HomeMy WebLinkAbout1830'1'O HA~'F: A\U '1'O IIO1.D the suue, tuy~ell~c~ wilh llw tcnrux•uts, lienrNt:-uxnts a~xl appurterwncrs, ~uitu tlw• I1lurtga~;rr. in k~: suuple.
~~U Uw Alo~t~ay~ur dui~s 1-~nby covcuant with the ~lortgagua that I~e is inclefeasiWy seiu.d o[ said IanJ in [re simplo, dut be hat
~wwe~ aixl laN•[~d right to cam~ey said la~xl in f~t~ siuiple as ufor.~id; tl~al it slr.ill bu I:~wlu) (o~ q~e ~tortgageo at :-1! tunespea ceaWy
quieUy to e~ter u~x-n, hoW, occupy und en'oy sa~id 1anJ; tl-at salJ l:-nd is (rea irom aA eacumbranc~~s; d~at he wiU make s~K~h fuNltec
n~nctiy to protect tl~e &~ simpk title to sai~ land in the I~tortgag~r~ :u uwy reawrwbly he rcr~uirecl; that I~r dax hen~l-y (~Jly wamwt
lide to a:iid la~Kl :uxl will de[c~Kl the ~:une against the lawful claiuu oC all pcrsa~s wl~onuoe~~er.
PNOVIUI:D, AL\VAYS, thut if d~e \iortKakur shaU pRy unW the Mortgay~c~ d-e ~rrtain prauussory note of which the (ul!owing Ia
ls arK) figun~s is a true c~oPY. tawit:
COMMUNITY FEDF.RAL SAVINGS AND I.OAN ASSOCIATION OF THE PALM BEACHE3
RENEGOTIABLE RATE MORTGAGE NOTE
RIVIFttA BEACH. FIARIDA Februaiy 11, ~~.. g1
Being indebted. tor value received. ~he undersigned. Atrcit-Tft~r collectively called tht "Borrower", lantly and sererally promise lo pay to
COMMUNITY FF.DfRAI. SAVINGS AND LOAN ASS()CIATIAN OF THE PAI.M BEACHES, or order. at its office a~ 2600 &o~dway,
Riviera Beach, I~lorida 3?d04, pr at such c-ther place a~ the holder hereof may designate; the sum of SIXTY SSVEN THOtlSAND
NINS HUNDRED AND NO NUNDRBDTNS------------------------------~LIARSIi 67,900.00 ~
~oaelher with interat Ihereon a~ hereinafter statcvi in momhly installments ot Elght Hu~2dTed FOTty Flve alld
NO 100/TXS--------------------------------------------------~I.LARS(S 845.00 ).
Tht fint in~tallment chall be due and payable on Ihe 20th day of ~lareh ~ . 19 81 ~~ subsequent install-
mrnn shal! be due and payable on ~he 10th JaY of each and every calrndar mon~h thereafter until the 30th ~Y o~ JUrte
. 19 84 (rnd of ~he •'Initial Loan Term"), whcn the~outstanding principal balance togaher vrith any aecrued and un-
paid intereu shal! become due and payable, unlas Borrower eleas ~o extend the term of this Nae u hereinafter set forth.
Prior to the end of the Initial Loan Term u wdl u subsequent Rrnewal Loan Terms, Borrow•er shall have the option to eatend the term o[
this Nae beyond the rnd of the currrnt Loan Term for additional upante thra (3--year periods ("Rrnewal Loan Terms"1, at tIK interat rate and
monthly paymrn~s hereinafter set forth. Provided, howevet, tAe fi~al Renewal Loan Term may be for a period of less than thrte (3) ytus so that in
no event shall the •'Final Maturity Date" of ~his note be extended beyo~ the 10th day of Febiqaiy . m 11 . w~ ~
sums thrn remainiog dut togdher vrith aecrued interest shall immediatdy ba~onfe due and payabk.
