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HomeMy WebLinkAbout07120. R: 5~ FnGE ~~ ~" K FOR VALUE ItiEt;E1VED, the undersigned promise(s) toffy to fficC.4UGHA1~ ~dORTGAGE CO~QPANY, INC . • , a corporation organized and existing under the laws of State of Florida ~ , arorder, the principal Sum cf Twelve Thousand Five Hundred and 00/100- •- - - Dollars ($ 12, 500.00 ), ~ti•ith interest from date at the rate of five and one-fourth per centum ( 5~ ~^) per annum on the unpaid balance until paid. The Maid principal and interest shall be payable at the office of McCAUGHAN MpRTGAGF CO)~PANY, INC. in Coral Gab188, , F14rid8 , or at such other place as the holder nay designate in writing, in monthly instaltmenta of Seventy--five and _00/100 Dollars (~ 75.00 ), coutmencing on the first day of November , 1962 ,and on the first day of each month thereafter until the principal and interest are fully paid, except that the final payment of the entire indebtedness evidenced hereby, if not sooner paid, shall be duo and payable on the fitst day of October , 1987 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 n$xt such installment, the entire principal sum and accrued interest shalt 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 ary subsequent default. In the event of default in the payment of this note, and if the same is collected by an attorney at lsw,the undersigned hereby agree(s) to pay's)) costs of collection, including.a reasonable attorney's fee. pYesentment, protest, and notice are hereby waived. /a/~George__D. Quady ____ ------- _-_-- ~ G~org~ D. Quady /af __ J o~n-- J' ---Qua dy------- --------------- -- -- --- ---- Joan J. Quady And shall duly, promptly, and fully perform, discharge, execute, effect, complet-e, a,~d 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 es+.ate hereby created shall cease and be null and void. And the mortfagor 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 ar,~ount equal to one or more monthly payments on the principal tha~ are next due on the note, on the first day of any month prior to maturity : Provided, however, tnat 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 ~/o) of the original principal amount thereof, except that itt 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 maturity; 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 terms 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) An amount sufficient to provide the holder hereof with funds to pay the next mortgage insurance premium if this instrument and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner, as follows (t) If and su ong a said note of even date and this inatirument are insured or are reinsured under the provisions at the Irationnl Housing Act, a^. amount sufficient to accumulate in tine hands of the holder one (1) month prior to its due date the annual ,nortgage insurance premium, in order to provide such Holder with funds to pa such premium to the Federal Housing Commissioner pursue- `.to the National Hoaxing Act, as amended, and applicable Regulations thereunder; or (ti) If and so long ea said note of even date and this instrument are held by the Federal Housing Conimis- aioner, a month)y charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth (biz) of one-half ('~i) per centum of the average outstanding balance due on the note computed without taping into account delinquencies or prepayments; gib) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due 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 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 Rssess- menta;and (e) All payments mentioned in the two seceding subsections of this paragraph and all pay- ments to be made under the note secured hereby sri'all 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 fallowing items in the order set forth (t) premium charges under the contract of insurance with the Federal Housing Commiaaiot~er, or monthly charge (in lieu of mortgage insurance premium), as the case may be; (iu) n terest on the net~e secured nere~bY~endd other hazard insurance prem~uma; (tv) amortizatior, of the prinripal of said note. Any deficiency in the amount of such aggregate`monthly~payrnent shall, u7less n'~ade .good by the mortgagor prior to the due date of the next such ita~ment, constitute an event of default under this mort- gage. The mortgagee may collect a "late charge' net to exceed two cents (2¢) far each dollar ($1) of ea:h payment mare than fifteen (15) day8, jn arrears to cover the extra expense involved in handling delinquent payments. ` 3. That if the total o; the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of Uayments actually made by themortgagee, for ground rents, taxes and assessments --, !~, ~