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HomeMy WebLinkAbout0196TO ![A~'E AND TO HOLD tha semo. toQethec with d~e teneruenb, heredltamenb and ~ppurteAtaccs. nnto the Mo~tRAKee, in (~w aimple. AI~D lhe I-tortRa~;o~ does hrrrby coveiu~nt with tl~e ~turtKa~;~~e t}~at he is irKle(.a~il~ly seixed d said land ia tee iimpie. t6at be hat full po~ver a~x1 lav-•ful ri~;ht ta ca~v<•y said lain! ia (ee ai~upir. as i-Fun~:iid; that it s}~ell I~r 1av-~tul fut U~e Atu~t~;:~~;i~ at ell tinirsp~ •aceal•ly a~~d yuiclly to ruter upin, hol~l, arupy a:Kl cnr-y caid la~Kl: ti~at su~d Iu~N1 ic frw~ (rMn al) incu~nbran~rs: tlwt hr will na~kr such lurtl~~r a,sur:~n~rs to pr~uect Q~c fee siiuplr title tu said la~xl in the AlurtKa~;er as may reaso~whly he rn~ui~ecl; lbat bo does herrby fully wartant tl~e tiQe to aaid IanJ and will drfead d~r. same ag:t-nst U~tl Isiw[ul clauiu o( ~Il perxuat w6ou~soever. PROVIUED. ALWAYS. tliat if tbe Mmtga~ shall pay unto d,e Mortgagee tbe oertaio prumisa~x~r nots of wWc6 the fod{ovvina in words and figure~ L a tius c~opy. to-w~it: C01I~IUNITY FEDERAL SAVINGS AND LOAN ASSOCIATION OF THE PALDi BEACHES C'~Ul`#~M$E ~UfE RiVIEM B~ACH. FLORTDA ~3Nv~a~ 9 19 gl Beiug indebted, for value received. the undersigned ;antly and severally promise to pay to COMMUNIIY FEDEML SAY- INCS A~D LOAN ASSOCIATIO~I OF THE YAI.M BEACliES at its office in the City of Riviera Heach. Florida, or onler. the sum ~ FOUR THOUSA,'VD EIGHT HUNDRLD AND NO 100/THS-----------------DOLLARS (Z 4,800.00 ) together with interest thereon as herrinafter statcxl in monthly instaWnents of ORe Hundred Fifteen and 46/100----------------------------------------------------DOLLAxs(S 115.46 )• 7'he fi~st instaWnent shall be due and payable on the lOth day ~ February 19 gi and subsequent inttallmcnts shall be due ancl payable on Uie lOth day of each aad every calendar month d~ereafter until t6e principal and interest am fully paid. Larger sums may be paid at any time, but thepa yment of any such lart~rr swns in addition to the paymcnts hereia re- quired s6ail not relicve the makers of the payment of the monthly installmcnts hc~rein provided [or. unless it is spccifir.illy stipu- lated by d~e makers at the time oEQa yment dult such larger sums are to be applieJ to the advancr payment of the monthly inctaU- ments next mahumg in the order of their due dates. All payments made upon d-is note shall be appli~Yl fi~st to the pay~nrnt of accruecl interest aucl sccondly ulwn the principal. This ohligation shall bear interest from date at if~e ratc u: Fifteen and one/half--~r ~"t ( 15.50 ~` ~ {Hrr annum until th~ principal and intc:Mt are fu!ly paicl. . Interest for each calendar month shall be uccrued on the first day of said month and be compuled on the unpaicl Ualance of principal anci interest e:istin~ on the last da~• nf the preeecling ~nonth. This oote shaU be eonsidemd in de(a~dt when any pag- ment n~~uirecl to be made hemunder shall not have bcen made by its due date and sha11 remain in defanlt until said payment sh:~U ~ ha~e been made. R'hile in default, this nnte sh:~ll bear interest a~ the rate oE --Eighteen-------------- per cent I ( 18 °b ) per annum in lieu of the rate hereinbefore speci(ied and holder during default may at its optioa refuse to ! accept payment of any sum less than the tutal amount Wen due or declared hereunder to be due. i All makers and endorsers novr or hereafter ~ parties hereto jointly and severaUy waive dema~d. notice of non- ! payment and protest, and agree that in the event of deEau t in the payment of any installment due hereunder for a perial of i thirty (30) days the whole of said indebtedness s6all tbereupon at the option of the holdcr, hecome immecliately due and pay- aLle, ancl if this note becomes in default and 'u placod in the hands of an atto~~ey for co0ection, to pay reaconable attorney's fe~t and all other costs including costs and attorneys fecs of Appellate Court Proceedinp„s for making snch collection. "I~is note may be prepaid in whole or in part at any time a~~lhout penalty. S/Daniel Cross {s~~ __ ____. _. (SEAL) ~ ----- -- -- - - uaniet cross (SEAI.) -- ----- ------------------------- -------- ----- - - - - (S~) ( Tl~is notP is sec»red by a mortgage of even date e~ecuted by the makers in favor of Community Federal Savingt and Laen Assn. of the Palm Beaches ) - and shall pronp dy perfonn. comply with, and abide by eac6 and every the stipulatioas, agroements, oonditions, and covenants of said prom- issory note and of this deed, then the