HomeMy WebLinkAbout2052 I~F2nVIDF.U AL1ti~~Y~, anc~ these presents are E~xecutr~d and cleli~~ered upon the fullowing conditions, to
~t• i t :
The mr~rtgagor agrees ta par• the mortgagee, or order, the prin~ipal sum of Eight ThMLl5anj
Ei ht Hundred and No/100 - - - - - - - - - - ~ - - ' ` ' ' ' " ' ' ~ "
Dol~rs $ gpp ~ pQ aa e~•idenced b~• a not~ of e~~en date here~~~ith, ~rith interest from date
at the rate of
Five and One -q~zarter P~I• centum ( S~ ~c ) per annum on the un-
paicl balance until paid. The said principal and interest shall be payable at the office of
McCAUGHAN MORTGRGE COMPANY, INC., Coral Gables, Florida,
or at such other place a.s the holder uf the note may designate in ~~•riting, in rnonthl~• installments of
Forty-eight and 66/100 Dollars 48.66 commencing on
the first day of December , 19 65, and on the first day of each month thereafter until the
principal and inte~•est are fully paid, e?ccept that the final pt~yment of principal and interest, if not sooner
paid, shall be due and payable on the fii•st ciay~ of Nevember, , 1995 ;
And shall duly, ptbmptly, and fully perform, discharge, execute, effect, complete, and comply with and
abide by each and every the stipulations, agreements, conditic~ns, and covenants uf said promissory note
and of this mortgage, then this mortgage and the est~te hereby created sh~ll cease and be null and void.
And the mortgagor further covenants as follow~s:
1. That he will pay the indebtedness, as hereiiil?efore provided. Pri~•ilege is resert~ed to pay the
debt in w~hole, or in an arnount equal ta cme or niure mc~nthly payments on the princi~yal that. are next due
on the note, on the first da~• af any month pi•ioi• to n~aturity : Pro~•ided, ho~.•e~~ei•, that ittcn notice of an
intention to exercise such pri~~ilege is given at least thirty (30) days prior to prepayment; and, provided
further, that in the event ti~e del?t is paid in full ~~rior to maturity and at that time it is insured under
the provisions of the Nationzl I{ousing 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 aggre~ate amount of pi•emium charges which would have been payable if the mort-
gage had continued to be insured until maturit~•; such payment to be applied by the mortgagee upon its
obligatiun to the I~'ederal 1-Iousiiig CommissioTier on account of mortgage ~nsurance.
~ That, in order more fully ko protect thc security of this mortgage, the rnortgagor, together with,
and in addition to, the monthly payments under tlie terms of the note secured hereby, on the first day of
e~ch month until the said note is fully paid, will pay to the mortgagee the following sums:
(a) An amount sufficient to pro~•ide the holder hereof «•ith funds to pay the next mortgage
insuT•ance pi•emium if this insti•ument and the note seciu•ed hereb~~ ai•e insu~~ed, or a monthty charge
( in lieu of a niortgage insurance premium) if they~ are held by the Feder~l Housing Commissioner,
as follo«•s :
(i) If and so lon~ as said note of e~•en date and this instrument are insured o:• are reinsured under thc
provi~ions of the \ational Housin~; Act, an arr,ount sufficient to accumulate in the hands of the holder
one (1) mon.h prio~• to its ~iuc date the annual mortgage insurance premium, in order to pro~•ide such
helder H~ith fwids to pa such ~~remium to the Federal Housin~,~ Commissionei• pursuant to the lational
Housin~ Act, as ameneleci, and applicablc~ Re{~ulations thereundcr; or
(it) If and so lori~ a~ said note of e~-en date and this instrument are held by the Fecierai HousinR Commis-
sioner, a n:onthly charRe (in lieu of a mortqa~e insurance premium) which shall be in a~i amount
equal to one-tw'elfth of one-half ) per centum of thr a~•eraKe outstanding balance duo on the
note computed w•ithout takinq into account delinquencies or prepayments;
(b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become
dt~e and pa~~able on policies of fire and other hazard insurance covering the mortgaged aroperty, plus
taxes and ~ssessments next due on the mortgaged property (all as estimated by the mortgagee) less
all sums already paid therefor divided F~y the numk~er of months to elapse before one month prior
to the date w~hen such ground rents, premiums, taxes, and assessments will become delinquent, such
sums to be held by mortgagee in trusL to pay said ground i•ents, ~~remiums, taxes, and special assess-
ments ; and
(c) All payments mentioned in the two preceding subsecti~ris of this paragraph and all pay-
ments to be made under the note secured heret~y shall k~e added together and tl~e aggregate amount
thereof shali be paid by the mortgagor each month in a single payment to be ~~pplied by the mort-
gagee to the following items in the order set forth:
premium charKes under the contraci of iZSUrance w•ith the Feclerai Housin~ Commissione!-, or monthly
charRe (in iieu of mort~aQe insurance premium), as the case may be;
(n) ~round rents, taxes, assc•ssmenis, fire, and uther hazarrl irsurai;ce premiums;
(~i~) interest on the note secured h~rehy; an~l
(n•) amortization of the princ~pal of said note.
Any deficiency in the amount of such aggregate monthly pa,r•ment shall, unless made good by the
mortgagor priar to the due date of ti~e netit such pay~ment, constitute an e~~ent of default under this mort-
gage. The mortgagee may cullect a"late charge" not to exceed t~•o cents (2c) for each doliar ($I ) of
each payment more than fifteen (15) days in arrears to co~~er the extra expense invoh•ed in handiing
delinquent payments.
3. That if the total of the pay~ments made by the mortgagor under (b) of paragraph 2 preceding shall
exceed the amount of payments actuallv made by the mortgagee, for ~rotind rents, taxes and asses4ments
and msurance premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent
payments tn be made by the mortgagor. If, how•ever, the monthly payments made by the mortgagor
under (b) of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes and assessments
and insurance premiums, as the case may be, when ttie same shall become due and payable, then the
mortgagor shall pay to the mortgagee any amount necessar3~ to make up the deficiency, on or before the
date when payment of such ground rents, taxes, assessments, or insurance premiums shall be due. lf
at any time the mortgagor shatl tender to the mortgagee in accordance with the provisions of the note
secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, ~n com-
puting the amount of such indebtedness, credit to the account of the mortgagor all payments made undei•
the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pa}~ to the
Federal Housing Commissioner and any balance remaining in the funds accumulated under the pr•o~~isions
of (b) of said paragraph 2. If there shall be a default under any of the provisiona of this moi•tgage, re-
sulting in a public sale nf the premises covered hereby, or if the mortgagee acquires the property other-
wise after default, the mortgagee shall apply, at the time of the connmencement of such proceedings or at
the time the property is otherwise acquired, the balar,ce then remaining in the funds accurr~ulated un~ler
(b) of paragraph 2 preceding as a credit against the arr?ount of principal then remaining unpaid undEr
said note and shall properly adjust any payments which shall have been made under (a} of said paragraph.
4. That he will pay all taxes, assessments, water rates, and other governmental or municipal chargps,
aGUK ~~30 ~5~