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HomeMy WebLinkAbout0511 1 t i ~ i : . ot tl~e Mort~~ee become imn?edlatelY due aad paYable. arithout AoUce. and proceedin~s m+U? be instltuted by the Hort- ~ee for the recaver~? thereot by loreclosu:^e o~ thls Mort~e. or !n any other manner peradtted b~ Iaw as tbe Mort- Qagee nyY elect. anyWa~ ia the note or W thls Mort~a~e oontained to the ooatne'9 thereto notwitbstandlne. Upoa fore- closure of Ws Mort~s~e. tbe Mort~aQes shall be Wowed a: • part oi the Indebtedz?as ~ecurad hereby. and the Mort- ~agoe a~rees to W~?. ~11 casti aad enp~iues incurrM in oonnectlon therealtU. indudtag n~esonaDle ~ttorney's tees. cost o! # tlUe and tax aearch aad the eutendon to date ot an abstnct oi tltle or Utle pollq?: and in case aicl~ loraclowre Pmceed- ings are ~etUed before the consua~anatlon thereoi or the entry o: ~udgmen~ anY such cosb s..'~ acpen~es and other charges ao incurrcd. includins a reasoaable attoraes's iee. ~hW nevertheless be patd. The 1~ort~a~ce or aq~ parU? in in- terest. betn~ the hlglx~bWder. auy be a purchaser at aq~? foreciasure sale. My electlon by tA~ Mort~a~ae as herefa pro- vided tor msy be exercfsed Unm~diate~y upoa detault, or at any tlme tdereatter. and nothln~ thall be coastnted to be ? watver oi such rlght ual~s evidenced by aa lnstrument ia wdtin~ to that effect duly euecuted by the Mortgegee. The Mort~a~or wafves all rl~ht ot hoia~stead and exaaptlon tranted by the ConsUtutlon snd Laws oi Flodda. AND THE MORTGAGOIi FURTHER CONVENANTS AND AG8EF•3: 1. To psy the prlndpal indebtedness wltl? interat as !a the note provided. To py? moitWy unto the Mortgagee. ° 1n addfUon to and at tl~e time aad place for eacII psymeat of prfndpal aad interest, an installment oi eaeh of the foIIow- ' 1n8 cLar~es. s (a) Taxes and ~mentar B~er~l or specfal~ and ~Il owrr cbarges levled or to be levled a~ainst the premises. (b) Premiums to become due and p~yable for. and to nnew. the insurance on the preml~es sgafnrt los~ by Sre end auch other lwands. casualti~s and contin~eades as hereln provlded for or required irom tlme to tlase. The amount ot the respective monthl3? lnstalltneats sball be equal to the amount of the annual respeMive charge next due (as estlmated by tLe Mortga~ee), lers all inata11a4enL already pald therefor, divlded by fhe number a~ monthiy in- stallipenb tlreretor beooming due not Lter thaa ane moath prbr to the due d~te oi any aueh cbar~e and shall be sub- 1 ject to increase or decrease to the e~ctent ml~~ ~ cre+~te as oi a month)y p~yment date oa tbe note not leas then oae ; month pdor to tbe due date a! :~°s airk charge. an amount su~cieat for the p~yn?ent t6ereoi wben ~e and pa~yable. In no event ahell the Mortgagee recelvln8 sucA p4Ym~?t be 1lable for aqy lnterest oa any amount patd to tt as herein ; i,eqnired, and tt~ money ao reoeived mqy be held with ib own funds pendin8 P0.Yment or applicaUon thereoi aa hereia provlded. The Mortgsgor aMll furnish unto t1~e Mortgagee at least Siteen days before the due date an o~icial datement . oi the amount ot aqy taxes or ~ents nezt due. and snch Mort~aaee absll pa~? the above charQes to the amauat oi the then unused credit thenior as and wh~? tnry become :..a~~? due ~ad p~yable. The Mortgagee may. at its opUon, . psy any oi such chuges when p~yaWe. dttrer before or atter theY are delin4uen~ without notioe. or make advaaces therefor ia exoess oi the Uien amount oi credit ior sai~i char~e~. TDe enoas ~auonnt advanoed shall be inamedlately due and payable to the Mortg(~gee and shall be secured eis an addtttonal prtncipal sum w?der th4 iastrument ~d bear the same rate