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HomeMy WebLinkAbout0391 ot tAe riortgagee become [mmed[ately due and payaDle. without notlce, and proceeQings may be instituled by the Mort- ga~ee for the recovery thereot by foreclosure ot thls biort~a~e. or ln any other manner permltted by lsw es the Mort- gsgee msy elect, snything !a the note or !n thb Mortga~e contatned to the contrary thereto notwithatandln~. Upon fore- closure ot this Mortga~e, the Mort~ee shall be aUowed se a part of the indebtedness aecured hereby. and the Mort- Qugor agrees to pay, W costs end expenses lncurred !m m~nectlon therewith. tncluding reasonable ettorney'a fees, cost o[ tiUe and tax search ~nd the extenston to date ot an sbstrscto! dtle or Utle pollcy; aad !n case such torecloaure procecd- ings are settled before the conaumination thereof or ttie entry ot ~udgment, any sucR coats and expenaes and other charges so Incurred, including a rnasonable sttorneq's fee. ~all nevertheless be patd. The Mortgagee or any party in in- terest. being the highest Dtdder. may be a purchaaer et any foreclosure sale. Any election by the Mortgagee as herein pro- vided tor may be exenlaed immediatelq upon defaul~ or at any time thereafter, and nothing ahall De construed to be a walher ot such rfght u~lesa evidenced by an instrument in wrtting to that efteci duly executed by the Mortgagee. The Morigagor waives all rlght oi homestesd and exemptloa granted by the ConsUtution end Laws o1 Florida. AND THE MORTGAGOR FURTHER CONVENANIS AND AGREFS: s 1. To pay the princlpal indebtedness wlth lnterest as In the note pmvided. To pay monthly unto the Mortgagee, tn udditton to and at the tlme and place for each psyment of principal and Interest, an installment of each of the follow- ing charges: (al Taxes and assessments. general or spec[al, and all other charges lea•fed or to be levied aga[nst the premises. <b) Premiums to become due and payable for. and to renew, the lnsurance on the premises sgatnst loss by 6re and such other hazards. casuaitiea and contingencles aa herein provided for or required irom time to time. The amount ot the reapecUve monthly i~tnllments shall be equal to tAe amount ot the annunl teapect(ve charge next due <as estimated by the Mortgagee)~.less all installmenLs already paid therefor, divided by the number ot monthly In- stallmenis theretor becoming due not later than oae month prbr to t!?e due date of any such charge and shaU be sub- ject to increase or decrease to the extent required to create as of a monthly payment date on the note not less than one month prior to the due date of any such cherge, an amouat sutticfent [or the payment thenwi when due and payable. In no event ahall the Mortgagee receiving such payment be liable for any interest on_any amount pald to it as herein required. and the money so recei~ed may be held with its own fuads pending payment or application thereof as herein provided. The Mortgagor shall turnjsh unto the Mortgagee at lea~t Slteen days befare the due date an otticial statement of the amount oi any taxes or assessments next due. and such Mortgagee shalt paq the above charges to the amount ot the then unused credlt theretor as and when they become se~~erally due and payable. The Mortgagee may. at its option, pay any of such charges when payable, elther betore or atter they are delinquent, wtthout notice, or make advances therefor in excess ot the then amount ot credit for asld charges. The excess amount advancecl shail be immediately due and payable to the Mortgngee and shall be secured aa en additional princfpal sum under this instrument and bear the same rate of interest irom date of advancement as the ptincipal indebtedness. M oIIicial recefpt therefor sha21 be condusiye evidence oi such payment and of the ~•sDdity of such charges. The Mortgagee may apply credita held by it for the above charges, or any part thereof, on account of any delinquent installments o[ principal or interest or any other payments maturing or dae under this instrument and the amount of credit existing at nny time shall be reduced by the amount thereoi paid or applied as herein provided. The amount ot the existing credit hereunder at the time of any transfer oi the property shall without assignment thereof inure to the bene8t of the successor owner of the property and shail be applied under and subject to ali of the provisions hereot. LTpon the payment in tull oi the indebtedn~, the amount of any unused credit shall be applied to the pa}~ment thereof. The Morigagee may coliect a"late charge" not to exceeci four cents ~~lc~ fur each one dollar (=1.00) of each monthly [nstellment payment required on the note and under this ~tortgage whtch is more than Sfteen (15) days in arreais, to cover the extra expense ~m•ol~•ed in handling delinquent payments. 