HomeMy WebLinkAbout0985 1'O HAVE AND TO HOLD the s~me, together with the teneir.ents, hercylitameats ~od ~ppu~tenances, unto the Mortgagee, in (ee simple.
AND the 1~lorfgagor does hereby coven~at with ehe Mortga&ee th~t he i+ iadefcasibly u?zed of said l~nd tn [ee simple, that he has
fuq powe~ ~nd lawtul right to conv,ey :aid lead ia fee simple as aforesaid: that it shall be law(ul (or the Mortg~gee ~t all tlmape aceably
and yuielly to er~ter upo n, hold, occupy ~nd eo'oy said land; that said land is trce t~om all encurabrances; th~t he wiQ make such furiher
~ssuraoce~ to p~otect. the tee simpla title to sai~ tind in the Mort~agee as mayl~reasonabiy be ~a~uired; thst he does he~eby Eully w~rrant
the t~tle to said 'Iend and wUl Uetenci ine samr sgaiiui i',-~a i~:+~iw c~.~~~~ r-•w•~ ~~~~w•~.• -
FRO\'lDED, ALWAYS, thwt iE the t~tortg~gor shtU pay unto the Mortgagee the certain promtssory note o[ which the fullowing in
..•orcls anJ figurts is a true copy. to-wit:
COMMUNITY SAVlN~S, F.A.
ADJU5TABLE RA?TE MORTGAGE NOTF
~rv~ew ~ueN. ao~ro~ ~~ruary 16, 88
Belnq Indebted, for vatua rocelved, the underalqned, heretna4er collacUraly cailed the "Borrower", ~otMty and severalty promise to p~y b
COMMUIVtTY SAdlNGS. fJ1., or orde+, at It~ o1f1~e e! 2800 8roadway, Rirter~ Seach, Florida 33~0~, or at aueh olhe~ place as the Aolder hereof may
deelpnste, tM ~um of ONE MILLION SIX HiJNDRED TWELVE THOUSAND FIVE :iUNDRED arid NO/100---------
~otURS t!1 ~ ~12. SUO. 00 ~
~oqether wNh Interat ~hsreon ~s Mnimft~r ~t~t~d In mon~hly Imtdlmem~, whlch •r~ sub~sct to ad(vstm~nt Mr~mafter set iorlh, of
FOURTEEN THOUSAND SIX HUNDRED FIFTY TWO and 79i 100-----------~~5 ~ 1~ 652 . 79
The (trs• In~t~llment ~hall b~ du~ ~nd p~y~bl~ on ths f irst d~r o~ February . 19 gg* ~nd ~uM~qwnt Imtallm~nts
~h~ll b~ dw ~nd p~y~ble o++ tM f irst d~y of e~ch •nd ew?y calend~r m~n~h ~hsre~fter until 1M princtP+l ~~d ~ntere~t •.e
fully paid. In no •vs~f ~hsll ~ha "ii~~l M~tur~ty D~~~" of tl~t~ note b~ ~itanded Myond 1h~ first d~Y at January •
40 1Q . when ali ~urm tMn rem~i~ing due toq~ther wilh ~tcrwd Intere~t sh~ll ~mmedl~t~ly Mcems due ~nd p~y~bk.
*Until the first payment shown above, interest only snall be due and payable monthly.
Thi~ oblPg~~ion ~h~il baar inter~~t from tM d~t~ of dbbwsemsM oF this No~~ ~t tM r~N of Z+Ej~j j~p j~jQ~10~~15------
p~r c~nt ( jQ.~1Q 961 pa •nnum p'diqtn~l Inh~e~i R~te'~ un?~I 1M 30~ d~y of J~p . 19 Scj .(fM
er~j ot fhe l~iNet loan Ts.m). The~e~!rer an "Adjusttd inre.ear R~te" sh~ll be in ef(ect (a euh ~vMeq~enf ~welv~ (12) month ptrad ("Subs~
quent lo~~ Term'~. The holde~ shell send Bwrowe~ ~ written "Ad~~slmcn~ 1:o?ice" at le~tt ~hirty (30) d~ys b~t not more ~fi~n faly-#iv~ (I~ dari
before the end of the Inftiai losn Term o~ th.e end of eny Subsequent loan Te~m extept tha l1~~1 Subsequent lo~n Term, ~pecifyinp, among o11+t?
th~ngs, the Adjv~ted Inter~tf R~te ~~d carespond7ry Adju~ted N4onthly Peymen~ n cdculsled by holder in thc m~nner h~reln~her s~t ~wth.
