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FOI{ VALUE I,E\'El\'EI>, thl' unlll'rsig-nl'll pr(lllli~)t'(s) to pay tu
MGCAUGHAN MORTGAGE COMPANY, il(~~~E L"~"-Y, :-~A.
, a {'orpe,ration or~ani1.I'(1 and l'x;stin~ under
the laws ot State of Florida ,llrordpr,thl'principalsuJl\of Fourteen
Thousand and 00/100- - - - - - Dollar::; ($14 000.00 ), with illu'rl'st from
dateatthl'rateofpive & three fourth per centum ( 5 3/4 ~~) 1)('1' annl'Jl\ on the unpaid
balance until paid. Thl' said principal and interest shedl he payable at the ollie" of
MCCAUG~~N MORTGAGE COrW?ANY, INC.
in Coral Gables, Florida ,oratsul:h other placec\s the Iwldl'rmay lll'sij.('natein
writing, in monthly installmenL'! of Eighty-one and 76/100- - - .J)ollars ($ 81.76 ),
commencing on t1:e fIrst day of June, 1961 ,and on the lirst day of eadl lllonth t111're-
after until the principal and intl'rest are fully paid, l'xc('pt that the final paynH'nt of the l'ntire ilHh'htednpss
evidenced tll'reby, if not SOOlll'r paid, shall be due and payable on the first day of May , 19 91 .
If dl'fault he madl' in thl' pa\'ml'i1t of an\' installnll'nt und('r this note" and if such d('fault is not mad('
good prior to thl' due date of the rwxt SlH'h in~tallment, the entin' principal slln~ and accr,lIl:d intl'rt'st sh.all
at once bffome due and payahl,' without noticl' at the option of thl' holdl'r of thIS note, Fatlun' to pxpn'lSP
this option shall not constitutp C4 wain'r of till' right to exprcisp thl' same in t~e en'nt Ilf any suhsl'ljlll'nt
default. In Uil' pvt'nt of (kfault in till' paynll'nt of this lwtl', and if the same IS collel'k(1 uy an attllrrll'Y
at law, the undersij.('ned hen'hy a~n'!'(s) to pay all costs of coiled ion, including, a rea.."onaule attorney'::; fee,
Presentment, protest, and notice are herehy waived.
Robert B.~?~Dd~rsQn
Uary Antoinette ~anderson
And shall duly, pr(lmptl~', and fully Jl{'rform, dischargl'. !'XI'Cutl', I'ffect, complpte, and ('om ply with and
ahidl' I IV l'ach and l''''l'rv till' ,;t i pu lat ion,;, a~n'I'Ill('nt,;. ('t IIlll1 t ion,;, and l'o\'t'nants of ,;aid prolll i,;,;ory notl'
and of thi,; nlOrt~a~e, thl'n thi,; lllort~a~l' alld till' estate Ill'rl'l,y cn'ated shall Cl'aSl' and I'l~ nuil and void,
And thl' mortj.('a~or furthl'r l'o\'l'nanb as follm\ s:
1. That IH' will pay till' ilHh.lltl'dnl'';s, as 1lt'l"l'inLt,fol"l' providl'd, I'ri\'ih-g-I' is n'sl'r\ed to pay the
deht in wllOle, or in an amount I'qua! to O!ll' or lI~on' monthly paYll\!'nts on thl' principal that an' nl'xt '\Ul'
on thl' notl'. on till' first day of any lllonth prior to Illaturity: l'ro\'idl'd, hOwl'','I'r. that writlt'n notin' of an
intl.ntion to I'xl'rcisl' such prl\i1l'1'w is g-ivl'n at Il'ast thirty (:W) days prior to pn'paYllll'nt: and, pro\'idl'd
furtlH'r, that in thl' l'vent tlil' deht i,; paill in full prillI' to maturity and at that tillll' it is in,;ul"l.d under
till' provisions of till' :"\ationalllousing- Act, Ill' '"ill pay to till' nlOrt~aj.('1'1' an ad.iustl'd pn'miulll l'harj;("e (If
one pl'r Cl'ntum (1 (; ) of till' ori~inal principal amount thl'n'of, l'xcept that in no I'\'l'nt ,;hall thc adjustl'd
premium I'xCI'l'd till' aj.('g-n'g-atl' alllount of premium charges which would ha\'e I)('('n payahle if thl' mort-
gaj.('c had ('ontilllll'd to Ill' insun'd until maturity; such paynwnt to he applipd IIY thl' Ill('rtgag-l'e upon it<;
