HomeMy WebLinkAbout0089 TO HA~'E A\D TO tinLl~ tht• ssme, tu~;rt~tc~c wuh the tre~ewrutn, l~ec~•~luasurnts an~l app~ctrna~~crs, unto the '~iort~;~~;rr, m fee simple.
.{~p ~e \tortRa~;or dces k~ereby co~rnaut vr~th the ~tort};aRce that he u indefeas~bly seued of said land in !ee s?mp1t, that 6t has
ull powrr and laN~ful right to convey sa~d land in fee s~mple as afore~~a~~l; ti~at it shall be law~ful br the I~lortgagee ot all times peaceably
nd yu~etly to enter u~~~, hold, cx•cupy and enio}~ said land; that said land is Eree from all encwubrances; that he will make such Eurther
ssi~rancra to protect tlie Eee s:~uple title tu ay~~3 land ui the Murt~;ag~•r as inay rr.uonably be re~{u~rr~l; that he does heceby fully wartant
he title to said land and ~+:ll drfen~l t}~e sauir aKai~ut the lawful claims of all persoru whutnscever.
PRn\'IDE:D, .~L~~':~YS, that if die \tortga~;or shall pa>• unto the ~lortga~;ee the ccrtain promissory note oE which the folloK•ing in
~ords aa.i f~~ues is a true copy, to-w•it:
COMMUNiTY SAV{NGS, F.A.
i~~v LT ~~1
i~ LL ~ I~ 1 li 1~'l~Jl~ 1 V L"1lJ l: ~~I V' 1 1'.
RiVIfRA 6EAGN, fIORIDA Je'~~~Y 24 ~~O
Be~ng ~nde0led. for vai~e rece~ved the ~nders~gned here~nafter coUecUve~y cattea the ' Bu~rcxer . ~o~nt~y an~ se.era~~y p~ormse lo pay to
COMMU4ITY SAVINGS. F A. o~ order. at ~ts off~ce at 2600 t~roadway. R~~,era Beach. Fionda "s340~ o~ at SuCh Olher pteCP d5 ~~E ~O~GP~ hEreOf md'{
des~gnate. tne sum ol
ONE HUNDRED TWENTY-THREE THOUSAI~ID NINE HUNDRED At~ID 0/100 DOLLORS (f 123,900.00 )
Togerfier w~rh inre~est thereon as herelnefler steted in monthly ~ntfslimenis, whkh a.e s~b;ecr to adjustment as here~nafter set forth, of
NINE HUI~II?RID FIFTY-`Iti+l~ Ai~tD G8/100 ooiv+AS ts 952.68
The f~rst installment shall be due and peye6te on ehe 1 dsy of [~~[-j , 1990 and fvbsequent in~tsiiments
sha~l be due snd peyable on the 1 dey of each and every calendar mrnth ~hereafre. ~~~~1 the pr,nc~pal a~d ~~te~~sr src
fully pa~d. In no event shall the "Final Matur~ty Date" of this ~ore be ex~ended beyond the 1 daY Qf FEBRUARY •
202~ , whe~ a~! sum~ ~hen remaln~nq due togefher w~th accrued Int~.asr shall ~mmed~aroly become d.~e e^d payeble
Th~s ob~~gat~on sha~l bear ~nterest f~om the date of disbursement of th~: Note at the rste of EIGHT AAID 500/1000
per cent ( 8.50~ oer en~um ("Orig~nal Interest Rete'~ unt~~ the 31 day of J~z~y .~991 .(~hs
end of ~hr In~t~al loan Term! TF.ereaf+er an "Ad~usted 1Me~e~~ Ra}e" eha?1 be effect ior each s~bseq~ent rwe~ve (12) mo~~h period ('"Subsr
quen~ loan Te~m") The holder stiali send Ror•owe~ a wr~nen "Ad;us+me~• No+~:e" at least th~rry (30) days b~t not more than fo~ty-f~ve (~5) d~ys
before the !nd of the Init~al toan Term or the end of a~y S~bseque^t to Term e¦cept the fina: S~bsequent Loan Te~m, specify~ng, among other
things, the Ad~usted Intere:t Rate ard cosrespondmg Adj~s+ed Monthty Pa~menr as ca~cv4ated by hoide. in the ma~~er F~ereinaftrr set fortfi.
