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HomeMy WebLinkAbout2474 r ~ i 9 o! the Mort~e~ee become imnaedlately due and psyable. without notice. attd pmceedin8a may be inatltuted by the Mort- gagee foi the recovery thereot by foreclosure oi this MortQaQe. or ia any other manner permtttad by U?w as We Mort- gagee mqy eleM. aqyWn~ ia the note or W Ws Mort~age oontalned to the ooatrary thereto notwittistandiag. Upon fore- closure of thls Mortgage. tha Mortgsgee shall be allowed u a part ot the lndebtedness ~ecured Aereby. ~nd the Mort- gagor agrees to pRy~ ell costs and expenses iacurnd tn coiwecUon therewith. lncludiag reasonable attoraey's fees. cat ot UUe and tax search and the extenslon to date of an abstract oi tttle or title pollq; and in cese ach toreclosure proceed- Inga are aettled before the conaumme~Uon thereot or tl?e entry oi ~udgmen~ e~y such coats and expenses and oWer chargea so incurred. lnciudla~ a reaaonable attorney's fee. shall nevertheless be paid. The Mortgagee ar aq~+ party in in- terest, being the highest bidder. rasy be a purchaser at sny foreclosure sale. Any electton by the Mortgs~ee as hereln pro- vided for msy be exercised ia~mediaWy upon deiault~ or at any time thereatter. and nothing shall be co~nstrued to be a waiver of such rlght unleas evldenced by an instrument 1n wdUng to that eQect duly executed by the Mortgagee. The Mortgagor wNves all right ot homestead snd exemptloa granted by tAe ConaUtution and Laws of Flodda. AND THE MORTGAG08 FURTHER CONVENANIS AND AGREES: 1. To pay the prlncipal indebtednes4 with interest as in the note pmvided. To pay montNy unto the Mortgagee. 1n addltion to and at the time and place for each payment ot principal and interest, an installment oi each oi the follow- 1n8 chargea: (a) Taxes and aasessinents, 8enerel or special. and all other charges levied or to be levied aga[nat the premises. (b) Premiums to become due and payable for. and tc renew. the inaurance on the premises sgalnst loas by Sre and such other hararda. casualties and coaW?genctes aa hereln provided for or required from time to time. The amount oi the respective montt~j? instnllmeats shall be equal to the amount oi the anaual respectlve cMrge next due (aa estimated by U?e Mortgagee). leas W instailanenta alreedy paid therefor. divl3ed by the number of monthl,y in- statlments therefor becomii?g due not later than one moath prlor to the due date of aqy suct? charge and aball be sub- 3ect to increase or decrease to the extent re9u~red to create as ot a monthly payment date on ttie aote not lest than one month prlor to the due date oi any such chasge. aa amount suHicient ior the payment thereoi when due and payable. In no event ahall the Mortgagee seceiving such psyment be liable for any lnterest on any amount paid to it as her~in required. and the raoney so received may be held with 1ts own funds pending psyment or application Wereoi aa hereln pmvided. The Mortgagor shall furnfsh unto the Mortgagee at leatt Stteen de~ys before tlie due date an officjal statement oi We amount of any taxea or ase~nents next due. and auch Mortgagee sbW p~? the above charges to the amouat oi the then unused credit therefor aa end when they become severally due and payable. The Mortgagee mey. at its option. pay any oi such charges when payable. efther betore or atter they ar8 delit~quent, wlthout nottce. or make advances therefor in exceas oi the then amount oi credit for saW charSes. The exeeas a~nount advanced shall be 1mme~diate~y due and payable to the Mortgpgee end shall be aecured as an add[tional prindpel sum under this iastrumeat and bear the same rate oi interest irom date oi advancement as the principal lndebtedneas. An oQicial recetpt therefor shall be concl~sive evidence of such payment and of the validity of such chargea. The Mortgagee mqy apply credits held by it for the above charges. or any part thereof. on account oi any dellnquent instaIIments ot prindpal or fntereat or any other paymeats : maturing or due under thia instrument and the amount oi credit eacisting at anY time shall be reduced by the amount thereoi paid or applled as herein provided. The amount oi the existing credit hereunder at ths time oi_ any tranater of Ne property ahall without asaignment thereoi inure W the beneflt of the successor owner of the property and shall be applled under and aubject to all of the provi4lona hereoi. Upoa the payment W full of the indebtedness, the amount of any unused credit shall be applied to the payment thereoL The Mortgagee may collect a`9ate charge" not to exaeed four cents (4c) foi each one dollar (=1.00) of each monthly installment payment requtred on the note and under thfs Mortgage which is more than Stteen (15) days in arreazs, to cover the extra expense lnvolved In handHng delinquent pa~yments. - 2. To pay. _when payable, all taxea and a~ments. general or special. water rents and ground renta and all other charges whatacever levied upon or e~ed or placed againat the premises, provLsion for which has not been made here- inbefore. and wW pmmpUy deliver the o$icial receipts therefor to the Mortgagee; to likewite pay all taxes„ asaea~?ents and other charges. Ievled upon or assessed. placed or made against this instivmenk or the indebtedneaa or any interest oi the Mortgagee ln the premises or the obllgations secured hereby. provided Wat the payment oi any sucA tax, aasess- ment or charge by the Mortgagor ia not contrary to law or