Loading...
HomeMy WebLinkAbout1527 ot the Mortgagee become Immedietely due and payable. wlthout noUce. and procfedings may be lasUtuted by the Mort- gagee for the recovery Wereot by forecloaurc ot this Mortgage. or in any other msnner permltted by Lw sa the Mort- gagee may eleM. a~ythtng fn the note or tn this Mortgage oontalaed to the contrary thereto notwitdsUndin~. Upon Lore- closure ot this Mortgage, the Mortgagee ahell be allovved es s part of the indebtedness secured hereby, and the Mort- gagor agrees to pay. ~ll casts and expenses Incurnd in oonnecdoa tRerewith, including reasonable ettoraey's fees. coat oi title and tax search and the exteadoA to date ot sa abstract of tttle or title pollcy; aad in csse wcti toreclosure proceed- ings sre aettled before the consummatton thereoi or the entry ot iudgment, any such costs and expenses aad other charges ao Incurred~ Indudtng a reasonable ~ttorney's fee, shatl nevertheless be patd. The Mortge~gee or any party !n 1n- terest, Dein~ Ne higheat bidder. may be s purchaser at any foreclosure sale. My election by the Mortgagee as herein pro- vided for mqy De exerctaed linmediately upon defaul~ or at any Ume theredter. and nothing Mall be coasttved to be a waiver oi such rlght unleas evidenced by an instrument in writing to that eQect duly executed by the Mortgagee. Tde Mortgagor welves all right o! homestead and exemption granted by We Constitution and L.sws oi Flodda. AND THE MORTGAGOR FURTHER CONVENAN'15 AND ACREFS: i. To psy the principal indebtedness with interest as in tl~e note provided. To psy monthly unto the Mortgagee. in additlon to and at the Ume and place for each psymeat of pr[nclpal and interest, an instaliment of each oi the foAow- 1t?S chsr'Sea: (a) Taxes snd assess~nents. general or special. and all other charges levIed or to be levied against the pr~mises. (b) Premiuma to become due and payable for. and to renew. the insurance on the premises againat loas by 8re and auch other haraida„ casualtles and contingencies as herein provided for or requtred irom Wne to time. The amount oi the respecUve monthly iattalltnents shall be equal to the amount of the annual respecUve charge next due (aa estlmated by the Mortgagee). leas all installraents alreac~y psid therefor. divided by tAe number oi monWy in- stallmenta thereior beooming due not Lter than oae month prtor to the due date oi aqy such chsrge and ahall be sub- ject to increase or decree~ae to the extent required to create as of a monthly payment date on the note not less than one month prior to the due date ot any such charge. an amount suHicient for the payment thenwi wh•::. due and payable. In no event' shall the Mortgagee receiving such payment be liable tor any interest oa any amount paid to it aa herein requirPd. and We money so received mqy be held arith lts own funds pendiag paymeat or appllcaUon thereof as heretn provided. The Mortgagor sAall furnish unto the Mortgagee at least 8tteen days before the due date an offictal statement of the amount of anq taxes or asaes~enta next due. and such Mortgagee shall pay the above charges to the amount ot the th~ unuaed cn+dit therefor aa and when they become severally due and payable. The Mortgagee may. at its option. ps,y any of such charBes when psyable. either betore or atter they are dellnquen~ without notlce~ or make advnnces therefor in excesa ot the U?en amount oi credlt for aaW chargea. The excess amount edvaaced Mall be lmmedlately due and payable to the Mortgagee and shall be secured as sn additlonal prindpal sum under this instrument and bear the same rate of Snterest irom date oi advancement as the prtncipal indebtednesa. Aa olticial recelpt therefor shall be rnnclusive evidence oi such payment and of the valldlty oi such charges. The Mortgagee mqy appty cr~dits held by it for the above charges. or any part thereof. on account of anq delinquent installments of prlndpal or lnterest or any other payments maturing or due under thts instrument and the amount of credit existing at any time ahall be rE+duced by the amount thereof paid or appAed as herein pmvided. The amount oi the exLsting credit hereunder at the time oi aay trander of the property shsll without es4ignment tl~ereoi inure to the beneflt oi the successor owaer oi the property and shall be applied under and aubject to all of the pmvLdons hereof. Upon tt~e payment in fuA of the indebtedness, the amount of any unused credit ahall be applled fo the payment thereof. The Mortgagee may collect a"late charge" not to exceed four cents (4c) foi each one doAar (i1.00) of each monthly lnstallment psyment required on the note and under tlils Mortgage which is more than flfteen <15) days in arrears, to rnver the extra expense involved in handling delinquent pqyments. 