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HomeMy WebLinkAbout1076 " ' / ',: >-J')~' ':' . q, ' , : '.':', ':':' 'Lit ~:;'" , 14 PAGE326 Jo'O&YAL~RECE1vm,theunderai~edprom1ae<I) to pay to 'T.: l!C!( C~UHn. rlA. IIOCAUGHU M<Ilt'G.AD3 COIrP.AIT, mc. . . , a eorporaUon orcanized and exiatin. under thelawaof State of lloride. ,ororder,theprindpalsumof Twelve Thousand and 00/100- - - - - - - - - Dollara <$ .12,000.00), with interest from date at the rate ofPive & threa fourth per centum < 5 3/4 ~) per annum on the unpaid balance until paid. The aaid principal and intere.t Ihall be payable at the office of IICCAUGHAB MORTGAGB COKPAlIY', IRC. m Coral Gables, florida .oratluchotherplaeeaatheholdermaydealanateir writina', in monthly fnatanmenta of Seventy and 08/l00- - - - Dollara ($ 70.08 ), eommenciq on the first day of September ,1961, and on the fint day of each month there- after until the principal and interest are fully paid, except th"t the ftnaI payment of the entire indebtedneea evidenced hereby, if not BOOner paid, shall be due and paya"6Te on the first day of Augus t , 1991 . . -If default be made in the payment of any inltallment under this note, and if such default is not made rood prior to the due date of the next luch installment, the entire principallum and accrued interest shall at onc.e become due and payable without notice at the option of the holder of this note. Failure to exercise thil option shall not constitute a waiver of the riJrht to exercise the same in the event of any subsequent default. In the event of default in the payment 01 thia note, and if the same is collected.b)' an attorney at law, theundeni~ed hereby ~(s) to pay all coati! of collection, includina'~a reasonable attorney's fee. Presentment, protest, and notice are hereby waived. .~~~nk W. Higgins _l?_Q!:'~~!?-~ N. Higgins' And shall duly, promptly, and fully perfonn, 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 shall cease and be null and void, And the mortgagor further covenants aa follows: 1, That he will pay the indebtedneu, 88 hereinbefore provided. Privilege is reserved 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 the note, on the fint day of any month prior to maturity: Provided, however, that written notice of an intention to exercise such privilege ill given at le88t thirty (SO) days prior to prepayment; 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 proviaions of the National Housing Act, he will pay to the mortgagee an adjusted premium c}large 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 have been payable if the mort- pge had continued to be insured until maturit)'; such payment to be applied by the mortgagee upon its obligation to the Federal Housing Commi88ioner on account of mortgage insurance. 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 tenns 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: (4) If this mortgage and the said note secured hereby are inaured under the provisions of the National Housing Act and 80 long aa they continue to ba 80 insured, one-twelfth (~I~) of the annual mortgage inaurance premium for the purpose of putting the mortg&gee in funds with which to dis- charge the said mortgagee's obligation to the Federal Housing Commissioner for mortgage insurance premiums :ronuant to the applicable proviaiona of the National Housing Act, aa amended, and Regu- lations thereunder; the morlgaaee shalt, on the termination of ita obligation to pay mortgage insur- ance prenuums, credit to the account of the mortgagor all payments made under the provisions of this subsection which the mortgagee has not become obligated to pay to the Federal Housing Commis- doner. (b) A sum equal to the JP'Ound renta,lf any, next due, plus the premiums that will next become Que and payable on policies of fire and other hazard insurance covering the mortgaged property, plus taxes alld asse88ments next due on the mortgaged property (all aa estimated by the mortgagee) le88 all sums already paid therefor divided by the number of months to elapse before one month prior to the date when such ground rents, premiums, taxes, and aaseuments will become delinquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assess- menta. (e) All payments mentioned in the two preceding subsections of thia paragraph and all pay- ments to be made under the note aec~red hereby shall be added together and the aQ'l'ePte amount thereof ahall be paid by the mortgalOr each month in a siD&'le payment to be applied by the mort- ppe to the following items in the order ..t forth: L premium charaes under the eontract of inaurance with the Federal Houaiq Com- muro~; _ D. lI'Ound rente, taxM, aueeamenta, fire, and other hazard inaurance premiuma; m. interest on the note secureci hereby; and IV. all'.ortizatiOll of the principal of aid note. Any deficiency in t.'le amount of such anrelrate monthly payment shall, unless made good by the mol"bruor prior to the due date of the next luch PAlment, conltitute an event of default under this mort- peo.- The mortpaee may eoUect a "late charp not to exceed two cents (~) for each dollar ($1) of each paJDlent DWle than ftfteen (16) days in arreara to cover the extra expenae involved ill handlilll' delinquent paJm8Jlta. ' 8. That II the total of the payments made by the mol"t4rqor under (b) of paragraph 2 precedinr ahal1 aeeed the amount of pa1Jnents actually made by the mortppe, for ground rents, taxes and a.ueumenta and inaurance premiums, .. the cue may hi. .uch exceu .MII be credited by the mortPaee on .ubeeqU8Ilt ~ta to be ~e by_ the mortpaor. It, however, the monthly paymenta made by the mortpaor -.I'_ ;?