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1"0& VALUE RECEIVED, the undersigned promiae(s) to pay to ~a~i , 20 PAcrfJ44
IIcCAUOHAI IlCllTGAGE COIIPAIY, lIe.
, a corporation org".ni~ ~J I~~ th&~
thela'nof State of llor1da , or order, the principal sum of 118...el1
~ou8and B1pt. Hundred 11ft7 . 00/100- Dollars ($ ~1,850.00 ), with interest from
date at the rate of '1 ve & one-t O\l1'th per centum ( 5t % ) 'per annum on the unpaid
balance until paid. The aald principal and inte=est shall be payable at the office of
lIoCAUGBAI 1I000TGAGE COMPAn, lIO. ~
in Coral GableB t lPlorida ,or at such other place u the holder may designate in
writing, in monthly installments of 81zU-f1 ve and 5'/100- - - pollars ($ 65. 5' ),
commencing on the first day of Deoe.ber , 19 61 , and on the first day of each month there-
after until the "principal and interest are fully paid, except that the final payment of the entire indebk~ness
evidenced hereby, if not sooner paid, shall be due and payable on the first day of BOT..ber ,1991,
If default be made in the payment of any installment under this note, Md 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 event of default in the payment of this note, and if the &ame is collected by an attorney
at law, the undersigned hereby agree(s) to pay all costa of collection, includi~5-a reasonable attorney's fee,
Presentment, proteat, and notice are hereby waived.
.. ~_,orge 1. Morr18, 81:' ,
Gerda II. lIorr1e
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And shall duly, promptly, and fully perfonn,-discharge, execute, effect, compl~te, 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 shall 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 reserved to pay the
debt in whole, or in an amount equal to one or more monthly payments on the principal that are next duc
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 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 exceed the aggregate amount of premium charges which would have been payable if the mort-
gage had continued to be insured until maturit:r; 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 additiotl 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 this mortgage and the said note secured hereby are insured under the pro,'isions of the
National Housing Act and 80 long as they continue to be 80 insured, one-twelfth (1/\~) 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 :>ursuant to the applicable ,roviaiona of the National Housing Act, .. amended, and Regu-
lations thereunder; the mortgagee shall, on the tennination of its obligation to pay mortgage insur-
ance premIUms, credit to the account of the mortgagor all payments made under the provisions of this
subsection which the mortgagee has not become oblipted to pay to the Federal Housing Commis-
Eioner,
(b) A sum equal to the ground renta, if any, next due, plus the premiums that will next become
Que and payable on policies of fire and other hazard insurance covering the mortgaged property, plus
taxes and assessments next due on the mortgaged -property (all as estimated by the mortgagee) less
all sums atread)' paid therefor divided by the number of months 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,
(c) All payments mentioned in the two preceding subsections of this paragraph and all pay-
menta to be made under the note ~ured 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: '
L premium charges under the contract of insurance with the Federal Housing Com-
missioner ;
n. ground rents. taxee, aaaessments, fire, and other hazard insurance premiums;
m, interest on the note secured hereby; and
IV, amortization of tM principal of said uote. " . # i
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the
mortJragor prior to the due date of the next such pa~ent, constitute an event of default under this mort-
pp.- The mort.l'qee b1a7 collect a "late charge' not to exeeed two centa (~) for each dollar ($1) of
each payment more than fifteen (16) days in arrears to cover the extra expenae involved in handling
delinquent payment.,
S, That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall
excaed the amount of payments actually made by the mortgagee, for ~und rents, taxes :md asse88Inenta
and insurance premiums, sa the case may be, such exceas shall be credIted by the mortgagee on subsequent
pqmenta to be made by the mortpaor, If, however, the monthly payments thade by the mortgqor