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HomeMy WebLinkAbout2921 i t ot the blortgagee become immediately due and payable, wit~out notice, and proceeci.ings may be lnstituted by the Mort- ; gagee for the recovery thenwt Dy Loreclosure oi this Mortgage. or in sny other manner permitted by law aa the Mort- ~ gegee inay elect. aaytNng tn the note or in this Mortgage contained to the contrary thereto notwithstendin~. Upon fore- closure ot tAis Mortgage. the Mort~agee shall be aqowed as a~rt of the indebtedness secured Dereby, and the Mort- : gegor agree: to pqy. W costs and enpens~es inrurred in connectton therewith, including teasonable ~ttorney's fees, eost ot ~ utle and tax search and the extension to date of an nbstract ot title or titte policy; and !n case such toreclosure proceed- ~ ings are setUed betore the coruummation thereof or the entry ot judgment, any such costa and expenses and other ~ charges so incurred. includtng s reasonable attorney'a fee. shall neverthelesa be pafd. The Morigagee or any party [n in- ~ tecest, betng the highest bidder, msy be a purcha~er at any foreclosure sale. Any election by the Mortgagee aa heretn pro- vided tor may be exercLsed immediately upon detault. or at any time themaiter, and nothing shall be construed to be s waiver ot such right unless evidenced by an Instrument in writing to that etfect duly executed by the Mortgagee. The Mortgagor waives all right of homestead wd exemptioa granted by the Ccnstitution au?d L.sws ot Flodda. AND THE MORTGACOR FURTHER CONVENANTS AND ACREFS~ 1. To pay the pr[nclpal indebtedness with tnterest ds in tRe note provtded. To pay monthly unto the Moctgagee, 1n additlon to and at the time and place tor each payment of principal and interest, an inatallment of each o! tAe follow- ~ Ing charges: <a) Taxes and aasessnents. general or special. end all other chargcs fr~ied or to be levied against the premises (b) Premiums to become due and payable for, and to rnnew, the insurance on the premisea against loss by flre and such other hazards. casualties and contingencies e~s herein provided for or required fmm Ume to time. The amount of the respectlve monthly installments shall be ec;ual to the amount o[ the annuel respective charge next due (as esttmated by the Mortgagee), less all installments already paid theretor, divided by the numDer oi monthly !n- stallments therefor bec.~oming due not later than one month pdor to the due date ot any such charge and ahall be sub- ject to increaae or decrease to Ne extent re9uired to create as of a monthly payment date on the note not less than one month pdor to the due date oi any. such charge, an amount sutficient for the payment thereoi when due and payable. In no event shall the Mortgagee reoeiving such payment be liable for any fnterest on any amount paid to it as herein required, and the money so recei~ed ma~ be held with its own iunds pending payment or applicadon thereof as herein provided. The 1?iortgagor shalt furnish unto the I?lortgagee at least diteen days betore the due date an oSicial statement oi the amount of any taxes or assessments next due, and such Mortgagee shall pay the above charges to the amount of the then unused credit therefor as and when they become sevecally due and payable. The Mortgagee mAy. at its optlon, pay any of such charges when payable, either before or atter they are delinquent, without notice. or make advances therefor in excest of the then amount ot credit for said charges. The excess amount advanced shall be immediately due ~ nnd payable to the 2?tortgngee and shali 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. An official receipt therefor shall be conclusive ; evidence of such payment and o[ the ~•alidity of such charges_ The Mortgagee mny apply credits held by it for the above eharges, or any part thereof, on account of any delinquent installmenta of principal or lnterest or any other payments maturing or due under this instniment and the amount of credit existing at any time shall be reduced by the amount ~ - thereof pald or applied as herein pro~•ided. The amount ot the e?cisting credit hereunder at the tlme oi any transter of the ` property shall without assi~;nmen~ thereof inure to the benefit of the successor owner of the property and shall be applled under and aubject to all ot the pro~•isions hereof. l3pon tim paymeni in tull of the indebtednes4, the amount of any • unused cc+edit shall be appiied to the E~a~ment thereot. ~ The Mortgagee may collect a"late charKN' not to exceed four cenis t~}c? toc each one dollar (f1:00) of each monthly installment payment reyuired on the note and under this biortRage which is more than 8fteen (15) days in arrears, to cover the extra expense invoh•ed in handlin~ delinquent payments. 2. To pay. when payaDle, all taxes and as~essments, general ur sperial, w•ater rents and ground rents and all other charges whataoever levied upon or .:ssessed oc placed against the premises, prorision Lor which has not been made here- inbefore, and will promptly deli~•er the ofteciai receiF~ts themfur to the '.