2. To pay, when payable, all taxes and assessments, generai or special, K~ater renls and gmund rents and all other charges whatsoe~er le~~ied upon or asses.ud or placed against ihe premises, provision for which has not been made here- Inbefore, and wilt promptl}• deli~•er the ofticial receipts there[or to the Mortgagee; to ltkewise pay e~ll taxes, assessmenta and other charges, levied upon or assessed, placrd or made against this instrument, or the indebtednes4 or any interest of the Mortgagee in the premises or the obligations secured hereby, provided that the payment of any such tax assess- ment or charge by the ~tortgagor is not n~ntrar~ to iaK• or would not result in the pavment of an unlawful rate ot inLer- est on the indebtedness hereby secured. In the e~•ent ot the passage atier the date of this Instrument of any law ot the State, or subdivision thereof, wherein the prcmises are situated, creating or pro~~ding for any tax, assessrnent or charge which by the above proviso is not to be paid by the ~tortgagor, the indebtedness secured hereby together with interest due thetpon, shaU, at the option of the ~Iortgagee, become immediately due and payable, and in the e~•ent payment there- of b not made forthwith, the Mortgagee mas• take or cause to be taken such action or proceeding as may be taken here- under 1n the cese of any other detautt in the payment of the indebtedness. 3. To keep the buildings and additions thereto on or hereafter erected ar placed upon the land Insured against loss by fire and such other hazards, casualties and cuntingertcies, including war damages if at any time a state of war exists or it appears to the holder ot the note that war is imminent, and -in such amounts and for such periods, as may be requlred irom tfine to time by the Dfortgagee, and to pay prompdy when due all premiums on such insurance, provision tor pay- ment ot which has not been made hereinbetorn. The policies of insurance shall have loss payabie provisions acceptable to the biongagee and shalt be delivered to and heid by the 1?lortgagee, or as it may direcL, untfl Lhls Mortgage js satisfied. Renew•al policies ot insurance, premiums for w•hich ha~•e been fuUy paid, are to be furnished to the Mortgagee at least flfteen days prtor to the expiration date of the insurance thereby renewed. The insurance shall be written in companies aQproved by the :tiiortgagee; in no e~~ent shall the hioHgagee be held responsible for failure to pay for any insurance written or tor any lo~s or damage growing out ot a detect in any policy or growing out ot any failure o[ any insurance company to pay for any loss or damage insured against. In the erent ot loss the tiiortgagor shall gfve immed;ate not3ce by matl to the Mortgagee who may make proof of loss it not made promptly by the Dfortgagor: each insurance company concerned is heteby authorized and dlrected to make payment (or loss directly to the Mortgagee instead of to the biort- gagor and the Mortgagee jo3nUy; the Insurance proceeds, or sny part thereot, may be applied Dy the Mortgagee, at its option, to the expenses, i( any, incurred by it in the collection thereof, to the reduction- of the indebtedness hereby se- rured, to the restoration or repair ot tAe property damaged, or relea,Sed to the Mortgagor without liability upon the Mort- gagee for such release. All policies of insurance are hereby assigned to the Diortgagee as additional secutity tor the pay- ment of the sums and interest secured hereby; in the event of foreclosure o[ this Mortgage or other transfer oi titio to the premLses fn exiinguishment ot ihe indebtedness, all right, title and interest ot the Mortgagor in ertd to any lnsurance policiea then in torce shall pass to the purchaser or grantee. 4. To complete wtthin a reasonable time any buildiog or buildings noK or at any time in the prceess of erectlon upon t6e land and to prompUy repair, restore or mbuild any buUQing or improvements now or hereatter on the land wtilch may become damaged or be destroyed, and not rnmmlt or permit to be done or e~cist on or about the premises anything whereby the premises shall become less ~aluable; to comply with nll taws, rules, teguiattons, or ordinances oi any govern- menia! agency and not violate or permit the violatlon as to the premises of any building or use restricUons; to keep the land and imprnvements thereon tree irom mechanic's and meterialmen's liens and wtll not suffer any lien supertor to the lien created by this instrument to attach to or be enforced against the premises. 5. It detault de made in the payment ot taxes, assesvnents, liens, claims, insurance premiums or any other charge , whatscever, or any part thereof, or in the performance ot any act, to be paid or perfocmed by the Mortgagor under the provistons hereof, the Mortgagee may, at ita opUon, make payment thereof or perform any act required ot the biortgagor 1n any form or manner deemed expedient and pay any other sum ihat is necessary to protect Ne securfty ot this In,stru- ment: the amounts so paid, with interest thereon from the date ot such psyment at the ssme rate a~ borne by the prin- cipai indebtedness, ahali be assessed as an addittonal lien on the premises and ahal! be added to and become a part ot tt~e indebtedness secured hereby and be immedlately due and payable to the Mortgagee. Any payment hereby authorized to be made by the Mortgagee may be made nccording to any bUl. statement or estimate furniihed or procured irom the appro- priate public oftice or the pnrty clalming payment without inqniry lnto the ncruracy or valldlty thereoi, and the receipt of any public officer or party in the hands of the Mortgagee ahell be conclusive evidence ot the validlty and amount ot itern~ so pald: the Mortgagee shall, at its option, be subrogated to any encumbrance, lten, clelm or demand, and to ail the tighL and securlties for the payment thereof. paid or dLtcMrged wlth the principal sum secured hereby or by the Mortgagee under ttfe pr~vWons bereof, aad apq such wbrogatlon dghta ahall be addttfonel and cumulaUve security to this Mort- B~- .0~~ T~C ~ i i „ ~ - . _ - - - ~ E.:~_. _ _ " . _ ' ._3 _ r. .`rr'°~~