of interest irom date oi advancement as the prindpal lndebt~edness. An o~dal recelpt therefor shaII be concluaive ~ evidence oi such payment and of the validity of suca charges. The Mortgag~ee m~y appty credits held bq it ior tl~ above charges. or any put thereof. on aocount oi any delinquent instaWnents of prlndpal or lnterest or any ot6er payments ~ maturing or due under th4 inatrument ~nd t6e amouat oi credit eaisttng at any time shall be reduced by the amount i thereoi paid or applled as hereln provided. The amow?t oi the existing credit hereunder at the tlane ot any ttander of the ! P~~Y shall without aasigament thereoi inure to the bene8t oi the sueoessor o~ner oi the properly and shall be applled ; under and subject to all oi the provlsions hereoL Upon tl~e payment in full oi the indebtedneas„ the amount of any ; um~sed credit shall be applied to the psyraent thereoL ~ The Mortgagee may oollect a"late charge" not to exeeed four cents (9c) fo! each one dollar (i1.00) oi each monthly ~ installment pqyment required on the note and under tdls Mortgage which is more than Sfteen (15) days in arreais. to - ~ cover the extra expense involved ln Mr~dling deltnquent payments. ~ 2 To pay. when psyable. all taxea md ass~nents. general or special. water rents and ground rents and all other charges wLatwever levied upon or as~eased or placed a8alnst the premtses, provis[on for whtch hes not been made hese- iabefore, and wW prompW? dellver the oSicial receipts therefor to the Mortgagee; to 11kewLe pay all taxes. assesa~neats and other charges, levled upon or assessed. placed or made against this instn~ment, or the indebtedness or a~ interest oi the Mortgsgee fn t6e premises or the obligat[ons secured hereby. Provided that tUe psyraent of any such tax aasess• ~ ment or cbarge by the Mortgagor ia not mntrary to law or would not resutt in the psyment oi an unlawtnl rate oi inter- : est on the Indebtedness hereby aecured. In the event oi the pasaage after the date oi this lmtrument of any 1sw of the ~ State. ar subdivlaion thereoi. wherefn the premisea are situated. creating or provlding for any tax. a~aent or chsrge which by the above pmviso is not to be paid by the Mortgagor. the indebtedness secured bereby together wlts fnterest due ~ thereon. ahall, at 1he opUon of the Mortgagee. become immediately due and payable. and in the eveat payanent there- ~ of 4 not made forthwith. the Mortgagee may take or ca~e W be taken such acNon or proceed[ag as imy be taken here- ? under W the case oi any other default in the peqment of the iadebtedness. ~ 3. To keep the buildings and additions thereto on or hereafter erected or placed upon the land insured agalnst loss ' ; by Sre and snch other baznrds. casualUes and contingeades, including war damages if at any time a state oi wer exiats or j it appears to the holder of the note that war is itnminent, and in such amounts and for such perlods, as msy be requlred • { trom time to Ume by the Mortgagee, and to pqy pmmptly when due all psemiums on such fnsurauce, provi:ion for pay- ! ment o! which has not been made hereinbefore. TDe polldea oi insurance shall have loas payable provis[ons acceptsble to ~ tAe Mortgagee and sMll be delivered to and held by tlie Mortgsgee. or as it may direct, untfl ttds Mortgage Li satisfled. Renev~al pollcles oi insuranoe, prPmiums for whtch have been fully paid, are to be turnished to the Mortgagee at least , niteen dsys Pdor to the expiraUoa date ot the insurance thcreby renewed. The insurance sbaD be weitien in compantes ~ appmved by the Mortgagee; in no event shall the Mortgagee be Aeld responaiWe for failnre to pay ior