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HomeMy WebLinkAbout2263 at the Mortgagee becomt iminedintely due snd payable, without notlce, snd proceedings may be Wstltuted by the Mort- gagee ior t;~e recovery thereot by forecl~sure ot thla Mortgt+?~e, or in any other manner permitted by law as the Mart- BaBee may elect, ~nythln~ ia the nate or W this Mortga~e oontalned to the contrsry thereto notwitbtt~idin~. Upon fore- cl~sure of this Mortga~e, t2~ Mort~a~ee shall be allowed as a pari at the indebtedness secured hereby~ snd the Mort- gagor agrees to pay, all costa snd expenses incurned 1n coan,ection therewith, including reasoneible attorney'a fee~, cast u! tiUe and tax search and the e~ctensian to dete of a.~ abstract of title or titlt polfcy; au?d ia case auch foreclosare praceed- inga are settled before the consurnmatfon thereo! or the entry ot judgment, aay such caats and eupeneea and other charges so incurred, lacluding a reaaonable attoraey'~ fee, ahall nevertheless be peid. The Mort~agee nr any party in in- terest, being the highest btdder, mag be ~ purchkser at ~ny foreclosure sale. Any election by the Mort~a~ee ~s hereln pro- ~ vided for may be exerclaed immediately upon default, ar ~t lusy time thecealter, and nothing sha11 be conatrued to be a wa3ver of sucl righi unless evidenced by an lnstrument in writing to that e~ect duly executed by the Mortgagee. The Mortgagor waives all rfght oi homestead sad exemption granted by the Constitutlon and Laws o! F'lorida. AND THE MORTGAGOR FLIRTHER CONVENANIS AND ACFiEES: 1. To pay ihe principal indebtedness with interest as in the note provtded. To pay monthly unto the Mortgagee, in adclition to nnd at the time and place for each peiyment of prtncipal and interest, an installrnent ot each o1 the follow- ing charges: (a) Taxes and assessrnents, gensral or specisl, and a~11 other charges levied or to be levied ngainst the premises. lb) Premiums to become due and payable tor, and to renew, the insurance on the premisea against loss by Sre and such other hazards, casuslties and contingencies as hereln provided !or or required from Lime to tima. The amvunt of the respective monthly ittstallments shall be equsl to the amount of the uinual respective charge next due (as ~?st5mated by the Mortgagee), less all installments already paid therefor, divided by t,he number oL monthly in- ~tallments therefor tecoming due not later than one month grior to ft?e due date of any such aharge and shatl be sub- ,~ect to fncrease or decrease to the extent required to c~ate ss of a monttily payment dt~te on the note not less than one month prior to the due date of any such charge, an amount sufficient for the payment thereof when due and payable. In no event shall the Mortgagee receiving such payment be lIable tor ~ny interest on any arnount paid to it as herein required, and the money so received may be held with its own funds pending payment or application therenf as herein provided. The Mortgagor ahall furnish unto the Mortgagee at ieast Hfteen days before the due date an officlal statemeni of the amount of any taxes or assessi»ents next due, and such Mortgagec shail pay the above charges ko the amount of the then unused credit therefor es and wTen they become severally due t~nd payable, '1'he Martgagee may, at its option, pey any of such charges when payable, eIther before ar after ihey are dellaquent, wlthout notice, or make advances therefor in excess of the then amount of credit for said chargea. The exceas amount advanced shall be immediately due and payable to the Mortgngee and shall be secured as an additional principal sum under thls Instrument and bear th~ same rate ot i~terest fmm date af advancement as the principal indebtedness. An ofticial receipt therefor shall be conclusive evidence oi such pavment and of the validity o! such charges. The Mortgsgee may apply credlta held by it for the above charges, or any part thereof, on account of aay delinquent installments o1 ptincipal or interest or $ny other payments maturing or due under this instniment and the amount of credit existing at nny time shall be reduced by the amount there~i paid ar applied as hereln providec#. The amount of the existing credit hereunder at the ttme of any transfer of the property shall without assignment thereof inure to the bene8t of the successor owner oi the property and shall be applied under and subject to all of the provisions hereot. Upon the payment in fuli ot the indebtedness, the amount of an}• _ unused credit shall be app2ted to the payment thereof. The Mortgagee may collect a"laYe charge" not to exceed four cents (4c) tot each ane dallar (a1.00) of each monthly installment payment required on the note and under this Mortgage which is more than Sfteen (15) days in arrears, to cover the extra expense Involced i~ handling delinquent paymenis. 