HomeMy WebLinkAbout0083 TO HA~'E AtiD 7 c) NOLl) the san~e, to~;ether w~th the tenemenc,, hcrr.i~tau~rnt~ ~a+l appuit~v~ar,~cs, unto the \1ort~.~;;~Y', ~n fre sunple
A\U the ~tort~;a~;or dces hereby cot•enant w•ic~~ tt~e ~1urt~;a~;ee that hc~ u indefeas~bly seuccl of said land u~ fee suuple, that de hat
full poNer an~l IaHful n~;ht to convey iaid laud in fre simple as afor~•.~i~l; ti~at ~t shall be lawiul for the ;~lortgagee at all times peaceab~y
and y~uetly to enter upe~n, hold, occupy and rn~ov >aid lanJ; that s~i~l l.~nd is Eree from all encwiibran~rs; lhat he will make such further
.~ssu~ance~ to protect the fYe siuiplr title tu aaid ~and ~n tlie \turtKag~•e u ~nay rr.isuuably br reyuur.l, that he elcx~s hereby fully warrant
the citle to +~~d land and ~+-ill dr(en~l t}u• sauie aKa~mt the lawful clai~ns oE aU persons whumscever.
FRC)\'1DE:D. AI.~\'Al'S, that if thc \tortgabor shaU pay unto the \tort};a~:ee the rcrtain promistory note oE which thr fullo..•ing in
~~onl, nn~l figtues is a true copy, to-wit.
COMMUNITY SAVINGS, F.A.
A T1 Tt TC~T w nT r n A n~r~ 1~Rll2TlT!'~ A!~T` 1~Tl1'TL~
t-1 Ll J l1 ~ 1 L-~ D L.G Y~ L-~ 1 L 1~ 1 ll 1\ 1 V 1"~ V~: 1~ v i i.
RIVIERA 6EACN. FIORICA J~~~Y 25 O
Be~ng ~naeD;ed tor va~ue rece~ved tne unders~gn?d here~na}ter couect~ve~y :alie~ Ihe Borrower . ~o~nUy and se.era!~y p~om~se to pay to
COMAIUYETY SAViNGS. F A o~ o~der. at rts o}f~ce at 2600 Broadxay Rr~~era Beach Flor~da 33d04 0~ at sucr. other piace as me no,der hereof may
des~gnate. ihe sum o~
ONE 4iUNDRED FIE~PEEN `1~i0USA1~ID NINE HUNDRED ~[~ID Oj 100 oo~u?~s cs 115, 900.00 )
togethr. w~th interest +hereon as here~neftrr stated ~n monthly in~tallmrnr, wh~ch e~e s~~bjecr to adiustment as he~e~nahe~ set forth, of
EIGHT HUNDRID NINETY-ONE AND 17/100 ooiu?as cs 891.17
The f~rst installment shall be due and payeble on the 1 d~y of [~j~j-1 , 1990 ~nd subicquent installmenls
:hall be due and payeble on the 1 dey of eech and every calendar m~nrh rne~eafre. vnr~l ~he pr~nc~pai a~d ;~+~~est ere
fulty pa~d. In no event nhall the °Fi~a~ Ma~urny Date" of this note be exte~ded beyond 1he 1, dey of ~gRUARY •
202(~ , whrn all svme then rema~n!nq d~e sogether wlth aa~ued Int~rrst shail ~mmedla~ely be:ome d~e e~d payable
Th~s obl~gat~on shall bear interesr from the date of disb~rsement of !h~s Note et the rste of EIGHT AI~ID 5~~~1~~~
pe~ ce~t ( g.~j00 °o) otr annum ("Origtnal Intere3f Ra~d~ ~nt~! the 31 day of J~pgy , is~l ,(the
end oi ~he In~t~al loan Term1. Thereaher an "Ad~usted Inte~etr Rate" sha!I be effect for ~ach wbsequent t~nelve (12) month pei~od ("Subsr
quem loan Term'1. The hofder shall se~3 Ro~rowe• a vvnnen "Adi~itmen• ~~o+~ce" ar least th~~ty (30) days but not more than fortydrve (~S) deys
before the end of the In~tlal loan TerT, cr the end of a~y Suhseq~e•~r Lo ~ Terrn except the fina' Subsequent loan Term, spe:~fy~ng, among o~F~er
!h~ngs, the Adj~sted Interest Rate a^d correspond~~q Adj~sred Monthly Payme~+ a: calcu~ated by ho!de~ in the ma~~er hereinafter set forth.
