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}<'O& VALUE HECElVKD, the undersigne<1 promiae(a) to pay to S T. LUCIE COUNTY, fLA,
MCCAUGHAI MOR'l'G.A.GE COIfi>Alr!, INC.
, & eorporation organiud and eJdau.n. under
the law8 of State of Florida . or order, the princip&l sum of 'en
Thousand One Hundred ar..1 00/100- - - -Dollars ($ 10 100.00), .....ith intereat from
date at tile rate of F 1 ve & three ! ou.....th per centum ( 5 3/4 %) ~r &n.."lWU on the unpaid
balance until paid. The said principal and interest shall be payable at th~ office of
MCCAUGHAN MORTGAGE COMPANY, INC.
in Cora.l Gables, Plorida porat8uchotherplaceutheho1d~rmaydeailMtein
writing, i~ monthly installments of l'ift1-eight and 98/100- - Do11&rs ($ 58.98 ),
commenc!ag on ~e ~rst day, of Kay , 19 61, and on the first day of each month thel"!-
after until the principal and mterest are fully paid, except that the fineJ payment of the entire indebtednee.a
evidenced hereby, if not sooner paid, "hall be due ap.d payable on the orat day of April , 1991 .
If ~efault he made in the payment of any installment under thh'l note, and if such default is not made
goorl pnor to the due date of t~e n~xt such installment, the entire principal 8um and accrued intere8t shall
at once hecome due and payable Without notice at the option of the holder of this note. Failure to exercise
this ortion shall not constitute &, waiver of the right to exercise the same in the event ('<f any subeequent
default. In the eyent of default m the paymen~ of this note, and if the same is collected by an attorney
at law, the underSigned hereby agree (s) to pay all costs of cullection, including, a reasonable attorney's fee.
Presentment, protest, and notice are hereby waived.
",.,~!!..QJtue D. Keller
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And shall duly. promptly, and fully perfonn, discharge. execute, effect, complete, and comply with and
abide by each and every the stipulations, agreements. conditions. Rnd covenants of said promissory note
e.nd of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void,
And the mortgagor further covenants as follows:
1. That he will pay the indebtedness, as hereinbefore provided. Privilege is r~served 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, howewr, that written notice of an
intention to exercise such privilege is giwn at least thirty (30) days prior to prepayment; and, provided
furth~r, 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 Ilou~ing Act, he will pay to the mortgagee an adjusted premium charge of
one per centum (1 ~t) of the original principal amount thereof. except that in no event shall the adjusted
premium exceed the aggregate amount of premium charges which would have !>ten payable if the mort.-
gage had continued to be ins~red until maturity; fluch payment to be applied by the mortgagee upon its
obligation to the Federal Housing Commissioner on account of mortgage insurance,
2, That, in order more fully to protect the security of this mortgage, the mortgagor, together wilh,
and in addition to. the monthly payments under the terms of the note secured hereby, on the first day of
each month until the said note is fully paid, will pay to the mortgagee the fol!owing sums:
(a) If this mortgage and the said note se~ured hereby are insured under the provisions of the
National Housing Act and so long as they continue to be so insured, one-twelfth (1,1:1) of the annual
mortgage insurance premium for the purpose of putting the mortgagee in funds with which to di8-
charge the said mortgagpe's obligation to the Federal Housing Commissioner for mortgage insurance
premiums pursuant to the applicable provisions of the National Housing Act, as amended, and Regu-
lations thereunder; the mortgagee shall, on the termination of its obligation to pay mortgage insur-
ance premium,>, cn.dit to the account of the mortgagor all payments made under the provisions of this
subsection which the mortgagee has not become obligated to pay to the Federal Housing Commis-
~lOner,
(h) A sum eqllal to the ground rents, if any, next due, plus the premiums that will next become
cue and payabh~ on policieg of fire and other hazard insurance covering the mortgaged property, plus
taXl'S and assessments next due on the mortg?ged property (all as estimated by the mortgagee) les~
all sums already paid therefor divided by the number of munths to elapse before one month prior
to the date when ~l1ch ground rl'nts, prl'miums, taxes. and asseSSml'ntf, will become dl'1inquent, such
sums to be held by mortgagee in tru~t to pay said ground rents, premiums, taxes, and special assess-
ments.
(c) All payn1l'nts mentioned in the two pr('Ceding subsections of this paragraph and all pay-
m('nt~ to he made under the note secured hereby shaH be added together and the aggregate amount
thl'reuf shall he paid by the mortgagor each mf'nth in a single payment to be applied by the mort-
gagee to th~ following items in the order set forth:
I. premium charges under the contract of insurance with the Federal Housing Com-
missioner;
II. ground rents, taxes, assessmentR, tire, and other hazard irumrance premiurna;
m. interest on the note secured hereby; and
IV. amortization of the principal of said note.
Any deflcienc) in the amount of such aggreJate monthly payment shall. unless made good. by the
mortgagor prior to the due date of the next such payment, constitute an event of default undpr thlH mort-
gage, The mort~agee may co\iect ~ "late c~arge" not to exceed two cents (2~) fo~ eech dol.1at;, ($1), of
each payment more thaft fifteen (1:)) days In arrears to cover the extra expense lilvolved 1t\ ilandhng
delinquent payments,
:t That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall
eyceed the amount of payments actually made by the mortgagee, for ground rent3, tax,~s l\nd asses...ments
and insurance premiums, as the CaAe may be, such exce88 8hall be crooited by the mortgagee on subsequent
parments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor
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