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Home My WebLink About1614 . , The Mortgagor hereby oovenants with t6e Mortgagee~ tha~ Le is indefeaaibly eeized of said land in fee aimple or sucL other estste~ if aqy as ia atsted herein; thst he haa tull power and Iswful right to oonvev the anme as sioresaid; that the land ia iree ~rom ali eacumbrsac7es eaccept as herein otherwise recited; thst said ~vtortgagor will mske such further aesuru~oes to pmve the sforesaid t~iUe to said land in ssid Mortgsgee sa msy be rei?son- sblyreq uired, ~ad tLsL said Mortgagor cloes Lereby fuUy warran~ the tatle to said lsnd~ snd every psrt thereot~ and will defend the same againat the luwiul claima of ~ll persona whomsoever. Paovinsu ALw~TS thst if tha hiortgagor ahull pay unto fhe Mortgagee thst ce~tain promiseory note~ oi ~rhich the following is a eubetant.ial oopf, to wit: = 25 ,150. QO ~l Fc~rOt Pierce . ~~n~ Y ~ 19 73. Fos Vwi.vs Racuvan. tbe undereigaed promise(e) to psy to :_cCAU(~:AZ ?3~R'TGAGE CO'SPAt!Y, I:ZC. ~ s oorpor,stioa organised snd e~osting under the lawa of TH~ STATE OF FLORIDA , or order, the prindpal eum of T.~Ty FIVF. THOUSAND ONE HUNDRED FIFTY A?~;D ;10/L00------------------------- ~~=25,150.OQ--- a??th interest fmm date at the rate of -----Seven------------- Per centum ( 7 per aanum oa the unpaid balance until paid. The said pri~cipal aud interest shAll be psyable at tLe o~oe of A!cCaughan :°ortga~e Co~:pany, Inc. . ) - P.O. Bax ~1429 ~ Coral Gab les , Florida , or at such other p1soE sa the holder may designate u? ~vriting delivered or mailed to the debtor, in monthly installmenta of One Hundred Sixty Seven and 49/~~ 1b7.49----- ~~?encing on the first day of 7luguet , 19 73, aad oontinuing on the firat day oi each month thernsfter until tLia note ia fully paid~ euoept that, if not aooner paid, the finat paycnent of princapal and interest ahall be due and payable on the firat dsy of ~ly , 2003 . Pri ' ~ reserved to prepay st any time, without premium or fee the entire indebtednesa or any parti thereof not ese than the amount of one instalLnent, or one hundred dol~ars (i100.00)~ whichever is lesa. If any deficiency in the pay ment of any installment under thia note is no~ made good prior to the due date of the next such installment, the entire principal sum and acerued interest ehall at onoe become due and ~sy- able without notice st t6e option of the holder of this note. Failur+e to ezerr.ise this option shall not oonstitute a waiver of the right to exercise the same in the event of any subeequent default. In the event of default in the payment of thia note, snd if the eame is oollected by an sttorney st la~v, the underaigned hereby agree(e) to psy all coata of collection, including a reasonable attorney's fee. This note ie secured by mortgage of even date ea~ecuted by the undersigned on cattain pmperty described thecein and represents money actually used for the aoquisition of said pmperty or t~e impmvemente thereon. Presentment, protest. snd noticp, are hereby waived. ~~-~-e-P~ Q1` ;.,~z'`) ~ [sani.] yarrell O. . ner Sr. • . ~ ~ $everly A. .anner _ ~SBAL~ [~?L] And ahall duly, promptly, and fully perform, discharge, execute, esect, complete, and oomply with and abide by eaeh and every the stipulations, agreements, conditions, and covenants of said pmmissory note and of thia mo*tgage, thea thia mortgage and t~he estate hereby created swsll cea9e and be null and void. The Mortgagor further covenants as foltow~s: _ 1. That he will pay the indebtedneas, ss hereinbefone provided. Privilege is reserved to prepay at any time, without premium or fee, the ~tire indebtedneas or any part thereof not less than the amount of one installment, or one hundred ddlars (i100.00), whichevet is less. ; 2. In order more fuli~ to protect the securit~- of t}?is mortga~;e, the :~fortga~;or, toget}ier with, snd in ~ acidition to, th~ monthlr pa~ments under the tenns of the note secured hereb~, on the fitst da~- of each nionth ! '~~nti}-tl?r said note is full~ paid, v?il1 pa~• to the ttort~agee, as trustee, (under the terms of this trust as herein- I after statccl) t}ie follovring sums: ! (a) A sum equal to the ground re~ts, if any, neat due, plus the premiums that will next become due and payable ; on policies of fire and other hsaard insursnce oovering the mortgaged property, plus taxes and as.sessments ~ nezt due on the mortgaged property (all sa estimated by the Mortgagee and of which the Mortgagor is notified) less all aums already psid t6erefor divided by the number of months to elapse before one month ? prior to the date when such ground renfs, premiums, taxes, aad assessments wiU become delinquent~ such svms to be held by Mortgageeintn:sttopaysaidgroundrents,premiums,taxes,andspecialassessments. ~ (b) The aggregate of the amounts payable pursuant to subparagraph (a) and Lhoee payable on the note secured ~ ~reby, shall be paid in a single payment each month, to be applied to the following items in the order ted (I) ground rents, tsaes, a~essmenfa, fire, and other hasard insursace premiume; t (II) interest on the note secured herebp; and (III) amortisation of the principal of said note. ~ Any deficiency in the amount of suchaggregate monthly payment sbaU, unless made good by the Mortr gagor prior to the due date of the next such payment, constitute an event of default under this mortgage. At Tiortgagee's option, Mortgagor wi[l pay a"late cl~arge" not exceeding four per centum (4%) of any install- ment when paid more than fifteen (15) c~ays after the due daLe thereof to cover the extra expense in~ olved in f handling delinquent ~ayments, but such "late charge" shall not be payable out of the proceeds of any sale ~ made to satisfy the ~ndebt,edness secured herebS, unless such proceeds are aufficient to discharge the entire } indebtedness and .all pmper c~osts and eapenses secured thereby. ~ :3. 1f the total of the pa~ments ~nade i~~- the ti~tortga;;or under (a) of para~;raph 2 preceding shaU exceed " t}~e amount of pa~•ti~ents actuall~ ~nade b~ the ~~iorigagee, as trustee, for gmund rents, taxes and as.gessments, ; and insuranc~ premiums, as Ihe case ma~= be, such e~cess shall be credited on subsequent pa~ments to be made ~ b~ the ~1oHgagor for such items or, at~:~tortgagee's option, as trustee, shall be retunded to Mortgsgor. 1f ~ however, such montht~ pa~ ments shall not be~ suffi~ieni to pa~• such items when the same shall become due = and pa~-able, then the l~iortgagor shall pa~- to the 1~iortga};ee, as trustee, an~ amount necessarv to make up ; the de~icienc}-. Such pa~•ment shall be mncle within thirt~ (30) da~-s a(ter K-ritten notice from the Mortgagee stating Lhe amount of the deficienec, which notice may be given by maii. Ii at any time the Mortgagor ahall : ~~.~~3 r~,": ~ - ~ ~ - : ~ _M:-~: