Loading...
HomeMy WebLinkAbout1168 of the Mortgagee become immedlately due and payeble. wtthout notice. and proceedtnga may be Instituted by the Mort- gagee for the recovery thereot by toreclosure oi thls Mortga~e~ or in eny other manner perniitted by la~v as the Mort- gagee may elect. anythfng ia tt~e note or in thL Mortga~e oonWned to the ooptrary thereto notvvlthstaading. Upon fore- - closure ot thts Mortgage. tbe Mort~agee shall be allowed ~s a part of the lndebtedneas secured he_~eby. and the Mort- gagor agrees to psy. ell costs and expenaes lncurred in oonnecUon therewith. including reaaonsDle sttorney'a fees, oost ot tltle and tax search and the extenaion to de~te of an abstrsct o! dtle or Utle pollcy; and !a caae such foreclosure proceed- inga are settled betore the consummetion thereof or the entry ot iudgmen~ any auch coats and expenses and oWer charges so tncurred. iacluding a reasonsbie attorney's fee~ st?all nevertheless be pstd. The Mortga~ee or aay party in 1n- terest. being the Aighest bidder. auy be a purchaser at any forecloaure ssle. Aqy electfon bq the Mortga~ce as herefn pro- vided for may be exerd~ed lmanedfately upon default~ or at any time thereaiter. and nothing shall be constsued to be a waiver ot such right unless evidenced by an Instrument in wriUng to that eQect duly executed by the Mortgagee. The Mortgagor waivea all right oi homestead and exemptton granted by the Constitutloa and Laws of Flodde. AND THE MORTGAG~R FURTHER CONVENAN75 AI`1D AGREES: 1. To pay the pdncipal fndebtedaess with intereat as in the note pmvided. To pqy monWy unto the Ddortgagee. In addition to and et the Wne and place for each payment of principal and intereat. an tnstellment oi each of the follow- ing charges: (a) Taxes and sssess~nents. general or speclal. and all other charges levied or to be levled against We premtses (b> Premiums to become due and psyable for. and to renew, the lnsursnce on the premises againit loas by flre and such other ha7ards. casualtiea and rnntingencies as herein provided for or required irom time to time. The amount oi the respecdve monthly instaltnnents a1?all be equal to the amount of the aanual reapecUve charge next due (as esUmated by the Mortgagee). leas aU installments already paid therefor. divided by the nwnber oi monWy ln- stallments therefor becoming due not later than oae month prior to the due date oi aqy such charge aad ahall be sub- ject to increase or decrPase to the extent requirea to create as of a month~y payment date on the note aot less then one month prior to the due date of any such char8e. an amount sufficient tor the payment thereo! 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 m~y be held with 1ts own funds pending payment or appUcation thereoi as herein pmvided. The Mortgagor shall furnish unto the Mortgagee at least 8tteen days before the due date an officisl statement of the amount of any taxes or asgessments next due, and such Mortgagee ahall pay the above cherges to the amount of the then unused credit therefor as and when they become aeverally due and payable. The Mortgagee may. at tts optIon. pay any oi such charBes when payable. either before or aiter they are dellnquen~ without notlce. or make advances therefor in excess oi the then amount oi credit for said char8es. The excess emount advanoed ahall be lmmediately due and payable to the Mortgagee and shali be secured as an addiUonal prindpal sum under this instrument and bear the same rate of interest irom date ot advancement as the principal indebtedness. M officiel recelpt therefor shall be conclusive evidence ot such payment and of the validity oi auch charges. The Mortgagee raay apply credits held by it for the above charges, or any part thereot, on account of any delinquent installments oi prindpal or interest or any other payments maturing or due under thia insttvment and the amount of credit existing at anY time shall be reduced by tAe amount thereof paid or applied as herein provided. The amount of the euLsting credit hereunder at the tlme of any tranafer of the property shall without asslgnment thereoi inure to the bene8t ot the successor owner oE the pmperty and shall be applied under and subject to all of the provisions hereof. Upon the payment in full oi .the indebtednesa, the amount of any unused credit shall be applled to the payment theceof. The Mortgagee may collect a"late charge" not to exceed tour cents (4c) foY each one dollar (=1.00) of each monthly instellment payment requiced on the note and under this Mortgage which is more than Stteen (15) days in arrears, to - cover the extra expense involved in handling dellnquent payments. 2. To pay. when payable. all taaces and assessments, general or special, water rnnts and ground rent3 and all other charges whatsoever levied upon or assessed or placed against the premises, provision for which has not beea made here- inbefore. and wlll prompUy deHver the ogicial receipts therefor to the Mortgagee• to likewise pay all taxea. assessnnents and other chargea. levied upon or assessed, placed or made against this instrument, or the [ndebtedness or any interest of the Mortgagee in the prem(ses or the obligat[ons secured hereby, prov(ded that the payment oi any such tax essess- ment or charge by the Mortgagor Is not rnntrary to law or would not result in the pavment of an unlaw[ul rate of inter- est on the indebtednes4 hereby secured. In the e~•ent of the passage after the date of this instrument of any law of the State, or subdivision thereof, wherein the premises are situated, creating or pmviding for any tax, asse~ment or charge which by the above pmvLso is not to be paid by the Mortgagor. the indebtedness secured hereby together with interest due Ij thereon. shall. at the option of the Mortgagee, become immediately due and payable, snd in the event payment there- of is not made forthwith. the Mortgagee may take or cause to be taken such actIon or proceeding as may be taken here- under 1n the case oi any other default in the payment of the indebtedness. 