~Iortgagee; to likewise pay sll taxes, astessments and other charges, levied upon or astes~ed, plamd or made at;ainst this instrument, or the indebtedness or any it~terest of the Mortgagee in the prnmises or the oblikations securcd hereb}•, pro~•ided that the payment of any such tax assess- ; ment or chacge by the Mortgagor is not rnntran• to law or w•ould not result in the pavment of an unlawful rate of inter- est on the indebtedness hereby secured. In ih~ c~ ent of the passage after the date ot this [nstrument of any law of the ~ ' State, or subdivision thereof, wherein the pr~mises are situateci, creating or pro~•iding for any tax, assessment or charge i which by the above prnviso is not to be paid b}• the ~tortgagor, the indebtedness secured hereby together with interest due ; ; thereon, shall, at the option o[ the ~fortkagec~, become immediately due and payable, and In the event payment there- ~ of b ttot made forthwith, the riortgagee ma~• takP or cause to be taken such action or proceeding es may be taken here- ° ~ under 1a the c~aae of any other detault in the payment o: the indebtedness. ? 1 ~ 3. To keep the buildings and additions thereto on or hereafter erected or placed upon the Iand tnsured against loss by fire and such other hazards, casualties and contingertcies, including war damages if at any time e? state of Kar exists or ~ it appears to the holder ot the note that war is imm~nent, and in such amounts and for such perioda, as may be required ~ fmm Ume to time by the biortgagee, and to pay prompUy when due all premiums on such insurance, provision for pay- x ment ot which has not been made hereinbefom. The policies of insurance shall ha~•e lost payable provisions acceptable to ' ; the Mortgagee and shall be delivered to and held by the Mortgagee, or as it may direct, untll thls Mortgage is satistied. r ~ Renewal policies of insurance, premiums [or which ha~•e been fully paid, are to be furnished to the Mortgagee at least ` ~ flfteen days prtor to the expiration date of the insurance thereby renev~ed The insurance shall be wdtten in companfes ~ approved by the Mortgagee; in no e~•ent shall the biortgagee De held responsible for failure to pay for any insurance ~ written or for any loss or damage growing out of a detect in any policy or growing out oi any fapure of any insurance ~ company to pay for any loss or damage insured agair~at. In the event ot losg the Mortgagor shall give immediate not[ce by mail to the Mortgagee who may make ~:ron[ ot loss if not made promptly by the Diortgagor; each insurance company _ concerned Is hereby suthorized and directed to make payment [or loss directly to the Mortgagee instead of to the Mort- ~ gagor and the Mortgagee jointly; 'the insurance proceeds, or any part thereof, may be applied by the Mortgagee, at Its ~ option, to the expenses, if any, incurred by it in the collection thereof, to the reduction of the indebtedness hernby se- ~ eured, to the restoratlon or repair ot the property damaged, or released to the Mortgagor arithout llabiliLy upon the Mort- ~ gagee for such release. All policies ot insurance are hereby astigned to the I?fortgagee as additional securlty for the pay- ~ ment ot the sums and interest aecured hereby: in the eveM of toreclosure ot thts Mortgage or ather transier oi titla to the : ~ premisea in extingufshment o[ the indebtedness, ali right, tl~le and internst ot the Mortgsgor in and to nny insurance y pollcies then in force shall pass to the purchaser or grantee. ' s E; 4. To complete within a rnasonable time any building or buildings now or at any time in the process ot erection upon ~ tbe land and to pmmptly repair, restore or rebufld any building or ~mprovements now or hereaiter on the land whlch ~ ~ msy become damaged or be destroyed, and not comm[t or permit to be done or exist on or sbout the pi+emLsea anything : whereby the premises shall become less valuable: to comply with all laws, rules, regulatlons, oc ordinances of any govern- mental agency and not violate or pecmit the violation as.to the premises of any building or use rnstrictlons; to keep the ~ land and improvements thereon free from mechanic's and materialmen's 1[ens and will not su}[er any lien aupertor to the - llen created Dy this fnstrument to attach to or be entorced against the premises. 5. II default De made in the payment ot taxes,'assessments, Ilens, claims, insurance premiums or any other charge whataoever, or any part thereot, or in the performance of any act, to be paid or pertormed by the Mortgagor under the - = pmvlslons hereof. the Mortgagee may, at its option, make payment thereot or periorm any aM requtt~d oi the Mortgagor ; - In any form or manner deemed expedient and pay any other sum that [s necessary to protect the securltq ot thLi lnstru- , -=s mmt; the amounts ao paid. with interest tl:ereon irom the date of such payment at the same rate as borne by the prin- cipal indebtedneas, shwll ~e assessed as an addfUonal lfen on the premises and shali be added to aad become s psrt of the - 1adeDtedneas secured hereby and be immedfately due and payable to the Mortgagee. My payment hereby suthod~ed to be t~: made by the Mortgagee may be made according W any bW, atatement or estimate furnW~ed or procured irom the appro- prlate public office or the party claiming payment without inquiry into the accuncy or valldity thereof, and the receipt of ~ any pubUc oaicer or party in the Aands oi the Mortgagee shall be conclusive evidence ot the validity and smount ot item~ = so p~tid: the Mortgagee shall, at 1ts option, be suDrogated to any encumbrance, 11en, claim or demand, wd to all the rl~hts aod ~ecudtles for the psyment thereot, paid or disrharged with the princlpal sum recured hereby or by the Mort~a~ee - under tGe prvvWons hereof, and anq such subrogatlon rights shall be addiUonal and cumul~tive secudty to tbls Mort- ~T~' ~e. ~oflx200 ~~2920 ~ aF . . ~ . t` S':