HomeMy WebLinkAbout0769 7'O tiAYE AND TO HOLD the same.,together ~.nth the tenemen~s, hered:tamea~s and appurtenancrs, unto the !?lortgagee, ~n fee s?mple.
A\D the ~turtgagor does hereby cu~~enant with the I~lortgagee that he is indefezsibly seizeri of said La4d in fee simple, tLat he has
f uU pow~er and law~ful right to convey said land in fre simple as aforrsa~d; t1~at it shai be lawiul for the Mortgagee ~t all ~cs peaoeabl~'
.~:~d yweily to eater upon, hold, occupY and en~oy sa~d land; that said land is free from all encumbrances; that he wil! make such further
~siurancta to protect th~ fee sunple Utle to s:ud load in the Mortgag~-e as may reasonably be requurd; that he dces hereby fully wamnt
t}~e t~tle to said land a,d will defend the sauie agai~ut the lawful claitns of all persons whomsoever.
PRO~'1DED. AL\~'AYS, that iE the ~tortgagor shall pay unto the tilortga~ee the certain promissory note of which the following in
wurds and figures is a frue copy, to-wit:
COMMUNITY SAVINGS~ F.A. -
ADJUSTABLE RATE MORTGAGE NOTF
tIV1EtA ~EACM, avR~o~ ~~uary 25 90
Being indebted, for value recewed, the unders~gned. nere~nafter coiiect~veiy called tne Borrower°, ~o~ntly and severauy promise to pay ta ~
CQMMUNITY SAVINGS, FA., or order, at rts oH1ce at 2600 Broadway. Rmera Beach, Flonda 33~00. or at such other place as the holder ~ereof may
desipnate, the sum at
EIC~F~TY THOUSAND AND NO HUI~IDRED'I~~S------------------ oauRS (s 80, 000.00 ~
toy~ther with interest th~reon ~f h~r~in~fter st~hd in monthly inst~llments, wh~ch ~re subjecr to +djus?msnt hen~nafNr set forth, of
~uas tt 702.06
SEVE',N HUI~IDRED 'IWO AND 06/100ths-------------
The first in~t~llmcnt ~hall b~ dut ~nd pay~ble a+ tM 1St day of JUl • 19 90 u+d ~vkxeqwnt imt~llmen»
~hsll be dw •r~d paybk on th~ 1St day of ~atfi •nd every ulendn m~nfh there~fter until the pr~nup~l ~~d ~nterost ~re
fuliy p~id. In no ~v~nt ~h~ll tF» ^Final Matu~iry Dat~' of this note M e:?end~d b~yond the 1St d~y °f June '
20 2~ , when all s~rrn then remaining due foy~tFwr with ~ccrwd Interest ~h~ll immedi~tely becomt due •~d p~yabie.
UI~fI'IL 'INE FIRST PAYN~I~fr A~OVE MEI~TPIOIVED, INTEREST IXVLY SHALL BE DUE AND PAYABLE MO1~fI'HLY. ~
TF~i~ obligation ~h~ll b~ar intery~ fram tM dab of dhbun~me~f of this Noh ~t th~ r~N of ,I,E,~
p~r c~nt ( l~.Q~ psr ~nnum C'O?ip7n~l intenst R~te'~ unt~l the 30~}~ d~y of g , 19 q~~ ,(tM _
end of the Initi~l lo~n Term). Th~~e~her •n "Adj~atcd inte+eat RNe" shall be in cf~e~ct fw each subscquent twe~~~ie~Z? month periOFt'(°Subst
qvent to~n Term'~. The hofder shati send dorrower • written "Adjwtme~~ Not~ce" ~t le~st th~rry (30) days but not mw~ th~n fwtyfivt (45) d~ys
befor~ tFx end of tM Initial toan Term or the end of •ny SubseQuent loa~ Term except the fin~l Subsequent Loen Term, specifying, amor+g oth~r
things, tM Adjusted InMntt Rate u+d corretponding Adjusted Nbnthly Payment a~ calculated by holder in the m~nner Fxretnaffer set fwth.
Adjusiments in t~e interest rate ot this Note shall relate lo "MOnlRly Median Cost ot Funds Ratio ~Annualized) (Percent~:' an index furnished by
i the FeCeral Home Loan Bank Board, an apency ot tAe tederal QovernmeM, hereinafter Called the "Index" The interest rate for each Subsequent Loan
Term s~all be the most current available Index seventy p0) days prior to the end of the CurreM Loan Term p!u5~~~'~ rrm isnn~~
~ f 25 ? percentage points. Increases in the interest rate resulting fr~m diflerences in the Index as aforementioned shall be optional with
the holder, but shall be made unless waived by the holder nereof in writing; however, any resulting decreases in the interest rate shall be mandatory so
as to eftect a reduction in the monthly payments required durinfl a Subsequent Loan Term. The Adjusted MoMhly Payment in effect tor each SuOse-
quent Loan Term shall Ce an amount sufficient to amortize the principal Dalance at the end of the current Loan Term (assuming a1l Daymants are made
on or before their due date until the end of the current Loan Term) in equal monthly installments over the remaining te?m of this Note (rom the end of the
current Loan Term to the Ffnal Maturity Date at the interest rate for sai0 Subsequent Loan Term as hereinabove calculated. In the event said "Index" is
i subsequently not puDlished or made available tAe hotder hereot may suDstitute any other index permitted by the Federal Home Loan Bank Board or its
~ succassoc
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i
I At each adjustment, tt~e maz~mum interest rete increase or decrease s~ail be 'j~ ( 2~ ~Q ) percentage points. At
E no time durinq lhe entire lerm of this Note may the Adjusted Interest Rate be more than or less than ( ?
