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HomeMy WebLinkAbout2915 ot 1he Mortgegee become itnmedlstely due snd payable. witAout notice, and proceedings may be tnsUtuted by tht Mort- gagee for the recovery thenwt by torecloaure ot this Mortgage, or ln any other menner permltted by lsw es 1he Mort- ~agee maq elect. ~nything in the note or in thb Mortga~e contalned to Ne contrary thereW notwithstandla~. Upon tore- closure oL thls Mortgage, the MortQagee shall be allowed as a part of the indebtedneas secured hereDy. and the Mort- gagor agcees to pay, W costs snd expen~es incurred in connecdon therewith. including reasonable attorney's feee, cost ot Uqe end tax search and the extension to date ot an abstract ot tiUe or Utle policy; and in caae such foreclosure proceed- ings ere settled before the consummstion thereoi or the entiy ot judgment, any such coats and expenses and other charges so lacurred. including a reasonable attorney's fee. ahall nevertheless be paid. The Mortgagee or ~ny partY li? 1n- terest, being tl~e Nghest bidder. may be s purcRaser at any foreclosure sale. Any electlon by the Mortgagee as berein pro- vided tor may be exerclsed lmmediately upon default. ot at any tlme thereatter, and notNng shall be consttved to be a walver ot such right unless evidenced by an instrument in writing to that eHect duly executed by the Mortgegee. The Mortgagor waives all right of homestesd and exemption granted by the Coastitution and Lews ot Flodda. AND THE MORTGACOR FURTHER CONVENAN't'S AND ACREES: l. To pay the principsl indebtedness with interest as in the note provided. To pay monthly unto the Mortgagee, tn additlon to and at the dme and place for each payment of princlpal and interest. an installment oi each oi the tollow- !ng charges: (s) Taxes and assessrnents. general or apecial, and all other charges lecied or to be levied agatnst the premises. (b) Premiums to become due and payable for. and to renew, the insurance on the premisea against loas Dy Sre and such other hazards, casualties and contingencies as herein pro~~ided tor or requfrvd from time to Wne. The amount of the respectlve monthly Instelltnenta shnll be equal to the amount of the annuel respectlve charge next due (a~s esUmated by the Mortgagee). less alt installments alreadp paid theretor, divided by the number of monthly in- ~tallments therefor becoming dae not later tAan oae moath prlor to the due dste of any such charge and shall be sub- ject to increase or decrease to the extent requlred to create as of a monthly payment date on the note not less than one month pdor to the due date of eny such charge, an amount suffictent for the payment thereoi when due and payable. In no eveat shall the Mortgagee recelving such payment be liable for any Interest on any amount pald to it as herein requ[red. and the money so received may be held with 1ts own funds pending psyment or appllcaUon thereoL as here[n provided. The Mortgagor shaU furnish unto the Mortgagee at least ~tteen days before the due date an official statement of the amount of any taxes or asgesscnenis next due, and such Mortgagee shall pay the above charges W the amount oi the then unuaed credit therefor as and when they bei.~ome severally due end payable. The Mortgagee may, at its optlon. pay any ot such charges when payable, either before or after they ere deW?quent. wlthout noUce. or make advances therefor in excess of the then amount ot credit for said chargea. The excess amount advanced shall be immediately due and payable to the Mortgngee and shall be secured as an addlt[onal principal sum under tNs instrument and bear the same rate of lnterest from date of advancement as the principal indebtedness. An officisl receipt therefor shall be conclusive evidence ot such payment and at the validity of such charges. The Mortgagee ma,y apply credlts held by it for the above charges, or any part thereot, on account ot any delinquent instaliments of prlndpal or interest or any other payments maturing or due under this instrument and the amount of credit existing at any time shall be reduced bq the amount tlienwf paid or applied as herein provided. The amount of the existing credit hereunder at the tlme of any transier of the property shall without assignment thereof inure to the bene6t of the successor owner of the pcoperty and shall be applied under and subject to all of the pro~•isions hereof. Upon the payment in ivll of the indebtedness, the amount of any unu.ted credit shall be applted to the payment thereof. Tt?e Mortgagee may coUect a"late chargr" not to exceed tuur cents (4c? foY each onG• dollar (i1.00) ot each monthly fnstsllment payment required on the note and under this Mortgage which is more than fliteea (15) days in arcears, to cover the extra expense in~olved in handling delinquent payments. ~ 2. To pay, when payable, all taxes and assessments, general or special, water rents and ground rents and all other cliarges w!?etsoever levied upon or assessed or placed against the premises, provision for which has not been made here- inbefore, and will promptly deli~•er the of[icial receipts therefor to the 2?tortgagee; to likewise pay all taxes. asaessictents and otAer charges, levted upon or asses~ced, piaced or made a~;ainst this instrument. or the indebtedness or any interest of the Mortgagee in the premises or the obligations secured