HomeMy WebLinkAbout0101 7~0 I!A\'E A~`.~ T(~ flOLD t}~r ~si~~e, tu~:rthrr witl~ tlu• trueiurut,i. l~c~r~litsuir~iis anil appurtri,~ncr~, ~ui1u ll~r ~tu~t~;~~'.rr, in fre 5ttnplt.
A\D tl:e \tortq~~;or does hereby covenant w•ith the ,lurtgagee th~t hc• u?ndefeasiblv seizec~ of said land in (ee sunple, that he hit
full po~~er and lawful ri~ht to convey sa~d land in fee sunple as afur<•.a~d, U~at ~t shall be law~ful for the I~lortgagee at ¢ll times peaceably
and yuietly to enter upon, hold, o~ cupy and enjoy ~aid lan~l; that said lan~l is free from all encuiubrances; that he w•~U make such further
~ssuiance~ to p:ote~t t}~r Ere si~uple t~tle tu s,u~ laod u~ the !~turtKag~•~~ as ~uay n•.isun.~bly be reyu~r~•.l, t}~at he dors 6rreby (ully warrwt
tt~e title to .a~d land and will c~rfen~I t}~r same aK.~inst the lawful clai~ns of all persons w6umscever.
I'RC)\'1DED, .~1L\t'~l'S, that iE die \tortga~;or shall pa>• unto the \1ort~;a~;~~e the certain promissory note oE .vhich ~he folloti~ing in
~or:k an~l fi~ur~ is a tnie copy, to-wit:
COMMUNITY SAVINGS, F.A.
A Tl T T TC~T A 17 T T Tl A TT li Rl1T1T!'~ A!'~ T 1?TllTT
ty1JJ L~.71 t11~LL i~t~ 1~ 1~1VI1 1l]t1ll~ 1VV 1 I'.
RIVIERA ~EACM, FIORIDAJ~U~Y 22 1~O
Be~nq ~ndcbtea fpr va ue rece~.ed Ine unders~gned. here~natter coliect~vely caiied the Borrower . ~emtiy and severa~iy prom~se to pay to
COMb1UNITY SAVINGS. F A. or ortler at ~ts olhce at 260Q Broadway R~v~era Beach. Fionda 33d0a o~ at such otner piace as tne noitler he~eof may
des~gnate, tne sum of
ONE HUI~IDRED Q,EV~:N THOUSAI~ID NINE HUI~RID AND 0/100 ~o~u?as ct 111,900.00 )
togethe~ w~th irnerest fhereon as here~nefter stared in monthly installmenfs, wh;ch ar. s~~bjecr to adjustment as heie~natrer set fonh, ef
EIGHT HUI~IDRID SIXTY AA~ 41/100 DOllARS (Z 860.41
The firs~ instaliment shall be due and p~yabk on the 1 day of ~I-j , 14~~ and ~ubsequent insteltments
sha!! be due and payable on the 1 day of each and every calendar m~nrh fhereafre• unt~t the prmc~pal a~d ~nrr*ear ere
fully pa~d In no event shall the "F~nal Matu~~ty Date" ef th~s no!e be eYtended beyo~d the 1 day of ~RU~Y ,
202~ , when all sums then rema~m~~ due togethe~ w~th accrued Int~rast shall ~mme~~atefy become d.•e a~d payabk
Th~s obGgatron shali bear ~nterest from the date of disb~raement cf thts Note at the rate of EIGHT A[~ID 500/1000
per cent ( 8.5~0 °'e) oer ennum ("Original Interes! Rete'7 unt~l the 31 day of JANUARY , i91 .(ths
end of the In~~{al Loan Te~m1 Thereaf!e. an "Ad~usted Ime.eer Ra+e° sha!t be ~r effect lor each sUbsequenr ~welve (12) monrh per~od ("S~eb~o-
quem loa~ Term") The ho•.der sh~R se~d Ao~~ewe~ a wrirren "Ad~ustme~• Nonce" at Ieast thnry (30? dayz but nor mo~e ~han fortyf~ve (45) days
befo~e the end of fhe Init~al Loan Term cr the end of a~y S~bseque~,t lo Term except the f~na' Subsequenr loan Te~m, speufy~ng, among oiher
things, the Ad;usted Infer~rst Rate and correspond~ng Adjus~ed Monthly Pay *+en+ as caltu~ated by holdPr in the ma~ner hereinafter set forth.
