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HomeMy WebLinkAbout1243 FOR VALUE RECF.1\' LD, the under5igned prom~e (II) to pay to O. R. Bnc~ 4! ~~i f) I4CCAUGHAJI MORTGAGZ conuy, INC. q. lUCI[ Ci1UNTY, rLA. . a corpoFation organized and eili~ under the lawl of S tat e of P 1 ori da . or order, the principal sum of Twe 1 ve Thousand and 00/100- - - - - - - - - -Dollars ($ l) 000.00>. with interest from date at the rate of F 1 ve ~ three f ourtb per centum ( 5 3 '4 9C>) per annum ->n the unpaid ball\nce until pain. The said principal and interest shall be payable a.t the office of MCCAUGHAN MORTGAGE COWPANY, INCe in Coral Ga'b1ee, Florida , or atauch other place M the holder may deai,nate in writinJl' in monthly installments of Seventy and 08/100- - - - - DolJara ($ 70.08 ), wmmencing on the first day of May , 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 indebWneas evidenced hereby, if not sooner paid, shall be due and payable on the first day of April. 19 91. If default he made in the payment of any installment under this note. and if 8ltch default is not made good prior to the due date of the next such installment, the entire principal sum and accrued interest &hall at once become due and payable without notice at the option of the holder of this note. Failure to exerci.ae ~his option shall not constitute a waiver of the right to exerdse the 3aJT\e in the event of any subsequent default. In ihe event of default in the payment of this note. and if the same is collected hy an attorney at law, the undersigned hereby agree(s) to pay all costs of collection, includi~.a reaaonable attorney't: fee. Presentment, protest, and notice are hereby waived. William H. O'Dowd, Jre And shall duly, promptly, and tully 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 shaH cease and be null and void. And the mortgagor further covcna.'lts as follows: 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reservoo 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 ttll' noh', on the first day of any month prior to maturity: Provided, however, that written notice of an intention to exercise such privill'ge is given at least thirty (30) days prior to prepayment; and, provid~d 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 adjusfoo premium charge of one per cl'ntum (1 ~i-) of the original principal amount thereof, Except that in Wl event shall the adjusted premium excero the aggregate amount of premium charges which would have been payable if the mort- gaR'e had continued to ill' insured until n \turity; such payment to be applied by the mortgagee upon its obligation to the Fl'deral Housir,g Commissioner on account of mortgage insurance. 2. That, in ordl'r more fully to protect the security of this mortgage, the mortgagor, together with, Rno in addition ~(), the monthly payments under the terms 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 mortj1;age 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 (1'12) of the annual nlortgaj.("l' insurance prpmium for the purpose of putting the mortgagee in funds with which to dis- charge the said mortgagee's obligation to the Federal Housing Comn.issioner for mortgage insurance prl'mium3 pursuant to the applicable provisions of the National Housing Act, as amennpo, 'lnd Regu- lations thel'eunder; the mortgagee shall, on the termination of its obligation to ph)' mortgage insur- :Lllce pn'Tl1IUm~;, credit to till' I>ccol/nt of the mortgagor all payments made under the provisions of this ,';lIi,spdion which the mortgagee has not IJecome obligated to pay to the Federalllousing Commis- > 11 '1I.'r. (II) A sum equal to the ground rl'nt~, if any. next due, plus the premiums that will next become auf' ;~fl(1 pay;-.ble on policil's of fire and other hazard insurance covering the mortgaged pro~erty, plus ta:Xl'~ and aSSl'SSP1l'nts next du(' on the mortgaged property (all as estimated by the mortgagee) less all SlIlIlS already paid therefor di\'ided by the number of mtmths to elapse before one month prior to tlH' date whpn such grnund rents, prl'miunls, taxe". and assessn1l'nts will become delinquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes. and special 8.88e88- ments. ((') All payments mentioned in the two preceding subsections of this paragraph and all pay- nwnts to he made under the note secured herehy shall IJe added together and the aggregate &mOllnt tlwre(lf shall he paid hy the mortgagor pach month in a single payment to be applied by the mort- gagee to the foilowing items in the order set forth: I. prl'mium charges under the contract of insurance with the Federal Housing Com- missioner; II. j1;rouTHl rents, taxes, a&:essments, flre, and other hazard il~surance premiuJl18; 111. interest on the note secured hereby; and IV. amortization of the principal of said note. Any deficiency in the amount or such aggregate monthly payment ~hall, unless marie good by the mortgagor prio!" to tlH' due d<>.te of the Ill'xt such pa'-'ment, constitute an e\'ent of default u~der this mort- gage. The mortgagpe may ('ollect a "late charge,l not to exceed two cents (2<) for each dollar ($1) of each paynwnt more than fiftl'en (15) days in arrears to cover the extra expense in\'olved in handling delinquent payments. :~. That if the total of the payments made by the mortgagor unller (b) of paragraph 2 prL-ceding shaH exceed the amount of payments a~tllally made by the mortgagee, for gMund rents, taxes and as8e8..~raents and insurancp premiums, as thp case may be, such excess shall be crE>dited by the mortgagee on subsequent payments to be made b)' the mortgagor. If, however, the monthly payments made by the mortga~r 'I --