Ad~ustmanls in tAe Interesl rete o' th~s Nole aha11 relate to "Monlhly Medlan Co~t o1 Fund~ Ratlo (Annualize~IPercent)," an index Iurnlshed by
tha Federel Home Loan Bank Board, an egency ol the federal pavernmenl, herelnaftar called the "Index:' The Interest rate lor each Subsequent Loan
Term ahatl bs the moat current ava?lable Indez ~eventy p0) days prior to Ihe end ol the Current Loan Term ptus~~~~y~,jg_.gs ~
( 75 ) Qerceniepe Doints. Incteaaes In Ihe Interesl rate resulling Irom dlfferances In the Index es aforemenlioned shall be optlonal wllh
the holder, but shell be made unless waived by the holder hareof In wrltlnQ; however, any resulting decreases in Ihe Interesl rate shall be mandatory so
as to eHett a reductlon in lhe monthly payments required during a Subsequsnt Loan Term. Tha Ad~usted A1ontAly Paymenl In eftect (or each Subse-
puent Loan Term shalt be an emounl sulftclenl to amortlze the princlDal balance at l~e end of the currenl loan Term (assuming all payme~ts are mac+e '
on or ~efore thetr due dale untll the end ot the current Loan term) In eq~al monthly Inslallment~ over Ihe rematning teim ot lnts Note trom the end of IAe
current Loan Term to Ihe Ftnal Maturlty ~ate at lhe Interest rete for ssld SubseQueM loan Term as herolnabove calcutaled In Ihe event sa!a "Index" :s ~
~uCseQuently not publl~hed or made avaltable the holder hereof may sub~tltute any other Index permltted by lAe FeOerai Home Loan Benk Board or its
successor.
i ~
At each adjualment, the maYlmum Intere~t rste Increase or decrease shall be TW0 1~ • 00 ) percantape pofnts. At ~
no ttme durlnp the entlre te!m of lhls Note may Ihe Ad~usted Interesl Ftate ba more then or less than Fj~ (~j.~~ ) !
parcentaga polnts o1 the OrtfllnAl tnterost Rete.
Inf~rei~ for esch c~l~ndsr month ~h~ll be •cvwd o~ t!» ltnt d~y of ~ild month ~nd b~ computrd oe+ tha unp~id bal~nc~ of prtncfp~l
snd intere~t eai~ttny on th~ I~~t day of the pnceding month. Thi~ Note sh~li be considered in daf~vl~ whe~ •ny payment req~l~ed to b~ n+ad~
h~reunder ~h~ll not h~w b~tn made by Ih due ds+e and sh~ll remsin in d~lault until ssid p~yment shall hive been m~de. Wh~le in def~ult,
fhh Not~ ~hall beu infenst ~t the r~re of thrN osrc~nt (3~Xa) per snnum in exces~ of rhe r~t~ here~nsbow specified, and holder during d~f~uk
~ m~y at Itf option ~~fuu to ~ccepl payrtNnt of ~~ny sum less th~n the ~otel amount then dw or declued herevnder to be due.
