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HomeMy WebLinkAbout2775 ot the Mortgagee become immediately due and payable. wtthout notice, and pcoceedl~gs may be insUtuted by the l+lort- gagee tor the recovery thereot by foreclosure ot this Mortgage. or ln eny other menner perniltted by law as the Mort- gsgee may elect. anything ln the note or !a thls Mortga~e contained to the contrary thereto notwithstandlln~. Upon fore- closure ot thls Mortgage. the Moctgngee ahall be allowed as a part ot the indeDtedness secured hereby. snd the Mort- gagor agrees to pay, e~ll costs s~nd expenaes incurred in connection therewith, Including reasonable etWtney's fees, cost of UUe snd tax seereh and the extensiort to date ot an abstract ot title or tltle policy; snd !n case such toreclosure proceed- ings sre settled before the consummation thereof or the entry ot judgment, eny such costs and expenses and other charges so incurred, lnc~udtng a reasonable attorney's tee, ahall nevertheless be patd. The riortgagee or any party in !n- terest. being the hlghest bidder. may be a purc!?aser at any toreclosure sale. Any election by the Mortgagee aa herein pro- vided for may be exercised immediately upon default. or at any time thereafter, and nothing shaL be construed to be a . waiver ot such right unless evidenced by an inatrument in writing to that eHect duly executed by the Mortgagee. The Mortgagor waives all right of homestead and exemptlon grsnted by the Constitutlon and I.awa ot Florida. AND THE MORTGACOft FURTHER CONVENANI'S AND AGREFS~ 1. To pay the principal indebtedness with interest as in the note provided. To pay monthly unto the Mortgagee, in addlUon to and at the time and place for each payment ot princlpal and interest, an installment of each oi the follow- ing charges: ta) Taxes and assessments, general or special, and all other charges levied or to be levied against the prem(ses. (b) Premiums to become due and payable tor. and to renew, the insurance on the prem(sea againtt loss by Sre. and auch other harards. casualt[es and contingencies as heretn pro~•ided for or required irom time to t[me. The amount of the respective monthly installments shaU be equal to the amount of the annual respective charge next due (at estimated by the Mortgagee). less all installments already paid therefor, divided by the number oi monthly in- stalimenLs therefor becoming due not later than one month pdor to the due date of an~• such charge and shall be sub- ject to increaae or decrease to the extent required to create as ut a monthly payment date on the note not less thsn one month prior to the due date of My such charge, an amount suHlcient for the payment thereot when due and payable. In no event shall the Mortgagee ~receivtng such payment De liable for any interest on any amount pald to It as herein required. and the money so received may be held with Its own funds pending payment or applicatlon thereoi as herein i provided. The Mortgagor shall turnish unto the Mortgagee at least fliteen days betore the due date an oQicial atatement of the amount oi any taxes or as~essments 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 Mortgagee may. at its option, pqy any o1 such charges when payable, either before or after they are delinquent, without notlce, or make advances theretor in excess ot the then amount of credit for said chargea. The excess amount advanced shaD be immediately due and payable to the Mortgngee and shall be secured as an additional principal sum undec this Instrument and bear the same rate of interest from date o[ ad~ancement as the principal indebtedness. An oIIicial receipt therefor shall be conclusive evidence of such payment and ot the validity of such charges. The Mortgagee may apply credits held by it for the above charges, or any part thereot, on nccount ot any delinquent installments ot prindpal or interest or any other payments matuting or due under this instrument and the amount ot credit existing at any time shall be reduced by the amount ~ thereot patd or applied as herein pro~ ided. The amount of the existing credit hereunder at the Wne of any transter of the property shall without assignment thereof inure to the bene6t of the successor owner ot the property and shall be applied : under and subject to al! of tAe pro~ isions hereof. Upon the payment in tull of the indebtedness, the amount ot any unused credit shall be applied to the payment thereot. ; The Mortgagee may callect a"late charge" not to exceed four cents (4c1 for each one dollar (51.00) of each monthly ; installment payment reyuired on the note and under this Diortgage which is more than 8[teen (15) days in arrears, to cover the extra expense in~•ol~ed in handling delinquent payments_ 2. To pay, when payable, all taxes and assessments, general or special, water rents and ground tents and all other charges whatsoe~er levied upon or ussessed or placed against the premises, pro~ision for which has not been made here- inbefore. and will pmmptly deli~•er the ofticial recei{~ts thernfor to the Mortgagee; to likewiae pay all taxes. astessinents and other charges. levied upon or assessed, placed or made against this instrument, or the indebtedness or eny [nterest o! 