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HomeMy WebLinkAbout0405 _ 1 ot the Mortgagee become immedtntely due and payabte, wlthout notice, and proceedings may be insdtuted by the Mort- gagee for the recovery thenwl by foreclosure of this Mortgage, or in any othec menner perniltted by law as the Mort- gagee may elect, anytNng in the note or in this Mortgage contatned to the contcary lhereto notwlthstanding. Upon fore- closure ot this Mortgage, the Mortgagee shall be allowed as a part of the indebtedness secured hereby, and the Mort- gagor egrees to pay, all costs and expenses iacurred In connection thereK•itA, includjng reasonable attorney's tees, cast oi title and lax search and the extension to date of an abstract ot title or title ~?olicy; and tn case such toreclosure proceed- ings are settled betore the eonsummation thereo[ or the entry o[ Jud~ment, any such costs and expenses and other charges so incurred. includfng a rnasonable attorney's fee, ahall nevertheless be pafd. The biortgagee or sny party in ln- terest, being the higAest bidder. may be a purchaser at any foreclosure sale. Any election by the Mortgagee as herei~ pro- vided tor may De exercised immediately ~.~pon detault, or at eny time thereatter, and nothing shall be construed to be s waiver o[ such right unless evidenced by an instrument in writing to th.~t effect duly executed by the Mortgagee. The tilorigagor waives aU right oi homestead utd exemptlon granted by thc Constltution and Lawa of Florlda. AND THE MORTGACOR FURTHER CONVENANTS AND AGREFS• 1. To pay the principal indebtednesc witl? interest as in the noLe provided. To pay montlily unto the Mortgagee, in addiUon to nnd at the time and ptace tor each payment ot principal :~nd interest, an installment of each o1 the follow- ing charges_ - i ta> Taxes and assessments, general or special, and all other charg~~s ir~ied or to be levied against the premises. tb) Premiums to become due and payable [or, and to renew, the insurance on the premtaes agalnst los4 by 8re and such other hazards, casualties and contlngencies as herein pro~•iaed [or or required from time to time. The amount oi the respecUve monthly installtnents shall be eyuai to the amount of the annua! reapective charge next due (dt estimsted by the Mortgagee). less all installments already paid therefor, divided by the number oi montAly ia• stallmeats therefor becoming due not later thsn one month prior to the due date of any such cMrge and shall be sub- je~et to increase or decrease to the extent required to create as of a monthly payment dete oa the note not less than one month prior to the due date oi any such charge, an amount sutficient tor the payment thereot when due and payable. In no event shall the Mortgagee receiving such paymeht be liable tor any interest on any amount pafd to it es herein requtred, and the money so received may be held v?ith its own funds pending payment or applicatfon tAereoi as herein provided. The Mortgagor shall turnish unto the Mortgagee at least 8tteen days betore the due date an oHicial atatement ot the amount ot any taxes or assessments next due, and sucA Mortgagee shall pay the above cherges to the amount of the then unu.ged credit thernfor as and when they become severally due and payable. TAe Mortgagee may. at its option, pay any of such charges when pa~able, either before or after they are delinquent, wtthout notice, or make advances therefor in excess of the then amount ot credit for said charges. The excess amount advanced shall be lmmediately due end payable to the Mortgagee and shail be secured as an additional principal sum under tNs instrument and bear the same rate of interest irom date ot adcancement as the principal indeDtedness. An otficial receipt theretor shall be conclusive evidence ot such payment and of the ~alidity of such charges. The Mortgagee may apply credlts held by it for the above ~ charges, or any part thereot, on account oi any delfnquent installments o[ principal or interest or any other payments • maturing or due under this instrument and the amount o[ credit existing at any time shall be reduced by the amount s thereoi pald or applied as herein provided. The amount ot the existing credit hereunder at the time ot any transter of the property shall withoui assiFnmen~ ihereoi inure to the benefit of the successor awner o! the property and shall be applied under and subject to all of the provisions hereof. Upon the payment in full of the indebtedness, the amount of any unused Credit shall be applied to the payment thereot. The Mortgagee ma~ cwitect a"late cAarge" not to exceed tour cents i~fc? [or each one doUar (i1.00) ot each monthly L~stallment payment requimd on the note and under this Mortgage which is more than 8[teen (15) days in arrears, to cover the extra expense im-oh-ed in handling delinyuent pa}•ments. 