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The Mortgagor hereby ooveAents with the Mortgage~+, that he is indetea~ibl seised oi said lsnd in !ee
eimple or such other eatstea d aqy ae ie atated herein; that he has tull power snd la ul righ~ to oonvev the anme
aa aforesaid; thnt tLe lsnd ~a free ~mm all encumbrences e~ccept 4s herein otherwiae recited; thst said~ulortg~gor
wiU make such further assursnues to pmvo the aforesaid title to eaid laud in s~id Mortgsgee sa may be re+~eon-
ab~yrequired, snd that said Mortgagor ~loos hereby i~ warrant tbe LiWe to said lsnd, snd every put theroot,
and will defend the esme sgai~st the iswful cisims oi pereons whomsoever. _
PBOVIDED ALWAYB Lhtt 1I f~t8 I1~~OT~B~OP 8b11U j1~ 11IIt0 ~10 MOi'~BgN ~6L CeTt81II prOIDl880ly/ AOf~B, Of
qhich the iollowing is a subatantisl oops, to witi:
= 19 , 050.00 Fbrt Pierce , ~lorida.
~y 27 , 19 73 .
Foa Vwt.v~ Racuvsn, the unders~ed proaniee(e) to pay to
McCAUGFiAN MORZC'~E QOMPANY ~ INC.
, a corporation otgani~ed and e~dating under the
la~vs ~ State of Florida , or order~ the principal sum of NII~'~] TE~OtJSAAID FIFTY 1~ID
NO/100--------- -------------------~11srs 19,050.00 with interest fram date at
~g seven per centum ( ~~Ja) per annum on the unpaid balance until paid.
The eaid principsl ~?ud interes~ shall be psyable at the o8'ice of
McCaughan ~Nfojrtgage O~mpany, Inc. ,~bst Office Box 1429 - '
in Qoral Gables, Florida , or at such other pl$oe aa the holder may d~ste in writing
delivered or mailed to the debtor~ in monthly installments of One Hundrec} ZWenty Six and 87/lq~]~
126.87 commencing on the first day of ~lY ~ 19 73, and continuing oa the
firet dsy of each mont6 thereafter until this note ia fully paid, eaoept that, if not eooner paid, the final payment
of princapal and intereat ahall be due and payable on the first day of June , 20(T3 ,
privil'e~e ~s reserved to prepay at any time, without premium or fee the entire-indebtedneee or any part ~
thereof not lees than the amount of one mstallment, or one hundred dol~ars (i100.00), whichever ia less. '
It any deficiency in the psym ent of any inatallment under thia note is not made good prior to the due dste {
of the next such installment, the entire principal sum and accrued interest ahall at once become due and Fay- €
able without notice at the opt~on of the holder of thia note. Failure to exem.ise this option aLall not oonstatute l
s waiver of the right to eaerciae the same in the event of any subsequent default. In the event of default in the ~
payment of thia note, and it the same ia collected by an sttorney at lsw, the undersigned hereby agree (s) to
pay all costs of collection, including a reasonable attorney'e fee. ~
This note is secnr~d by mort,AsRe of even date executed by the underaigned on certain property described
therein and represents money actually used for the acq~isition of said pmperty or the improvemente thereon.
Presentment, protest, and notice are hereby waived.
/s/ Eddie Lee Davi~ ~~L~ ~
. , ~die
Lee-I~aixis ~
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i And shall duly, promptly, and fully perform, discharge, execute, eHect, complete, and comply with snd abide
~ by each and every the stipulatiQns, agreementa, conditions, and covenanta of said promissory note and of thia
~ mo*tgage, then this mortgage and the estate hereby created ahall oea9e and be null and void. •
j The Mortgagor further covenants ss followe: •
~ 1. That ~~wi11;~,~e ~~~~;t~p,.as~gtnbefore provided. Privilege is res~rved to prepay at any time,
~ without premium or fee, the entire mde tedneas or any part thereof not less than the amount of one installment, or
one hnndred dollars (i100.00), wtuchever ia less.
2. 1n order more full~ to pmteM the securit~- of this mort.gage, the Mortgagor, together with, and in
addition to, the ~nonthl~• pa~'ments under the tern~s of the note secured hereb~ , on the first da~ of each month
until the said note is fu~l~ puid, will pa~- to the ;Vlortgagee, as trustce, (under the terms of this trust as herein-
after stated) the following sun~s:. -
(a) A sum equal to the ~ound rente', if any, next due, plus th~ premiums t6at,will next beoome due and payable
on policies of fire and other hasard insur~uce ~overing Lhe mof`~gagzd prn~rerty, plus Lsz2~ snd ~ments ;
next due on the mortgaged pmperty (all ss estimated by the Mortgagee and of which the Mortgagor is
notified) lesa all sums already paid therefor divided by the number of months to elapse before one month
prior to the date when suc6 ground rents, premiums, taxes, and a.~sessments will become delinquent, ~
such sums to be held by Mortgageeintrusttopaysaidgroundrents,premiums,taxes,andspecial~ents. '
(b) The aggregate of the amounts paye?ble pursuant to subparagraph (a) and those payable on the note secured
hereby, ahall be paid in a single payment each month, to be applied to the following items in the order
stated
~ (I) ground renta, ta~ces, sssessmente, Sre, and other hasard insucance premiums;
~ (II) interest on the note secured hereby; and
(IIn amortiaation of the princip,sl of said note.
~ Any deficiency in the amount of suchaggregate monthly payment shall, unless made good by the Mor~ _
~ gagor pr~or to the due dste o[ the next such payment, const~tute an event of default under this mortgage. ~
At Mortgagee's option, Mortgagor will pay a"late charge" not exceeding four per centum (4°Jo) of any install-
ment when paid more than Sfteen (15) days after the due date thereof to cover the extra expense involved in
_ handling delinquent pay ments, but such "late charge" shall not be payable out of the proceeds of any sale
made to. satisfy the ~ndebtedness secured hereby, unless such proceeds are aufficient to discharge the entire
~ indebtedness and all proper costs and expenses secured thereby.
3. If the total of the pa~ments made b~- the Mortga{;or under (a) of para~;raph 2 preceding shall exceed ;
tlie nu~ount of pa~•ments actually made b~~ t~e Mortgagee, as trustee, (or ground rents, taxes and as.sessments, :
and insurance premiunis, as the case ma~= be, such excess shall be credited on subsequent pa~ ments to be made ;
~ b~ the Mortgagor for such items or, at Mortgagee's option, as trustee, shall be refunded to Mortgsgor. If, 'f
however, such monthl~ pa~ ments shall not be sufficient to pa~ such items when the same shall become due ~
and pa~-able, then the 4lortgagor shall pa~~ to the Mortgagee, as trustee, an~ amount necessary to make up
the de~icienc~-. Such pa~•ment shall be made within thirt~ (30) da~~s after.v~ritten notice from the Morigagee
stating the amount ot the deficiency, which notace may be given by mail. If at any time t6e Mortgagor s6a11
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