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HomeMy WebLinkAbout0369 of the Mortgagee become [rnmediately due and payable, without notice, and proceedings msy be insUtuted by the Mort- gagee for the recovery thereoi by foreclosure of this Mortgay~;e, or in any other *nanner perntltted by law as the Mart- gagee may elect, anything in the note or in this Mortgag~ contalned to the rontrasy thereto notwithstanding. Upon fore- closure of thls Mort~age, the Mortgagee ahall be allowed as a part of the indebtedness eecured hereby, and the Mort- gagor agrees to pay, ell costs and e~cpense~s incurred in connection therewith, including reaaonable ettorney's feea, cost oi title and tax search end the extension to date oi an abstrset of title or tlUe policy; and !n case such foreclasure proceed- ings are settled before the consummatinn thereof or the entry of judgment, any auch coats and expenses nnd other charges so incurred, including a reasonable attorney's fee, ehall nevertheless be pa1d. The Mort~agee or any party in in- terest, being the highest bldder, may be a purchs~er at a?t~y foreclosure sgle. My elec.ion by the Mort(~e~ee etu herein pro- vided for may be exereLsed immediately upon default, or at any time thereafter, and nothing shaU be cot?strued to be a waiver of such right unless evidenCed by an Instrument in writing to that eftect duly executed by the Mortgagee. The Mortgagor waives all r[ght of homestead and exemption granted by the Cunstl.ution and I.nwa o1 Florlda. A1VD THE MORTGAGOR FUTiTHER CONVENANTS AND AGREES: l. Tu pay the princfpa] indebtedness with interest as in the note provided. To pay monthly unto the Mortgxgee, in addition to and at the time and place for each payment of principal and tnterest, an inatallment ot each oi the follow- ing charges: (a) Taxes and assessments, general or speciai, and all other charges levied er to be levied aga[nst the premises. cb) Premiums to become due and payable for, and tc renew, the insurance on the premises against loss by Sre and such other hazards, cssualties and contingencies as here[n provided for or requ[red from Ume to tlme. The amount ot the respective mont}tly installments shall be equal to the amoun: oi the annusl respective charge next due estimated by the Mortgagee), less e11 installments already pald therefor, divided by the nurnber of monthly In- stnllments therefor becoming due not iater than one month prior to the due date of any such chsrge and shall be sub- ject to tncrease or decrease to the extent required to create as ot a monthly payment date on the note not less than one month prior to the due date o1 any such charge, an amount suffident for tt~ payment thereof when due and payable. In no event shall the Mortgagee recei~~ing such payment be liable for any interest on any atnount paid to it as herein required, and the money so received may be held with its own funds pending payment or application thereoi as heretn pro~~ided. The Mortgagor shall furnish unto the Mortgagee at least Sfteen days before the due date an otticial statement of the smount of any taxes or assessments next due, and such Mortgagee shall pay the above charges to the amount of the then unused credit therefor as and when they become severally due and payable. The Mortgagee may, at its option, pay any oi such charges when payable, either b~fore or after they are delinyuent, without notice, or make advances therefor in excess of the then amount of credit for said charges. The exCess amount advanced shall be immediately due and payable to the Mortgttgee and shall be secured as an additional principal sum under this instrument and bear the same rate af internst from date of advancement as the principal indebtedness. An o![icial receipt therefor shall be conclusive evidence oi such payment and of the validity of such charges. The Mortgagee rnay appty credits held by it for the abo~•e charges, or any part Lhereof, on account of Any delinquent lnstallments of principal or interest or any other payments maturing or due under this instnament and the amount of credit existing at anY time sha11 be reduced by the amount thereof paid or applied as herein provided. The amount of the existing credit hereunder at the time oi any transfer of the property shal! without assignment thereof Inure to the beneflt of the successor owner of the property and shall be applied under and subject to all of the provisions hEreof. Upon the paym.ent in full of the indebtedness, the amount of any unused credit shall be applied to the payment thereof. The biortgagee may collect a"late charge" no2 to exceed four cents (4c1 foc each one dollar (31.00) of each monthly installment payment required on the note and under this Mortgage which is more thAn flfteen (15? days in arrears, to co~~er the extra expense involved in handling delinquent payments. 