2. Tc, pay, when pay~able, all taxes and assessments, general or special, waler rents and ground rents and all oiher charges whatsoever levied upon or assessed or place~ against the premises, provisian tor which has not been made here- inbefore, and will promptly deliver the o~icial rECeipts therefor to the 2Vlortgagee; to Iikewise pay all taxes, assessmen~s and other charges, levied upon or assess2d, placed or made against this instrument, or the indebtedness or ~ny interest of the Mortgagee in the premises or the obligations secured hereby, provided that the payznent oi any such tax assess- ment or charge by the Mortgsgor is not contrary to law or would not result in the p~vrnent of an unlawful rate of inter- est on the indebtedness hereby secured. In the e~~ent ot the passage after the dste of this instrument of any law of the State, or subdivision thereof, wherein the premises are situated, cteating or pmviding for any tax, assessment or charge which by the abova proviso is not to be paid by the Mortgagor, the indebtedness secured hereby together with interest due t,'~ereon, shall, at the option of the Mort~agee, become immediately due and payable, and in the event payment there- of is not made forthwith, the Mortgagee may teke or cause to be taken such action or proceeding as may be taken here- under in the case of any other default in the payment oi the endebtedness. 3. 'To keep the buildings ttnd additions thereto on or hereatter erected or placed Upon the land Insured agaiast loss by fire and such other hazards, casuaities and contingerrc[es, lncluding war damages ii at any time a atate oi war exists or _ it appears to the holder of the note that war is imminent, and in sush amounts and tor such periods, as may be required from tirr:e to time by the Mortgagee, and to pay promptly when due all premiums Un such insurance, provision for pay- ment ot which has not been made hereinbefore. The policles of insurance shall have loss payable pravisions acceptable to the ~Tortgagee and shall be delivered to and held by the Mortgagee, or as it may direct, untU this Mortgage is satistied. Ftenewal policies of insurance, premiums fnr which have been tully paid, ere to be furnfshed to the Mortgagee at leasi ' fliLeen days prior to the expiration date of the insurance thereby renewed. The insurance shall be vvr(tter, in companies j approved by the Mortgagee; in no es•ent shali the Mortgagee be heid responsible ior lailure to pay for any insurance written or for any loss or damage growing out of a defect in any policy or growing out of any falture of any insurance ; company to pny for any loss or damage insured against. In the event of lc~ss the Mortgagor shall give imm~dtate notice by mail to the Mortgagee who may make proof of toss if not made promptly by the Mortgagor; each insurance compsny concerned is. here6y authorized and directed Yo rnake payment for l~ss directly to the Mortgagee instead of to the Mort- . ga~or and ihe Mortgagee jatnUy; the insurance proceeds, or any part thereof, may be applied by the Mortgagee, at its ~ ogtion, to the expen.ces, if any, incurred by it in the collecii~n thereof, to the reduction of the indebtedness hereby se- 1 cured, to the r~storation or repair oi the property damaged, or released to the Mortgagor without liabIIity upon the Mort- gagee for such release. All FoIicies of insurance are hereby assigned to the Mortgagee as additional securfty for the pay- ment oi the sums and interest secured hereby; in the event of foreclosure of this Mortgage or other transfer oi titl~ to the ` premises in extingut~hment of the indebtedness, all right, tttle and interest ot the Mortgagor in and to any insurance ! policies then in force shall pas~ tu the purchaser or grantee. 4. To complete w3thin a reas~nable time any build'sng or buildings now or at any time in the pracess of erection upon the land and to promptiy repair, restore or rebuild any buIIding or improvements now or hereafter on the land which ~ may uecome damaged or be destroyed, and not commlt or permit to be done or exLst oa or about the prem3ses anyth}ng i whereby the premises shall become tess valuable; to comply with all laws, rules, regulations, or ordinances of any govern- mental agency and nat violate or permit the violat3on as to the premLses of any building or use restrictions; to keep the ~ ~ ~ land snd improvements thereon free from mechanlc's and materialmen's ltens and will n~t sutier any iten superior to the i lten created by this instrument to attach to or be enforced against the premises. ~ 5. It deLault be made in the payment of taxes, assessmedts, liens, clalms, insurance premiums or any oth2r charge vs~hatsoE.wer, or any part thereot, or in the performance oi any act, to be pa7d or performed by khe Mortgagor under the ' prnvWons hereof, the Mortgagee may, at its optlon, make payrr,ent thereo! or perdorm any act required o1 the Mortgagor j fn any lorm or manner deemed expedient and pay any other sum that Ls ne~:ecsary to protect the security of this instru- : ment; the amounts su pald, with interest thernon from the date ot such payment at the same rate es bprne by the prin- ~ cipal indebtedness, shall be a.vessed as an additiqnul lien on the prer.ilses and shall be added to euad bec.~ome a part of the indebtednes~ secured hereby end be imrreedtately dae and payable to ihe Mortgagee. Any pa,yment herebq authorized to be ~ made by the Mortgagee may be made according to any blll, statement or estimate furnished or prncux~ed irom the appro- ~ priate public affice or the party claim(ng payment wfthout inqutry into the securacy or validity thereof, and the receipt of ~ any public o!licer or pnrty in the hsnds oi Lhe Mortgagee shail be conclusive evidenc~ of the validity and amount oi ltems ~ eo pe~Cd: the Mortgagee ahall, at its option, be subrogated to any encumbrar?ce, llen, claim or demand, and to ali the rtghts euid seeeurtUes tor the payment thereof, pstd or discl~arged with the princlpal aum ~ecured hereby or by the Mort~t~gee under tne provi~one hereof, and eny such snbrogation rights e~hsll be addltional and cumulaiive secuttty to thLs Mort- { , I ~4 ~ 4~0 .