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Home My WebLink About1032 FOR VALUE RECBNm, the undeniped promise(s) ro pay ro l. , r ,;..,. :: {, _ I ".) ( I b'j' " U,.). '. . ,)..~ J t ~,.~~.:__; ::C~[ ~. .H.: ~. ; l A. ..--.- - - "._0 , MoOAUGHAN MORTGAGE COMPANY, INC. . a corporation orgnnizro and existing under thelawsof State of florida ,ororder,theprincipalsumof Nine Thousand five Hundred and 00/100- - - - Dollars ($ 9,500.00 ), with intereat from date at the rate 01 f1 ve .t one-fourth per centum ( 5i ~'o) pel' annum on the unpaid balance until paid. The said principal and interest shall be payable at the office of McOAUGHAN MORTGAGE COMPANY, INC. 10 Coral Gables, florida , or at such other place as the holder may deaignate in writing, in monthly iutallmenta of l'ifty-two and 54/100- Dollars ($ 52.54 ), commencing on the first day of March ,1963 ,and on the first day of each month thereafter until the principal and interest are fully paid, except that the final paym('nt of the entire indebtedness evidenced hereby, if not sooner paid, shall be due and payable on the first day of :February , 1993 . 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 aCCrlwrl intpl'pst shall at on~e become due and payable without notice at the option of the holder of this note, Failure to exel'ci3e this option shall not constitute a waiver of the right ro 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, including. a reasonable attorney's fee. Presentment, protest, and notice are hereby waived. State documentary stamps affixed to the original note and cancelled. l~j___Q!~~-T!!.. k~e _u_u_ Claire Krumme And shall duly, promptly, and fuHy perfonn, discharge, execute, effu:t, 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 c:oeated shall cease and IJe null and void. And the mortgagor lurther covcnants ~ f"H".....;;: 1. That he will pay the indebtedness, ~8 hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equal ro 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 ro exercise such privilege is given at least thirty (30) days prior to prepayment; and, provided further, that in the event the debt i8 p.aid in full prior tQ maturity and at that time it is insured undel' 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 pl"emium 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 ro the Federal Housing Commi88ioner on account of mortgage insurance. 2. That, in order more fully to protect thc 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 p"ovide the holder hereof with funds to pay the next mortgage insurance premium if this instrument and the noU! secured hereby are insUl ed, or a monthly char~e On lieu of a mortgage insurance premium) if tl1ey are held by the Federal Housing Commissioner, as follows: (I) If and 6() long u said note of even date and thill instrument are inllured or are reinsureo unoer thl' provisionll of the National Housing A~t, an amount sufficient to accumulate in the hrsndfl of thl' holt-I!'!' one (I) month prior to its due date the annual mortgage inllUrane(' premi!.:m, in ordcr to provide :<uch holder with funda to pay such premium to the Federal Housing C.ommiuioner pursuant to the Nalional Housing Act, as amended, and applicable Regulations thereundcr; or Ill) If and 110 long U llaid note of even date and thill instrument are held by the FMPral Housinj{ Comrni~. sioner, a monthly char~ (in lieu (\f a mortgage insurance premium) which shall be in !'on amount equal to one-twelfth nh) of one-half (1h) per centum of the aVel"age oU~8tanding balance duo on thl' note eomputed without taking into account delinquencies or prepayments; (0) A l!lum equal ro 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 asse88ments next due on the mortgaged property (all as estimated by the mortgagee) iess 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 ro be held by mortgagee in trust ro pay said ground rents, premiums, taxes, and special assess- ments; and (c) All payments mentioned in the two preceding subsections of th:g paragraph and all pay- ments to be made under the note secured hereby shall he added together and the aggregate amount thereof shaH be paid by the mortgagol' each month in a single pa/ment to be applied by the mort- gagee to the following items in the order set forth: (I) premium ~har~ under the'rontra~t of insurance with thE' Federal Housing Commissioner, or monthly charge (in lieu of mortgage inb'.lrance premium), as the case may be i (") ground rent: , taxes, a&3e&'UTlents, tire, and other hazard insutrmce prOloiums; (III) interellt on tne note lIeCured hereby; and (IV' amortization of the principal of said note, Any deflCiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior ro the due date of the next such parment, constitute an event of default under this mort- gage. The mortgagee may collect a "late charge' not to exceed two cents (21) for each dollar ($1) 0( each payment more than fifteen (15) days in arrears ro cover the extra expense involved in handling delinquent payments. 3. That if the total of the T r'yments T!J",de by the mortgagor under (b) of pa ragraph 2 IJrcceding shall c>>ceed the amount of payments actually made by the mortgagee, for ground rents, taxes and asses:;ments {} ")