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HomeMy WebLinkAbout1030 # ot tAe Mortgagee become immediately due and payable. wtthout notlce. snd proceedings may be tnsUtuted by the Mori- gagee for the n~covery thereo! by foreclosure ot thls Mortga~e. or in any other m~nr?er pern?ttted by law as the Mort- gagee msy elect. anything ia the note or in thls Mortga~e coatained to the oontrary thrreto notwiWtandln~. Upon tore- closure oi thls Mortgsge. the MortQagee shell be allowed as a part of tl~e indeDtedness aectued hereby. and the Mort- gagor egc~ees to pay. ~il costs and expenses incurred Im m~nection therewitA. lncluding reasonable attorney's fees, cost ot tiUe and tax search and the extenaton to date ot an sbatract ot t[tle or title pollcy; and in case ach foredoaure proceed- ings are setUed betore the conaummation theceoi or the entry of ludgrnent. any such coats eu~d expenses and ather charges so lncurred. including s reasa?able attorney's fee. shell neveriheless be pafd. The Mortgagee or any party in [n- terest~ being the hlghest btdder. may be a purchaser at any foreclowre aale. My elecUon by the Mortgs~ee as heretn pro- vided for may be exercised Immedtately upon default, or at any Ume thereafter. nnd nothing shall be construed to be a waiver ot such right unlesa evidenced by sn instrument in writtng to that eQect duly executed by the Mortgagee. The Mortgegor waives all right oi homestead and exempiloa granted by the Constltution and Laws ot Florida. AND THE MORTGAGOA FURTHER CONVENANTS AND AGREFS: 1. To pay the prindpal iadebtedness with faterest as in the note pmvtded. To pay monWy unto the Mortgagee, in eddiUon to and at the time and place for each payment ot prtnclpal and intetrst, an installment oi each oi the follow- tng charges: (a) Taxe~ and asaessinents. general or special. and W other charges levied or to be leWed agsinst the prnmises. (b) Premiums to become due and payable for. and to renew. the insurance on the premises agatnst lost by Sre and such other haiards. casualties snd contingeacies aa herein provided ior or requtred from tlme to t[rt?e. The amount oi the respectlve monthly installments ahall be equal to the amount of the annual respective chsrge next due (as estimated by the Mortgagee). leas all installments already paid therefor. divided by Ne number oi monthly in- stallments therefor becoming due not later than oae moath prlor to the due date o! any wch charge and shall be sub- ject to increase or decre~se to the extent rMulred to create aa of a monthly payanent date on the note not less than one month prior to the due date ot any auch charge. an amount su![icient tor the payment thereof when due and payable. In no event shall the Mortgagee receiving such payment be llable for eny interest on any emount pald to it ~ herein required. and the money so received msy be held with 1ts own funds pending pe?yment or applicatton thereof as hereln provided. The Mortgagor shall inrnish unto the Mortgagee at least Stteen days before the due date an oltictal statement of the amount of any taxes or ssiessmenta next due. and such Most~s~ee shall pe~y We above charges to the amount ot the then unused credit theretor as and when they become severally due aad payable. The Mortgagee may. at its option, pay any of such chargea wl?en payable. etther before or after they are delinquent. without notice, or make advances therefor in excess of the then amount of credit for sa[d char8es. The exce~s amount advanced shall be immedtately due and payable to the Mortgagee and shall be secured as an addittonal prtndpal sum under thls instrument and bear the same rate of interest irom date of advancement aa the pdacipal indebtednesa. M oIIlcial receipt therefor shall be conclusive evidence of auch payment and ot the validity of such char8es- The Mortgagee msy apply credlts held by it for the above charges, or any part thereof, on account of anq delinquent installments of prindpal or lnterest or any other payments maturing or due under this instrument and .the amount of credit e~dsting at anY time shall be reduced by the amount thereot pald or applied as herein provided. The amount of the existing credit hereunder at the tlme oi any tranater of the property shall without assignment thereof inure to the beneflt of the successor owner of the property and shall be applied under and subject to all ot the provisions hereof. Upon the payment in full oi the indebtedneffi, the amount ot any unused credit shall be applied to the payment thereof. The Mortgagee may collect a"late charge" not W exceed four cents (4c) for each one dollar (SL00) ot each monthly installment payment required on the note and under this Mortgage which is more than 8iteen <15) days 1n arreais, to cover the extra expense involved in handiing delinquent payments_ 2. To pay. when payable, all taxes and assessments, general or special, water rents and ground rents and all other charges whatsoever levied upon or assessed or placed a8ainst the premises, provision tor which has not been made here- inbefore. and will promptly deliver the ogicial receipts therefor to the Morteagee• to likewise pay ell taxes, asmessmenta i and other chargea, levied upon or assessed, placed or made against this instniment, or the indebtedneaa or eny interest of E the Mortgagee in the premises or the obligations secured hereby, provided that the payment oi any auch tax sssess- E ment or charge by the Mortgagor is not rnntrary to