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~h~K 14 PACE'402
I"'oa VALUB REcEIVED. the underaisned promiae(S) to pay to
KOCAUGW IIC1ltGAa OOllPdY. mo.
.
, a corporation organized and existinr under
the 1&.. 01 State of 'lor..1da ,or order. the principal sum of Twe1 ve
Thousand and 00/1,00- _ _ _ - - - - - Dollara ($12,000.00 )1 with' interest from
date at the rate of P 1 ve & three fourth per centum ( 5 '/4") per annum on the unpaid
balance until paid. The aald priDdpal and intere.t shall be payable at the office of
1I00AUGBAB MORtGAGE C<llPABY, 110.
m Cor.1 Gables, 'lor1da ,or at such otherplaceaa the holder may deairnatein
writiq. in monthly inatallmenta at SEWent;y and 08/100- -.- - - Dollara ($ 70.08 ).
commenciq on the tint day of September , 19 61, and on the first day of each month there-
after until the principal and intereat are fully paid. except that the final payment of the ~ntire indebtedneaa
evidenced hereby. if not sooner paid. shall be due and payable on the ftrat day of A.ugus t, 19 91 .
If default be made in the payment of any installment under this note, and if such default is not made
rood prior to the due date of the next such installment. the entire principal sum and accrued interest shal1
at once become due and payable withourDotice at the option of the holder of this note, Failure to exercise
this option aha1l not constitute a waiver of the riPt to exercise the same in the event of any subsequent
default. In the event of default in the payment 01 this note. and if the same is collected by an attorney
at law, the undersigned hereby qne(s) to pay all coats of collection, includina:a reasonable attorney's fee.
Presentment, protest, and notice are hereby waived.
..~~~ph-H. S. Scott
Ruth B. Scott
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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 as follows:
1. That he will pay the indebtedness. as 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 first day of any month prior to maturity: Provided, however, that written notice of an
intention to exercial:! such privilege i8 given at least thirty (30) 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 provisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge 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-
gage had continued to be insur.!d until maturit)r; such payment to be applied by the mortgagee upon its
obligation to the Federal Housing Commissioner 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 terms 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 as they continue to be 80 insured, one-twelfth nh) of the annual
mortgaare iMurance premium for the purpose of putting the mortgagee in funds WIth which to dis-
charge the said mortgagee's obligation to the Fed~ral Housing Commissioner for mortpge insurance
premiums ~uant to the applicable provisions of the National Housing Act, as amended. and Regu-
lations thereunder; the mortgagee shan, on the terminstion of its obligation to pay mortgage inaur-
ance preIDJ,UIDS. credit to the account of the mortgagor all payments made under the provisions of this
subsection which the mortpaee baa not become oblipted to pay to the Federal Housing Commia-
!ioner.
(b) A sum equal to the ground rents, if any, I)ext due, plus the prem,iums that will next become
Que &Ild 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 estimated by the mortgagee) leas
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 assesaments will become delinquent, such
awns to be held by mortgqee in trust to pay said ground renta. premiwns, taxes. and special assess-
ments.
(c) All payments mentioned in the two preceding subsections of this paragraph and all pay-
ments to be made under the note secUred. hereby shall be added together and the aggregate amount
thereof ahall his ~d by the morlpgor each month in a single payment to be applied by the mort-
paee to the following items in the order set forth:
L premium c:ba.r'I'M under the contract of inlurance with the Federal Housing Com-
miuiOD8l' ;
u. rround reDta, tax.. au.arenta, fire, and other hazard insurance premiums;
m. interest on the note secured hereby; and
IV. amortization of the principal of said note.
Any deficiency in the amount of such aggr'ePte monthly payment shall, unleaa made good by the
mortaaaor prior to the due date of the next such pa~ent, constitutt an event of default under this mort-
pp.- The mortpp8 maY conect a "late eh.arP' not to exfeed two eenta (2f) for each dollar ($1) of
..m pqmeDi more than ftfteen (16)- da1a in arreara to cover the extra expeIUle involved in handlina'
cWiDqQeDt pqmenta.
a. That if the total of the paymenta made by the mortaalOr under (II) of paragraph 2 precedinai aha1l
exceed the amount of paymenta adually.made by the mor-..ppe, for,lI'O\lnd renta. taxee and aeae.-menta
aDd iDIuraDCI premiana, u the cue may be. IUcllGceea ahall be credited by the mortpgee on sublequent
pIlIIMIDta to be made by the IDOrtpaor. If, ~, the IDOnth11 payments made by the mortaaaor
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