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HomeMy WebLinkAbout2483 ~ o[ the Mortgagee become immediately due and payable. wtthout noUce. and proceedings msy be instituted by the 3~ort- gsgee for the recovery thereot by forecloaure ot thls Mortga~e. or in any other msnner peimitted by Lw as the Mort- ~ gagee m~~y elect. a~yWt~ tn the aote or in thfs Moriga~e oontained to Ne oontraey thereto notwlthstandin~. Upan fore- ~ closure ot thia Mortgage. the Mortgagee shall be allowed as a part ot the indebtedness secured hereby. and the Mort- • gagor agrees to pay. aU cosb snd expenses incurnd ia cot?necUon tAerewith, lncluding reaaor?ebie sttoraey'a fees. cost ot ' tlUe and tax sesrch aad the exten:lon to date of e~n abstnct ot title or tltls poLq; and !n ¢ase such Loreclosure proceed- ings are settled Defore the cot~summaUon thereo! or the ertry ot iudgmea~ sny such costs and expensea and other ~ ehargea ao incµrred. lncludtng a rea~onsble ettoraey's fee. shsU Aevertheless be pald. The Moetgsgee or ~ny part~ in in• ; tereat, being the htghest bldder, msy be a purchaser at any foreelasure sale. My electton by tbe Mortga~ee es beretn pro- vided for may be exerci,ed immediately upon dafault, or at auy tlme there~tter. and nothing shW 6e construcd to be a ~ waiver ot such r[ght w?less eWdenced by aa Instrument ln wrftiag to that eQect duly executM by the Mortgagee. The x Mortgagor wdves all rigLt of homestea~d and exempUoa ~n?nted by the Constitutlon and Lt~ws of Flodde. ~ AND THE MORTGAGOR FURTHER CONVENANP3 AND AGREFS: ~ 1. To pay the prindpal indebtedness witt~ Intereat as in the aote provided. . To pay monthl,y unto the Mortgagee, i in addltlon to and at the time and place for each payment ot prindpal a,nd interest, aa iastallment oi each oi the follow- ~ in8 char8es: j ta) Taxes and essesQnents, general or special. aad all other chargea levied or to be levied againat tbe premises. ~ (b) Premiums to become due and psyable for, and to renew. the insurance on the premfses agatnst loss by Sre and ~ such other ha:ards. Casualties and contingenctes sa herein provided for-or~equtred from tlme to tiine. ' t The amount oi the respective monthty lnsti~lments shall be equal to the amount oi the annuai respecUve charge next ~ due (as estimated by the Mortgagee>~ lees all 1nst~~t~+~+ents tlready pald therefor. divided by the number oi monWy in- stallments therefor beooming due not later then one month prlor to the due date oi a~y such charge and shall be sub- ~ ~ect to lncreaae or decresse to the extent required to create as oi a monthl,y pay:neni date ~ tbe note not,leas than one ~ month prior to the due date of any such c6arge. an amount suHiclent for the p~yment tdereoi when due and payable. In- no event ahall We Mortgsgee receivfng such payment be llable for any interest on e~y amount paid to it as herein ~ requtred. and the money ao received tna~y be held with 1ts own funds peadtng payment or ~pplication thereoi as herefn provided. The Mortgagor slsall furnlsh unto the Mortge?gee at leaut Sfteen dsya before the due date an oQicial statement £ oi the amount o! any taxes or a~nenta next due. and such Mortgagee atutll pay Lhe ebove charges to the amount oi k the then unuaed credlt thereior as and when they become severally due and payable. The Mortgagee may. at ita option, ; pay any of such charges when payable. elther before or atter they ere delinquen~ w[thout aoUce. or meke advances ~ therefor in excess ot the then amount ot credit for sald charges The exceas amount advanced shall be immediately due and payable to the Mortg~gee and ahall be secured as an addittonsl prindpal sum under tbis Snstrument and bear the same ; rate of interest lrom date oi advancement as the principal indebtedness. An oltfdal recelpt therefor shall be conclusive ~ evidence ot such payment and of the valldity oi such charges. The Mortgagee may apply credits held by it for the above ~ charges, or any part thereof. on account oi eny delinquent inatellmeats of prindpal or interest or eny other payments maturing or due under this instniment and the amount oi credit exisW?g at any time ahall be reduced by the amount * thereof paid or applied as herein provided. The amount of the existing cn~dlt hereunder at the time of anq trans{er oi the ~ property ahall without assignment thereoi inure to the bene8t of the successor owner oi the pmperiy and ahall be applied ~ under and subfect to all ot the pmvisioas hereoL Upon ttre payment in full oi the indebtedneae, the amount oi sny : unused cirdit shall be applied to the pe?yment thereof. ~ The Mortgagee may collect a"late charge" not W exoeed four cents <4c) for each one dollar (s1.0p) of each montNy ~ installmer.t payment requit+ed on the note and under thls Mortgage which is more than flfteen (15) dsyrs in arrears, to cover the extra expense Involved in handli~g delinquent P4ymenta. 