Ad~~stm2nts m the interest rate oi tn~s Note sha~i relate to' Mcnthiy Med+an Cost oi Funds Rat~o (Annuai~zedl iPercentl.' an mdex furn~shed by
ihe Federal HomB Loan Bank Board. an agency of the ~ederal govemment. hereinatter called the "Index" The ~n!P,r„~51.,/alQ,f~(ea{p~u)}S~qy~nt Loan
'1WlJ H1ViJ / 7 / 1 U
Te«~ 511a14-~e,Me m~s: currem ava~fab~e InOex seveniy i70) days prior to ihe end o~ t~e Currenr Loan Te!m plus
L•/7V
i i pe~centage po~~ts if.cfeases ~n tt~e Interest rate resuHmy ~~om d~~terences m the index as afereme;,t~oned snau be opt~onai w~tn
tne nc~der. but sha!i be made unless wa~ved by the ho;der hereof ~n wr~t~ng. nowever. any ~esult~ng d8crea5es m?ne inter?st rate shalt be mandatary so
as to e~fect a reduchon ~n the monlhiy paymenis reawred durmg a Subsequent ~oan Term. The Ad~usted Monthly Paymeni ~n eftect tor eact~ Subse
quent Loan Term shau be an amount sufhc~ent to amo~t~ze tne pnnc~pa~ baiance at the end ot the current Loan Term lassuming alt payments are made
an or before tne~r due date unt~i the end of Curr2nt LOan T@rmj in equdl mOnthly in5t011ment5 Over the remd~r.ing term 0! th~s Note from thB end Of the
wrrent Loan Term to the F~nai Matunty Date at tne mterest rate fo~ sa~d Subsequent Loan Te;m as nere~nabove ca~culated In tne event sa~d Inde¦' ~s
subsequently not publ+shed or made a+a~!a~ie the holder hereo? may subst~tute any other ~~tlex pe~m~tted Dy the Fede~a~ Home Loan Bank Boaid or ~ts
successc~
beZ~ t eAac~h a~u~tr~~r.t. exce~t the hrst ad~ustment ta wh~Ch lhis limitat~on s~att not apply. the max~mum ~nterest *ate,rcrease c decrease sha~l
/lll 1 percentage po~nts At no t~me dunng the ent~re term of th,s Not? may tne Ahiwted ~nterest Rate be mere
than 0~ ~ess tha~IX A~ ~~1~~ ~ 6 > Pei~entage po~nts of the ong~nai Interes! Rate
Intereit for each calendar momh shafl be accr~ed on the f~nt dav of sa~d month and Fx co~++puted on the ~npald ba~~nce of princ;psl
and intercst ex~sting on the lasf day of the preced~ng menth Th;s Note sFa!I 6e conS~dered defau't when any payment reqv~~ed ~o be mede
hereunder shatl not have been made by ~rs due date and shall remain ~n default un•~I sa~d paymenr shall have bren made. While in default,
this Note shall bear interest at the rare of three percent (3%) per snnum ~n excess of the rate here~nabove spec~f~ed, and holder dur~ng defeult
may at irs option refuse to accept paymenr of any sum less than the rora! amou~r rhen d. e or dec~ared hereunder to be due.
All makers and endorsers now or hereafrer becom~ng parttes here•o ;ol~!ly and severa!ly wa~ve dem,and, not~ce of non-payment end p.v
test, a~d agrte that ~n the event of def~uft in the payment of eny installTe~t due he~eundP. for a cenod of th~rf~ (30) days the whole of seid
indebtedness ~hall thereupon et the optien o4 the holder become immedlately d~~e and payabie; and, if th~s Note becomes in defeult end is p!ec~d
~n the hands of an attomey for collect~on, to pay reasonabie attorney'e fees a~d a!I o:her cosrs ~~dud~ng costs and anorneye fee• of appellste
court proceedings fot mak~ng wch cotledion.
