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HomeMy WebLinkAbout2927 - . ~ ' ot the Mortgagce become immedlately due and paya0le, witAout noUce, and proceedings may be lnstituted by the Mort- gagee for the recovery thereot by foreclosure ot thb Mortgs~e, or !n any ofher manner pernnltted by law es the Mort- ~agee may elect. ~nything fa the note or in thls Mortga~e oontalned to the contnry thereto notwiWtandlnQ. Upon fore- closure of this Mortgage, the Mortgagee :hsll be Wowed sa a part of the indebtednesa secured hereby. and the Mort- gagor agrees to pay, W costs and expenses incurced tn coiu?ectton therewtth, lncluding reesanable attorney'a tees. coat o[ Utle and tax search and the extension to deite ot an abstract ot titte or tftle pollcy; ewd 1n case such Loreclosuce proceed- ings sre settled betore the conaummation thereot or the entry of judgment. any such costs and expet~ses and other charges so [ncur~ed, including w reasonable attorney's fee, ahall nevertheless be pafd. The Mortgagee or any party ln in- terest, betng the NgAest bidder, may be a purchaaer at sny foreclosure sale. My election by the Mortgagee es herein pro- vided for may be execctsed immedlately upon default, or at any tlme thereatter, and nothing shatl be constnied to be a waiver o[ such right unless evidenced by an instrument in writing to that eSect duly executed by the Mortgagee. The Mortgagor waives ail right of homestead ~nd exemptioa granted by the ConsUtution end I.aws of Flortda. AND THE MOR'PGAGOR FURTNER CONVENANTS AND AGREFS' ~ i. To pay the principal indebtedness with interest as in the note pcovlded. To pay monthly unto the Mortgagee. ~ in addlUoa to and at the time and place for each payment ot principal and interest, an [nstallment ot each of the toUow• ~ ing chac'ges: (a) Taxes and assessmenls. general or speclal. and ail other charges levied or to be leWed against the premfses. lb) Premiuma to become due and payable for. and to renew, the insurance on the premtses against loas by Sre and auch other hazards, c~ualUes and contingencies as heretn provided tor or requfred from time to Wne. Tne amount ot the respective monWy installtnents shall be equal to the amount o[ the annual respective charge next due (as estimated by the Mortgagee>. leas all installments already paid theretor, divided by the aumber oi monthly in- stallments therefor becoming due not later than one mor~th pdor to the due date of any such charge and shall be sub- ject to increaae or decrease to the extent reiiuired to create as of a monthly payment date on the aote not less than one month prior to the due date of any suc~ charge, an amount suHicient for the payment thereof when due' and payable. In no event shall the Mortgagee receivit?g such payment be liable [or any internst on any emount paid to It as hereln required. and the money so received may be held with lts own funds pending payment or application thereof as heteln pmvided. The Mortgagor shall Lurnish unto the Mortgagee at least IIfteen days betore the due date an official statement of the amount of any taxes or assessments next due. and such Mortgagee shall par the above charges to the amount ot the then unused credit theretor es and when they become severally due and payable. The Mortgagee may. at ita opt[on. pay any oi such charges when payable. either before or stter they are del[nquent, wlthout notlce, or make advances therefor in excesS of the then amount of credit for said charges. The excess amount advanced shall be immediately due t aad payable to the Mortgngee and shall be secuced as an additional principal sum under Ws instrument and bear the same . rate oi interest from date ot advancement as the principal indebtedness. An official receipt therefor shall be conclusive evidence of such payment and o[ the validity of such charges. The Mortgagee may apply credits held by it for the above charges, or any part thereof, on account of any delinquent installments of prindpal or Interest or any other payments maturing or due under this instrument and the amount of credit existing at anY time shall be reduced by the amount ~ thereot paid or applied as herein provided. The amount ot the existing credit hereunder st the tlme of any transter of the property shall wlthout astignment thereof inure to the bene6t ot the successor owner of the property and shall be appHed under and subject to all of the pmvisions hereof. Upon the payment in tull of the indebtedness, tt?e amount o[ any unused credit shall be applied to the ~~ayment thPreof. - The Mortgagee may collect a"late charge" not to exceed tou~ cents (4c? tor each one dollar (=1.00) ot each monthly ~ installment payment required on the note and under this Mortgage which is more than Sfteen. (15) days in arrears, to ~ cover the extra expense im•olred in handling delinyuent payments. + 2. To pay, when payabie, all taxes and assessments, generat or special, water rents and ground rents and all other ; chargea whatscever levied upon or assessed or placed against the premises, provision for which haa not been made here- inbefore. and will promptly deli~•er the ofticial receipts there[or to the Mortgagee; to likewiae pay all taxes, assessmenta and other charges, levied upon or pssessed, placed or made against this instrument. or the indebtedness or any interest of the Mortgagee [n the premises or the obligutions secured hereby, provided that the payment oi any such tax assess• ment or charge by the Mortgagor is not contrar~• to )aw or would not result in the paYment of an unlawtul rate of lnter- "s est on the indebtedness hemby secured. In the e.