HomeMy WebLinkAbout2088 I'i;~~~'~nt:~, :u~~i th~~;~• ~~r~~~~~nt, .iY~• ~~x~~c~it~~~i :in~i ~icii~~~r~~~i u~~~,i~ tlir fullu~~•i!~~; c~~t~~liti~~ti~, tc~
i t :
TiiE• mi~rt~~l~or ~i~r~~~=~ tt+ p<i~• th~~ m~~rt~,r~~~~~r, ur ur~t~~r, tL~~ ~)1'li1CIp21I stm~ of ~ight Thousand
Ei~ht Hundred and No/100 - - - - - - - - - - - - - - - - - - - - - - -
1)~~Il<trs $UO . 00 <~s ~~~~i~ienee~i 1,~• ,i nc~tc~ ~~f ~~•~~ti ~latE~ h~~r~~~:•itii, ~~•it}i interrst frc~m ciatc~
at th~~ rat~~ ~~f F ive and One -Quarte r f~E~r cE~ntum ( S; p~~~' RI]IltliTl O11 thr litl-
j~.ii~i hal~inrr tmtil i~ai~l. Thr ~~Ut~ ~11'1I1C1E)11I R111~ Illtt'rest ~hall be p~~~~ahlr at the ~~tiic~~ of
`1cCAUGHAI~ AtORTGAGE CO~iPANY, INC., Coral Gables, Florida,
~~r at such othi~r }~l~icr a~ thr h~,lci~~r c~f thr nut~~ m,it' d~~signat~~ in ~~~ritin~, lll P11U11t~lI\' liltitl~lIlll'll~.~ of
Forty-eiglit and 66/lU0 - - - - - - n~~l~a?•y 48.66 ~~n~n~tncin~on
th~~ fir~t. cla~• of December , 1965 , and on the first da~• c~f e~ct~ I110I1tI1 Ct1C'1'E'after until the
~~i•iiicil~~li .inii interetii a~•e full~- Iriici, excc~~~t that tiie fin~! t~~~~~n~ent ~~f ~~rinci~~al ancl inte?•c~st, if nc~t sooner
pa?d, ~ii~ll be i~uc~ AIl(~ ~):1~•able on the fi?•st da~• of November > 1995~
And shall duly, promptl,v, and fully ~~erfrn•ni, discharge, execute, eft'ect, complete, ~ind cum~~ly ~a•ith and
abide t>~' EiiCll RIlI~ E\'l1'~• the ,ti~?iil~?ti~~nti, .s~;~~r~+~ments, cun~litiu~?s, and co~•enants uf s.iid },c•umis~~~r)~ tiote
an~: uf thi~ murtgage, then this murtga~e lllll~ t~lt E~::tate~ IlE'I'~~11' CCt~ated shall cea~e <tnd l~e null and ~•oid.
Atid the mortga~or further c~~~~E~n.lIlt~ ~1s fullo~~s:
1. Th~t he «~ill ~~a~~ thc ind~~l~tr~rinf~~s, as h~~rrinht~f~~r~~ E~r~~~~icl~~d. I'ri~~il~~~e is rE~ser~•ed to pay the
de}~t 1[l ~i'IIU~l', u1• in an am~~unl ~~~~u~?I tu une U!' SiluYe n~untlil}• ~r.i~~ni~~nt~ ~m th~~ ~~rine~i~~,il th~rt ~ire ~ie~t due
on th~~ nutE~, ~m the fir,t cia~• ~~f a»~~ n~unth }~ri~,r t~~ maturit~~: 1'rc,~•idr~l, h~~~~~~~~~~~r, tl~at ~~~ritten nutice uf an
intt~ntiun t~~ exercisE~ such }~ri~ il~~k~~ is gi~-rn ttt It~~ist thirty (3il) d<<~•s ~n•i~~r t~~ (~rr~~a~'tnent ; and, ~~ro~~ided
furttieY•, th~t iti tlie t~~~ent tht~ ~lrht i:; }~.~id in full t~r•ior tc~ matui•it}• and <it that time it is insur•ed under
the pro~•i,ions of the \ati~~n.?l lI~~u,in~ ~ct. he ~~ill ~r~y to tht~ m~~rtg.igee ~ui .i~iju~tE~d ~n•emium charge of
one ~~~r ccntum (1'~ )~~f thc~ c~i•iKinal pi•inci~~al am~~unt ttiereuf', etct~E~t that in nu e~~E~nt shall the a~jju~te~~l
premium t~~rer~d the a~,rkrf~~;atr illllilUllt of En•emium char~ts ~~hich ~ti~uuld 1~a~'f~ i>c~r~Il ~>.l\'<l~~IP if the murt-
~'~i}I,E,' ~1~1(i C1111t1[lUP(~ tl1 ~)t' 111~U1'l'lj lllitll I11iLfU1'lt1'; Sl1C~l ~13~'I11E'ili t0 E)C' S}1~1~?f'(1 ~1~' t~iP I11ltCt~~1~'l'l' ll~)(7I] 1tS
obligation t~~ the r'ederal I~ousi~~~ Commissiot?er an account of mortg~i~'e ~n~ur.~nce.
