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HomeMy WebLinkAbout1900 ot the Mortgagee become immedtetely due and psysble~ without notlce. and proceedL~gs may be tnstltuted by the Mort- gagee for the recovery thereot by ioreclosure of this MortgaQe, or in aay other menner permltted by Lw es the Mort- gagee me?y eleM. anythlnY ia the note or in thl~ Mortga~e oontalned to the oontrary thereto notwithstaadlo~. Upon tore- closure of this Mortgage, the Mortgagee shW be allowed as s paR ot the indebtedneas aecured hereby. and the Mort- gagor agrees to p~y. W costs and expenses incurred in oonnecUon therewith. includiag reasonsDle ettorney'a fees. cost ot - Utle and tax searcl? and We exteASioa to date oi an aDatract of title or Utle pollq?; and ia caae atch toreclosure procecd- tngs are aettled before We consumufatton thereof or the entqr ot iudgmea~ sny auch coats and expetues and other chsrgea so incurred, includin~ a reasonable attoraey's fee~ ~hall nevertheless be petd. The MortQagee or any parRy in in- terest. being the htghest bidder. may be 4 purchsser at any forecloaure sale. Any elecUon by the Mortga,~ee as herein pro- vided ior may be exerciaed lmmedtately upon deisul~ or at any tlme theredter, and nothing shall be oonstrued W be s waiver oi auch rlght unless evidenced by an tnatrument 1n wdting to that ei[ect duly executed by ttie Mortgagee. The Mortgagor watves all right ot homestead and exempUa~ granted by We ConsUtuUon ar?d I.awa oi Flodda. AND THE MORTGAGOR FURTHER CONVENANTS AND AGREES: 1. To pay the princlpal indebtedness ~vlth Interest aa in the note provided. To pa~y monthly unto the Mortgagee. in addition to and at the Wne-ani-place for each payment oi pdnclpal and iaterest, an installment of each of the follow- 1n8 chargea: - (a> Taxea and as~es4rnents. gcneral or specW. end all other charges levied or to be levied agalnst the premises. (b) Premiuma to become due and psyable for. and to renew. the insurance on the premises againat loss by Sre and auch other harards. caswltles and cot?ttngencies oa hereln provided for or reqWred irom t[are to time. The amount oi the respectlve monthly InstalLnents shall be equal to the amount of the annual respecUve chuge next ~ due (~s estimated by the Mortgagee). less all installments already paid therefor, divided by the number at monWy ia- stallments therefor becoming due not later thaa one month prlor to the due datc of aqy such charge aad shall be sub- t ~ect to lncreaae or decreaae to the exteat requlred to create as of a monthly payment date on the aote notless than one month prior to the due date oi any such charSe. an amount suQicient for the paqmnent U?ereoi when due and payable. Yn no event ahell the Mortgagee nreiving such payment be Aable for any interest on any amount patd to it as herein required. and the money so recefved may be held with its own funds pendiag payment or application thereof as herein provided. The Mortgagor shall furnlsh unto the Mortgagee st least 8iteen daya before the due dste an o![icial statement oi the amount oi any taxes or aaseagments next due. and such Mortgagee shali ps,y the above charges to the amount ot the then unused crndit therefor ea and when they become severally due and payable. The Mortgagee may. at !ts o~tion. pay any oi such eharges when payable. either before or atter they are dellnquen~ without noUce. or make advances thereior in exceae of the then amonnt oi credit for aaid charges. The exceas unount advanced shsll be immedlately due and payable to the Mortg4gee and shall be aecured as an addidonal prindpal sum under this instrument and bear the same rate of interest from date o! advancement as the piincipal lrrdebtedneaa. An o~dal recelpt therefor shall be conclusive evidence ot such pqyment and oi the validlty oi such charges The Mortgagee mqy apply credits held by it ior the above charges. or any part thereot. on account oi any dellaquent installments of prindpal or interest or any other payments maturing or due under this instivment ead the amount ot credtt existing at nnY tlme shall be reduced by tne a.-aount thenwi paid or applled ss herein provided. The amount oi the exiating credtt hereunder at the Ume of any transter oi the property shall without asg[gnmeat thereoi inure to the bene8t oi We successor owner o! the property and shall be appHed under and aabfect to all oi the provisiona hereoL Upon the payment in full oi the indebtednesa. the amount of any unused credit shall be applled to the payment thereoL The Mortgagee may collect a"late charge" not to exceed four cents (9c) fo! each one dollar (i1.00) oi each monthly lnstallment payment required on the note and under tWs Mortgage whlch is more than 8iteen (15) days !n arrears, to cover the extra expense involved in handl[ng delinquent papments. 