Ad~ustments ~n the ~nterest rate oi th~s Note shau relate tc' Montnly Med~an Cost of Funds RaNO lAnnuahzed~ iPe~centl: an ~ndex turn~sned by
i tne Fede~ai Home Loan Bank Board. an agency o~ tne federal government. here~naf,er caned the "Index" The ~nterest rate for each Subsequem Loan
Terem s aii b tne most current ava~lable Index seventy ~70~ days pnor to the end ot the Current loan Term ptus 75~~1~~~
i ~~7~0 1 percentage points Increases ~n the interest rate resulting from d~tterences in the Inde. as aforemenhoned shall be oDt~or,al w~in
the hoider. but shall be made unless w a~ved by tl~e netder ne~eof in wr~tmg. however. any result~ng decreases m the ~nterest ~ate sna~t be mandatory so
as to etfect a reduct~on ~n the mor.thty paymenis requ~red dunng a Subsequent Lean Term The Ad~usted MontMy Payment ~n eftect for each SuCse
quent loan Term shall be an amount sutt~c~ent to amo~t~ze tne princ~pal ba;an~e at the end of tne current loan Term ~assummg ali payments a~e made
on or before ihe~r due date u~U! the end of the current Loan Terml in edua~ mont~ly insiallmeMS over t~~e ~emaimng te~m of t~~s Note from the er.d Of the
c urrent ~oan Term to tne F~nal Matur~ty Date at the ~nter25t rate for said Subsequent Loan Term as here~nabove cal~u!ated In tne e~ent sa~d inde¦ '~s
i subseGuent~y nr~t publ~shed o~ made ava~iaUle ihe holder nereof rnay subst~tute any oiher ~r,dex perm~tted Dy the Federaf Home Loan Bank Boaid or ~ts
~ sucC@SSO!
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At each a~~ustment. excep± me t~rst ad~us!ment t0 wh;C~ ihi5 IimrtdtiOn Sh211 nOi dpP!Y th@ md¦~mum irte~en' ~ate ~ncrease or decrease shau
~ p~I~ ~ ~~10~ 2 ~ Cerce~tage po~nts At no t~m5 dunnq tne ent~re term o! ;h~s No?e may tne aC~usted Interest Rate Ge more
E than or less t an ~ ~ percentage po~nts of !he ong~nai Interest Ra~e
~ SIX ADID 0/100 6
~ Interest for each calenda~ momh shall be a:crued on the f~rst day of said month and be co:~+p~ted on tFr unpaid balance of princip~l
' and inrerest existing an fhe last day of the preceding month Th~s Note sha!! oe :o~s~dered ~n defauh •xhen any payment required to be made
here~nder shall ~at have been made by ~ts d~e dare and shali remain in default unr~l sa~d paymrnt shall have beer, made. Wh~te in defe~l?,
~ rhis Note shali bear ~nterest at the rare of thrte percent i,3%) per snn~m ~n excess of the re+e herr~r.above specifed, and holder dur~ng defeult
may at its option rcfuse to accept paymenr of any s~m tess than fhe mfai amo~nr then d, e o. dec~arrd hereunder to be d~e.
~ All makers end endorsers now or hereafrer becom~ng parnes here•o ic ~Ny and se~era!ly wa~ve demand, nor~ce of non-payment end pro
test, and ag~ee that in ehe event of defevit fn the payment of any insta~lTe~:r d~e fe~e~ndP. ~or a ~er;od of th:ny (30) days rhe whole of se~d
~ indebtedr,ess shall thereupon at the op±ion of thp holder became immed;ate~y cl~~e and payable; and, if th~s Note becomes in default end i~ pisced
~ in the hands of an attomey for colir.non, to pay reasonsb!e anomey's fPlS a~d a!I ofher cos!s ~nclvd~ng cos~e and anomey~ fees of ~ppe~i~ee
co~~t procetdings ior making :uch colledion.
