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HomeMy WebLinkAbout1460 ~ ot the Mortga~ee becume immedi#ely due and payaWe, without noUce, end proceedinYs may be lnstituted by tha Mort- gs~ee for the recovery thereot by forrclosun ot this Mort~a~e. or U? ~n,y other a~anr?er permitted by Iw~v e~s the Mort- ~ge~ a~y elect, rnythin~ ia the note or in thls Mort~r oontalned to the contnuy tbeieW not~itbstandtn~. Upan Lore- clo~ure o! this Mort~age, the Mort~?~ee ahall be WoaM as s part ot th~ indebtedneu secur~d hereby, aud tt?e Mort- ga~or ~^eee W pay~ iU COtti N11d E][pEAlEi IACUPI'Ed IA COA11lC~LI therewith. iacludln~ reaswiable attorney's feea, cost ot tide and tax search and tT?e extendon to date of an abstnct oi tlUe or tttle poltq; and ta a~se atch torrclosure pruceed- ings are aettled before the conaumtuation thereoi ur the entry ot iudgmen~ any suct? cosb at~d axpe~ues ar?d ather charges w incurred, ln~ludin~ a re~sonable ~ttorney'a fee. MsU neverthele~ be patd. The Mort~a~ee or ar~? psrty ln in- terest, beln~ the lri~hest bidder, taay be R purchaser at au?y fo~closure sale. Atiy election by the Mort~~ee as herein pro- vided for may be exerclsed immedlately upon default, or at nty tlme thereatter, and nothing shW ba construed to 'be a waiver of auch right wiless tvldenced by an instrument in w:iting to that e~eM duly txecuted by the Mortgagee. The Mortga~or waivea ell ri~ht ot hameatead ~nd exemptio~ ~ranted by the CbnstituUon and I.~ws o! Flarida. AND THE MORTGAGO]i FURTHER CONVENANTS AND AGREES: 1. To pay the prindpai indebtedneas with inten~st as in the note provided. To psy monthty unto the Mortgagee, in addition to t~nd at the Ume and plece tpr each payment of prtncipal a?nd irttereat, an inrtallment of each o! the follow- 1ng chsrges: (e) Taxes and assesssr?ents. genersl or special, and ell other charges levied ar to be levied agatnst the premises. (b) Premiwns to become due end payable for, and to renew, the insumnce on ihe premises againai loaa by Sre und such other hsznrds, caaualtiea and contingendes as herein provlded tor or required from time to time. The amount of the respecUve raonthly iastallments sha11 be equal to the amount o! the annuel respecUve charge next due (as esUmeted by the Mortge~ee), lea all•installmenta already paid fiherefor, divlded by the number o1 monthly in- stallmen:s therefor becoming due not l~ater than aae month prlor to the due date of aay auch charge and ahall be sub- fect to increaae or decreaae to the extent ~9~~ to create aa of a monthly payment dtste on the note not less than one month ~rior ta the due da~te o! any auch char8e, an amount sufficient for the payment then~of when due and payable. In no event shall the Mortgagee recefving such paYment be llable !or uxy intereat on anq amount paid to it as herein requfred, and the money so received msy be held with ita own funda pending payment or appUcation thereof as heretn provided. The Mortgagor shall furniah unto the Mortgagee at leaat nfteen days before the due date an olficial statement oi the amount of any tanes ar aseess~?enta neat due, and such Mortga~ee ahall pay the above charges to the amount oi the then unwed credit therefor as snd when they become severally due and payable. The Mortgagee may, at Its option, pay any of auch charges when payable, either before or after they are delinquent, without notice, or make advances therefor in excese of the then amount of credit tor aaid char8es. The excees amount advanced shall be immediately due and payabie to the Mortgagee and shsll be eecured aa an additionai princlpal sum under thls lnatrument and bear the same rate oi tnterest fmm dste oi advancement as the principal indebtednesa. An ottlcial recelpt therefar shall be conclusive evidence of such payment and of the validlty of auch charges. The Mortgsgee may spply credlts held by it for the above charges, or any part thereof, on account of any delinquent lnstallmenta of prindpttl or interest or any other payments maturing or due under thia instnunent and the amouni of credit existing at tu?Y time shall be reduced by the amount thereof psid or applied as herein pravided. The eimount of the existinq credlt hereunder at the time of any transier oi Lhe prcper±y ahall without sssignment thereof inure to the beneflt of the successor owner oi the ~roperty and shell be appiied under and subject to all of the provisions he*eof. Upon the payment in full vf the indebtedness, the amount of any unused credit shall be applied to the payment thereof. The Mortgagee may collect a"lste charge" not to exceed four cents (4cl for ench one dollar (31.00) oi each monthly installment payment required on the note and under this Mortgage which is more than fifteen (15) days in arrears, to cover the extra expense involved in handling delinquent payments_ 2. To pay, when payab2e, all taxes and assessments, general or special, water rents and ground rents and all ather charges whatscever levied upon or assessed or placed against the premises, provision for whlch hes not treen made here- inbefore, and will promptly deliver the oSicial receipts therefor to the Mortgagee; to llkewiae pay all taxes, assessments and other charges, levied upon or assessed, placed or made against this instruihent, or the indebtednesn or any interest of the Mortgagee in the premises or the obllgations secured hereby, provided that the payment bi any auch