HomeMy WebLinkAbout0392
5 3!J2
FOB VALUE RECEIVED, the underr.ignf'n promi5e(a) to pay to ST. LUCIE COUNir. rL 1
JlOCJ.UG8J.J )laaTGA~1 COirP/JlY, !BO.. . ~.
\
\
the~Wlot State of Plor1da ,ororder,theprincipalaumof Twelve
ThQt1sand Thre& Hundred and 00/100- - _Dolla..'"'8 (~ 1~1 '300.00. with interest from
~ At the rnte of r 1 VB &; three f ourtb per centum ( 5 ~/4 %) per annum on the unpaid
....-,balance until paid. The Illid principAl and iutereat shall be payable at the office of
MCCAUGHAN MORTGAGE COMPANY, INC.
in Coral Gables, Florida ,or ahuch other place &II the holder may desianate in
writing. in monthly iMta1lmen~ of Seventy-one and 8'3/100- - - Dollars ($ 71.8' ),
ccmmendng on the first day of April ,19 61, and on the first day of eneh mcnth there-
after until the principal and htereat are fully paid, except that the .\nal pa)'Tnent of the entire indebtedness
evideTlced hereby, if not sooner paid, shall be due and payable on the til"8t dar (If Karch , 19 91.
If default be made in the payment of any installment unde.- this note, and if such default i5 not mllde
good prior to the due date of the next such installment. the er.tire principal sum and accrued interest shall
at once become due aLd payable without notice at the optiuu of the hv!dcr of thie !!'2't~_ FJlilllrp to exercise
this option shall not constitute a waiver of the rifht to exercise the same in the event of any subsequent
oefault. In the eveni of default in the payment 0 this note, and if the lI&ffie is colleded hy an attorney
at law, the undersigned hereby agTee(s) to pay all coats of cvllection, including. a reascllable attorney's fee.
Presentment, protest, and notice are hereoy waived_
, A corporation t)rganized Md existing undel
._..~ohn :i.. iiwuvi
~__.~~_~~abeth C. Humes
- ~-------------------
------------------------------------------------
-------------------- - ---------------------------------------------
And 8hall duly, promptly, and fully perform, discharge, ex~ute, effect, complete, and comply with and
abide by each and every the ,,~pulations, 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 88 follows:
'1. That he will pay the indebtedness, 88 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 an~ month prior to maturity: Provided, however, that writteil notice of an
intention to exercise such privilege i5 given at least thirty (30) days prior to prepayment; and, provided
further, that in the event the debt is paid ir. full prior to maturity and a~ that time it is insured under
the provisioll8 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; 8uch payment to be applied by the mortgagee upon its
obligation to the Federal Housing Commissioner on account of mortgage insurance.
2. That, in order mere fully to protect the security of this mortgage, the mortgagor, together with,
and in addition to, the monthly payments Und;!T the tenns 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 Houoring Act and 50 long as they continue to be 80 insured, one-twelfth (~'q,> of the annual
mortgage insurance premium for the purpose of putting the mortgagee in fur.ds with which to dis-
charge the said mortgagee's obligation to the Federal Housing Commissioner for mortgage insurance
premiums pUnlllant to the applicable provisions of the National Housing Act, as amended, and Regu-
lations thereunder; the mortg'agee shall, on the tennination of its obligation to pay mortgage insur-
ance premIUms, credit to th~ account of ~e mortpgor aJl payments made under the provisions of this
subsection which the mortgagee b3a not become oblipted to pay to the Fedr:ral Housing Commis-
Eioner. -
(b) A eum equal to the ground rents, if al\V, next due, plu.e the premiums that will next become
Que aild payable on policies of iL'"e and other hauLrd inaurancecovering the mortgaged property, plus
taxes and assessments next due on the mortgaged property (all &8 estir.18ted by the mortgagee) iess
all flUIDS already paid therefor divided by tha number of months to elapse before one month prior
to the dat~ when such ground rents, premiUIDa, taxes, and 88Seasments will become deiinquent, s!lch
8ums to be held by mortgagee in trust to pay aaid grouDd rents, premiUIIl8, taxes, and special &88ess-
m~mts.
(c) All payments meutioned in the two preceding subsections of this t>aragraph and all pay-
ments to be IDllde under the note secured hereby shall be added together and the aggregate amount
thereof shall be paid by the mortgagor each month ~n a single payment to be applied by the mort-
~agee to the following items in the order set forth:
t. premium chargee under the contract of insurance with the Federal Housing C0m-
missioner;
II. ground rents, taxea, aasesnnenta, fire, and other hazard insurance premiuma;
: UL inter~ on the note secured hereby; and
IV. amortization of the principal of said note.
Any dE:fidency in the amount of lu~b ~"te monthly P.8yment shaH,- unless made good by the
morbr&Jror prior tc the du~ date of the np.xt luch p"~l;!nt, con8tlt.J~ an event of defauit under this mort-
gage~-l!'he mortg~ may colled a "l&te.~ not to exceed two centa (U) for each dollar ($1) of
each payment more than fu<<teen (15) daYl ill ~e&rl ro cover Ole extra expepae involved in hardling
delinquent paymenbs.
8. That if the total of the p&ymenta made b~ the mortpgof under (b) of par&gTaph 2 preceding &hall
exceed the amount f?f pa)-%emUs actually made l1y the mo~agee, for ~llnd rt.-nta, taxes IUld assessmenu
@.rid iMun.t'ce pre..t1l1WDI, &I the r.aee ~y bey Jum exeeaa .hall be cr~lted by the mo!"tgaaee on IUOaequeni
~t&\ to be made by the mor"~r. 11, however, the JDCI-nthly paymenw made by the mortplOf