P
~ This Note may be prepeid in whole or ~n part at any t~me w~theut penalry; howeve~, e~! prepayments shell be appifed to the reducrion of
I
j princ~pal ba!ance. Partial prepayments shall nor delay or defer the dve dares of any month!y payme~ts u~less the holder agrees in writing ro
~ those de~ays and sha11 furthermore o~'y af'ecr tF,e amount of sucteeding ^•on~hly i~u!a~imenrs becoming doe aiter ihe end of ihe Then Current
t loen Term.
~ Any norrce ro 6o.rower prov~ded fo~ in rh~s Nere sh31I be given by ma~l~ng s~ch notice addressed to Borrower •t the addrns of the
~ mortgeged property securing this Note or ~o such e•hF• edd~ess ee Rorrewer may def~gnete by wr~tten no~~ce to the holder hsreof. A~y
not~ce to the ho~der of th~s Note shall be g~~~en by ma Gng wch notke •o ehe ho!de• a~ the add~ess stered rhe f~nt pe~agrsph of thh Note
or at such address as may be des~gnetEd by wr~+*e~ not~;e ro 8o.rower.
The ~~dnCtedness evidenced by th~s Note ~s secured by a mortgage of even tlate e~ecuted ~n fa+u~ o' Commun~!y Sav~ngs F A and a d?~ault
~ unu^@• Sdid mGrtGdg? Shdli ConS,~ute a defauit nereuncer
E
(SEAU~r
~ cs~t)
JOHN T. SKILES
,~~7 (SEAL)
ELIZABETH J. SKILES
` and shall pro~nptl~' t~~~rfnr.n. cottiplt taitii. an~l ahid~~ 1~~~ e.~ch .~nd e~~en~ ih~ stip~~lati~~ru. acreements. conditions, and co~•enants of sa~d prom-
r i~sory not~ aecl nf thi~ d~•~~d. th~n the estate~ hereby creah~rl shall ceat~~ an~l hF null and ~oid ~~G~ [1~e r1,CE
~ .~\D the \torts:~i~or d~es hereby~ c~~enant anc3 at;ree U ~
~ 1. To pa~ all and sin:_nlir nc~ princi{~al :~nd intcrest ;incl oth~r s~un< <~f m~,n~•} ~»}.~blc hy ~irtu!• of Said promissory' note and this mart-
L.a~;e, or ~ither, pron~~tl}• on th~ da~s ~c•sp<~cti~•ely, the same se~~erally come du~-
, ~ To pay all an~l sin~ul~r tke taaes, asce•:sinentc, le~~es, liabilitics, ohlic~ationc ~ncl enc:~m!~rances of every nature on said described prop-
e•rtv ~ach and e~en• ..•her. d,iP anJ pa~~:~l~l~ acrn;din~: to law, hefore ti;~~~• hecome d~hn~uent, and if the same shall not be prornpdy paid
t}~~ \t~~rt,a~ce may at an}~ time e~ithi~r lx~fore or after delin~~uency pa}• t~~e sarnF w~ithont wai~~~g or affec4ng the opNon to Eoreclose, or
an~ ri:ht h~mund~r, anrl e~en~ pa}~m~nt ~n mad<~ shall bear interest frem the date thrrcof at the rate provided in said promissory note.
3. T~ kccp ehe buil~lin,s and ~ll ~~~~~ipnu•nt ancl pcrsonal pro[~ert} now or h~ercaftcr on said premises, covered by thLt mortgage, ittsured
~n a sum at Ie,ast c~~ual to the unpai~l balance of tt,is mortFaGe, includin~ fire, Fltrocl, c•ctcr!?~<a co~er.~4e. ~'andalism, maLcious mischief, and
o~}' otli~r :C~era~;r re~~uire•d hy t}~e niort~;al'ee•. .tc to properties otl~er than dwelhnz<. and f~r~, .,,iecl cmcr,3;,e, ;peciai-forr, o~~er-petis
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