2. To pay. when payable. all taxes and assessments. general or special. water rents and ground rents and all other charges whatscever levied upon or assessed or placed against the premises. provision for wNch has not been made here- inbefore. and wlll promptly deliver the o8icial receipts therefor to the Mortgagee; to llkeariae pay all taxes, assessrnents and other charges. levled upon or assessed. placed or made against this instrument, or the indebtedneaa or any interest o! the Mortgagee in the premises or tne obligations secured hereby, provided that the payment oi any such tax assess- ment or charge by the Mortgagor is not contrary to lsw or would not result in the peyment of an uttlawiul rate oi inter- est on the Indebtedness herebq secured. In the event oi the passage aiter the date of t6is instrument of any law ot the State. or subdivlSion thereoi~ wherein the premises are situated, creating or providing for aqy tax. assessnent or charge which by the above proviso Ls not to be paid by the Mortgagor, the indebtedness aecured hereby together wlth interest due i thereon. shall, at ~e opUon of the Mortgagee. become immediately due and payable, and in the event payment there- f oi ts not made forthwith. the Mortgagee may take or cause to be taken such action or proceeding as may be taken here- under in We c~e oi any other default in the payment of the indebtedness. 3. To keep the buildin~s and additions thereto on or hereafter etrcted or placed upon the land insured againat loss ' by fire and such other haTSrds, casualties and contingencies, including war damages li at any time a stttte of war e~rists or it appeara to the holder of the note that war is iauninent, and in such amounts and tor such periods, as may be required !mm time to time by the Mortgagee. and to pay promptly when due all premiums on such insurance~ provision for pay- ment oi which has not been made hereinbefore. The policies of insurance shall have loss payable pmvisions acceptable to ~ the Mortgagee end shall be delivered to and held bq the Mortgagee, or as it may direct, untll thla Mortgage is satisfied, Renewal poIIcies oi insurance. premiums for which have been fully paid, are to be furnished to the Mortgagee at least ntteen days prlor to the e~cpiration date of the insurance thereby renewed. The insurance ahail be wrltten in companiees approved by the Mortgagee; in no event shall the Mortgagee be held responsible for failure to pay for any insurance wrltten or for eny loss or damage growing out oi a defect in any poHry or growing out of any fallure of any insurance rnmpany to pay for any loss or damage insured agains~ In the event of lo~s the Mortgegor shall give immediate noUce by mail to the Mortgagee who may make prooi oi losa if not made pmmpUy by the Mortgagor; each Insurance companq concemed is. hereby suthorized and directed to make payment for loss dicecUy to the Mortgagee instead oi to the Mort- gagor and the Mortgagee ioinUy; the insurance proceeds. or any part thereof. may be applfed by the Mortgagee, at its option, to the expenaes. if any, lncurred by it in the collection thereof. to the reductlon oi the indebtedness hereby se- cured, to the restoration or repeir of the property damaged. or released to the Mortgagor without llabilitq upon the Mort- gagee for such release. All pollcies of insurance are hereby a,ss[gned to the Mortgagee as additional secttrity for the pay- ment of the sams and interest aecured hereby; in the event ot foreclosure of this Mortgage or other tranater of tltla to the premisea in extinguishment of the indebtedness. all dght, tltle and interest o! the Mortgagor in and W sny ineurance - policiea then in force shall pas4 to the purchaser or grantee. 4. To compiete vvithin a reasonahle time any building or buildings now or at any time in the procxss of erection upon tLe land and to pmmpUy repair, restore or rebuild any building or improvements now or hereafter on the land which may become damaged or be destroyed, aad not oommit or permit to be done or exist on or sbout the premises anything whereby the premises shall become less valuabie• to complq with all lawa, rules, regulaUons, or ordinances oi any govern- mental agency and not violate or permit the vlolatlon aa to the premises of any bullding or use reatdctions; to keep the land and improvements thereon iree irnm mechaniNa snd materialmen's liens and wlll not suIIer anq IIen superior to the lten created by thLs inatrument to attach to or be eniorced against the premises. 5. It detault be made in the payment of taxes, assessnents. liens, claims„ insurance premiums or any other charge whatacever, or any part thereof. or in the periormance oi any act, to be pald or pertormed bq the Mortgagor under the providons hereo~ the Mortgagee may, at Its option, make payment thereoi or pertorm anq aM requlrsd oi the Mortgagor W any form or manner deemed expedient and pay any other sum that !s necessary to protect the security oi this lnstiu- ment; the amounts so ptJd. arith interest thereon irom the date of such psyment at the aame rate es borne bq the pr[n- cipai indebtedneas. sbell be asse~ed as m additional IIen on the premises and shall be added to and become a part of the lndebtedaess secured hereby and be immediately due and psyable to the Mortgagee. Any payment hereby auWorized to be made by the Mortgagee msy be made sooording to any bl11, atatement or eatimate furnlshed or procured irom the appro- prlate public oIIioe or the party claiming payment without ~?quiry into the accuncy or validitp therso~. and the rPOeipt of any publle o~oer or psrty in the hauda af the Mortgagee shall be coaclua[ve evidence ot the validity and eunount of ltemf ~ so paid: the Mortgagee shaU. at its option, be subrogated to any encumbrance, llen, clafm or demsad~ and to all the ri~hts ; and secudUes for the payment thereof. paid ~ discharged with the prlnclpal sum ~ecured hereby or uy tbe Mort~agce under Ne pravldons hereo~ aud any wch submgWo~n rlg~ta shall be addltlonal ~nd cumulatlve ~ecudt~ to thts Mort- a+~- r " 8U1f11 ~ ~ i+W[ - :1~ , ` } ^ ~ ~ ' ~ . :