Thi~ obliga~ion ~hall txar intete.~ frum ~he date of disbursemenl of Ihis Nutr al Ihr rate of FOUtt@@Il and three/quarters
per cent ( 14. 75 ~Ti) per annum (•'Qriginal Inlerest Rate"1 until the end of the Initial I.oan Tcrm. TherqRer a"Rencwal Interest Ratt"
shall be in effect for rach whecyuenl Renewal Loan Term. The holder ~hall send liorrower a wrillrn "Rrnewal Notice" at kau ninety (90) daYs
before ~he end of the Initial Loan Term oi the end of any Rrnewal Loan Term exaept the final Renewal Loan term, specifyina that unlas this Note
is paid in full on or before the rnd of Ihe current Loan Term, i~ will be automatically renewed for an additiona) Rrnewal Loan Tetm at the interat
nte and monthl~ paymrnt specified in said Naice as cakulated by holder in the manner hereinaf~er set forth.
Adjustments in the interest rate of this IVote aRer ~he eod oi ~he Initial Loan Tcrm shall be based on chansa in the "Monthly National
i A~erage Contract Interat Rate on thc Purcfiase of Previously-Oecupied Homes for all Major Lenders", an index furnished by the Federal Hortx
Loan Bank Boud, an asrncy of tAe federal governmrn~, hereinafter called the "Index". The interat rate for each Renewal Loan Trnn shall be the
Original Interest Rate plus the change in the Index as meaw~ed by the differrnce between the most cunrnt availabk Indea u the time of the
Renevral Notice and the ••Ba~e Index Rate". lhe fiax InJex Rate shall be the mou recent a~•ailabk Index on the 30th day of JUI~e
~
, 19 81. Increases in the interest rate raulling from differences in the Index as aforemrntioned shall bt optional
with the holder, bw shall be made unless waived by Ihc holder hereof in writing' however, any raulting dccrcaxs in the intaat rate sAall be manda-
tory so u tu effect a rcduction in thr monthly payments required during a subsequent Renn+al Lwn Term. The monthly pa~ment in effect for each
subsequent Renewal Loan Tcrm shall be an amount sutficirn~ to amortize the pnncipal balance at the end of the curtrnt Loan Te~m (usuming all
paymcnts are made on or before ~heir due date until ~he cnd of ~he currrnt Loan Term) in equal momhly installmrnts over the rcmainine term of this
Note from the end of the c~urrent Loan Term ~o the Final Maturity Date at the interat rate for said Renewal l.oan Term u hereinabove akulated.
At renewal ~he maa~mum intere~t ra~e imrrace or derrea~e shall I+e one an~ une-half f 1-'.:11+e-cemage points_ A~ n.. tilne durina the rntire
term o( ~hi. Nac may tht Rencwal Imcrest Ra~e Ix morr than fiv~ (S) pcrcemaae M~inn in e~ce.. of ~hc (kiginal Intcre~~ Rate or morc Ihan five (S)
percen~age ~x-ints Icsc than thc (kiginal Inicrc~~ Ra~c_
Internl fc-r each calenJar month shall tx a~-crued on the fir~~ Jay of said mumh anJ be romputed on ~he unpeid balanrt of principal and
interat e~isting on the lut day of the precedin~t month. This Note shall tx considercd in default whrn an~ paymrnl required to be made hereunder
shall no1 ha~•e been madt by its due date and chall rema~n in default until said payment shall have been made. While in defaul~, ~his Nott shall btar
interest at the rate of ~hree ptr cent Ilr~1 per annum in excess uf ~he ra~e hercinbe(orr q-ecifictil, and holdet during defaull may at its oqion tefuse
to a~~ceq paymrnt of any sum Ins than ~he taal amoun~ ~hen due or dalared hercunder to he Jue.
