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HomeMy WebLinkAbout0475 ai the Mortg~ae become iuunediately due ar?d ~ayabl~. wltLouit notice, Rna pir.osei!+a~s :~y be inWCuted by the 1[ott- . ~ce for the r~verY tDereot by ior~clwun ot this Mort~e~ or !a w~y other nn~n~?rr peraaitted M law ~ tlre ~[ort- i~~ m+lY elect. WW~n~ 1ts tbe nob or ia this Mort~e o~ot~3n~d W tAe oontrar> ~aereto notwltL~. Upan fo~re- clos~tre at tWs I~[v~e. tDe ~[ort~ sball be aYlowed as • p~rt at the fndebtednas secursd bserb~r. and the Mort- ~or asrees to pa~+. W costa ~A expe~ inatrred in ooanectbn thertwitl~, lndudta~ re~sonable attoenq's tee~„ oost ot title aad tax aearch ~nd t~ rxtandon to dRte of an abdraet at tltle nr tiW P~cYC a~d ia wse ~ud? tor~dosurs proc~ced- ings an settled before tbe ~ticn tbenr,i or tbe entYy oi 7udgmen~ atq? such costs and expe~ua aad other c2,ar~es so lncurrrd. inclu~ • re~aonable attorne~?'a lae. ~hall neverthele~s be paid. The IKort~~ee or ao~? pRrq? in in- tensL. bein~ the hlshest We'1der. may be a purel~aaer at uty forecloasn sa1e. At?~ ekctlon b~ tlfe Yort~~ee ~t hereiti pro- vided far m+ry brr exrn~ired mnm~dtatety upan detault~ or at ~y Wne thereaiter, and noWtt~ ah~U be aoasrtruM W be • wdver of wch ~ight uNear eviAe~eed by an fnstrument in wrltin~ to that eaect duly ezecutM by the Mrnt~tg~ee. The Mort~s~or rvdva~ all rl~ht of bomestewd and ez~nptiar ~ranted by tAe Constitution aad Lavv~ ot Flarfda. AND THE MORZGAGQR FURTHER CONVENArTlS A.ND AGR.EFS: 1. To pqy the prindpal indebtedne~ with iaterart a3 L!1 UtE AOLe pTOVWM. T~ pe~y maaWy unto We Mortgagee, in additiaa to and at the time and place for eacb payment oi prindpal at~d inter~rt, an inst~llment oi e~ch oi the lollow- ing rhar~ea: (a) Taues and sssea~ment~„ ~er~l or special, and all other charges levied or to be levied s~slnst the premisea. (b) Premiums to become due and payable for, and Lo ienew, the insurance on the premises aQt~in~t loes by Sre and surh other haraMs, cssualries and coniinQenci~t aa hereira prnvided for or required imm ttmc W time. The amount of the reapective monthly insta111nents shall be equal to the amount o1[ the annual respective charge next due (as btimated by the Mortga~ee)~ l~er all installm~ents alrnady paW therefor, divided by ihe number af monthly in- stallmenb ihereior becomin~ due not laur tAan oue month prbr to the due date a1 aqq such cbsr$e end sbwtl be sub- ject to inerease or decreaae to the extent recl!aired to create as of a monthty payment date on tbe note not lesa thar~ one month pHor to the due date o! any su~h ctiarge, an amount sut[iclent !or the ps,yment then+of when due and payable. In no event shW tha Mortgager receiv~r?g such payment be liable !or any interest on sny amount pafd W it sa heretn required, and the money so received may be heid wlth !ta own funds pendiag pe~yment or appllcaUon thereoi as herein provided. The Mort~agar shall itua~sh unto the Mortgagee at least Slteen days betore the due de~te an officlal statemeht oi the amount of euiy taxes or as.easncnb next due, and such Morts~ee shall pey the above chargta to the amount of the then uaused credit therefor as end when they become severally d~e ~nd payable. The Mortg~?gee muy, st its option, psy eny of such chargea when payable, either betore or atter they are delinquent, without notlce, or make advances the^etor in extde of the then amount oi credit ior s~id ahar~ea. T1?e exeeo amount advanced shall be lmmediately due and payable to the Mortgugee and shall be eecured us an addiUonal prindpel sum under tWa instrument and bear the same rate ot interest from date oi advancement aa the prinGipal indebt~dnea~. M official receipt thereior shsll be conciusive evldence of auch payment snd oi the validity of a~ch c2~ar~es. The Mort~agee may apply credita htld by it !or the above charges, or any part thereof, on account o1 any delinquent installments oi prtndpal or interest or any other payments tnaturing or due under ttds instrument and the amount ot c.redit existing et any time ahall be reduced by the amount thereoi paid or applied as hex~in provlded. The amount oi the existing credtt hereunder at the time oi any tmnster of trie property shall without asaignment thereot inure to the beneflt af the succesaor owner oi the pmperty and ahall be applted under and subject to all of the provisions hereof. Upon the payment in full of the indebtednes, the amount oi any unused credit shall be applled to the payment thereof. The Mortgagee tney collect a`9ate charge" not to exceed foar cents (4c) fo! each one dollar (31.00) of each rnonthly instsilment payment required o~ the note and under t2~is Mortgage which is more than flfteen (15) days in arrears, to cover the extra expense involved in hendling delinquent peiyrnents. 