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Home My WebLink About0970 . . r- . . . , . , TO HAVE AND 70 HOLD tt?e same, togethe~ with the tenemeots, hereditsmeats and appurtenance~, unto tbe Mortgagee, in ice:inopk. ANb the 'Mortgagor does 6ereby covenant with tha Moctga gee that he is indefevlbly teized of uid land in fee iimple, that be hu fuU power and latvlul right to ca~vey satd land in Eee simple as aforesaid; that it ahall be I~wful for the Mortgagee at all dmapea oeab}~r and yuietly to eater upoo, hold, occupy aad e~joy said land; th~t aaid [and is f~ee from all encumbrancet; thtt he wiU make tucb futtbet auu~ancea to protect tha fee st~nple tiUe to aaid land tn tha Mortgagee as may re~oaably be requi~ed; that he does heroby tully warrant ; the title to said Irnd and wW defond the same egeinst tha lawful claims of all persoro whomsoever, ; PROVIDED, ALWAYS, that if the I?tortgagor shaU pay UAt(1 the Mortgagee the certaL~ promtuory note of which the foilowing ia ~ words and figures is a truc copy~ tawit: ~ ~ . ~ COMMUNITY SAVINQS~ F,A. ~ i ADJUSTABLE RATE MURTC AGE NOTF ~ ~ tiv~~tn ~l?CM. FIORIDA September 2 » 86 ~ Beinp indabted, tor value racaived, the underslgned, hereinafter collectively called tho "Borro~rer", jolntly and severaliy promise to pay to COMMUNITY SAVINGS, FA, or order, at Its oftice at 2600 Broadway. Riviera BeacA, Florida 334U0, or at such other ptace as ihe holder hereof may ' des~gnate, the sum oIEIGHTY SEVEN THOUSAND FIVE NUNDRED AND NO HtTNDRED'rHS------------------ oau?Rat~ 87,500.00 ) togatlxr with interesf tl~ereon a~ har~in~fter ~lstsd in monthly instaliments, whkh are subject to ~d(vstrn~nt at Mr~in~fMt tat forth, of ~ OOl1ARS ~ NINE HUNDRED AND S4/100ths----------- 900 54 ~ Tha firit Instaliment ihall b~ due and pay~bl~ on ths ~ daY ef Oetober •~9 86 aod ~ubitqwnt inttellnwni~ shall bs dw and peyable on tM 1St day of e~cfi end eve~y c~lend~r mnnth Iheree~ter until tF+e principsl ~nd intereit ~rs tully paid. In no avent ihail the "Final Maturity Oate" of this note be extendsd beyond the 13t day of p~tober • 20 01 , when all ~~ms then remaining due togetF~er with eccrued interest shell immedi~~ely become due end payible. This obllQation shall bear intereit fram the dete of d4bunem~nt of this Nots at tM nt~ of ~I~ ~D ONE QUARTER per can! ( 9•25 96) per s~num (•,Original intereit Rats'~ unfil tht 3].St, dsy of January . 19$g .(t~ end of the Initial loan Term), Thereaiter an "Adj~sted Interest Rete" shall be in effect fw each iubseq~~e~t twelv~ (12) month p~r'ad ("Subs~- quent loen Term 1. The holder shall tend Borrower a written "Adji»tment No~ice" at leatt ihiny (30) days bot not mors th~n forty-fiw (/5) days before the end of the Initial loan Term or the end of any Subsequenf loan Term except the finai Subsequent loan Term, sp~cifyiag, amony otMr thi~gs, the Adju~ted Int~rest Rate snd corresponding Adjvsted Mo~thly Payment as calculated by hotder in tM msnner htnin~fttr set fotth. ~ Adjustments In the Interest rate of this Note shall relate to "Monihiy Median Cost of Funds Ratlo (Annualize~ (Percent);' an Index turniahed Dy the Federal Home Loan 8ank Board, an agency ot the ledsral government, hareinafter called the "I~dex:' The interest rate tor each Subae~~e nt Loan ? Term shall be the most current available indax sevent p ~~~~E/~UARTER y p0) days prlor to ihe end ot the Cu~rent Loan Term lus ~ (Z • 75 ) percentage points. Increases in the interest rate result(ng from d3i(erences in the Indez as aforementfoned shall be optlonal wlth the holdar, but shall be made un!ess waived by the hofder hereof in writing; however, any resulting decreasas i~ the inte~est rafe shall be mandatory so as to etfect a reduction in the monthty payments requlred during a Subsequsnt Loan Tertn. The Adjusted Monthly Payment In ef(ect tor each Subse- quent Loan Term shaN se an amount sufHclent to amortize the principal balance at the end of the curren? loan Term (assuming all payments are made on or before thsir due date until ihe end of the current Loan Termj in equal monlhly installmenls over ihe rematning iertn of this Note from ihe end ot the ; current Loan Term to the Final Maturity Date at the (nteresl rate for said Subsequent Loan Term as hereinabove calcutated. l~ the event safd "Index" Is ~ subsequently not published or made availabie the holder heraof may substitute any