HomeMy WebLinkAbout0045'1'O IIA\'E A\D 'f0 iIOI.D th~• ~o~r, tu~;rthrr wilh Ihc trurntcnl~, i~~•nYlita~ne•uts ant) uppurt~•uaua•~, ul~tu liK• ~lu~t~;.~};~~, i~~ f~x• ~iu~ple.
~\U tlx• \tort~u~ur day 1-rrrliy co~rna~-t wi16 tho \lurtgageo that hc a iudcl~•:uibl2• sciu~i uf wid la~~ iu (~Y: simple, tliat h~ 1-as
iwwi~r a~xl lawful right to cw~~•cy said latxl i» h~e simplc :u ufor.~.:-id: that it sLall l~ law(ul (or thc ~turtgag~Y~ at aQ timcspc acra6ly
quietly ta~•nter u{wn, huld, ~x~:upY arxl en!'uy s:-iJ lurnl; that said I;uxl is 6~ti fn~m nU ~~ncutnbraix~w; Il~at he will u~ake eucl~ furtli~r
iranas to prota•ct tl~c f~ti si~nple titlr to s;~icl l:u-cl in thr \turt~ag,r a~ ~uay r~~awuably 1-e ny~uircd: th:d !-~~ dir~s h~•i~•by fully warrant
titlc to said land and H•ill di•f~•~xl the s:uue agai~ut Ute lawtul claiuu uf ull pe•nons whaiuoe:ver.
PHO\'IDI~:D, :1L\YAYS, that if the \tortbay~o~ stiall pay u~do th+• \1urt~a~;~r lh~• ~~crtuin promiswry nole of which tl~e (~dlowiug in
d, :uNt fi6n~res is a tn~e copY. to-wit:
COMMUNITY FEDF.RAt. SAVINGS AND [.OAN ASSOCIATION OF THE PALM BEACHFS
RENEGOTIABLE RATE MORTGAGE NOTE
RIVIERA BF:A('H. lt.URiDA March 4 ~~ 81
f3riog indebtrJ, tur ca~ur recnveJ. Ihr undenigned. hereina`a~ collecti~ely cailnl ~he "Borrow•et". lointly and uvetally promist lo pay to
CO~t\1UNITY FEDERAI SAVINGS ANI) I.nAN ASSCK'IATInN nF THf PAL11! HL•ACNES, or order, al its office at 2600 &oadway,
Riviera Heach, I G-rida ;~tut, cv as wrh olher plarc a. ~he holder herrnf may decignale, the sum of Fj F'j'y SEVEN THOUSAND
AND NO HUNDREDTHS--------------------------------------- oc~~.i.nRSli 57,000.00 1
~ tug~yhrr Mith intrrc.t thrray~n a. herrmaltc~ ~ta~cvl ~n ~uon~hl} m~~allmrul. uf SEVEN HUNDRED TWF.NTY AND 74/100ths
I --------------------------------------------------- I~LLARSII 720.74 1.
fhe firct installment shall t+e dur and payablr un ~he lOth daY o~ August . 19 $j and subxqurnt ins~all-
mentc shall be duc and papabk on thc lOth f4fay of rach and e.•ery ralendar momh thereafter umil the 30th day of June
, 19 $!~(end ~~f ~he "Initial I.oan Term"1, whrn the outctanding prin~ipal balance toge~her with aay acerued and un-
~+aid imrrcst .hail t+eiv~me due and payable, unlex liurrower e1ctK ~o cucrtd Ihe tcrm o(lhic Note as hernnafter set forth.
~~ Until the first payment mentioned above interest shall be due and payable monthly
Prior to the rnd of the (niual Li~an lcrm a. wdl a~ wbsequent ~Eenewal Loan Terms, BorroNer chall have the op~ion to extend the term ot
thi+ No~e bryund the end ol the currrnt l.oan ~fcrm i~x addilional srparatt Ihree (3)-year ~xriod~ 1"Renew•al l.oan Terms"), at Ihe intetat rate and
momhl~ paymrnts hereinafter ,rt fonh. F'mviJed, howe.•er, the final Renewal I.oan Term may tx for a~iod of las than three (3) years so that in
0o evrnt shall ~he "Final ~laturiey Date" ot ~hiti nute tx eatended t+eyond the i~t~l day of Jujy • 20 jl . wfirn all
.um~ ~hrn remaining Jue a~gdher wi~h acr~u~til mtrrn~ thall immrJ~atcly hr:omr due aixl pavabk.
