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HomeMy WebLinkAbout1957 of the Mortgagee become immediately due snd paytble, witho~t natice, and proceedin~a may be insUtuted by the ldort- gagee Lor the recovery thereot by foreclosure ot thla Mort~a~e, oi in any other manner perYnltted by lt~v as the Mort- gagee may elect, anythin~ !n Lhe note or in this Mortga~e contained to the cnntrwry thento notwit2~st~adtt~. Upo~ fose- closure of this Mort~sYe, the Mort~a~ee shall be allowed as s part o1 the lndebtedness secured hereb~. and the Mort- gagor agrees to pay, ~11 casts and exptnses incurred ix? coAnection therewith, includlns reeson~ble attorney's fees, cost ot dtle and tax seareh ~nd the extension to date of an abstract of tttle or title pollcy; and ln c~se suc6 forscbsure proceed- ~ ings ere aettled before the con'ummatinn the~of or the entry of ~udgtnent, any wch costs aad ~ and other chnrges so lncurred, includln~ a rea~w?able attorney's fee, shall neverthelea~ be paid The Mort~~ee or ~ay party in in- terest, being Ne hlghest bldder, m~y be a purchaser wt any forectosure sale. Any election by t~s Morts~ee as henln pro- vided for may be exercised immediately upoa delsuit, or at any time theree~fter, and nothin~ shall be e~ot~trued to be a walver ot such right usiless evldenced by an lnstrument in writing to that eIIect duly exeruted by the Mortgagee. The Mortgagor waivea all ri~ht of homestead and ratemption ~ranted by the Conatltution and Law~s ot F`lorlda. AND THE MORTGAGOR FURTHER CONVENANTS AND AGREES: 1. To pay the principal lndebtedness with interest as in the note provided. To psy monWy unto the Mortgagee, in addition tn and at the Ume and place for esch payment ot pcincipal and interest, sn installment oi esch ot the follow- ing charges: (a) Taxes and assessmenis, ~enesal or spec~al, and sll other charges levied or to be levied against iht premises. (b) Premiums to become due and paysble for, and to renew, the insurance on the prrmiaea against loss by Sre and such other hazax~ds, casualties and contfagencies as heceln prnvided for or requtred from time to time. The amount o1 ihe respective moethly Installrrsents sha11 be equal to the amount of the annusl respective charge next due (es esUmated by the Mortgagee), le~ all lnstallments already paid therefor, divlded by the number uf monthly ia- atallmenta therefor becoming due not later than one month prlor to the due date oi any such chsrge sad ahatl be sub- ject to increase or decreeae to the e~ctent ~l~~d to create as oi e monthly payment date on the note not less thnn one monih prlor to the due date ot any such char8e, an amount susiclent for the payment thereof when ch~e and payable. In no event shall the Mortgagee recelvtng such payment be llable for any interest on any amount paid to it as herein *equired, and the money so received may be held with !ts own funds pending payment or epplication thereof as herein provided. The Mortgagor shall furnish unto Lhe Mortgagee at least Slteen days befor~e the due date an ollicfal aRatement oi the amount oi any taxes or aseessments next due, and such Mortgs~ee shall pay the above charges to the emount of the then unused credit therefor as and when they t~.•ome severally dae and payable. The Mortgegee may, at !ts option, pay any of such charges when payable, elther before or sfter they are delinquent, without notlee, or make advances therefor in excesa of the then amount o! credit for said charBeec. The exceas amount advanced shaii be immedtately due and payable to the Nlortgxgee and shall be eecured aa sn addiUonel pr[ncipal sum under this instrument and bear the same rate ni interest irorn date ot advancement as the principal indebtednesa. An oiticial r~eceipt therefor shall De conclusive evidence oi such payment and of the validity of such chargea The Mortgsgee mt?y apply credits held by it for the above charges, or any part thereof, on account oi any dellnquent instalimenta oi principal or interest or any other payments maturing or due under this instn~ment and the amount of credit existing at ~y time shall be reduced by the amount thereof paid or applied as herein provlded. The amount of the existing credit hereunder at the time oi any transfer ot the property shall without a.~ignment thereof inure to the beneflt of the successor owne: of the property nnd shall be applied under and subject to all oL the provisions hereof. Upon the payment in full of the indebtedness, the amount of any unused credit shall be applied 4o the payment thereof. The Mortgagee may collect a"late charge" not to exceed faur cents (4c) foC each one dollar (i1.f10) of each monthly installment payment required on the note and under this Mortgage which is more than flfteen (15) days in arreais, to co~•er the extra expense involved [n handling delinquent payments. 'Z. 