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HomeMy WebLinkAbout1386 ot the Mortgagee become immedletely due and payable, without notice, and proceedings may be lnstftuted by the Mort- gagee for the rccovery tAereof Dy toreclosure ot t1~is Mortgage. or in any ot!?er manner permitted by law sa the Mort- ; gagee may elect, anythin~ in the note or tn this Mortga~e oontained to the ooatrary thereto notwithstandin~. Upon forn- i closure of this Mortgage, the Mort~agee shW be ellowed as a part of the indebtedness secured hereby, and 1he Mort- ; gagor agrees to pay. W coats arid expenses lacurrrd in cvnnecUon therewtth, Including reasoaable attorney's fees, cost ot title and tax search and t!?e extension to date of an abstract ot title or Utle pollcy; and !n c~se such toirciosure proceed- ings are setUed before Lhe consummation thereof or the entry ot judgment, any sucl? coats and expenses and other charges so incurred, including a reasonable attorney's fee, shall nevertheless be paid. The Mortgagee or eny party in in- terest, being tAe highest bidder. may be n purc??aaer at any foreclosure sale. Any elecUon by the Mortgagee aa herntn pro- vided tor may be exercLged lmmediately upon default, or at any time thereatter, and nothing ahall be consteued to be a j waiver of such right unless evidenced by an instrument in writing to that et[ect duly executed by Ne Mortgagee. The Mortgagor waives aU ri~ht of homestesd and exemption gtanted by the Constltutlon and Laws of Florlda. AND THE MOR'PGAGOR FURTHER CONVENAN'!'S AND ACREES: 1. To pay the principal indebtedness with interest as in the note provi~ed. To pay monWy unto the Mortgagee, ~ in addition to and at the time and place tor each payment of pdncipal and interest, an instaltment of each o1 the tollow- ing charges: ta) Taues and assessments, generai or special, end all other charges levied or to be levied against the premises. ~b) Premiums to become due and payable for, and to renew, the insurance on the premises agatnst loss by flre and such other ha7ards. casualties and contingencies as herein provtded tor or requtred fmm time to time. The amount of the respecUve monthly installtnents Mall De equal to the amount of the annual respectlve charge next due (as estimated by the Mortgagee). less all installments alrea~ paid therefor, divided by tl~e number of monthly in- stallments therefor becoming due not later than one month prior to the due date of any sucA cMrge and ahall be sub- }rei io 3ncrfase ~r de~c:mssc :o Ltre exlenL required to cresfe as of a m4nih2y gsyment dsLe an Lh~ noie not tess tlian :,r.g month prior to the due date of any such charge, en amount sufficient for the payment thereof when due and payable. In no e~~ent shall the Mortgagee recei~~ing auch payment be liable for any interest on any amount pald to it as herein required, and the money so received may be held with 1ts own funds pendiug payment_ or appllcaUon thereof as herein provided. The Mortgagor Mall furnish unto the Mortgagee at least fliteen days betore the due date an official statement ot the amount of any taxes or assessments next due. and such Mortgagee sAatl pay the above charges to the amount of the then unased credit therefor es and when they become severally due end payable. The Mortgagee may, at its option. pay any of such chargea when p~yable, elther before or after they are delinquent, without notice, or make advances therefor in exceas of the then amount o! credit for said charges. The excess amount advanced shall be immediafely due aad payaDle to the Mortgagee aad shall be aecured as an addiUonal pHncipal sum under thia instrument and bear the same rate ot interest irom date of advancement as the principal indebtedness. M otiicial z+ecelpt theretor shall be conclusive , evidence of such payment and ot the validity of such charges. The Mortgagee may apply credlts held by it for the above charges, or any part thereof, on aceount of any delinquent InstalLnenis of principai or interest or any other payments maturing or due under thia instrument and the amount of credit existing at any time shall be reduced by the amount thereof paid or applied as herein provided. The amount of the existing ctedlt hereunder at the time of anq transter of the property shall without a~gnment thereof inure to the bene8t of the successor owner of the property and shall be applied under and subject to all ot the provlsions hereof. Upon the payment in full of the indebtedness, the amount of any unused credit shall be applied to the payment thereoi. The Mongagee may collect a"late charge" not to exceed four cents (4c1 for each one dollar (=1.00) oi each monthly inatallment payment required on the note and under this Mortgage which Is more than fltteen (15) days in arrears, to cover the extra expense involved in Aandling delinquent payments. 