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FOR\-' ALUJ!: R~CEl VED, the unden.lgnoo proml,e6 ( a) t-o pti.,v UI .
NGCAU\.J.HAN MORTGAGE COMPANY, Il~C.
. a corporation organbed and existing und~!
thelaWlSof State of Flo{.ida ororoer,theprincipal.sun1of Eight
Tho'..lsand 0116 Hundred '1ft..,. a.-rid OO)lOODollanl ($ 8,150.00 )r with interest from'
date Ilt tile rate of. F\ ve & Three Pourth per centwn ( 5 J/ 4%) per annum on the unPf'.Jd
balAn~ \U1tll paid. TholI.aid principal ana intertWt aha1l be payab!.e at the o~ of
MCCAUGHAN MORTGAGE COMPANY tINS..
in Coral Gables Florida ,or at such other place M the holder. m.ay desigMte in
writinlf, in mon~ inaWlinenta 01 'orty-aeven and 60/100- - Dollars ($ 4-7.60 ),
commencing on the ftnt oay of NO".l1ber , 19 61, and on the ftrst day of each month there-
after until the principal and interest are fully paid, except that the final payment of the entire indebtedness
evidenced hereby, if not: IIOOner paid, shall be due and payable on the ftrst day of Ootober, 19 91.
If default be made in the payment of any in.stallment under this note, a."'ld lf :such default 18 not made -
good pnor to the due dat~ of the next such installment. the entire principalsUIn and accrued interest shalt
at once beeome due and payable without notice at the option of the holder of this note. Failure to exercise
thill option shall not constitute Q waiver of the right to exerc.iae the MmC in the event of any subsequent
default. In the event of default in the payment of this note} and if the aame is collected by s.n attorney
at law, the undersigned hereby qTee(s) to pay all coats of col ection, including a re&80nable attorney's fee,
Presentment, proteat, and notice M'8 r.enWy waived.
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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 eatate hereby created shnll cease and be null and void.
And the mortgagor further covenants as folloWll:
1. That he will pay the indebtedness, as hereinbefore provided. Privilege:8 reserved to pay the
debt in whole, or in an amount f'Q.ual to one or more monthly payments 011 the principal that are next due
on the note, on the first day of any month prior to maturity: Provided, however, that writt.en notice of an
intention to e.~ercise such privilege 18 given at least thirty (30) daYB prior to prepayment; and, providE:d
further, that in the event the debt is paid in full prior to maturity and at that time it is insured under
tht! provisions of the NatioDAl Houaing Act, he will pay to the mortgagee al." 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 premiumcha.rgea 'Which would have been payable if the mort-
gage had continued to be insured until tnatwit).; such payment to be applied by thl'! mortgagee upon its
obligation to the Federal Houaing Commissioner on account of mortgage inBurance.
2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with,
and in addition to. the monthly pa:)'t'ffienta under the terms of the note secured hf:!reby, on the firgt day of
each month until the said Dote is fully paid, will pay to the mortgagee the following sums:
(4) If t..hiA morlg'age and the said note secured hereby are insured under the provisions of the
Nationa! Housing Act and 80 long as they continue to be so insured, one-twelfth (1f,~) of the annual
mortgage insurance premium for the purpose of putting the mortgagee in funds wlth which to di8-
ch.a.rll.,e the sai.d mortgagee's obl~gation to t,?e Fed~ral Housi?K Commi~sione!' for mortlfa~e insurance
premmms pursuant to the apphcable prvVlslons of the National Housmg Act, as amendw, and Reg-uc
lations thereundC'I; the mortga~ shall, Oll the termination of ita obligation to pay mortgage insur-
aIle\' p~mium~, cn>dit to the account of the rnortgag?r all payments made under the prev,isions of t~is
8uoolCtlon wtAlch the mo~ hAs not become oblIgated to pay to the FooenU Housmg Comrn18-
tUone:r.
(b) A S'J.n1 equal to the ground t'tmt8r if any, next due, pIlla the premiums that wHl next o.:l<Come
due and p8yab~e on policies of 11."6 and other ha:ta.."'ii insurance covering the mortgaged property, plus
tAxes and a.Me88IDcuts :next due on the mortgaged property (all aE estimated by the mortgage...~) less
till 8Utn.8 already paid therefor divided by the number of months to elapse before one month prior
to the date when such ground rent8, pretrJums. taxes, Md a.Me.M.ments will become delinquent, such
sums to w held br mortgagee in truat tc pay said ~und rents, premiu..'!l.8, tax'~8, and s~iai a.s.aesB-
menu.
(c) A sum ~'!Qunl to one-twoelfth of one-haJf of one ~r centum of the amount of the principallhen
remaining unp.aid under said note .9.8 I> S€!"vke charge, to cover the expense of handling the monthly
pa}'Hlents on account of tax('..6. Miles&wentB, And nrea,f.}(i othet- hazard insurance M provided for
he:r€in, and t.">e other &el"Vicing COAti in oonnoction with th.is mcrtgnge and the note a.ecured hereby.
(d) All I->ayments n1~nti()nedin the p:r<'!Ceding llubsoctions of this paragr1hph and all paymel:t.'1 to
b<,,, made under th", notl.1! ae<:l.n''€'d hereby &hsll he add~ t?,fether and the aggr~et(' amount th€!'oof
i'i!u:tH ~ j).fl.i.d ef3e.n rrwnth l:n :& ;;,lnglf:' payment to biiJ ~F'flliei" by th€: mort~gc~~ to thf:f'JHowl:ng- iti''lD3
III tit;:. order set; f.-:.rth:
(I) Pl"%"ff;lUlYi ch&.:rg"'18 undttr oot:u-a.clo! i!lS~ll'allC'! wi.th the f'(7G<.>rsJ Hot:1'.ingGqrCffiis."'b.n;>t;
(H) i'l'mrnd rentlil. tax., $peocW ~ei'it.l'i, Ml and oti1"l' hitUrd. il'..2iur$uc>'c' pn:,miUiT>lij
(nn sen'lce c:tl.Utt~ W& &at forth. aha..-,,;
(tv} inw~ on th~ twtlb ~tlrOO hereby; and
( V) M'l{).mlUlltioo ~f the princip"l of ~id not.e,
,AJJ:f de~~ in th~ ImlOtnlt~f tmfh ~te month.ly pg~nt s..i)aU. u~l~ ,mad'i\ good ~y th.e
InQrtP-i'Ol' pno.r to tbB dU$ d.t-te of t.oo next amen paym1lut, C(,lU~t1f:-ute an e\'e~t \if f'wfawt Imd.:~ thH~ mort",
~"'e, Th& mcrtpl'OO may ooUect a "late ~~,. not, to exceed. tWtl e.enta i,2~; for ooch doHa.f ($1) of
\!\.Ilch ~mt lnOnl tNm f'.J.'te.el'.l. (15) uny. in U'M':-an tv covey the extra e:q..~!lJ!.e invDlve.d in h.amiHl'lg
delinqL'd~ ~tl!~
I.t 'i'hat j;f the total (:If tn.!! paymenbl UlaM by th't! morti.~Qj;' unCt;;: (b) of p:J.ragraph Z p,e::.",Qjng 5b~.n
~eood the amount of ~,ym~nt,a actu.ally .~ by t~"mm'~. t'J't ~"'Ound !'ents, t.axen and a..,.,~..3rtH~nts
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