' Ad~us[ments in the interest rate of th~s Note sha~l reiate to 'Momh~y Med~an Cost of Funds Rat~o iAnnua!~zeQ~IPercent~, an ~~der furmshed by
~
' the Federai Home Loan Bank Board. an agency of the federal government. r,ere~naf~er caiied !he' tntlex" The ~nt~$~ratef~r ~~.SyQ~Ay~nt Loan
•iw~ ~~vu u/ 1 uu
f Term ~a{l,h~Jhe most current ava~laDle Index seventy 1701 days Drwr to the end ot the Current Loan Term plus
/5U
1 1 Dercentage points Increases m the interest rate resulhng from drfferences ~n the Index as afoiernenLOned shall be opt~onal w~th
the holder. but shall Oe matle unless wa~ved by the hotder nereof in wntmg: h0~+'ever, any rBSU~hng deCrea5B5 ir. th2 intere5t rate Shdll be mdndatOry 50
as to e~fect a reduct~on in the montnly payments reqwred dunng a SuDsequent Loar. Term The Ad~usted Monthly Payment ~n effect for each Subse-
II
i quent loan 7e~m shan be an amount suH~c~ent to amort~ze the Dnnc~pa~ balance at the end of the current Loan Term ;assum~r.g all payments are made
; on ~r be'ore the~r due dale unhl the end of the current Loan Terml ln equal mont~ly ~nstallments over !he r2maining tzrm of this Note from t~e end of the
r.urrent loan Term to the Final Matunty Date at Ihe ~nterest rate for sa~d SuDsepuent Loan 7erm as here~nabove cafcuiateQ In tne event sa~d Index" is
R
~ subsequently not pubi~shed o{ rnade ava~lab~e the ^o!de~ hereof may subshtute any other ~ndax perm~tted by ~he Federat Home Loan Bank Board or ~ts
successor
At eacn ad~ustment. except the fvst ad~ustment t~ wh~ch th~s ~~m~ta?~on shal: not appiv the max~rnum :nte~est rate ;ncrzase or decrease shall
f b~IS'1b ~~1~0 E + percentage po~nts At ro ~ime dunng (he entire term o~ this Note may the Ad~usta~ Interest Rate be more
F thdn Or IB55 tha~IX AI~ 0/100 ~6 ~ Percentage po~nts of the or~g~nal Interest Rate
t
s Inrrrest fo- each calenda~ month shall be accrued on the f~rst day of sa~d mer.~h and be computed on the unpa~d balence of prir.~;p~l
~ and fine~est ex~sr~ng on the last day cf rhe preced;ng menrh. Th~s Note sh~'I oe co~s~dered ~n deFau~r when any payment req~~red to be meds
~ hereunder shall not have been rr:ade by ~ts d~e dnre and shali remain in defavlt ~n•~f sa~d paymenr shalt have been made. Wh~le in defeult,
this Note shall bea• mterest at the rate of three prcent f3%) per ~nnum ~n excess of the ra~e here~nabove spec~f~ed, and holder d~r~ng de~euit
may at its optfon refuse to accept payment of any wm less than the rorz; amounf then d.e or dec~ared hereunder to be due.
