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HomeMy WebLinkAbout1931 I ~ of the biortgagee become immediately due and payahle, without notlce, and proreedings may be instituted by the :viort- ~ gagee tor the recovery thereof by foreclosure of thts Mortgt?~e, or In any other manner permitted by lew as the biort- gagee may elect, anything in the note or in thla Mortge~e contained to the contrery Lhereto notwitlnatuidit~. Upon fore- ' closum of this Mortgage, the Mortgagee ahall be allowed as a part of the indebtednes4 aecured hereby, a~nd the Mort- ~ gagor agrees to pay, all coets end expenaes incurred ln cot?nectlon therewith, including reasonabie attorney's fees, cast of = title and tax search snd the extension to c'late of an abstract of titte or tltle policy; and In case such for~ecloaure proceed- Ings are settled beiore the consummation thereoi or the entry ot judgment, ar?y such costa and expenaes and other C chairges so incurred, tncluding a reasonable attorney's fee, shall neverthelesa be patd. The 1VIortgagee or any party in in- f terest, being the hlghest bidder, m8y be a Uurchaser at ttny iorecloaure aale. My election by the Mortgagee as heretn pro- ~ vided for may be exercL4ed lmmediately upon default, or et any tlme thereafter, and nothing shal! be construed to be a waiver ot surh sight unless evidenced by an instrument in writing to that effect duly exe¢uted by the Mortgagee. The Atortgagor watves all right of homestesd ead ~xempUon granted by the Constitution and Laws of Florfda. AND THE MORTGAGOR F'URTHER Cl7N~'ENANTS AND AGREES: 1. To pay the principal indebtednes5 with interest as in the note provided. To pay monthly unto the Mortgagee, in addltion to and at the time and p~ace tor each payment oi principal and interest, an Installment of each of the follow- ing charges: (a) Taxes and assesvnents, general or special, and sil other cherges leried or to be levied against the premts~s. Y (b) Premiums to become due and payable for, and to renew, the insurance on the premises agalnst loss by 8re and such other hazards, casualties and contingencies as herein pruvided for or required irom tirne to time. The arrsount of the respective monthly installments shall be equal to the smuunt oi the annual respective charge next due (as estimated by the Mortgagee), less all installments already ~aid iherefor, divided by the number of ntonthly in- stallmehts therefor becoming due not later than one month prior to the due date of any su~h charge and shall be sub- ject to increase or decrease to the extent required to create as of a monthly payment date on the note not ;ess than one nxonth priar to the due date oi any such charge, an amaunt suff(cient for the payment thereof when due asd payable. In no e.~ent shall the Mortgagee receiving sueh payment be liable tor any interest on any amount pald to it as heretn reyuired, and the monPy so received may be held with !ts own funds pending payment or application thereof as herein provided. The Mortgagor shali furnish unto the Mortgagee at least flfteen days betore the due date ax: otficial staternent ` of the amount o! any taxes or assessrnents next due, and such Mortgagee sha11 pay the above charges to the amount of the then unused credtt therefor as and vchen they become severally siue snd payable. The Mortgagee may, at its option, pay any oi such charges when payable, elther beiore or aiter they are delinquent, without notice, or make advances theretor in excesg of the then amount of credit for said charges. ~ne excess emount advanced shall be lmme~3iately due and payable to the Mortgagee end shall be secured as an addlttonal principal sum under this instrurr.ent and bear the same rate of interest from date of advancement as the principal indebtedness. An official receipt theretor shall be conciusi~•e evidence of such payment and of the validity o! such charges. The Mortgagee may apply credits held by It for the abo~•e charges, or any part then~of, on account of any delinquent installments ot pri.nMpttl o: inter2st or any other payments maturing or due under this instrument and the amount of credit existing at uny time shall be reduced by the amount thereof paid or applied as hernin p:ovided. The amount of the existing credit hereunder at the time of any transfer of the ~ property shall without assignment thereoi inure to the benefit of the successor owner uf the pa~perty and shall be applied under and subject to all of trte provistons hereof. Upon the payment in full oi the indebtedness, the amount of an~~ unused credit shall be applied to the pay~nent thereof. The hiortgagee may collect a"late charge" not to exceed four cents (4c) fot each one dollar (SI.00) of each monthly installment payment required on the note and under this Mortgage which is more than flfteen (15? days in arrears, to co~•er the extra expense involved in handling delinquent payments. 