'ro pay, when payable, all taxes and assessments, general or special, water rents and grounrl rents and all other ch$rges whatsoever levied upon or assessed or placed against the premises, provision far wtiich has not been made here- inbefore, and will promptly deliver the official receipts therefor to the Martgagee; to llkewise pay all taues, asgeess~nents and other charges, levled upon or assessed, placed or made against this instrument, or the indebtedness or eny lnterest 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 p~yment oi an unlawtul rate of inter- est on the indebtedness hereby secured. In the e~•ent of the passage after the date of this inatrument of any lew of the State, or subdivision thereof, wherein the premises are situated, creating or pro~~iding for any tax, assessment or charge which by the above proviso is not to be paid by the Mortgagor, the Indebtedness secured hereby together with interest due thereon, shall, st the option of the Mortgagee, become immediately due and payable, and in the event peyment there- oi is not made forthwith, the Mortgagee may take or cause to be taken such action or proceeding aa may be taken here- under !n the csae oL any other default In the payment of the Indebtedness. 3. 'I`o keep the buildings and additions thereta on or hereafter erected or placed upon the land insured agafnst loss by fire an8 such other hazards, casuaities and contingeacies, including war damages ii at any time a sLate of war exists or it appe~is to the holder oi the note that war is imminent, and in such amounts and for such perloda, as mey be requirEd fmm time to time by the Mortgagee, and to pay prompUy when due all premlums on s~ch insurance, provision for pay- ment oi which has not been made hereinbefore. The policles of insurance shall have loss psyable pmvis[ons acceptable to the D3ortgagee and shall be delivered to and held by the hlortgagee, or as it mgy direct, unttl thls ~Iortgnge is satisfled. Renewal policies of insurance, premiums for which have been fully paid, are Yo be furnished to the Mortgagee at least flfteen days prior to the expiration date oi the insurance thereby renewed. The insursnce ahall be wrltten fn companies approved by the Mortgagee; fn no event shali the Mortgagee be held responsible for iailure t0 pay for any insursnce writt.en or for any loss or damage growing out of a defect 3n any policy or grow[ng out ot any failure of any insurance company to pay for any loss or damege insured against. In the event oi loss the Mortgagor shall give immediate notice by mail to the Mortgagee who may make proof of loss ii n~t made promptly by the Mortgagor; each insuranee company concerned is.hereby authorized and directed to rnake payment for loss directiy to the Mortgagee instead of to the Mort- gagor and the Mortgagee jointly; the Insurance proceeds, or any part ihereof, may be applied by the Mortgagee, at its option, to ihe expenses, if any, incurred by it in the collectior? thereof, to the reducLion of the indebtedneas hereby se- cured, to the restoratlon or repair of the property damaged, or released to the Mortgagor without liabtiity upon the 1VIort- gagee for suth release. All policies of insurance are hereby assigned to the Mortgagee as addltional se~urity tor the pay- ment oi the sums and interest secured hereby; in the event of foreclosure of thia Mortgage or other trander of titlo to the premLses in extinguishment oi the indebtedness, all right, title and interest of the Mortgagor in and to any in*urnnce policies then in force shall pass to the purchaser or grantee. 9. To complete withfn a reasonsble time any building or bulldings now or at any tirne in the process of erectton upon the land and to promptly repair, restore or rebuild any building or imprnvements now or hereafter on the land which may become damaged or be destroyed, end not commit or permlt to be done or exist on or about the premises anything whereby the premises shall become less valuable; to comply with all laws, rules, regulations, or ordinances ot any gavern- mental agency and not violate or pecmit the vtolntlon as to the premis2s oi nny building or u9e restrictiona; to keep the land snd lmprnvemenLs thereon iree trom mechaniNS and materlalmen's llena and will not sutfer t+ny lien auper[ar to the ? lien created by this instrument to attach to or be eniorced against the premises. 5. If detault be made in the payment of taxes, assessments, llens, claims, insurartce premlums or any other charge ~vhatsoever, or sny part thereoi, or iin the performance of any act, to be paid or perlormed by the Mort~agor under the provi~ona hereof, the Mortgagee may, at its option, make payment thereof or perform tu?q act requfrM oi the Morigagor in any form or manner deemed expedient and pay any other sum Lhat is necessary to protect tde securlty of thla instsu- ment; the amounb so paid, with interest thereon irom the date of such payment at thc eame rate as borne by the prln- cipal in8ebtedaea, shall De assease~ ss nn sdditional iten on Lhe premises and shsll be added W aad btcome a ptrt o1 the tndebtedne9s secured heteby ewd be immediately due and payable to the Mortgagee. Any paqment hereby authorized to be made by the Mortgagee ana,y be made secordSng to enq bill, statement or eetimate furnlshM or procured from the e?ppro- prtate public offfce or the perty cialming payment wtthout lnquiry into the nccuracy or validiiy thereof, end the n~celpt of any publlc o!licer or party in the hands of the Mortgagee shall be conclusive evidence o! t6e vali~ily ~ad ~unoynt of ittm~ w paid: the Mortgagee shatl, at Its option, be subrogated to eusy encumbrance, 1len. clair:a or dsmand, and to all the ri~hte end ~rrurities for the payment thereof, pa3d or discharged with the prlncipal sum iecured hereby or by tbe Mort~agee wnder tt?e pravidons hereof, and any such subm~ation righb shail be ad3ltlonel and cumuLtive ~ecurlty? to th~s Mort- W~Be• BOOK 1~v ~