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Home My WebLink About1431 GJ aOI;~ ti DNl FOR VALL'E HF.CF.IVED, the un~ersig"lled promisc(s) to pay to r T '(IE "nl NTT n ~ , ,'. U \.'_ I , , - ~. MCCAUGHAi MORTGAGE COMPANY, INC. , a corporation organized and exlstini' under thelaW80f State of Florida , or order, the principal sum of '!'.en Thousand One Hundred and 00/100- - - Dollars ($ 10 t 100,00 ), with interest from d!\te at the rate of Five & three fourth per centwn ( 5 3/4 %) per annum on the unpaid balance until paid, 'l'he said principal and intere8t shall be payable at the office of MCCAUGHAN MORTGAGE COMPANY, INC. in Coral Gables, Florida , or at such other place as the holder may deaianate in writinR', in monthly installments of Fifty-eight and 98/100- - -Dollan ($ 58.98 ), commencing 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 tlnal payment of the entire indebtedness evidenced hereby, if not sooner paid, sl1all be due and pa,yable on the first day of April , 1991 , If default bt' made in the payment of any installment under this note, and if such default is not made R''XXi prior to the due date of the next such in~tallment, the entire principal sum and accrued interest shall at once become due and payable without notice l\t the option of the holder of this note, Failure to exercise this option shall not constitute a,wai\'er of the right ~ exercise t~e same in t~e event of any subsequent default. In the e,vent of default III the p;.iyment of th:s not~, an,d If .the same IS collected by an attorney at law, the underSIgned hereo)' aR'ree(s) to pay all costs of cOllectIOn, lDcludini'.a reasonable attorney's fee. Presentment, protest, and notice are hereby waived, M~XJ'j..:tUJJ,M.Q.1L--, _.___ M1.l.~e,:t ~ _~_.~.~~~.~~.. n'__'__ ___,..., ._.......___..,__ And shall duly, promptly, Rnd fully {X'rfonn, dischl\rge, execute, effect, complete, Rnd comply with and abide by each and l'very the :-;tipulations, agreements, conditions, and covenants of said promissory note and of this Illortgagl', thf'n this mortgaR'e and the estate hereby cre~ted shall cease and be null and void. A!" ; the mortR'agor further covenants as follows: 1, That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the deht in whole, or in an amount equal to one or more monthly payments on the principal that are next due on thl' notl" on thl' first day of allY month prior to maturity: Provided, however. that written notice of an intention to I'xer~isc such priviJI'~e is given at least thirty (30) days priur to prepa)'ment; and, provided further, that in tl1I' l'vent till' dl'ht :s paid in full prior to maturity and at that time it is insured under the prvvisions of th.- Nationa; !lousing Act, he will Jlay to the mortgagel' an adjusted premium chArge of o.ll' pl'r l'I'lItum (t (; ) of the original prinC'ipal amount therl'of, ('xcept that in no event shall the ndjusted premiullI l'xcel'd the a~greg-ate amount of prl'mium charges which would ha\'e hel'n payable if the mlJrt- gage ha(] C'llllt:m1l'd to hi' insurl'd until maturity; such payment to be applied by the mortgagee upon its obligatiun to thl' Federal Housillg ('ommissiolll'r on account of mortgage insurance, ~. That, in ordl'r more fully to proted the spcurity of this mortgage, thl' mortR'ugor, together with, l\nti in addition to, the monthly paYll1el1b 1Jndl'r the tl'mu\ of the note secured hereby, on the Ilrst day of each month until t!:e said nutI' is fully paid, will pay to the mortR'agee the following sums: ((I) If tL;:: ll1ort~a~1' and thl' ~ain notl' sl'cllrl'd herl'by are insured under the provisions of the ~ati()nal llousing- Act and so lW1g- as thl'Y continue to he so insured, one-twelfth (I(~) of the annual mort gag-I' insllrann' prt.miulIl for thl' purposf' of puttinR' the morts;ras;re<' in funds with which to dis- char~l' thl' said l11:Jrtgas;rI'I"s obligation to the Federal Housing Commissioner for mortgage insurance prt'miums pllr~uant to the applicahle provisions of the National Housing Act, as amended, and Regu- Iat ions thC'rl'ul1l!l'r; t11(' mortgas;rC'C' shall, on the tenninatinn of its obligation to pay mortgage insur- all.-e pn'I\lIUIllS, nl'dit to the account uf the mortgagor all paynll'nts made undl'r the provisions of this ~ld'sl'dion which the murtgagee ha:; nut become obligated to pa)' to the Federalllousing Commis- > hiller, (h) A SIIIII ('qual to the ground rl'ntR, if any, next due, plus the premiums that will next become QUI' and l'ayahlt, Oil policies of fire and othl'r hazard insurance covering the mortgaR'ed propel ty, plus taxI.':; ;till! assl'::snll'nts lll'Xt dm' on ~llI' mortgagl'd property (all as estimatl'd hy the l11ortg-agl'l') les8 all ::UlIlS aln'ady pail] t!wrefor divi<lPd hy the number of lIlunths to elapsl' before 01\1' month prior to the datL' wlwn SI\( Ii g-rnund rl'nts, prl'miums, taxes, anrl assl'ssments will becoll1(' oplinquent, such ~;UIllS to be held hy 111Ortg-agl'l' in trust to pay said greund rents, premiums, taxes, and npecial assess- ments, (I') .\11 paynll'nts 1I1l'ntiolwd in tlil' two pl'\'C1~]iIlK subsections of this paragraph and all pay- n:.'lltS to Ill' mad\' tllH]l'r till' Iwtl' sl'{'un.d 11<'rt'IIY shall 1)(' add I'd tog-dher and the aR'gre/{ate amount thl'rt>of shall 1)(' pairl by thl' mortga~or each month in a single payment to be applied by the mort- ga~ee to the followinR' items in the order set forth: I. premium chargl's under the contract of insurance with the Federal Housing Com- missioner; II, j.fround rents, taxes, assessml'nts, fire, and other haulrd insurance premiums; III. int.erest on the note secured hereby; and IV. amortization of the principal of said note, Any (leficil'l1cy in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the p"xt sl1C'h parml'nt, constitute an event of df'fault under this mort- gage, The mortga~ee may colle;:t a "late charge' not to exc.:ed two cents (2r) for each dollar ($1) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the total of the payments made by the mortgagor under (b) of pan/graph 2 preceding shall exceed the amount of payn1l'nts actually made by the mortgagee, for ground rents, taxes and assessments and iosuranc(' prf'miums, as the case may be, such excess shall be credited by the mortgag€~ {Ill tlubsequent payments to be made by the mortgagor. If, however, the monthl)' payments made by the mortgagor