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HomeMy WebLinkAbout0382 ot the \lortgagee become immediately due and payable. withuut notice, and pra.,eedings may be instItuted by the biort- gagee tor the recovery thereot by foreclosure of this Mortgage, or tn any other manner permitled by lsw as the riort- gagee may elect, anything in the note or in thla Mortgage contained to the rnntrary thereto notwlthstanding. Upon fore- closure ot this Mortgage, the Mortgagee aAsll be allowed sa a part ot the indebtednes4 aecured hereby. end the Mort- gagor agrees to pey, al! casts and expenses incurred in cotuiecUon therewith, including reasoneble sttorney's feea, cost oi title and tax searct? and the extension to dste oi an abstract of title or tiqe policy; and !n case wch foreclaaure proceed- ings are settled before the consummatioi? thereof or the entry o[ iudgment, any such costs snd expenses and other charges so incurred, lncluding a reasonable attorney's fee. shall neverthelesa be paid. The Mortgagee or say party in in- terest, being the highest bidder~ may be a punhaser at any foreclosure sale. Any election by the Mortgagee as herein pro- ~•ided [or may be exercL4ed Immedlately upon delault, or at eny time thereafter, and nothing shall be construed to be s wai~•er o[ sucR right unless evidenced by an instrument in writing to that eHect duly executed by the Mortgagee. The ~fortgagor waives all right of homestead and exemptton granted by the Constitution and Laws o! Florlda. Ah"D THE MOR'PGAGOR F[1RTHER CONVENANTS AND AGREES: 1. To pay the principal indebtedness with interest as in the note pmv[ded. To pay monWy unto the Mortgagee, in addition to and at the Ume and place tor each payment ot principal and interest, an lnstallment of each oi ihe follow- ing c??atges: /a) Taxes and assessments, general or special, and aU other charges levied or to be levied against the pmmises. lb) Premiums to become due and payable for, and to renew, the insurance on the premises agalnst loss by 6re and such other hazacds, cssualUes and contingencies as herein•provided for or requfred from time to time. The amouni of the respecUtie monthly installments shall be equal to the amount of the annual respecUve charge next due (as estimated by the Mortgagee), less all installments already pafd thereidr, divided by the number of monthly in- stallments therefor becoming due not later thare one month prior to the due date oi any such charge and shaU 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 prior to the due date of any such charge, an amount sufficient for the payment thereoi when due and payable. In no e~•eni shall the Mortgagee receivtng such payment be liable for any internst on.any amouat pald to it as herein required, and the money so received may be held with 1ts own iunds pending payment or application thereof as herein prosided. The biortgagor shall furnish unto the Morigagee st least 8lteen days before the due date an oHicial statement of the amount oi any taxes or assessments next due, and such Mortgagee shell 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, psy any oi such charges xhen payable, either before or after they are dellnquent. without notlce, or make advances therefor in excess of the then amount of credlt for said char8es. The excess amount advanced shall be immediately due and payabte to the btortgngee and shal! be secured as an additional prjncipal sum under this instrument and bear the same rate ot intemst irom date of advancement as the principal indebtedness. M offIcfal receipt therefor shall be conclusi~e e~~dence of such payment and ot the ~~alidity of such charges. The Mortgagee may apply cred[ts i?e1d by it for the abore charges, or any part thereof, on account oi any delinqueat installments oi principal or interest or any other payments maturing or due under this instrument and the amount of credit existing at any time shall be reduced by the amount thereof paid or applied as herein provided. The amount of the existing credit hereunder at the time of any transfer of the ~ property shali without assignment thereo! inure to the bene8t of the successor owner of the property and shall be applied under and subject to all of the provisions hereof. Upon the payment in full ot the indebtedness, the amount of any unused credit shall be applied to the pa}~nent thereof. The 3iortgagee may colleet a"late charge" not to exceed four cents (4c) fot each one dollar (a1.00) of each monthly installment payment required on the note and under this Mortgage which is more than fttteen (15t days in arrears, to cocer the extra expense involved in handling delinQuent payments. 