HomeMy WebLinkAbout1147
.' ST~~p~HTY. Hi
Foa VALVa RBcmYBD, the UAdenIped .....,10.
, . '
MCCAUGHAB :it:Rf<Wm COXP~ t, DC.
. · · corporatioQ 0I'pDiud and ex1atiq UDd..
the 1&.. of St. te of florida . or oi"der. the priDdpal.um of !welT.
!hou8and and 00/100- - - - -. - - -, - -DoUara <'12 000.00 ). with mtelWt fl"Olll
date at the rate ofli ve . thr.. fourth 1*' centum < 5,i4 ,,) per amnllll On the unpaid
balance until paid. 'n1e aald principal ancl intereet ahaU be payable at the oftIee of
IICCAVGHd MCIltGAGB CCllPAlIY; mc.
iD Coral Gabl.., florida . or at IUch other place.. the holder IDa7 deaipate iD
writina', in monthlylDatalbnata of a.Tent)' and 08/100- - - - -Do.Uan (, 70.08 J.
eommenci~ on the ftnt day of September, . 1961 ;"and on the ftnt day of each month then-
after until the principal and intel'elt are fuDy paid, except that the flnal payment of the ~tire indebtedness
evidenced hereby, if not IOOner paid,ahall be due and payable on the ftrat day of August ,1991.
If default be made in the paymenl of any in.taDment under thia rio~1 and if such default fa not made
good prior to the due date of the ne.xt luch installment, the entire principal lum and accrued intereat shall
at once become due and payable without notice at the option of the holder of thia note, Failure to exercfae
this option shall not constitute a waiver of the rifht to exercise the same in th" event of any 8ubsequent
default. In the event of default in the payment 0 this note, and if the aame is. collected by an attorney
at law, the undersil'lled hereby qree(s) ~ pay all coata of collection, includinJ.a reaaonable attorney's fee.
Presentment, proteat, and noti~ are hereby waived.
.A:1drew ,. Bevill. Su____._'______
qI~~m.~.Ji. BeviJ~____. nn_______....._
- .........----------..------.. - ----------------
And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and
abide by each and every the 8tipulation8, agreements, conditIOns, and covenants of said promissory note
and of this mortgage, then this mortgage and the estate hereby created 8hall cease and be null and void,
And the mortgagor further covenants 88 follow.:
1. That he will pay the indebtedness, 88 hereinbefore provided, Privilege is reserved to pa)' the
debt in whole, or in an amount equal to one or more monthly payment.~ on the principal that are next due
on the note, on the first day of any month prior to maturity: Provided, however, that written notice of an
intention to exercise such privilege i8 given at least thirty (30) days prior to prepayment; and, provided
further, that in the event the debt i8 paid in full prior to maturity and at that time it is in8ured under
the provision8 of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of
one per centum (I %) of the original principal amount thereof, except that in no event f\hall the adjusted
premium exceed the aggregate amount of premium charges which would have been payable if the mort-
gage had continued to be in8ured until maturity; 8uch paymen~ to be applied by thE' mortgagee upon its
obligation to the Federal Hou8ing Commissioner on account of mortgage insurance,
2, That. in order more fully to protect tlic security of thi8 mortgage, the mortgagor, together with,
and in addition to, the monthly payments under the terms of the note secured hereby, on the first day ot
each month until the said note i8 fully paid, will pay.to the mortgagee the following sums:
(a) If thi8 mortgage and the said note secured hereby are insured under the pro\'isions of the
National Housing Act and 80 long 88 they continue to be 80 in8ured, one-twelfth (\.'\.,) of the annual
mortgage insurance premium for the purpose of putting the mortgagee in funds with which to dis-
charge the said mortgagee'8 obligation to the Federal Housing Commissioner for mortgage insurance
premiums pursuant to the applicable provisions of the National Housing Act, as amended, and Regu-
Iation8 thereunder; the mortgagee 8hal~ on the termination of its obligation to pay mortgage insur_
ance premIums, 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 Commi8-
R;oner,
(b) A 8um equal to the ground rents, if any, next due, plus the premiums that will next become
due and payable on policies of fire and other hazard insurance covering the mortgaged property. plus
taxes and assessments next due' on the mortgaged property (all as e8timated by the mortgagee) less
all sums already paid therefor divided by the number of munths to elapse before one month prior
to the date when such ground rents, premium8, taxes. and assessments will become delinquent. such
8ums to be held by mortgagee in trust to pay said ground rents, premiums, taxe8, and special assess-
ments,
(c) All paymenta mentioned in the two preceding 8ubsection8 of thi8 paragraph and all i)ay-
menta to M made under the note 8~Ured herehy 8haH be added 'together and the ai"xfegate aiUuunt
thereof shall be paid by the mortgagor each month in a single payment to be applied by the mort-
gagee to the following item8 in the order set forth:
I. premium charges under the contract of in8urance with the Federal Hou8ing Com-
missioner;
D. ground rents, taxes, aaseaaments, fire, Knd other hazard insurance premiums;
III, interest on the note 8ecured hereby; and
IV, amortization of the principal of said note. _
Any deficiency in the amount of such agpegate monthly payment shall, unleS!! made good by the
mortgagor prior to the due date of tile next such pa~ent. con8titute an event of default under thi:; mort-
I'age. The mortgagee may collect a "late charge' not to exceed two cents (2f) for each dollar ($1) of
each payment more than fifteen 0.6) days in arrears to cover the extra expense involved in handling
delinquent payments, '
3, That if the total of the payments made by t.~e mortgagor under (b) of parapaph 2 preceding shall
exceed the amount of paymenta actqally made by the mortgagee, for ground rents. thXea and 888essmeflta
and insurance premiums, 88 the caae may be, such excC88 shall be credited by the mortgagee on sub8equent
paymenta to be made by the mortg'8&'Or. If, however, the monthly payments made by the mortgagor
------- - -----..---------.-----------....--.---------------.-----
("
a