law or would not result in the pevment of an w?lawtul nte oi tnter- ~ est on the indebtedness hereby secured. In the e~•ent oi the passage atter the date oi this instrument oi any law ot the g 5tate, or subdivision thereof, wherein the prernises are situated, creating or providing for any tax, assessment or charge ~ which by the above proviso is not to be paid by the Mortgagor, the indebtedness secured hereby tagether with interest due € thereon, shall, at the option ot the Mortgagee, become immediately due and payable, and In the event payment there- - of ts aot made forthwlth, the Mortgagee may take or cause to be taken such action or proceed(ng as may be taken hece- s under in the case of any other default In the payment of the indebtedness. ~ 3. To keep the buildinga and additions thereto on or hereafter erected or placed upon the land Insured against loss ~ by fire atsd such ottier hazards. casualties nnd cont[ngeacfes, including war damages if at any Ume a state of war exists or ~ it appears to the holder of the note that war is imminent, and in such amounts and for such perloda, as may be requIred ~ irom time to time by the Mortgagee, and to pay pmmpUy when due all premiums on such insurance, provlsion for pay- + ment of which has not been made hereinbefore. The policles of iluursnce shall have loss payable pmvialons acceptable to ~ the Mortgagee and shall be delivered to and held by the Mortgagee, or as fi may dlrect, unUl this Mortgage is satisfied. Renewal pol[cies ot insurance, premiums for whtch have been fully paid. are . to De furnlshed to the Mortgagee at least ~ 8fteen days prior to the expiration date of the insurance thereby renewed. The lnsurance shall be written in companles ~ approved by the hlortgagee; in no event shall the Mortgagee be held responsiWe Lor failure to pay for any insurance ~ written or for any loss or damage growing out of a defect in any policy or growing out of any fallure of any insurance ~ company to pay for any loss or damage insured agains~ In the event ot losa the Mortgagor ahall give immediate notice ~ by mafl to the Mortgagee who may make proof of loss ii not made promptly by the Mortgagor; each insurance company concerned is.hereby authorized and directed to make payment for loas direcUy to the Mortgagee instead o! to the Mort- ~ gagor and the Mortgagee ~ointly; the insurance pmceeds. or any part thereof, may be~applfed by the Mortgagee, at its ~ option, to the expenses, if any, incurred by it in the collectlon thereof, to the reduction ot the indebtedneas hereby se- ~red, to the restoration or repair ot the property damaged, or released to the Mortgagor without HabWty upon the Mort- gagee for such release. All polldes of lnsurance are hereby assigned to the Mortgagee as additional secudty for the pay- ~ ment of the sums and interest secured hereby; in the event oi toreclosure of thL Mortgage or other tranater of UW to the premisea in extingulshment ot the indebtedness, all right, tltle und interest oi the Mortgagor ln and to any inwrance policiea then in force shall pass to the purchaser or grantee. ~ 4. To complete within a reasonable time any building or buUdings now or at any Ume in the pra:est o[ erecUon upon the land and to pmmpUy rnpair, restore or rebufld any building or improvementa now or hereaiter on the laad which ` may become dnmaged or be destmyed, end not rnmmit or permit to be done or exist on or about the premLes anything whereby the prem~ses shall become leai valueble; to comply with all laws, rules, regulations, or oMfnancea of any go~vern- mental agency and not vtolate or permlt the violatfon as to the premises of any bullding or uae restrictiom; to keep the land and improvements thereon free trom mechanic's and matertalmen's Ilens and wW not su![er any lfen superior to the llen created by this instrument to attach to or be entorced agafnst the prnmises. 'r~ 5. It de2ault De made tn the payment of taxes, essessments, llens, clafms, tnsurance premlums or any other charge whatsoever. or any part thereof, or in the pertormance of any act, to be pald or pertormed by the Mort~agor under the = provldons hereof, the Mortgagee may, at its option, make payment thereot or pertorm any act requlred of the Mortgagor _ in any form or manner deemed expedlent and pay any other sum that i~ necessary to protect the security ot thSs tnstru- - ment; the amounts so pafd, wlth interest thereon from the date of such psyment at the same rate as borne by the prln- clpai indebtedneas, shall be assesred as an addiUonal Uen on the premises and shall be aAdee to aad beaome a part o! the fndebtedness ~ecured hereby and be immediately due and payable to the Mortga~ce. My p~yment hereby authorired to be ~~=;i a?ade by the Mortgagee may be made according to any bW. statement or esWnate furn4hed or ptocured hom tbe appro- prtate public ogice or the party claiming payment without inquiry U?to the accuracy or vaildity thereo~ and the reoelpt ot any publlc olIIcer or party !n the hands of tbe Mortgagee shall be conclusfve evlde~e ot tlre validlt~ aaA aosoaot ot ftems ~ so paiA: the Hort~ee shall, at its optlon, be subrogated to any encumbrance. llen. clafm ae demand, aod to W tbe rlY6ti snd ieeurltle~ for We payment thereof. pafd or dL~charged with the princlpal sum aecured hereby or bp the Mort~aYee _ under tlte pro~vislo~u hereof. aad u?y sucb wbro~atton st~hb shall be ~ddltlonal and cumulatlve ~ecurity to this Mort- r ~ ao~K P~ 10~9 _ . _ .