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HomeMy WebLinkAbout1253 ot the Mort~a~ce become ~mmedlately duc and psyable. without aotlce, and proceedln~s msy be insUtuted by the Mort- j gaQee for the recovary thereot by toreclosure ot thls Mort~a~e. or ln aay other manner pecmltted by law es We Mort- ~ Qagee msy eleM. anyWa~ ln the aote or !a thls Mort~a~e ooa4lned to the rnntnry thereto notwlthstandla~. Upon fore- closure of this Mort~a~e, tbe Mort~a~ee ahW bs Wowed at a part oi the lndebtednas aecured hereDy. aad the Mort- gagor a~rees to psy. W custs wd expenses incurred in oonnecdon therewith. tncluding reasoneble attorney's fees, cost ot title and tax cearch and the extrnsion to d~te of an aDstraM oi tltle or dtle poAcy; and !n case wch foreclasure procecd- ings are settled before the copsummaUon thereot or the ent~y ot iudgment, any such costs and expenses and other charges w incurred. Includln~ a reasonable attorney'a tee. =hall neveriheless be paid. The Mortgagee or any party 1n tn- teres~ being the hlghest bWder~ may be a purch~ser at aay forecloaure sale. My electtoa bq the Mortga~ee as herela pro- vided for may be exerclsed lmmediately upon defsult, or ~t any Ume thereafter. end nothinQ sAW be conatsued to be a waiver of such right unless evidenced by w inatrument !n writing to that effect duly executed by the Mort~agee. The Mortga~or walves all rl~ht of horaestead and exemptloa ~'anted by the Constitution and Laws of Flodda. AND THE MORTGAGOR FUATBEA CONVENANT3 AND AGREES: 1. To pay the princlpal indeDtednems wtth interest es !n the note provided. To psp monthly unto the Mortgagee. in addition to and at the Wne and p4ce for each paymeat ot principal end interest, an inatallment of each oi the tollow- 1ng chargea: (a) Taxes and assessments. generel or speclal, and all other charges le~•ied or to be levfed sgainst the premisea. lb) Premlums to become due and psyaDle for. and to renew, the insurance on the premises agalnst loss by nre and such other harard~. casudtles end contingendea as herein pro~ ided tor or requtred from time to ttme. TAe amount of the respecttve monthly InstnUments ahall be equal to the emount of the annual respectlve charge next due (as eatlmated by the Most~a~ce). less all installments alceady Wdd therefor, divlded by the aumber of monWy In- staWnents therefor becomin~ due not later than oae month prior to the due date oi any wch ch~rge and shaS: be sub- ~ect to increase or decrea~e to the extent rMulred to create aa ot a monthly payment date on the note not less than oae month prlor to the duc date ot any such charge. an amount sufficient for the paymeat thereoi wnen due and payable. In no event shall ihe Mortgagee receiving such payment be llable tor aay interest on any amount paid to it as herein requtred. and the money so ceceived msy be held wkh its own funds pending payment or applicaUon thereof as herein provided. The Mortgagor shall turnish unto the Mortgagee at least Sfteen days betore the due date an of[icial stutement of the amount of any taxes or asaeasmenta next due, and such Mortgagee ahrll pay the above charSes to the amount oi the then unused credit therefor es and when they become meverally due and payable. The Mortgagee may. at 1ts opUon. pay any ot such charges when payable, either before or atter they are dellnquent, without notlce. or make advsnces tt~erefor in exceu of the then amount of credit for said chacBes. The excess amount advanced st~all be immedlately due aud payable to the Mortgngee and shall be aecured es an additiond principal sum under this tnstrument had bear the same rate ot interest from dale of adcancement as the principal lndebtedness. An oRicial receipt tlterefor shall be rnnclusive evidence of such payment and ot the validity of such charges. The Mortgagee maq apply credlts held by lt for the above charges, or any part thereo[, on account ot any dellnquent installmenb ot prindpal or interest or any other pa.y~nents maturing or due under this instrument and the amount ot credit existing at ar?y time shall be reduced by the amount thereoi paid or applied as herein provided. The amount ot the existing credlt hereunder at the tlme of any transter of the property shal! without assignment thereof inure to the beneflt of the successor owner of the property and ahall be applied under and subject to all ot the provisions hereo[. Upon the payment in full of the indebtednesa, the amount of any unuaed credlt shall be applied to the payment thereof. The Mortgagee may collect a"late charge" not to exceed tour cents i4c? for each one doltar (i1.00> of each monthly Installment payment required on the note and under this Mortgage which is more than Stteen (15) days in arrea~s, to cover the extra expense ~mol~•ed in handling delinquent payments. 