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HomeMy WebLinkAbout0983 ~ . ~ ot the Diortgagee Decome itnmediately due and payable, without notlce, and proceedings may be instituted by the Mort- gagee tor tAe recovery thereot by foreclosure of thts Moctgage. or in any other manner permltted by lsw aa the Mort- gagee ma~y elect, snyWag !n the note or in thls Mortga~e contstned to the contrary thereto notwlthstending. Upon fore- closure ot this Mortgage, the Mortgagee shall bs allowed as a part of the indeDtedness secured hereby. and the Mort- gagor agrees to pay. W coats and expenaes incurred in coru?ection therewith. including reasonnble attorney's fees, ca4t o! titte and tax search and the extension to date ot an abstract ot title or title poUcy: snd in case such forecloaure proceed- ~i.... ~~.e.,nnf nr flw antrv nf iudament, any St1CZf COSZ.S Md CXDCIISE'E aild O~IEi iicS3 .~?C M:aiiLU uc.aVa~ iau t~s•+~..a~~:u M.~.. charges so incurred. tncluding a ree~onable attorney's fee, shall neverthelesa be patd. The Mortgagee or sny party in in- terest, being the highest btdder, tnay be a purchaser st any torecloaure sale. Any electlon by the Mortgsgee sa herein pro- vided for may be exercL~ed lmmediately upon default~ or at any dme thereatter, and nothing ahall be construed to be a waiver o[ such right unless evidenced by an lnstrument in wrtting to that effect duly executed by the Mortgagee. The Mortgagor wdves all rigAt of homestesd and exempUon granted by the ConsUtutlon and I.aws of Flodda. AND THE MOR'PGAGOR FURTHER CONVEI~AP1'PS AND AGREFS: l. To pay the principal iadebtedness with interest as in the note provided. To pay monWy unto the Mortgagee. In addition to and at the time and ptace for each payment oi principal and Interest, an inatallment oi each of the follow- ing c1?argea: (a) Taxes and assessrnents, general or special. and all other charges levied or to be levied against the premises. (b) Premiums to bernme due and payable tor, and to renew, the Insurance on the premLtes against loss by flre and such other harards. cbsualties and conUngencl~ as herQin Provided tor or required fmm tlme to timp. The amount of the respective moathly Installmenta shsll be equal to the amount of the annual respective charge ne~ct due (as eattmated by the Mortgagee). less all inatallments already paid therefor, divided by the number of monthly In- stsllments therefor becwming due not leter than one moath prlor to the due date ot aay such charge and shall be sub- ject to increaae or decrease to the extent requlred to creste as of a monthly payment date on the note notless than one month prior to the due date of nny such char8e. an amount sutficient tor thQ psyment thereof when due and payable. In no event shall the Mortgagee recetving auch peyment be Uable for any interest on any amount pald to it as heretn required, and the money so received may be held with 1ts own funds pending payment or application thereof as herein provided. The Mortgagor shall furnish unto the Mortgagee at least Sfteen days betore the due date an oHicial atatement of the amount of any taxes or assessments next due. and such Mortgagce shall pay the above charges to the amount of the then unused credit therefor as and when t1~ey be~.~ome severally due and payable. The Mortgagee may. at its optton, pay any oi such charges when payable. eitl?er before or atter they are delinquent. without nottce, or make advances theretor in exceas of the then amount ot~credit for said charSes. The excess amount advanced shall be lmmediately due and payable to the Mortgngee and shaU De secured as an addiUoaai prindpal sum under Ws instrument and bear the same rate of interest fmm date of advancement as the prlncipal indebtedness. An offtclal receipt therefor shall be conclusive evidence oi such paymenl and o[ the valldity of suctf char8es. The Mortgagee may apply credits held by it for the abo~ e charges, oc any part thereof, on account of any delinquent installments o1 principal or Interest or any other payments maturing or due under this instrument aad the amount of credit existing at neY time shall be reduced by the amount thereof paid or applied as hereln pmvided. The amount of the exlsting credit hereunder at the time of any trander of the property shall without assignment thereof inure to the bene8t oi the successor owner of the property and shall be applied under and subject to all of the provisions hereof. Upon the payment in full of the [ndebtedness, the amount ot any unused credit shall be applled to the payment thereot. The Mortgagee may collect a"late charge" not to exceed tour cents (4c1 foi each one doltar (i1.00) o[ each monthly instaliment paYment requtred on the note and under thLS Mortgage whtch is more than Sfteen (15) days in arrears, to cover the extra expense involved in handling delinquent paymencs. 2. To pay. when payabl2, all taxes and assessments, general or special, water rents and ground rents and all other ~ charges whataoever levled upon or assessed or placed against the premises, provision for which has no~been made here- ' inbefore, and will prompUy deliver tt?e ogicial receipts therefor to the Mortgagee; to likewiae pay all es„ assessments i and other charges. levied upon or assessed, placed or made against this instrument, or the indebtedness or any interest of 4 the Mortgagee in tt~e premjsea or the obiigations secured hereby, pmvided that the payment of any such tax assest- G ment or charge by the Mortgagor is not contrary to law or would not result in the pavment of an unlawful rate of inter- ~ ~ est on the Indebtedness hereby secured. In the e~•ent ot the passage after the date of this instrument oi any law of the y ; Stste, or subdtvision thereof, wherein the premises arn situated, creating or pro~~iding for any tax, assessment or charge ? 