All makers and endorxrs now or hereatter ben~ming parties hcrcto joindq and snerally wai~r demand, nouct of non-paymrnt and praest.
and agree ~hat in the e~em of dcfault in the {+aymcnt af am• imtallment dut hereunder for a peri.xf o( thiny (301 days the whok of said indebtedness
shaU thereupon at the oplion af the holder txrome immed~ately due and payable; and, if ~hi+ Note becoma in de(ault and is placed in the hands of
an a~torney for colla-tion, to pay reawnabk a~torney's fees and all other costs irtcluding co-n and attorney~s (ces of appella~e coun proceedinas for
making such collection.
Thic Note may Fx prepaid m whole or ir~ part at any umc on or after ninct}• 1~1{ davc pnor t~ ~hr cnd of thc Ini~ial L~~n Term. If ~his No~e is
prepaiJ m wholc or in part beforc nine~~ 190) da>+ prinr to the end of tht Initial Loan Tcrm, thc unJcrtiigncd +hall pa~ to 1he holder hereof a penalt)~
of sit mnnthi interc.t on tht amoimt by which ~hc +um ot prepayments made in any ~ael~e monih period r~~eeds ~went> percrnl 120~L) of Ihe
origmal princi~-al ot ihi~ Nae.
Any nutire to &~rruwer pru~iJc~f tor in thi~ Nutr shall tx gi~rn Ay maihng wch nutice aJdro~eJ to &~rrower at the address of Ihe mort-
gaged pro~xrt~ uYUring th~~ nutr or u~ ,uch wher addrr~~ a. liorruwer may deeignate hti wnttrn nouce tn ~he holJer hercof. Any notice ~o the
holdcr al 1hi~ Nwr ~hell ix ~ci~cn i~y maihng wrb uu~~cr to Ihc hcilJcr at tht aJdre~~ ~~atcJ in 1hr fint ~w~agreph of th~e Notc or at such addres~ as
may br de+ignateJ hy written nutire ~o Fk~rrowcr.
The indeMeJne~t evidenred b~• thi~ Note iti ~ureY1 by a mortgage of even Jate e~ecutcYi in (avor of Commun~t~ Federal Savin6s and Loan
Aswr~auon of thr f'alm Hcachcw.
-- • - -- ---- - - - - - - - -- ISEA1.1 --- -- - --- -- - --- - --- ISEALI
Nartin H. Co1in
- -- - - ISFA1.) -- - - ---- -
E11en S. CoZin
(SEAL1
d shall prompdy perfortn, con~ply widi. and abide by eu~l- ancl every the stipulatiatu, aRreements, conditiom, and cm•enants ~ said prom-
ory note ancl of this dcrd, then the estate herel-y crrated shall ceasr and be nu11 and voicl.
:-\D the ~~ortga~Cor does hereby cr~•rn:mt ancl aKrcr:
l. To pay all and sin~;ular the prirxipal and interest ancl od~er suu~s of money payable by ~-irtoc of said promissory note arxl this tnort-
~e, or eithcr, pmmplly on the c~ays respec~ti~~cly, the same seqerally come dne. . ' •
2. To pay all and sin~,ndar the taxes, assess~nents, kvies, liabilities, oblifiations and enc:umbrances of every nature ot~ said described prop-
ty each ar~1 e~•ery when due ancl payable acrordinR to la~v, before they lxrome delinquent, and if tLe same shall not be promptly paid
r 11or±~asccr may at any time eithcr before or after delinquency pay the same wit6out waiving or affecting t6e option to foreclose, or
>• ri~ht hemnnder, ancl eeeq• paymFnt so made shall bear interest from th~ date thereof at the rate provided in said promissory note.
3. To kecp the buildin~s ancl al) c~ uipmcnt and personal property now or hemafter on said premises, oovered by th{s mortgage, imnred
a sum at kast cyual to thc unpaicl ba~anm of this mortgage, includin~ (ire, flood, extended coverage, vandalism, malichout mixhief, and
~• other covera~e re~~nired by the inort~:a4ee, as to properties other than dwrllinp~, ancl fire, ilood, extended ooverage, speeial-form other-perib
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