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HomeMy WebLinkAbout0944 ot the Mort~atee become tmmedlately due and p~yaDle. wtthout noUce, and proceedin~s may be tnsUtuted by the y[ort- ~ee for the teoover~? thereot by toreclosure ot thls MortQa~e, or tn any other manner permltted by law ~s the Mort- ~a~ee nuy ekM. aaythln~ W th~ note or W thls Mort~a~e oontalaed to the coatrary thereto notwlthstaa~dlaa. Upon fore- closuce ot thls Mort~a~. tAe Mort~a~r ahall be Wowed as a psrt of the tndebtednes~ securM bereby. ~ad tt~e Mort- sa~or at~+ to WY, W cos4 and expenses lncurnd [n coanection therewith. iacluding resaw~able attorne~r'a fee~. cost of Utle and tax search and the extendoA to date ot an abstract oi ttUe or Uqe poUcy; and !n case wch Loreclasure proceed- ings are stttled before the consummation thereof or t1?e entry ot iudgment, any such cosb and expa~ses and other charges so incurred. lacludltt~ a reaaonable attoraey's fee. sAa11 nevertheless be pald. The Mort~aQee or aqr party ia in- terest, being We ht~hert bldder, may be ~ purchaser ~t any forecloaure ssle. My elecUon by the Mortga~ee ~s herein pro- vided for may be exerclaed immediately upon detault, or at any dme thereaiter. end notAing shall be co~trued to be a wdver of such right unless evldenced by sn lnstrument in wriUng to that effect duly esccuted by the Mortgagee. The Mortgagor walves all right ot lwmeste~W aad exempUon granted by tde Conatltutlon and I.e?ws of Flodda. AND THE MOR'PGACOR FUItTHER CONVENAN'I5 AND AGREFS: l. To pay the principal indebtedness ~altA interest as ia the note pmvided. To pay monthly unto the Mortgagee. In additlon to and at the time and place for each payment of principal and interest, an [nstallment o! each oi the follow- in8 charges. (s) Taxes and aasessments. geneaal or special. and all other charges levied or to be levled s~~~the premises. (b> Preminans to become due and payable ior. and to renew. the insurance on the premisea loss by Sre and such other harards. casualtles and rn~?Uagendes as herein pro~•ided for or required imm tlme to time. The aawuat oi the reapectlve montt?ly lasta112nents ahall be equal to the amount ot the annual respective cherge next due (as esUaiated by We Mortgagee). leas all installments already paid theretor. divided by the number o1 monthly in- stallmen4 tberefor beooming due aot later than oae month prlor to the due date of aay auch charge end ahall be sub- ject to increase or decrease to the exteat required to create as of a monthly payment date on tt?e note not 1~s than one month prior to the due date ois~ y such charge. an amount suHident for the payment thereoi when cWe ahd payable. In no event shel! the Mortgagee ~receiving auch payment be liable for euiy interest-on any amount pa~d to It us herein required, and the money so received mqy be held with its own funds pending psyment or appllcatlon thereoi as herein pmvided. 1Ue Mortgagor shall furnish unto the Mortgagee at least Stteen days before the due date an official statement of the amouat oi any taxes or es~sments next due. and such Mortgagee s1u11 pay the above charges to tl~e amount of the then unused credit therefor as and when they become aeverally due aad payable. The Mortgagee msy. at its option. psy any oi auch charges when payable. either before or after they are dellnquent. wtthout nodce. or make advances therefor in excest of the then amount oi credit for said chargea. The exceas smount advanced ahall be lmzpediate~y due snd payable to the Mortgngee and shall be secured aa an additional prindpal sum under this insttument and bear the same rate oi interest from date of advancement as the principal indebtedmas. An oRidal receipt therefor shall be conclusive evidence of such payment and of the validity of such charges. The Mortgagee may applq credits held by it for tbe abave charges. or any part thereo[, on account ot any delinquent lnstallments ot prindpal or lnterest or any other paymeats maturing or due under this instrument and the amount of credit existing at any time shall be reduced by the amount thereoi psid or applied as herein provided. The amount of the existing credit hereunder at the time oi any trsnsier oi the property shall without assignment thereot inure to the bene8t of the successor owner oi the property aad shall be applled under and subject ta all of the pmvisions hereof. Upon the payment in full oi the indebtedness. the amount of any unuaed credit shall be applled to the payment thereof. T6e Mortgagee may collect a"late charge" not to exceed four cents (4e1 for each one dollar (i1.00) of each monthly installment payment required on the note and under this Mortgage which is more than Sfteea (15) days in arrears. to cover the extra expense involved in handling delinquent payments. 