HomeMy WebLinkAbout0922 TO HAVE AND TO HOLD the same, together with the tenements, hereditaments and appurtenances, unro ~he Mortgagee, in fee simple.
AND the Mortgagor dces hereby covenant with the Mongagce that he is indefeasibly seized of said land in fee simpte, that he has full
power and lawful right to convey said land in fee simple as aforesaid; that it shall be lawful for the Mortgagee at all times peaceably and quietly
to enter upon, hold, occupy and enjoy said land; that said land is free from all encumbrances; that he witl make such further assurances to
protect the fee simple title to said fand in the Mortgagee as may reasonably be required; that he does hereby fully warrant che title to said land
and will defend the same against the lawful cla~ms of ali ptrsons whomscever.
PROVIDED. ALWAYS, that if the hlortgagor shal! pay unto the Mortgagee the certain promissory note of which the following in words ~
and figures is a true copy, to-wit:
COMMUNITY SAVINGS, F.A. ~
s~
~,~ur#$u~e ~D#~ ~ ~
RIVIERA BEACH, FLORIDA June 23 ~q 8
Being indebted, for value received, the undersigned jointly and severaily promise to pay to COMMUNlTY SAVINGS, F.A. at its
office in the City of Riviera Beach, Florida, or order, the sum of FIFTY THRE~ THOUSAND AND NO HUNDREDTHS-----
DOLLARS(S 53,000.00 ~ ~
togeiher with interest thereon as hereinafter stated in monthly installments of FIVE HUNDRED SIXTY FIVE AND
49/100ths----------------------------------------------- DOLLARS(S 565.49
The first installment shall be due and payable on the lOth day of August 19 86 ~
and subsequent installments shall be due and payable on the lOth day of each and ee~ery calendar month thereafter ~
until the principal and interest are fully paid. ~
i
Larger sums may be paid at any time. but the payment of any such iarger sums in additio~ to the paymenis herein required shall ~ I
not relieve the makers of the payment of the monthly installments herein provided for, unless it is specif
ically stipulated by the makers '
at the time of payment that such larger sums are to be applied to the advance payment of the monthly installments next maturing in ~4 i
the order of their due dares. AII payments made upon this nore shall be applied first to the payment of accrued interest and secondly a I
upon the principal.
This obligation shall bear interest from date at the rate ofNINE AND SEVEN/EIGHTHS per cent ( 9. 875 ;
per annum until the principal and interest are fully paid. '
~
Interest for each catendar month shali be accrued on the first day of said month and be computed on the unpaid balance of princi- ~
pal and interest existing on the last day of the preceding month. This note shall be considered in default when any payment required ~
to be made hereunder shall not have been made by its due date and shall remain in default until said payment shaii have been made.
W hile in default, this note shall bear interest at the rate of EIGHTEEN . Per cent ( 1~ . 00 Per annum in fieu
of the rate hereinbefore specified and holder dvring default may at its opnon refuse to accept payment o any sum less than the total ;j
' amount then due or deciared hereunder to be due. ; ~
All makers and endorsers now or hereafter becoming parties hereto jointly and severally waive demand, notice of non-payment and ' ~
protest, and agree that in the event of default in the payment of any installment due hereunder for a period of thirty (30) days the whole
of said indebtedness, shall thereupon at the option of the 6older, become immediately due and payabte, and if this note becomes in
default and is placed in the hands of an attorney for collection, to pay reasonable attorney's fees and all other costs including costs and =
attorneys fees of Appellate Court Proceedings for making such collection. ~
This note may be prepaid in whole or in part at any time w•ithout penalty. ~
(SEAL) s/James A. McKay (SEAL) ~
1
JAMES A. McKAY ;
(SEAL) s/Jacqueline McKay (SEAL)
JACQUELINE MCKAY '
(This note is secured by a mo~tgage of even date executed by the makers in favor of CUMMi1NITY SAVINGS, F.A.)
and shall promptly perform, comply with, and abide by each and every the stipulations, agreements, conditions, and covenants of said promis-
sory note and of this deed, then the estate hereby created shatl cease and be nutl and void.
AND the Mongagor does hereby covenant and agree:
1, To pay a!1 and singular the principal and interest and other sums of money payable by virtue of said promissory note and this mortgage, or
either, promptly on the days respectively, the same severally come due.
2. To pay a11 and singular the taxes, assessments, lev:es, liabilities, obligations and encumbrances of every nature on said described property
each and every when due and payable according to law, before they become delinquent, and if the same shall not be promptly paid the Mort-
gagee may at any time either before or after delinquency pay the same without waiving or afferting the option to fareclosz, or any right
hereunder, and every payment so made shall bear interest from the~date thereof at the rate provided in said promissory note.
3. To keep the buildings and alt equipment and personal property now or hereafter on said premises, covered by this mortgage, insured in a
sum at least equal to the unpaid halance of this mortgage, including fire, flaod, extended coverage, vandalism, malicious mischief, and any
other coverage required by the mortgagee, as to properties other than dwellings, and fire, flood, extended coverage, speciat-form and other-
perils
~'oo~ 5U5 916
Form 238
SOUTHEASTERtV
Rev,4/g6
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