't which by the above proviso is not to be paid by the Mortgagor, the indebtedness secured hereby together w(th interest due ~ thereon, shall, af the option of the Mortgagee, become immediately due and payabte, and in the event payment there- # ~ of is not made forthwfth. the Mortgagee may take or cause to be taken such action or proceeding as may be taken here- 4 under ln the caae of any other detault in the payment of the indebtedness. ~ 3. To keep the buildings and additions thereto on or hereafter erected or placed upon the lend insured against lass _ ~ by fice and such other hazards, casualties and contingertcies, including war damages if at any time a state oi war exists or a it appears to the holder of the note that war is imminent, and in such amounts and for such periods. as may be requtred : ~ from time to time by the Mortgagee, and to pay promptly when due all premiums on such insurance, provision for pay- ~ ~ ment of whict~as not been made hereinbefore. The policies ot inaurance shall have loss payable pmvisions acceptabie to = - the biortgagee and shall be delivered to and held by the Mortgagee, or as it may direct, unW thls Mortgage is satisfied. Renewal policies of insurance, premiums tor which have been fully paid, are to be furnished to the Mortgagee at least fliteen days prior to ihe expiration date of the insurance thereby renewed. The insurance ahall be wrftten in cornpanles ~ approved by the Diortgagee; in no e~•ent shall the Mortgagee be held responsible for failure to pay for any insurance o written or for any loss or damage growing out of a defect in any policy or growtng out of any failuce of any insurance ~ company to pay for any loss or damage insured against. In the event of losa the Mortgagor shall give immediate notice by mail to the Mortgagee who may make proof of loss if not made promptly by the Mortgagor; each insuraneg company ~ payment for loss directly to the Mortgagee instead ot to the Diort- ~ concerned u_hereby authorized and directed to make ~ gagor and the Mortgagee joindy; the insurance proceeds. or any part thereof, may be applled by the Mortgagee, at its ~ option, to the expenses, it any, incurred by it in the collection thereof, to the reduction of the indebtedness hereby se- ~ ~ r:ured, to the restoration or repair o[ the property damaged, or released to the Mo[tgagor without liability upon the Mort- ` gagee for such release. All policies ot [nsurance are hereby assigned to the Mortgagee as additional security for the pay- ' ~ ment of the sums and interest aecured hereby; in the event ot foreclosure of this Mortgage or other transfer of titlo to the ~ ~ premises in extinguishment of the indebtedness, all right. tltle and interest o[ the Mortgagor in and to any insurance - policies then in force shall pass to the pur~haser or grantee. x:~ 4. To complete within a reasonable time any building or buildings now or at any time in the process of erecUon upon ~ lhe land and to prompUy repair, restore or rebuild any bullding or fmprovements now or hereafter on the land whlch ~ may become damaged or be destroyed, and not oommit or permit to be done or exist on or about the premises anything ~ whereby the_ premises ahall become less valuable; to comply with all laws, rules, regulations, or ordlnances oi any govern- mental agency and not violate or permit the violation as to the premises of any buflding or use restrictions; to keep the land and improvements thereon tree from mechanic's and materialmen's liens and will not suffer any lien superlor to the lien created by this instrument to attach to or be enforced against the prnmLves. 5. If detault be made in the payment ot taxes, assessments, IIens, clalms, insurance premiums or any other charge whatso~wer, or any part thereof, or in .the performance of any act, to be patd or performed by the Mortgagor under the - provisiona hereof, the Mortgagee may, at its option, make payment thereot or perform any act requfred of the Mortgagor in any form or manner deemed expedient and pay any other sum that is necessary to pmtect t1~e secudtq ot thla instru- ment; the amounts so paid, with interest thereon trom the date of such payment at the same rate as boroe by the prln- cipal indebtedneas, shall be assessed es an addltional lien on the premises and shall be added to and become a part ot the fndebtednesa secured hereby and be immediately due and psyable to the Mortgagee. My payment hereby authorfzed to be msde by the Mortgagee msy be made according to u?y bW, statement or eatimate furnist~ed or procured imm the appro- ; prlate pubiic office or the party claimtng payment without fnquiry into the accuracy or vWdlty+ thereoi, and the recelpt of any publlc officer or party tn the hands of the Mortgagee shall be conclusive evidence oi the validity and aawunt of iteau = w pafd: the Mortgagee shall, at Its option, be subrogated to any encumbrance, llen, clalm or demand, and to all the rtQ}?ts and secudUes for the psyment thereof, pald or dlscharged with the princtpal sum aecured hereby or by the Mort~agee under tAe pravWons hereof. and any sach subrogation sigl?ts shall be addidonal and cumulative iecudt~ to tAis Mort- ~f ~~(il(~~ PAGE ~ ~ . ~ . . . . . . , i . . _