~ent of the p.~ssage atter the date oi this initrument of any law of the ~ State, or subdivision thereo[, wherein the prcmises are situated, creating or pmviding for any tax, assessment or charge ~ ! which by the above pro~iso is not to be paid by the Mortgagor, the indebtedness secured hereby together with interest due ~ ~ thereon, shall, at t1?e option ot the liortgagee, become immediately due and payable, and in the event payment there- ; ot b not made forthwith, the Mortgagee may take or cause to be taken such action or procee~iing as may be taken here- . s untler fn the case of any oiher default in the payment of the indebtedness. 's ` 3. To keep the buildings and additions thereto on or hereafter erected or placed upon the land insured against loss ` by fice and sueh other hazards, casualties and contingerrcies, including war damages it at any time a state of war exists or k it appears to the holder ot the note that war is imminent, and in such amounts and for such periods. ss may be required ~ irom tlme to time by the Mortgagee, and to pay promptly when due all premiurins on such insurance, provWon for pay- t ment of whtch hat not been made hereinbe[ore. The policies of insurance shall have lost payable provisions acceptable to ~ the Mortgagee and shall be delivered to and held by the Mortgagee, or as it may direct, unUl this Mortgage is satistied. ~ R.enewal policies o[ insurance, ~remiums for which have been tully paid, are to be furnished to the Mortgagee at least - ~ Siteea days pdor to the expiration date oi the insurance thereby renewed. The lnsurance shall be wdtten in companies ~ approved by the Mortgagee; in no event shall the. Mortgagee be held responsible for failure to pay for any insurance ; ~ written or for any loss or damage growing out ot a defect in any policy or growing out of any fallure ot any insurance - company to pay for any loss or damage insured against. In the event of loss the Mortgagor shall give lmmediate notice f by mail to the Mortgagee who may make proof of loss if not made promptly by the Mortgagor; each insurance rnmpany - rnncerned is. hereby suthorized and directed to make payment for loss direcUy to the biortgagee instead of to the Mort- gagor and the Mortgagee Jointly: the insurance proceeds, or any part thereof, may he appited by the Mortgagee, at its option, to the expenses, if any, incurred by it in the collection thereof, to the reduction of the fndebtednest hereby se- ~ cured, to the restoration or repair of the.property damaged, or reteased to the Mortgagor without liabllity upon the Mort- ` gagee :or such release. All polfcies ot insurance are hereby t~ssigned to the Mortgagee as additlonal secudty for the pay- ~ ment of the sums and Interest secured hereby; in the event ot toreclosure o[ this Mortgage or other transfer of Utla to the ~ premises in extingulat?ment o[ the indebiedness, ail r{ght, title and interest ot the Mortgagor in and to any inwrance ~ polldes then in force shall paas to the purchaser or grantee. 4. To complete withtn a reasonable time any building orbuildings now or at any time in the process ot erection upon - ~ t6e land and to promptly repair, restore or rebutld any building or imprnvements now or hereatter on the land which ~ may become damaged or be destroyed, and not commit or permit to be doae or exist on or about the premises enything ~ ~s whereby the premises shall become less valuable; to comply with all laws, rules, regulaUons, or ordinancea of any govern- mental agency aad not violate or permit the v[olatlon as to the premises of any bullding or use restrlcUons; to keep the land and improvements thereon iree from mechanic's and materislmen's liens and will noi suf[er any llen supertor to the = lien created by this instrument to attach to or be enlorced egainst the premisq. S. It detaul~ ~ made in the payment ot taxes, asseasments, llens, clnims, inaurance premiums or any other charge ~ wlutsoever, or any part thereof, or in the pertormance of any act, to be pald or pertormed by the Mort~agor under the providons hereot. the Mortgagee may, at its optlon, make payment thereof or pertorm any act required oi the Mortgagor _ in any form or manner deemed expedient and pay any other sum that b necestary to protect the securlty ot this tnstru- - ment; the amounb so pald, with interest thereon irom the date ot such payment at the ssme rate as botne by the ptin- k~ clpai indebtedness, shall be assessed as an additlonal lien on the premises and shsli be added to and beoome a part ot the Indebtedneas secured hereby and be immediatelq due and payable to the Mortgagee. My payment hereby ~uthorizrd to be made by the Mortgagee may be msde according to any bW. statement or estimate furi?WiM or procured trom the appro- prlate public office or the party cWming payment v?ithout inquiry into the accuncy or validlty thereof, and the receipt of ~ say publlc officer or party tn the hands of the Mortgagee shW be conclusive evldence ot the validlty and amount ot item~ ~ •o patd; the Mortgagee shall, at its option, be subrogated to any encumbrance, llen, claim or demand, and to all the ri~hts ~ ' ~?d iecudUes for the payment thereof, pafd or discharged wlth the principa! sum ~ecured hereby or by the Most~a~ee ~ ' under tAe provWons hereot. and any such subrogatloe rights shall be addiUonal and cumulsUve ~ccurlty lo tNs Mort- =;s i~• ~-n ~ ~.x= o R 29~6 BQOK (rUV . : LL _ ~ _ ~ , . _