HomeMy WebLinkAbout1504 T~ HAVE A!~D TQ He)LC she sama. l~6e:h-r witA th^ tc; ez ;tws. he:r.i:ta:r~r,u sa3 appurtec:an~es. .:a +~c ~tc:taa~;°~. :n fre s:~plc. ~
1tiD the Mortgagor daes hereby covenant with the Mortgagee that he is indeEeuibly seized of sa~dRland in Eee aimple, that 6e haa ~
full power and lawful right to convey said land in fee simple as aforrsa~d; that it shaU be lawful for the Mortgagee at all ti~espea aeably >
and yuietly to ente~ upon, 6old, occupY and entoy said land; tlsat said land is f~ee from all encu~bnnces; that he will make such further y
:ssurant~e~ to protect the tc~ iuuNie vUe to suid Iaod in lhe I?tortgrgee as inay reuonably be required; that he does hereby fully w~mnt
the ~tle to said land and will de(end thr same against the lawful claims oE all persont whomsoe~er. ~
PRO~'IDED, AL«'AYS, that if the ,tortgador shaU pay unto the tilortga~ee the certain ptomiswry nott oE which the following io t
words and fi res is a true co ~
6~ PY. tawit:
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COMMUNITY SAVINGS, F.A. . ~
ADJUSTABI.E RAfiE MORTGAGE Ii10TF ;
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eiv~EU ~?cM, aoRio~ January 30 90 ;
Belnq indeDted, for value recelved, t~e undersigned, hereinafter collectively calied tAe "Borrower", jointty and severally promfse to pay to
COMMUNITY SAVINGS, FA., or order, at its olfice at 2600 Broadway, Rivlera Beacl~, Flonda 3:5401, or at such otner place as the holder hereof may j
desiynate, the sum ot
EIC~I'Y Z!-iOUSAND AND IV~ HUI~IDREDZ~IS---------------- oawrs cs 80, 000.00 ) '
tog~ther with interest tFkrwn p Mr~in~fter st~Nd in monthly iMt~llments, which s.e subjcct to adjvstm~nt N Mnin~fter s~t forth, of
EIGHT Ht)NDREp Zi-IIRTY FIVE AND 38/100ths------------------- ~ 835.38 ;
Th~ f~?st in~t~ltrrwnt sMll b~ du~ u+d p~y~bM on tlw ;
lst d•r of March . w gp .nd .ubs.qwnt on.rdlmsm.
•hall b~ due and psyabk on th~ 1St day of ~ad~ and every calendar mnn~i+ tMreafMr until fl~t pr~ndpal •nd interrst ~re ~
fully paid. In no ewnf ~hsll th~ "Final Mah:rity D~re" of thi~ not• be extendsd b~yond tM 1St d+Y ~ Februazy • _
20 05• whe^ ~II tunu then r~maining dut tog~tl~t? w;th ~ccrwd Intere~t ihall immedi~rtly become due ~nd p~y~bk. ~
TA~s obligation ahall b~~r inMr~st from tht dat~ of disbwsem~e+t of ~his Not~ ~t th~ n+e of NI~ HALF ~
Rer c~nt ( 9.5~ 9f~) p~r •nnum ("O~ipin~l Interetf R~h'~ until th~ 30~ day of ,J~g , 19 91, .(tl+~ ~
and of ~M Initi~l toan Te~m). Thereaher ~n "Adjus~ed Inter~st R~te" shatl br +n effect fo~ a~ch •ubseqvent ?welw (12) month period ("Subsr -
quent lo~n Term'1. TM holder shall send Bwrower + writtsn "A~u~Ime~r Notice" at lea~t thirty (30) days but nof cnor~ th+n forty-fiv~ (1~ d~ys f
b~fon the end of tM Initisl Loan Term or the end o( •ny Subsequent loan Term e:cept 1M fin~! Subseqvent Loan Te~m, sp~cifyiny, ~mong otirr }
thin9~, tM Adjutted InMreft Rate and corretpondiny Adju~led Montl~ly Payment ss c~lculated by holder in the ma~ner !»relnafier ~et forth.
Adjustments fn the interast rate of ihis Note sAall relate to "Monthl Median Cost oi Funds Rat1o (Annualiz ~
Y e~ (Pertenl~;' an index furnis~ed Dy
~ the Federal Homa Loan 6ank Board, an apency of tAe federal flovernment, hereinafter called the "Index:' Tne interest rate for each SuDSequerst Loan j
Term shall De the most current availaDle index seventy (70) days prior to the end of tAe Current Loa~ Term plus Z~ ~ 75/Z~~tr1S E
( 2• 75 ) percentaQe points. increasas in tt?e interest rate resultinp (rom differences in the Index as a(orementioned shall be optional with F
the holder, but shall be made unless waived by the Aolder ~ereof in writing; howeve~, any resultiny decreases in the interest rate shall be mandatory so ~
as to effect a reduction in t~e monthly peyments repuired durinp a Subssquent Loan Term. The Adjusted Monthly Payment in efteCt for each Subse• ~
quent Loan Term s~all be an amount sufHclent to amortize tAe prfncipal balance at the end of the current Loan Term ~assuming all payments are made e
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on or before their due date until the end of the turront Loan Term) In equal monthly installments over tAe remaining term of this Note from the end of tAe ~
current Loan Term to ihe Final Maturity Date at the interest rate for said Subsequent Loan Term as Aereinabove catculated. In the event said "Index" is
subsequently ~ot published or made avaiiable the holder hereof may substituta any otAer index permitted by tne Federal Home Loan Bank Board or its 4
I succsssor. '
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i At each ad~ustment, the maximum interest rate increase or decrease shait be ( 2•~~ ) perce~tape ints. At
~ no time durinp the entire term of this Nole may the Ad~usted lnterest Rate be more than or tess tha~ FI~ (~QQ )
~ percentaye points of the Oripinal Interest Rate.