2. To pay~ when payable. all taxes and e~sessments, general or special, water rents and ~ chsrgea whatacever levied apon sr assessed or placed against the premises, proviston for which has not been made he1re- ~ inbefore. and will promptly deliver We o81cia1 receipts therefor to the Mortgagee; to likewjae pay sll taxes, as~essments ~ and other charges, levied upon or assessed, placed or made agalnst this lnstruAient, or the indebtedneas or any interest oi the Mortgsgee in the premises or the obligations secured hereby. prm~lded that the pa~yment oi any such tax assess_ q meat or charge by the Mortgagor is not rnntrary to lew or would not result In the psYment of an unlawipl rate of inter- est on the indebtednesa herebq secured. In the event ot the passage after the date oi thia iastrument of any law of We ~ State, or subdivision thereof, wherein the premises are siWated, creating or providing for a~y ta~c, ass~aent or charge ~ which by the above pmviso is not to be paid by the Mortgagor, the indebtedness aecured hereby together wlth Intei+est due thereon, ahatl, at We option oi the Mortgagee, become immediately due and payable. and in the event payment there- ~ oi b not made forthwith. the Mortgagee may take or cauae to be taken such acttoa or proceed[ng as may be taken here- ~ under in the case of any other default in the payment of ihe indebtedness. ~ 3. To keep the bu1ldings and addlttons thereto on or hereafter erected or placed upon the land inaured agalnst lass ~ i by rire and such other hazards, casualties and contingenciea, lncluding war damages it at any time a state oi war exists or ~ I it appeara to the holder oi the note that war is imminent, and fn such amounts and tor such periods, aa m~y be required ~ trom time to time by the 1?iortgsgee, and to pay promptty when due all premiums on auch insurance, provlaton for ~ ~ ment oL which has not been made hereinbefore. The policiea oi insurance shall have lost paqable providons acceptableato ~ the Mortgagee and shalt be deIIvered to and held by the Mortgagee, or as it msy direct, until this Mortgage is antis8ed. ~ Itenewal pollcles ot insurance. premiums for which have been fully paid~ are to be turnished to the Mortgsgee at least = niteen daya prior to the expiration date of the insurance therebq renewed. The lasuranoe ahall be wrlKen in companies ' approved bq the Mottgag~e; in no event shall the Mortgagee be held responsible for' failnre to pay for any insurance wdtten or for any loss or damage gm~wing out of a defect in any poDcy or growing out o! any lallure oi any insurance ~ company to pay for any toss or damage ~red agalnst In Lhe event oi loss the Mortgagor ahall give immediate notice by maU to the Mortgagee who may make proof oi loss if not made promptly by the Mortgagor; each insurance company 3 concerned Is.herPby suthorized end directed to make payment for losi directiq to the Mortgagee instead of to t~e Mort- gagor and the Mortgagee ~oinUy; the lnsurance proceeds. or any part thereof, may be applied by the Mortgagee~ at its option. to the expenses, Ii any, incurred by it in the collectton thereof. to the reduction of the indebtednees hereby ae- t cured, to the restoratton or repalr ot the property damaged, or released to the Mortgagor without llabillty upon the Mort- ~ gagee for such release. All poHdes oi insurance are herebq assigned to the Mortgagee as additional aecudty for the pay- ~ ment oi the sums and interest secured hereby; in the event of foreclosure o! this Mortgage or other trans(er oi t1tiQ to the premtses in exiingulshment ot the Indebtedness„ all right, tltle and interest of the Mortgagor in and to aay inurance policies then in force shall pass to the purchaaer or grantee. ~ 4. To complete withii? a reasonable time any building or bulldings now or at any time fn the pracess of erection upon ~ the land and to prampUy repsir, restore or rebulld any bullding or improvementa now or hereafter on the land which ~ may beoome damaged or be destro~ped, aad not oommtt or peimit to be done or exLst on or about the premises anytLing whereby •the preml~es shall beoome Iess valuabie• to compiy with aIi lawa. rules. regutatlons, or oMlnances of any gwern- mental ageney and not violate or permit the WalaUon es to the premises oi any buflding or uae restrictions; to keep the land and improvements thereon iree •irom mechaniNs and matertalmen's llens and wlll not suEer aqy Hen supertor to tt?e Uen created by this Instrument to attaeh to or be eniorced agaU?st the prPmfses, S. It detautt be made in the payment ot taxea, asseasmeats, liens, clslms, Insunince premlums or any other chnrge ~ whatsorver. or any part thereof. or in the periormance oi aqy act, to be patd or pertormed ~ by the MortQagor under the ; provla[ons 6ereof. the Mortgagee may, at Its optton. make psyment thereot or pertorm any act required ot tLe Mortgagor ~ in any form or manner deemed expedient and pay aqq other sum that is aecessary to protect th~ secuNty oi tWs instru- ment: the amounts ao Paid. with interest thereon irom the date ot such payment et the asme rate es borne by tbe prin- ~ cipal tadebtednese, shdt be e~ea~d as aa additlonal 1len on the premisea and shall be addM to and beoome a part of the ; Indebtedneas secured dereby and be immediately due and paysble to the Mortgagee. Any p~,yment hereby autborf~ed to be } made by the Mortgagee msy be made scoording to aqy, bW. statement or estimate furni~l or pt+ocured irom the appnp. prlate public oIIioe or tbe party claiminB Pa3rment without inquirq into the accuracy or validltp thereo~ and the receipt o! ~ anq publlc officer or Qarty in the heuds oi the Mortgagee shW be conclus[ve evidence ot the valldlty and amoaat of iteno~ ~o P~id: the Mortgagee shall~ at its opUon, be subrogated to eny encnmbrance. Den, clefm or demand, aad W all tbe rt~hb and sccudUes far the payment thereof, Pda or dls~harged wlth the priucipsl swn ~ecured herebY or b7 the Mo~ee uwder tt?e pmvbto~s hereot. and aaY ~y?. aubrug~?tba rl~bts ahW be sddittonei and cumuLtlve ~ecudt~ to tbls itort- isY~• ~ c~ BOOK PA~~24~J - - ~ ~ . ~ _