estate hereby created shall cease and be null and void. Al~'D the Mortgagor does hereby oovenant and agce: 1. To pay all and singular the prineipal ancl interest ancl wher svms of money payable by virtue of said promissory note and d-is mort- gage. or either, prompdy on the days res~ectively, the same severally com~ due. 2. To pay all and singular the tazes, as~essments, levies, liabilities, obligations and encumbrances of every nature on said describecl prop- erty each and every when due and payable according to law, before they become delinquent, and if the same s6a11 not be promptly paid the btortECaRee may at any time either before or aEter delinqu~ncy pay the same without waiving or sf(ecting the option to foreclose, or any riR6t hereunder, anJ every payment so macle shall bear interest from the date thereof at the rate provided in said promissory note. 3. To keep the buildings and alleq uipment and personal property now or heresfter oo said premises, oove~ed by this mortgage~ insured in a sum at lrast c~ual to tbe unpaid balance of this mortgage, u~cluding fire flood, ertended coveraqe, ~~andalism, malicious mischief, arnl ::ny other rnveraqe required by thc nwrtgagee, as to properties other than dwel~inp,s and fire. Ilood, eitended coverage. spectial-form other-perils inturance, and any other coveraRe rc~~ured by the mortagee, on dwellings eligib~e for such broadened coverage- provided, however, that such insurance be in an amount sufEicient to rnmp1y ~vith any co-insnrance requirements coverinR same urxler the Iaws of the State of Florida, and pro~zded further that the policy or policies shall be written in a company or companies aod through an agency satisfactory to d-e I-tort- ~ agee and that said policy or policics shall be 6eld by the ~tortga~;ee and shal) bear a standard I~iew York 111ortgagee Clause without contriLu- tion, mal:ing the laas under said policies papable to the MortECagee as its interest may ~ppear; and in tLe event any sum of mon~y bernmes p~yable under any such policy or policies, the ~lortgaRee shall f~ave the optioo to reoeive and apply fhe aame oo aocount oE the indebtedness hereby secured, or to permit the Mort~s}~,or to receive and uce it, or any part thereof. for other purposes~ without thereby wajving or impair- inQ any equity, lien, or n'ght under and ey virtue of th~s mortgage; and in the event the MortAagor does not comply with tlw covenant, t6e ~tortga}Cee may place and pay for such insurance, or any part thereof, witbont waivinR or affecting the optioo to f~reclase. or any right berc- under, and the full amount of each aad every such payment shall he immediately due uxl payable. and shall bear Interat fran the date thereof until paid at the default rate provided in said note and together wit6 such tnterest shall be secured~b~ tLe lien ~ tbis mortgage. Insur- ance covering the peril of flaod damage shall be as reynIreil by tbe Fedenl Ditaster Protectiau Act of 197~, or as ameaded, and mat oovenants and a~ees to comply In aII respects wit6 the provisions thereof. ~ 4. That mortqagee may. at auy time during the mortgage term, and in its discretion, apply for reoewd of ~age guaranty insaianoe covering tbe mortQage esecuted by the undersi~ned on eveo date herewith.ps y the premium dne by reasoo tb~reof, and reqnire repaymeot by the undersianed of such amounis as are advanceYl by said m~rt¢aeee. In the event of failure by th~ undersitmed to repay said amounts to said mortgagee, such failure s6a11 be ooatidered a default, and all provicioas of the note and mortgage with regard to defaWt shaU be agpli- cable. 5. To permit, commit or snffer no wast~ impairmcnt or deterbratioo of said ~, or anY P~rt thereof. and upon the failure of the mortgaRor to keep the buildings oo said property in good conditioo of repnir the io~tRagee may demand the immediate repair of said build- inp,~, or an incmase in the air~unt of security, or the immediate re ~m eot of t~e debt berrby secured 4nd tbe failure of the Mortgaqor to com- ply with said demand of the I-iortqaqee for a period of thirty (30 days, s6a11 coastitnte • breac6 of t6is mortgage, aod, af the option of the I-lortgsQee, immediately mature the rntire amount of priixipal interest 6ercby secamd, and immediately and without ootioe. tbe Mvrtgagee may institute ProceediaSs to Eoralase thts moRgage aad applr far tbe appointmwt of a Reoeiver. as 6aeio~ha provided. ~. g~~x3~7 ~~~F 19f ~ ~ ~F,~ , ~ - - - - _ ~ ~~ o.~.. ~ ~~ ~.s,_:: r .~ w7 :.~~: ~ _.~_. ~:: . . : - ~,~. .~ ~~~x~ ~.-~ = .