All mak~n ~nd ~ndon~n now a Mndr~r beoominy p~rtlef haero joi~tly ~nd seve?ally wsive dem~nd, no~~c~ af non-p~yrn~nt ~nd pro
t~ft, •nd ~yns 1h~t in the event of daf~ult In tM p~ymtnt of a~y instsllment due hereu~der ior • psriod o1 th~rty (30) d~ys the whol~ of •~M
ind~btednef~ ~h~ll tMrevpon N 1M option of ths holder becom~ Immediately due ~nd p~yable; ~nd, i1 lhif No1a be~om~f tn def~ult and I~ pl~c~d
tn tM h~nd~ of an attorr»y for coilsction, to p~y r~uon~bl~ ~ftorn~y'• fe~~ ind ~II other co~t~ Includin9 co~~~ and srtan~y~ iN~ of ~pp~li~N
covrr poc~edlnq~ fo~ m~k(np ~uch coll~ctfon. '
Tbb Not~ m~y b~ pnpald tn wholt or tn p~rt et ~ny finw wtthovt pendry: however. •II pnp~yrnMh .h.ll M.pplied ro eM r~d~ctlon of
p.inccpal b.l•nc.. P•?~t•I p?.p.yms~~. ~h~ll rat d~l~y or dsf~r +M dw ds~es of •ny momhly p~yment~ ~nltss the hotdt~ pr»f f~ wrltlnp fo
tla~~ dtl~yt and th~ll (~rthe.more only •ffcct ~M ~mount of ~vcaeding mo~thly inst~llments becoming due •fter the •nd of th~ tlwn C~rrtnt
to~n T~rm.
My notic~ fo barower provid~d for in thif Note ~hell be given by m~Iliny ~uch nottc~ ~ddr~u~d to dorrower ~t tfi~ ~ddra~ of fh~
mort9p~d prop~ety ucvrlnq thl~ Noh w to tuch other ~ddrea• Borrower may d~~ignNe by writf~n notic~ ro tF~ holdar Mrtof. A~y
notlc~ lo tM hold~r of thl~ Nof~ ~hall b~ qiv~n by m~iliny tvch notlc~ to the holder ~t ~he •ddret+ stN~d in ~he ~int pua9r~ph af Mi~ Nof~
or ~r ~vch sddrn~ may bs da~tyn~t~d by wrinen nouc~ ro Darower.
The Indebtednesa evldenced by thls Note f~ setured by a moAgepe ol even date exscuted In lavor ol Community Savings, FA., and a delault
under asld mortgepe ~hall constltute a dbieult hereundar.
s/ I+piWlZE1QCS A. PENDER (SEAI) ~/?U
LAWRx.'NCE A. PENDER
s/ ANN PENDER ~u t~.~t)
and shall prom dy ~xrfem~, comply widi, : nd abide b~ each and eve ry the stiputatians, s~reements, conditions, and eovenants of said prom-
x
issory nott an of this decd, then the estate hereby createcl shall cease and be null And void.
A{VD fht MortAagor does hereby covenant and a~re~ BOO~ `~~f 4." V~
'1~o pay nil and sin~ufar the principal :ind interest and other st~~na of money pay:?ble by virtuc o( sald promissory note and thls mort-
caQe, or cither, promptly on Ihe days respertivcly, the same scverofly come duc
2. To pay all and sin~ular !he taxes, assecsments, levies, liabilities, obli~ations and encumbrances of every nalure on said deseribed prop-
erty esch and tvery when due and pay:?l~l~ accordin~; to law, t~efore they become delin~uent, and i( the same shall not be promptly pa(d
the t~lartKa~ee may at any tiine eitlicr I~elore or a(ter delinquency pay the same wilhout waiving or aflecHng the opHon to forecloae, or
any ri,ht h~rcu~der, and cv~ry payment so made shall bear interest (r~m the date thereof at the rate provided in s~id promissory note.
3. To keep the buildin¢s and all c~~uipment and pers~nal property r.ow or herca(ter on said prerr~ises, covered by thLti mortgage, Lnsurad
in a s~im at Irasl e~~ual to the unpaiJ balance of this mort~a~e, incliidin~ fire, fla+c1, e:tended eoverage, vandaUsm, malicious miseblef, and
~nv oth~r co~~ra~P re~~uired h~• dic mort~a~ec, a~ prnprrties oth~r than dwelhnc~, an~l f~rc, (lood, exMnded covera e, s ctal•form other• rilt
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