Th~t, in cr~ier mure full~• to i~rute~•t the securit~~ nf this mort~a~e, the mort~.ig~~r, tu~ether ~~•ith,
and in additi~~n ta, the m~~nttil~• }~a~•ment~ i~nde?• the terms ~~f tiie n~~te secui•ed Iierel>~•, un the fii•st da}~ of
each morith t~ntil tliE: said nc~te is full~• ~~<<i~3, ~+~ill }~u~~ tu the m~~i•t~;~t~te the f~~ll~~«-ing suil~s:
(n) ~n an-~~u?~t ,ufheie~nt t~~ i~ri,~~i~it~ thf~ }jol~en c~~rr•~f i~•ith funcl~ t~~ ~~a~' thr n~xt rnort~age
lfl~~il"<i1lC'E~ {~r~~~?~itim if this itisi~~um~~nt ~u~ci th~~ n~~tr s~~cu~•cri }lt~r~~bt' ai•t~ ins~n'f~cl, U1' il I71(~Iitlll\' Cllill'~l'
( in lieu ~~t' ~i murtk~ak~~ iii,ui•aiier~ pi•r~miu~i~) if thc~~• ai•r h~~lcl the ~'eci~'1'<11 IIl)USlilf; COI11T111SSlOlll'1',
~l5 t O~~U\1'ti :
(I) If :tn~l .r~ lnnk .t< :ui~1 nnti nf ~•~~~t~ ~,la!c• :u;~i thi: itts+,rtuii~~i~t ar~• insur~•~l nr .tr~~ i't•in<ue~•~i un~i~~r t1,c~
~~rc~ci:inns ~~f th~• \,iti~~r.al fl~~u;ir.e .ac?. an umnunt suflici~•:~t t~~ ucct:mi~!.itr in th~• han~1~ nf thc• h~~Ll~~r
une 1 1) n~unth iu: tu it; ~luo ~lal~~ th~• :ini~ual ~nnrtgagE> insur:uut• prt~~niun~, in ~,rd~ r t~~ t~ru~ idc~ such
}~~~l~l~~r ~~~ith ftuiil; t;~ ~~a}• :t~ch ~~rrmiinn tn thc• }~e~1c•ral Hnu~in~; ('nnnni;:ir~nrr ~~u!':uant tn ti~~• \ationul
?1~~u:[n}~ .act, s: umer.~ic~l. an~i nE~~~licahl~, I,~~~;ulati~n;~ thi•r~~utni~~r: nr
(It) If au~~i cn l~m~ u.~ :ai~i n~~tr ~~f c•~~•u ~latc• an~l ,hi: iri~trutnrnt art• h~•~~l 1,~~,},~• Fe~i<•ral H~~u~iny~('mm~tis-
si~nc•r, a mui~thl} char~~~ (in li~,u ~~f a nu,rt~-a~;~~ inciuanct• {~rcmiunil ~~hic}~ ~hall Lt~ in un an;~~unt
cv~u~tl t~~ ~~i~~•-t~ct~lfth f~ i~_ ) ~f ~~n~•-hali ) ~~~•r c~~~~tun: nf thr .s~•ri~:,~r ~~ut:tuu~li~i~ l~a(ance ~i!ic, un th~•
tiote cumj~ute~i ~+~ithuut takit~~; i~itu account ~l~~linc~ut-ncie~ nr ~~re~~.i~mft~t,:
(h) ~ sum equal to the grouncl r~~nt~, if an~~, next. due, plus the premiums that ~~•ill next become
due .ind E;a~-<i~)IE' UIl ~~ulieie, of fire ancl uther hazarci insur<<nce cc~~•eI'Iil~ t}lP m+~rt~;ageci ,~r~~?>E~rt~•, nlus
taxes and a~se.sme?7ts next due un the m~»'tga~ed r~ruT~er•t~• {ail <is estir~~.ited h~~ the rl~urt~a~ee) less
all ~um• <ilre~ul~• ~~~iid tht~ref~rr di~~idt~d I>`• the number ~~f n~~nths tu ei~~ps~~ l~efure ~~n~~ month prior
to the date ~+~h~~n such gr~~unci rents, ~~remiums, ta.r•es, .~nd <i:,e;,mt~nt, ~~~ill t~erc~me dE~lin~luent, such
suri7s tu be helc~ 1~~~ m~.~r•t~;~igee in trust tu p<ty' s~~id gr~fund ?~~nt~, j>relillUltlti, tases, cii1C~ ~~1eC1~,l aSSeS5-
IT1eI1t5 ; c`11I1(~
~C~ il~~ ~3~11'11iti1~.S llll'i:tl(lT]E'C~ 1TI t~1C t~~'O nl't'CC(~lll~ StI~S('Ctl()i1S (1f t}lIS ~13CZf;1'A~}1 all(~ a~~ ~a~'-
ment:; to i~e ma~ie under the nutt~ secured here}~~• shall he ~id~ied tu~ether and tlie aggre~ate amount
thereuf sha~l he })~ll(I ttlt? martgagor each ;n-~nth in a ~ingle pa~~ment to he a~~plied t~~• the moi•t-
gagee to the fulle~~ti-ing items in the erder set furth :
