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HomeMy WebLinkAbout2309 ot the rlortgagee become immediately due and {?ayable, without notice, and proceedings may be tnstltuted by the htort- gagee for the recovery thereof by foreclosure ot this Mortgage, or In any other manner permitted by lew es the rtort- gagee may elect, anytNng in the note o~ in thls rtortgage co~talned to the contrary themto notwtthstandtng. Upon fore- closure o1 tAis Moctgage, the Mortgagee shnll be aqowed es a part ot the indebtedness secured hereby, and the biort- gagor agrees to pay, all costs and expenses incurred tn connectiun therewith, including masonnble attorney's fees, cost ot title and tax search and the extension to date of sn ebstract ot title ur title pot~cY: and !n case such toreclosure prceeed- Ings sre settled before the consu~nmstion thereoi or Ihe entry u[ judRnient, any such costs and exE~enses and other charges so incurred, includiog s reasonable attorney's tee, shall ne~•ertheless be paid. The biortgagee i.~ any party [n in- terest, being the highest bidder, may be a purchaser at any foreclusure sale. Any election by the Mortg+gee es hernin pro- ~~ided for may be exercised immediately upon default, or at any time thema[ter, end notAing shall be constcued to be a waiver o[ such rigAt unlesS evldenced by an instrument in writin~; tu that eftrct duly executed by tl~e 1~iortgegee. The Mortgagor waives all right ot homestead and exemption granted by the Cc.nstitutlon and Laws ot Flortde. AND 1'1iE '~10RTGACOR FURTHER CONVENANTS ANn AGRF.F~~ 1. To pay the principal indebtedness wtth interest as in the not~ pro~•ided. To pay mu~thly unto the Mortgagee. !n additlon to and at the time and place tor each payment ot principnl .~r.3 interest, an installment ot each o[ the tollov~- ing charges: la) Ta~ces and assessments, ac~~.`sl oc special, and all other cha~r;~ s!e~ ird or to be levied against the premises. lb) Premiums to become due ae!ri payable tor, and to renew, the insurunce on the premises against los4 by Sre and such otAer ha7ards, ce~sualtles and contingencies as herein pro~ ided tur or reyuired from time to time. The amount ot the mspectlve monlhly installments shail be ~•~iuat tu the arnount ut the annual respective charge next due las esUmated by the Moctgageel, less all instaliments alread~~ paid theretor, divided by the number of monthly in- stallments therefor becoming due not later than one month prior to the due date of any such charge and shall be sub- ject to increase or decrease to the extent required to create ac o[ a monthly payment date on the note not less than one month pdor to the due date of any such charge, an amount sufficient for the payment thereot when due and payable. In no event shall the !~tortgagee recei~•ing such payment be liabie [or any interest on any emount pald to it as hecein mc~uired. and the money so rcceived may be held K•ith its own tunds pending paymen[ or application theceof as herein provided. The 1ltortgugor shall furnish unto the biortgagee at leasl Stteen days befure the due date an oHicial statement oi the amount of nny taxes or assesSments next due, and such Mortgagee shall pay the above charges to the amount ot the then unused ccedit themtor as and when they become severally due and payable. The Mortgagee n?ay, at its option, pay any oi such char~;es v?•hen payable, either betore or after they are delinquent, without noUce, or make advances therefor in excesg o[ the then amount o[ credii for said charges. The excess amount advanced shall be immediatety due and payable to the !?tortgagce and shall be secured as an additionnl principal sum under thLs Instrument and bear the same rate o[ interest imm date o[ ad~•ancrmc~nt as the principal indebtedness. An ot[icial receipt therefor shall be conclusi~•e evidence of such {wyment and o[ the ~•atidity ot such charges. The Mortgagee may apply credits held by it for the abo~•e charges, or any part themot, on account ot any delinquent Installments o[ principal or interest or any other payments maturing or due under this in~trument and the amounl uf credit existing at any time shall be reduced by the amount thereof paid or appiied as ht~rnin {>ro.•ided. The amaunt o[ the ~~xisting credit hereunder at the time ot any transfer o[ the pmperty shalt without ~iRnment thereo[ inurA to the benefit of the successar owner of the property and shalt be applied under and subject to all ot th.• ~~r~ivisiuns hcn~ut. Lpon t1~ pa~•ment in full o[ the indebtedness, the amount ot any unused Credit shall be applied to thc~ {~aament thereot. The Mortgagee ma~~ cullect n"lalt~ !-har~;e" not to exceeci fuur cents ~ac~ !ur c•ach une dollar (t1.00) ot each monthly installment payment rc~yuin•d un th~• nute and under ihis ~iort~;age ~+•hirh is m~~re than fi[teen !15? days in arrears, to cover the extra expensc incuh•rd in handl~nk d.~linyut•nt paym.~nt: 2. To pay, v~'hen payaDie, ail tax~~s and a~~rssin~•nt~, ~;~•n~•r?1 ~,r .perial. v~•ater rrnts and ground rents and all other Charges whatsoe~'er le~•ied upun or at,ess~d ar pla~rci against the premises, prm•ision for which Rac not been made here- inbetore, and will prompU}• d~•li~-rr th~ offic~:.? r~~~e~ipts them(~~r to th~~ ~Iort~;agee; to likewise pay ell taxes, assessments i and other charges, le~•ied upon or asse:.ed. plamd or mad~• a,ainst shis instrument, or the indebtedness or any interest of the Mortgagee in the premises or ihe ~~DI1~;811u05 se~cured h~•re~y-, procided that the payment of My such tax assess- ' ment or charge by the htort~a~or is n~~t c~mtrary t~i Ic~K• or «~ould not result in the pavment of an unlawful rate of inter- ' est on the indebtedness herrby s~~cur~•d. In tht~ ~.