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HomeMy WebLinkAbout1253 ot the Mortgagee become immedlately due end payable, wlthout aoUce. aad pmceedtn~s ma~y be fastituted by the Hort- gagee tor the recovery thereof by foreclaause oi this Mortga~e. or ln e~qy other manner pern?itted by law as the biort- gagee may elec~ aaything in the aote or fn this Mortga~e oenWned W the oontraq? thereto notwithst~ndlnQ. Upon fore- closure o! this Mortgage. the MortQagee shall be Wowed as a part of tAe lndebtedness aecured bereby, and the Mort- gagor agrees to pay. W costs snd expenees incurred in connecUon thprewith. iACluding reamnable attorney's ied. oost ot title and tax seareh and the extendon to date ot an abstract oi dtle or Utle pollqr; and in caae such foreclasure proceed- ings ere settled betore the consummation thereoi or the entry ot iudgmen~ any such coa4 and expeasea and oWer charges so incurred. Including a ree~sonable attorney's fee~ shall nevertAeless be psld The Mort~agee or aw? party in in- terest~ betng the highest bidder~ may be a purchaaer at any forecloaure sale. My election by the Mortga~ee ~s hereln pro- vided for may be exerclaed ta~mediatel,y upon default, or at any dme thereatter. and aothing shell be construed to be a v`a[ver of such right unlesa evldenced by an lnstrument in wdting to that eIIect duly executed by the Mortgagee. The Mortgagor waives all rlght oi homestead aad exempUon granted by We Conriltution and I.aws o1 Florlda. AND THE MORTGAGOR FURTHER CONVENANIS AND AGREFS: 1. To pay the princlpal iadebtednes4 wtth lnterest as 1n the note provided. To pay monthly unto the Mortgagee. in addlUon to and et the tlme snd place for each payment of pdncipal and lnterest, an installment ot each of the foUow- ing ehargea: (s) Texes and assesm?ents. general or apecW. and all other chargea levied or to be levied against We preinlaes. lb) Premiums to become due and payable for. end to renew. the insurance on the premisea against laas by Sre and such other harards, ca~ualties end contingencles as herein pmvlded for or required from tlme to tlme. The amaunt of the respecUve monthly tnstallments shall be equal to the amount of the annual respecUve charge next due (as estimated by the Mortgagee). less dl lnstallments alcesdy paid therrfor. divided by the number of monWy in- atallmeata therefor becoming due not iater than oae month prlor to the due date oi any such charge and shall be sub- ject to incrPase or decrease to the eutent reqult'ed to create as of a monWy payment date on the note not less than one month pdor to the due date of any such charge. an amount suHicient for the payment thenwf when due and payable. In no event shall the Mortgagee receiving such payment be liable for any interest on any amouat pald to it as herein required. and the money so received may be held with its own funds pendiug payment or applicattoa thereof as heretn pmvided. The Mortgagor shall furnish unto the Mortgagee at least Nteen de~ys betore the due date an official statement of the amount oi any taxes or asseaunents next due. and such Mortgagee shall pay the above cMrges to the amount oi the then unased credit therefor as and when they become severally due and psyable. The Mortgagee may. at 1ts option. pay any oi such charBes when payable, either before or atter they are dellnquen~ without notice. or make advances therefor ln exces~ oi the then amount of credit tor said charSes. The excess amount advanced ahall be immediately due aad payable to the Mortgegee and shall be secured aa an addiUonsl prtndpal sum under this instrument and bear the same rate of interest irom date of advancement aa the prtnclpal lndebtedness. An oQicial recelpt therefor shall be conclusive ~ evidence of such payment and of the validity oi such charges. The Mortgagee may apply credits held by it for the above charges. or any part thereoi. on account oi any delinquent installmenta of principal or lnterest or any other payments _ maturing or due under this instnunent and the amount of credit exLsting at any time shall be reduced by the amount thereof pald or appl~ed as herein provided. The amount of the exlsting credlt hereunder at the time oi any tramfer of the property shall without esstgnment thereof inure to the beneflt oi the successor owner oi the property ~u?d shall be applied under and subject to all of the provWona hereof. Upon the payment in fuli of the indebtedness. the amount o! any unused credit shall be applied W the paYn?ent thereoL The Mortgagee may collect a"late chsrge" not to exceed four cents (4c) foi each one dollar (=1.00) ot each monthly installment payment requlred on the note and under this Mortgage whIch is more than flfteen (15) days in arrears, to cover the extra expense involved in handling deltnquent payments. 