~ InNrat for esch ukndar month •h~ll be ~cvued on tht finf day of ssid month and b~ computed on ths unpaid babnt~ of
~ and imerest ex~sri on th~ lait da of rhe ~~~~~w~
~ ^9 y pr~ced~ng momh. This Note shall be m~iidered in dehult when any p~yment rcquired to be mad~
f F+ercund~r •k+ll rat hav~ b~tn made by its dw d~te and •hall nmain in dtfeult until ssid payment sh~ll h~w been mad~. 1M~ik in def~ult,
f tfiii Note sh~ll bear inttr~at ~t th~ nte of tF?ne percent (3%) per ~nnum in excesi of the r~t+ here;nabore speuffed, ~nd holder during d~/~uh
m~y ~t iri optio~ nfufa to scctpt payrt~ent ~f ~ny •um lat than the total amouM then due or declued fiereunder to b~ due.
i All maken and ~ndaners now a he?eaft~r beaomi~g partief herero jointly and sever~lly w~ive demand, notic~ of non-p~ymen? tnd pro
t~~t, and pree that in the event of d~f~uh in the p~Yment of ~ny inst~ll menr due hereunder fw s period of thiriy (30) days the whol~ of s~Id
; ind~btsdnesa •h~ll tMrevpon ~t ths option of th~ holder b~corn~ ~mmed;ateiy due and p~yabk; and, if th~~ Nor~ bccorr~ In dehult snd Ii pl~c~d ~
~ in tfi~ Fiandt of ~n ~trorrNy for cbflect;on, to pay reasomble ~tforn~y'~ fees and all other crnti inclvdinq cost~ ~nd attorn~y~ f~es of ~pp~lls?~
court protwdinQt tar rrwkirp such ooll~cYa~.
~ This kof~ m~y ~ pnpafd in whole or in pen ~t •ny tirrw without pen~{ry: however, all prepaym~nb shall be applied to tM ~~ducHa? of .
~ P.inc~p.l bal•r+c.. P•rt~.l p.n,aym.r,?s ~ha11 nof dtlay or d~fer tF~ dw dares of •ny monthfy p~ymenb unla~ tk~ holder pnys t~ wrftlr?p ta
~ tFws~ del~ys end ~h~ll furthermore only affect the amoum of ~ucc~eding mon~hly ~nstallr.~enri becominfl due ~fter the tnd of th~ tF~n C~rnnt
L~n TKm.
~ My notice ro Borrower provide~ fu in ~hi~ Note shall be give~ by m~iliny wch notlce addrhs~d M dorrowe? at th~ a~dnss of tM
~ matp~d prop~rty a~c~rlnp rhls Not~ p to ~uch other ~ddreis ~s eorrower msy d~~ign~t~ by written nor~u ro~h. hold.+ h.r.of. Any ~
notic~ to tM hold~r of thi~ No» ~hall b~ piv~n by mailing ~uch noHu ro the holder •r the addrei~ tt~ted in the finl pu~yrapfi of MF~ fdoh
~ w H suth addrtat a may b. d.•ro~•~.d by written notic~ to dwrowe?. t
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~ 1 The indebtedness evldenced by thls Note Is secureQ by a mortpape of even date executed in favor of Community Savings, F.A., and a default ~
~ ~ under said mortpape shall consdtute a defautt heraunder.
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' s1DA1~ITF.T, C;_ f~'l)FtC;TTf~i ~
(SEAL)- c/CYYVNTF'. r_ '~l1Fi~i'Irn 1s~u
~ DANIEL G. GDORGITC)N COrII~TIE G. G~ORGI'PON
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t'-; and shall ~rompdy perfonn, comply with, and abide by each and eve ry the stipulations, a~reements, conditions, and covenants oE said prom- ~
.1 ~ssory note and of this deed, then the estate hereby created shall cease and be null and void.
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AtiD the Mortgagor dces hereby covenant and agree:
1. 7'o pay all and sin~ular the principal ;ind interest and other suns of money payable by virtue of said promiswry note and this moR-
~°y ~:aFe, or either, pramptly on the days respectively, the same severally come due.
2. To pay all and sin~ular the taxa, assessments, levies, liabilities, obli~ations anJ encumbrances of every aatun on uid describe~i prop-
j erty each and every when due and payable according to law, before t~iey become delin~uent, and if the same shaU not be prompdy pald
the MortgaFee may at any time either before or after delinquency pay the same without waiving or affecang the option to forocbse, or
~ ~ny ri~ht hereunder, and every payment w made shaU bear interat from the date thereof at tt?e rate provided in uid promiuory note.
3. To keep the buildings and all e~uipment and personal property now or hereafter oe~ seid p:rmises, covered by this mortgage, insured i
~n a snm at least equal to the unpaid balance of this mortgage, including fire, flood, extendc~3 co.erage, vandalism, malirious miu.hirf, and ~
; 9ny other coverage required by the mortgagee, as to properties other than dwellings, and fire, flood, eztrr.:lec~ c~~~rerage, s~ cial•I~rm ~aer-periia
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