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HomeMy WebLinkAbout2254 of the Mor gt agee become Immediately due and payabt~. without nodce. and proceedtngs may be instltuted by the Mort- gagee for the recovery thereoi by Loreclosure of thls Mortgage. or in any other manner permitted by law as the Mort- , gagee may elect. anythlag la the note or in thls Mortgage oontained to the coatrary thereto notwithstandfng. Upon fore- 3 closure ot this Mortgage. the Mortgagee ahall be allowed as s part of tAe indebtedness aecured hereby~ and the Mort- gagor agrees to psy. all caats and expenses incun~M in connectlon therewith, including reasonable attorney's fce~ cost ot Utle and tax search and the extenaion to date of an abstract ot title or title pollcy; and in cese wch foreclosure procced- inga are setUed before the consummaUon thereof or the entry ot iudgmea~ any auch costa end expenaes aad other cherges so lncurred. Includln~ a reasonable ettoraey's fee. Mall nevertheleas be paid. The Mortgagee or aqy party in in- teres~ being the highest bidder, may be e purcheser at any forecloaure sale My elecUon by the Mortgagee as herein pro- vlded for may be exerclsed lmmedlately upon defsult~ or at any Ume thereatter, and nothing shall be constived to be s waiver of suc1~ dght unless evidenced by an Instrument in wdUng to that etCect duly ezecuted by the Mortgagee. The Mortgagor walvea ell right ot homestead and exemption granted by the Constttutloa and Iaws ot Flortda. AND THE MORTGAGOR FURTHER CONVENANTS AND AGREFS: 1. To pay the pr[ncipal indebtedness with interest aa in the note provlded. To pay monthly unto the Mortgagee. in addition to and at the Wne end place for each paymeat ot princlpel and interest, an inatallment of each of the follow- ing charges: (s> Taxes and assess~nents~ general or special. and all other cMrges levied or to be levied against the prem[ses. (b) Preraiums to become due and psyable for. and to renew. the insurance on the premisFS againat loas by Sre and such oWer haze?ids. casuslties and contingenctes e~ herein provided for or required trom tlme to time. The amount of the respective monthly installments ahall be equal to the amount of the annual respective charge next due (as est[mated by the Mortgagee)~ leae sU installments el:eady paid therefor. divlded by the number of monWy in- stallments therefor becoming due not later thaa one month prtor to the due date oi any auch charge and ahall be sub- ~ect to increase or decreaae to the extent ~lulred to create as of a monWy payment date on the note not less then one month pr[or to the due date of any such charge. an amount suIIicient for the pqyment thereof when due and payable. In no event shell the Mortgagee receiving such payment be liable for any interest on any amount patd to it as herein requlred. snd the money so received ma~y be held with 1ts own funds pending payment or appllcatton thereoi as herein provided. The Mortgagor shall furnish unto the Mortgagee at least Sitcen days before the due date an officiel statement of the ~mount of any taxes or a~unents next due. and auch Mortgagee shall pay the above charges to the amount oi the then unuaed credit therefor aa end when they become aeverally due and payable. The Mortgagee may. at Its option. pay any oi such charSes when paysble. either beiore or atter they are delinqueat. without notice. oc make advances therefor in exceas oi the then amount oi credit for said chargea. The exceas amount advanced ahall be immediately due and payable to the Mortgagee and ahall be secured aa en addlUonal priadpal sum under tWs instrument aad bear the same rate of lnterest imm date oi advancement as the principal ladebtednesa M oQiclal recetpt therefor shall be conclusive evidence of such payment and oi the vall~fty ot such charges. The Mortgagee may apply credits held by it for the above charges, or any part thereof. on account oi any delinquent installments of prindpal or interest or any other payments maturing or due under Wa instrument and the amount a3 credit ex[stiug at any time shall be reduced by the amount thereof paid or applled as herein provided. The amount oi the exLSting credit hereunder at the time of anq transfer of the property shall without a~ignment tLereo! inure to the beneflt oi the successor owaer oi the property and ahsll be app8ed under and subject to all oi the provisions hereoi. Upon the payment ln full of the indebtednese. the amount oi any unused credlt shall be applled to the payment thereoi. The Mortgagee may collect a"late charge" not to exceed four cents (4c) for each one dollar (i1.00) oi each monthly installment payment required on the note and under thls Mortgage whlch is more than flfteen (15) days 1n arrears, to cover the extra expense involved in handling delinquent pqyments. 