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Home My WebLink About0199 O. R. 90:K 57 rAiEID7 }<'OR VALUE RECEIVW, the undersigned promise(s) to pay to r <:T Ilt.Alr..".\....\' rll McCAU(i!L\N MORTGAGE COMPANY, INC. , a corpor,.tion organiied and existing under tl'aelaw80f State of Florida ,ororoer, the principal sum of Bight Thousand and 00/100- Dollars ($ a,ooo.OQ ), with intcrestfrom date atthe rate of five and one-fourth per Ci!ntum ( 5-t 0/0) per . ... annum on the unpaid balance until paid. The said principal and interest shall be payable at the office of McCAUGHAN MORTGAGE COMPANY, INC.. . in Coral Gables, Florida ,oratlluchotheJ:" place as the holdl'r may designate in writing, in monthly installments of Porty-four and 24/100 Dollars ($ 44.24 ), comloencing on the first day of March ,1963 ,and on the first day of each month tl'aereafter until the principal and in~ercSt a1:(' fully paid, except tl'aat the final payment of thE' entire indebtedness evidenced hereby, if not sooner paid, shaH be due and payable on the fh'st day of February , 19 93 . If default be made in the payment of any installment under this note, and if such default is not made p,'()(xi vrior to the due date of the next :mch installment, the entire principal sum and accrued inter{>st shall at once become due and payable without notice at the option of the holder of this note. Failure to exercise this opticn shall not constitute a waiver d 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 costs of collect:on, including. a reasonable attorney's fee. Presentment, pretest, and notice are hereby waived. u j~L,J,~Q..~er~_L.~_Ql~J~!!e91L_ Robert L. Tomlinoon /a/ . _DQ1J.y._ J~.t____'r_Qmlin~QJl__.._.. _ ._n__. u__ Dolly D. Tomlinson ---.-----------------'------------------------ And shall duly, promptly, and fully perfonn, discharge, execute, effect, complet~, and comply with and abide oy each and every the stipulations, agreement!;, 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. Ar.d the mortgagor further covenants as follows: 1. That he ,....ill pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equal to one or mure munthly payments on the principal t\u,t are next due on the note, on the first day of any month prior to maturity: Provided, however, that written notice of an intention tc 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 tQ 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 sha!! the adjusted premium exceed the ag~'feKate amount of premium charges which would have been payaole if the mort- gage had mntinued to be insure<l 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 mortg:lge, the mortgagor, together with, and in addition to, the monthly payments under the tenns of the note securerl hereby, on the first day of esch month until the said note is fully paid, will pay to the mortgagee the following sums: (a) An amount sufficie:1t to provide the holder }\ereof with funds to pay the next mortgage insurance premium if this instrument and the note secured hereby are insun'd, or a monthly charge (in lieu of a mortgage insurance premium) if they are held by the Federal HQusing Commissioner, as follows: (I) If and so ionK as said note of even',late and this instrument are insured or are l'{'in~lIrl'(l unr!er the provisions of th(' National Housing Act, an amount sufficient to accur.lulate in the hand~ of the ho\,ft'f Cfie (1) month prior to its <lue date the annual mortgage ins'lrance premiuEl, in ord"r to provide Ruch '. holder with funds to pay such premium to the Federal HousinK Commissioner pursuant to tIll' National HOll~in~ Act, af< amended, and applicable Re~ulalions thereunder; or (II) If a!ld so lon~ as said note of even date and thiS instrumeOlt are held by the Federal HOll~inK Commis- sioner, a monthly cnarKe (in lieu of a mortgage insurance pN!mium) which shall bt> in an amount celual to one-twelfth (V1Z) of o!le-half (If..) per centum of the avera,.e (,utstandin~ baiallce dU3 on th(' note computer! without taking into account delinqupncies 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 mortj;\aged property, plus taxes and assessments next due on the mortgaged property (all as estimated by the mortR'aR'ee) less all sums already paid therefor divided by the number of munths to elapse before one month prior to the date when such R'round 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; and (c) All payments mentioned in the two pre~eding subsections of this paragraph and all pay- menL~ to be made under the note secured hereby shall be added together alld the aggregate amount thereof shall be paid by the mortR'agor each month in a single payment to te applied oy the mort- gagee to the following items in the order set forth: (I) premium CharK!'S undH the contract of ins'Jrance with the Feo:'ri'.1 Housinl{ Commissioner, or monthly char~e (in lieu of mcrtl{age insl'rllnce prpmium), a.~ the ;i,SC mllY be; (II) ~round rents, taxes, 118lleSSments, fire, an:! other Ilavud i.1BuranCf: premiums; (Ill) interest on the no~e 8<<:ured tlereby; and (IV) amortization of the principdl of sll.id note. Any deficiency in the amount cf auch 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 mort- gage. The mortgag~ may ~ollect a "late charge" r.ot to ey.ceed two cents (2~) for each dollar ($1) 0{ each payment more than fiiteen (15) days in arrears to cover the extra expense inv:>lved in handling delinquent payments. 3. That if the total of the payments made by the mortgagor under (b) of p1Jragral--~ 2 preceding shall exceed the amount of payments actually made by the mortgagee, for KTound rents. taxes an-I asspssrnents . .. ;,