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HomeMy WebLinkAbout2783 ot the Alo~tgagee become lmmedtately due snd payable, without notice, and proceedings may be instituted by the Mort- gagee tor the recovery thereof by foreclosurc ot this Mortgage, or tn xny other manner permltted by law aa the Mort- gagee may elect. snything 1n the note or in this Mortgage contained to the contrary thereto notwithstsnding. Upon fc~re- closure of this Mortgage, the Mortgagee ahall be allowed as a part ot tAe indebtedness secured hereby, snd the Mo±K- gagor agrees to pay. sll coats and expenses tncucred tn connection therewith, i~cluding reasonable attorney's ires, cost oi title and tax search and the extension to date o[ an abstract of tjtle or title policy; end !n case such toreclosure proceed- ings nre setUed betore the consummation thereof or the entry ot judgment, aoy such costs and expet~es and other charges so incurred, including d masonable attorney's tee, shall necertheless be pafd. The Mortgagee or any party in in- terest, being the highest bidder, may be s purchaser at any foreclusu:e sale. Any election by the Mortgagee as heretn pro- vided for may be exercLsed lmmedlately upon deteult, or at any time thereaiter, and nothing shall be conatrued to be a wai~•er of such right unless evidenced by an instrument in writing to that eftect duly execuled by the Mortgagee. The Mortgagor waives all right of homestead end exemption granted by the Constitutton and I.aws ot Florida. AND THE MORTGAGOR FURTHER CONVENANTS AND ACRE~S: 1. To pay the principal indebtedness with fnterest as in the note pmvided. To pay monthly unto the Mortgagee, in addiUon to and at the t[me and piace for each pnyment ot principal and Interest, an installment ot each of the follow- ing charges: (a) Taxes and ascesvnents. genera! or spectal, snd all other charges ie~•ied or to be levied against the premises. (b) Premiums to become due and payable for. and to renew, the insurance on the premises against loss by 8re and such other hazards, casualties and contingencles as herein pro~•ided tor or required from time to Wne. The amount of the respective monthly (nstallments shall be equal to the amount ot tbe annual respective charge next due (as estimated by the Mortgagee>. less all installments alread~ paid therefor, divided by the number oi monthly in- stnliments therefor becom[ng due not lster than one month prior to the due date of any such charge and ahall be sub- ject to lncrease or deccease to the extent requlred to create as o[ a monWy payment date on the note not less than one month prlor to the due date oi any such charge, an amount suHicient for the payment thereof when due and, payable. In no event shall the Mortgagee receiving such payment be liable for any interest on any amount paid to it as herein required, and the money so received may be heid with its own funds pending pa~~rnent or application thereof as herein provided. The Mortgagor shall furnish unto the riortgagee at least flfteen days before the due date an official statement of the amount of any taxes or assessments next due, and such Mortgagee shall pay the above charges to the amount of the then unuaed credit thernfor as and when they become severally due and payable. The riortgagee may. at its option. pay any of such charges when payable, etther betore or atter they ere delinquent. without notice, or make advances therefor in excess of the then amount of credit for said charges. The excess amount advanced shall be immedtately due and payable to the Diortgngee and shall be secured as an additfonnl prtncipal sum under tNs instrument and bear the same rate of interest from date ot advancement as the principal indebtedness. An otiictal receipt therefor shall be conclusive evidence of such payment and ot the ~•alidity of such charges. The Mortgagee may apply credlts held by it for the above charges, or any part thereot, on account of any delinquent installments oi principal or interest or any other payments maturing or due under this instniment and the amount o[ credit existing at ar?y time shalt be reduced by the amount thereot paid or applied as herein• provided. The amount of the existing credit hereunder at the time of any transter of the ~ property shall without assi~:nment lhereof inure to the benefit of the successor owner of the property and shall be applied under and subject to all of the pro~~isions hFreot. Upon thr payment in full cf the indebtedness, the amount of any unused credit shall be npplied to the pa~•ment thereof. , The Mortgagee may collect a"late chargv" not to ex,eed (our cents ~~c? for each one dollar (i1.00) of each monthly installment {?ayment reyuired on the note and under this ~Iortgage which is more than fltteen (15) deys in arrears, to cover the extra expense in~~ol~~ed in handiing delinc~Uent paymcnts. 