HomeMy WebLinkAbout1751l _ ~ 1~ 0 ?~~ X92 eoo~ 3 4`78
>~ VettJS Rscatv®, the undenisned promise (s) to pay to .
PICCAUGHAN M013TGAGS COMPA!!Y, ~ Il~d. IUCIE COUN i r. FLA.
theLwscf State of Florida ~ a corporation organised and existing under
or order, the principal sum of Ten
Thousand Four Hundred and QO/1Q0- - - Do}lara (; 14p 400.00). with interest fmm
date at the rate of Flve d~ Three Fourth per oeatam ( S 3/~ 96) per annum oa the unpaid
balance until paid. The said prlndp~ and interest shaII be payable at the office of
MCCAUGHAN MOl3TGAGT COMPANY, INC.
in Coral Gables ~ Florida ~ , ear at such other place as the holder may designate in
writing, in monthly instal>znents of Sizty and 74/100- - -'- - dollars (; 60.74 ).
commencing on the lfrt day o! February ,19 61 ,_and on the Arat day of each month there-
after until the prindual and ir_tt*~t are f±11~y p~id, raccspt that the A:a:: yw~aa,crt :,! t ;e ri,~re ;ndei~`~edneea
evidenced hereby, it not sooner paid, shall be due and pe3-able on the first day of January , 19 91 .
If default be made in the payment o! any installment under this note, and if such default is not made
good prior to the due date of the next aach 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 opption shall not constitute s v~iver of the right to exercise the same in the event o! any subsequent
defaulk In the event of default in he payment of this note, and H the acme is collected by an attorney
at 4w, the undersigned hereby agree (a) to pay all costs of eallection, including: a reasonable attorney's fee.
Presentment, protest, sad notice are hereby waived.
_ August F. ti9ilks
Anna G. ;lilks
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 further covenants ss faIIowa :
1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the
debt in whole, or in sa amount equal to one or more monthly payments on the principal that are next due
on the note, on the brat 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 tune it is insured under
the provisions of the National Housing Act, he will pay to the art ~~ Sn .a j.;oa~ prca'I'aiua'Yi ChaigBvf
one per centum (196) 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
gage had continued to be insured until maturlty; such payment to be a Payable if the mort-
pplied by the mortgagee upon its
obli~atign to tha Far~aral Nn.~aino f`~~~ :~.:,....... a ~ ~__ __ :~~~~~
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2. That, in order more fully to protect the secncity of this mortgage, the mortgagor, together with,
and in addition to, the monthly pa ants under the terms of the note secured hereby, on the Brat day of
each month until the acid note is fully paid, will pay to the mortgagee the following sums:
(a) If thin 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 ao insured, one-twelfth (~;~) of the annual
mortgage insurance premium for the purpose of putting the mortgagee in funds wit which to dis-
charge the said martgagee'a obligation to the Federal Housing Comm~saioner for martgage insurance
Premiums pursuant to the applicable provisions of the National Housing Act, as amend ie~ and Aegu-
lations thereunder; the mortgagee shall, on the termination of its obligation to pay mortgage inaur_
ante premiums, credit to the acxount 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
sue and payable on policies of fire and other hazard insurance coveting the mortgaged property, plus
taxes and asaesamenta next due on the mortgaged property (all as estimated by the mortgagee) less
all soma already paid therefor divided by the Ham r of months to elapse before one month prior
to the date when ouch ground rents, premiums, taxes, and asaesamenta will become delinquent, such
soma to be held by mortgagee in trust to pay said ground rents. Premiums, taxes, and special asaess-
ments.
(c) ~ payments mentioned is the two acedi `- - ~ • p seraph and all pay-
er Lg 8uusecclona OI thla ar
manta to be made under the note secured hereby shall be added together and the ggr~g to amount
thereof shall be paid by the mortga~+or each month in a single payment to be appalled by the mort-
gagee to the toDowiag items is the order set forth:
L P~i~ chatses under the contract of insurance with the Federal Housing Cani-
misaioaer;
u. ground rent, taxes, saaesanents, Are, sad other hasard insurance premiums;
mt. interest on the note secured hereb~r; and
~. amortization ~ tba lu'IaciP~al o! said note.
Any deAciency in the amoyat of such +tggreQate monthly payment shall, anless made
mort~a~o prlor to the due date of the Haut arch P~n~nt, eonatitute an event of default under t~hia mothrte-
gag~e. The mortgagee may collect a "late dh~~rg~e'" ~ not to ezesed tw-o cents (2f) for each dollar (;1) of
d paymen~ffiaa >3itsen (16) day-t is arr~ th omre1. t}~ ~~ ~~~ thvolved in handling
a. That it the total of the p~me~ts made themortsagor wader (b) of paragnpli 2 preceding shall
ezoeed the amount of paymeata acwatly made tht !or rent, tax•a sad aasees~neab
sad insaraaos p~aiuw, as the cans may ee~~oe,sag+~~a~~~t~ ~~~ on wb~egwnt
• D~1Ymsots do be made b7 the mortgag+oe.~ howeverr, ~ - DiU-m~ta made by ~
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