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Home My WebLink About2403 O,R, BO~l 20 PAGE296 }'oa V AWS &zcBJVED, the underaiped ptom~ (a) to pay to ST. LUCIE COUNTY, fl.. 1I0CAUGW II(1lTGAJm COIIP.u1Y. DC. , a corp:>ration organised and exlatinc under the laWl of state Jf llorida ' or order, the principal awn of ~el ve Thousand and 00 100- _ _ _ _ _ - - - ~ ($12,000.00 ), with interest from date at the rate ofJive " three fourth per centum ( 5 ,/4 %) per annum on the unpaid balance until paid. The uId principal and inter'elt aha1l be pay~ aE the office of MCOAUGHAN MORTGAGE CCl4PABY, IRe. in Coral Gables llorida ,or at I1ich olherptace u the holdermaydeaipAte in writinl', in monthly lna~eDta of Seventy and 08/100- - - - DoUa:n ($ 70.08 ), commencil1l' on the ftr8t <<Say of Decembctr ,1961 ,and on the ftrst day of each month there- after until the principal and interest are fully paid, except that the final paym~t of ~e entire indebted.neu evidenced hereby, if not sooner paid, ahall be due and payable on the tirat day of I' ovember ,19 91 . If defa.ult be made in the payment of any installment under this nO~t and if such default 1, not made sood prior to the due date of the nen such installment, the enUre principal aum and accrued interest aha1l at once become due and payable without notice at the option of the holder of this note. FaHure to exerclae this option shall not constitute a waiver of the JUbt to exercise the same in the event of any subsequent default. In the event of default in the payment oJ thia note, and if the aame ill collected by an attorney at law, the underaiped hereby agree(s) to pay all costa of collection, includ1ng.a reasonable attorney's fee. Presentment. protest, and notice are hereby waived. ___.William E. Kini -- . And aha1l duly, promptly, and fully perfonn, diseharge, 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 mortaaae, then this mortcqe and the estate hereby created shall cease and be null and void. And the mort...-or further covenants aa follows: 1. That he will pay the indebtedneaa, 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 note, on the ftrat day of any month prior to maturity: Provided, however, that written notice of an intention to exercise such privilege is given at leut thirty (SO) 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 Natiunal Housinl' Act, he will pay to the mortl'agee an adjusted premium charge of one per centum (1 '}b) of the original principal amount thereof, except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been payable if the morl- gage had continued to be insured until maturity; such payment to be applied by the mortgacee upon ita obligation to the Federal Housing Commiaaioner on account of mortpae insurance. 2. That, in order more fully to protect tho security of this mortgage, the mortgal'or, together with. and in addition to, the monthly payments under the terms of the note secured hereby, on the ftrat day of each month until the said note 1a fully paid, will pay to the mortpgee the followin&' SUDla: (a) If thia mortgage and the aaid note secured hereby are inaured under the provisions of the National Houainl' Act and 80 10Di' as they continue to be 80 insured, one-twelfth ('Ax) of the annual mortgage insurance premium for the p~ of putting the mort~ in funds Wfth which to dia- eharge the said mort~'s obligation to the Federal Bousil1&' Com'llUS8ioner for mortp,e insurance premiuma ~t to the applicable proviaiona of the National HOUling Act, aa amended, and Regu- lations thereunder; the mortpgee shall, 'on the tenninatiOD of ita obligation to pay mortgage insur- ance prenuuma. credit to the -=count of the mortpaor all paymenta made tmder the_provisions of this 8ubsection which the mortppe hp not become oblicated to P&1 to the Federal Ho~ Commi... aioner. (b) A aum equal to the ground rents, if ~~~ext due, plus the premiums that will next become Que and payable on policies of t\re and other insurance eovering the mortgaged property, plus taxes and aaae9lmenta next due on the mortcal'ed property (all as estimated by the mortgagee) leas all sums already paid therefo; divided by the Dumber of months to elapse before one month prior to the date when 8uch l'l'Ound rents, premiums, taxea, and aaaeuments will become delinquent, 8uch BumB to be held by mortpaee in trust to pay said l'l'Ound renta, premiums, taxea, and special aa... menta. (c) AD paymenta mentioned in the two preceding aubeeetions of this parqraph and all pay- menta to be made under the note Secured hereby shall be added tosether and the anrepte amount thereof ahaJ1 be paid by the JDOI'tPIor ead1 month in a aiqie payment to be applied by the mort- paee to the toDowm. iteml in the order set forth: L premium eharpa UDder the contract of inaurance with the Federal Houaiq Com- miHioner ; _ ' lL' If'OWld rent1, tax... ".'J!"'-'inta, fin. and other huard iDaurance premiuma: m. interest on the DOte MCUNd hereby; and IV. amortisatioD' of the principal ofaaid notAt. A1Jy deficiency in the amount of luch aggregate monUlly P:Ayment &hall, unless made eood by the mol'tpgof prior to the due date of the next aueh pa~ent, conatitute an event of default under this mort- pp.- The mortppe'may collect a "late eharp not to exceed two cent. (~) for each dollar ($1) of iaeh payment JDOn than fifteen (16) daya in arran to cover the extn e:xpenae involved in hanciliq delinquent paymlBta. · 8. That if the total of the paymenta made~the mortgaaor under (b) of p&ra&Taph 2 preceding ahall eu.eed the amount of paymenta a.etually made the mort;ppe, for ~und rents, taxea and aaaeM"'enta and inaurance premiuma, aa the case may be~: DeeM ahal1 be credited by the mortpaee on aubsequfat ,.,..ta to be made by the 1IlO1'tp&or. II, ho'tfMer, the monthly payment. made by the ~ ' ~ ~ } . ; ...... . ~ ". --......- ....~.....~.....~...._._---_.._- - - - .-.- .-. ----- . \, .......~..,,-.-' .~.:::<.-1"::\