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HomeMy WebLinkAbout2460 O. t' 61::K 20 PAGE 353 }o'OB V ALlIE RECEIVED, the undersigr.ed promise (s) to pay to , ... -'r .......... "T'V -. MCCAUG!LU1 IIORTGJ.DE COXPABY t mc.. 1. · · . . corporation organize:i .\nd existing under the la.... ol State of Plor1da . or order, the principal sum of _." i"; ul.! FO....I.. E~nd.:.ei . 1.1 ':::':'/1.J2- - - Dollars ($ 11, -tee". GO ), with interest frc.m dateattherateofF1ve & three fourth per centum ( 5 3/4 %) per annum on the unpaid balance until paid. The aaid principal and interest shall be Jl&yable at the office of MCCAUGHAN MORTGAGE COMPANY, INC. in Coral Gables, Florida . or at such other place 88 the holder may designate in writing, in monthly installments of :.:.x :'~'-.~~:-: '1. t 5 g/::O('- - - -Dollars ($ ~6.~...: ). commencing on the fint day of ':"_ ~ c ,:........ . 1961 ,and on the first day of each month there- after until the principal &.nd interest are fully paid, except that the final payment of the entire indebtedness evidenced hereby, if not sooner paid, shall be due and pa)'able on the fint day of ::: v t?... t ? J.. ,19 .~: . If default be made in the payment of any installment under this note, and if such default is not made good prior to the due date of the next such installment, the entire principal sum and accrued interest shall at once become due and payable without notice at the option of the holder 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 subsequent default. In the ('vent of default in the payment of this note, and if the same is collected by an attorney at law, the undersigned hereby agree(s) to pay all costs of collection, including, a reasonable attomey's fee. Presentment, protest, and notice are hereby waived. \ 11 UD~T.'T.- -")~:: ,- '1.' '.v ~I" 1. 1 I..... . '. l:..... : 1. ~ ~ _........, ~:.'. ~ oJ '_ r. LJ v:. _.. _;, ... ..,~I_. . 't" ........ t .10. 'w" ... .......;..____V4. ~ ---- -- -+---- ,------._-----~--------- ---------.---- --- --. ----- --- .----------.- ADd 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 estate hereby created 8hall cease and be null and void. And the mortgagor further covenants as follows: 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is Tt~served 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 written notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepa)'ment; and, provided further, that in the event the debt is paid in full prior to maturity and at tha.t 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 exceed the aggregate amount of premium charges which would have been payable if the mort- gage had continued to be insured until maturihr; 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 tenns of the note secured hereby, on the first day of each month until the said note is fully paid, will pay to the mortgagee the following sums: (a) If t1-is mortgage and the said note secured hereby are insured under the provisions of the National Housing Ad and so long as they continue to be so insured, one-twelfth nl:!) of the annual mortgage insurance premium for the purpose of putting the mortgagee in funds with which to dis- charge the said mortgagee's obligation to the Federal Housing Commissioner for mortgage insurance premiums pursuant to the applicable provisions of the National Housing Act, as amended, and Regu- lations thereunder; the mortgagee shall, on the termination of its obligation to pay mortgage insur- ance premIUms, credit to the account of the mortgagor all payments made under the provisions of this s~bsection which the mortgagee has not become obligated to pay to the Federal Housing Commis- Honcr. (b) A sum equal to the ground rents, if any, next due, plus the premiums that wil1 next become Que and payable on policies of fire and other hazard insurance covering the mOl'tgaged property, plus taxes and assessments next due on the mortgaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number of munths to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments will become delinquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assess- ments. (e) All payments mentioned in the two preceding subsections of this paragraph and all pay- ments to be made under the note secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a single payment to be applied by the mort- gagee to the following items in the order set forth: I. premium charges under the contract of insurance with the Federal Housing Com- missioner; n. ground rents, taxes, assessments, fire, and other hazard insurance premiums; III. interest on the note secured hereby; and IV. amortization of the principal of said note. J Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such payment, constitute an event of default under this mo~ gage. The mortgagee may collect a "late charge" not to exceed two cents (2f) for each dollar ($1) of each payment more than fifteen (16) days in arrean to cover the extra expense involved in handling delinquent payments. 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of payments actually made by the mortgagee, for ground rents, taxes and assesamentl and insurance premiums, 88 the case may be, such excess shall be credited by the mortgagee on ~ub8equent payments to be made by the mortgagor. If. however, the monthly payments made by the mortgagor