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HomeMy WebLinkAbout0971._.• -~ .. _..ac. ..acr•---• s.-.-aa.J__a.a.l~.l--MSS _.. ...+-.._-..r . .._- •-~u-. ..... ... - BO'JRI! 2 365 . Fox V~t.ur Rec$tvs~, the undersigned promise(s) to paybo ST• LUCIE COUNTI', CLA. FICCAUGHA?! F10RTGAGE COMPAItY ~ IhC . a corporation organized and existing under the laws of State of Florida . or order, the principal sum of Se7en Thousand and 00/1.00- - - - - - - - - .dollars ($7,.000.00 ). ~~ interest from date at the rate of Five & Three Fourth per centum ( 5 3/4 96) per ~~ ~ the unpaid balance until paid. The said principal and interest shall be payable at the ofllce of ' MCCAUGHAN MORTGAGE C014Pt~NY, .INC. in Co 1 Gggbb1 s Flo ri ~ or at such other place as the holder may designate in writing. ~`n montTiTy ~nst~llmenta o~~'Orty end 88/100- - - - - -Dollars ($ 40.88 ). commencing on the first day of Ygroh , 19 61 ,and on the first day of each month there- Faflar nlIItll the principal aIId interest are fully }12i1LL, CAI;C~Jt l1aAl laic :=,ns^: pwjia.uial of the ciawac :nucb+~:=°°•°• ~:.~~....~a ~°~..n~ :F ^_^'' ~•,•.^^•• ^^?a ^'311 ~C due ?ud pRY Whet (Zn ±he !1±at (~RY of ~g~+l"Ll$r'P , 19 ql , If default be made in the uayment of any installment under this note, and fr such default is not made good prior to the due date of the next such instaillment, the entire principal sum and accrued interest shall at once become due and payable without notice at the option of the holder of this note. Failure to exercise this option shah not constitute a waiver of the right to exercise the same in the event of any subsequent default. In the event of default in the payment of this note, and if the same is collected by an attorney at law, the undersigned hereby !lgree (s) to pay all costs of collection, including a reasonable attorney's fee. Presentment, protest, and notice are hereby waived. ~ar~ara~_Il~_Millsr-._______________________________ And shall duly. promptly. and fully perform, discharge, execute. effect, complete, and comply with and abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note and o2 this mortgage, tnen this mortgage and the estate hereby created silaii cet(se ru.u ue uuii i~l(i vuiii. .. .... ~-. a ~_ tuna the morl,grgor iuc~i-rTr i;uVeuiiliui ua aOl.uv~-6: 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equal to one or more monthly payments on the principal that are next due on the note, on the first day of any month prior to maturity : Prop ided, however, that written notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepayment; and, provided further, that in the event the debt is paid in full prior to maturity and at that time it is insured under the provisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1%) of the original principal amount thereof, except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been payable if the mort- gage had continued to be insured until maturity; such payment to be applied by the mortgagee upon its obligation to the Federal Housing Commissioner on account of mortgage insurance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with, and in. addition to, the monthly payments under the terms of the note secured hereby, on the first day of each month until the said note is fully paid, will pay to the mortgagee the following sums: (a) If this mortgage and the said note secured hereby are insured under the provisions of the National Housing Act and so long as they continue to be so insured, one-twelfth (1;1) of the annual mortgage insurance premium for the purpose of putting the mortgagee in funds wit~n which to dis- charge the said mortgagee's obligation to the Federal Housing Commissioner for mortgage insurance premiums pursuant to the applicable provisions of the National Housing Act, as amended, and Kegu- IAtions thereunder; the mortgagee shall, on the termination of its obligation to pay mortgage insur- ance premiums, credit to the account of the mortgagor all payments made under the provisions of this subsection which the mortgagee has not become obligated to pay to the Federal Housing Commis- sioner. • (b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on policies of fire and other hazard insurance covering the mortgaged property, plus t<•nxes and assessments next due on the mortgaged property (all as estimated by the mortgagee) less all sums Already paid therefor divided by the number of months to elapse before one month prior to tees date when such ground rents, premiums, taxes, and assessments well become delinquent, such sunk to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assess- ments. (-) A girm ~~uAl to one-twelfth of one-half of one per centum of the amount of the principal then rcmAiilillF ul11131(1 (1!1(1!'!- ~.l.1(1 S10tC• Sg ~ ti('I.11Ce Chal'gc, to COVer the cxpelise of ttandiing the monthly payments on account of taxes, assessments, and fire and other hazard insurance as provided for herein, and the other servicing costs in connection with this mortgage and the note secured hereby. (rl) All payments mentioned in the preceding subsections of this paragraph and all payments to lie made under the note secured hereby shall be added together and the aggregate amount thereof shall be paid each month in a single payment to be applied by the mortgagee to the following items in the order set forth : .. (t) premium charges under contract of insurance with the Federal HousingCommissioner; (it) ground rents, taxes, special assessments. fire and other hazard insurance premiums; (ttt) service charge as set forth above; (rv) interest on the note secured hereby; and (v) amortization of the principal of said note. Any de!'iciency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date pf the next such payment, constitute an event of default tender this mortr gage. The mortgagee may collect a "late charge" not to exceed two cents (2 f) for each dollar ($1) of each payment more than fifteen F15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of payments actually made by the mortgagee. for ground rents, taxes and assessments ~~ ~.