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HomeMy WebLinkAbout1407 I - , S T. LUCIE cl.:~n\ fLA. FOR VALUE REcEIVED. the undenipe4 promiae(l) to pay ~ McCAUGHAB MORtGAGE OOKPAlfY, -IHC. . a corporation orsaniled and exiatina under thelawaof State of Florida .ororder.theprinclpahumof 'ourt..n Thousand 'iv. Hundred Nld 00/100- - - -Dolian (, 14,500.0.0. ). with. interestfrom date at the rate of five and one-f';>urth per centum ( 5-t %) per annum on the unpaid balance until paid, 'nle said principal and lnte~t 8hAl1 be payable at the offlce of MoCAUGHAN MORTGAGE COMPANY, "IRe. in Coral Gables llorida . or ahuch other place as the holder may designate in writiDl'. in moDthly i:Jaiirj;eI1ta of ~gb. tr and 19/100- - - - Dollars (f ' 80.19 ). commeneiDl' on the ftrat day of April . 196' . and on the first day of each month thereafter until the principal and in~reet are fully paid, except that the ftnal payment of the entire indebtedneu evidenced hereby. if not sooner paid, ahall be due and payable QD the fit'lIt day of Karoh . 199' . If default be made in the payment of any installment under thia note and if such default is not made good prior to the due date of the next such installment, the entire prineip;} sum and acerued interest shall at once become due and payable without notice at the option of the holder of this note. Failure to exercise this option shall not conatitute a waive:r of the risht to exerclae the same in the event of any subsequent default. In the event of default in the payment of thia note. and "if the same is collected by an attoruey at law. the undemped hereby agree(s) to pay all costa of collection, iDcludiDa.a reuonable attorney's fee. Presenbnent. protest, and notice are hereby waived. le/ Kaurioe 'ei8s ,.... Maurioe W.ies ___oL'l/ Jlorenoe Weiss J'lor.noe Weiss And sh:Ul duly. promptly. and fully perfonn, discharge, execute. effect. complete, and comply with and abide by each and every the stipulations, agreements, conditiona. and covenants of said promissory note and of this mortgai(e. then this mortgaae and the eatate hereby created shall cease anet be null and void. And the mortgagor further covenants as follows: 1. That he will pay the indebtedneu. 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 such privilege is given at least thirty (SO) 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 princi~l 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 mo~t- gage had continued to be insured until maturitr; such payment to be applied by the mortgagee upon its obligation to the Federal Housing Commiaaioner on account of mortgage in8urance. , 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 aeeured 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 sufflcient to provide the holder hereof with fundB to pay the next mortgage ill8urance premium if this ill8trumenG and the note secured hereby are ill6ured, or a monthly charge (in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commiaaioner. ag follows: (I) If e.nd 10 long.. said note of even d&te and thla hutrument are ID.lUred or are reinsured under the provisions of the National Hou.ing Act. an amount au1Bcient to accumulate in the hands of the holder one (1) month prior to ill due date the &IUlual mor~ inml"&l108 premium, in order to provide such '- h"lder with funda t... pay aueh premium to the Federal Houlling Commluioner pUlTllant to the National. Housing Act, .. amende<!, and appiieab1e ~l&tiona the~r. or (11) If and 10 long u said note of even date and tlas lnatrument are i;{d bf the Federal Housing Commis- sioner. a monthly cha~ (In lieu of a mortgage 11lIUr&nee premium) which .hall be in an amount equal to one-twelfth (fu) of one-half (~) per centum of the average ouutanding balance due on t.he note computed without taking into acecunt dellDqueneiea or prepaymenta; (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 asaessments next due on the mortgaged property (all as estimated by the mortgagee) less all suma already paid therefor divided by the number of months to elapse before one month prior to the date when such ground r.,ents. fremiuma. taxes. and aaat:taments will become delinquent. such 8ums to be h~ld by mortgagee in tru8 to pay said rround renta, premiums. taxes. and specinl aase&8- menta; and ". . (c) All payments mentioned in the two preeoomg subsections of this paragraph and all pay- ments to be made under the notE secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a 8iq1e payment to be applied by thl! mort- gagee tc the following items in the order set forth: (I) pre~um chargea WIder the contract of lnauranee with Uta Fedenl HouJdng Commiuioner, or monthly . charge (In lieu of mortcage Inauranc:4l prentlum),.. th., cue may be; (II~ ,round rents. tax-,., ....-mento, IN. _lid ether haard l~rane. premlqJTUI; (m mterut on the note aec:ured hereby; and (IV amortisation of the principal of said note. Any deficiency in the amount of SlJ".h aarerate monthly P.8yment &ball. unlesa made good by the mortgagor prior to the due date of the next such pa~ent. con8btute an evert of default under this mort- gage. The mortgagee may coll~ a "late charge' not to exceed two cents (2f) for each dollar ('1) cf each payment more than ftfteen (16) days in arrears to cover the extra expense involved in handling delinquent payments. ,'C 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall e~c~ the amount of pa,yments actually m~de by the m.ortJaaee. for ground rents. taxes and asae8.!\menta : ~ ,~ . ~ , t r't '0' o I \ i '< . . ~ * ~ - '. . ... ~ .