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 would not result in the pevment of an unlawful rate of inter- est on the indebtedness hereby secured. In the e~ent ot the passage atter the date of this instrument ot any law of the i ~ State, or subdivision thereof, whernin the {~rcmises are situated, creating or providing tor any tax, a~rtent or charge € which by the above proviso 3s not to be paid by the Atortgagor, the indebtedness secured hereby together with intereat due ~ thereon, shall, at the option of the hiortgagee, become immediately due and payable, and in the event payment there- i ~ of Is not made forthwith, the Mortgagee may take or cause to be taken such action or proceeding as may be taken here- under 1n the case of any other defauit in the payment of the indebtedness. _ ' = 3. To keep the buildings and additions thereto on or hereafter erected or placed upon the land insured against loss ' by fire and such other hazards, casualties and contingencies, including war damages if at any time a state of war exists or ~ it appears to the holder of the note that v?ar is imminent, and in such amounts and for such periods, as may be required ~ irom time to time by the biortgagPe, and to pay promptly when c~ue all premiums on such insurance, provision for pay- ment of which has not been made hereinbe[orn. The policies of insurance shall have loss payable provisions acceptable to ~ the 1?Sortgagee and shali be delivered to and held by the Mortgagee, or as it may dlrecf, until this Mortgege 1s satisfied. Renewal policies o[ insurance, premiums for which have been fuUy paid, ete to be furnished to the Mortgagee at least ~ 8fteen days prior to the expiration date of the insurance thereby renewed. The lnwrance shall be wrltten in companles E approved by the Mortgagee; in no e~•ent shall the Diorigagee be held cesponsihle for failure to pay for any insurance ~ written or for any lost or damage growing out of a detect in any policy or growing out of any failure of any insurance ; company to pay for any loss or damage insured against. In the event oi loss the Mortgagor shall glve immedlate notice ~ by mail to the Mortgagee who may make proof of loss it not made promptly by the Mortgagor; each insurance company ~ concerned is. hereby authorized and directed to make payment [or loss direcUy to the ~iortgagee instead of to the Mort- gagor and the biortgagee joinUy; the Insurance proceeds, or eny part thereof, may ~e appl[ed by the Mortgagee, at its ~ option, to the expenses, if any, incurred by it in the collection thereof, to the reduction of the indebtedne~ hereby se- cured, to the restoration or repair of the property damaged, or released to the Mortgagor without liabillty upon the Mort- ~ gagee for such release. All policies of insurance are hereby assigned to the Mortgagee as addidonal secudty for the pay- ment of the sums and interest secured hereby; in the event of foreclosure oi this Mortgage or other tran.der of tltlo to the ~ premises in extingulshment of the indebtedness, all right, Utie and interest of the Mortgagor in and to any insurance ~ polidea then in force shall pass to the purchaser or grantee. 4. To complete within a rnasonable time any building orbuildings now or at any time in the process of erectlon upon the land and to promptly repair, restore or rebuild any building or imprnvements now or hereatter on the land wtilch Rj may bec.~ome damaged or be degtrnyed. and not commit or permit to be done or exi~R on or about the premises anything r; whereby the premis~s shall bernme less valuable; to comply with all laws, rules, regulatlons, or ordinances oi any govern- _ mental agericy and not violate or permit the violation as to the premLses of any building or use restrictlons; to keep the ~ - land and impmvements thereon free irom mechanic's and materialmen's 1[ens and will not suf[er any lien superlor to the lien created by this lnstrument to attach to or be eniorced against the premises S. It detault be made in the payment ot taaces, assessments, Ilens, cleims, fnaurance prnmlums or any other charge ' whatsoever, or any part thereoi, or in the performance ot any act, to be paid or performed by the MartQagor under the = providons hereof, the Mortgagee may, at its option, make payment thereof or perform any act required of the Mortgagor ; in any form or manner deemed expedient and pay any other sum that b necessary to protect the security oi this lnstru- j ment• the amounts ao paid, with interest thereon from the date of such payment at the same rate as borne by the prin- - clpal lndebtedness, shall be assessed as an addittonal lien on the premises and shall be added to and beoome a part of the - tndebtedne~ secured hereby and be Immediately due and paysble to the Mortgagee. Any payment herebq authorized to be made by the Mortgagee msy be made accord[ng W any bW, atatement or estimate furnished or procured from We appro- prlate public office or the party claiming payment without lnquiry into the accuracy or validity thereof, and the receipt o! _ anq publlc oaicer or party in the hands of the Mortgagee ahall be rnnclusive evidence of the validity and aa~oant oi iteau ; ~o paid: the Mortgagee shall, ~t 1ta option, be subrogated to any encumbrance, llen, clafm or demand, and to all ihe tights - and secudties for the payment thereof. paid or disc~arged with the princ(pal sum serured hereby or by ihe Mort~aQee under Ne provia~ons hereof. wd sny such subrogat[on rlghts ~hwll be addltional and cumulatlve ~ecudty to tL1s Mort- <;:; i~- s_ ~ ~ - ; u~;3 ' - " k I ~ ~ i "G.".-. . . _ . . , . _ ~ . . . r- _