2 To pay. when payable, all taxes and assessments, general or special, water rents and ground rents and all other charges whatacever levied upon or assessed or placed against the premises, provision for whict~ has not been made here- inbetore. and will promptly deliver the official receipts therefor to the Mortgagee; to likewiie pay ail taxes„ aneasments and other charges. levied upon or assessed, placed or made against this instrument, or the Indebtedneai or any intersst oi the Mortgagee in the premises or the obligations secured hereby, provIded that Ne payment of any such tax asseas- ment or charge by the Mortgagor is not contraq• to law or would not result in the peyment oi an unlawtul rate o! inter- est on the indebtedness hereby secured. In the e~~ent of the passage after the date of this fnstrument oi eny law of We State. or subdividon thereof, wherein the pmmises are situated, creating or providing for any tax. assessment or charge which by the above proviso is not to be paid by the Mortgagor, the indebtedness secured hereby together with interest due thereon. shall, at the option of the Mortgagee, become immediately due and payabie, and in the event payment there- of b not made forthwith. the Mortgagee may take or cause to be taken such action or proceeding as may be taken here- ~ under In the case ot any other default in the payment of the indebtedness. i 3. To keep the buildings and additions thereto on or hereafter erected or placed upon the land insured against loas i by IIre and such other hazards, casualties and contingertcies, including wer damages if at any tlme a atate of war exists or ~ it appears to the holder of the note that war is imminent, and in such amounts and for such periods, aa may be required imm ttme to time by the Mortgagee, and to pay promptly when due all premiums on such insurance~ prpvision for pay- ment of which has not been made hereinbefore. The policies ot insurance shall have loss payaDle prov[aions acceptable to tLe Mortgagee and shall be delivered to and held by the Mortgagee, or as it may direct, unW thls Mortgage is satis6ed. Renewal policies oi insurance. premtums for which have been fully paId. are to be furnished to the Mortgagee at least IIfteen days pdor to tAe expiration date of the insarance thereby renewed. Tde insurance sha11 be wrltten in companies approved by the Mortgagee; im no event shall the Mortgagee be held responsible 'Yor failure to pay for any it~surance wdtten or for any loss or damage growing out oi a defect in any policy or groaring out oi anq failure of at~q insurance oompany to pay for any los4 or damage jnsured against. In the event oi loss the Mortgagor shall give immediate noUce by maii to the Mortgagee who may make proot of loss if not made promptly by the Mortgagor; each insurance company concerned is.hereby authorized and directed to make payment for loss directly to the Mortgagee inatead oi to the Mort- gagor and the Mortgagee fointly; the tnsurance procee.~ds. or. any part thereot. may be applled by the Mortgagee. at ita option. to the expengea. ii any, Incurred by it in the collection thereof, to the reduction oi Ne indebtedne$ hereby se- cured, to the restoratlon or repair oi the property damaged, or released to the Mortgagor without liability+ upon the Mort- gagee for such release. All polldes oi insarance are herebq assigned to the Mortgagee as eddiUonal secudty for the pay- ment oi the sums and Interest aecured hereby; in the event of torecloaure o! thls Mortgage or other trans[er ot tltia to tl~e premises in extinguishment ot the fndebtedness, all dgh~ title and interest of the Mortgagor in and to any lnsuranee polides then in force shall pass to the purchaser or grantee. 4. To complete aithin a reasonable time any building or buildings now or at any. time in the process of erection upon tAe land and to pmmpUy repair, restore or rebulld any building or impmvements now or hereafter on the land whicb may become daaoa~ed or be destroyed, and not ooma~it or permlt to be doae or exLst aa or about the pranl~es anything whereby t1?e premlaes shall become less valuable; to comply with all laws, rules, regulaUong, or oMinauoes oi any govern- mentai agency aad not violate or pernnlt the viotaUon as to the premises oi any bulldlag or use restdctions; to keep the land and improvemeats thereon free from mechanic's and materialmen's IIens and will not suRer any Hen wperior to the ' lien created by this Instrument to attach to or be entorced against the premLses ~ S. It deiault De made in the payment ot taxes, a~essrnents, liens, claims, Insurance premlums or Anq other charge - wbatsorver. ~ any part thereof. or in the pertormanoe oi any act, to be paid or pertormed bq the Mort~agor under the provWo~ns hereot, the Mortgagee may, at Its option, malce psyment thereoi or perform anq act required of tLe Mprtgagor In any form or manner deemed expedlent and pay any other aum that is neces~aiy to proteet the secudty oi tAfs tnstru- ment; the unounts to paid. with interest thereon irom the date oi such payment at the same nte as borne by tbe prln- . dpal tndebtednea. shall be aasessed as an addiUonal Hen oa the premises and shall be addM to aad beoome a part M the lndebtedneas ~ecured herebq and be Immedlately due aad payable W the MortB+~Bee. Mq p~yment hereDy autborf~ed to be made by the Mortgagee m~y be msde acoording to any bill, statement or estlmate furnishM or procured iram t6e appno. prfate publlc oIDee or tbe party claiining payment witlwut lnquiry lato the aocuracy or validlt~ therea~ and t6e reoeipt ot any publlc ostoer or party in the Mnds oi the Mortgagee aLall be conclusive evidence oi the vWdtty and amount oi item~ w Wld: the Mortgagee shall, at its opUon, be subrogated to any encu~brsnce. lfen, claim ~ demand, and to W the rf~hb aM secudtles for tlie payment thereof, pafd or discharged wlth the principal swn aecured 1re reby or b~ the Mortsa~ee under tlfe pravldoas henol. sad any such subrogatlon slghL ahall be additlonal and cumulatlve aecudty to tbls Mort- 1 ~Op~~rVi ~ v~ ~ ' - _ _ . _