2. To pay, when puyable, all taxcs and as,escments, general ur speciai, water rents and ground rents and all other ~ chargea whatsoe~•er levied upon or assessed or placed against the premises, pro~•ision for which hag noi been made here- ~ inbefore, and will prompth• deli~•er the official recci~~ts therefur to the ?Kortgagee; to likewise pay 811 taxes, astessments ~ and other charges, levied upon or assessed, placed or made akainst this instrument, or the indebtedness or any interest of the Mortgagee In the premi~~s or the obliKations secured hc•reby, protided that the payment of Any such tax 8ssess• ~ ~ ment or charge by the :~iortgagor is not c~~mran• to laK or ~vould not result in the pavment of an unlawful rate of inter- ; est on the indebtedness hemby secured_ In th. ~~.ent o[ the passage atter the date of this insttument of any law of the E State, or subdivision thereof, wherein the {~r~~mises are situatc•d. creating or pro~iding tor any tax, assessment or charge # which by the above proeiso is not to be paid b~• the :?lortgagor, the indebtedness secured hereby together with interest due ! thereon, shall, at the option of the ~Iortg;i~eF. ~ecome immediately due and payable, and in the e~ent payment there- ~ of is not made forthwith, the Mortgagee may takP or cause to be taken such action or proceeding as may be taken here- a undes 1n the case of anp other default 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 p by rre and such other hazards, casuaities and contin~ertcies, including war damages it at any time a state of war exists or it appears to the holder o[ the note that w•ar is imminent, and in such amounts and tor such perIods, as may be required ~ from time to time by the Mortgagee, and to pay promptly when due ali premiums on such insurance, provision for pay- ment ot which has noL been made hereinbetore. The policies o[ insurance shall hace loss payable pmvistons acceptable to ~ the riortgagee and shall be delivered to and held by the biortgagee, or as it may ditect, until thia Mortgege is satistied. a Renewal policies of insurance, premiums for K•hich -ha~e been tully paid, ate to be turnished to the Mortgagee at least ~fteen days prior to the expiration date o[ the insurance thereby renewed. The insurance shall be wrltten in companies appmved by the Dlortgagee: in no e~•ent shal! the :~tortgagee be heid responsible for taiture 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 failure of any insurance ~ company to pay tor any-loss or damage insured against. In the e~ent of loss the Mortgagor shall give immediate notice ~ by mail to the ~iortgagee who may make , roof ot loss if not made promptly by the biortgagor: each tnsurance company ~ concerned is hereby authorized and directed to rnake pay~ment [or toss directly to the Moctgagee instead of to the Mort- ~ gagor and the Mortgagee joinUy: the insurance proceeds, or any part thereot, may be• applied by the Mortgagee, at its option, to the expenses, it any, incurred by it in the collection thereof, to the reduction of the indebtedness hereby se- r~ured, to the restoration or repair ot the property damaged, or released to the Mortgagor without liability upon the Mort- ~ gagee for such release. All policies of insurance are hereby assigned to the Mortgagee as additional securlty for the pay- ~ ment of the sums and interest secured hereby; in the event o[ toreclosure ot this Mortgage or other transter of tit1Q to the ~ ~ premises in extinguishment ot the indebtedness, ail right, title and Interest of the Mortgagor in and to any lnsurance ~ policies then in force shall pass to the purchaser or grantee. ~ 4. To eomplete within a reasonable time any building or ~uildings now or at any time in the process of erection upon '4~ the land and to prompUy repair, rnstore or rebuild any building or improvements now or hereafter on the lattd which may become damaged or be destmyed, and not commit or permlt W be done or e~dst on or about tLe premfses anything 'r whereby the premises shall become less valuable; to comply with ell laws, rules, regulations, or ordlnances of eny govern- mental agency and not violate or permit the violation as to the premises ot any building or use restricUons; to keep the - land and improvementg thereon free from mechanic's and materialmen's liens and will not sutfer any lien supertor to the i = Ifen created by this Instrument to attach to or be entorced against the premises. 5. II detault bc+ made in the payment ot taxes, assessments, liens, claims, insurance premiums or any other charge ' whatsoe.wer, or any part thereof, or in the performence ot sny act, to be pald or performed by the Mortgagor under the provldons hereof, the Mortgagee may, at its option, make payment thereof or pertorm any act requtred of the Mortgegor in any form or manner deemed expedient and pay any other sum that is necessary to protect the secudty ot t.hia lnstru- r'~ ment; the-amounts so paid, with interest thereon from the date oi svch payment at the same rate ea bome by the prin- - ' cipal indebtedness, shall be assessed as an addjtlonai lien on the premises and shali be added to and become a part of the ~ fndebtedness secured hereby and be immediately due and payable to the Mortgagee. Any payment hereby sutlwrized to be ` made by the Mortgagee may be mede according to any bW. statement or estimate furnlshed or prorured irom tlte sppro- ; prlate public office or the party claiming payment wtthout inquiry into the accuracy or valldttq thereof, and the recelpt of :r~; u?y public oScer or party in the hands of the Mortgagee ahall be conclusive evidence ot the validity and amount oi ltetm so ps[d: the Mortgagee shall, at ita option, be subrogated to any encumbrance, llen, clnim or demand, and to all the rlghb - and iecurfUes for the payment thereof, paid or dlscharged with the principal sum secured hereby or by the Mort~a~ee under tAe provWons hereof, and any such submgation righ4 shall be additional and cumulatlve secudty to thls Mort- `'~s i~ ~ soac ~00 ~ ~~8~ ~ w~ ~ 4 ~ - ~ ~ ~ t . - ~ .a. . ~ .~,r., . _ _ . . .e~ . . ' .