~ percentaye points ot the Original Interest Rate. FI~ S.
j Interest for each ul~ndu month thsll be •caved on ths firit dsy of said month and be computed on the unpaid b~l~nu of prlnc(pal
~ and interest existing on the I~st day of the pr~ccding moath. This tJate shalf be considercd in def~ulr when any p~yment required fo be m~d~ ,
hercundsr sh~ll not h~ve baen made by its dw d~te and shafl rem~in in default until s~id payment •h~ll h~ve been m~de. Whik tn ~ef~ult, '
f this Nota shall be~r intertat at the nte of tFvw percent (3%) per ~nnum in e:cess of the rare here~n~bovs speufied, ~nd hol~+er during d~fauh
m~y ~t ib option refuw to ~cc~pt p~yrront •f any sum les~ than the total amount then due or declared here~nder to be due.
~ All m~ken snd endorsers now w hereafte~ bemmir~g p~rtie~ Frore~o jo~nrly and severally wa~ve dem~nd, notice of non-payment ~nd p~o '
~
` te~t, and pres th~t i~ the evant of defauh in !he p~yment of ~ny inst~llmenr due hereundrr fo? a pe~iod of thirty (30) d~ys the whol~ of ~~Id
t indebttdnes~ thall tMrevpa+ at tM option of tfie hofder become immediarely due snd pay~ble; snd, if this Nott becom~s in def~ult ~nd 1~ plsc~d
F in ffis handi of ~n attorn~y for cbllection, to p~y re~son~bl~ ~ttorney's fets and ail other costt includin9 costs •nd attwn~y~ fses of ~pp~llaro
~ cou~t proc«dingt for rrwkir?p •uch collection.
~ Thh Not~ m~y b~ pr~pald in who{e or in part ~t ~ny time withovt pen~lry; however, ~II prtp~ym~nh ih~ll be applied to th~ r~ductfon of
~ princip~l bal~nc~. P~rfid prepayments thall not dtlay or d~far the dus dates of any monthly p~yments u~ltis the holdtr ~qrNS In wNtlnp to
thoss d~lays and thal~ furthermore only affect the •mount of ~ucceedinq monrhly instaSlmtnrs becamin9 d~e •her tFx :nd of tM tMn Current
g lwn T~rm.
t
' Any notice ro Bwrower provid+d for in rhis Note shall be give~ by meiliny wch not(ce addr~ued ro bwrower ~f tht sddr~ss of tM '
~ mdtyagsd prop~rty t~cvrinp thh Nots or ~o such other ~ddrd~ •s Borrower m~y d~tign~t~ by wriHrn notice ro rh~ holder Mreof. A~y ;
~ rwNc• ~o rl+s holde? of rhts Na• ahall be piwn by ma~ling ~uch notlc~ ro the holder •t the •ddres~ it~ted ~n the fint psr~ynph of thb Notr
~ o~ at wch addras~ as may b~ dtsiyn~t~d by written notic~ ro bwrower.
$
~ The indebtedness avidenced Dy this Note is secured by a mortgaQe of even da!e executed in favor of Community Savings. F.A . an~ a de}a~R i
~ under said mortgape shell constitute a default hereunder.
s/IAREN DAVID ~-fALL ~~i~ s/F'RAh'K HALL ~u
_ IAREN DAVID HALL FR~TK HALL
(sF~t) fS~U
~
~
~ and shall promptly perforni, compl}• ~ith, and abide by each and every the 3tipulatioru, a~reements, conditions, and co~~enants of said prom-
~ssory note and of this deed, then the estate hereby created shall cease and be nu11 and void.
~ AtiQ the ~iortgagor dces hereby covenant and agree. 8001( 675 PA~E 1 69
1. To pay all and sin;,ular the principal :ind interest and other su~ns af money payable by virtue of said promissory note and this mort-
cage, or either, promptly o~ the days respectively, the same severally come due.
2. To pay all and sinFular the ta:es, assessments, levies, liabilities, obliqatians anJ encumbrances oE every naturc on said described prap-
erty each and every when due and payable according to law, before ihey become delin~uent, and if tht same shall not be prompdy paid
the ~iortga~ee may at any time either before or after delinquency pay the same without waiving or afEecting the option to foreclc~se, or
any ri~ht hercunder, and every payment so made shal] benr interest fram the date thereoE at tht rate provided in said promitsory note.
' 3. 7'0 ~:eep the bui!dmgs and ali e~uipmcnt and personal property now or hereafier on said prem~ses cevere,d by this mortgage dn.~ur~
~ m a snm at least e~~ual to the unpaid balance of this mortgage, including firc, flood, eatended co ~ ar ~~!~s r ai:c o~ys r} ef, ard
onv other co.era~e re~uired by the mortgagee, as to prope~ties other than dwellings, nnd fire, flouu', P~t -
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