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Home My WebLink About0609 ,'"'(II; \'AU:1:: la;',TJYBi\ Uw undt'rsigl\L'd pr;\!lIi!....\~) it. pay tn G, R, B0:~ 18 PACE 604 MCCAUGHA,N )1ORTGME COM'PAliY. !NC 'S T. LUC1( COUNTY. rU. , a corporation oigan;Led and existing under thelawsot State of Florida ,ororder, the principal sum of Ten Thousand One Hundred ~d 00/100- - - DoHan ($10 100.00 ), with intert'st from date at the rate of Five & three fourth per centum ( 5 3/4 %) p€r allnum on th~ unpaid balance until paid. The said principal and intereat shall be payable at the oftke of MCCAUGHAN MORTGAGE COMPANY, INC. in Coral Gables t Florida ,or at such other place as the halder may designate ill writing,inmonthlyinstallmentsof :lifty-eight and 98/100- - Dollars ($ 58.98 ), commencing on the first day of lovember , 19 61 , and on the fin.t day of each month ther~ alter until the principal and interest lU-e fully paid, except that the final payment of the entire indebtedne58 evidenced hereby, if not sooner paid, ghall be due and pay~.ble on the first day of Ootober, 1991 . It default be made in th!: payment of any installment under this note, and if such defa.ult is not made good prior to the due date of the next such installment, the entin> principal sum and accrued interest shall at once become due and payable without notice at the option of the holder of thi!l note. Faiiure to exercise this option shall not constitute a waiver cf the right to exercise the sarue in the event of any subsequent default. In the event of dt>fault in the p....yment of this note, and if the same is collected by an attorney at law, the undersigned hereby a,gree (8) to pay all costs of collectio}l, irlcluding. a r>easonable attorney's fee. Presentment, protest, and notice are hereby waived. R, And shall duly. promptly, and fully perform, discharge, execute, eff~t, complete, and comply wil.h and abide by each and ~very the stipulations, agreements, conditions, and covenants of said promissory note and of this mortgage, then this mortgage and the estate h~reby created shall cease and be null and void. And the mortgagor further covena.nl'l as follows: 1. Thai he will pay the indebtedness, as hereinl)€fore 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 writtell 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 (1%) of the original principal amount thereof, except that in no event shall the adjusted premium excero the aggregate amount of premium charges which would have been payable if the mort~ gage had continued t.o be in:>ured 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 terms of the note secured heieby, on the first day of each month until thf' said note is fully paid, will pay to the mortgagee the follOWing sums: (a) If this mortgage and the said note secured hereby are insured under the provisions of the National Housing Act and so long as they continue to be so insured, one-twelfth (II ~) of the annual mortgage insurance premium for the purpose of putting the mortgagee in funds with which to dis- charge the said mortgagee's ohligation to the Federal Housing Commissioner for mortgage insurance premiums ,ursuant to the applicable provisions of the National Housing Act, as amended, and Regu- lations thereundt>r; the mortp'lgee shaiI; on the termination of its obligation to pay mortgage insur- ance prenllums, credit to the -:count of the mortgagor all payments made under the provisions of this subse(~tion which the mo~.tgalS'{!€ has not !x:come obligated to pay to the Federal Housing Commis- f loner. (b) A sum f'qual to the ground rents, if any, next due, plus the premiums that will nC'xi become aue and payable on !){)licies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mvrtgaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number of months tc elapse before one month prior to the date wher! such ground rentR, premiums, taxes. and assessments will bffome delinql!ent, such SUInS to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and s[X'cial assess- ments. (c} All papn6nts mentioned in the two prccl>ding subsections of this paragraph and all pay- m~nts to be mane under the note seCured hvr<:,oy shall be added together and the aggT€'gat€ amount thereof shaH [.'€ pnid by the mortgagor each month in a ~ingle parment tD b>.? applied by the mor t- gllg€.-e to the following items in the order ~t forth: L prem,ltl1!l Ch~tge8 under the contra,ct of insufanee \'.-ith the Federal Hou:;ing ClJiu- mL2.SlOner; li. ground r",nu" f~,;:;,:~e.IT,:";l'Y1i.; d \..;"'~l fl f\':. ,;'HI d (! t h t]' h{~ /...:~ r d , , :n:.ql(~inCt' ptt'j'~-iiurns; HI. jn.t~r("8t (H1 the not.{t ~H?'ccur€'d bereby; gnd IV. anl(".t,;;~ti(}ll of t:r!~ princ~pal of gsid~jotl>.. _A",:r;y d~~f~~~~e'n~:y in tt:e a.rnGur~t of ?!uch 3.g'gy~gat,: n~,)nthly p~YTn~~~nt i~h.Hn, U.rdf~~~,g nUid~:~~ g"u{Hl by \,he rnortgag'(Jr prior to th( due clute of thf3 r~ext ouch paytnent., cnn~tltute ~~r~ t,.'vr.:!nt. {)f ch~'fx~l!t ur;dc~r this rn(lrt-~ g~"f::, 'I'bemortlf.Rg~~ 'may col1ed, R Hlat<; chl$r~(lnot to C.:\:Cfc,<-:::I two (;(mt.,< (2d for cad, ,kilFt.r ($1) of E:ach payment mof'€: thz.n fiftc-en (is) d.tiys in l1t!"1'E\~H'<; r{) eover the .'xl!""a expNI!":+! invl)hr.d In h,,-JH,iiing (h'lmquth'it. p.ilyrnent.~. 3~ ~'hat.if t.h.e tfitE'j of t.he "payrne~~t8 t'l1M:e 01 tlH!. n'H}~ltE!'Or und~"r (l~) of puragru.ph :2 prt~:f~dirig ~~~_i;,.n f.\XC~ t:ne <UtiO!:nt of p&yment~ actually made hy th~ mortg&g~, for gn}L;n~(j tPntl!-, t.f.U({~l> ;wd a,.'lI'W3f.HH'ntf> ;~l(j WS\H.~nc"" pn:mWfilt!, U fhe caB(; ma.,}" 00, tf.\}(,..,", eXG€,;&S ,'Iliall b.~ et'editz,.j by thf; mor1gii~;,~ "ll SUbSlX.jlJBrit ?-:i.}rrrH~t:ntl! to h~ nd'~d.A by ~'~~ n10.",....~5_ra.,~r" xt!, h~)weVer1 t}~..:.\ l'tJ\..'rd:.h'l,y' p~~trrnsr;.t;~ ;n:~:.<!c by th~~ rnnr.tg~"6"GY '" , ,~ .ic-:s,. ,.0:8.-",",:~ ."'-.'" :.~r '~