HomeMy WebLinkAbout0933 TO ~IAVE AND TO HO1.D lhe samc, together with the tencmeots, hercditameats aad appurtenances, unto the Mortgagee, in fee siwple.
AhD thc Mortgago~ does hereby cove~ant with ehe I~lortga ee that he is indefeuibly seited of said laad in (ee aimple, Wat be has
(uU power and lawful right to convey said laad ia fee simple as ~oresaid; that it shall be liwful for the Mortgagee at all timespe aoably
and yuietly to enter upoa, ho1d, occupy and en'oy said land; thst sald land ts f~ee from all encumbrances; thst Ao wiU make such EurtLer
auurance~ to protect the (ee sunple tiqe to sai~ Iaad In thc MoRg~gec as may reuoaably be ~equired; that he does hereby iully warnnt
the title to said lend and will defend the same against che lawful clatms of al! persons wbomsoever.
PROVIDED, AL~VAYS, that if the itortgagor shaq pay unto the Mongagee the certain promissory note o[ which the following in
..•ords and figures is a lrue copy. tawil:
COMMUNITY SAVIN~S~ F.A.
ADJUSTABLE RATE MORTGAGE NOTF
~rva~u ~cw, fLORtDA March 18 gg
Belnp indebted, for value recelved, the undersipned, herelnafter Collettively C911ed the "Borrower", jointly and severatly promise to pay to ,
COMMUNITY SAYINGS, FA., or order, Ht its ot(ice at 2600 Broadway, Rivlera 8each, Fforlde 33104, or at suCh other plece as the holder hereot may ~
de~~flnate, tne aum o~ THIRTEEN THOUSAND FIVE HUNDRID AND NO HUNDREDTHS------~---------------
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toyether with interest tMreon ~s Mr~in~her stat~d in monthly tnit~lime~ts, which an •ubj~ct to adju~ten~nt ~s Mr~in~fter tat for~h, of
ONE HUNDRID THIRTY FOUR AND 93/}O~ths------- _____~~S(= 134.93
Th~ fin? lmf~llm~nt th~ll ks~ dw ~nd payabl~ on the s day of May----~ , 19 88 snd ~ubsrqwnt in~t~lln»nt~
•h~fl b~ du~ •nd psyabfe on tM ~St d~y of e~ch •nd swry c~lenda~ mnnfh there~iter until the p~incip~l and interest •re
fully paid. In no evenf thail the "Fin~1 Maturity Data" of thi~ note b~ ~xt~nd~d b*yond tM lst d~Y °i ApriZ ~
20 03 , wh~n •11 sum= then ?emai~;ng dut toqsther with ~cc?utd Interest ~h~ll immedi~tely b~comt du~ ar+d p~y~ble.
Thii obligation ~hell Ma? intare~f from ths dsft of ditbuneernnt of this NoN at tM r~t~ of EIGHT AND 75/IOOths
p~r cenf ( 8• 75 96) p~r •nnum ("O?iqinal Inhnst R~te'~ unfil tM 3~th day of June , 19 89 (th~
end of the Initi~l loan Te~m). Thereafter an "Adjvsted Inttrest Rate" sh~ll be in effen fw euh t~biaquent twelv~ (14) month period ("Subst
que~t to~n Term'~_ 7he holder ~hall ~end Barower i wrinen "Adjus~menf Nottce" at least thirry (30) day: but not mwe th~n fortyfiv~ (4~ days
befors the end of tha Initial loa~ Term or the end of any Subseqwnt loen Term exctpt the fin~l Sub~~qucnt lo~n Term, sp~cifying, ~mong otMr
thinys, the Adivited Int~rest R~te •nd care~pond~ng Adjusted MonM~ly Payme~r a: ulculated by holder in the msnner Mreinafter i~t forth.
Adjuslments in the Interest rate of lhls Note sAetl relale to "Monthly Medlan Co~l of Funds Ratlo (Annualized?(Percent?;' an index furn(shed by ~
tAe Federal Home Loan 8a~k Board, a~ agancy of the federal government, herelnalter calied the "Indez" The interest rate ?or each Subsequent Loan i
Term st~all De the most current avaflable Index seventy (/O) days prior to the end o( ihe Current Loan Term plus ~1~ ND 75/7 OOths ~
2.75 '
( ) Dercentaye points. Increases in the interest rate resulting from dlfference! in the lndex as atorementiongd shall be optional with
the hotder, but shall be made unlass we+ved by the holder hereof In wrltlnQ; however, eny resulflnp deCreases in the interesi rate shall be mandatory so !
as to eftect a reductlon In ihe monthly payments requlred during a Subsequenl Loan Tarm. The Adjusted Monthly Payment In etfect for each Subse- ~
quant Loan Te~m shall be an amount Sufficient lo amoAfze the princlpal balance at the end ot the current Loan Term (aasurntng all payments are made '
on or belore their due date untlllhe end of t~e currenl Loan Term) In equal monthly Inslallments over the remalning term of thts Note Irom the end ot the
current loan Term to the Final Malurity Date at the Interest rate for said Subsequent Loan Term as hereinabove catculated. In the eveM said "Index" is ~
subsequently not published or made avaltable the Aolder hareoi may substitute any other index permilled by ihe Federal Home Loan Bank Baard or its
successor. .
