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O. R,
80:K
13 PAGf561
"'OK VALUE IUX;F.JYED, the undersigned promise (8) to pay to
ST. LUCI[ (JUHTY. n A
IlCQAlTGHAJl MORTGAGB COMP.urr. IBC.-.. .
_ , .-corporation organized and existing under
the laws of State of Florida . or order, the principal sum of Fifteen
Thousand Five Hundred and 00/100- - - Dollars ($15/. 500.00 ), with interest from
date at the rate of Five & three fourth per centum ( 5 .3/4 %) per annum on the un~id
balance until paid, The said principal and intereat shall be payable at th~ office of
MCCAUGHAN MORTGAGE COMPANY, INC.
in Coral' Gables, Florida . or at such other place as the holder may designate in
writing,1nmonthtyinstAllmentsof Ninety and 52/100- - - - - Dollars($ 90.52 ),
commencing on the fil'8t day of AUguB t ,19 61 ,and on the first day of each month there-
after until the principal and interest are fully paid, exceJit that the final payment of the entire indebtedness
evidenced-hereby, if not sooner paid, shall be due and payable on the first day of July ,1991.
If default be made in the payment of any installment ..Inder this note, and if such default is not made
good prior to the due date of the next such installment, the entire principal sum and accrued interest shall
at once become due and payable without notice &t the option of the holder of this note. Failure to l'xen:ise
this option shall not constitute a waiver of the right to exercise thesarne in the event of any subsequent
default. In the event of dl'fault in the payment of this note, and if the same is collectt.>d by an attorney
at law, the undersigned hereby agree(s) to pay all costa of collection, including. a reasonable attorney's fee.
Preseniin'ent,protest, and notice are hereby waived,
~~_~_~.._~_._.Co~~_______ _
Emily B. Cone
And shall duly, promptly, and.fully perfonn, discharge. execute, effect, complete, and comply with and
abide by l'aeh ana e~'ery the stipulations, agrl'Cments, conditions, and covenants of said promissory note
and of this mortgage, then this mortgage and the estate hereby crcatt.>o shall ceWie and be null and void.
And the mortgagor further covenants as follows:
1. That he will pay the indehh'dnpss, 8." hl'reinhefore providl'd. Privilege is reserved ~. pay the
dpht in whol.., or in an amount equal to one or more monthly payments on the prineipal that are next due
on th.. not(', on tlw first day of any month prior to maturity: Pro\"idecl, howeve.., that written notice of an
intention to t'xercise such pri\"il('J!e is giwn at h.ast thirty (30) days prior to p..epaynlt'nt; and, pro\'ided
further, that in the evt'nt the deht is paid in full prior to maturity and at that time it is insurl'd unde!'
the prt'''isions of thl' NationalllolU~ing Act, he will pay to the mortgagee an adjusted premium charge of
one per Cl'ntum (1 ';r) of the original principal amount therc-of, i'X('ept that in nil cVcnt shaH the aujusted
premium excN'd the aJ!grt'gate amount of prcmium charges which would ha\'t' ht't'n payahle if the mort-
gage had t"ontinued to be insun.>d until maturity; such payment to I~ -applied hy till' mortgagee upon its
obligation to the Federalllousing Commissiollt'r on account of mortgage insurance.
2, That, in order more fully to'proted the security of this mortgage, the mortgagor, togethl'r with,
and in addition to, the monthly payment." under the tenns of the note secured herehy, on the first day of
each month until the said 'lote is fully paid, will pay to the mortgagt'e the following SurllS:
(a) If this mortgag(' anti the said note S('C4n'fl hereby are insun>d under the pro\'isions of the
National Housing Act and so IHng as tht'Y continue to be so insured, one-twelfth (1.;:) of the annual
mortgage insurance premium for the purpose of putting the mortgagee in funds with which to dis-
charge the said mortgagt'e's ohligation to the Fed~ral II(lusing Commissiolll.r fllr mortgage insurance
premiums pursuant to the applicahle provisions of the NationallIousing Act, a" amt'nded, and Rl'gu-
lations ther('undl'r; the mortgagee shall, on the tennination of its obligation to pay mortgage insur-
anee pr('nllums, crt'dit to tilt. account of the mortgagor all paymer.ls made undl'" thl' prO\'isions of this
suhst'Ction which the mortgagee has not become obligated to pay to the Federal Housing Commis-
siOJlt'r.
(h) A sum t'(lual to the ground n'nts. if any, next due, plus the premiums that will n('xt h('{'omt'
due and payahle on policies of fire ami othpr hazard insurance coverinl{ the m....l~a~ed prllpt'rty, plus
taxes and as.'wssments next due on the mortgagl'd property (all as estimah.d hy the mort~a~t't') less
all sums alrt'ady I~;d therefor divided hy the number of mllnths to dapsl' b,.flln' one month Pl'ior
to the date when such ground rt'nts, prt'miums, taxes, and assessments will become delinqut':lt, such
sums to be held by mortgagee in trust to pay said ground rents, ~remiums, taxes, and specir.1 assess-
ments, '
(r) All payments mentioned in the two preceding subs('('tions of this paragraph apd all pay-
ments to he made under the note secured herehy shall he addl'd togethl'r and till' aggregate amount
thereof shall he paid by the mortgagor each month in a single payment to be applied hy .he mort-
gagee to the iollowing items in the order set forth:
I. premium charges under the contract of insurance with the F('df'ral Housing Com-
missioner;
II, lrfOund rents, 'taxes, assessmpnts, fire, and other hazard insurance premiums;
III. int.erest on the note secured h{'reby; and
IV. amortization of the principal of said note.
Any deficiency in the amount of SUdl aggregate monthly payment shaJ1,unle~s madf' good by the
mortgagor prior to the due date of the next: su<~h pa?nll'nt, constitute an !'\'ent of dl'fault uncl..r thi;; mort-
gage. The mortgagee may collect a "late charge' not to exceed two cents (2f ) for each dollar ($1) of
each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling
delinquent payme~l;s.
3. That if the .total of the payments made by the m~rtgagor under (h) of paragraph 2 prf'Ceding shall
exceed the :unount of payme!1ts actually made by th(' mortgagee, for ground rf'nts, taxps and aS8l'S~mpnts
and insurance prt.miums, as the ca."p may be, such excl'SS shaH be creditpd hy the mortgagPt' on SUuSf'fIUent
payments to be made by the mortgagor. If, however, the monthly payments maelt' by the mortgagor