2. To pay, when payable, all taxes and assessments, general or special, w~ater rents and ground rents and all other charges whatsoever levied upon or assessed or placed against the premises, provision for which has not been made here- inbefare, and will promptly delirer the official receipts therefor to the Mortgagee; to likewise pay rill taxes, a~sessments and other charges, levied upon or assessed, placed or made against this [nstrument, or the indebtednes~ or any interest of the Mortgagee in the premises or the obligations secured hereby, provide~ that the payment o1 any su~h tax assess- ment ur charge by the Mortgagor is not ~ontrary to law or would not result in the pavment of an unlewf~il rate af inter- est on the indebtedness hereby secured. In the e~-ent of the passage after the date ot this irstrument o1 any law oi the State, or subdivision thereof, wherein the premises are situated, creating or pcoviding for any tax, xssessment or charge which by the above proviso is not to be paid by the hiortgagor, the indebtedness secured hereby togeiher with interest due thereon, shail, at the option ot the Mortgagee, become immediately due and payuble, and in the event payment there- oi ts not made forthwith, the biortgagee may take or cause to be taken such action or proceeding as may be taken here- urider in the case of any other default in the payment of the indebtedness. 3. To keep the buildings and additions thereta on or hereatter erected or placed upon the lr~nd insured again~t loss Uy fire and such other ha2ards, easualties and contingeRCies, lncluding war ds~mages if at any t[me a state of war exists or it appesrs to the holder of the note that war is imminent, and in such amounts and for such periods, as may be required fmm time to time by the Mortgagee, and to pAy promptly when due all premiums on such insurance, provision for pay- ment of which has not been made hereinbefore. The policies of insurance shall have loss payable provisions acceptable to the iiortgagee and shnil be delivered ta and held by the Mortgagee, or es it may direct, until this Mortgage is satisfied. Renewal policies of insurance, premiums for which have been fully paid, are to be furnished to the Mortgagee at least 8fteen days prior to the expiration date oi the insurance thereby renewed. The insurance shall be written in companies approved by the Mortgagee; in no e~•ent shall the Mortgagee 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 ot any fallure of any insurance company to pay for any loss or damage insured against. In the event of loss the Mortgagor shall give iirunediate notice by mail to the Mortgagee who may make proof of loss if not made promptly by the Mortgagor; each incurance compsny concerned is.hereby authoriaed and directed to make payment for loss directly to the Mortgagee instead of to the Mort- gagor and the Mortgagee jointly; the insurance proceeds, or any part thereai, may be applled by the Mortgagee, st 1ts option, to the expenses, if any, [ncurred by it in the collection thereof, to the reduction of the indebtedness hereby se- cured, to the restoration or repair of the property damuged, or released to the Mortgagor without lfability upon the Mort- gagee fcr such release. All pollciPS of insurance are hereby assigned to the Mortgagee as additional security for the pay- ment of the sums and interest secured hereby; in the event of foreclosure ot thls Mortgage or ather transfer oi Utle to the premtses in extingu[shment ~f the indebtedness, all ri~ht, title and tnterest of the Mortgagor in and to any inaurance policies then in force shall pass to the purchaser or grantee. 4. To complete wtthin a reasonable time any building or buildings now or at any time fn the process of erectlon upon the land and to promptiy repair, restore or rebuild any building or improvements now ur hereafter on the land wh7ch rnay become damag~3 or be destroyed, and not commit or permit 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 ordinxnces of any gavern- mental agency and not violate or permit the violatlon as to the premises of any building or use restrlcUona; to keep the lar:d and improve~ments thereon free from mechanic's and matesialmen's liens and will not sufter any lien superlor t~ the lien created by thLs instrument to attach to or ~e entorced against the premises. 5. If default be made in the payment of taxes, assessments, lfens, claims, insurance premiums or any other charge whatscever, or any part th.ereof, or in the perforxnance of any act, to be peld or performed by the Mortgagor under the provWons hereot, the Mortgagee may, at Its option, make payment thereof or perlorm any act requlred of the Mortgagor in at?y form or manner deemed expedient and pay any other sum that is necessary to protect the seeurity of this ittstru- menL; the amounts so paid, with interest thereon from the date of such payment at the same rete as bome by the prin- ci;x?I fndebtedness, shall be asse~se~d as an additional lien on the premises and ahali be added to and become a part ot the lndebtedness seccured hereby nnd be immediately due and pnyable to the Mortgagee. Any payment hereby authorir.ed to be made by the Mortgagee may be made according to any bill, statement or estimate furnlshed or procured from the appro- pciate public ogice or the party claiming payment without inquiry into the accuracy+ or vslldity thereoi, and the receipt of any public officer or party in the hands of the Mortgagee shnll be conclusive evSdence o! the validity and a~mount oi items so paid; the Mortgagee shell, at its optlon, be subrogated to any encumbrance, llen, claim or demand, an8 to ulI the x~tghta and aecurities for the payment thereof, patd or discharged with the principal sum secured hereby or by the Mozt;agee under tAe provittons hereof, and any such :subrogation rights shail be additiona~l and cumulative recuriiy to thfs Mort- 89$l'. BOGK ~