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~b~j' 18 ~Gt181
1'0& V~LUE H,f:,,"f,lVED, t~le undersi~~1 ~'~r<,~} W pti} to .
KCC""OOW...Hcf(~ bb.PANY. I'NC.
, a corporation organi:z.t'<i 14nd existing m~der
the laws 01 S tate of llorid.a , or order, the prindpa1~um of Elov"n
i.rhousand Two Hundrad and. 00/100- - - Dolla.ra ($11 \ 200.00 ), with int€re:>t frum
da~ I\t the rate of Fiva & three fourth pet' cent.um ( 5 '/4 %) per annum on the unpaid
balance until paid. Tbe said prindpa.l and interest shall be 'Pliyable at the ~ of
MCCAUGHAN MORTGAGE COKPJ~Y, INC.
in Coral Gable B, Florida , or at such other" place as the holder may designate in
writing-, in monthly installments of. Sixty-!i va and 41/100~ - - Dollars ($ 65.41 ).
commencing on the fi"t day of lovember , 19 61, and on the first day of each month there-
after until the principal and interest are tully paid, ucept that the final pa,rment of the entire indebtednesa
evidenced hereby, if not sooner ~a.id, shall be due !lnd payable on the first day of October , 19 91 .
If default ~ made in the payment of any installment under this note, and if l:luch default is not made
good prior to the due date ('f the next such in8tallment, the entin:! principal S'.lm and accrued interest !Shall
at once ~ome due and payable without notice at the option of the holdllr 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 .3ubsequent
default. In the event of default in the peyment of this note, and if the same is collected by an attorney
at law, the undenigned hereb)' agree (s 1 to pay all costs of collectiorl, including. a reasonable attorn€!y's fee.
Presentment, protent, and notice are hereby waived.
R,9~t~L~i~tzeAAo!J~1'_______ _____________
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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 "aid promissory note
and of this mortgage, then this mortgage and the estate hereby created shall ceas<- Rnd be null and void.
And the mortgagor further covenants as follows:
1. That he will pay thE:' indebtednE:ss, as hereinbefor~ provided. Privilege is f,'served to pay the
debt in whole, or in an amount equal to one or more monthly payments on the principal that Ilre next due
011 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 leaiSL 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 Hom;ing Act, he will pay to the mortgagee an adjusted premium charge of
one p~r ('~'ntum (1 ~() of the original principal amount thereof, ('xcept that in no C\"i:nt shall the adjusted
premium exceed the aggreRate amount of premium charges which would have heen payable if the mort-
gage had cOlitinued to be im,ured Ul,til maturity: 8uch payment. to be applied by the mortgagee upon !ts
obligation to the Federai Housing Commis8ioner on account of mortgage insurance.
2. That. in order more fuliy to protect the security of this mortguge, the me>rt:;:-agor, tog-ether with,
and in addition to, the monthly payments under the terms of the note secured hereuy, un the first day of
each month until the said note is fully paid, will pay to the mortgagee the following sums:
(<1) If this mortg.age and the said note secured hereby are ir15ured under thr- pro\.isiol1s (If the
National Housing Act and so long all they continue to be 50 insured, one-twelfth (11 ~) (If the annual
mortgage insurance premium for the purpose of putting the mortgag-ce in funds With whieh to dis-
charj(e the said mortgav,l'c's obligalion to the Federal Housing Commissioner for mortgage insurance
premiums pursuant to the applicable pro,.isions of the National Housing Act, as amended, and Regu-
lations thereunder: the mo!'tgng~e shall, on the tenl1ination of itg obligation to pay ll1urtgag.c insur-
ance premlll!1lS, credit tli the account uf the mortgagor all payment:. made under the ]l!'o\'isio!ls (}f this
:'uk.ectipn which tile mortgagee ho.;:; not o.ecome obligated to pa~' to the Feu<!rallluusing Cmnmis-
~ !u!lllr.
(b) A sum equal to the ground rnlt.<;, if any, next due, plus the prcmjums 01<lt will I1(>Xt become
Que ,,/itl p<iyahle Oll policies of tire and other hazard insurance covering the n]l.,rtgaJ.{ed propnty. plus
1<,>;.(';-; ano as,'st'ssments next due un the mortgaged pruperty (a!1 as estimated by the murtgaged le6s
311 sums air.~ady l'aid therefur divided by the number of Tl1unths to ('1apbl' l>efure 01]1.' munth prior
to the date wh\'n such gTrlund r('Hts, prc'miulI1s, taxes, and asses"ments \\ ill bt't:ume JelinqUt~llt, such
SlilllS to be I'eit! by mortgagee in trust to pay 8r~id ground lents, premiums, taxcE" and speciai :1ssess-
menU,;.
(c) All paynH'nts DWliti,,!wd in the two pH'('cding suhs,'ction.'i of thi~ paragrc;ph and all pay-
ments t,) lJe made t1r:der the note "e.'un'':! hct-chy shaH be adtkd together and the aggregate amount
then:uf slm!! be paid hy the lntJrtgagor eadl m~,nth in a single paYJ1l\'!~t to be appiied by ihe mort-
gagee to the foliowjn~ itp!:lS in the Qrder set forth:
l. pr'>j"i',iurn, h:H P:U' i.ln;j,'r the' (',i,trad of in~t1r;\ncl.' with the l"c,Ji'l,,J Entitling Com-
r:i l:.;,~i(dti.'r ;
I!. vruund rt'~-!U~~ tf,l>:i..:S, a::s:.;c,;,.~'.rLt!ds, (;1"1_1, alH! other L(~~/~(~!'d inSUt :~:.iCt~ Pl'l,,'illiLirn.s:
III it:i','f\'st on the r.ote S('c\.lti.,d ;.:o',;by; cdid
1\', ~up:)rt;lati(ln of tLf) pl'in{'ip~2.1 of Ei~id nutf\,
All:; (!t:fici.'Ticy in ijll~ n:I",\)[,t of :,u('h ag,n.ii1;\!i~ mllnth!:; rnynwnt ,,\in:\, llniF"S rnade V,>:""I hy the
rnfJrt.g-h!l.or prior to th(~ ciuf? r1;:d(' of tLc n,'xt ?uch paynli'nt; cnnst~tlJtt Hrl f;)\'t'nt {:f dflL~ldt un:'k'f this rnort.
x,we. T:lil rnl)rt~:Hg:\.'e rna:; ;::uk'd ct "hit.. char-g',," ll"t tn c'>:..-c'ld t \C'O ,-,,"',t,': C!.d fnl' ri'.' h d")!:I!" (~1) (if
each payrnent more than 1dt",_,t\ (1:"') days ill arr,.;,r::: tr, c{.ver th!. ,.xtra ,':':PUif.': lll\'(jl\.ed in h;Uidl:!:g
d,:JinqtJ\'nt p'lyrr;,:nt:1.
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pd.ymcnt.s to b.: n;~~,h~ by th'~ rnurt}?;igor. If, h -,wever, th-: monthlY pa:;,:w!\'.:', m;t,ll' hy the :11,)rt~"gor
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