This obligaiion .h•rll I+e:~r mterru h~~m ~he da~c ul d~~burcemem nl ~h~+ Picuc at ~hr raie i~l Fi f teen--------------
pc~ rrn~ 1 t 5. ~ •i~ IK•~ .uu~un~ 1"( ~~~Y~~~.d lutr~r,~ Ratr"1 ~~~~~~I lhc r~Nl ~d ~hr In~u.d 1~ti~n Ir~m 1 hc~callc~ a"Rcnew•rl Inlctt~l Rrtc••
,hall tx~ m rlltti'1 lur ra~h wh.i,~uem KrurN.J 1 u.-u Ic~m Ihr let+Wr~ 1I1:1II K111I'Ik111UMCi a wnllra "Rcnrwal N~N~ie" al (ea~l nintly (~M)1 day~
br(orc the end ot the Iniual L oen Term or ~he rnd ol any Nrnewal I.oan Term ezcept thr (mal Rsncvral Loan Term, sperifying that unless thu Note
~~ paid in full on or befurc thr enJ o( thr currcnt 1 oan irrm, it will bc aWwnalically rrnrwed fot an additional Renewa! Loan Term at tht interesl
ratc and monthly pa~mrnt ~~+ecitied in w~J Notirc a. ralrula~ed hy holder in Ihe manncr herrinafter xt forth. .
Adjustmenn ~n ~he intcrr.t rarc ot th~. No~e alter ~he end of the Initial l.oan lrrm +hall lx ba.n1 on changes m the "Monthly Nauonal
A~erage Contrac~ Intrrcct Ratc ~~n ihe Purcha.c of Pre~iously-(hcupinl Homa tor all Major t_rnder.s", an index furnished by tht Federal Home
Loan Bank Buard, an agency of the federal ga.•ernmem, hernnafter ralled ~he "Index". The intercst ratr for each Renewal Loan Term shall be the
(?ri~inal Interest Rate plus th~ changr in the InJe~ ac measured by ~hr differrnce hetween the mos~ rurrent available Index at ~he time of the
Rrncwa! Nw~ce anJ ~hr "lia~r InJr~ Ra~c" lhr fia.r Indet R•rtr.hall hr ~be mud relem avai4ablc InJr~ on ~he 3~t~Y a~ .IURC
, 19 $j . Inrrratie. ~n thc ~merat rate rc.ulting from diffrrcncec in the Indea as aforemrntioned shall be optional
v-uh the holder, hut .hrll tx m•rdc unlt~. wai~ed hy the holder herec~f in wnung; huwcver, any reculung derreaus in the interest rale shall be manda-
tory w ac ~o rffect a reciucuvn m the monihly paymrm. reywred dunng a subxquen~ Renewal L~wn Term. The monthly paymcnt in eftect tor tach
SuMequent ReneMal Loan lerm .hal1 tK an •r~nount wlfi.~ent to amoruic the principal balance at tht erni of tht cunent Loan Term (auuming all
paymcnts are madc on o: txtore ~hcir due datc umd t he end of ihe cunent I oan Term1 in equal monlhly installmrnts over the remain~ng term o( this
Nu~c from the enJ of thc ~urrrm 1 uan Icrm to ~hr F~nal ~faturi~y 1)ate at ~hr interN ra~c fur w~J Rrnev-al Lcwn Term a~ hcreinatwvt rakulated.
At rencwcal tht mar~mum intere~~ ia~e mrrra~c ~r Jectease ~hall hr nne arxl e~nr-half I l-' :1 prrcen~age ~x~fnts. At nii ume durmE the enure
term ol th~c No~r may thc Rrnrw~l Iwrra~~ Ra~r br morr th~n f~.e !S~ prircnta~c ~xw~n m ca:n~ ul ~hr U~ ig~nal Imere~t Rate ur murt than five IS1
prrcrntagc (w~~n1+ Ics~ Ihan thr OnRma) Imrrr+t Ratr.
Intercat fex each ralrndar munth ~ha~l 1-t arcroal on the fir~t day o( said month and he iomputal on thr unpaid halance of princi~+al and
im~rect exicting on thc la.t Ja~ o( ~he prcccJing mon~h. ihis Notc shall tx conside~ed in dcfauh when an~ paymem ~equirrd to t-e madt hcrrunder
tih:~ll na ha~e txen madc h~ it. dur Jatr arxl ~hall rcmam in default unul .aid pa>•men~ ~hall have hetn madc. N'hdr in default, thi~ Note shall bear
~nterezt at the rate ot three pe4 ren~ 17''il txr annum m e~cetie o( the ra~e hereintxfore ~pec~fieci. and holder dunng default may at ue op~ion rctuse
to a:cept payment o( am .um Ic,. than ~hc total :~muunt thcn due or derlared hereundct ta ~x duc.
