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HomeMy WebLinkAbout0543 i ~ ot the Mort~agee become immedlately due and peyable. wfthout notlce. and proceed[ugs may be lnstituted by the Mort- ga~ee for the recovery thereot by toreclosure of thls Mort~a~e. or 1n any other manner permltted by law as the Mort- Qagee inay elect. aaythiag W the note or ln tAis Mortga~e oontained to the contrary thereto notwithatanding. Upon fore- ~ closure ot this Mort~age, ti~e 1~iort~aQee shall be tUowed a~ a part of th= indebtedness secured hereby. and the Mort- gagor agrees to p~y. W cor4 and expen~es lncurced in coiwwtcdon therewith. tncluding reaaonable ~ttorney's fees, cost oi ~ title and tax aearch and the extension to date of an abstractot dtle or tlUe policy: and tn caae such toreclosure proceed- inga are settled before lhe consummation thereof or the entry~ oi ~udgment. any such costs and expenses and other charges w Incurred, including a reasonable attorney's tee. shall nevertheleas be pald. The Mortgagec or any party In in- ~ terest, being the highest Wdder. may be ~ purchaser at any forecloaure aale. My election by the Mortgagee as Aerein pro- ; vided tor may be exercfsed itninedlately upon default, or at eny time thereatter, und noWng shall be construed to be a waiver o[ such right uNess evidenced by an lnstrument in writtng to that eQect duly executed by the Mortgngee. The Mortgagor waives all rlght o! homestead aad exempUoa granted by We Constitution nnd Lsws o! Floclda. AND THE MOR'PGACOA FURTHEA CONVENANIS AND AGREES: t 1. To pay the principsl indebtedness wlth laterest as !n the note prnvided. To pay monthly unto the Mortgagee, ~ in additton to and at the time and place for each payment ot principel and tnterest, an inslallment o! each of the foUow- Ing charges: (a) Tauces and aaaessments, general or special. and all other charges levied or to be levied against the premises. (b) Premiums to become due and payable for. and to renew. the insursnce on ti?e premises against loas by 8re euid such other hazards. caswlUes and contingencies as heretn provided for or required tram tlme to time. The amount of the respective moathly tnstallmenb shall De equel to the amount ot the annual respective charge next due lsa estimated by the Mortgagee), leas all installments alread,y patd theretor. divlded by the number of monthly in- stallmeats therefor becomin8 due not later than oae mw?tA pdor to the due dete of any auch charge and ahall be sub- iect to increaae or decreaae to the extent requlred to create as ot a monWy payment date on the note not lest than one month prior to the due date oi any wch charge, an amount suftictent tor the payment thereoi when due and payable. In no e~ent shall the Mortgegee receiving wch payment be Uable for any interest on eny araount paid to it as herein required, and the money so received may be heid with fts own tunds pendlag payment or appitcaUon thereof es herein pmvided. The Mortgagor shall furnish unto the Mortgagee at least flfteen days betore the due date an olftcial atatement of the amount oi any taxes or aaiessments next due. and such Mortgagee sMll pay the above charges to the amount oi the then unused credit therefor as and when they become severally due and payable. The Mortgagee may. at 1ts option, pay any of such charBes when payable, eitner beforc or after they are delinquent, wlthout noUce, or make advances therefor tn exce~s of the then amount oi credit tor said charges. The excess amount advanced shall be immedtately due and payable to the 1?iortgngee end shall be secured ss an additional prindpai sam under this instrument and bear the same rate of interest trom date ot advancement as the principal tndebtednesa. An oQlctal receipt therefor shall be conclusive evidence ot such payment and of the ~alidity oi such charges. The Morigagee msy apply credita held by it tor the above charges, or eny part thereot, on account of any delinquent installmenta of principal or interest or any other payments matuiing or due under this instrument and the amount ot credit existing at any time shall be reduced by Lhe amount thereoi paid or applied as herein provided. The amount ot the existing credit hereunder at the Ume of any trans[er ot the property shail wlthout assignment thereot inure to the bene6t of the succe~sor owner ot tAe property and shall be applied under and subject to all of tRe pro~isions hereof. l3pon the payment in tull of the indebtedness, the amount of any unused credit shall be applied to the payment thereof. The Mortgagee may collect a"late charge" not to exceed tour cents (~c? for each one dollar (i1.00) of each monthly lntiallment payment required on the note and under this Mortgage whtch is more than fifteen (15) days in arreais, to cover the extra expense ~m•olred in handling delinquent payments. . 