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HomeMy WebLinkAbout2648 16 PAct 49S n.R. ~n': , Jo'oa V AWE RECEIVED, the undersiped promiJle (s) to pay to IIOCA.UGIWl IIC1t'fGAa CCllPAlIY, IRO. , a corporation orranised and existiq under the lawaaf State 9.f florida ,or order, the principal sum of Twelve !houaand and 00/100- - - - - - - - - Dollan ($12 000.00 ), with interest from date at the rate otpive a: three fourth per centum ( 5 '/4 ,,) per annum on the unpaid balance until paid. The aald principal and intereat shall be payable at the office of MCCAUGBAH MORTGAGB COUPABY, IRC. in Coral Gables, ,~lor1da a or at IUch other place as the holder may d~te in writinl', in monthly inataUments of Se""enty and 08/100- - - - - Dollara ($ 70.08 ), commencing on the first day of October ,1961 ,and on the fint day of each month there- after until the principal and interest are fully paid, except that the flnal payment of the entire indebtedness evidenced hereby, if not sooner paid! shall be due and payable on the tint day of September, 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 accl".led interest shall at once bkome due and payable without notice at the option of the holder of this. note. Failure to exercise this option shall not constitute 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 undenigned hereby agree(s) to pay all costs of collection, includi~.a reasonable attorney's fee, Preaentment, prote8t, and notice are hereby waived. ___.~obert C. _Hummel . ...~~J_~__~-..!-_~~~L--- .-.----- --------.--.-----..-- - -.. -*. - ~.. .-.-------- ..-- -----.- .------------* - ---- -- -- - ----- ---------------- 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 duc 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 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 (190) 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 insured until maturity; 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 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 I!lCcured hereby are insured under the provisions of the National Housing Act and 80 long as they continue to be 80 insured, one-twelfth (1/i.,) of the annual mortgage insurance premium for the purpose of putting the mortgagee in funds with which to dis- charge the said mortgagee's obligation to the Federal Housing Commissioner for mortgage insurance premiums :>ursuant to the applicable provisions of the National Housing Act, as amended, and Regu- lations thereunder; the mortgagee shall, -on the tennination 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 obli~ated to pay to the Federal Housing Commis- Eioner, (b) A sum equal to the ground rents, if any, l\ext 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 and assessments next due on the mort~aged property (all as estimated by the mortgag~) less all sums already paid therefor divided by the number of months to elap.~e before one month prior to the date when such ground rents, premiums, taxes, and assessments will become delinquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, 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 be paid by the mortgagor each month in a aingle payment to be applied by the mort- ~ to the following items in the order set forth: L premium charges under the contract of insurance with the Federal Houaing Com- miaaioner ; D. poound rents, laxe4, UlU8'l'4!nta, fire, and other hazard insurance premiums; m, interest on the note aecured hereby; and IV, amortization of the principal of Mid note. Any deficiency in the amount of such aggregate monthly p'&yment shall, unless made good by the mo~ prior to the due date of the next such pa~ent, constitute an event of default under this mort- .....- The mortpaee may coUeet a "late eharp' not to aceed two cents (~) for each dollar ($1) of each payment more than fifteen (16) days in arreara to cover the extra expense involved in handlina delinquent payments. 8, That it the total of the payments made t%themortppr under (b) of parqraph 2 precedina ahall exceed the a~ount of payments actually made the mortppe, for JI'Ound rents, taxea and aaselWllents and iNurance premiwna, as the ease may beii' exeeu ,hall be credited by the mortgagee on lubsequent ~ta to ~ made by the IIlOI'tpIOr. , however, the ID9nth17 payments made by the moJ'ta'a8Of .