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HomeMy WebLinkAbout2302 ot tAe ~tortgagee become lmmediately due and payeble, wtthuut notice, end proceedings may be Instltuted by the Aiort- gagee for the recovery tt~ereot by foreclosure of this Mortgage, or in any other manner permitted by law as the Mort- gagee may elect. anything in the note or in thts Dtortgage contained to the contrary thereto notwithstanding. Upon tore- clusure of this Mortgage, the Mortgagee shall De allowed as a part of the [ndebtedness secured hereby. and the rtort- gagor agrees to pay, sll coats snd expenses incurred in connecUon therewith, including masonnble attorney's fee~, cost o! title and tax search and the extension to date of an abstract ot tltle or title pollcy; nnd in case such toreclosure proceed- ings are settled betore the consummation thereot or the entry ot iudgment, any such costs and expenses and other charges so Incurred, Including a rnasonable attorney's fee, shall ne~•ertheless be pafd. The Mortgagee or eny party 1n in- terest, being the hlghest bidder, may be a purchaser at any foreclosure stile. Any election by the Mortgagee aa hernln pro- rided for may be exerclsed immediately upon default. or at any time thereatler, and nothing shall be construed to be a wai~~er ot such right unless evidenced by an instrument In writing to that eKect duly executed by the Mortgagee. The ~tortgagor waives all right of homestead and exemption granted by the Constltutlon and Laws ot Floride. AIVD THE MORTCAGOR FURTHER CONVENANTS AND AGREFS: 1. To pay the princlpal indeDtedness wfth lnterest as in the note provided. To pay monthly unto the Mortdagee, in addflion to and at the ttme and place for each payment ot principal and interest, an installment of each o1 tne follow- ing charges: l a) Taxes and assessments. general or special, and all other charges le~ ied or to be levied against the prnmises. ~b) Pmmiums to become due and payabie for, and to renew, the insursnce on the premises against loss by Sre and such other ha7neds, casualUes and contingencies ~s herein provided tor or required from time to time. The amount of the respectlve monthly installmentt shall be equal to the amount ot the annual respectlve charge next due (as estimated by the Mortgegee>, leas all installments already paid theretor, di~~ided by the number of monthly in- atallments therefor becoming due not later than one month prlor to the due date ot any such charge and shatl be suD- ject to increase or decrease to the extent required to create aa o[ a monthly payment date on the note not less than one , month prior to the due date of any such charge, an amount sugicient for the payment thereot when due and payable. In no e~•ent shall the Mortgagee recelvfng such payment be tiable for any interest on any amount paid to it as herein reyuired, and the mc~ey so received mny be held w[th its own lunds pending payment or application theceof as herefn provided. The Mortgagor shall furnish unto the Mortgagee at least 8lteen days betore the due date an o~icial statement of the amount of any taxes or assessments next due. and such Mortgagee shall pay the above charges to the amount ot the then unused credit therefor as and when they become severally due and payable. The Mortgagee may, at Its option, pay any of such charges when payabie, either before or atler they are delinquent, without notice, or make ad~ ances theretor in exces~ of the then amount ot credit for sald char8es. The excean amount advanced shall be lmmedietely due and payable to the Mortgngee and shall be secured as an additional principal aum undec this instrument and bear the same rate of interest trom date ot advancement as the principal lndebtednesa. An official ceceipt therefor sAall be conclus[~•e - evidence of such payment and oi the valldity of such charges. The Mortgagee may apply credlta held by it tor the abo~~e charges, or any part thereof, on account ot any delinquent installments of principal or Interest or any other payments maluring or due under thls instrument and the amount o[ credit existing at tinY time shall be reduced by the amount , thereot pald or applied as hemin provided. The amount ot the existing credit hernunder at the time of any transfer of the f property shall without assignment thereof inure to the bene8t of the successor owner of the property and shall be applied under and subject to all of the provisions hernof. Upon the payment in full of the indebtedness, the amuunt ot any i unused credit shall be applied to the payment thereoi. i The Aiortgagee may collect a"Iate charge" not to exceed four cents (9cl for each one doltar (51.00) of each monthiy ; installment payment required on the note and under this Mortgage which is morn than fl[teen t15) days in arrears, to ~ cover the extrn expense involved in handling delinquent payments. i 2. To pay, when payable, ali taxes and astessments, general or special, water rents snd grourtd rents and all other E charges whatsoe~~er levied upon or assessed or Flaced against the premises, provision for which ha4 not been made here- - inbefore, a~d will promptly deliver the officisi receipts theretur to the Morlgagee; to likewiae pay all taxes, assessmenis ~ and other charges, levied upon or assessed, placed or made abainst this Instrument, or the indebtedness or any intereat of ~ the Mortgagee in the premises or the obligations secured hereby, provided that the payment of any such tax assess- ~ ment or charge by the Mortgagor is not contrary