obligation to thl' Federal lIousinj.(' ('omlllissioll('r on <lccount of mortgage ;IlSUralll'I',
~, That. in onkr DlOn' fully to protect till' sl'curity of this mortj.('a~l', till' nwrtgagllr. togdhl'r witb,
and in addit;oll to, till' nwnthly pa~'Illl'nls ulldl'r till' terms of the note ';l'cured hl'n'hy, Oil thl' lirst day of
each month until tlH' said lIotl' is fully paid. will pay to tilt' mortg-aj.('l'e till' followin~ stlIns:
(a) If this lllortg-ag-l' allll thl' said Ilotl' sl'curl'd hl'rl'hy an' insul'l'd undl'r thl' pro\'isions of tl1I'
1'ational I [ousillg Act and so long- a,; they continul' to he so insured, onl'-twelfth (11 c) of till' annual
mortj.('ag-l' insurallCl' prl'miUlll for the purpose of putlin~ the mortj.('a~{'e in funds with whil'h to dis-
charj.('c tilt' said mortga~l'l"s olJligation to till' Fl'deral I lousing Commis,;iolll'r for Illortgage insurance
prl'miullls JJUrsuant to the applicahle provisions of the Nationalllousing Act, as an1l'n(h'd, and I~l'~u-
lations thl'n'undl'r; till' mortgagee shall, on the termination of its ohligation to pay lllortgage insur-
allce pn'llllUlll,;, crl'dit to thl' account of the mortgagor all paym{'nls made undl'r tIll' pro\isioll.', of this
suhsl',:tion which the murtgagee has not become ouligated to pay tu the Federal Huusing Commis-
SlOnl'!'.
(II) A sum ('qual to the ground r!'nts, if any, nC'xt due, plus the premiums that will n!'xt hpcoml'
dul' and payahle on policics of fire and otlll'r hazard insurance co\'('rin~ th{' mort~a~ed propl'rty, plus
taxI's alld a';Sl'ssnll'llts llC'xt due on till' l1lortj.('aj.('l>d property (all as l'stimatl'd hy the mortgagl'(') \!oss
all SIlIns alrl'ady paid tlll'rdor dividl'd hy the number pf mllllths to elaps!' lJl'fo!"l' Olll' monti, prior
to the date whell such j.('rOlllld rpnts, premiums, taxes, and aSSl'ssnll'nts will becomp lh'linqut'nt, such
sums to be held by mort~aj.('ee in tru:~t to pay said ground I'l'nts, prpmiums, taxl'S, and special assesS-
ments,
(d A II paymPllts nwntioned in the two pn'Cpd i ng subsl'dions of this parag-raph aNI all pay-
ments to he made under the note secured hereby shall 1)(' added tOj.('ether and th(' a~gr('j.('ate ?mount
thereof shaH he pa:d hy the mortj.('agor each month in a sinj.('le payment to he applied by the mort-
gagee to the following items in the order set forth:
I. premium charges under the contract of insurance with the Fed"ral Housing Com-
missioner;
II. KTound rents, taxes, assessments, fire, and other hazard insu rance prl'm i ums;
III. interest on the note secured hereby; and
IV. amortization of the principal of said note.
Any defi~iency in the amount of such aggr{'gate monthly payment shall, unl('ss madp )o('ood by the
mortgagor pnor to the due date of the next such payment, constitute an e\'cllt of d{'fault ulldl'r this mort-
gage. The mortgagee may :.=ullect a "late charge" not to exceed two cpnl'! (U) for each dollar ($1) of
each payment more than fifteen (15) days in arrears to cover the extra expcnse involved ir, handling
delinquent payments.
3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 pn'Cl'ding shall
exce~ the amount C?f paym~nts actually made by the mortgagee, for ground rents, taxI'S and aSSI'SRments
and lnsurance premIUms, as the case may be, such excess shall be credited by the mortgagl'l' on subsl'(luent
payment.8 to be made by the mortgagor. If, however, the monthly payments melde by the mortj.('agor