2. To pay. when payable. sll taxes and assessments. general or special, water rents and ground rents and all other charges whatscever IevIed upon or assessed or placed against the premises, provision for which has not been made here- inbefore. snd wW pmmpUy deHver the oHicial receipLs therefor to the Mortgegee; to llkewlse pay ell taxes, asaesunents and other charges. levied upon or assessed. placed or made against this instniment, or the indebtedness or any interest of the Mortgagee in the premises or the obltgations 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 peYment of an unlawiul rate of lnter- est on the indebtednesa hereby secured. In the event oi the passage after the dete oi this instrument oi any law of the State, or subdiviston thereof. wherein the premises are situated, creatIng or providing for any tax. asseasnent or charge ' which by the above proviso is not to be paid by the Mortgagor, the indebtedness secured hereby together wlth interest due ~ thereon, shall, at the option of the Mortgagee, become immediately due aad payable~ and in the event payment there- i of b not mnde forthwith. the Mortgagee may take or cause to be taken such aMton or proceeding as may be taken here- under in the c~sse oi any other default in the payment of the indebtedness. ~ 3. To keep the butldings and additions thereto on or hereafter erected or placed upon the land insured against loss ; by fire and such other hazards, casualties and contingeircies, including war damages ii at any time a state of war exists or ~ It appears to the holder of the note that war fs imminent, and in such amounts and for such perloda~ e,s may be requ(red s irom Ume to time by the Mortgagee, and to pay pmmpUy when due all premiums on suct~ insurance, pmvision for ~ ment of which has not been made hereinbetore. The policies of insurance shall have loss payable pmvLsions acceptable8to € the Mortgagee and shall be delivered to and held by the Mortgagee. or as it may direct, unti! this Mortgage is satis[led. ~ Renewal pollcies of fnsurance, premiums for whlch have been fully paid. are to be furnished to the Mortgagee at least ~ Siteen days prior to the expiration date of the insurance thereby renewed. The insurance shall be wrltten !n companies approved by the Mortgagee; in no event shall the Mortgagee be held responsible for failure to pay for any insurance ; written or for any loss or damage growing out oi a defect in any policy or growing out o1 any failure ot any insurance ~ company to pay for any loss or damage insured againsG In the event oi loss the Mortgagor shall give immediate notice by mail to the Mortgagee who may make proof of loss if not made prompUy by the Mortgagor; each insurance company ~ rnncerned is. hereby suthorized and dlrected to make payment for loss directly to the Mortgagee instead oi to the Mort- ~ gago; and the Mortgagee ioinUy; the insurance proceeds. or any part thereof. may be applted by the Mortgagee. at its option, to the expenses, if any, incurred by it in the collection thereof, to the reduction oi the indebtedue~ hereby se- ~ cured, to the restoration or repair of the property damaged, ar released to the Mortgagor without lfability upon the Mort- ~ gagee for such release. All pollcies of insurance are hereby assigned to the Mortgagee as addltlonal secudty for the pay- ~ ment ot the sums and intecest secured hereby; in the event ot foreclasute of this Mortgage or other transfer o! tltla to the premises in extinguishment of the indebtedness, all rlght, tftle and interest ut the Mortgagor in and to any inatrance ~ polides then in force shall pass to the purchaser or gcantee. ~ 4. To complete with[n a reasonable time any building or buiidings now or at any tlme in the procesa of erectIon upon ~ the land and to promptly repair. restore or rebuild any building or improvements now or hereafter on the land which t may become demaged or be desiroyed. and not oommit or permlt to be done or exist on or about the premises aaything ~ whereby the premises shall become less valuable; to comply with all le?ws, rules, regulatfons, or oidinanoes of any govern- 1 mental agency and not violate or permlt the violaUon as to the premtses oi any building or uae restrictions; to keep the ~ land and improvements thereon iree irom mechanic's and materialmen's llens and wlll not suffer any llen snperlor to the ; lien rreated by thls lnstrument to attach to or be enforced agatnst the premi9es. ' S. If detault be made in the payment ot taxes, asseasments, Ilens, claims. inaurance premfums or any other charge ; whatscewer. or any part thereoi, or in the performance of any act, to be patd or pertormed by the Mortgagor under the ~ provWons hereot, the Mortgagee may, at its opUon, meke payment thereoi or pertorm any act requlred ot the Mortgagor W any torm or manner deemed expedient and pay any other sum that la necessary to pmtect the secudty of thls iastru- ment; the unounta so patd, with interest thereon irom the date of such payment at the aame rate as borne by U?g prln- clpal lndebtedneas, shall be assea~ted as an addidonal llen on the premises and shall be added to and beoome s part oi the Sndebtedneas secured hereby and be iinmediately due and payable W the Mortgagee. My payment hereby authodxed to be ~ made by the Mortgagee may be made acoording to any bW, atatement or esUmate furnished or procured from t6e appro- prlate publlc office or the party claimSng paymeat without inquiry into the accuncy or vaUdlty tLereo~ and the recefpt oi ~a any pubDc o~cer or party In the hands of We Mortgagee sball be coaclusive evidence oi tLe validity and amount ot items : so Paid: the Mortgagee ahall. at !ts option, be subrogated to any encumbrance. Den. clatm or demaud, ~nd to aL the ri~hU ~ad aecudtfes for the papment thereo~ paid or discbarged wlth the prtncipal sum ~ecured hereby or by the Mort~e~ee n~n~dpr~r t~e prnvWoos bereot. and any such subrogatlon rlghta stWl be add[tional aad cumulative acudl~ to th4 Mort- r_Y ~~~0~~ ~ . B~K ~70 ~~f~2~9 ~ ryi ~ f~~~ . Y~},_ ~'.~6 '~3 4-2 , ~.`v. .yay~5-. ' Y_:~ _ _ ...`.'K ,