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}t'OR VALUE RL'CEIVED, the undersigned promise(s) to pay to ~. ST. LUCIE (~UNH, FL A.,
t. ...._._. ,
McCAUGHAN MOR'l'GAGE COMPANY. INC.
, {\ corporation organized and existing under
thelaws.of State of Florida , or order, the principal sum of Ten
'l'houeand Four Hundred and 00/100- - - -Dollars ($ 10,400.00.. ), with
interestfrom date at the rate of five and one-fourth'" per centum ( ,t %) per
annum on the unpaid balance 'lntil paid. The said principal and intereat shall be Jl:lyable at tht> office of
MoCAUGliAll MORTGAGE COMPANY, INC.
ill 'Coral Gables, Florida , or atauch other place as the
holder may designate in writing, in monthly inatallnient8 of Fifty-seven and 51/100- _ _
Dollars ($ 57.51 ), commencing on the first cay of April ,196~ , and
on the first day of each month thereafter until the principal and interest are fully paid, except that the final
payment of the entire indebtedness evid.nced hereby, if not'sooner paid, shall be due and payable on the
fi,'st day of March , 1993 .
If default be made in the payment of any installment under this note, !'r.d i! such default is not made
good prior to the due date of the nE'xt such installment, the entire principal sum and accrued interest shall
at once become due and payable without notice at the .:>ption of the holder of this note. Failure to exercise
this option shall not constitute a waiver of the right to exercise the same in the event Qf a,ny subsequent
default. In the event of default in the payment of this note, and if the same is collected by an attorney
at law, the undersigned hereby agree(s) to pay all coata of collection, includ.ing.a reaaonable attorney's fee.
PrE'oentment, proteat, and notice are hereby waived.
I~L David G. Kalbach_______________
David G. Kalbach
l~l_J'_!:~~_ce8 V. Kalba_QJLmmm_u_______
Frances V. Kalbach
And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and
abide by each and every the stipulations, agreements, conditions, and covenants of said promissor.f note
and 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 indebtedne88, 88 hereinbefore provided. Privilege is reserved 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 Rny month prior to maturity: Provided, however, that writ ten notice of an
intention to exercise such privilege is given Ilt least thirty (30) days prior to prepayment; and, provided
further, that iJ:l the event the debt is paid in full prior tQ maturity and at that time it. is insured under
the provisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of
one per c.entum (1 %) 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 been payable if the mort-
gage had continued to be insured until maturity; such payment to be applied by the mortgagee upon its
obligation to the Federal Housing Commissioner~n account of mortgage insuranc.e.
2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with,
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 following sums:
(a) An amount sufficient to provide the hoMer hereof with fUI~ds to pay the next mortgage
insurance premium if this instrument and the note secured hereby are insured, or a monthly charge
(in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner,
as follows:
(I)
If and 80 long I\.S said not€' of ev~n date and this instrument are insured or are reinsured under the
provisions of the National Housing Aet, an amount .ufftciel,t to accumulate in the hands of the holder
one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such,
holder with funds to pay sueh p~mium to the Federal Houlling Commiuioner pursuant to Ute National
Housinj{ Act, as amended, and applieable ~Iationll the~nder; or
(II) It and 80 long 8S lI8.id note of even date and thiS instrument are held by the Federal Housing Commis-
sioner. a monthly char~ (in lieu of a mortgage insurance premium) whieh shall be in an amount
equal to one-i.weltth ('lJ2) of one-half (~) per centum of the average outatanC;ing balance due on the
note compuud without taking into account delinquenei~ or prepaymentll;
(b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become
due alld payable on policies of fire and other hazard insurance covering the mortgaged property, plus
taxes and assessments next due 011 the mortgaged property (all as estimated by the mortgagee) less
all sums already paid therefor divided by the number of months to elapse before one month prior
to the date when such ground J:ents, premiums, taxes, and assessments will become delinquent, such
sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assess-
ments; and
(c) All payments mentioned in the two preceding subsections of this paragraph and all pay-
ments to be made under tt>e note secured hereby shall be added tog.ather and the aggregate amount.
thereof shall be paid by the mortgagor each month in a Bingle payment to be applied by the mort-
gagee to the following items in the order ~t forth:
(I) premium ehar~ under ti1e contract of insurance with the Federal Housing Commissioner, or monthly
charge (in lieu of mortgage insurance premium), as the ease may be;
(II) ground rents, taxee, asa.easment.t, fire, and other huard Inlluranee pnlllliulTl.8;
(III) interest on the note lleCUn!d hereby; and '
(IV) amortiut,ion of the principal of f>aid no~,
Any deficiency in the amount of such aggregate monthly payment 8hall, unlea.s made good by the
mortgagor prior to the due date of the next such parment, constitute an event of default under this mort-
gage. The mortgagee may collect a "late charge' not to exceed two cents (2t) for each dollar ($1) 0{
each payment more than fifteen (5) days in arrears to cover the extra expenSe involved in handling
delinquent payments.
3. That if the total of the payments made by the mortgagor und.er (b) of paragraph 2 preceding shall
eJ{ceed the amount of payments actually made by the mortgagee, for ground rents. taxes and asses..'1ments
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