2_ To pay, when payable, all taxes and assessments, general or special, water rents and ground rents and all other ~ charges whatsce~•er levted upon or assessed or placed against the premises, provisian for which has not been made here- inbe[ore, and will promptiy deli~er the o$icial receipts therefor to the Mortgagee; to likewise pay all taxes, assess~nents f and other charges. levied upon or assessed, placed or made aS~nst this instrument, or the indebtedness or anq intereat ot ~ the Mortgagee in the premLses or the obligations secured hereby, provided that the payment ot any such tax assess- ; ment or charge by the Mortgagor is not contrary to law or would not result in the pevment of an unlawtul rate of inter- ' est on tbe indebtedness hereby secured_ In the e~•ent of the passage after the date of this'instrument of any law of the ~ State, or subdivision thereoi, wherein the pmmises are situated, creating or pro~~iding for any tax, ~sse~nent or charge s which by the above proviso is not to be paid by the Mortgagor, the indebtedness secured hete5y together with Interest due thereon, shall, at the option of the biortgagee, become immedlately due and payable, and in the event payment there- t _ of is not made forthwtth, the Mortgagee may take or cause to be taken such acti~n or proceeding as may be taken here- ; under in the csse of any other default in the payment of the indebtedness. 3. To keep the buildings and additions thereto on or hereafter erected or placed upott the land insured against loss ~ by fire and such other hazards, casualties and contingencies, Including war damages if at any time a atate of war exists or it appears to the holder of the note that war is imminent, and in such amounts and for auch periods, as may be required ~ irom time to time by the Diortgagee, and to pay promptly when due al! premiums on such insurance, proarlsion for pay- ` ~ ment of w hich has not been made hereinbefore. The policies ot in~lrance shall ha~•e loss payab)e provisions acceptable to the 1?iortgagee and shall be deli~~ered to and held by the Mortgagee, or as it may direct, unW thls Mortgage is satisiied. Ftenewal policies of insurance, premiums for which have been fuUy paid, are to be furnished to the Mortgagee at least ; flfteen days prior to the expimiion date of the insurance thereby renewed. The lnwrance shall be wrltten In companies ~ appro~ed by the Mortgagee; ln no e~ent shall the Mortgagee be held responsible for failure to pay for any insurance r written or tor any loss or damage growing out of a defect in any policy or growing out Qf eny failure of any insurance compsny to pay for any loss or damage insured against. In the event of loas Lhe Mortgagor shall give immediate notice ~ by mail to the Mortgagee who may make proot of loss if not made promptly by the Mortgagor; each insurance company ~ concemed is hereby suthorized and directed to make payment for loss direcUy to the Mortgagee instead of to the Mort- ~ gagor and the Mortgagee joinUy; the insurance proceeds, or any part thereof, may be~ aQplled by the Mortgagee, at its ; option, to the expenses, it any, lncurred by it in the collectlon thereof, to the teductlon oi the indebtedneaa hereby ~e- ~ rured, to the restoration or repair of the property damaged, or released to the Mortgagor without liability upon the Mort- a gagee for such rnlease. All policies of insurance are hereby assigned to the Mortgagee as additional securlty for the pay- ment of the sums and interest aecured hereby; in the event of "foreclosure ot thls Mortgage or other tranater oi tltlo to the - premises in extinguishment of the indebtedness, all right, tltle and tnterest of the Hortgagor in and to any fnsurance policies then in force shall pass to the purchaser or grantee. ~a 4. To complete within a rnasonable time any building or bulldings now or at any Ume in the process of erection upon the land and to prompUy repair, restore or rebulld any building or improvements now or hereatter on the land whlch ' may become damaged or be destroyed, and not commit or permit to be done or exist on or about the premises anything whereby the premises shall become less valuabie' to comply with all laws, rules, regulatlons, or ordinancea of any govern- - _ mental agency and not violate or permit the violation as to the premjses oL any buflding or uae restrictlons• to keep the _ land and impmvements thereon free from mechanic's and materialmen's liena and wW not suffer anq llen superfor to the lien created by this instrument to attach to or be eniorced against the premises - 5. It detault be made in the payment ot taxes, assessments, liens, claims, insurance premiums or any other charge _ whatsoewer, or any part thereof. or in the performance of any act, to be patd or pertormed by the Mort~ngor under the pmvWons hereof, the Mortgagee may, at ita option, make payment thereoi or perlorm anq act reqWreB ot the Mortgagor ;;i in any form or manner deemed expedtent and pay any other sum that b neoeswy to protect the secudty of Ws lnstiv- ment; the amounta so paid, with lnterest thereon from the date of such payment at the same tate as borne by the prin- c1ps1 tndebtedneas, shall be assess~d as an additional Uen on the premises and ahall be added to and beoome a part oi the - lndebtednes6 secured hereby and be immediately due and payable to the Mor'.gagee. Any payment 6ereby authorized to be - made by the Mortgagee may be made according to any bW, statement or eatimate turnlshed or procured irom t6e appro- prlate public office or the party claiming payment without inqufry tnW the aocuracy or velidity thereoi, and the reoeipt oi any pubUc osiaer or puty in the hands ot the Mortgagee ahall be rnnclusive evidence ot tbe v~1t8tRy ~nd amount oi items w paid: the Mortgagee shall, at fts opUon, be subrogated to any encumbrauce, llen, claim or 8emaad, and to a11 the r?Q}~ts - and securlUes for the payment thereoi, pald or discharged vvith the principal sum ~ecured hereby or by the Mort~a~ee under tl?e pravidons htreof, and anq ach subrogatlon righta shall be additlonal and cumulative secudtp to thls Mort- _ i~. - bQ01c ~~O PAGti _ ~ „Y