other index permitted by the Federal Home loan Bank Board or (ts successor. + E At each adjustment, the ma~cimum Interest rate increase or decrease shall be ~O (2 . ~0 ) percentage points. At = no ttme during the entire term of thls Note may the Adjusted tnterest Rate be more tf~an or less ihan ~Z~ ( ~j percen[age points o! the Original Interest Rate. Interest for each cskndar month ~hall be acerved on the fl~st dsy of ssid month ~nd be tompvfed on fhe unpaid balarta of princip~l and interest existing on the last day of the precrding mon~h. Thi: Note shall be mnsidered in default when any psyment required to bs m~ herevnder thall not have been made by its due ~iate and shall remain in defauit until said paymene shall have been made. Whik in def~vit, this Note shail bear intereit at the rata of thrN percent (3%) per ~nnum in excess of the ~ate hereinabove spc<ified, end holder dvring daf~vh msy at itt option tefuts to accept paymant of any tvm less than the total amount then due or deciared hereunder to b~ dw. ` All msken snd endoners now w here~fter beaoming p~rties here~o jointty and severally waive demend, notics of non~p~yment u?d pro- tasf, end agree that in 1he event of detavh in the payment of ~ny insteNmen? due hereunde~ fa a period of thirty (30) days ti» whob of s~k! indebtedness shall fherevpon at the option of ths holder becoms lmmediately due and payable; and, if this No1s becanei In defavlt u+d tf pl~ad in ths hands of sn attorney for collection, to pay reesonable sttorney'a fees and all other costs includ~ng cost~ and sttorn~ys iKS of ~pp~ll~t~ courl proceedings for making wch colledlon. This Note may b~ prepaid In whole or in paM at any tinu withouf penaly; however, ell propaymtnb th~ll b~ applied to tM nductton of principal bslance. Psrtfsl prepayments shall not delay or defer the due dafes of eny monthly psymentt unleu ths iwld~r aqroy In wrhMp to thots delays snd ahall furthermore only affed the emount of svtceeding mamhty instaltments btcomirt41 dus after the end of th~ tMn Cvntnf Lwn Term. My rtotica to Borrowu p~orided for en this Note shnll be given by msiling such noNa •ddr.ued ro dorrovver ~t th~ ~~u of th~ or : mortp~yed property txuring thli Note w to such other ~ddress ~i Borrower msy dtiignatt by written notiu to fh~ hold~r Fwr~of. A~+y notice to tf~s hofder of tfiis Nots ~Mti be yiven by mailing ~ucfi notice to the hotder •t the •ddres: shted ;n the fint panyraph of thb Nof~ or at ~~ch sddras u may b~ dssi9nat~d by written ~otice to Bo~rower. ~ ~ The Indebtedness evldenced by 1hls Note is secured by a mortgage ot even date executed in (avor of Cpmmunlty Savings, FA_, and a default ~ ; under sald mortyage shall conatltule a default hereunder. ~ = CONEY ISLAND RESTA(JRANT, INC. ~ Bv: s/ George P. Tingus, President ~ George P. Tingus, President r ~ ~ s/George P. Tingus, Individually ~ George P. Tingus, Indfvfdual~y - ~ ~ ~ € and sha1) prompdy perforni, comp)y with, and abide by eacL and eve ry the stipulations, agreements, conditions, and covenants of said prom- ; issory note and of this dced, then the estate hereby created shall cease and be null and void. f ~ AND the Mortgagor dces hereby covenant and agree: ~pR~ 4 1. To pay all and singular the principal and interest and other sums oE money ~ayable by virtu Bdf'sKa promisiory~not~a is mort- ~ y;age, or either, promptly on the days" respec:tively, the same severally come due. ~ 2. To pay all and singular the taxes, assessments, lev6es, liabilities, obligations and encumbrances of every nature on sald described prop- ~ e?ty each and every when due and payable according to law, beEore they become delinquent, and if the same shall not be pmmptly pald ~ the Mortgagef may at any time either beEore or after delir?quency pay the same wit}~out waiving or affecl3n the opHon to foroclose, or ~ any ri~ht hemunder, and every payment so made shall bear Interest from the date thereof at the rate provid~ In saW promissory note. 3. To keep the buildings and all e~oipment and personal praperty now or hereafter oa said pnmisa. oavered by thts uwrt~age~ ir~sured ~ in a s~im at least equal to the Unpaid ba ance oE this mortgege, including fire, flood, actended coveragt vandalism. maltciaw miscbief, and ~ rny other rnverage requlred by the mortgagee, as to properties other than dweUings, and fi[e, flood, esten~ed ooYetu~e, tpedd-form otl~er-per~L