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FOR VALUE l\F:n:;H:n, the undersigned promise ( 8) to pay to
KcCAUGBAJ KORTGAGE C~ABY, lie.
. a corporation organi7.ed and existing uhd~r
the laws uf Stat. of 'lor1dtL . or order, the principal 8um of Seven
Tbous&,nd and 00/100- - - - - - Dollan ($ 7,000.00 ). with interest from
dati:! at th~ rate 01'1". & on.-fourth per centum ( 5t %) per annum un the unpaid
b..uance until paid. The wd princiPAl and Int.ere.t shall ~ payable at the office of
KoCA.U<J'8U JKIU'GAGi COKPAJfY t !Ie.
in C~ral GAbles, 'lori4a . or at such other pl&ce &8 the holder may designate in
writing, in monthly inatallmenta of 'rh1rty-e1ght and 71/100-. - Dollars ($ 38.71 ),
comm~ndng on the tint day of October ,1961 ,and on the first day of each month there.
after until the pi'incipal and interest lU'e fully paid, except that the ftnaJ payment of the entire indt.~btedne88
evidenced hereby, if n<Jt aooner patid, ~h&J1 be due &.'ld payable on the first day of September ,19 91 .
If default be made in th~ pa~-ment of any installment under this note, and if such default is not made
food prior to the due date of the next HL:ch in8t911ment. the entire principal sam and accrued intere8t shall
at once become due and payable without notice at the option of the holde!' of this note, Failure U> exerciile
this option shall not constitute a waiver of the right to exercise the same in the event of any subsequent
default. In the eVl'!nt of default in the payment of this note, and if the 'same is colleded by an attorney
at law, the undersigned h~reby agree(s) to pay all costa of collection, including, a reMons.ble attomey's fee.
Pnls.entment, proteet, and notice &.re hereby waived.
A.1:_t~~1L Lane
A,:1.m.._'--'1_"'-;T~'E----------- - ,__m___ --,----- - --- -----
And shall duly, promptly, and fuUy perfonn, discharge, ext~ute, effect, complete, and comply with and
abide by each and every the stipulations, agreements. conditionb, 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:
L That he will pay the indebtednes8, 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 due
on the no~, 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 lenst 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 pl'emium charge of
one per centum (1 %) of the original principal amount there<>f, except that in no event shall the adjusted
premium exceed the aggregate amount of premillm 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 Commi~8ioner on aecount 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 paJ'Tnents under the terms (If the note 8ecured hereby, on the first day of
eACh month until the said note il'\ fully paid, will pay to the mortgagee the following sums:
(a) If this mortgage and the said note secured hereby are insureti under the provisions of the
National Housing Act and 80 long as they continue to be 80 in8ur~, one-twelfth (11") of the anllual
mortgnge insurance premium for the purpose of putting the mortgag~ in fund8 wit11 which to dis-
charge the Mid mortgagee's obligation to the Federal Housing Commissioner for mortgage insurance
p~mium<! JUlSuant to the applicable provigioos or the National HoueiIli' Act, as amended, and Regu-
lations thereunder; the mortgagee shall, on the termination of itg ohligation to pay mortgage insuf-
anc:e premiums, credit to the account of the A'w!"tgagor all payments made under the provisions of this
~ubgt"'('tion which the mortga.iet! has not become oblig&too to pay to the Federal Hou~ing Commis-
noneI'.
(b) A sum l'qilal to th(~ ground rents, if any, next due, plua thf! premiums that will next become
Que and paj'able on policies of fire and other hazard insurance covering the mortgaged pr(Jp(~rty, pillS
taxes and assessments next due on the mQrtgaged property (all as estimated by the mortgagee) less
all sums already paid therefor divided by the number of mvnths to elapse before one month prior
to the date when such ground rents, premium!>, taxes, and as!'.casments will become delinquent, such
sums to be held by mortgag~ in trust to pa)' said gr?und rents, prerniurtH}, taxes, and 8p€cial assess"
rneftts.
(c~ .All payment!l menh[)nl:~d in thf~ two pn'<'P.'ding subs€i:tioh8 of this paragp~pr. and all pay-
EH~nUS to ~ rtl&de !l!Ider the note l'!€'Cured hereby shaH I:J.e added together and the aggn:~g'llte amount
thereof &112+..11 00 paid b,y the ,nortgagor each m,mtf'< ilL a gingle payment tn be applied by the mort-
gagt;e tt:1 the following items in the o:rdt!f set forth:
I. pr€mium charges under the contract of lI1lsunmc€ with the Fedeial Hou~;ng (/,nu-
mli$p.ioner;
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nJ., ;nt.ert%t (HI the note 1fl~U:N:-d hereby; and
! v, amortlutiQtI (if th~ prt~~l of 1OE.~d .neta
llny defK.:i~?'.I"icy in the 2J!H1unt of such agSrr€it~t€ IT20nthJy p-kYIT~1?nt :Ahs_U~ ~J!d~ss !nadf' _gl,i{).({ the
m'0rtg~rt" prior to th'i: du(o date e: tbe next "'lUdi p~yrnf~nt, v:mstituw An ,?vent r,!, d,dault un,~!~r thj~ mort-
gllg-e, dl~ mor~agoo m~)' coHeet a Hi&h, t.hi.f"ge" Deli, W exceed two tentg (2,",,) inr '2'EKh do;l8-, ($1) of
(.-\fo{ch p&yn1tmt m01'll! than fifteen (15) oayl'i in 9.rl"e~!"',;I to ('over the extra cxp.emv' invoiv~ in h.i.r-.dling
d'i"hnqu~nt pllI.y~tJJ.
$. That. if t.he total of the Nl,yrn~:ntl> muh; hi' th~ m(yrt"#&g'm:" under (b) nf p,;;'ign1.ph :.; pree,,~rJiniI g.ht<L1
In;c''~ the amotmt of p&ylnornl:.5 ac~uaHy made '0,/ th~ mortgqt1e, tor ffnH,md r+:nt.'!, t1i.,Xe8 and Mf!?ol-/U1Hmtt>
a,ud ilun.tn.nce pr~miu~. ~ the CllIai' may 00,_ au~ f,!X,cea5 flhall b€ c..-edited by dw mortgaJe-e n!1 auhM,.quent
j)<\1.ym~tl to be ncarle or Uw mor.gs,gor.,!t, bvw""'ar, the motltf.'ly ptt;,m~ rnB.Oe by th~ mortgag.o)'"
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