HomeMy WebLinkAbout1326u. R. 5~1 Fac~~~?
BOCK
ST. ~I~~IC 1~11'1i Y~ C~~.
Fort V~I,uE: lt~,c~tv~s~, the: uncl~r~igned promise(s) to pay to
McCAUG1iAN ),dUR'1'GAGE COM:t'ANY~ INC.
a corporation orgi-nized and existirtg under
the laws of State of Florida , ar order, the principal sum of Tw:l~t-e -
Ti~ ous end 2~ ir.e Hundred Fifty and 00/100- - llollars ($ 12; 95U • 0C~ ),with
interest from date at the rate of f iVe Arid - orie-fourth per c;entum ( 5# ~/o) per
annum on the unpaid balance until paid. The said principal and interest shall be payable at the office of
McCAUGHAN MORTGAGE COMPAaYY, INC.
in Coral Gables F1oTida , or at such other place as the
holder may designate in writing, in monthly installments of Seventy-ore 3:'.d 61100
Dollars ($ 71.01 ), commencing on the first day of January , 1963 ,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 -tot sooner paid, shall be due and payable on the
first day of Dece~_ber .1992
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
t-his option shall not canstitute 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 same is collected by an attorney
at law,the undersigned hereby agree(s) to pay all costa of collection, including.a reasonable attorney's fee.
Presentment, protest, and notice are hereby waived.
Howard Still•,vell
Julia Stillwell
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 -~e 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 written notice of an
intention to exercise ouch privilege is given at least thirty (3C1) 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 cantinued to be insured until maturity; such payment to be applied by the mortgagee upon its
obligation to the Federal Housing Commissioner or. accoun: c::.ortgage 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 folla~ving 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 secure.; hereby are insured, or a monthly charge
(in lieu of a mortgage insurance premium) if they are held by the Federa) Housing Commissioner,
as follows
(r) If and so long as said note of even data and this instrument sre insured or ate reinsured under the
provisions of the National Housing Act, an amount sufficient to accumulate in the hands of the holder
one (1) month prior to its due date t}:e annual mortgage insurance premium, in order to provide such
holder with funds to pay such premium to the Federal Housing Commtaaioner pursuant to the National
Housing Act, as amended, and applicable lte¢ulations thereunder; or
(n) If and so long bs said note of even bate and this instrument are held by the Federal Housing Commis-
sioner, amonthly char~ggee (in lieu of a mortgage ineuranee premium) which shall be in sn amount
equal to one-twelfth (~s) of one-half ('ifs) per centum of the ave-•age outstanding balance due on the
note computed wittsout taking into account delinquencies or prepayments;
(b) 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 mi+nths to elapse before one month prior
to the date when such ground rerlta, premiums, taxes, and atlaesements will become delinquent, such
sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and speFial assesa-
menta;and
(c) All payments mentioned in the two preceding aubaectiona of this paragraph and all pay-
m2nts to be made under the note secured hereby shall be added together and the aggreggate arrount
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:
(r) premium charges under the contract of lnsuranco with the Federal Housing Commissioner, or,monthly
charge (in lieu of mortgage insurance premium), as the case may be ;.
(n ground rents, taxes, asa~dtament+s, fire, end ather hssard insurance premiums;
(nr; interest on the note secured hereby; and
(rv) ariortisation of the principal of said note.
Any deficiency in the arr_ount of ouch aggregate monthly payment shall, unless made good by the
mortgagor prior to the due date of the next such patyment, constitute an event of default under Chia mort-
gage. The mortgagee may collect a ")ate charge` not to exceed two cents (?.t) fo* each dollar ($1) of
each payment more than fifteen (16) days in arrears to cover the extra expertaa involved its handling
delinquent payments. •
3. `t'hat if the total of the payments made byy th9mortgagor under (b) of paragraph 2 preceding shall
exceed the amount of payments actually made by the mo>gagee, for Rround rents. taxes and assessments