2 To pay, when payable, all taxes and assessments, generai or special, water rents and ground rents and all other chazges whatsoecer levied upon or assessed or placed against the premises, pro~•ision tor which has not been made here- ~ inbefore, and acill pmmptly deliver Lhe oHicial ceceipts theretor to the blortgagee; to likewise pay all taxes, assessments t and other charges, levied upon or assessed, placed or made against this instrument, or the Indebtedness or any tr~terest of the ~fortgagee in the premises or the obligations secured hereby, provided that the payment of any s~tch tax assess- ment or charge by the :tiSortgagor is not contrary to law or would not result in the pavment of an unlewful rate of inter- est on the indebtedaess hereby secured. In the e~~ent of the passage atter the date of this instrument of any law ot the State, or subdi~~ision thereof, wherein the pr~mises are situated, creating or providing for any tax, nssessment or charge E which by the above pro~iso is not to be paid by the blortgagor, the indebtedness secured hereby together with interest due thereon, shall, at the option oi the biortgagee, become immediately due and payable, and in the event payment there- of is not made forihwith, the Mortgagee may take or cause to be taken such action or proceeding as may be taken here- under in the case of any other default in the payment of the indebtedness_ 3. To keep the buildings and additions thereto on or hereatter erected or placed upon the land insured against loss bp fire and such other hazards, casualties and contingencies, jncluding war darr.ages if at any time a state o! war exists or it appears to the holder of the note that war is imminent, and in such amounts and for such pedods, as may be requlted from time to time by the blortgagee, and to pay prompUy when due ail premiums on such insurance, provision for pay- ment of which has not been made hereinbetore. The policies ot insurance shall hs~~e loss payable provisions acceptable to the ~Iortgagee and shall be deli~~ered to and held by the Mortgagee, or as it may direct, until thls Mortgage is satistied. Reneu•a7 poticies of insurance, premiums for which have been tully paid, are to be lurnished to the Mortgagee at least Rfteen days prior to the expiration date oi the insurance thereby renewed. The insurance shall be wrftten in companies approved by the ~tortgagee; in no e~ent shalt the biortgagee be heid responsible for failure to pay for any insurance w-ritten or tor any loss or damage growing out of a defect in any policy or growing out of any fallure o[ any insurance company to pay tor any loss or damage insurnd against. In the event o[ loss ihe Mortgagor shall gtve immediate notice by mail to the ~fortgagee who may make proof of loss it not made promptly by the Mortgagor; each insurance company concerned is hereby authorized and directed to make payment for loss direcUy to the Diortgagee instead of to the Mort- gagor and the Mortgagee jointly; the insurance proceeds, or any part theteoi, may be applied by the Mortgagee. at Its opt:on, to the expenses, if any, incurred by it in the collection thereof, to the reduction of the indebtedness liereby se- cured, to the restoration or repair o1 the property damaged, or released to the Mortgagor withaut liablljty upon the bfort- gagee for such retease. A11 policies of [nsurance are hereby assigned to the Mortgagee as additional securiLy tor the pay- ment of the sums and interest secured hereby ; in the event of Loreclosure of this Mortgage or other transfer of tiUQ to the _ premises in extingu~shment ot the indebtedness, all right, title and interest of the Mortgagor in and to any insurence policles then in torce shall pass to the purchaser or grantee. 4. To complete within a reasonable time any building or buildings now or at any time in the process of erect~on upon the land and to prompUy repair, restore or rebuild any building or improvements now or hereafter on ihe Icnd which may become damsged or be destroyed, and noi commit or permit to be done or exist on or about the prem3ses anything whereby the premises shall become less valuable; to comply with all laws, rules, regulations, or ordinances oi any gavern- mental agency and not violate or permit the violation as to the premLtes of any building or use restrictions; to keep the land and improvements thereon free irom mechanic's and materialmen's liens and will not sutCer any IIen superior to the (ien created by this instrument to attach to or be enforced against the premisea 5. It default be made in the payment of taxes, assessments, I(ens, claims, insurance premlums or any other charge whatsoever, or any part thereot, or in the perlormance of any act, to be pald or performed by the Mortgagor under Lhe providons hereot, the Mortgagee mey, at its ~option, make payment thereof or pertorm any act requlred of the Mortgagor fn any form or manner deemed expedient and pay any other sum that ia necessary to protect the securtty of this instru- ment; the amounts so paid, with interest thereon from the date o[ such payment at the same tate aa botne by the prin- cipal indebtedness, shall be aqsesaed as an addittonal lien on the premises and shall be added to and bec.~ome a part of the indebtedness secured hereby and be immedistely due and payable to the MoMgegee. My payment hereby auttiorl~l to be made by the Mortgagee may be made according to any bW, statement or estimate furnlshed or procured irom the appro- ro u priau public oHice or the party claiming payment without inquiry into the accucaey or valtdity the~+eot, and the receipt of any publ~c officer or party [n the hands oi the Mortgagee shall be conciusive evidence ot the val[dity and amount of lterru w pald; the Mortgagee shall, st 1ts option, be aubrogated to any encumbrance, llea, claim or demand~ eutid to all the rights and iecurftfes tor the payment U?ereoi, pald or dlscharged wfth the pNnclpal snm aecure~i hereby or by the Mort~agee under ufe provWau hereof, and any such wbrogation rights shall be additlonal and cumulaUve ~ecurlly to thls Mort- t~• 8001f 16~ PACE ~S~ ~ _ - - _ - . . , ~ . . _ -c~iak: