Loading...
HomeMy WebLinkAbout1254 FOR VALUE REt:EIVED, the \md~rsigned promi8e (8) to pay to MCCAUGHAn MORTGAGE COMPANY, INC. I) R '\-, .~ ( ': I r. :)11 ~ o .,T. li'tlt C'I'''~Y. ~L,~ , a corporation organized and existing under the lAWS of State of Florida , c:- ::.rd.:., the principal sum of Elev€n !housand 'i ve HUGdred and 00/100- - - Dollars ($ 11 500.00), with interest from date at the rate of Five ~ thr.9c f0urth per centum ( 5 3/4 ~fc,) per annum on tht: unpaid ooiance until paid. The wd principal and interest shall be payable at the office of MCCAUGHAN MORTGAGE COMPANY, INC. in Coral Gables, Florida ,or at such other place as the holder may de..,ignate in writing, in mi>nthly installments of Sixty-seven and 16/100- _ _Dollars ($ 67.16 ), commencing on Ule fir8t day of Kay, 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 indebtedness evidenced hereby, if not sooner paid, shall be due and payable 0:1 the first day of April , 1991 ' If default be n;~de in the payment or any installment under this note, and if such default is not made &,ood prior to ~he due date of the next such installment, the entire principal sum and accrued intprt'st shall at once become due and payable without notice at the optien of the holder of this note, Failure to t'xercise this option shall not constitute a waiver of the right to exercise the same in the event of :lny suhsequent default. In the event of deiault in the payment of this nott', and if the same is rollected by an att<,rney at law, the undersigned hereby agree(s) to pay all costa of collection, including, a reasonable attorney's fee. Presentment, protest, and notice are hereby waived. ..~4:-Nard_ S !._1!ungaBlf~_ _m ___.__. ,..,__ , ~~,~~__..c!_~.n~~_~~!3,~.~.... _____. 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 promis.",ory note and of this mortgage, then this mortgage and the estnte 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 prineipal that are next due on the note, on the first day of any month prior to maturity: Provided, howew'r, that written notice of an intention to exercise sucn privilege is given at least tl>irty (30) days prior to prt'payment; 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 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 h&ve been payable if the mort- gage had continued to be insured until maturity; such payment to be applied by the mGrtgagee upon its obligation to the Federal Housing Commissioner on aC('fmr.t of mortgage ins",ance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with, and in addition to, 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 mortgage and the sa.id note secured hereby are insured under the provisions of the National Housing Act and 80 long as they continue to be so insured, one-twelfth (1'1") of the annual mortgage insurance premium for the purpose of putting the mortgagee in funds with whieh 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 termination of its obligation to pay mortgage insur_ ance premmma, credit to the account of t/;1e mortgagor all payments made under the provisions of this subsection which the mortgagee has not become obligated to pay to the Federal Housing C.ommis- ~ioner, (b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become Que and payable on policies of fire and other hazard insurance covering the mOl'tloFl.ged property, plus taxes and assessments next due on the mortgaged property (all aa estimated by the mortgagee) less all sums alre~dy paid therefor divided by the number of months 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, premiums, taxes, and special assess- ments, (c) All payments mentioned in the two preceding subsections of this paragraph and all pay- ments to be "'lade under the note secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortg2gor each month in a single payment to be applied by the mort- gagee to the following items in the order set forth: I. prem,iul!1 charges und' ~ t~,e contract of insurance with the Feder al Housing Com- mWlOner; D. ground rent&, taxes, useaaments, fire, and other hazard insurance premi uma; ill, interest on the note secured hereby; and IV, amortiution of the principal of said note. Any d~fi~iency in the amount of such aggregate monthly payment shall, unless made guO<.l by the morlgag()r pnor to ~he due da~ or the next such parnent, constitute an event of default under this mort- gage. The mortgagee may collect a "11\ti' c~arge' not to exceed two cents (~) for each dollar ($1) of each payment more than fifteen (16) daya In arrears tQ cover the extra eX{'ense involved in handling delinquent pay-menta. S. That if the total of the payments made by the mortgagor under\. b) of paragraph 2 preceding shall exce~ the amount ,?i paymenta actIJally made by the mortgagee, for ~und renta, taxes and assessments and lIl.lUranc:- premluml, as the case may be\.!ueh aeeu shall be credIted by the mortgagee on subsequent ~ta to be made by the mori~r. u, however, the monthly paymenta made by the mortgasor , ':&~}0;'~~~>Lr . J '2~\f}~r~:~151~~~~~~;r::!L':E).~'"'P~,;<~..::t~N.~.g;....