to law or ~vould not result in the pavment ot an unlawtul rate of inter- est un the indebtedness hemby secured. In the e~~ent ot the passage after the date ot this inatrument of any law of the ~ State, or subdi~~tsion thereot, wherein the prcmises are situated, crea!ing or providing tor any tax, as.sessment or charge ~ which by the above proviso is not to be paid by the Mortgagor, the indebtedness secured hereby together with interest due ~ thereon, shall, at the option o[ the biortgagee, become immediately due and payable, and in the event payment there- ~ of ia not made torthwith, the Mortgagee may take or cause to be taken such action or proceeding as may be taken here- u under in the case ot any other detault in the payment of the indebledness. N 3. To keep the buitdings and additions thereto on or hereatter erected ur placed upon the land fnsured ngainst loss by firn and such other hazards, casualties and contingertcies, including war damages it at any time a state ot war exists or ~ it appears to the holder o[ the note that war is imminent, and in such amounts and tor such perfods, as may be required - Irom time to time by the Dtortgagee, and to pay promptly when due al1 premiums on such insurance, provWon tor pay- ; ment of which has not been made hereinbetore. The policies ot insurance shaU have loss payable provisions acceptable to ~ the Dtortgagee and shall be deli~~ered to and held by the Mortgagee, or as it may d(rect, until thfs Mortgage is satisfied. ~ Renew•al policies of insurance, premiums tor which have been tully paid, are to be furnished to the Mortgagee at least 8tteen days prior to the expiration date of the insuisnce thereby renewed. The insurance shall be wtltten in companfes s: approved by the Dfortgagee; in no erent sha11 the Mortgagee be held responsible for failure to pay for any insurance ~ written or for any loss or damage growing out of a detect in any policy or growing out of any failurn o[ any Irsurance ~ company tu pay for any loss or damage insured against_ In the event of loss the Mortgagor shall give lmmediate notice ~ by maf! to the Mortgagee who may make proof of loss it not made promptiy by the Mortgagor; each insucance company g~ concerned is hereby authorized and directed to make pa~•ment tor loss directly to the Mortgagee instead of to the 1Hort- gagor and the Morigagee joinUy; the insurance proceed4, or any part thereot, may be applied by the Mortgagee, at its option, to the expenses, if any, incurred by it in the collection thereof, to the reduction ot the indebtedness hereby se- cured, to the restoration or repair o[ the property damaged, or released to the Mortgagor withuut liability upon the Mort- gagee tor such release. All policies ot insurance are hereby assigned to the Mortgagee as ndditional security tor the pay- ~2 ment of the suma and intereat secured hereby; in the event ot foreclosure of thb Mortgage or other tranafer ot UUo to the premises in extinguishment of the indebtedness, all rlght, title and Interest ot the Mortgagor in and to any Insurance = policies then in torce shall pass to the purchaser or grantee. 9. To complete within a reasonable time any building or buildings now or at any time in the process of erection upon F~j the land and to promptly repair, rest~re or rebuild any building or fmprovements now or hereatter on the land which may become damaged or be destroyed, and not commlt or pennit to be done or exist on or about the premises nnyihtng whereby the premises shall become less valuable: to comply with all laws, rules, regulatlons, or ordinances of any govern- mental agency and not violate or permlt the vlolation as to the premises of any building or use restrictlons; to keep the land and improvements thereon free trom mechanlc's and materialmen's liens and w111 not suf[er any lien superlor to the lien created by this instrument to attach to or be enforced against the premises. 5. I( detau{t be made in the peyment of taxea, assessrnents, liens, claims, insurance prnmiums or sny other charge whatscever, or any part thereoi, or in the performance oi any act, to be pald or pertormed by the Mortgagor under the - provWons hereot, the Mortgagee may, at fts optlon, make payment thereot or perform any act required ot the Mortgagor ' in any tocm or manner deemed expedient and pny any other sum that is necessary to protect the securlty of thla tnstru- ment; the amounts so pa1d, with interest thereon from the date oi such payment at the aame rate ss borne by the prin- cipal indebtedness, shall be assesaed as an additlonal llen on the premises and ahall be added to and become a part of the =y.~ indebtedness secured hereby nnd be immediately due and payable to the Mortgagee. My payment hereby authorfsed to be - made by the Mortgagee may be mede according to any bill, alatement or esUmate turnished or procured 1rom the appeo- - priate public oitice or the party claiming payment without lnqufry into the accurary or valldlty thereot, and the receipt of - any public otficer or party tn the hands of the Mortgagee :hall be conclusive evidence o[ the valtdity and amount at ftems _ io pafd: the biortgsgee shall, at ita opUon, be aubrogated to any encumbrance, lien, clalm or demand, ufd to all the ri~hts and securltles tor the psyment thereof, paid or dlscharged wlth the prineipat sum secured hereby or by the Mort~agee under t1~e provWons hereof, snd any such subrogaUon rlghts shall be addltlonal and cumulative iecutit7 W thf~ Mort- - SnBe. za eo~K~~ ~rF~~~.