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FOR V ALlJ1o: H.~CF.l VED, the undersigned pMlllise (s) to pay to
" NCCAUGHAN MORTGAGE COMPAllY, lUC.
,T. I,UrE C"1II"~Y, 'LA
, a corporation orl{al'tZM and l'x;stinR' unper
the laws of S ta te 0 f P'lor ld::l , or order~ thlO prir.eipal sum of Eleven
Thousand Eight Hundred and 00/100- ~ -DollaI1l ($11 800.00 ). with int(')'t'st from
date at the rate ot Five & Three F::>urth per centum ( 5 3/4 70) per annum on the unpaid
balance until paid. The aaid principal and interest shall be pay~ble at the otlke of
MCCAUGHAN MORTGAGE COI1PANY, INCe
in Coral Gables Florida ,oratsuch other place as the holder may designate in
writing, in monthly insWlments of SixtY-6ight and 91/100- - - Dollars ($ 68.91 ),
commencing on the first day of Karch ,1961 , and on the first day of each month there-.
afteI' until the principal and interest are fuHy paid, except that the final payment of the entire indebtedness
evidenced hereby, if not sooner paid, 8'lall be due and payable on the first day of February, 1991 .
If default be made in the payment of any installment under thi8 note, and if "uch default is not made
good prior to the due date of thp. next such installment, the enUre principal sum and accrued interest shaH
at once become dup- 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 cf ailY sut;~('quent
default. In the event of default in the payment of this noll', and if the same is collected by an attorney
at law, the undersigned hereby agree(s) to pay all costs of collettion, including. a reasonable attorney's fee.
Presentment, protest, and notic.e are hereby wahed.
...A~!I!gpdQ.LH.Al~ld'e, _.. '
_Ey~ J..yJ:l.._1>.,___}'Jca.l.o&. .
And shall duly, promptly, and fully perfonn, discharL{e, execute, effect, complete, and comply with and
abide by each and every the stipulations, agreements. conditions, and covenants of said prombsory note
and of this mortgage, then this mortgage and the estate hereoy created shall cease and oe null and void.
And the mortgagor further covenants as fellows:
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 notR, on the first day of any month prior to ma.turity: rrovided, 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 urior 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 anjusted
premium exceed the aggregate amount of premium charges which would have been payahle if the mort-
gage had continued to be insured until maturity; such payment to be applied by the mortgagee upon its
obligation to the Fedual Housing Commissioner on account of mortgage insurance.
2. That, in order more fully to protect the security of this mortgage, the mort~agor, together ',",'jth,
and in addition to, the monthly payments under 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 Housing Act and so long as they continue to be so insured, one-twelfth (I i ~) of the annual
mortgage insurance premi1lm for the purpose of putting 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 mortgagee shall, on the tennination of its obligation to pay mortgage insur-
ance premlUms, credit to the account of.the mortgagor all payments made under the provisions of this
subsection which the mortgagee has not become oblil{ated to pay to tht: Federal Housing Commis-
S!rmer.
(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 insuranct! covering the mortgaged property, plus
taxes and assesements 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, premiums, taxes, and assessments will become delinquent, such
sums to be held by mortgagee in trust to pay said ground rents, vremiums, taxes, and special assess-
ments,
(c) AU payments mentioned in the two pr~edift.g subsections of this paragraph and all pay-
menta tv be made under the note secured hereby shall be added together and the aggregate amount
thereof shall be paid by the mortgagor each monih in a sir.gle payment to be applied .by the mort-
gagee to the following items in the order set forth:
L premium charges under the contract of ilUlurance with the Federal Housing Com-
missioner;
n, ground rents, taxes, useasments, fire, anQ other hazal'd insurance premiums;
m. interest on the note secured hereby; and
IV, amortization of the principal of said note.
Any defic;iency in the amouilt of such aggregate monthly payment shkll, unle88 macie good by the
mor+..g~r pnor to the due date of the next such pa~ent, c,onstltute ail event of dE'fault under this mort-
pge. The mo~ may collect a "late charge' not to exceed two cents (~) for each d911ar ($1) of
each payment more than fifteen (15) days in arreara to cover the extra expense involved in handling
delinquent paym~ntl.
3. That it the toW of the payments made by the mortgagor under (b) of paragraph 2 preceding shall
exceel tha amount of payment<! actually made by the mOrtgaree, for ground rents, taxes and aMeSSmel,ts
and inauraDct premiums, aa the caae roay be~!uch excess shall be credited hy the mortgagee on sul::sequent
paymenta to be made by the mo~r. II, howevel". the monthly payments made by the mortgagor