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HomeMy WebLinkAbout0926 ot the Mort~agre became irnmedlately due and paysbie, withuut notlce, and proceed[ngs may be instituted by the Mort- Qagee for the recovery thes~eof by foreclosure oi this Mort~aQe, or in any other manner pern~ltted by law as tht Mort- gsgee may elect, anythin~ ln the note or in thls Mort~a~e oontaiaed to the oontrary thtreto notwitbstandlnQ. Upon fon- closure o! thls Mort~t~e, the Mortsa~ee shall be e~llowed as a psrt of t1~e indebttdness secured hereby. ~und the Mort- gwgor a,rrces to pa~?. ~ll costs and expenses lncurred in cortr~ecUoa therewith. including x~easonable attorney'a fees, cost ot Utle sad tsx search and We extension to d~te of an abdract oi tttle or Utle policy; and lu ca~e ach lon~rlosuse proceed- ings are setUed before Lhe consummation thereot or the entry ot iudgment, any auch costs and expen~es and other charges so inrurred. lncludln~ s reasonahle attorney's lee, shall neverthelesa be paid. The Moztg~ee or aqy party in in- terest, betng the hi~heat bldder, may be a purchaser at any foreclaesure asle. Any election by the Mortgs~ee ~a herein pra- vlded for may be exer~laed lmmedi~tely upnn default, or at aay Ume thereafter, and nothing shall be coastrued to be a walver of such right unless evidenced by en lnstrument !n wridng to that ettect duly exeruted by the Mortgagee. The Mortgagc+r waives all ri~ht nf homestesd aad exemptian grsnted by the Constitutton end Laws of F`1orlda. AND THE MORTGAGOR FURTHER CONVENANTS AND AGREES: 1. To pay the principal indebtedness with interest as in the note provlded. To pay monihly unto the Mortgagee, in addltton Lo nnd at the time and place for each payment ot principal and tnterest, an instxllment of each o! the follow•- ing charges: (a) Taxes and assessrnents, general or spectal, snd all other charges levied or to be levied t?gainst the premis~s. (b) Premiums to become due and paynble for, and to renew, the insurance on the premisea agtdnat losq by Sre and auch other ha~rds, casuslties and conttngencies as herein provided for or required from time to time. The amount of the respective monthly installments shall be equal to the amount o1 th~ annual respecUve charge next due (as estimated by the Mortgagee>, leaa all installments already pald therefor, divided by the number of monthly !n- stallments therefor becoming due not later than one month prlor to the due date oi au,y such chnrge and shall be sub- ject to increase or decrease to the extent required to create as ot a monthly payment date on the note not less than one month priar io the due date oi any such charge, an amount sufficient for the payment Lhereol when due and payable. In no event shall the Mortgagee receiving such payment be liable for any interest on any amount paid to it as herein required, and the money so received may be held with its own funds pending payment or application thereoi as herein provided_ The Mortgagor shall furnish unto the Mortgagee at least flfteen days before the due date an ogicial statement of the amount of any taxes or aseeasments next due, and such Mortgagee ahall pay the above charges to the amount of Lhe then unused credit therefor as and when they become severaIly due snd payable. The Mortgagee may, at its option, pa~ any oi svch charges when psyable, either before or aiter they are delinquent, without notice, or make advances therefor in excesa ot the then amount of credit ior aaid eharges. The excess emount advanced shall be immediately due and payable to the Mortgagee and shall be secured as an additional grtncipal sum under this instrument and bear the same rate o! interest from date ot advancement as the pr[ncipal indebtedness. An of[icial receipt therefor shall be conclusive evidence oi such payment and of the validity of such charges. The biortgagee may apply credits held by it for the above charges, or any part thereof, on account of any delinquent installments of principal or interest 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 thereot paid or applied as herein provlded. The amount of t3?e existing credit hereunder st the time of any transfer of the property shall without assignment thereoi inure to the beneSt of the successor owner of the progerty and shall be applied under and subject to all of the provisions hereot. Upon the payment in full of the indebtedness, the amount of any unused credit shall be appiied to the payment thereof. The Mortgagee may collect a"late charge" not to exceed four cents (4c> foC each one dollar ($1.0~) of each monthly [nstallment payment required on the nate and under this Mortgage which fs more than fltteen (15) days !n arrea~, to cover the extra expense involved in handling delinquent paymenis. 2. 