This Note mey be prepaid in whcle or parr at any t~me w(thout penalty; howeve~, atl prepayments sha~l be appGed to the reducrion of
principel balence. Periiel prepayme~ts Shali not delay or defer the dve dat>s of any mo~~hly payments u~less the hoider a9ree~ in writfng ro
rhose de!ays and shall furthermore o~+'y affect the amount ef succeedfng ~o~~hly ~nsra!Imenrs becoming due after rhe end of the fhen Currc~t
loen Term.
Any not;ce to Borrower prov~ded for m rh:s Nore sh~li be g~ve~~ by maif~ng such notice eddressed 1o Borrower at the addres~ of the
mortgsged property securing thfs Note or to svch o'rr~ address es Horrower mey de~~g~ere by wrftten no~~ce to the holdr hereof. A~y
notice to the holder of this Note shall be g~ven by ma ~~ng ~~ch notice ro the holdr~ a+ rhe add~es~ s~e~ed the f~n~ pe•agreph o( th~s Nete
o! at sucfi address as may be deilgne~ed by wr~»en not~ce ro Borrowe~.
The intlebtedness evitlenc?d bY th~s Note ~s secured by a mo!tgage o~ even ~ate execu?e0 ~a:or of Communr,y Savmgs F A. and a defauit
urde+ sa~d mor!gage sna~t cons~tutz a defauii t~ereunde~
rSfAU /`S/ iSEAi)
CRAWFORD D. KINNEY
(SEAI) ~`s/ (SfAI)
KATt~EEN C. KINNEY
:~nd sh~ll pror~ptl. pe~rf~~nn. comply ~~~th, an~? ahidc• h}• e.~cli and e~•en• the stipulatinns, acreemeRts. coRditions, and co~'enants of said prom-
iuory nete and th~~ c~~~~~d, th~n Lhe estate~ hNreb}~ creat~~rj shali ce~sF ancl he ~ull and ~oid
A\D the \tort~:iror docs here!~y~ c~~enant an~3 at;rec• BQIi!~ 675 i,~GE O~~
I. To pa>~ all ancl sinculir the prir.cipai :~n~l interest ~n~l othe: sn:n~ nf mot~f•}• l~a~:~hl~ hy ~;~c~~~~ of said promissory note and this mort-
ca~;e, or c~t4+er, pror.irtl~• on tl~c d~~s ~espccti~~r{}•, ti:e samr se~•eraNy come d~~c
2. To pa}• all and sincular tf,e tazes, accc~.s~ncots, lev~cs, LahiLtics, oLlicat~ons anil encumt.;rances of e~ery nature on said described prop-
Frty c~ch and c~•en• wht•n due and pa~aLl~ acc~rdin~; to l~~c•, hcfore th~•~~ become drlin~ucnt, and iE the same shall not be prompdy paid
th~ )tort;atee may at aO)' IImC rither before or aEter delin~~uency pa}~ t~e same K~ithout wai~ing or affecting the option to foreclose, or
am n~ht hFr~und~r, anc? e~en~ pa}•m~nt ~o rn3dc• shall bear ~nterest from the date thcreof at the rate provided in said psomissory note.
3. To kc<p the buii:f~n;s and all P~N,~ipm~nt and personal pro~ert~ r~o~ti• or hereafter on said premises, covered by this moRgage, icuurod
in a snm at Ieast e,~ual ro the unpaiJ l~alance oi this mo;tFaSe, int udir.~: fire, flcwci, extcr.-!~•~1 co~er,,~e. ~andaliszn, maUcious mischieE, and
Gfl~' O~IIPf CO~~C[3i~P ~P~~UIfP(~ h~' t}IP tilOrt~,2S;CC, ~S to propcrties otl:er than dw~ell~n¢c, and f~rc~, tlc~K:.~;. :~t'~~; .,c=? r_!-~'•rr :k•,, z;ic~iat-forrn o'hrr-~n13
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