any insurance ~ ~ written or ior any loss or damage grovving out of a defect !n any pollcy or growing out M a~}r fellure oi any tnsurance oompany to pay for any lcas or damage insured against. In the event oi la~s the Mortgagor ahall g[ve immediate not::~ by mail to the Mortgagee who may make prooi ot los~ it not msde prompUy by the Mortgagor; each insuraitce company oonceraed L. hereby authorized and directed to make payment for losa directly to the Mortgagee instead of to the Mort- gagor and the Mortgagee ioinUq; the insurance proceeds. or any part thereot. may De applled Dy tl~e Mortgagee~ at its • optlon. to the expenses, if any. incurred by it in the collection thereof. to the reducUon oi the indebtednea hereby se- cured, to the restoration or repair oi the property damaged, or released to the Mortgagor without 11abWty upon the Mort- gagee for such release. All polldes of insurance are hereby asigned to the Mortgagee as addiUonal secudty for the pay- ment of the aums and intereat secured hereby; in the event oi forecloaure ot this Mortgage or otber traosier ad tltlo to the premtaes in extinguishment of the indebtedness, ell right, tltle and interest of the Mortgagor 1n and to aqy lnsurance polides tben in force sball pass to the purchaaer or grantee. 4. To complete within a reasonable time any building or bafldings now or at any tlme 1n the process of ere¢tion upon tLe Lnd and to pmmpUy repair. restore or rebufW any buflding or impmvements now or hereaiter aa the land whlcb ~ may beoome dama~ed or be destroyed, sad nat oommtt or permit to be done or exist on or wbout the premises anythtng ~ wherebq U?e pre~nises shaII become las valuabie: to comply wtth sll laws. rules. re8ulations. or ordinancea oi any govern- mentel agencq and not violate or permtt the violaUon as W the premises oi any building ~ use restrictions; to keep the Lnd and improvements thereon iree irom mechanlc's and auterlalmen's llens and wlll not suffer any Hen superlor to the ~ Ikn created by thts lnstrument to attach to or be eniorced against the premises. ~ S. Ii detault oe made in the payment of taxes, ~anasments. lfens, claims. lnsurence premituns or any other charge arhatsoever. or any part thereoi. or fn We pertormance of anY act. W be pald or pertormed by the Mort~agor under the ~ provWons hereof. the Martgagee maq. st ita opUon, make payment thereoi or pertornn any act required of the Mortgagor ~ !n any forna or manner deea?ed eupedient and pRy aay other wm that is neoe:wy to protect the iecuzity oi tbis instiv ~ raeat: the amawb so pdd. wlth int~rest ttkreon from the date oi such payment at the aame rate as borne by the prin- ~ dpal indebtednas, sball be asse~ed as en ~Wdltloaal IIw on the premises and a1~W be ad8ed to and beoome ~ part oi the Indebtedneas iecunM herebY and be immedieitely due ~nd payable w tbe Mortgsgee. wny petiyment hereby autlwrixcd to be ~ ma~de bY t6e Mort~ee ms~? be made acoordi~?8 to au~? bi11. statement or estlmate fucnlshM or procured irom the aPP='~- : ~ prlate publlc ~oe o~ tbe W~Y ~B WY~t without lnqulry into the aecurac~r or valldfh tluz'ea~ aad the reoeipt o1 ~ ~ any pubLc o~toer or party in the Lands a[ tbe Mortgs~ee s2~all be oonclue~ve rvldence of the vall~it,~ and unount ot item~ ? ~ so pifd• tLe l~[art~sgee sba11. at its optloq be wbrogated to any encumbraace. 1iea. cWm oe demand. and to ~31 tbe s1~hb i and ~eeudtlea for tbe ps~ment thereo~ Pdd or di~]urYed writh the prlnclD+~1 sum ~ccured herebp oe b~ tbe ~ee ' ne~der tLe p~l~m lrereo~ and aRY such abro~stion rl~hts sball be addttbnal ~ad cnmuLdve ~ec~u!!p to thfs Mort- ; ~ psa ~ 8~ ~~1 5il ~ ~ ~ - _ ~ .