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HomeMy WebLinkAbout2353 of the Mortgagee becoma immediately due end payabie. without notlce. and proceedln~s ~n4Y be ~Ututed by the ldort- ga8ee fo: the reccver~? thereot by forecloaure ot thla Mort~a~e. or ln ~ny other a?enner pennftted by L~v es the Mort- ~aBee n?~Y elect. anytWa~ In the note or tn this Mort~a~e oontafned to the oontrar7? thereto notaitlutandin~. Upon fore- closure ot this Mortga~e. tbe Mort~agee ahall 1,e allowed as a part of the Indebtedneas se~wrM lie[eby. and the Mort- . RaBor agrees to pay. W costs eu~e expeasa incurnd ln connectlon therewltli. lacludie~ reasonable attorney's fees. cost oi t[tle and tax search and tt~e e~ctension to date oi sn sbstract oi tltle or Utle Poli4r: ~nd in csse wvh foreclosure Procced- inga are settled before the eo~summatton thereoi or the entry ot iudgmeAt, aW? such costs and expen~es at~d other charges so lncurred. including a re~sonable sttorae~a fee. shall nevertheleas be pald. The Mort~a~ee or aqy parRY 1n 1n- terest, being the highest bidder. may be a purchaser at eny foreclosure sale. Any election by tbe MortBa~ee ~s aereln Pro- vlded for may be exerclstd fa~meaiatel~ upon deiaul~ or at aay Ume thereatter. uW notdln~ shW be construed to be a walver of such r[ght unless eviderced by an instrument !n wtlttng to tl?st effect duly executed by the Mort~agee. The Mortgagor walvea all ri~ht oi bomestea~d ~ad exemptioa Sranted by the Conriltutlon and I.~ws oi Florlda. AND THr. MORTGAGOA FURTHER CONVENANI~ AND AGREFS: l. To pay the prlncipal indebtedaess with interest as in the note provided. 1b psy monWy uato the Mortgagee. In addlUon to and at the ttme and pLce for each payment of principal and lnterest, an installment of esch oi the follow- ing charges: (a) Taxes and assesunents, general or special. and all other charges levled or to be levied aga[nat the premises. (b) Premiums to become due and payable for, and to renew. the lnsurance on the premises against loas by 8re and sud? other hararda. casualtles and contin8encies aa herein provtded for or requfred from Ume to tlme. The amount of the respective inonWY ~nstaUmeats shall be equal to the amouat oi the annuel rtspecttve cherge next due (a4 estimated by the ?Sortga~eee>. leas dl instaIIments already paid therefor. divided by the number ot monWy !n- stallments therefor becoming due aot later than wne month prlor to the due date oi aqy such charge and sMll be sub- ject to increaae or decrease to the extent rMuired to create as of a monthly payment date oa the note not leas than one monW prtor to the due date oi any svch charge. an amount su~icient for the payment thereoi whea due and paysble. In no event shall the Mortgagee recelvin8 sucl? PaYment be Uable for any Interest on any amount patd to it as herein required, and the money eo recelved msy be held wlth its own tunds pending payment or applicatlon thereoi as herein provided. The Mortgagor shall iurnisl? unto the Mortgagee at least ntteen daya betore the due dete an o![icial atatement of the amouat oi any taxes or a~sneats next due. aad auch Mort~agee shali pe~? the above cbarges to the amouat of the then unused credit therefor as and when they become severallY due and payable. The Mortgagee may. at its option. psy any oi such charges when pa,vable. either betose or after they sre delinquent, without notice. or make advances therefor in excem~ oi the then aiaount oi credlt for said charSes. The excem amount sdvanced shall be immedlately due and payable to the MortguBee an8 ahaU be secured as an additioaal priudpal sum under thts inatrument and bear tAe same n?te ot interest irom date of advsacement as the principal iadebtedaess. An ot[icW recelpt therefor shall be conclusive evidence of such payment and ot the validity oi such charges The Mortgagee may apply credits held by it for the above charges, or any part thereof. on account of aaq dellnquent installments of prindpal or iaterest or any other payments maturing or due under thia instrument and the amount oi credlt exLsttng at aqY time ahall De reduced by the amount therEOf paid or applled as herein provided. The amount of We existing credit hereunder at the tlme oi any tranafer of the property shall without as~signment t1?ereoi ii?ure to the beneflt oi the successor owner of the property and shall be applled under and subject to all of the pmvisions hereoi. Upon the payment tn tull oi the indebtednesa. the amount of any unused credit shall be spplled W the paYment thereoi. The Mortgagee may collect a'7ate charge" not to exoeed tour cents (4c) foi each one dollnr (i1.00) of each monthly installment payment required on the note and under this DRortgage which is more than Siteen (15) days in arrears, to cover the extra expense involved [n handling delinquent pe~yments. 