~~m uf the pas.agP atter thF date ot this instrument of any Iaw ot the ~ State, or subdi~~ision thereot, wherein thr G~r~~mis~~s are situated, creating or pro~•iding tor am tax, assessment oc charge ~ whlch by the above proviso is not to t~ pa;d hy th~• ~IurtKago~. the ind~btedness secured hereby together with interest due ; thereon, shall, at the option of thF~ ~t~~rt~;.~;;~•. bec-um~~ imrncdiately due and Frayabte, and in the event pay~rnent thern- of ts not made forthwith, the ltort~;ake~• may takr or cause t~~ h~~ takrn such action or proceeding es may be taken here- F under 1n the case of any' other dcfault in th~ pa~•m.•nt ot the ~ndebtedness. f 3. To keep the buildings and additi~~n; thereto ~~n ur he~reafter errcted ur placed upon the land insured against loss by fire and such other hazards, casualtie. an~i c~~ntinRenci~~s, including war damages i[ at any time a state of war exists or ~ it appeats to the holder of the n~~te that war i~ imminent, and in such amounts and tor such periods, as may be required ~ lrom time to time by the ~turtgagee, and to pa}• pramptly wht•n due all premiums on such insurance, prot•ision tor pay- ~ ment of which has not been made hereinbefnrc•. The policics uE insurance shall have loss payable pro~•isions acceptable to the Diortgagee and shall be deli~~ered to and held by the Afortgagee. oe as it may direct, until thls Mortgage is satistied. ~ Renewal policies ot insurance, premittms tor a~hich ha~•e been fully paid. are to be turnisAed to the Mortgagee at least x Sfteen days prior to the expiration date of the insurance thereby renewed. The insurance shall be written ln companles ~ approved by the Moctgagee: in no e~-ent shall thc riortgagee be held responsible for failure to pay for any insurance ~ written or tor any loss or damage growi~~ out ot a defect in any policy or growing out o[ any failure of any insucance ~ company to p8y [or any loss or damage insurFd aqainst. In the r~•ent of loss the Mortgagor shall giee immediate notice ~ by mail to the Mortgagee who nay make pnMf ut I~~cs if not made promptly by the biortgagor; each insurance company concerned L hereby suthorized and dircrted to make payment for I~~sc directly lo the btortgagee instead of to the I?fort- ~ gagor and the btoctgagee jointly; t~ insurance proceeds, or any part thereot, may be applied by the Mortgagee, at [ts ~ option, to tde expel?sep it any, ineLre~d Ay it in the collection thereot, to the reduction of the indebtednesl hereby se- ~ cured, to th~~re~to~at[on tfr re~lair di the pro~~ertp damaged, or released to the MoRgagor without liability upon the 2liort- ~ gagee for such rnlease. All policies o[ insurance are hereby assigned to the Diortgagee as additional security for the pay- ~ ment ot the sums and interest secured hereby; in the event of [oreclosure of this Mortgage or other transfer of titlo to the ~ ptemises in extingufshment of the indebt~nect, all right, titlP and interest of the Mortgagor in and to any tnsurence policies then In torce shall pass to the purchasFr or grantee. ~ 4. To complete within a reasonable time any building or buildings noK• or at any- time in the process of erection upon fs the land and to promptly repair, restore or rt•huild any building or improvements ncw or hereafter on the lnnd 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 ~•sluable; to comply with all laws, rules, regulations, or ordinances of any govern- mental agency and not ~•iolate or permit the ~~iolation as to the premises ot any buflding or use restricUons; to keep the land and improvements thereon free from mechanic's and materialmen's liens and wfll not sutter any lien super[or to the lfen created by thls Instrument to attach to or be entorced aKainst the premisef. S. It default be made in the payment o[ tares, assessments, liens, claims, insurance prnmfums or eny other charge whatsoever, or any part thereot, or in.the pertormance o[ any act, to be paid or performed by the Mortgagor under the pmvistons hereot, the Mortgagee may, at its option, make payment thereof or pertorm any act requfred of the Mortgagor r?; (n aay torm or menner deemed expedient and pay any other sum that is necessary to protect the securlty of this Instru- ment; the amounts so paid, with interest thereon from the date of such payment at the same rate sa borne by the prin- clpnl lndebtedness, shall be acsesx•d as an edditional lien on the premise~ and shall be added to attd be~.~ome a part of the Indebtedness secured hereby snd be immediately due and payable to the hiortgagee_ My payment hereby authorfzed to be made by the Mortgagee may be made according to any blll, statement or estimate turnlshed or procured irom the appro- _ prlate publlc office or the party claiming payment without tnquiry into the accuracy or valldlty thereof, and the receipt oi - any publle officer or party in the Aands of the Mortgagee shall be conclusi~•e evedence of the valtdlty and amount o[ itemi ;~r;; w paid: t!?e MoKgagee shall, at tts option, be subrogated to eny encumbrance, llen, claim or demand. and to all the righta ;r'-;.; and iecurlUes tor the payment thereot, pald or discharged with the principal sum secured hereby or by the Morteagee under tlfe provWons hereof, and any such subrogatlon rlghU shall be addttional and cumulatlve ~ecurllq lo Uils Mort- s~- ;c3 Y~;= ~ ~ 0 it Cc~ ~a.^~~.~ ~ . <<~ .J - . . _ _ - II _ _