tax assess- ment or charge by the Mortgagor is not contrary to law or would not result in the payment of an unlawful rste of inter- est on the irtdebtedness hereby secured. In the e~•ent of the passage after the date oi this inatrument oi any law of the SLate, or subdivislon thereof, wherein the premises are situated, c~eating or providing for any tax, essessrnent or charge whlch by the above proviso is not to be paid by the Mortgagor, the indebtedness secured hereby together with interest due thereon, shall, at the opUon of the Mortgagee, become immediately due t~nd payable, and in the event payment there- of is not made forthwtth, the Mortgagee may take or cause to be taken such action or proceeding ea may be taken her~- under ln the csse 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 loss by fire and sueh other hazards, casualties mnd contingerrcies, including war damages if at any time a state of war exists or it appears to the holder of the note that war is imminent, and in such amounts and for such perloda, as may be required from time to time by the Mortgagee, and Lo pay promptly whee due all premiums on su~h insurance, provision for pay- menL of which has not been made hereinbefore. The pollcies of insurance shall have loss payable provisfons acceptable to the Mortgagee and shall be delivered to and held by the Mortgagee, or as it may direct, until this Mortgage is satisfied. Rene xal policies of insurance, prem4ums for whleh have been Lully paid, are to be furnlshed to the Mortgagee at Ieast 8iteen days prior to the expiration data of the ir.surance thereby renewed. The insurnnce shall be wrltten !n companies approved by the Mortgagee; in no event shall the Mortgagee be held responsible for failute to pay for any insurance written or for any loss or damage growing out of a defect in any pol.icy or growing out of any fallure ot anp insurance company to pay for any loas ur damage insured against. In the event oi losa the Mortgagor shail give immediate notice by mail to the Mortgagee who may make proof of loss if not made promptly by the Mortgagor; each insuran~e company concerned is.hereby authorize~ and directed to make payment for loss directly to the Mortgagee instead ot to the Mort- gagor and xhe Mortgagee ioinUy; the insurance proceeda, or any part thereof, may be applied by the Mortgagee, at its option, to the expenses, ii any, incurred by !t in the collection thereof, to the reduction of the fndebtedne~et hezeby se- cured, to the restoratlon or repair of the property damaged, or released to the Mortgagor without liabllity upon the Mort- gagee for such release. 1411 policies of insurance are hereby assigned to the Mortgagee as additfoneil security for the pay- ment of the sums and interest aecured hereby; in the event o! loreclosure oi thla TKortgage or other tran.der of tit1Q to the premises in extinguishment oi the indebtedness, all right, title and interest of the Mortgagor in and to nny insurance policies then in force ahall pass to the purchaser or grantee. 4. To camplete within a reaaonable time any building or buildtngs now ar at any time in the process of erection upon the iand and to prompUy repair, restore or rebuild any bullding or lmprovements now or hereafter on the latid which may become damaQed or be deatrayed, and nvt commit or permlt to be done or exist an or about the premi~ea anythin~ whereby the premises she.ll• become less valuable; to comply with all laws, rules, rzgulations, or ordinances of any gav~rn- ~ mental agency and nat violate or permit the violation as to the premfses of any bullding or use re~trictions; to keep the land and improvements thereon iree from mechanic's and materialmen's ilens and svill not suffer any lien superior to the ilen created by this lnatrument to nttnch to or be enio:ced against the premises 5. If detault De msde in the payment ot Laxea, assessments, liens, clnims, insurance premlums or any other charge whatsoever, ar any part thereof, or in the performance of any act, to be paid or pertormed by the Mort~agor un@er the provSatons hereof, the Mort~agee may, at its optlon, make payment thereof or periorm aay act required of the Mortgagor !n any iorm or manr?er deemed expedient and pay any other sum t~at is neceaaary to protect the ~ecurlty of thls instru- ment; the amounts so patd, with interest thereon trom the date oi such payment at ttfe same rate aa borne by the prin- cipal indebtedne~s, staall be aaseased as an additional lien on the pr~emises and shnll be ed~td to end become a gsrt oi the tndebtedness secured hereby and be immediately due and payable to the Martgagee. Any payment hereby au:horized to be madr by the Mortgagee may be made according to any bill. statement or eatimate furnlst~M or prorured from the appro- pHate publlc ogice or the party clsiming payment without inquiry into the accurscy or valldlty thereof, aod the rec~eipt oi eny public officez or party in the hands of the Mortga,gee ahall be con;,lusive evidence of tbe vaifdity and ~oupt of itea~ .o patd; the Mort~age.e shall, ai its optlon, be subrogated tr~ sny encumbiance, lien, claim or demand, aad to a11 the ~i~hts aiad ~ecudties for the payment thereof, paid or disc~arged with the prtncipeil aum ~ecured hereby or by the Mort~agee under tAe ?ravWans hec-~of, and u?y such wbro~?tion rlghts shwU be additiansl and eumuLtlve ~ecurit~ ta thls Mart- ~e. ~o~K1~5 ~5~