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"'OR V ALUE REC}O~VED, the undersigned prollliae (a) to pay to
1I0CAUGIlAi 1I(Jl!GAG. CCllPAIY. DlC.
t a corporation olIaniaed and exiatin~ under
theta.. of State ol florida t or order, the principal sum of ".n
Thousand One Hundred and 00/100- - - Dollars ($ 10,100.00), witn interest from
date at the rate oo-lve & three fourth per centum ( 5 '/4 %) per annum on the unpaid
balance until paid. 'n1e said princip&l and interest shall be payable at the offite of
IICCAUGIWf MORTGAGE CCllPABY, IIC.
m Coral Gables. llorida . or at such other place.. the holder may deaianate in
wtUin~, in monthly installmenta of ~lfty-.lght and 98/100- - Dollars ($ 58.98 ),
commencing on the first day of ~ October ,1961, and on the first day of each month there-
after until the principal and intereat are fully paid, except that the fin&l payment of the entire indebtedness
evidenced hereby, if not BOOner paid, shall be due and payable on the first day of September, 1991 ,
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 shall
at once become due and payable without notice at the option of the holder of this note, Failure to exercise
this option shall not c;onstitute a waiver of the right to exercise the same in the event of any subsequent
default. In the event of default in the payment of this note, and if the same is collected by an attorney
at law, the undersigned hereby agree(s) to pay all costa of collection, including, a reasonable attorney's fee,
Presentment, protest, and notice are h~reby waived,
J_Qb.rLI~Ql'.8JL____. _
E11zabetc. V. Moran
-.
And shall duly, promptly, and fully perfonn, discharge, execute, effect, complete, and comply with and
abide by each and every the stipulntions, agreements. conditions, and covenants of said promissory note
and of this mortgage, then this mOlotgage and the estate hereby created shall cease and be null nnd void.
And the mortgagor further covt'nants as follows:
1. That he will pay the indebh'dness, as hercinhefore 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 exercise such privilege is given at least thirty (30) days prior to IHepayment; 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 'i'(;) of the original principal amount thereof, except that in no ewnt shnll the adjusted
premium exceed the aggregate nmount of premium charges which would have been payable if the mort-
gage had continued to be insured until maturity; such payment to be applied by the mortgagee upon its
obligation to the }<'ederal Housing Commissioner on account of mortgnge insurance.
2. Thnt, 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 st..'Cured hereby, on the first day of
each month until the said note is fully paid, will pay to the mortgagee the following sums:
(a) If this mortgage and the said note secur{'d her{'by are insured under Uw provisions of the
National Housing Act and so long as they continue to he so insured, one-twelfth (1\;:) of the annual
mortgage insurance premium for thl' purpose of pulling the mortgagee in funds with whi{'h to dis-
charge the said mortgagee's ohligntion to the Federal Housing Commissioner for mortgage insurance
premiums ~mrsuant to the applicable provisions of the National Housing Act. as amended. and Regu.
lations thereunder; the mortgagee shall, OR the lennination of its obligation to pay mortgnge insur.
anee pn'lI1mms, cn'(lit to till' account of the mortgagor all paynll'llts made undl'r the provisiolls of this
s~lhseetioll which the mortgagee has not bt..'Come obligated to pay to the Fcderal llou:;ing Commis-
:,wnl'r.
(1,) A sum Cllual to the ground r('nts, if any, next due, plus the pr{'miums that will n('xt become
Que and payahle on policies of fire and othpr hazard insurance covering the mort~aJ!ed propl'rty, plus
hlXl'S and assessments next due on till' nwrtgagt'd property (all as estimall.d hy till' mortJ!a~l'e) I{'ss
all sums alrendy paid then.for divided by the number of Illunths to elaps!' before OJll' month prior
to the date when such ground rl'nts, pn'miums, taxes, and assessments will hl.'Come dl'linquent, such
sums to be twld hy mortgagl'e in trust to pay said ground rents, premiums, taxes, and special nssess-
ments.
(c) All payments nll'ntionpd in tlw two prec('(ling subsel'tions of this paragraph and all pay-
ments to be made under the note sl'Cured herehy shall be added together and the aggregate amount
thereof shnll be paid hy the mortgagor each month in a single payment to be applied hy the mort-
gagee to the following items in the order set forth:
I, premium chargl's unde.' the contract of insurance with the Federal Housing Com-
missioner;
II, ground rents, taxes, assessments, fire, and other ltazard insurance premiums;
III. interest on the note secured hereby; and
IV. amortization of the principal of said note,
Any deficiency in the nmount of such aggr('gatp monthly payment shall, unl('ss made good by the
mortgagor prior to the due date of the n('xt such payment, constitut{' an ('\'ent of df'fault under this mort-
gage. The mortgagee may collect a "late charge" not to exceed two cen~ (2~) for ('ach dollar ($1) of
each payment more than fifteen (15) days in arrears to cover the extra expense iU\'ol\"ed in handling
delinquent payments.
3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 pn'Cl.iling shall
exceed the amount of payments actually made by the mortgagee, for ground rl'nts, taxes and as:-;l's~ments
and insurance premiums, &8 the l:ase may be, such excess shall be credited by the mortgagee on subsequent
paymenta to be made by the mortgagor, If, however, the monthly payments made by the mortgagor