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HomeMy WebLinkAbout0218 ot tAe Mortgagee become Immedietely due and peyeble, without notice, and proceedings n?ay be insUtuted by the Mort- gagee for the recovery thereot by toreclosure ot this Mortgage, or in any other manner pertnitted by law as the Mort- gagee may elect, anything ln the note or in thls Mortgage contatned to the contcary thereto notwlthstanding. Upon tore- ctosure oi this Mortgage, the Mortgagee ahall be aUowed as a pert of the indebtedness secured heteby, snd the riort- gagor agrees to psy, NI costs und expenses Incurred In connection thernwith, including teasonable attorney's feea, cost ot title and tax search and the extenston tc+ date ot an abstract ot title or tltle policy; and in case such Lorecloaure proceed- ings are settled before~ the consummation thereot or the entry ot judgment, any such costs and expenses snd oiher charges so incurred, including a reasonable attorney's fee, shall nevertheless be paid. The rlortgagee or any party in in- terest, being the highest bidder. may be a purchaser at eny foreclosure sale. Any election by the Mortgagee as herein pro- vided for may be exercised lmmedintely upon detsult, or at any time thematter, and nothing shall be constnted to be a wai~•er ot such right untess evldenced by an instrument in writing to that ettect duly executed by the Mortgagee. The Mortgagor waives all right of homestead and exempiton granted by the Constttution and Laws ot Florldn. AND THE MORTGACOR FURTHER CONVENANTS AND AGREFS~ 1. To pay the principal indebted~ess with [nterest es in the note provided. To pay monthly unto the Moctgagee, in addition to and at the time and place for each payment of princlpal and lnterest, an installment ot esch o1 the follow- ing charges: (a> Taxes and assessments. general or specisl, and all other charges le~•ied or to be levied against ihe prem[sea (b) Premiums to become due and payable for, and to renew, the ins~rance on the premises agatnct losi by flre and such other hazaeds, casualUes and contingencies as herein pro~~~ded toc or required trom tlme to time. The amount ot the respectlve monthly installments shall be eyual to the amount of the annual respective charge next due (as est3mated by the Mortgagee). less all installments already paid theretor, dieided by the number of monthly tn- stallments therefor becoming due not later than one month prior to the due dete of any such charge and shall be sub- ject to increate or decrnase to the extent required to create as ui a monthly payment date on the note not less than one month prior to the due date oi itny such charge, an amount suHicient for the payment thereof when due and payable. In no event shell the Mortgagee receiving such pnyment be liable for any interest on any amount paid to it as herein required, and the money so received may be held with its own funds pending payment or appi[cation thereof as herein provided. The Mortgagor shall furnish unto the biortgagee at least fl[teen days be[dre the due date an oHicial statement of the amount of any ttuces or assessments next due, and such Mortgagee shall pay the above charges to the amount oi the then unused credit therefor as and when they become severally due and payable. The Diortgagee may, at its option, pay any of such charges w•hen payable, either before or atter they are delinquent, without notlce, or make advances therefor in excess of the then amount ot credit for said charges. The exces4 amount advanced shall be lmmediately due and payable to the biortgagee and shal! be secured as an additional principal sum under this instrument and bear the same rate of interest from date o[ ad~•ancement as the principal lndebtedness_ M otYicial receipt therefor shall be conclusive evidence ot such payment and o[ the ~•alidity ot such charges. The Mortgagee may apply credits held by it for the abo~~e chacges, or any part thereof, on account ot any delinquent installments ot principal or interest or any other payments maturing or due under this instrument and the amount ot credit existing at anp time shalt be reduced by the amount thereot paid or applied as herein pru~•ided. The amount ot the existing credit hereunder at the tlme ot any transter of the property shall ~?ithout aui~;nment thereof inure to the benefit of the successor owner o[ the property and shall be applied under and subject to all ot the pm~•isions hemo[. CTpon thc• pa}•ment in full of the indebtedness, the amount oi any unused credit shall be applied to the pa>-me~t thereot. The Mortgagee may collect a°late charKt~ ' not to exceed [uur cents t 4c ~ for each one dollar <51.001 0[ each monthly installment payment rtY~uirt~d on th~ note and under this ~Sortgage ~•hich is more than fitteen <15) days in arrears, to cover the extra expense invul~•ed ~n handlink del:nyuent pa}~rnents. 2. To pay, when payable, aU taxc•s and as~rssments, genF•ral or ~peciat. ~.