'T'o pay, when payable, all taxes and as.sessments, general ar special, water rents and ground rents and all other cherges whatsoever levied upon or assessed or placed against the premises, provision for which has not been made here- inbefore, and will promptly deliver the ofiicial receipts therefor to the Mortgagee; to likewise pay all taxes, assessments and other charges, le~~ied upon or assessed, placed or made against this instrument, or the Indebtedness or any interest of the Mortgagee in the premises or the obligations 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 pavment of an unlawful rate of inter- est on the fndebtednesg hereby secured. In the e~~ent of the passage aiter the date of this instrument of any law of the State, or subdivision thereoi, wherein :he premises are situated, creating or providing for any tax, assessment or charge which by the above proviso ls not to be paid by the Mortgagor, the indebtedness secured hereby together with interest due thereon, shall, at the option oi the Mortgagee, become immediately due and payable, and in the event payment there- 01 ts not made forthwith, the Mortgagee may take or cause to be taken such action or proceeding as may be taken here- under !r. the case of any other default 'sn 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 such other hazards, casualties and contingerrcies, including war damages if at any time a state of war exists or it appears to the hoider of the note that war is immin~nt, and in such amounts and tor such perlods, as may be required imm time to time by the biortgagee, and to pay prompUy when due all premiums on such insurance, provision for pay- ment of which has not been mede hereinbefore. The policies ot insurance shall have loss paysble provisions accepfable to the hSortgagee and shall be delivered to and heid by the Mortgagee, or as it may dtre¢t, until this Mortgage is satisiied. Renewal policies of insuran~e, premiums for which have been fully paid, are to be furnished to the Mortgagez at least flfteen days prior to the expiration dste of the fnsurance thereby renewed. The lnsurance shall be writtea in companies approved by the Mortgagee; in no event shall the biortgagee be held responsible for failure 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 iailure of any insurance company to pay for any loss or damage insured against. In the event of loss the Mortgagor shall give immediate notice by mail to the Mortgagee who may make proof of loss ii not made promptly by the Mortgagor; each insurance company concerned is, hereby author3zed and directed to make payment for loss directly to the Mortgagee instead of to the Mort- gagor and the Mortgagee joinUy; the insurance proceeds, or any part thereot, may be applied by the Mortgagee, at it~ option, to the expenses, if any, incurred by it in the collection thereof, to the reduction of the indebtesiness hereby se- cured, to the restoration or repair of the property damaged, or released to the Mortgagor without 1lability upon the Mort- gagee for such release. All policies of insurance are hereby assigned to the Mortgagee as addttional security for the pay- ment of the sums and interest secured hereby; in the event of foreclusure of thfa Mortgage or other transfer of title to the premises in extinguishment of the indebtedness, all right, tltle and interest of the Mortgagor in and to any lnsurance policies then in force shall pass to the purchaser or grantee. 4. To complete within a reasonable Ume any building or bulldings now or at eny time in the process of erection u~on the land and to promptly repair, restore or rebuild any building or improvernents now or hereafter on the land which may become damaged or be destroyed, and not commit or permit ta be done or exist on or about the premiaes anything whereby the premises ahall become less valuable; to comply with all ]aws, rules, regulations, or ordinanaes of any govern- mentai agency and not violate or permit the vtotation as to the premises of any building or use restrictions; to keep the ~ land and improvements thereon free from mechanic's and materialmen'~ liens and cvill not sutier any lien superior to the ~ lien created by this instrument to attach to or be enforeed egatnst the prnmise~. 5. If deiault be made in the payment ot taxes, as.gessments, liens, claims, inaurance premiums or any other charge whatsoever, or any part thereof, or in the performance of any act, to be paid or pertormed by the Mortgagor under the provWons hereof, the Mortgagee may, at its optlon, make payment thereof or periorm any act requtred oi the Mortgagor 1n any form or manner deemed expedient and pay any other sum that is necessary to protect the aecurlty ot thls lnstru- ment; the amounts so paid, with interest thereon trom the date oi such peyment at the anme mte as borne by the prin- clpal indebtedne~s, shall be a~essed as an addiUonal Ilen on the premises and shatl be added to aad become a part of the indebtednesa secured hereby and be immediately due and paqable to the Mortgagee. Any payment hereby suthorized to be made by the Mortgagee may be msde according to any bill, atatement or eatimate lurnished or procured from the appro- prfate publle office or the party clatming paytnent without tnquiry lnto the accuncy or validity therEO1, and the receipt of any public afficer or party in the hands of the Mortgagee srinll be conclustve evidence ot the validitq snd aunount oi items ~o pRid: the Mortgsgee ahall, at its optlon, be subrogated to any encumhrance, llen, claim or demand, Rnd to all the righta eusd securltles for the payment thereof, pald or discharged with the principal sum se~cured hereby or by the Mort~a~ee under tAe provialons htreol, and sny auch subrogatton righis ahall be additional and cumulative ~ecur(ty to tb7s Mort- 8~• . ec~K~.23 3Z~ : _ ~ ~ -