HomeMy WebLinkAbout2043 TO HAVE AND 7'O HOLD the same, together with the tentments, herecl~tameats aad appurtenances, unto the Mortgagee, in fee simple.
AI~D the I?lortgagor does hereby covcnant with the Mortgagee that he is indefeasibly seized of uid land in fee simple, tbat 6e 6as
full power and lawful right to convey said lanci ia fce simple as aforesa~d; that it shall be lawful for the Mortg~gee at all timaspea oeablr
and uietl to eotar upou, hold, occ~ y~nd en~oy said land; that uid land is Free from all encumbranccs; that he wiU make such further
~uuranceaYto protect the Eee sunple bUe to sai~ lind in the Mortgagee as may reuonably be required; that he does htreby fully warraat
tl~e ~tle to said land and will defend the same against the lawiul claims of all persocu whomsoeve~.
P(iOVIDED, AL\~'AYS, that if the \lortgagor shaU pay unto the Mortgagee the certain promissory note of which the following ia
..•ords and figures is a true copy, to-wit:
~ COMMUNITY SAVIN~S, F.A.
ADJUSTABLE RATE MORTGAGE NOTF
tiv~~u? ~?cM. FtatrowTanuary ~ t• g0
Bainp indeDted, tor value received, t~e unUe~sipned, hereinafter collectively called the "Bortower", jointly and Severally promise to pey to
COMMUNITY SAVINGS. FA., or order, at its office at T600 Broadway. Riviera Beacn, Florida 33~0~, or at suc~ ot~er place as the holder hereot may
dea~pnate, tns sum ot ,
THIRTY FOUR THOUSAND FOUR HUNDRED AND NO HUNDREDTHS---------~~s(t 34,400.00 )
rop~the~ with inMresf tl»reoe~ a h~nin~ft~r tt~t~d in mtx~thly imtdlme~ts, which ~.e ~ubject to adjvstm~nt ~s Irninafta s~t forth, of
THREE HUNDRED F'IF'TY NINE AND 21/100ths----------------- ~'RS~ 359•21 ~
TM firit imtdlment shall b~ du~ ~nd p~y~ble on tM 1St ~ of March . 19 9~ ~nd ~ubs~qwnt imt~lleewmt
~M~~ ~~~^d aY~ ~ 1 S t d~y of ~ach and ~very cakndsr mnnth thereaf»r until the principal +nd interest ~re
fully paid. 1~ no ~v~nt ~hall th~ "Fin~l M~tur~ty D~te" of tfiis not~ be extend~d b~yond tM 1SL~y °f Pebruary •
20 ~7 , wh~n all s~ms tiwn nmaining due toQ~tF~ with scvwd Interesr ~hall imm~iN~ly Mcome dw ~nd p~yabk.
Thi~ obliy~tion ~MII bar in»rNt fron+ tM d~tt of dhbun~nrnt of rhii Noh H fh~ r~t~ of NINE AND ONE HALF
ptr c~nf ( 9• 7~ 9G) per ~nnurn C'Orgin~l IMtr~tt R~h'~ until tM 3~th day of June , 19 9~ (th~
end of Hw Initi~l los~ Term). Th~re~ft~r ~n "Ad~usted Inte.hf R~te" shall be in effece fa e~ch subseqwnt twclw (14) montA period C'Sub+t
quem lwn Teren'~. TM holder shall send dorrowe. ~ written "Adjwtment Notice" ~t t:~st thirty (30) d~ys buf not mor~ tMn faty-fiw (I~ d~ri
b~fon tF» s~d of tl+~ Initial loan Term or the end of any Subsequent loen Term except tM final Subseqwnt Lwn Term, sp~cifyinq, ~mo++g othtr
thing~, tM Adju~»d InNhtt R~t~ ~nd corrapondinq /~dj~nted Monlhly P~yment as c~lculated by holder in the manner lrrdn~ft~r set fortl+.
Adjustmenta In the interest rste of thla Note shall retata to "Monthly Madian Cost of Funds Ratio (Annualized) (Percent?," an index furnished by
the Federal Home Loan Bank Board, an aQency of the federal povemment, Mreinafter called the "Index" The interest rate for each Subsequent Loan
Term shatl De the most current availabla Index seventy (70) days prlor to the en0 of tAe Current loan Term plus -
( 2, ) percentaqe points. Increases in the interest rata resultinq from differences fn the Index as atorementio~ed shall be optional with
ihe holder, but shall be made unless wafved by tAe Aolder hereof In writiny; however, any resultinp decreases in tAe interest rate shall be mandatory so
as to effect a raductio~ i~ the monthly paymenta requirsd du~inp a Subsequent Loan Term. The Adjusted Monihly Payment in eftect for each Subse-
quent Loen Term ahall be an amaunt aufficb~t to amohize the princlpal Dalance at the end of the current Loan Term (~ssuminy all paymenls are made
o~ or before their due date until the end of the curront Loan Term} in equal monthly instailments over the remaining term of this Note from tAe end of the
current Loan Term to ihe Ftnal Maturity Date at the Interast rate tor said SuDsequent Loan Te~m as hereinabove calculated. In the event said "Index" is
subsequently not publisAed or made avallable the holder hereol may substitute any otAer index permitted by the Federal Home Loan Bank Board or its
' successor.