2 To pay. when payable. all taxes and assessments. general or special, water rents snd ground reats nnd all other charges whatsoever levied upon or a~sed or placed against the premises, provislon for which has not been made here- inbefore, and will promptiy deliver the o8tcial receipts theretor to the Mortgagee; to Illcewise pay all taxes. as~es~?enb and other char8ea, levled upon or assessed. placed or made aga[nst this instrument, or the tndebtedness or any interest oi the Mortgagee in the premises or the obligatlona secured 6erebY. Pmvided that the payment oi any such tax ment or charge by the Mortgagor Is not contrary to law or would not result In the psyment of an uNawful rate oi tnter- est on the indebtedness hereby secured. In the e~ ent of the paasage atter the date oi thls lnstrument oi any law oi the State. or subdivision thereof. wherein the premises are s[tuated. creating or providing for any tax. assess~nent or charge whlch by U?e above proviso is not to be paid by the Mortgagor. the fndebtednesa secured hereby together wlth interest due ther~on, ahall. at the option of the Mortgagee, bernme immedlately due ead payable. and in the event payment there- of ta not made forthwlth. the Mortgagee may take or cau~e to be taken such action or proceeding as may be taken here- under fn the cate oi anq other default in the payment oi the indebtedness. ` 3. To keep the buildinga and additions thereto on or hereafter erected or placed upon the land insured agalnst lo~s ~ by rire and auch other hazards, casualtles and contingeaciea. including weu~ damages ii at any time a state of war e~dsts or ; it appeers to the holder ot the note that war 1s immineat, and in such amounts and for such perlods. as may be requlred { lrom Wne to time by the Mortgagee, and to pAy prompUy when due all premiums on such inaurance, provbion for pay- j ment oi which has not been made hereinbefore. The polic[es of insurance ahall have loss payable provistons acceptable to ~ the Mortgagee and shall be delivered to and held by the Mortgagee. or as it may direct, untll this Mortgsge is sattsged. ~ Renewal pollcies of insurance. premiums for which have been tully paW. ere to be furnished to the Mortgagee at least ~ Siteen daYs Prior to the expiration date o! the Inaurance therebq rPnewed. The fnwrance shall be writien in oompaNes ~ approved by the Mortgagee: 1n no event shall the Mortgagee be held responsible for failure to pay for any insurance ~ written or for any loss or damage grawing out oi a defect in any poHcy or growing out oi any fatlure oi any it~urance company to pay for any loss or damage [nsured ageins~ In the event ot laas the Mortgagor ahail give i~nmedlate noUce ~ by mail to the Mortgagee who may make proof of loss if not made pmmpUy by the Mortgagor; each tnsurance company ~ concerned is.hereby authorized and directed to make payment for loas directly to the Mortgagee lnatead oi to the Mort- , gagor and the Mortgagee ioinUy; the insurance procE.~eds. or any part t6ereof. may be appl[ed by the Mortgagee~ at 1ts option, to the expenses, if any, incurred by it In the collecUon thereof, to the reducUon of the indebtedneas hereby se- ~ cured, to the restoration or repair oi the property damaged. or released to the Mortgagor without liabWty upon the Mort- ~ gagee Lor such relea9e. All polides of insurance are herebq aasigned to the Mortgagee as addiUonal secudty for the pay- ~ ment oi the sums and intorest secured hereby; in the event ot forecloaure ot this Mortgage or other trans[er oi tltla W the ~ premises in extingufshment of We indebtedness, all rlght, tltle and interest of the Mortgagor ia and to aay lnwrance ~ polides then in force shall paas to the purchaser or grantee. ~ 4. To rnmplete within a reasonable time any building or bulldings now or at anq t[me in the process of erecUon upon ~ We land and to pmmpUy repair. restore or rebuild any bullding or improvements now or hereafter on the land whicb may become danneged or lse destroyed. aad not commit or permlt to be done or exist on or about the premises anythiag ~ whereby the premises ahall beoome less valuable• to comply with all laws. rules. reS~ilatfons, or ordlnancea oi any govetn- mental a8ency and not Wolate or permit the violatlon as to the premises oi anq building or use restrictfons; to keep the laad and lmprovements thereon iree irom mechaniNs snd materialmen's llens and w[ll not sui(er at~y llen superfor to the lien created by thls fnstrument to attach to or be enforced aBainst the premi~a. ~ 5. I! detault be made in the payment ot taxes. as~sments, IIeas. clatms. inwrance premlums or any oWer charge wrhatsoever. or any part thereoi, or in the pedormence of any act, to be paid or pertormed by the Mortgi~or under the provWons hereof, t2~e Mortgagce may, at its option, malce P4yment thereoi or pertorm any act requtred oi the Mortgagor ~ in any form or manner deemed expedient and p~y any other sum that b necessary to pmtect tbe seeudty ot thls fustru- ment; the amounts ao patd. wltl~ lnterest thereon lrom the date o! such psyment at Uu iame nte as borne by the prln- ~ dpal indebtednear, st?all be as~es~ed as an addltional lien on the premises and shall be addM to and beoome a part oi the ~ fadebtedneas secured hereby and be immediately due and payable to the Mortgagee. Any paynneat hereby authorl~ed to be made by the Mortgagee may be made accordtng to any bill. statemeat or estimate furnished or procured trom the appro- ~ ptlate publlc olIIce or the party claimin8 payment without lnquiry into the accurac~? os vWd1t~ therea~, and the reoeipt ot ~ any pubUc o~loer or party in We hands oi the Mortgagee shW be conciwdve evidenca oi tlfe vWdtt~ a~d ~mo~at ot itea~s ~o pa1d: the Mert~a~ee st~a11, at 1b oPUon. be subrogated to any encumbrance. 11ea. clalm ar demaad. and to all tbe rt~hb ~ ~od ~ecudUes for the paymsat thereot. Paid oc dlsc~arSed alth the Pr[netpal suaa secured luirbp oe M tLe l[~ee under tUe pro~vWons bereot. and any such subro~atton rtghts aball be addidonal and cumulative ~ecuelb to tWs Mort• : p~e. ~ ~ ~ ~ 547 : ~ ~ aooK ~.42 ~ ~ . ~ V~~~~~ ~ - „ _ . ~..v _