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HomeMy WebLinkAbout1544 i ~ ~ of the Murigagee beoome immediately due and jaaynble, without notice, and proceedings may be instituted by the Mort- gagee for the recovery thereaf by toreclosure o! this Mortga~e, or ln e~ny other manner permltte:d by law as the Mort- gagee m~y elect, anything in the note or !n thls Mortgage contalued to the contri?ry thereto notwithstandin~. Upon fore- closure oi this Mortga~e, thc Mortgagec ahall be sllowed aa s part ot the indebtedness ~cured hereby, and the Mort- gsgor agrees to psy, W rasts an.d e~cpenaes incurred !n cannection tt?erewith, inctuding reasonable attotney's fees, coat ot title snd tax search and the extension to date of an nbatrsct oi tltle or tiUe pollcy; and !n case such fortclosure pra.`eed- ings are setUed before the consumm~Uon thereof or the entry of ~udgment, any such coats and expenses and other charges so incurred, includin¢ a reasor?able attorney's fee, shnll nevertheless be pa1d. Tha Mortge?gee or euiy party in in- terest, being the highest bldder, may be a purchaser at any foreeloaure sala. Any election by the Mortgagee as heretn pro- vlded for mny be exerclsed immMiatelY upon default, or at any qme thereatter, at~d nothing ahall be constru~l to be n waiver o[ such right unless evidenced by an inatrument in wrlting to that effect duly executed by the Mortgagee. 'Y'he Mortgagor waives all right a1 homestead and exempti~ granted by the ^.onstltution and I,aws o! Floridn. AND 'I'~iE MORTGAGOR F[IRTHER CONVENANTS AND AGREES: 1. To pay the principal indebtedness with interest as in the notr provided. To pny monthly unto the Mortgngee. in addltlon to and at the ttme and place tor esch payment at principal and interest, an inatallment of each o1 the follow- ing chargea: ( a> 'raxes and assessments, general or special, t~.nd all other charges levied or to be levied aga[nst the prenilses. ~b1 F'remiums to become d~e and payab)e for, and to renew, ihe lnsuranre on the premises agalnst loss by Sre and such o4her hazards, casualties and contingencies as herein provided for ar requlred from tlsne to t3me. The atnount of the respecUve monthly installments shall be eclual to the amount of the annuai respective chnrge next due (as estimated by the Mortgagee>, leas all installments already pald theretor, divided by the number of monthly in- stallments therefor becoming due not later than one month prlar i.o the due date of any such chsrge and shali be sub- ject to increase or decrease to the extent required to create as oi a monthly pnyment date on the note notless than one month prio, to the due date of any such charge, sn a~mount sugicient for the payment thereol when due and payable. In no event shall the Mortgagee receiving such payment be lieble for any interesi on any amount paid to it as herein required, and the money so recefved may be held with 1ts own lunds pending payment or applicat[on thereof as herein provided. The Mortgagor shall furnish unto the Mortgagee at least fli*_een days betore Lhe due date an olticial sta:ement of the amount o! any taxes or asseasments next due, and such Mor[gagee ahall pay the above charges to the amount of the thzn unused cre3it therefor as and when they become~ severally due and payable. The Mortgagee may, at its option, pay any of n~uch charges when payable, either before or after they nre delinquent, without no4lce, or make advances therefor in excess of the then amount of cred•.t far sald chargea. The excesa amount advanced shs1l be immedlat~ly due and puyable to the Mortgagee and shall be secured as an additlonaI principal sum under this instrument and bear the same rate of interest irom date of advancement as the principal indebtedness. An offtcial receipt therefor shnll be conclusive evidence of such payment and ot the valldity o1 such charges. The Mortgagee may apply creaiis held by it for the abo~•e charges, or any part thereoi, on account of any delinquent installments of principal or interest or any other payments maturing or due under this instrument and the amount ot credit existing at anY time shall be reduced by the amount there~f paid or applied as herein provided. The amount of the existing ccedit hereunder at the Ume oi any transter of the property shall without assignment thereof inure to the beneftt of the successor owner of the property and shall be spplied under and subject to all ot the provisions hereot. Upon the payment in full of the indebtedn~ss, the amount of any unused credit shall be applied to the payment thereof. The P.:ortgagee may collect a"late charge" not to exceed four cents (4c~ foC each one dollar (51.00) of each monthiy installment payment required on the note and under Lhis Mortgage whIch is more thaa~ fltteen (15) days in arrears, to cover the extra expense involved in handling de2inquent payments. 