Loading...
HomeMy WebLinkAbout1084 ,4 ~ o[ the biortgagee become immedletely due and payable, without notice, and prxeedings may be instituted by the hiort- gagee for the reco~•ery thereot by foreclosure of this Mortgage, or !n sny other manner perrnitted by law as th2 Mort- gagee may elect, enythin~ fn the note or it1 this Ivtortgage contained to the contrary thereto notwithatanding. Upon fore- closure ot thts MoRgage, the MortQagee shall be a?llowed as a part of the tndebtedness secured hereby, axid the Mort- gagor agnes to pay, ell coets and expenaes incurred in conneccion therewith, including reasonable sttorney'a fees, cost of title an~ tax search and the e~ctenslon to dste of an abstroct uf Utle or Utle policy; end !n case such loreclosure proceed- ings are setiled before the consummation thereof or the entry of judgment, any auch costs nnd expenaes and other chargQS so incurred, fncluding a reaaonable attorney's fee, shali nevertheless be paid. The Mortgagee or any p~rty in in- terest, being the hlghest bidder, may be a purchaser at any foreclosure sale. Any electton by the 1dlortge~ee es herein pro- vided tor may be exerclsed lmmediately upon default, or at any time thereafter, a~nd nothing shall be conatrued to be a waiver of such right unless evldenced by an instrument in writing to that etlect duly ex~cuted Dy the Mortgagee. The Mortgegor walves all r3Qht ot homestead and exemption ~ranted by the Constltutlon and Laws ot Florfda. AND THE MOR'TGAGOR FURTHE~t C~NVENANTS AND AGR~ES: 1. To pay the prtncipal Indebtedness with Interest as tn the note provided. To pay monthly unto the Mortgagee, in addiiion to and at the tlme and place for each payment ot pr[ncipal and intereat, an inatallment of each of the follow~- ing charges: (e1 Taxes and assessments, general or speclal, nnd ell other charges levied or to be levied agalnst the premtses. (b) Premiums to become due and payable for, and to renew, the insurance on the premises against loss by Sre and such other ha~ards, casualties e~nd contingencies es herein provided for or requtred from time to time. The amount of the rnspectlve monthly installments she~ll be equal to the amount ot the annuel respective charge next due (as estimated by the Mortgagee), lrss alt installments already paid therefor, divided by the number of monthly in- stallrrients therefor becoming due not later than one month prlor to the due date of any such charge and shall be sub- ject to increase or decrease to the extent ~uired to create es of a monthly payment date on the note not less tt~an one month prior to the due date of any such charge, an grr?ount sufficlent for the payment thereol when due and payable. Tn no event shalt the Mortgagee receivtng such payrnent be liable tor any interest on any an.ount paid to tt as herein reyuired, and the money so received muy be held with fts own funds pending payment or apptication thereoi as heretn pmcided. The Mortgago: shall furnish unto the Mortgagee st least Sfteen days before the due date an olticial statement ~i the amount oi any taues or as4essments next due, and such Mortgagee ahall pay the above charges to the amount ot the then unu9ed credit therefor as and when they becorne seyerally due snd payable. The Mortgagee may, at its option, pay any of such charges when payable, etther before or aiter they are delinquent, without notice, or make advances therefor in excess of the then amount ot credit for said charges. The excess emouni advanced shall be immediately due and payable to the Mortgngee and shali be secured as an additional principal sum under this instrument and bear the same rate of interest irom date of advancement as the pr?ncipal lndebtedness. An offlclal receipt therefor sha11 be conclasive evidence of such payment and oi the valldity of such charges. The Mortgagee may apply credits held by it for the abo~•e charges, or any part thereof, on a~count of any delinquent lnstallments ot principal or lnterest or any other payn~ents m~turing or due under this instrument $nd the amount ot credit existing nt uny tlme shall be reduced by the amount thereof pald or applied as herein provtded. The amount of the existing credit hereursder at the time af any transfer of the property shall without assignment thereof inure to the beneflt ot the successor owner of the pc~operty and shall be apglied under and subject to all ot the provisiuns hereof. Upon the payment in full of the indebiedness, the amount of any unused credit shall be appl:ed to the payment thereof. The Mortgagee may eollect e"late charge" not to exceed four cents (4c1 for each one flollar (31.00) of each monthly installment payment required on the note and under this Mortgage which is more than fltteen (15) days in arrears, to cover the exirR expense Ir.volved in handling delinquent payments. 