2 To pay. when payable. all taxes and asse~ments, general or special, water rents and ground rents and all other char~es whataoever levied upon or assessed or placed against the premises, pmvision for which Las not been mede here- inbefore. and will promptiy deliver the oHicial receipts therefor to the Mortgagee; to likewiae pay all taxea. asseswnents and other charges, levled upon or assessed. placed or made against this in4trument, or the indebtednes~ or anq interest oi the Mortgagee in the premi~es or the obllgaUons secured hereby. provided that the payment of any such tax assess_ ment or charge by the Mortgsgor is not contrary to law or would not result in the peyment of an uNawtul rate oi inter- est on the indebtedness hereby secured. In the event oi the passage after the date of this Instrument oi eny law ot the State, or subdivision thereoi. wherein the premises are situated, creating or pmviding for any tax. asqeswnent or charge which by the above prnvIso is not to be paid by the Mortgagor. the indebtedness secured hereby together with interest due thereon. shall. at the optlon of the Mortgagee, become immediately due and payable. and In the event paymeat there- , oi is not made forthwith. the Mortgagee may take or cause to be taken such actlon or proceeding as may be taken here- under in the case oi any other deisult in the payment of the indebtedness. i 3. To keep the buildings and additions thereto on or hereafter erected or placed upon the land insured against loss by fire and such other hazards. casualties and contingeircies, iacluding war damages it at any time a state of war e~osts or it appears to the holder of the note that war is imminent, and in such amounts and for such perfods. as may be reqnired irom time to time by the Mortgagee. and to pay pmmptly when due all premiams on such insurance. pmvision for pay- ment oi whlch has not been made hereinbefoi+e. The pollcies ot insurance shall have loas payable provisions acceptable to the Mortgagee and shall be delivered to and held by the Mortgagee, or as it may dlrect, untii Wis Mortgage is satisHed. Renewal pollcies oi insurance. Premiums for which have been fully paid, are to be furnished to the Mortgagee at least Siteen days prior to the expiration date oi the insarance theneby renewed. The fnsurance shall be wrltten in companies apprnved by the Mortgagee; in no event shall the Mortgagee be held responsible for failure to pay for aqy insurance written or for any lo6s or damage growing out of a defect in any policy or growing out of any faflure of anq insurance company to pay for any loss or damage insured agains~ In the event oi loas the Mortgagor shall g[ve immediate notice by ma11 to the Mortgagee who may make proo! of lo6s it not made prompUq by the Mortgagor; each insurance company concerned ia. hereby authorized and directed to make payment for lo~ directiy to the Mortgagee instead of to the Mort- gagor and the Mortgagee iointly; the insurance proceeds, or any part thereof. may be applied by the Mortgagee~ at its option, to the expensea. if any. lncurred bq it in the rnllecdon thereof. to the reduction of the indebtedness hereby se- cured, to the restoration or repair of the property damaged, or released to the Mortgagor without liability upon the Mort- gagee for such release. All polldes ot insorance are hereby assigned to the Mortgagee as additlonal eecurlty for the pay- ment of the sums and interest secured hereby; in the event ot forecloaure of this Mortgage or other transter o! titla to the premises in extinguWiment of the indebtednes4, all right~ tltle and interest oi the Mortgagor In and W any insurance polldes then in force shall pass to the pnrchaser or grantee. 4. To complete within a reasonable tlme any building or bulldings now or et any time in the process of erectton upon - tine land and to prompUy repair, restore or rebulld any building or improvements now or hereafter on the land whicb may become damaged or be deatroyed, and not oommit or permtt to be done or exirt on or about the premlaes anything whereby the premisea sl~all become leas valuable; to comply with all laws, rulea, regulations. or ordinances oi enq gavern- mental agency and not Wolate or permit the violaUon aa to the preml~es oi any building or uae restrlctions; to keep the land and improvements thereon iree irom mechaniNs and meterialmea's Uens and wlll not su}ier ar~}? lten superior to the llen created by this inatrument to attach to or be eniorced against the premises. 5. Ii detault be made In the peyment of taxes. asaessments~ Heni, clalms, inwrance premlums or any other charge whatso~wer. or any part thereof, or in the peKormance oi any act, to be paid or performed by the Mortgagor under the proviaions hereot, ttie Mortgagee may, at its optton, malce payment thereof or perform any act requlrM of the Mortgagor tn any form or manner deemed expedient and pay any other aum that is necessarq to pmtect the secudq+ oi thls lnstru- ment; the amounts ao paid. with iaterest thereon from the date of such payment at the asme rate as borne by :t~ prin- cipal Indebtedna~. shall be asaeased as an addiUonal Hen on the premiaes and shall be added to and beoome a part o! the fadebtedneas secured hereby 3nd be immediately due and payable to the Mortgagee. Any p~yment hereby aut2wrlned to be made by the Mortgagee may be made according to sny bill, statement or estimate furnishea or procured irom tbe appro- psfate public offioe or tt~e party claiming payment witbout fnquiry into the aec~racy or valldity+ therea~, and the reoeipt oi any public o~oer or pertq in the hends oi the Moctgagee duil be concluaive evldence oi the validtty and emount oi ltems ~o PaW: the Mortgagee s6a11. at ib optlon, be aubrogeted to anq encumbrance. llen. elaim ~ demand, ~ad to all tbe rl~hts aad ~ecudtles fa~ the payment t6ereof, paid or discharged vvith the prlndpal sum ~ecured hereby or bp tt~e Mort~ee undet tl~e pruvWons hereo~ and any wch subrogstbn rtght~ a1W1 be sddttlonal and cumuLtive ~ecurlt~ to tbls Mort- i+~• ~~170 ~E1~95 ~ . . : _ ~ ~r~ ~ _ _ - ~ ri, : _ - » $