2. To pay. when payable. all taxes and assessments. general or special. water rents and grotwd rents and all other charges whatscever levied upon or ess~ed or placed against the premises, provision for wWch has not been made here- inbefore. and will pmmpUy deliver the o8icial receipts therefor to the Mortgagee; to Wcewise pay all texes, assesunenta and other charges, leviec! upon or assessed, placed or made againat this instrumenk or the tadebtednesa or anq interest oi the Mortgagee in the premises or the obllgations secured hereby. provided that the payment of any such tax assess- ment or charge by the 2dortgagor is not contrary to law or would not result in the peyment of an unlawful rate of tnter- ' est on the indebtedness hereby secured. In the event of the passage after the date oi this instrument of any law of the State, or subd[vlsion thereof. wherein the premises are situated, creating or pmvidtng for any tax, assesscnent or charge I which by the above proviso 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 immedistely due and payable. and in the event payment there- E oi b not made forthwith~ the Mortgagee may take or cause to be taken such action or pmceedtng as may be talcen here- ` under in the caee of any other default in the payment of the indebtedness ! 3. To keep the buUdings and additions thereto on or hereafter erected or placed upon the land insured against loss ~ by fire and such other hazards, casualttes and contingencies, including war damages it at any Wne a state oi war exists or ~ it appeasa to the holder of the note that war is imminent, and in such amounts and for such perlods, as may be requfred irom Ume to time by the Mortgagee. and to pay promptly when due all premiums on such insurance. pmvlsion for pay- ~ ~ ment of which has not been made hereinbefore. The policies oi Insurance shall have losa payable proviaions acceptable to ~ the Mortgagee and shsll be delivered to and held by the Mortgagee. or as it may dlrec~, until tWs Mortgage Ss ssttsiied. Renewal pollcies of insurance. premiums for which have been fully paid. are to be furnished to the Mortgagee at least Siteen days prior W We expiration date of the insurance thereby renewed. The insurance ahall be wrltten in compaNes = approved by the Mortgagee; 1n no event shall the Mortgagee be held responsible for feilure to pay for any insurance written or for any loss or damage growing out of s defect in any poHcy or growing out oi any fallure of any inaurance company to pay for any lass or damage fnsured against. In the event of loaa the Mortgagor shall give lmmediate nodce by mail to the Mortgagee who may make prooi oi loss ii not made promptly by the Mortgagor; each insurance company concerned is. hereby suthorized and directed to make payment for losg directly to the Mortgagee instead o! to the Mort- gagor and the Mortgagee iointly; the insurance proceeds, or any part thereof. may be applied by the Mortgagee, at !ts option. to the expenses, it any, incurred by it in the collecUon thereof. to the reduction oi the indebtedneaa hereby se- cured, to the restoration or repafr of the property damaged, or released to the Mortgagor without IlabWty upon the Mort- gagee for such release. All polldes of insurance are herebq essigned to the Mortgagee as addiUonnl secudty for the pay- ment of the suma and intereat aecured hereby; in the event ot foreclosure of th4 Mortgage or other trans[er oi titlo to the premises in extinguishment of the indebtedness„ all right, title and Interest of the Mortgagor in and to anq insurance policies then in force ahall pass to the purchaser or grantee. 4. To complete within a reasonable time any building or buildings now or at any t[me in the process ot erectlon upon tLe land and to pmmptly repair. restore or rebulld any building or improvements now or hereaites on the land whlch ~ may becorae demaged or be destmyed, and not oommit or permlt to be done or exist on or about the premises enything ~ whereby the premises shall become less valuable• to comply with all lawa, rules, regulations, or ordinsncea oi anq gavern- mental agency and not violate or permit the violaUon aa to the premLqes of any bullding or uae restrictlons; to keep the j land and improvemenis thereon iree from mechanic's and materielmen's llens and wW not sutier aay lien auperior to the lien created by this instrument to attach to or be eniorced against the premises. 5. It detault be made in the payment of taxes. assessmenta, llens, claims, insarance premlums or any other charge whatsoever. or any part thereof, or in the pedormance oi any act, to be paid or pedormed bq the Mortgagor under the ~ provldons hereof. the Mortgagee may. at its opUon. mahe payment thereof or pertorm any aM reqWred oi We Mortgagor _i 1n any form or manner deemed expedient and pay aay other sum that is necesssry to protect the security of thfa lnatru- ' ment; the amounts so pa1d, with interest thereon irom the date of such payment at We seme rate as borne by the prin- ~ cipal tndebtednea~ s6a11 be asseseed as an additional lien on the premises and shall be edded to aad beoome a part M the indebtedness aecured 6ereby and be immediately due and psqable to We Mortgagee. My payment 6ereby authorfxed to be x made by the Mortgagee ms,y be made according to any bill, statement or estimate furnished or procured from the appro- ~ prfate public o~ice or the partq claiming payment without inqulry into the accuracy or valldlty thereo~. and the reoetpt oi ~i any publlc osicer or party in the Lands of the Mortgagee shali be concluaive evidence oi the validlty aad amannt of itemr ri ~o paid: the Mortgagee shall. at 1ts optloq be subrogated to mq encumbrance. llea, clatm or dananA, and to a11 tbe rights - and seeudtles for the payment thereoi, patd or discharged arith the principal sum secured hereby or by t2~e Mort~a~ee - under tije PrnvWons tureof. and aay such mbrogatlon dghts ahall be additlonal and cnmulative securlly to tLts Mort- Q~~ ~ 800K ~ ~O PACE 2247 ~ ~ _ _ . _ _ . ~ ~ ,f~~ ~ yr~ ~