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I''OR VALUE REC:FdVID, the undersigned promise(s) to pay to ~ T i CGIIN ~ 1'. ~ LA.
MCCAUGHAN MORTGAG}s COMPANY,-INC.
, a corporation organized and existing under
the laws of State o f ~'lOrida , or order, the principal sum of Nine
Thousand Five H•,uldred and 00/100- - - Dollars (~ 9, 500.00 >, with interest from
date at the rate of I~~ive do Three Fourth per centum ( 5 3/4 ~6) per annum on the unpaid
balance until paid. The said principal and interest shall be payable at the office of
MCCAUGHAN MORTGAGE COMPtiNY, INC.
~ C O ra l Gables F 1 o r i d$ , or at such other place as the holder may designate in
writing, in monthly insta~menta of Fifty-five and 48/100- - - Dollars (~ 55.48 ),
commencing on the first day of Apr i 1 , 19 61, and on the first day of each month there-
after until the principal and interest are fully paid, except that the final payment of the entire indebtedness
evidenced hereby, if not sooner paid, shall be due and payable on the first day of 1$arCh , 19 91 .
If default be made in the payment of any installment under this Hate, and if such default is not made
good prior to the due date of the next such installment. 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 shall 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 tills note, and if the same is collected by an attorney
at law, the undersigned hereby agree fs) to pay all costs of collection, including.a reasonable attorney's fee.
Presentment; protest, and notice are hereby waived.
Emma bd. Allison
Robert L;. Allison ------------- --- ------------- -------
Co-sinner -
I,;arion C. Allison
Co-signer ------ ---- -- ---------- ---------------- - --- -- -- ---------- --
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 of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void.
And the mortgagor iurtner cuvenai,~. as wa.v..o.
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 : Provided, 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 driginal principal amount thereof, except that in no event shall the adjusted
premium exceed the aggregate amount of premium charges which would have teen 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 s:~id note is fully Maid, 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 Ilousing Act and so long as they continue to be so insured, one-twelfth (~-~~) of the annual
mortgage insurance premium for the purlx~se of putting the mortgagee in funds with which to dis-
charge the said mortgagee's obligation to the Federal Ilousing Commissioner for mortgage insurance
premiums pursuant to the applicable provisions of the National Ilousing Act, as amended, and Regu-
lations thereunder; the mortgagee shall, on the termination of its obligation to pry mortgage insur-
ance premiums, credit to the account of the mortgagor all payments made under the pru~•isions of this
whsection which the mortgagee has not become obligated to pay to the Federal lluusing Commis-
sioner.
(b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become
due and ;,ayable on policies of fire and other hazard insurance covering the mortgaged property, 2ilus
taxes and assessments next due on the mortgaged property (all as estimated by the mortgagee) less
all sums already lurid therefor divided by the number of months to elapse before one month prior
to the date when such ground rents, premiums, taxes, and assessments will become delinquent, such
sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and sl-ecial assess-
ments.
(c) All payments mentioned in the two preceding subsections of this paragraph and all pay-
ments to Ise made under the note secured hereby shall be added togethe `and` the+ag~egatehpmour+t
thereof shall he paid by the mortgagor each month in a siY,x,e ~,ayr.-,e;.~ ~~ .n .•n ••~~-- --~
gages to the 'following items in' the order set forth
I. premium charges under the contract of insurance with the Federal Ilousing Com-
missioner ;
II. ground rents, taxes, assessments, fire, and other hazard insurance premiums;
III. interest on the-note secured hereby ;and
iv. amortization of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the
mortgagor prior to the due date of the~next such payment, constitute an event of dforUla h~dollar ~(S1) of
gage. The mortgagee may collect a late charge not to exceed hvo _ents (L~) '
each payment more than fifteen (15) days in arrears to cover the extra expense invoh•ed 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
aaci ~ entsato bermade by the mortgagor.beIf,~however, t elmontheldy payments moad~ by the mortgagor
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