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HomeMy WebLinkAbout2185 of the Mortgagee become inunediately due and payeble, w!lhout notice, and proceedings may be instltuted by the Mort- 8agee for the recovery thereof by foreclosure of this Mortgage, or in any other manner permltted by law as the Mort- gagee may elect, anyihing in tAe notr or in this Mortgage ronteii?rd to the cuntrary thereto notwithatsnding. Upon iore- closure ot this Martgnge, the Mort~ngee ahsll be allowed as a part ot the indebtedness secured hereby, ~?nd the Mort- gagor agrees to pay, ell cwats e?nd expensea incurred 1n connection there~wtth, including reasonable ettorney`s feen, eost of tiUe and tax search and the extenaion to date of an abstract uf Litle or tiile poUcy; end in ct~se such ioreclusure proceed- [ngs are setUed before the consummatiort thereof or the entry ot 3udgment, any auch costa and expenaea and other charge~ so incurred, including a reeusonable sttorney's fee, ahall neverthetess t,e pald. The Mortgatgee or ahy party ia 3n- ternsY, being the hlghest Didder, may be a purchaser at any forecloaure aale. Any eiection by the Mortgey~ee as herein pro- cided for may be exerclsed immediately upon defeult, or at sny tirne thereatter, e~nd nothing shall be construed to be n waiver of such right unless evidenced by an inatrument in wrIting ta Lhat elfect duly executed by the Mortgagee. '~he Mortgagor waives all right oi homestead and exemption granted by the Can$tltutlon and Laws of Florids. ANb THE MORTGAGOR FUBTHER CONVENANTS AND AGREFS: 1. To pay the principal [ndebtedness with interest as in the note provided. To Pay manthly unto the Mortgagee, 3n addit3on to and at the time and place for each payment of principal and interest, an installment of each af the follow- ing charges: (s) Taxes and assessments, genera2 or speciol, and atl other charges levfed or to be levied against the prernises. t b> Premieims to become due and payable tor, and to renew, the insurance on the premLses against loss by flre and such other hazards, casualties and contingencies as hereln provided for or required Irom time to time. The amount of the respecUve monthly installtnents shall be equsl io the amount of the annuai respective charge next due (as es[imated by the Mortgagee), lesa all installmen4s already paid therefor, divided by the number oi monthly in- stallments therefor becaming due not later than one month prlor to the due date of any such charge and shall bz sub- 3ect to increasa or decrease to the extent required to create as of a monthly payment date an the note not 2ess Lhan one month prior to the due date oi any such cnarge, an amount sufficient for the payment thereof when cYue snd payable. In no e~~ent shall the b4ortgagee recelving such payment be liable for sny interest on any amount paid to it as herein required, and ~ihe money so received may be held with its own funds pending payment or application thereof as herein • provided. The Mortgagor shall furnish unto the Mortgagee at least fllteen days before the due date an official statement of the amaunt ot any taxes or asgeasments next due, and such Mortgagee she12 pay the above cherges to the smount af the then unused credit therefor as and when they become severaily due nnd payable. The Mortgagee may, at fts option, pay any of such charges when payable, either before or aiter they are deiinquent, without notice, or make advances therefor in exeess of the then amount of credit for ssid charges. The excess amount advanced ahall be tmmediately due and payable to the Mortgagee and shall be secured as an additlonal principal sum under thls instrurnent and bear the same rate of interest from date oi advancement as the principat indebtedness. An oi[iclal receipt therefar shall be conciusi~•e evidence of such payment and of the valldity o; such charges. The Mortgagee may apply credits held by it for the above char~es, or any part thereof, on account of any del;nquent instailments of principal or fnterest or any other payments maturing or due under this iastrument snd the amount of credii exlsting at nny time shall be reduced by the amount thereof paid or applied as herein provided. The amount of the existing crndit hereunder at the time of any transfer of the property shall withaut assignment thereof inure to the henefit of the successor owner of the property arid shall be applied undPr and subject to all of the provisions hereof, Upon the payment in tull of the indebtedness, Lhe amount of any unused ct~dit shall be applied to the payment thereot, "I'he Martgagee may collect a"late charge" not to exceed four cents (4c) fot each one doltar <Sl.d~) of each monthly insta!lment pa}~ment required on the note and under this Mortgage whtch is more than flfteen (15) dsys in arrears, to cover the extra expense involved in handiing delinquenL payments. 