bere~y secured and the hiluro d the Mortgagor to com-
ply with said demand of tl~e Mortqaqee for a period of thirty (30 days, s6all comtitute a bre~cb of thts mortga~, ~nd, ~t t6e aption of the ~
MortRaKee. immediately m~tnre tbe entiie amount of prindpal a~interat bereby secured, and immediatdy and withont notiee, the Mortgagee
may institute prooeedin~r w foreclae th~ mo~tgag~e ~nd applr far the appoinm~eat of a Aeoeiver, as 6ereioa[ter pcwided.
~~~3~fi P~~.f~~9
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