i All meken end endorsers now or he~eefter becom~ng part~es here•o ;c~nrly a~d severa!ly wa~ve demand, nottce of non-payment end pro
~ test, and agree that in the event of defeult ir, the payment of eny instalf--~ert dce here~ndor lor a pe~:od o~ th~rty i30) days the whole of seid
; indebredness shall thereupon ar the opt~on of the h~lder become immed~atel d~~e and
~ . y payable; and, if th~s Note becomes ~n defeult end is plsc~d
~n ths hends of an attorney fo: collect~on, to pay +easonable anorney's fees and all other costs ~nclvd~ng costi and attorneys fees of appellate
cou~t proceedings for making such collection
~ This Plote may be prepaid in whole or in part at any timt without prnalty. howeve~, a!I prepayments she~l be appl~ed to rhe reductlon of
s princ~pel bale~ce. Pertiel p.epaymenrs shall nof de~ay or defer the dve dares of a~ti• ~onrh{ •
y paymenrs unlesa thn c~lder egrees in writing ro
~ rhose delays and shall furthermore o~!y affect r1,e amo~nt of wcceed~ng ~-o~rhly ;nsra!I~.,en~s becomfng due after the end of ehe then Cunent
- losn Term.
i
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A~y ~otite to Borrower provided for in th~s Ncte sh+11 be give~~ by ma~l~ng ~uth notite eddressed To Be!rower ef the eddres~ Of fhe
~ mOttgaged prOperty SeCUrinq this Note or to svch o!hr• eddress ef 8orrower may designete by w~itten notice to the holdK htreOf. Any
~ notlce to the holder of thu Note 3hall be g~ven by ma ~~rg wch notice ro +he ho!de~ ar the add~eis s~ered ~n ~he f:nr paragr~ph of thi~ Nore
~ or at such addre~s as may be des~gnated by wr~nen norlce ro 8orrower.
~ The ~nde5,edness ev~denced by tn~s Note ~s serured by a mortgage of even date erecuted ~n ta.nr e! Commun,ty Sav~n.:,s F A an~ a d2!auft
~ un0er sa~d mertgage s~ail cons~tute a defa~lt here~nde~
f
~SEAL1 /S/ t5E/1l)
RITA M. BROEDELL
ts~?t~,~S/ csE~u
FRr~NK BROEDdL, SR.
~ and shall pro:;~ptl~ ~~~rf~nn. co~npl~~ kith. ~rn3 a},id~• h~ e,~~i, and e~ery~ the s'ip;:latic:ru, acre~ments, conditions, and co~•enants of said prom-
~asory• not~ ancl th~~ tli~n the estatr hereb~• creat~•~i sh~ll cease~ an~l he null and ~~oid
~ A\D th~ tiortt;:~~or ~ocs hereby cmeciant an~ aGree• EOGK V~~ ~i~E 1~~
1. To pa} ~I{ and sir:~ul~r th~ prineipal :~nc~ interest an~j oth~: suin5 ~f mo~u•y pa};ihl~ h}• ~irtw• of said promissory note and this mort-
~a~;e, or ~ither, prornPt!} on thc d~cs iespecti~~clq, d~e same se~•erally come cin~.
2. To pa}• al) am.j sincuiar t~,e tazes, ascr~:tim~•ntc, le~ics, liabilitics, ol~lications and encumbrances of every nature on said described prop-
rrty e~ch and e~en~ ~vhen dr:e and pay'.~l~l~ ;«cnr.lin~; to la~•, hefore the~• hecome delinr~uent, and if the same shall not be prompdy paid
thr ~io~t~;~cPC rn;,~ at ar~.• tin~~ cither hrforc or aft~r delinr~ucncy p~:• t}~e same k•itha~~t wai~~ng or affecting the ophon to foreclou, or
,~n: ricf;t hrr~nr.c?~r, an<1 e~'Pry gty~nFnt .n ;nadt• shall bear intcrest from the date th~reof at the rate provided in said promissory note.
3. T~ kce~p !hc buil~3m~s and all ef~~upmcnt and personal prcperty now• or hereaftcr on said prEmises, covered by this mortgage, inswed
~n a sn:n at leact e~~ual to the unpaicl balance of this mortFa?;e, inclizdinti iire, floocl, ext! rd~~l eo~rr.i~~~. ~andalicm, ma!iciaus mischicf, ar.d
om• otLrr co~era~;e re~~uirc~d hy th~ mort~;;ts;ee. ~s to properties ot}ier than dwell~n¢;. and hre. f1~:.1. ?.,,.~.,h^ ,;al-f ;rm c;!};er-pt+lls
~ ~q. ,,~~;s,~.~~ .~a.~~~:~~