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Home My WebLink About0331 }e'OR VALUE RECEl YEn, Ule u ndersigned ~>rvmiBe ( s) to pal' to MCCAUGHA~ MORTGAGE COKPANY, iNC. O. R. BOCK 331 5 )T. lUCIE CnUNTY, a.. , a corporation orgsnb;fld and existing under thataWld State of Plorida . ,ororder,theprip.~;palsumof line_ Thousand. Two Hundred and 00/100- - - - 0011,,\"1 ($ 9,200. CO ). with intl~rf'st from date at the ~te?f Fi ve.& T.hr:ee Fourth per centum ( 5 )/4 %) per annum on !~he unpaid ballUlc~ until paId. Th6 laid p:-lnclpNand intereat shAll be paYMlle at the office (If MCCAUGHAN MORTGAGE COrWANY. INC. in .. Coral Gab.l e,s.. Flor1d~ . or atau~h other place as the hoMer may designate in wntmg-, in monthly InSt&llm€IlUl of l'ifty-three and 73/100- - -DoHan ($ 53.73 ), commen\.i~ on the first day of liarch ,1961 , and on the first day of each month there- after until the principal and intElrest are fully paid, except that thf'! final payment of the entire indeokdne8s evidenced hereby, if not sooner paid, shell be due and payable on the first day of February ,1991. If -default be ms.de in the payment of L'1Y installment und~r ~his note and if Buct. default is not made good prior to the dlle date of the n~xt such i~st!!!!m~nt, the ~ntire principa1 sum and ae.::rued interest shall at .once t;>ecome due and JJ8~able wlth~ut notIce at the option or the holder of this note. Failure to exercise - thiS optIon shall not const:ttlw a,waIver of the right to exercise the same in the event of any subsequent default. In the e.vent of default 10 the payment of this note, and if the sarne is collected by an attorney :.~ law, the undersigned hereby agree(s) to pay all ~08ta of collection, iD.C'"lu<iina.a reaaonable attorney's fee. Presentment, protest, and notice are hereb)' waived. Henry G. Head .;M:"'!c.;t.i-,?~~t.-._~~= / And shall duly, promptly. and fully perfonn, dischargp. execute, effect, complete. and comply with and abide by each and every the stipulations, agr~ments. 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 as follows: 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 vf 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 adju!Jted premium charge of one per centum (1 %) of the original principal amount thereof, except that in T10 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 Fecieral Housing ComlPissiuner or. account of mortgage insurance. 2. That, in order more fully to protpct the security of this mortgage. the mortgagor, together with, and in addition to, the monthly payments under the tenns of the note secured hereby, on the first day of each month Ulltil 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 (~'I:J of the annual mortgv.ge inSllraIlce premium fer the purpose of puttil1g the mortgagee in funds with 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 Regu- lations thereunder; the mortgage~ shaH, on the termination of its obligation to pay mortgage insur- ,mce premIUms, credit to the account of the mortgagor all payments made under the pro\'isions of this subsection whkh the mortgagee has not becorue obligated to pa..v to the Federal Housing Commis- sIOner. (b) A slim equal to the ground rents, if any, next due, plus the premiums that will next becom~ due and payable or. policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessinents next due on the mortgaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number of munths to elapse before one month prior to the date when such ground rents. p!"emiums, taxes, and assessments will become delinquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special a8Ses.o.- menta. (c) All payments mentioned in the two preceding subsections of this paragraph and all pay- ments to be made under the note secured hereby shall be added together and the nggrega~ A.ITlount thereof shall be paid by the mortgagor each month in a single payment to be applied by the mort- gagee to ~he following items in the order set forth: I. premium charges under the contract of insurance with the Fed~ral Housing Com- missioner; n. ground rents, taxea, assessments, fire, and other hazard insurance premiums; Ill. interest on the note secured hereby; and IV. amortization of tn.e principal o! said Hote. Any deficiency in the amount of such aggregste monthly payment snp,ll, u~lE''J8 made good. by the mortg8.l;or prior to the duO! date of the next suc;, parment, constitute an event of default up..der thiS mort- gage. The mortgagee may collect a "late charge' 110t to exceed two c"!nts (2f) fo~ each dol.1ar: ($1), of each paymf'!Dt more than fifteen (15) days i!l arrear!! to cover the extra exp.3nse lllvolved In nandhng delinquent payrnenta. ;3. That if the total cf the psyment." made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of paym~nt8 actually made by the mortgagee. for ~ound ~ents, taxes and assessments and i.1surance premiums, &8 the case may be, such excess Rhall be aedlted by the mortgagee on sub:lequent payment8 to be made by the mortgagor. If, however, the monthly payments made by the mortgagor