2. To pay, when payab2e, a11 taxes and actessments, general or special, water rents and ground rents and all other charges whaLsoever levied upon or assessed or placed against the premises, provision for which has not been made here- inbefore, and will prompUy deliver the ofticial reczipts therefor to the Mortgagee; to likewise pay all taxes, assesstnents and other charges, levied uQon or assessed, glaced or made against this instrurt~ent, or the indebtedness or any interest of the Mortgagee in the prernises or the obligations secured hereby, provided that the payment of any such tax assess- tnent or charge by the NCortgagor is not contrary to law or would not result !n the payment of an unlawful rate ai inter- est on the indebtedness hereby secured. In the e~•ent o1 the passage after the date of this instrument of any law of the State, or subdivision thereof, wherein the premises are situated, creatIng or providing for any tax, asses,stnent or charge which by the above proviso is not to be paid by the riortgagor, the indebtedc~ess secured hereby t~gether with interest due [hereon, sh+nll, at the optinn of the Mortgagee, become immediately due and payable, and in the event payment there- o! is not made forthwith, the Mortgagee may take or cause to be taken such action or proceedtr.g as may be taken here- under tri the case of any other default in the payment of the indebtedness. 3. To keep the buildings and add~tions Lhereto on or hereatter erected or placed upon the land insured against loss by fire and such other hazards, casualties and contingetxcies, including war darnages if at any time a state of war e~cists or it appears to the holder of the note that war is imminent, and in such amounts and for such perlods, as may be requlred !mm time to time by the Niortgagee, and to pay promptly when due all premiums on such insurance, provision for pay- rnent of which has not been rnade hereinbefore. The poll~ies of insurance shall have loss pay~ble provisions acceptable Lo the Mortgagee and shall be delivered to and held by the Mortgagee, or as it may direct, until thLs Mortgege Ls satfsfied. Renewal policies of insurance, premiums for which have b~een fully paid, are to he furnished to the Mortgagee at least fllteen days prior to the expiration date of the insurance thereby renewed. 'I'he insurnnce shall be written ir; companies approved by the Morigagee; in no event sh$11 the Mortgagee be held responsible for failure to pay for any insurance written or fo: any lass or damage growing out of a defect in any policy or growing out of any fallure of any insuranc~ company ;o pay for any loss or damage insured against. In the event of lass the Mortgagor shail give immediate noti~e by mail to the Mortgagee who may make proo! of loss if not made promptly by the MortgBgor; each insurance company concerned is. hereby suthorixed and directed to make pay~nent for loss directly to the Mortgagee instead of to the Mort- gagor and the Mortgagee 3ointly; the insurance proceeds, or any part thereof, may be sppiied by the Mortgagee, at its option, to the expenses, if any, f~curred by it in the collection thereof, to Lhe reductian of the indebtednesa hereby se- cured, to the restoration or repair of the property damaged, or released to the Mortgagor without liability upon the Mort- gagee for such release. All poticies oi insurance are hereby assigned to the Mortgegee as additional security for the pay- ment of the sums and interest secured hereby; in the e~ent of foreclosure of this Mortgage or other transfer ai titla to the prnmises in extingutshment of the indebtedness, all right, title snd interest of the Mortgagor in and to any insuranee policies then fn force shall pass to the purchaser or grantee. 4. To complete within a reasonable Ume any building or buildir.gs naw or at any time in the pr~cess ot erecuon upon the land and to prompily repair, restore or rebuild any butlding or improvements now or hereatter on the land which may become damaged or be destroyed, and not commit or permit to be done or exist on or nbout the pxemises anything whereby ihe prr_mises shall become less valuable; to comply with all Iaws, rules, regulatians, or ordfnances oi any govsrn- mental agency and not viotate or permit the violatton as to the premLse~s oi any building or use resfricUons; to keep the iand and improvements thereon free irom mechaniN~ and materialmen's liens and will not sulfer any lien superior to the iten crea?ed by this instrument to attach to or be enforcwd against the premises. 5. It default be made In the payment n! taxes, assessments, llens, ciaims, i~urance premfums or any oiher charge what~oever, or any part thereaf, or in the periormanc+e of any act, to be paid or performed by the Mortgagor under the pmvf:lons hereoi, the Mortgagee may, at its option, make payment thereof or perform any act required at the Mortgagor in any form or manner deemed expedient and pay ahy other sum t~?at !s necessary to protect the security of this tnstru- ment; the amounts so pald, with lnterest thereon from the date of such payment at the same rate es borne by the prin- clpal indebiedness, sh+sll be assessed xs an addiUonal lien on t,he premises and shalt be added to and become a part of the [ndebtedness secured hereby and be immediately due and payable to the Mortgagee. My payment hereby authorized to be made by the Itiortgagee may be made according to any bill, statement or estimate furnished or proCUred from the appm- prfate public ogice or the party c18Eming payment without tnquiry into the accurscy or validity thereoi, and the recelpt of nny publlc olltcsr or perty in the hands of the Mortgagee shnll be concluslve evidence of the validitq au~d amount ot iteaaa ~ psid; the Morrtgagee aball, at its optlon, be subrogat.~d to any encumbra.nce, !len, claim or demand, and to all Lhe rightt ai.d eectirltiea for the p~ayment thereoi, patd or discharged vvifh the princlpel sum eecured hereby or by the Mort~sgee under tlfc praviadons hereof, and any such submgatian rlghtt shall be addiilonal and cumulative tecurity to thls Mort- gage. 8U!JK 'J ~ ~~fl