would not result in the payment of an unlawtul rate oi fnter- est on We indebtedness hereby secured. In the event of the passage after the date of tWs instrument oi any law of the State. or subdivision thereof~ wherein the premises are situated. creating or pmviding for say tax, assessnent or charge I which by the above provLso is not to be paid by the Mortgagor. the indebtedness secured hereby together w1W interest due , thereon, shall. at the option oi the Mortgagee. become immediately due and payable. and in the event paymeat there- ; oi b not made iorthwith, the Mortgagee may take or cause to be taken such action or proceeding as may be taken here- ~ tu?der in the case o! anq other default in the payment oi the indebtedness. ~ 3. To keep the buildings and addlt[ons thereto on or herea[ter erected or placed upon the land lnsured agatnst loss 's bq fire and such other hazards, cesuslties and contingeQCies. including war damages if at any time a state oi war e~sts or ~ it appears to the holder oi the note that war is imminent, and in such amounts and for such perlods, as maq be required ~ irom time to time by the Mortgagee, and to pay prnmptly when due all premiwns on such insurance, provWon for pay- ment oi which has not been made hereinbefore. The poltdes oi insurance shall have losa payable proviaions acceptable to ~ the Mortgagee and shall be delivered to and held by the Mortgagee. or as it may direct, until tlils Mortgage is satls8ed. Renewal pollcies of insurance. premiums for vKhich have been fullY paid. are to be furnished to the Mortgagee at least niteen days prior W the eupiration date of the insarance U?ereby renewed. The inwranoe ahall be wtitten in companies approved by the Mortgagee; 1n no event shall the Mortgagee be held responsible for failure to paq for any insurance wr5tten or for an,y loss nr damage growing out oi a defect in any poHcy or growing out of any tallure oi any insurance company to pay for any laas or damage insured against~ In the event of lo~ the Mortgagor ahall give immediate notlce by mail to the Mortgagee who may make prooi oi loss If not made prompdy by the Mortgagor; each insurance company concerned is, hereby authorized and directed to make payment for los4 directly to the Mortgagee instead of to the Mort- gagor and the Mortgagee jofnUy• the lnsurance proceeds, or any part thereof. may be applled by the Mortgagee, at its option. to the expenses. if any. incurred bq it in the oollection thereoi, to the reduction oi the indebtednea hereby se- ~ cured, to the restoration or repair of the property damaged, or releaaed to t6e Mortgagor without llabWty upon the Mort- . gagee for such releaae. All poHcies of insurance are hereby ascigned to the Mortgagee as additlonal secudty for the pay- ment of the snms snd interest aecured hereby; in the event ot fornclasure ot this Mortgage or ot1?er trsnster oi tltla to the premises in extingutahment of the indebtedness, all rlgh~, title and interest of the Mortgagor in and to auy inwrance policies then in force shall pass to the purchaser or grantee. ~ 4. To complete within a reasonable time any building or bulldings now or at any time in the procesa of erecUon upon j t6e land and to promptly repair. restore or rebulld any bullding or impmvements now or hereafter on the laad which ~ may become damaged or be deatroyed, and not oommit or permlt to be done or e~dst on or about the premises anytbing wherebq the premisea shall become less valuable• to comply with all lawa, rules. regulaUona, or ordinances of any go~vern- mental agencq and not Wolate or permit the vtolation aa to the premises of any building or uae restrictions; to keep the Lnd and improvements thereon iree from mechanic's and metedalmen's llens and wtll not suIIer any llen aupedor to the ~ llen created by thla lnstrument to attach to or be enforced agatnst the premises. _ 5. If delault be made in the payment of taxes. asa~sments, Hena, claims, lnsurance premiums or any other charge l w6atso~wer~ or anq part thereof. or in the pertormance oi any act, to be paid or pedormed by Ne Mort~agor under the pmvWons hereof, the Mortgagee may. at its optlon, make pqyment thereot or pedorm any ad requfred oi the Mortgsgor ~ 1n any iorm or manner deemed expedient and pay eay other sum that N neo~ssa~y to protect tLe aecudty ot this instru- r ment; the amounts ao paid. with intereat thereon irom ttre date ot such payment at the aame nte as borae by Uu prin- - ~ dpal indebtednea. sDall be asseseed as an additlonal llen on the premisea and shall be added to and beooa~e a psrt oi the indebtedneas secured herebq and be immediately due and paysble to the Mortgagee. Mq payrnent hereby authorlxed to be ~ made by the Mortgagee ma~y be made according to any bill, statement or esWnate furnfsbed or procured trom the appro- prlate publlc oIIice o~ tt~e party cla[ming payment wiUwut inquiry? lnto the accuracy or valldltr thereo~ and the t+eeelpt ot any publlc oIDoer or party in the hands oi the Mostgagee ahall be concluslve evtdence oi t6e valldity and amount ot iteao~ so paW: the Mortgagee shall, at ita opUon, be subrogated to anq encumbrance, lleq cWm ar demaad. and to W the rlghb ~ and aecndtles for the payment thereof. Pald or discharged wlth the Principal sum iccured hereby or by LLe Mort~a~ce ~ under tJ?e prwldoas 1?erco~ and aay such subr~gation rlghta ahall be sddltional a~ cumuLtive aecudl~ to tbls Mort- ~ ~e. ~ ; ~ U R ` t $oox ~~0 ~ = - : ~4 ~ ~