2. To pay, wheri payable, all taxes and assessments, generai or special, water rents and ground rents and all other charges whatsoecer levied upon or assessed or placed sgainst the premises, pravision for which has not been made here- inbefore, and will prompUy deliver the otficial receipts therefor to the 2vlortgagee; to llkewise pay all tsxes, asgessments and other charges, levied upon or assessed, placed or made against this lnstcument, or the indebiedness or any tnterest of the hSortgagee in the premises or the obligations secured hereby, provtded that the psyment of any such tax assess- ment or charge by the Mortgagor is not contrary to law or wouid not result In the pavment of an unl8wful rate of inter- est un the indebtedness hereby secured. In the ecent of the passage after the date of this lnstrument of any law ot the State, or subdi~~ision thereof, wheretn the premises are situated, creattng or pmviding for any tax, assessment or charge v6•hich by the above proviso is not to be paid by the Mortgagor, the indebtedness secured hereby together with interest due thereon, shall, st the option ot the Mortgagee, become immedistely due and payable, ar.d 'u? the event pay~nent there- oi is not made forthwith, the Moctgagee may take or cause to be taken such actton or procaeding as may be taken here- under 3n the case of any other default in the payment of the indebtedness. 3. To keep the huildings and add!tions thereto on or hereafter erected or placed upon the land Insured against loss by fire and such other hszards, casualties and contingencies, inc:uding war damages if at any time a state nf war exists or it appears to the holder o1 the note that war is imminent, and in such amounts and for such pertods, as may be requIred from time to time by the biortgagee, and Lo pay prompkiy when due all premiums on such insurance, proviston far pay- ment oi which has not been made hereinbefore. 'The policfes of insurance shall hati•e :o~s payable prcvisions acceptable to the biurtgagee and shall be delivered to and held by the Murtgagee, br as it may direct, until th5s Mortgage is antisfted. Renewal palicies of insurance, premiums for whtch ha~•e been fuUy paid, are to be furnished to the Mortgagee at least fliteen days prior to the expiration dAte oi the insurance thereby renewed. The insumnce shali be wrltten ia companies approved by the ~tortgagee; in no event shall the Nlortgagee be held responsible Lor fallure to pay for any insurance written or for any loss or damage growing out oi a deiect in any pc>licy or growing out of any failure oi any insurance company to pay for any loss or damage tnsured against. In the event of loss the Mortgagor shall glve immediate notice by mail to the hiortgagee who may make proof of lass Af not made promptly by the Mortgagor; each insurance company concerned is herEby suthorized and directed ta niake payment for loss direcUy to the MorLgagee instead of to the 1VIort- gagor and the MorYgagee joLnUy; the insurance proceeds, ar any psrt theteof, may be applied by the Mortgagee, at its option, to the expenses, if any, lncurred by it in the collectlon thereof, to the reduction of Lhe indebtedneas hereby se- cured, to the restoration or repatr ot the property damaged, or released to ihe biortgagor without liabllity upon the Mort- gagee tor such rele,ase. Al! policies of Insurance are hereby essigned to the Mortgagee as additional security for the pay- ment oi the surns and interest secur~d hereby; in the event of foreclosure of this Mortgage or other trsnsfer of tltl~ to the premises in extfnguishment of the indebtedness, all right, title and interest of the Mortgagor in and to any lnsurence policies then in force shall pass to the purchaser or grantee. 4. To comple:e w3thin a reasonable Ume ar.y t,uilding or buiidings now or at any ttme in the process of erection upon the land and to pr~mptly repair, restore or rebuild any building or improvements now ar hereafter on the land whlch may become damaged or be destroyed, and not commit or permlt to be done or exist on or about the premises ar~ything whereby the premises shall bernme less valuable; to comply with all laws, rutes, regulations, or ordinencea cf any gavern- rnental agency and not violate or permit the vtnlaxion as to the premfses of any buildin~ ar use restrictions; to keep the land and improvements thereon free from mechanlc's and materiaimen's ilens and avill not sutter any lien superior to the lien created by this Instrument to aitach to or be entorced 8gainst the premises. 5. It detault be made in the payment of t~xes, assessments, liens, claims, lnsurance prerniums or any other charge whatsoEwer, or any part thercof, or in the performance of any act, to be paid or peKormed by tire Mortgagor under the provisions hereof, the Mortgagee may, at lts opti~n, make~ payment thereot or perform nny act required oi the Mortgagor ln any forrn or manner deemed expedient and pay any othes sum that is necesgaiy to protect the security ot this instru- ment; the amounts so paid, wfih lnterest thereon from the date of such payment at the same raie as borne by the prin- cipal indebtedneaa, chall be assessed ~s an addltional lien on the premises and ahall be added to and ber.~ome e part ot the indebtedness serured hereby and be fmmediately due and payable to the Mortgegee. Any payment hereby suthortzed to be made by the Mortgagee may be rnade according to any blll, statement or estimate furnished or procured from the nppro- prtate public office or the party claiming payment without Inqutry into Lhe eccursry or validity thereof, ~uod the recelpt of eny pubilc oit'icer or party irt the henda of ~he Mortgagee shall be conctuslve evldence of the validity and amount oi iteav so paid; the Mortgagee ahall, at its option, De aubrogated to eu~y entumbrance, lier?, ; Anim or demasd, and to all the rl~hte and aecuritles for the payment thereof, patd or dL~charged with the princlpal sum secured hereby or by the Mart~agee under tlfe prnvislons hereaf, Aad any such subro~tlon rlghb ahwll be addicional and cumulst~ve recurliy~ to this Mort- 8~• R~ 4~2