3. To keep the buildings and addittons thereto on or hereafter erected or placed upon the land insured agafnst loss by fire and. such other hazards, casualties and contingertcies, including war damages if at any time a state oi war e~dsts or it apgears to the holder of the note that war is imminent, and in such amounts and for such perlods, as maq be required irom Wne to time by the Mortgagee, and to pay prompUy when due all premtums on such iasurance, provision for pay- ment of whIch has not been made hereinbefore The policies of insurance shall have losg payable provisions acceptable to the Mortgagee and shall be delivered to and held by the Mortgagee, or as it may direct, unW thia Mortgage is satiafied. Renewal policies of insurance. premiums for whtch have been fully patd, are to be furnlshed to the Mortgsgee at least nfteen days prior to the exp[ration date oi the insurance thereby renewed. The lnsurance ahall be written in companies approved by the Mortgagee; in no e~ ent shall the Mortgagee be held responsible for failure to pay for anq insurance written or for any loss or damage growing out oi a defect in any pollcy or growing out oi any lailure of any insurance rnmpany to pay for any lo6s or damage insured agains~ In the event of losa the Mortgagor shall give immedtate notice by mail to the Mortgagee who may make proot of loss if not made promptly by the Mortgagor; each insurance company concerned is. hereby authorized and directed to make payment for loss direcUy to the Mortgagee instead of to the Mort- gagor and the Mortgagee foinUy; the insurance proceeds, or any part thereof, may be applied by the Mortgagee, at its option, to the expenses, ii any, incurred by it in the collection thereof. to the reduction oi the indebtedneas hereby se- cured, to the restoration or repair of the property damaged, or released to the Mortgagor without llabWtq upon the Mort- gagee for such release. All policies of insurance are hereby assigned W the Mortgagee as additional secudtq for the pay- ment ot the s~una and interest aecured hereby; in the event of foreclosure of this Mortgage or other transfer of tltla to tAe premises in extinguishment of the indebtedness, all right~ title and interest of the Mortgagor in and to any lnsurance polidea then in force shall pass to the purchaser or grsntee. 4. To complete within a reasonable time any bnilding or bulldings now or at any time in the process ot erectlon upon tbe land and to prompUy repalr. restore or rebulld any bullding or improvements now or hereafter on the land wWch inay become damaged or be destroyed~ and not comadt or pemnlt to be done or e~dst on or abont the premises anything whereby the premises ahall become less valuable• to comply with all laws, rnles, regulations, or ordlnances oi any gavern- mental agency and not violate or permit the violsUon as to the premises of anq building or use restrirtiom; to keep the land and improvements fhereon iree from mechanic's and materialmen'a liens and wW not sulier anq llen supedor to the lien created by this instrument to attach to or be eniorced against the premL9es. 5. It detault be made in the payment o! taxes. assessments, Uens. clatms, insurance premlums or any other charge whatsoever. or any part thereoi, or in the pertormance oi any act, to be patd or pertormed by the Mortgagor under the pmvWons hereot. the Mortgagee may. at ita option, make pe~yment thereoi or perform any aci required oi the Mortgagor fn any form or manner deemed expedient and pay any other sum Lhst b necessary to protect the aecurity ot tlils instru- - ment; the amo~wts so paid, with Interest thereon irom the date oi such payment at the same rate as borne Dy the prin- cipal indebtedneas, shall be assesaed as an additional llen on the premises and shall be added to and beoome a part oi the indebtedness secured hereby and be immedlatelq due aad payable to the Mortgagee. Anq pqyment hereby suthorlxed to be made by the Mortgagee ma~y be made acooMing to any bW, statement or estimate furntshed or procured trom the appro- prlate pubUc oQlce or the party claiming payment wlt6out inqufrq Into the accuncy or vaitdlty thereoi, and the reoefpt oi any pubHc o~ioer or party.in the hand4 of the Mortgagee shall be conclusive evideace of the valtdity and amount o! ltems w patd: the Mortgagee st?all, at Its opUon. be subrogated to eny encumbrance. ltea, clafm ~ demand, atW to all the riYhb aud accudties for the payment thereoi, paid or dfs~arged wlth the prlnclpal sum secured hereby or bp the Mort~a~ee nnder Ne pravfd~s hereoi. and any such subro$atioa rlghta st~W be addiUonal and cumuLtive iecudt~? to thls Mort- ~e- ~ g~~?0 P~~1S4 ~ ~ ~ ~ ~ ':'~~1 ry~=~ ~'~'~i,Y p `~~Yz ':~i`~. c~".~_ ' . : ~ ~ ~ ; 6 : - _ . ' ~ -'s~:-.3 _ _