•ater mnts and ground rents and all other charges whatsoe~'er le~~ied upon or ac,essed or plared a~ainst the premises, provision tor which has not bePn made here- inbefore. and will pmmpth• deli~•er the official recE~ipts therefur to the Dlortgagee; to likewise pay all taxes, assessmenLt and other charges, levied upon or acees~ced, placeci ar made a~;ainst this instrument, or the indeLtedness oc any interest of the Mortgagee in the premises or the ~~blikations se•cured h~•reb}•, pro~•ided that the payment of any such tax asses4- ment or chArge by the ~lort~agor is n~~t c~~ntran• t~ lar+~ or would not result in the pavment of an unlawtul rate of inter- est on the indebtedneu hereby securcd. In thc~ ~~.ent of the p~ssage atter the date of this instrument ot any law ot the ~ State, or subdltnslon thereo[, ~aherein the {~r~•mises are situated, creatinR or pro~•iding tor an~ tax, assessment or charge ~ wh[ch by the above pro~•iso is not to be paid b~• the ~lortgagor, the indebtedness secured hereby together with Interest due thereon, shall, at the option of the ~tort~akec. beconu• immediately due and payable, and in the e~•ent payment there- ot Is not made forthwith, the Mort~agec ma~~ tak«~ ur cause to bc• taken s~lch action or proceeding as may be taken here- ; under 1n the case of any other default in !he pa~~ment of the indebtedness. ~ - 3. To keep the buildings and additians thereto on or hereafter erected vr placed upon the land insured against loss ~ by fire and such other hazard~, casualties and c~ntinKencies, including war damages it at any time a state of war exists or it appears to the holder of the note that v~•ar is imminent, an~i in such amounts and for such peciods, as may be required from time to time by the :~Sortgagee, and to pay promptly whi~n due all premiums on such insurance, provision for pay- ~ ment of which has not been made hereinbefure. The poticies ot insurance shall ha~•e loss payable provisions acceptable to ~ the Diortgagee and shall be deli~•ered to and held by the btortgagee, or as it~ may direct, untll this Mortgage is satis[Ied. Renewal policies ot insurance, premiums tor which ha~•e been tuUy paid, are to be furnlshed to the Mortgagee at least ~ 8iteen days prior to the expiration date of the insurance thereby renewed. The insurance ahall be written in companies : approved by the Diortgagee; in no e~•ent shall the Nfortgagee be held responsible for tailure to pay tor any insurance g written or for any loss or damage growing out ot u detect in any policy or growing out ot any faflure of any Insurance ~ company to pay for any loss or dartiage insured againct. In the e~•ent o[ loss the Mortgagor shall gi~e immediate notice ~ by mail to the htortgagee who may make proo[ of loss if not rnade promptly by the Afortgagor; each insurance company ~ concerned is. hereby authorized and directed to make pa~•ment for loss directly to the ~tortgagee instead of to the Mort- ~ gagor and the Mortgagee jointly; the insarance proceeds, or any part thereot, may be epplied by the Diortgagee, at fts ~ option, to the expenses, i[ an}•, incurred by it in the collection thereof, to the reduction. ot the indebtedness hereby se- ~ r_vred, to the resturation or repair ot the pro~rt~~ damaged, or reieased to the Mortgagor without liabilit) upon the Mort- ~ gagee tor such release. All policies o[ insurance are hereby assigned to the btortgagee as additional securlty for the pay- ment of the sums and interest secured hereby: in the event of toreclosure ot this Mortgage or other transter oi tiUo to the premises !n extingulshment ot the indebtedness, ail right, tltle and interest o[ the Mortgagor in and to any insurance ~ policies then in torce ahall pass to the purchaser or grantee. ~ 4. To complete within a:easonnble time any building or buildings now• or at any time in the process of erection upon t6e land and to promptly repair, restore or rebuild any building or impror•ements now or hereafter on the land wh[ch ~ may become damaged or be destroyed, and not commlt or permit to be done or exist on or about the premises anythtng kr whereby the premises shall become less valuable; to comply with ell laws, rules, regulations, or ordinances of any govern- mental agenty and not violate or pecmit the ~iolation as to the premises of any building or use restricUons; to keep the land and [mprnvements thereon free trom mechaniNs and materislmen's liens and will not sufter tu?y lien superlor to the - iten created by this instrument to attach to or be entorced against the premises. 5. I[ detault De made in the payment ~f taxes, assessments, fiens, claims, insurance premi~ims or any other charge - whatsoever, or any part thereof, or In the pertormance ot any act, to be patd or performed by the Mortgagor under the _ provWons hereot, the Mortgagee may, at its option, make payment thereot or per[orm any act requfred of the Mortgagor 1n any form or manner deemed expedient and pay any oNer sum that is necessary to protect the securlty ot thls instru- ~ ment• the amounts so paid, with interest thereon from the date ot such peyment st the same rste as borne by the prln- clpal ~fndebtedneas, shall be assessed as an additional lien on the premises and shall be added to and become a part ot the fndebtedaess aecured hereby and be immediately due e~nd payable to the Mortgagee. Any payment herebq authotlzed to be - made by the Mortgagee may be made according to any bill, statement or estimate turnished or prorured irom the appro- - prlate public oQice or the party claiming peyment without fnquiry into the ecruracy or valldity thereof, and the receipt ot - any publlc officer or party in the hands of the Moctgagee shall be conclusi~e e~idence of the validlty and amount of fteati ~o patd: the Mortgsgee shall, st Its option, be subrogated to any encumbrance, lfen, claim or demand, and to all the ri~hts : ~nd ~eeurities for the payment tAereot, paid or discharged with the principal sum iecured hereby or by the Mort~s~ee ~ under tM! pravWons hereof, and ar~y such subrogaUon r1ghU thall be sdd(t[onal and cumuladve iecurlty to W1i Mort- F~ bCR~. ~0~ F,lrE ~i8 . - a - „p , , : ~ ~ ~ ~ ~~7 - _ ~ ~ _ _ : _ . ~