2_ To pay, when payable, all tax~s and asseSCments, general ur speciul, water rents and ground rents and sll other charges whatsoe~er le~~ied upon oc assessed or placeci against the premises, provision tor whlch has not been made hece- iIIbefore. and will prompti~• deli~•er the official recei{~ts therefur to the Mortgagee; to Ilkewise pay all taxes, assessmenta and other charges, levied u~~on or as~tes~ed, plarnd or made aRainst this instrument, or the indebtedness or any interest of ~ the Mortgagee in the premises or the obligatiuns secured h~~reb~, pro~•ided that the payment ot e?ny such tax assess- ment or charge by the ~iortgagor is not c~~ntr;in• t~i taw or would not result in the pavment of an unlawful rate of inter- est on the [ndebtedness hemby secured. In thc c•~ent of the passage a[ter the date ot this instrument of any Isw of the State, or subdivision thernof, wherein the pr~•misc~s ace situated. creating or providing for any tax, asses,~ent or charge I whtch by the above pro~•iso is not to he paid by the Vlortgagor, the indebtedness secured hereby together witlf interest due thereon, shall, at the option o[ the ~lortka~;ee, becomc immediately due and payable, and in the event payment there- ! ot is not made forthwith, the Mortgake~ r.ia}• takN ur cause to be taken such action or proceeding as may be taken here- iI under in the caae oi any other detault in the payment of the indebtedness. i 3. To keep the buiidings and additions thereto on or hereafter erected or placed upon the land insured agafnst loss ~ by fim and such other hazards, casualties and contingertcies, including war damages it at any time a state of war exists or ~ It appears to the holder ot the note that war is imminent, and in stuh amounts and tor such periods, as may be required irom time to time by the Mortgagee, and to pay promptly whrn due all premiums on such insurance. provision for pay- i ment of which has not been made hereinbetorn. The policies o[ insurance shall ha~e loss payable provisions acceptable to the Mortgagee and shall be delivered to and held by the Mortgagee, or as it may direc~ until this Mortgage Is satLsfied. Renewai policies of insurance, premiums tor w•hich ha~e been fully paid, are to be furnished to the Mortgagee at least 8tteen days prior to the expiration date of the insurance thereby renewed_ The insurance ahall be written in companies ~ approved by the Mortgagee: in no e~ent shap the Murigagee be held responsiDle for failure to pay tor any insurence written or tor any loss or damage growing out of a defect in any policy or growing out o[ sny failure ot any insurance company to pay tor any lau or damage insured against. In the e~•ent o[ loss thr Mortgagor shall give immedfate notice by mail to the biortgagee who may make ~~roof of loss if not made promptly by the Mortgagor; each insurance company concerned is hereby authorized and dirrcted to make payment tor loss dicectly to the Mortgagee instead oi to the I?iort- - gagor and the Mortgagee jointly; the insurance prc~ceeds, or any part thereot, may be•applied by the Mortgagee, at [Ls option, to the expenses, it any, incurred by it in the cotlection thereof, to the reduction ot the indebtedness hereby se- rured, to the restoration or repair ot the property damaged, or released to the Mortgagor without liabiltty upon the Mort- gegee tor such release. All policies ot insurance are hereby assigned to the Mortgagee as add?tional securJty for the pay- ment of the snms and interest secured hereby; in the event ot foreclosure ot thia Mortgage or other transfer of titlo to the premises in extingutshment of the indebtedness, all right, title and interest ot the Mortgagor in and to any it~trance policies then in force shall pass to the purehaser or grantee. ; 4_ To complete within a reasonable time any building or buildings noW or at any time in the process ot erection upon t6e land and to promptl~ repair, restore or rebuild any building or improvements now or hereatter on the land whlch may become damaged or be destroyed, and not commlt or permit to be done or exist on or about the premises anything ~ whereby the premises shall become less ~aluable; to comply with all laws, rules, regulatlons, or ordlnances of any govern- ~ mental egenCy and not violate or permit the violation as to the premises ot any building or use rnstrictlons; to keep the 4 land snd impmvement~ thereon free from mechanic's and materialmen's liens and wfll not suf[er any lien superior to the llen created by this instrument to attach to or bc entorced against the premises, it ~ 5. It detault be made in the payment ot taxes, assessments, liens, claims, insurance premiums or any other charge whatsoever, or any part thereot, or In the pertormance of any act, to be paid or pertormed by the Mortgagor under the ~ pmvisions hereof, the Mortgagee may, at its option, make payment thereof or perform eny act re~ufred o! the Mortgagor ~ tn any form or manner deemed expedient and pay any other sum ihat is necessary to protect the serurity ot thSs lnstru- ment• the atnounts so paid, with interest thereon from the date of such payment at the same rate ss borne by the ptln- dpal indebtedness, shall be assessed as an additional lien on the premises and shall be added to and become a part of the " fadebtedness aecured hereby and be immediately due and payable to the Mortgagee. My payment herebq authorized to be made by the Mortgagee may be made according to any bfU, statement or est;mate furnished or pt~ocured tmm the appro- ~ prtate public oHice or the party clajrr~ing payment without fnquiry into the accurary or valldity thereof, snd the recefpt of F any pnbHe o~cet or party in the hands of the Mortgagee shn11 be conclusive evidence of the validity and amount of ftem~ ~ so paSd: the Mortgagee shall, at its optlon, be subrogated to any encumbrance, Ilen, clalm or demand, and to all the rlghts and ~ecuslUa for the payment thereof. paid or dlscharged wtth the principal sum iecured hereby or by the Mort~agee ~ nnder tAe prnvWons bereot, and any such subrogaUon rights shall !~e addlUonal and cumulsUve secusfty to thfa Mort- ~ g~ BUax~~~ PAGE ~VJ ~ ~ .~a ~ ~ u~ ~ ..._..rx-~_~.. -~:.x.. _