2. To pay, when payable, alI taxes and assessments, general ar special, water rents nnd ground rents and a11 other charges whatsoever levied upon or assessed or placed against the premises, provision for which h~ not been made here- inbefore, and will promptly deliver the official receipt~s therefor to the Mortgagee; to likewise pa~• ail taxes, assessments and other charges, levied upon or assessed, placed or made against this instrument, or the indebtedness or any interest of the Mortgagee in the premises ar the obligations secured hereby, provided that the payment of e?ny such tax assess- ment or charge by the Mortgagor is not contrary to law or would not result in the pavrrient of an unlawful rate oi inter- est on the indebtedness hereby secured. In the e~ ent of the passage after the date of this insirument oi any law of the Sta2e, or subdivision ther~of, wherein the premises are situated, creating or pro~•iding for any tax, assessment or charge which by the above pro~~iso is nat to be paid by the blortgagor, the indebtednesa secured hereby together with interest due thereon, shall, at the option of the tiSortgagee, becorne imrr.ediately due and payable, and in the event paytrent there- of is not made farthwith, the Mortgagee may take or cause to 7~Q taken such action os proceeding as may be taken here- under in the case of any other default in the payment of the indebtedness. 3. To keep the buildings and additions thereto on or hereafter erected or placed upon the land insured against lo~s by fire and such other hazards, casualties and contingerrcies, including war damages if at any time a state of war exists cr it appears to the holder o: the note that war is immir:ent, and in such amounts and for such periods, as may be required from time to time by the hiortgagee, and to pay prompUy when due all premiums on such insurance, Frovision for pay- ment of which has not been ma~e hereinbefore. The policies of insurance shall haae loss payable provisions acceptable to the biortgagee and shall be delivered to and held by the Mortgagee, or as it may direct, until this Mortgage is se~tisfied. Renewal policies ot insurance, premiums for which ha~~e bee:~ fuUy paid, are to be furnished to the Murtgagee at le~t flfteen days prior to the expiration date of the ir.surance Lhereby renewed. The insurance shall be wrltten in companies appraved by the ;Viortgagee; in no event shail the Mortgagee be held responsihle Lor failure to pay for any insurance written or for any loss or damage growing out of a defect in any policy nr growing out oi any fal:ure of any ituurarrce company to pay for any loss or damage Insured against. In the event of loss the Mortgagor shall give immedisU2 notice by mai! to t.he Mortgagee who may make proof of loss if not made promptly by the Mortgagor; each insurancz company concerned is.hereby suthorized and di.-ected to make payment for loss directly to the Mortgagee ir.stead oi to the Mort- gagor and the Mortgagee joinUy; the insurance proceeds, or any part thereoi, may be applied by the Mortgagee, at its option, to the expenses, if any, incurred by it in the collection thereof, to the reduction of the indebtedness hereby se- eured, to the restoration or air of the property damaged, or released to the Mortgagor without llgbillty upon the Mort- gagee for such release. All poifcies of insurance are hereby assigned ta the rfortgagee as xdditional securfty Lor the pay- ment ~i the sums and interest secured hereby; in the event ot foreciasure of this Mortgage or other transter oL titiv to the premises in extinguishment o1 the indebtedness, all right, tltle and interest of the Mortgagor in and to any insurance policiQS then in force shall pass to the purchaser or grantee. 4. To compiete within a reasonable time any buiiding ar butldings now or at any tim~ in tfre pracess of erection upon the land and to promptly repair, restore or rebuild any building or Improvements now or hereaSter on the land which may become darnaged or be destroyed, and not commit or permft to be done or exist on or eibout the premiaes anything whereby the premises shall t>ecome less valuable; to comply with eU laws, rules, regulattons, or ordinancrs of any govern- mentnl agency and not violate or permit the violation as t~ the premLses of any building or use restrictions; to keep the land a.~d improvements tnerean free from mechanic's and materiaimen's liens and will nat sufier any lien superior to the lien cr~ated by this instrument tu attach to or be enforced agains: ihe premises. 5. If deiaul~ t~e made in .he payment ot taxes, assessntents, ltens, ciaims, insurance grem3ums or any other charge whatsacwer, or any part thereoi, or in the pertormance oi any act, to be paid or pertarmed by the Mortgagor under the provisions hereof, the Mnrtgagee may, at its option, make payment thereo! or perlorm any act reqWred oi the Mortgagor in any form or manner deemed expedient and pay any other sum that is necessaiy to protect the seturity oi this instru- ment; the amounts so paid, with interest thereon irom the date of such payment at the same rate aa borne by the prits- ctp~l indebtedness, shall be assessed as an additlonal lien on the premises and shalt be added to snd become a part a! th~ indebtedness secured hereby an~ be immediately due and payabie to the MortgageA. Any payment hernby authorised to be made by the Mortgagee may be made according to any bill, statement or e~stimate furnished or procured irom the appro- priate public oSice or the party claiming payment without irnqu!ry into the accuracy or vaiidity thereoi, and the rec$ipt oi a~ny publie olficer or party in the hands ai the Mortgagee ahnll be canclusfve eLidence of the validity and amourxt of iteme w paid; the Mortgagee shall, at !ts optian, be suhrogated to eny encumbrasace, lten, ciaim or demaud, and to e11 tlie rights snd eecuritiea for the payment thereof, pald or discharged with the prlncf~al sum secured hereby or by the Mort~a~ggee under N~ praviaions hereof, end any such subrogstio~ righis nhall be a~ditionnl e~nd cumulatfve serurity to Ws Mort- ~~Z