(i) ~~i~en~ium ch~~~4~~s iu~~l~~i• [h~~ conU~act ~~~f in~uran~~ ~cith th~• I~ctii~~r.il flr~t~..in,~ ('nn;in;~;iun~•r. ~~r nu~nt?~ft~
chai~;:• 1!n Gt~i~ nf mn!t},,.i~;c in:urancc• E~r~~n~it:nil, a: ti~~~ ca:r n;~s} h<~:
i~~~~;ui~i r~•nt,, tax~~~.:i..~~~~:i»~•nt~, firt•, an~l ~~thrr h.irur~l ir:::iuaitc~~ E~rtvniini~s;
Ifll) ii~trr~~~[ ~~n th~• i:ntc ~rct~r~•~1 hr~<~h)': anrl
) aniortization of thc ~~rinci~~al of ~ai~1 ~iutc~.
:~n~~ cic~fir.ienc~- in the amount of such aggrc~gate m~~nthl}• pa~'ment s?lali, unless made ~c,od b~• the
mui•tga~ol~ pi•iu?• to the due date of the ne~t sueh pa~~mt~>>t, constitute an e~'c~itt of defat~lt i~n~ler• this mort-
ga~e. The mort~;agee ma~• rullect a"latf? cha~-Ke., »nt ti~ e~ceed t«•~> crnts fo?~ each dollar (~1) of
each pa~~m~rit rt~c>re tl~an fifteer~ (1~) da~~s in ai•?•ea?•s t~ ca.~er ttie extra ex~ietise iii~•ol~~ed in hanc:liilg
delinquent pa~'ments.
3. That if the tc~tal of th~~ {)R\'1:1e11tS I111(~l' by~ the moi•t~a~oi• uncler (1>) of pat-ag1•ap}1 pi•eccdirlg shail
exceed the amount of t~a~-;nE~nt~ ac!uali~• macie i~~• thc~ mortgagEe. f~~r ~ruunci rc~i;ts. taxes anc~ as~.c~~Gments
anc~ ~nsurance premiums, as LI-~e r. ase ma~• be, such excess shall be creciixed t~~• the mortqagee on subs~uent
pay-ments ta be made k~~~ the mortgagor. If, ho~•e~•er, the monthly~ pa>•ments m~de by the mortgagor
under (b) of paragrapt? 2 preceding shall not be sufficient to pay ground rents, takes and assessr7~ents
and insurat:ce premiums, as the case may be, K•hen the same shall become due and pa~-able, then the
mortgagor shall pa5~ to the mortgagee any amount necessary to make up the deficienc~~, on or before t}ie
date «~hen payment of such ground rents, taxes, assessments, or insurance premiums shall be due. If
at an~• time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note
secured herebr, full payment c~f the entire indebtedness represented thereby, the mortRagee shail, ~n com-
puting t.he amount of such indebtedness, credit Lo the account of the mortgagor ali payments macle un<ic~i~
the pro~~isions of (a) of paragragh 2 hereof w~hich the mortgagee has not become obiigated to ~a~~ to tlle
Federat Housing Commissioner and any balance remaining in the funds accumutated under the pr~~~ i~iv»s
of (6) of said pai•agraph 2. If there sha31 be a default under any af the pro~•isions of this moi~tgage, 2•e-
sulting in a public sale of the prernises co~•ered hereby, or if the mortgagee acquires the propert~~ other-
w~ise after default, the mortgagee shall appl~•, at the time of the commencement of such proceedings ur at
tr?e tirne the property- is otherw•ise acquired, the balance then remaining in the funds accumulateci uncier
(b) of paragraph 2 preceding as a credit against the amount of principal then remaining ur?paid uncirr
said note and shall properl~~ adjust any payments K•hich shall }~a~•e been made under (a) of said paragraph.
4. That he will pa~• all taxes, assessments, w~ater rates, and other go~-err~mental or municipal charKes,
~~~K ~.~3U ~~y