2. To pay, when payable, all taxes and asseasments, general or special, water rents and ground rents and all ott?er ~hargea whatsoever levied upon ar assessed or placed against the premises, proviffion for which has not been made here- inbefore, and will promptly dellver the o!liclal receipts Lherefor to the Mortgagee; to IikewLe pay a11 taxes, assea~pmettts and other chsr$es, levied upon or assessed, piated or made against this instruthent, or the indebtedneau or any interest of the Mortga~ee in the premiaes or the obligations secured hereby, provided that the payment oi any wch tax sasess- ment or charQe by the Mortgagar is not contrary to law ar would not result in the psyment of an unlawltal ra,te of lnter- est on the indebtedness hereby secured. Tn the event oi the passage after the date of Wis instrument of anq law of the State, or subdivision thereof, wherein the premises are situated, creating nr providing for eny tax, as~asnent or charge which by the atbove proviso is not to ba paid by the Mortgagor, the indebtedness secured hereby together with intereat due thereon, shall, at the aption oi the Mortgagee, become immediately due and payable, aad in ttte event paymenL there- ot is not made forthwith, the Mortgagee may take or cause to be taken auch aciiom or proceeding ea may be tnlcen here- under in the ca~e of any other detault In the payment of fhe tndebte~ness. 3. To keep the buildings and additions thereto on or hereatter erected or placed upon the land lnsured against loss _ by fire and such other hszards, casualties and contingerrcies, including war damages i! at any time a state of war e~cists or it appears to the holder of the note that war is immi~nent, and in such amounts and for such periods, as tnay be required from time to time by the Mortgagee, and to pay prnmptly when due alt premiums on such insurance, provition for pay- ment of which has not been made hereinbefore. The policies oi inaurance shall hsve losg payable provisions acceptable to the Mortgagee and shall be delivered to and held by the Mortgagee, or as it may direct, unt:l this Mortgage ia satisSed. Renewal policies of insurance, premiums for which have been tully paid, are to be furnished to the Mortgagee at least ffiteen days priar W the expiration date of the insuisnce thereby renevved. The in~rance shall be vvritten in companl~ approved by the Mortgsgee; in no event shall the Mortgagee be held responsible for feilure to pay for emy insurance written or for any Ioss or damage growing out oi a defect in any policy or growing out oi any isilure of any insursnce company 4o pay for any loss or damage insured againsG In the event of loss ihe Mortgagor shall give iinmedtate noUce by mail to the Mortgagee who may malce proof of loss i! not made promptly by the Mortgagor; eech inaurance compsny concerned is.hereby authorized and directed to make payment for loss directly to the Mortgagee instead of to the Mort- gagar and the Mortgsgee iointiy; the insurance proceeds, or any part thercY,t, may be applied by the Mortgagee, at its optton, to the expenses, if any, incurred by ft in the collection thereof, to the reduction o! the indebtedness hereby se- cured, to the restoration or repair oi the property damaged, or released to the Mortgagor without Habilit}+ upon the Mort- gagee for sueh release. All policles of insurance ere hereby assi~ed to the Mortgagee as additional security for the pay- rnent at the sums and intereat aecured hereby; in the event oi fareclasure o! thie Mortgage or othcr tr~nster oi titlo to the premises in extinguishiment of the indebtedness, all right, title and interest of the Mortgagor in and to any inwn~nce policies then in force shall pass to the purchaser or grantee. 4. To complete within s reasonable time any building or bulldings now or at any time in the process oi erection upon tha lxnd snd to promptly repair, restore or rebuild any building or imprnvements now or herealter on the land which may becorne dama~ed or be destroyed, and not cammlt or pernslt to be done or exiat ~ or abou! the premises anything whereby the ~remises shail bernme le~s valu~ble; to comply with all lawa, rules, iegulaUons, or ox~linances oi sny govern- mental agency and not ~~iolate or permit the violarion as to the premises of any building ar use restrictions; to keep the land end improvements therenn iree lrom mechaniE~s and materinlmen's liens and will not sui(er any lien superior to the lien created by thia~ inairument to attach to or be enforced against the premisca 5. Yt detault be msde fn th~ payment ot texes, ass~ments, Uens, claims, insurence premfums or aay other charge whatsoe~ver, or ariy part thereoi, or in the performanae of any ect, to be paid or perlormed trq the Mort~agor under the provldons hereoi, t!k Mort~agee may, at its cption, malce payment thereat or pertorm any act requfred oi the Mortgagar in ar,y form or manner dcemed expedient and pay any other sum ttu~t Is necessary to protect tt~e security of thia lnstru- meat; the arna~nts so paid. with interest theraon lrom the date of such psyment at the same re?te a~ borae by the prin- cipai indebtednes, s~all be a~sea~ed aa an additian~l lien on the premisea wd shsii be added to aud becoe~t a part M the ladcbtedraer secured herebq and be immediatelq due aud pa~abie to the Mortgagee. Any payment bereby authorizM to be aude by the Mort~a~ee rna~ be made accordtng to u?y bi21. statement or estimate furNshed or procured irom t2~a appro- prlate public offive os the party cWmfng payment witbout SnqWry tnto ihe aoritr~cy or validity thenof, aud tbe recelpt of ~tay pnblic o~lcrr ar psrty in the hands of the ~art~ee sball be conclusive e.wldence o! tbe valldlty and amouat o1 ltem~ w paid: the Mori~asee sls~?tl, at ib option, be subro~ated to any encumbrance, 11e~. cial~n or demaad, and to all tbe rf~hb aaQ ~curltfes for the payment thenwf, paid or diac3arged wlth the principal sum secured hereb~ ~ b~ the Mort~aree under tAe pravWaos Ler~ot, ~ad Rny surh subro~tl.~n rlghts sh~U be additioaal etad cumulative ~ecurlt~? to t2s1s ffiort- Y~'• gooK ~.23 473.