At each adjustmenl, the maximum Interest rale increase or decrease shall be~~ 2•~~ ~ percentage in s At
no time during the ent(re term of ihis Note may the AdJusted Interest Rate be more thart or less ihan FI~IE y
perceMage polnis of the Original Interest Rate.
Inrere~t for each calertder month ~hall be acaued on the finl day of s~td month ~nd be computed on the onp~id b~lanc~ of prlndp~l
' and interes~ existing on the latt dsy of the praceding month. This Note sh~ll be coniidered in de(ault when ~ny payment required to bs msd~
hereundsr she(1 not h~ve been made by its due date and ~halt nmafn in daiautt until ssid p~yment sh~ll h~v~ been made. YVhile Fn def~vlt,
this Nate shal) bear interes/ at ths r~te of fhrN percent (3%) per annum in excesf of the rate hereinabove specified, ~nd holder during dsfauh
m~y at tn option refut~ to ~ccept payment of any •vm tess thsn the fotal amount then due o~ declared hereunder to ba due.
All m~ken ~nd endorsert now or here~ft~r becoming p~rties herero joinNy and sevarally waive dem~nd, notice of non-p~yment snd pro-
test, and ~yree th~f in the event of defavtt fn the p~yment of any inshtlment due hereu~der for a period of thi~ty (30} d~ys fh~ wholt of ~dd
ind~btedness ~hall thereupon ~t the option of the holder becoms tmmediste~y due ~nd p~yable; end, if this No1e becortus tn dsfavlt and t~ pl~ad
I ~n tM hand~ of •n attoroey for collection, to pay reasonsble ~ttaney'~ fe~s •nd all other msti including cos?~ and aHan~y~ fe~~ of ~pp~fl~»
coun prociedtng~ for makeng wch mll~ct)on.
Thfs Not~ may be pr~piid in whate or fn psrt at any time without penalty; lwwtver, •1! pnpaym~nli ih~ll be applied to tM r~ductlon of
WindP~~ b~~+nc~. Parfial prepaymantr sh~ll not delay or dtfer tM due dates of •ny monthly p~ymen~s ~~lets tM holde~ prM~ tn wrltlnq fo
thwe dtlays and sh~ll furthermoie only affect ~he smount of ~ucc~eding monthly inuailment~ becomin9 due ~iter the e~d of the th~n Cvrrenr
lwn Tam.
, Any notice to Borrower provided for in this Note ~hall be q+ven by mailirty ~uch notlc~ eddr~sted to Borrower ~t tF» ~ddry of tM
,I mort~~g~d property ~~curing thls No~~ or to such other •ddreu ~s Bonower may da~iynat~ by writt~n notia to tM hold~r Mr~of. Any
notic~ to tM holder of this Not~ th~ll be qiwn by mailing •uch notfc~ to the hofdtr at tha ~ddre~~ ~tNed in the f~nt p~r~ynph of thit hoN
or ai iuch add»u as may bi desigmt~d by written notics ro Borrower.
_ The intlebtedness eridenced by thls MOte is secured by a monpage ot even dete executed in tavor ot Community Savings, FA., and a default
urtder saicl mortgage shatl constitute a default hereunder.
_ s/MT . AF.[. D AH L.L~,NE s/TERESA AIyNE LANE ~U
MICHAEL DEAN LA.~tE TERESA aNNE LANE
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and shall prompt(y perforni, comply~ with, and abide by eacl~ and eve ry the stipulations, agreements, conditio»s, and covenants of said prom-
i issory note and of this deed, then che estate hertby createcl shall cease and be null and void. ` r7o ~
~ A`D the ,ltortgagor does hereby covenant and agree: EUOK ~ 1 t7
1. To pay al! and sin~ular the principa) and intereat and other sums oF money pay~ble by virtuc o( said promissary note and thit mort-
~;age, or either, promptly on the da}•s respectively, the same severally come due.
2. To pay a11 and sin~ular the taxes, assessments, levies, tiabilities, abliFations and encumbrances o[ every nature on said described prop-
erty each and er•ery when due and payaUle according to law, before they become delinquent, and if the same shall not be prompdy patd
the RtortgaFte may at any ti~he either beEore or nfter delin~uency pay the same without waiving or affecting the option to foreclose, or
any ri~ht hereunder, and every payment so made shaU bear tnterat lrom the date thereof at the rate provided in said promissory note.
3. 7'o keep the buildings and a11 equiFment and personal property now or hereafter oo said premises, covered by this mortgage, insured
in a s~im at least ec~ual to the unpaid balance of this mortgege, including fire, Oood, extended coverage, vandaUsm, malicious mischieE, and
ony other covera~e re~uired by the mortgagee, as to properties other than dwellings, and fire, flood, e:tended coveraje, ipecial-fOrm other•perils
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