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HomeMy WebLinkAbout0250 Foa VALUB !tECBlVED, the underalcned promiae(l) to pay to MOOAUGIWI IIC1l'rOjj)B CO!IPUY, me. , a corporaticn organbed and ~xiaUnI' undar thelaW80f State of Plorlda ,ororder.theprincipa1aumof rifteen Thousand 'our Hundred and 00/100- - - Dollara ($ 15 400.00). with interest from date at the rate ofPl ve & three t ourth per centum ( 5 ,/'l %) per annum on the unpaid balance until paid. Tbe aaid prIncipal and interest shall he .P-A-Iab1.e at the office of KCCAUGBAB MORTGAGE COUPABY, IBC. m Coral Gables, Plor1da ,oratauchotherplaceutheholdermaydeaignatein writinJ', in monthly inatallmenta of 11ght1-n111. and 94/100- - -Dollan ($ 89. 94 ), eommenci~ on the ftrst day of Ootob.r ,1961 ,and on the ftrat day of each month there- after until the principal and intel'Mt are fully paid, except that the ftnal payment of the entire indebtedness evidenced hereby, if not aooner paid, ,haJl be due and payable on the ftrat day of Septellber, 19 91 . If default be made in the payment of any installment under this no~c and if such default is not made J'OOCi prior to the due date of the Lext luch installment, the entire principallum and accrued interest shall at once become due and payable without notice at the option of the holder of tJlis note, Failure to exerciae thia option shall not constitute a waiver of the ri,dlt to exereiec the same in the event of any subsequent default. In the event of def.ult in the payment 01 this note. and if the same is collected by an attorney at law, the underaigned hereby ~ (s) to pay all costa of collection, includ.fn-. a reasonable attorney's fee. Presentment, protest, and notice are hereby waived. ._____.J..,. W. Hurlbut :IT. G. Hurlbut And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide by each and every the stipulations, agreements, conditions, and covenants of said promi5S0ry note and of thia mortgage, then this mortgage and the eatate hereby created shall cease and be null and void. And the mort~r further covenants &8 followl: 1, That he will pay the indebtedne88, &8 hereinbefore provided, Privilege is reserved to pay the debt in whole, or in an amount equal to one 0..- more monthly payments on the prineipal 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 privil~ 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 ia insured under the provisions, of the National Housing Act, he will pay to the mortgagee anedjusted premium charge of one per centum (1 %) of the original principal amount thereof, except that. In no event shall the adjusted premium exceOO the agaTegaU! amount of premium charges which would have been payable'if the mort- rage had continued to be ins",red until maturit)'; such payment to be applied by the mortgagee upon ita obligation to the Federal Howing Commiaaioner on account of mortpge inaurance, 2, That, in order nlore fully to protect the security of this mortgage, the mortgagor, together with and in addition to, the monthly paymenta undel'the tenna of the note secured hereb)', on the first day 01 8Icl1 month until the said note it fully paid, will pay to the mortgagee the following 8ums: (4) If this mori.gaae and the said note secured hereby are insured under the provisions of the National Hous~ Act and 10 long &8 they continue' to be 80 inauredl oile-twelfth (I'll{) of the annual mortgage insurance premium for the purpose of putting the mort~ in funds WIth which to dia- charge the said mortgqee's obligation to the Federal Housing Cornm.JaSioner for mortpge insurance premiums ,urauant to the appUcable provisions of the National Housing.Act, as amended, and Regu- latiCM thereunder; the mortptee ahaIl, on the tennination of ita obliptlon to pay mortgage itu~ur- anee prelDlums, credit to the account of the mort~r all paymenta made under the provisions of this subsection which the mortppe baa not become oblip.ted to pay to the Federal Housing Commia- lioner. (b) A aum equal to the ground renta, if any, next due, pw. the premiums that will next become Que and payable on policies of fire and other hazard iMurance cov8ring the mortgaged properly, plus taxes and asaessments next due on the mortgaged property (all as estimated by the mortgagee) leu all aums already paid therefor divided by tb.e number of monttw to e1a}l4e before one month prior to the date when such ground rellts, premiums, taxes, and asaeaament8 will become delinquent, auch aums to be held by mortgqoee in trust to pay laid I'J'OUnd renta, premiuma, taxes, and special aaaeu- menta. (c) All paymenta mentioned in the two preceding subsections of this paragraph and all pay- ment! to be made under the noW aeoured hereby ahall be added together D.Ild the agrepte ltJDGUDt thereof alutll be paid by the mortgaaor each month in a ainP payment to be applied by the mort- ...... to the foOowin&' itema in the order let forth: L premium eharpa under the eontrac:t of lnaunnce with the Federal Housina Com- miuioD8l'; II. ground rents, tax.. ...~nta, ftre, and other hazard lnaurance premiums; m. interest on the note IeCUred hereby; and IV. amortiuti.Qll of the principal of said note. , - Any deficiency in thl! amount of luch aUl'4ate monthly ~yment shall, unleaa made good by the mortDaor prior to the due date of the nm =::~ent, constttute an 1!vent of default under this mort- .....- The mortaaaee'may col1eet a "late .nm to exceed two eenta (2t) for each dollar ('1) of eKh p&Jment moN than fifteen (16) ciaya in arrura to cover the extra 81])eD18 involved in handliq cWiDqlleDt p&1DMI1ta. ,. 'nW if the total of the payment:. ma&!:Jithe moripgor under (b) of par8lTaph 2 precediDl' ahall exceed the amouni of payment. &ctually made the mortpaee. for JI'OUnd rents, Wee and aueu""enu IIDd iDauraDce premiuma, .. thl!! cue DU\Y be,,:, euea ahall be credited by the mol"t.ppe on subaequent paJlDeDU to be made by the IMI"tpa'or. .ax, howwer, the monthlJ payment. made by the IJlO!'tpcOr . ... 'j'.