At each adjustment, the maximum intereat rate increase or decrease snall be TWO ( 2. 0 ~ percentaye points. At
no tfine durinQ the entira term ot this Note may the Adjusted Interest Rate be more t~an or less than FIVE ( ~ ~
pe~ce~taqe pofnts of tha Oriyinal Interest Rate.
i
' Inetrest for each ul~ndar month ~hall be ~cawd on tM fint day of ~aid month snd b~ compvted on th~ unpaid balanu of prfnctpal
~ and interest exhtinp on tM lat d~y oi the pr~ced~ng month. This Note shsll be considered in d~f~vlt when •ny p~ymen? r~quired to b~ m~
~ hercund~r ~h~ll not haw bK~ mad~ by in dw d~te and ihall nmain in d~f~ult until said payment sh~ll haw been mad~. Whik i~ d~f~~h,
~ th~ NoM shall beu int~nst at ths r~te of thnt perctnt (37G) per ~nnum in excess of the n» Mre~n~bow specified, and holder during dtfauh
' may M tb option nfuN !o ~capt paym~nt ~f ~ny awn l~s~ than tM tot~l amount then du~ or deciued her~under to b~ dw.
~ All mak~n ~nd ~ndors~n now w Mr~~f»r beoominy parties herteo joinrly snd severslly waive demand, notice of non-p~yment u+d p?o
~ ttst, ~nd prN tlut in the eveM of d~f~uh in th~ paymenf of ~ny i~sfallmenr d~,e hereunder fw a period of thiAy (30) d~ys tM whola of •~fd
j ind~bt~dneu ahall therevpon ~t th~ option of tM holder btcarw Immediately due ~nd p~yable; sr+d, if this Note becorn~~ in def~ult ~nd Is plac~d
~ in 1f» hands of ~n ~tlorn~y fw obll~ctioe+, fo pay ruson~bl~ ~ttorn~y'~ fees ar+d all ot!»r costs incl~d~ng cosb and ano.i»y~ f~ of ~pp~llst~
~ caxt poo»dlnp~ ~or m~lcinp such collsction.
Thb Nor~ enay b~ pnpaW in whoN w in pan ~t +ny rin,. withovr pen~lty: however, all pr~paymenti ~II be ~ppl~ed ro ttw nduct(on of
, pincipal b~lae?u. P~Ai~I prtpaym~nb shall rat d~l~y w d~f~r tl+e d~s dates of any montl~ly payments unles~ rhs hoida pr~ In wrltlnp to
~ tlwt~ d~lays and iMll f~rtl+erma~ only aff~et the ~movnt of svcc~eding monthly fns~sllmenb becomin9 dw ~h~r the snd of th~ Nwn Current
i to~n T~nn.
E
t My notiu to 6onower provid~d fw in thi~ Note ahall be yiven by m~ilir+p wch notlu sddreu~d to Ewrower ~t th~ ~ddrhs of fh~
mortqp~d prop~ety s~cvrt~p thb No» w to ~vcF~ wher ~ddre~~ p SOf~ONN m~y dtiign~» by written e+otcce to tM holdN F»rwf. M+y
~ noliu to tM hold~r of thN Noh ~hall b~ pivrn by ma~Iiny iuch notlcs ro the holder •r the addre~s ~t~ted ~n tFr f~nt p~rayr~ph of thb No»
ot N s~ed? ~ddnst a rt?hr b~ dssipn~Md by writttn notia ro Eorrower.
~ The indebtednesa erldenced by this Nofe fs secured by a mortyape ot even date executed in favor of Community Savings. F.A., and a default
~ under said mortpaps ahall wnstitute a default Mreunder.
~ s/JAhIES D. MELTON,JR.
d~l}~~~ ~~~b'~=~t~ ~-dR . (s~?~) ` cs~?U
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~ and shall promptly perfom~, comply ..~ith, and abide by earl~ and eve ry the stipulations, agreements, conditions, s~ covenants of said pram-
issory note and of this deed, then the estate hereby created shall cease and be nul) and void. ~ p~
~ AND the Mortgagor does hereby covenant and agree: BOG1I ~A~E~1J'~{J
~ 1. To pay ali and sinFular the principal ~nd interest and other sums of money pay~ble by vinue oE said promissory note and this mort-
t;age, or either, promptly on the days respectively, the same severally come due.
; 2. To pay all and sin~ular the tua, assessments, levies, liabilitia, obligations and encumbrances of every nature on said dacribed prop-
erty each and every when due and payaUle according to law, beEore they become delinquent, and if the ume shall not be prompdy paid
the Mortga~ef may at any tiine either before or nfter dtlinquency pay the same without waiving or affa:ting ttu opHon to forcclose. ot
any ri~ht hercunder, and every payment so made shall bear interat from the date thereof at the rate provided in said pmmis3ory note.
3. To kerp the buitdin gs and all e~uipment and personal pr rty now or heresfter on said premisd, oovered by this mortgage, insured
in a sum at least equal to the unpaid balance o( this mortg~ge, ine udin~ fire, flood, eztended coverage, v~nd~Lrm, ~i1dI7C1GJ1 mischief, and
~ •ny other cover~ge required by the mortgagee, as to propertia other than dwel3ings, and fi~e, flo:r~ sr~-n!i ~~,•.cTq~f, >:~i fa ~~.ti.?r-~rita
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