All makcn and endor.er. now or hercattcr tx:ummg part~e. hcrc~o ~ointl~• anJ .everail} M•r~.c dcmanJ, notice of nur.-paymcnt and protect,
anJ a~rce that in ~he c~ent of de(ault m thc pa~mcnt of an~• imtallmcm due hereundertor a~xnaf oi th~rty 130-days Ihe w~hole of said indtbtednas
shall thereu~n at ~he opuon of the holder hrcome ~mmrdiately due anJ payable; and, if thi+lVote become~ ~n default and is placed in the hands of
an auorney for collec~ion, to ~+ay rea~onaM. attorney'~ ien and all other :osts including co.tti •rnJ attorney~ fees of appellate court proceedings for
makmg wch collecuun
Thi. No~e may tx prrpa~d in whuk nr in pan at am ~ime on or atter ronet~• 1`10) day+ pn~~r w ~he cnd of tht Initial l_oan Term. I( this Note i.
prcpaiJ m Mh~de or m p.~rt 1x•f~xr mmn 1'~~1 d:~~~ ~n~~r u~ ~hc cnJ ~~I ihc I~uuel I~.:m Tcrm. ~he undcniKncd .hall pay u. th~ hnlJcr herrnf a pcoah~~
~r1 .n mun~h•.' intc~r•.t ~~n tlic .nw~uni b~ ~lu~ h ~hr .~uu ~~s p~ep.~ynu-w. n~aJr m.u~~ ~Nnc~ mumh prn~w) r~~rcrl. ~wrm~ ~~r~aeut 1211~i1 al ihc
un~~u'rl pnnc~pal ut tlu. tiulc.
-1at n~~U~c ~u 14~n~..~cr ~ni~~~JrJ I~n ~n Ihr. hulc ~h.dl iic ~~~a•n M m.ulm~t .u:h n~~ui~ aJJrc..ctil a~ Ibrr~~wrr at thc ~Jdre.. uf th~ mu~t-
~.~KiyJ ~,~u~xn~ .itinnn' ~h~~ 1iu~r ~•r ~~~ .m.h ~Nl~rr .~Jdra•~~ a. Iw~n~~wc~ 1117~ lIl'~IECII:IIC I~~ wnllrn nuh~r In IhC hukltr hrtcY~l Auy M~licr 1~~ Ihe
h~dJrr ~,f ~hi. Nutr .hall hc ~i.rn h~ m:ubu~ w~h nuu.r 1~~ thc hoWrr :u ihr addre~~ .tat~til ~n thr lin~ pare~raph of ~hi. Nixc or at wrb addre.~ a+
ma> t+r d«~~enatcJ h~ wnt~rn :u,uu• lu IA~nuacr
The mdrMeJnr.. r~idrn:cJ h~ ~h~. '~~ar i. ,rrureJ h} :~ mun~ca~er ul r~~n Jate c~erinrd in (a~or nt ( ummumn Ftdetal Sacmgs anJ 1 uan
A~.~w~auon ol Ihc 1'alm F3r~ihc. .
Daniel A. McCarthy
Itil•Al l - - -
Dorothy F. McCarthy
- - --- ItiF:AI_1
ISEAI.) --- - ---- -
(StAL1
~l shall pmmptlv perform. ~mmph~ wit}~. :u~c~ al~iclr by each arxl even~ the stipulations, aureemeats. conditionc, •rnd cot•enants of said prom-
nry note and of this d~l. th~n th~ est:ite herehy create~cl shall ce:~sr :uxl Fx• mdl and void.
.~\D the \fottAaKor does Lereby cm~cnant a~xl a~rcr:
1. To pay all ancl sin}~ulur the principal ancl interrst atxl other swns uf tnoney payable by ~•irtue of ~:~iJ promiawry note a~xl this uwrt-
yte, or either, promptly on th~• days respecti~•ely, the same se~•erally come d~c.
~. To pa~~ all anci sin~;i~lar the taces, assess~nents, kvies, liabiliti~, obli~ations and encumbrances of every• nature on said described prop-
t~~ ~•ach and e~•rry w•hen du~' :1M~ j]:l)'1I)~C acc~rdin~ to law, before thr~ become delinqucnt, ancl i( the same shall not be prompdy paid
c~iortea~~ti' may at any timc either before or after delinquency pay the same v~~thout waiving or affecting the option to fo:ecbse, or
~.- riLht h~•r~•n-Hlcr, a~xl e~•ery• ~aymFnt so madc shall bear interest front th~• date themof at ~he rate provided in said prom'ssory note.
3. To kecp t6c bnildinqs ancl all c~~uipmcnt and personal propcrty r~w or hemafter on said premises, oovered by thts mott$age, in~vred
a s~~m at lcast equal to the nnpaid balancr of this mortKaqe, includinR fire, Aood, c-xtencled covcrage, vandalitim, malicioiu mischief, and
iy nth~r rnveraa~ rcK~uired hy thc mort~a~c~e, as to propcrties other than dwellin~c, ar-d fire, (lood, extended ooverage, special-fortn other-perils
~
finn~.~ P~r,F 4;~