2. To pay, when payable, all taxes and assessments, general or special, w•ater rents and ground renta and all oNee charges whatsoever le~ied upon or assessed or placed against the premises, pro~~ision tor which hes not been made here- tpbefore. and will promptlp deli~er the oHicial receipts therefor to the Mortgagee: to likewise pay sll taxes, assessments and other charges, levied upon or ossessed, placed or made against this instrument, or the indebtedness or any interest ot the Mortgagee 1n the premises or the obligations secured hereby, provided that the payment of any such tax atsess- ment or charge by the 4iortgagor is not a~ntrary to lsw or would not result in the pavment oi an unlewiul rate oi intec- est on the indebtedness hemby secured. In the e~ ent of the passage atter the date of this instrument of any law of the State, or subdivWon thereo[, whernin the premises are situated, creating or pmviding for any tax, assestment or charge whtch by the above pro~•iso is not to be paid by the Mortgagor, the inde~tedness secu~ed hereby together with interest due thereon, shall, at the option of the l~tortgagee, become immediately due and payable, and in the event payment there- of b not made forthwlth, the Mortgagee may take or cause to be taken such action or proceeding as may be taken hlre- under ln the case of any other default in the payment of the indebtedness. - 3. To keep Lhe butldings and additions thereto on or hereatter erected or ~lsced upon the land insured against loss by fire and such other hazards, casualties and contingencies, including war darnaseR !t At eRy time a state of war exists+Dr it appeara to the holder of the note that v?•ar is immfnent, and in such amounts and for such perioda, eis may be reqWced from tlme to tlme by the biortgagee, and to pay prompUy when due al! premiums on such insurance, provision for pay- ment of which has not been made hereinbetore_ The policies ot insurance shali ha.~e loss payable provisions acceptable to the 1?iortgagee and shall be deli~ered to and held by the Mortgagee, or as It may direct, unW thls Mortgage is satLsiied. Renewal policies o; fnsurance, premiums for which have Deen futly paid, are to be turnished to the Mortgagee at least siteen days prior to the explration date of the insurance thereby renewed. The Lnsuranoe shall be wrltten in companies approved by the Mortgagee; [n no event shall the Mortgagee be heid responsible [or failnre to pay for any insurance written or for any loss or damage growing out of a detect in any policy or growing out ot any failure ot any fnsurance com~any to pay tor any loss ~r damage insured against. In the event ot loss the Mortgagor shall give lmmediate notice by mail to the Mortgagee who may make proof oL loss if noi made promptly by the 1?iortgagor; each insurance company concerned la. hereby authorized and directed to make payment tor loss direcUy to the Mortgagee instead oi to the Mort- ' gagor and the Mortgagee jointly: the insurance proceeds, or any part thereof, mey be applied by the Mortgagee, at its i option, to the expenses, if any, incurred by it in the collectlon thereof, to the reduction of the indebtednes hereby se- r.ured, to the restoration or repair ot the property damaged, or released to the Mortgagor without Iiability upon the Mort- gagee for such release. All policies ot lnsurance are hereby assigned to the biortgagee as additional securtty for the pay- ment ot the sums and interest secured hereby; in the event ot foreclosure ot thls Mortgage or other transier of tlUo to the premises in extingutshment ot the indebtedness, all right, Utie and interest ot the Mortgagor in and to any tnsurance pollcfea then in force shall pass to the purchaser or grantee. 4. To complete within a reasonsble time any building or buildings now or at any tlme fn the process o[ erection upon ~ the land and to pmmpUy repair, reatore or rebuild any building or impror•ements now or hereafter on the land whlch may become damaged or be deatmyed. snd not commit or permit to be done or e~dst on or sbout the premises anything ~vhereby the premises shall become less valuable; to comply wtth all laws, rules, reguletions, or ordlnancea of any govern- mental agency and not violate or permit the violation .as to the premises of any bullding or use restrictions; to keep the land and Improvements thereon free irom mechanic's and msterialmen's liens and will not sufter any lien aupertor to the lien created by thb instrument to attach to or be enforced against the premL~es. S. I( detault be made ln the payment ot taxes, assessments, liens, claims, inauc~?ce premiums or any other charge whataoever, or anq part thereof, or in the performance of any act, to be pald or performed by the Mort~agor under the provldana hereof, the Mortgagee mny, at ita option, make payment thereof or perform any act requlred of the Mortga~or In any form or mannes deemed expedient and pay any other sum that b necessary to protect the securlty ot this In~trv- ment; the amoun4 so paid, wfth interest thereon from the date ot such psyment at the same nte as borne by the ptin- clpal tndebtedness, shall De assessed as an addltlonal llen on the premises and shall be added to aad become a part of the 1ndeDtedness secured hereby and be immediately due and p~yable to the Mortgagee. Any payment hereby authoriud to be made by the MortgaQee may be made according W any bW. statement or estimate furnist~ed or procured trom t6e appro- prlate public office or the party claiming payment v?itaout inquiry into the accuncy or valldltq Nercot, and the receipt of any puDlic oQicer or partq in the hands oi the Mortgagee shall be conclusive evidence o[ the validity and amount oL ltemr w paid: the Mortgagee shall. at fts option, be subrogated to any encumbrance, ilen, clalm or demand. and to all the rf~Dts ' ~nd securttles for the payment thereoi, pald or dtscharged with the principal "sum secured hereby or by the Mort~asee under tAe pravWons Aereot. aad any such wbrogatlon rlgAts at~all be addltlonal and cumulative ~ecurtt7? to tbls Mort- ~~~~U3 ~ ; : F _ ~ ~'r `~-~s " : .~`r = ~ ~ ~ x ~ , a.~,;:°x~,.,y,a ' . , _ _ . .