2. To pay, when payable, all taxes and as,essments, general or speciai, w•ater rents and ground rents and all other charges whatacever levied upon or assessed or plared against the premises, pro~•ision for whlch has not been made here- inbefore, and will promptly deli~er the otficial receipts therefor to the I?iortgagee; to llkewise pay sll taxes, assessinenta and other charges, lecied upon or usse~sed. placed or made against this instrument, or the indebtedness or any tnterest of the Mortgagee in the premises or ihe ~ubligations secured hereby, proa•idecl that the payment ot any sueh tax ansess- ~ ment or charge by the ~iortgagor is not contrary to law or w•ould not result in the pavment of an unlawful rate of lnter- # est on the indebtedness hereby secured. In the c~ent of the passage after the date ot this lnstrument of any law of the ; State, or subdi~~on thereof, wherein the prc•mises are situated, creating or providing-for any tax, assessment oc charge - which by the above pro~•iso is not to be ~~aid by the Alortgagor, the indeDtedness secured hereby togeiher with interest due ~ ' thereon, shall, at the option of the ~tortgagee. become immediately due and payable, and in the event payment there- I of b not made forthwith, the Mortgagee may take or cause to be taken such actton or proceeding es may be taken hern- ~ under 1n ihe case of any other default in the payment of the indebtedness. ~ 3. To keep the buitdings and additions thereto on or hereatter erected or plnced upon the land insuced agalnst loss by fire end such other hazards, casualties and contingertctes, including war damages it at any time a state of war exists or ~ lt appears to the holder o[ the note that war is imminent, and in such amounts and [or such periods, as may be required € irom time to time by the Alortgagee, and to.pay prompUy when due all premiums on such insurance, provWon for pay- ment of which ha5 not been made hereinbeforP. The policies o[ insurance shall have losc payable pmvisions neceptable to ¢ the rtortgagee and shall be deli~•ered to and held by the 2?iortgagee, or as it may d[rect, unW t.hls Mortgage is satistied. 3 Renewal polic[es of insurance, premiums for which ha~•e been fuUy paid, are to be furnished to the Mortgagee at least ~ Stteen days prtor to the expiration date ot the insurance thereby renewed. The insurance shail be wrltten in companies k approved by the Mortgagee; in no e~~ent shail the Mortgagee be held responsible for failure to pay tor any insurance ~ written or for any loss or damage grovring out of a detect in any policy or growing out ot any faUure of any It~surance ~ company to pay for any loss or damage insured against_ In the e~•ent ot loss the Mortgagor shall give immedlate notice ~ by meil to the Mortgagee who may make proof of loss i[ not made promptly by the Mortgagor; each insurance company concerned la hereDy authorized and directed to make payment for los4 directly to the Mortgagee lnstead of to the Mort- ~ gagor and the Mortgagee joinUy; the insurance proceeds, or any part thereof, may be applied by the Mortgagee, at its option, to the expenses, if any, lncurred by it in the collection thereot, to the reduction o[ the indebtednest hemby se- cured, to the restorstion or repair ot the property damaged, or released to the 2?iortgagor without liabiiity upon the Mort- ~ gagee for such release. All policles ot insurance are hereby assigned to the Mortgagee as additlonal securlty for the pay- ment ot the sums and interest secured hereby; in the e~ent ot foreclosure o[ thb Mortgage or other transfer of tiUo to the ~ premises in extinguishment o[ the indebtedness, all right, title and interest of the Morlgagor in and to any lnsurance ~ pollcles then in force ahall paas to the purchaser or grantee. ~ 4. To complete within a reasonable tlme any building orbuildings now ur at any time in the process of erection upon ; the land and to promptly repafr, restore or rebulld any building or improvements n~w or hereatter on the land whlch ~ may become damaged or be destroyed, and not rnmmft or permlt to be done or exlst on or e~bout the premises anything ~ whereby the premi9es shall become less vafuable; to comply with al! laws, rules, regulations, or ordlnances of any govern- ~ mental agency and not violate or permit the ~iolatton as to the premises ot any buflding or use restricUons; to keep the - land and improvements thereon tree from mechanlc's and materiaimen'a Itens and wfll not suffer any l:en superlor to the lien created by this Instrument to attach to or be enforced against the premises. = 5. II detault be made ln the payment of taxes, assessments, liens, claims, lnaurance premiums or any other chnrge ~ whatsotver. or any part thereoi, or in the performance of any act, to be paid or pertormed by the Mortgagor under the 4= pmvidons hereof, the Mortgagee may, at its optlon, make payment thereot or peKorm any act requlred ot the Mortga~or In any torm or manner deemed expedient and pay any otAer sum that is necessary to protect tAe securlty ot this instru- ~ ment; the amounta so pefd, wfth interest thereon trom the date of such psyment at the same rate as borne by the prln- ~ clpal indebiedneas, shall be aaseafed as an addidonal llen on the premises and ahall be added to snd become a part ot the ~ Indebtedneas aecured hereby and be immedlately due and payable to Ne Mortgagee. My payment hereby authorl~ed to be ~ made by tAe Mortgagee may be msde accordtng to any bW, statement or estimate furnlstiM or procured from the appro- prtate public office or the party claiming payment without inqutry into the acruracy or validlty Nereof, and the recelpt of ' any publlc officer or party in the hands of the Mortgagee sAall be conctusive evidence ot the v~lldity and amount ot ltems so paid: the MortQagee ahall, at its option, be subrogated to ~ny encumbrnnce, ilen, claim oc demand~ and to all the rl~hts - and seeurltle~ for the payment thereof, psld or dlscharged with the principal sum ~ecured hereby or by Ne Mort~a~ee under t[K providons 1~ereof. and ~ny such abrogaUon r1ghU shall be sddidonal and cumuladve securlt7r to tbls Mort- ~ ~ ~ ~ OR~~~~ ~ 80QK y~ - - ~ . _ .