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HomeMy WebLinkAbout1613 4 I I ~ , ~ e ~ , ut the ylortgage+e become immediately due and payable, without notlce, and proce~edings may be instituted by the A~ort- gagee for the recovery thereof by foreclosure of this Mortga~e, nr ln any other manner pensritted by law as the Mort- gagee may elect, anythinB tt? the note or in this Mortga~e contAined to ihe contrery thereto notwithst~ndin~. Upon fore- closure ot this Mort~age, the ~Iort~agee ahsll be sllowed aa a part of the tndebtednesa eecured hereby, and the Mort- gsgor agcr~es to pay, ali roats and expetwes incurreil ln conn~ctlon tAerewith, lncluding reesonabie atWrney's fees, cost af title and Lax search und the extensian to date oY an abstract of Utle or title pollcY; and iri ca?ae auch fox~eclosure procees7- ings are settied before the consummation thereot or the entry of judgment, any such coats and eupenees and oNer charges so Incurred, includtng a reasonable attorney's tee, shall neverthelest be paid. The Mort~agee ar any purtY in in- terest, being the highest bldder, may be s purchaser at any forecloaure aale. Any election by the Mortga~ee es hereln pro- vided tor may be exeretsed lmmediately upon default, or at a.~sy time thereatter, and nothing ahNl be construed to be a waiver of such right unless evidenced by an instrument in writtng to that etfect duly executed by the Mortgsgee. The Mortgagor waives all right of homestead and exemption granted by the Conatitutlon and L.awa ot Florlds. ANA TH~ MORTGAGOR FURTHER CONVENANTS AND AGREES: 1. To pay the principat indebtedness with interest as in the note provided. To pay monthly unto the Mortgagee, in addition to and at the time nnd place for each payment of princlpai and Interest, an tnstallment of esch of the follow- ing charges: (a) Taxes and assessments, general or special, and all other charges levied or to be levied sgainst the premises. lb) Premiums Lo become due and payable for, and to renew, the insurance on the premises agalnst toes by flre and such other harsrds, casualties and contingencies as heretn provtded for or required from time to tlme. The amount of the respective monthly installments shall be equal to the amount of the annual respecUve charge next due (as estirnated by the Mortgagee), lesa all install~ments already paid therefor, divided by the number of monthly in- stallments therefor becoming due not later than one month prior to the due date of any such charge and shall be sub- ject to increase or decrease to the extent requtred to create ac of a monthly payment date on the note not less than one month prior to the due date of eny such. char~Ze, an amount svfficient for the payment thereof whrn due and payable. In no event shall the biortgagee receiving such payment be liable for e~tzy interest on eny e~mount ptiid to it as herein reyuired, and the money so received may be held with 1ts own funds pending payment or application thereof as herein provided. The Mortgagor shall furnish ureto the Mortgagee at lesst flfteen days before the due date an ofticial statement of the amount of any taxes or asgeASments next due, and such Mortgagee shall pay the at~ove charges to the amount of the then unused credit thernfur as and when they become severally due and payable. The Mortgagee may, at its aption, pay any oi such charges when payable, either before or after they are delinquent, without notice, or make advances therefor in excess of the th;,n amount of credit for said charges. The excesa amount advanced shell be immediately d~e and payable to the Mort~agee ~hall be secured as an additlonal prtncipal sum under this [nstrument and bear the sarne rate of interest from date oi advancement as the principal lndebtedness. A.n official receipt Lherefor shall be conclusi4•e evidence oi such payment and ot the validity o4 such charges. The Mortgagee may apply credlts l:eld by it for the above eharges, or any part thereof, on sccount of any dellnquent lnstallments of princlps; or interest or any other payments maturing or due under this instrument and the amount of credit existing at nny time shall be reduced by the amount thereaf paid or applied as herein provided. The amount of the existing credit hereunder at the time of any transfer of the property shall without assignment thereof inure to the bene8t of the successor ownar of the property and shall be applied under and subject tu all of the provistons hereof. U~on the payment in full ot the indebtedness, the amount oi any unused credit shall be applied to the payment thereof. The MortgaSee may collect a"late charge" not to exceed four cents (4ci tor each ane dollar (51.00) ot each monthly installment payment required on the note and under thts Mortgage which is more than flfteen (15? days in arrears, to co~•er the extre expense tm~olved in handling delinquent payments. 