hereby, prorided that the payment of any such tax assess- ment or charge by the !ltortgagor is not a~ntrary to law or ~+•ould not result in the psvment of an unlawtul rate of tnter- f est on the lndebtedness hereby secured. In the e~ ent of the passage after the date of this instrument of eny law oi the State, or subdivision thereof, wherein the prcmises are situated, creating or pmviding for any tax. assessment or charge ; which by the above proviso is not to be paid by the Mortgagor, the indeDtedness secured hereby together with interest due ~ thereon. shall. at the option of the ~iortgagee, become immediately due and payable, and in the event payment ihere- ~ of b not made forthwith, the Mortgagee may take or cause to be taken such action or pmceeding as may be taken here- ; under in the case ot any 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 ; by Cre and such other hazards, casualties and contingertcies, including war damages if at any time a state of war eJCists or ; it appears to the holder of the note that war is imminent, and in such amounts and tor such pedods. aa may be required ' imm Ume to time by the Mortgagee, and to pay promptly when due all premiums on such Insurance, ptovision tor pay- ; ment of which has not been made hereinbefore_ The policfes ot insurance shall ha~e loss payable provislons acceptable to ~ the Mortgagee and shall be delirered to and held by the Mortgagee, or as 1t may direct, until thls Mo~gage b satisfied. $ Renewal policies ot insurance, premiums for which have been fully paid, are to be furnished to the Mortgagee at least ~ niteea days prlor to the expiration date of the insurance thereby renewed. The insurance shall be ardtten in companies y approved by the Mortgagee; in no e~ent shall the Mortgagee be held responsible for failure to pay for any insurance k written or for any loss or damage growing o~t ot a defect in any policy or growtng out of any failure of any Snsurance ~ company to pay for any loss or damage insured against. In the event o[ loss the Mortgagor shall give immediate 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 for loss directly to the Mortgagee instead of to the Mort- gagor and the Mortgagee jointly; the insurance proceeds, or any part thereof, may be appUed by the :1~ortgagee. at its ~ option, to the expenses, it any. incurred by it in the collection thereot, to the reduction ot the indebtedneas hereby se- ~ r_ured, to the restoration or repair ot the property damaged, or released to the Mortgagor without ltability upon the Mort- ~ gagee tor auch releaae. All policies ot insurance are hereby assigned to the Mortgagee as additional secudty for the pay- ment of the svms and fnterest secured hereby; in the event ot foreclosure ot this Mortgage or other transfer oi tltlo to the ~ premises in exUnguishment o[ the indebtednesc, all right, tltle and interest af the Mortgagor !n and to eny insurance ~ polides then in force shall pas~ to the punhaser or grantee. Y - 4. To rnmplete within a reasonable time any building or buildings now or at any time in the process of erection upon ~ We land and to promptly repair. restore or rebuild any building or improvements now or hernafter on the land whtch may become damaged or be destroyed, and not oommlt or permlt to be done or exist a~ or about the premises anything _ whereby the premisea shall become less valuable; to comply with all laws, rules. regulaUons, or oMtaances of any govern- ; ~ mental 'ngency and not Wolate or permlt the violation as to the premises of any building or use restricUons; to keep the land and impmvements ihereon iree from mechanic's and msteriaimen's liena and will not suKer anq llen superlor to the - llen created by this instrument to attach to or be enforced against the premises S. If default be made in the payment ot taxea, assessments, lfens, claims, insurance premiums or any other charge w6atsoe.wer, or anq part thereoi, or in the per[ormance of any act, to be pafd or performed by the Mort~agor under the provWons hereof, the Mortgagee may, at Its opUon, make payment thereof or pertorm any aM requfred ot the Mortgagor In any form or manner deemed expedient and ment• the amounts so ~y ~q other sum that is necessary to pmtect tAe securtty oi Ws [nstru- paid, with interest thereon irom the date of such peyment st the same rate es borne by the prin- cipal indebtedneas, :hall be as~ssed as an additlonal lien on the premises and shall be added to and beeome a p~rt of the - indebtedneas secured hereby and be immediately due and payable to the Mortgagee. My payment hereDy authorl~ed to be made by the Mortgagee may be made according to ~ny btll, statement or estimate furnfshed or procured Uom We appco- - prfate public office or the perty claiming payment without inquiry into the accuncy or vWdlty thereoi. and the receipt of any pubUc officer or party tn the hands of the Mortgagee shall be conclusive evidence of the valldity and amaint o! ltea» ' so pafd: the Mortgagee shall, et 1ts option, be subrogated to any encumbrance, llen. claim or demand, and to aU tUe rlgLb ~ and ~ceudUes for the payment thereof, pn(d or discharged wlth the princlpal sum ~ecured herrby or by the Mort~a~ee onder tAe prnvWons hereof, and anq such wbrogwdon dghU stWl be eWdlUonal and cumuLtive aecurily to tbls b[ort- L~. ~ ~ u`..~ ~r - - .2, _ . _ _ . _ . _Y-,F ~