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l[cCAUGRAF 1[OItTGAaB COMPANY, INC •
, a corporation organised and existing under
the Lws of 3t8te Of FlOrids , or order. the principal sum of Nine
Thousand Three Hundred Fifty & 00/100~llars (:9,350.00 ). with interest from
date at the rate of Five d; OAe-iOtxrth per centum ( 5 96) per annum on the unpaid
balance until paid. The said principal and interest shall be payable at the ofllce of
McCAUGAAN MQItTGAGB COMPANY, INC.
in Coral Gables, Florida . or at ouch other place as the holder may designate in
writing, in monthly installments oaf Fifty-one and T1/100- - - Dollars (a 51.•71 )'
commencing on the first day of March .19(2 .and on the first day of each month there-
after until the principal and interest are fully paid, except that the flnai payment of the entire indebtedness
evidenced hereby, if not sooner paid, shall be due and payable on the first day of February ~ 19 9 2
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 thin note. Failure to exercise
this option shall not constitute a waiver of the right to exercise the name in the event of any subsequent
default. In the event of default in the payme all ~~ of collection including. aareasonable attorney's fee.
at law, the undersigned hereby agree (s) to pay
presentment. protest, and notice are hereby waived.
Irwin 0. Gardner _
Rose G. Gardner ______________-_._____
And shall duly, promptly. and fully perform, 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 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 due
on the note, on the first day of any month prior to maturity : Provided, however, that we t~ and tprovided
intention to exercise such privilege is given at least thirty (30) days prior to prepaym
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 qfo) of thea~ri amounts ofl preen um charge8 which would have beennpayablet f the~mo~
premium exceed the aggreg ent to be applied by the mortgagee upon its
gage had continued to be insured until maturity; such paym
obligation to the Federal Housing Commissioner on account of mortgage insurance. together with
the mortgagor,
2. That, in order more fully to Pent~a under the terns f the notea~ured hereby, on the first day of
and in addition to, the monthly paym d will pay to the mortgagee the following sums:
each month until the said note is fully psi .
(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-n funds (with which tondis-
mortgage insurance premium for the purpose of putting the mortgagee
charge the said mortgagee's obligation to the Federal Housing Commissioner for mortga a insurance
premiums ~urauant to the applicablQ provisions of the National Housing Act„ as amennd~gaa ge insur-
lationa thereunder; the mortgagee shall, on the terminal opna~enta made under he provisions of this
ance premiums, credit to the accohsa nothbecome obligated to pay to the Federal Housing Commis-
subsection which the mortgagee
sioner. lua the premiums that will next become
(b) A sum equal to the ground rents, if any, next due, p
Que and payable on policies of fire and other hazard insu ~ cep, as ~tunatemd by the mOrtgag~eye~ jean
taxes and assessments next due on the mortgaged props Y
all sums already 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 assesa-
menta.
(e) All payments mentioned in the two preceding subsections of this paragraph and all pay-
ments to be made under the note'secured hereby ahaU be added together and the a ate amount
thereof shall be paid by the mortgagor each io t~h in a single PaYm~t t° be apphy the mort-
gagee to the following items in the order set
L premium charges under the contract of insurance with the Federal Housing Com-
m~saioner;
II. ground rents, taxes. assessments, tire. and other hazard insurance premiums:
III. interest on the note secured hereby; and
iv, amortization of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the
mo°,epmortgagee dmay ~ ~ a •• ~ su,~nbt ~ ~~ceed t~v cents (2t) forueach dollar (>~1) of
®• '° in arrears to Dover the extra expense u-volved in handling
each payment more than fifteen (16) days .
delinquent pu-menta.
8. That if the total of the payments made b themortgagor u t r (bund enta~taxpes andsaaes~sm~
eaceeed the amount of payments actually made by the mort~sgee,_gro
and insurance premiums. as the case ma~be~uhoex ~s ~ monthlyi paymYentammad~e bcethe m°rtgs~gor
ps~ymenb to be made by the mortgago ,