2. To pay, when payable, all taxes arid assessments, generul or special, water rents and ground rents and all other ch~xges whatsoever levfed upon or assessed os placed against the premises, provision for which has not been ma3e here- inbefore, and will prompUy deliver the official reeeipts therefor to the Mortgagee; to likewi9e pay all taaces, assessments and other charges, levied upon or assessed, placed or made against this instrument, or the indebtedness or any interest of Ghe Mortgagee in the premises or the obligations secured hereby, prorrided that the payment of any such tax assess- ment or charge by the Mortgagor is not cvntrary to law or µ•ould not result in the pavment of an unlawful rate ot inter- est on the indebtedness hereby secured. In the e~ ent of the passage after the date of this instrument of any law of the SCate, or subdivis3on thereof, wherein the pmmises are situated, creating or providing for any tax, assessment or charge which by the above proviso is not to be Paid by the MortAagor, the indebtedness secured hereby together with interest due thereon, shall, at the option of the biortgagee, become immedtately due and p$yable, and in the event payment there- of is not made forthwith, the b3ortgagee may take or cause to be taken such actian or proceeding as msy be taken here- under in the case of any other defsult in the payment cf the indebtedness. 3. To keep the butldings and additions thereto on or hereafter erected or placed upon the land Insured against loss by fire ~n~l such other haznrds, casualties and conting?rtcies, in~;uding war damages il at any time a state of war eacists or it appears tQ Lhe holder ot the note that war is imminent, and in such amounts and for such periods, as may be required fmm time to time by the Mortgagee, and to pay promptly when due all premiums on such insurance, provision for pay- ment of which has not been made hereinbefore. The policies of insurance shall have loss payable provisions ac~eptable to the :~iortgagee and shall be delivered to and held by the Mortgagee, or as [t may direct, until this Mortgage is s8tisiied. Renew~al policies of insurance, premlums for which have been fully paid, are to be furnished to the Mortgagee at least Sfteen days prior to the expiration date of the insurance tttereby renewed. The lnsun+nce shall be wrltten in companies approved by the Mortgagee; in no e~~ent shall the Mortgagee be held responsible for failure to pay for any insurance written o: for any loss or damage growing out of a defect in any polfcy or gmwing out of any lailure of any insuranr,e company to pay for any loss or damage insured against. Tn the event of lass the Mortgagor shall give imm~diate notice by mail t~ the :~Sortgagee who may make proot of loss if not made promptly by the Mortgagor; each insurance company concerned is.hereby authorized and directed to make payment tor loss direcUy to the biortgagee instesd of to the Mort- gegor and the Mortgagee joinUy; the ins~rance proceeds, or any part thereof, may be applied by the Mortgagee, at 1ts option, to the expenses, if any, incurred by it in the collection therQOf, to the reduct3on of the indebtedness hereby se- cured, to the restoz~ation or repair of tlie property damaged, or released to the Mortg~gor without ltabilttp upon the Mort- gagee for such release. All policles of insurance are hereby assign~d to Lhe Mortgagee as additional security for the pay- ment of the sums and interest secured hereby; in the event of toreclosure oi this Mortgage or other transfer of tit16 to the premises in extinguishment of the indebtedness, all right, title and interest of the Mortgag~r in and to any it~urance policies then In torce shall pass to the purchaser or grantee. 4. To crzmplete within a reasonable time any building or buildings now or at any time in Lhe process of erection upon the land and to promQily re~air, restore or rebuild any bullding or improvaments now or hereafter on the land whish ma~ become damaged or be destroyed, and not commit or permit to be done or exist on or about the premiaes anything whereby the premises shall become les4 valuable; to comply with sll laws, rules, regulations, or ordinances of any govern- ment.al agency and not vio!ate or permit the violation tis to the premLses of sny butiding or use restrictlong; to keep th~ iand and improvements theraon free from mechanic's and materielmen's liens and will not sutter any ifen superior to the lien created by this instrument to attach to or be enforced against the premises. 5. Ii detault be made in the payment of taxes, assessments, liens, ciaims, insurance premiums or sny other charge whatsoever, or aa?y part thereof, or in the performance of ~ny act, to be pald ar perf~rmed by the Mortgagor under the provWans hereof, the 1Vlortgagee may, at its option, make payment thereot or periorm any act required ot the Mortgagor in any form or manner deemed expedienY and pay any other su.m t~t?at 1s necessary to protect the security oi thls inatru- ment; the amounta so paid, with interest thereon from the date of such payment st the sanne rate na bome by the prin- r.ipal indebtednese, shall be assessed as an additionel lien on the premises and shall be added to ~snd become a parZ o1 the fndebtedness secured hereby and be immediately due and payable to the Mortgag~e. Any payment hereby authortzed to be made by the Mortgagee may be msde according to any bill, statement or estimate furnfst?ed or prorured from the nppro- printe public oSice or the party claiming payment without inquiry lnto the accuracy or validity thercwf, and tt~e receipt ot any gublic officer or partq tn the hands oi the Mortgagee shali be conctusive evidence oL the +alidity and amount of itema so paid; the Mortgagee shnll, at 1ts option, be subrogated to e~t~y encumbc~e?rtce, llen, claim or demand, and to all the rlghts and ae~urfUea for the payment thereof, pald or discharged with the princ[pal sum ~ecured hereby or by the Mort~agee under tne provislona hereof, euid any such au'brogadon righta ahall be addttional and cumulative securttq to thia Mort- . Be~e. iCl ~?M ~s..~