2. To pay, when payable, all taxes and assessments, generat or sgeciat, water rents and ground rents and all other charges whatsoec~er levied upon or assessed or placed aga:nst the prernises, pro~~ision for which has not been made here- inbefore, and will prompUy deliver th~ offictal receipts therafor to the Mortgagee; to likewise pay a1I taxes, assessments and other charges, levied upon or assessed, pIaced or made against this instrurhent, or the indebtedness or any interest of Lhe Mortgagee in the premises or the obllgations secured hereby, provided that the payment of any such tax assess. ment or charge by the Mortgagor is not contrary to law or would not result In the payment of en unlawful rate of inter- est ora the indebtedness hereby secured. In ihe erent of the passage after the date of this instrument of any law ot the State, or subdivision thereof, wherein the premises are situated, creating or providing for any tax, assessment ur charge which 4y the above proviso is not to be paid by the Mortgagor, the indebtedness secured hereby tqgether with interest due theneon, shali, at the option of the Mortgagee, become immediatety due and payuble, and in the event payment there- of is not made forthwith, the Mot~tgagee may take or cause to be taken such action or proceeding as may be taken here- under In the case of any other default in the osyment of the indebtedness. 3. To keep the buildings and addi!ions thereto on or hereafter crected or placed upon the l$nd insured against lass by fir= and such other hazards, casualties and contingencies, including war damages if at any ttme a atate of war exists or it appears to the hnlder of the note that war is imminent, and in such amounts and for s,~ch pertods, as may be requIred f;am time ta time by the bfortgsgee, and to pay prompUy when due all premiums ~n such insurance, provision for pay- ment oi which has not been made hereinbefore. The policies of i~rsurance shall h~ve loss payable provisions acceptable to the ~fortgagee and shail he delivered Yo and held by the Mortgagee, or as lt may dlrect, untll this Mortgage is satisfied. Renewal gol(cies of insurance, premiums for K•hich have been fully paid, are to be furni&hed to the Mortgagee at least flfteen days prior to the expiration date oi the insuiance thereby renewed. The tnsurance sha11 be vyrttten in companies approved by the Mortgagee; ir. no event shall the Mortgagee be held responsible for fatlure to pay for any insurance written or for any loss or damage growing out of a detect in any policy or growing out oi any failure of ~ny insurance company to {iay for any loss or damage insured agitinst. In the event of loas the Mortgagor sha11 give immediate notice by mail to the hiortgagee who may make prnof of loss it not made promptly by the Mortgagor; each insurance compsny concerned Is.hereby sutharized and directed to make payment for toss direcUy to the Mortgagee instead o! to tne Mort- gagor ~nd the b:ortgagee jolntly; the insurance proceeds, or any part thereof, may be applled by the Mortgagee, st its option, to the exgenses, it any, incurred by it in the collection thereol, tu the reduction of the indebtednesg hereby se- cured, to the restoratkon or rep~ir of the property damaged, or released to the Mortgagor withoat liabll3ty upon the Mort- gagee for such release. All poticies of insurance are hereby assigned to the Mortgagee as additional security for the pay- ~ ment uf the sums and interest secured hereby; in the event of foreclosure of th{s Mortgage or oLher transfer of tttle to the ~ premises in extinguishment of the indebLedness: all right, title and interest of the Mortgagor in and to any insurance ~ policies then in force shall pass to the purchaser or grantee. ; 4. To complete within a reasonable time any bnilding or buildings now or at any time fn the process o! erecLlon upon khe Tand and to promptly re~air, restore or rebuild any bullding or improvements now nr hereafter on the land whlch may become damaged or tae destroyed, and nut commit ar permlt to be done or exist on or about the premises anything whereby the premises shall become tes4 valuable; to comply with alt laws, rules, regulations, or ordinances of any govern- mental agency and not vtc~late or permit the violation a~ to the premisw.s mf any building or use restrictians; ta keep the . land and improvements thereon free from mechanic's and maierfalmen's Ilens and will not sufter any lien superior to the tien created by thts instrument to attach ta or be enforced against the premises. 5. It detauli be made in the payment of taxes, assess,ments, 13ens, claims, lnsurance prem5ums or any other charge wha~soever, or any part there~of, ar in the pe*formance of any act, to be paid or performed by the Mortgagor under the pro~'isions hereof, the Mortgagee may, at its opUon, make psyment thereof ar perlorrrt any act required ot the Mortgagor in any form or manner deemed expedient and pay any other sum that fs necessary to protect the security oi this tnstru- ment; the amaunts so paid, ~with tnterest thereon from the date of such payment at the same rate as borne by the prin- efpal inc3ebtednets, ahall be assc~sae~d as ari addittonai lien on the premises and shall be sdded io aad become n parf o1 the iadebtedne~s secured hereby and be immediately due and payabte ta the Mortgagee. My payment hereby auttsorized to be made by the Mortgagee may be msde according to any bi1I, staterraent or estimate furnished or pr~ocured from the appro- priate publfc otfice or the party claiming payment without ins~uiry Into the accuncy or vslidity thereof, and the receipt of eny publlc olficer or psrtq in the hands ot the Mortgagee aha11 be conclusive evidence ot the validity and amount oi items so pafd; the Mortgagee atzal~, at its option, be subrogated to etny encumbrance, 3ten, clalm or demtend, and to all the rights iusd securities for the payment thereot, pald or discharged wlth the princigal sum u~rured hereay or by the Mort~a~ee under the provldons hereot, and any auch aubrogstton rlghts shail be additional end cumulative securtty ~ t,hb Mort- S~• ~cp~c ;