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HomeMy WebLinkAbout2644 ot the Mortgagee become Immedtately due end payable, wlthout ~otlce, and proceedings may be lnstltuted by the Mort- ~ ; gagee for the recovery thereof by foreclosure of thb Mort~aage. or in any other manner permitted by Lw es the Mort- gsgee may elect. aaything in the note or in Ws Mort~eQe conta ned to the oontrary thereto notwithatandla~. Upon fore- closure oi this Mortgage, the Mort~ee shall be allov?ed as a part of the indebtedaes~ aecured hereby. aad the Mort- gagor egrees to pay. all coats and expenses incurred in cot?uectlon therewlth. including reasonable ettorney'a fea, cost ot dUe end tax search end the extendon to date of an abstract oi tltle or tltle poUcy; and in caae such toreclosure proceed- ings are settled before the consummaUon thereoi or the entry ot ~udgment, any auch costs and expeuses end other - charges so lncurred. lncluding a reasonable attoraey's fee, ahall nevertheless be pafd. The Mortgagee or a~y party ln 1n• terest, being the highest bidder. may be a purcheser at any foreclosure sale. My elecUon by the Mortgagee ~s hereln pro- : vided tor may be exercised lmmediately upon default, or at any time thereafter. and notAing shsll be cwnstrued to be ~ ; waiver ot such right unless evidenced by an instrument fn writing to that eIIect duly executed by the Mortgagee. The ! Mortga~or waives all dght oi homestesd wd exemptioa granted by the Constitution and Lsws of Fiortda. ~ i AND THE MORTGAGOA FURTHER CONVSNANTS AND AGREES: l. To pay the principal indebtedness arith interest as in the note provided. To psy monWy unto the Mortgagee. in additlon to and at the time and plece for each payment of principal artd interest, an Installment of each oi the foAow- ; ~ ~ (a) Taxes and assessments, general or apecial. and al! other charges levted ur to be levied against the premLses. (b) Premiwns to become due and payable Lor. and to renew, the insurance on the premises agatnst loas by Sre and auch other harards. casualttea and contingencies a~ herein provided for or reyuired trom Ume to time. The amount ot the respectlve monthly installtnents ahall be equal to the amount of the annual respectlve charge next due (as estimated by the Mortgagee)~ leas aU installments already paid therefor, divided by the n~unber oi monWy in- etellments Werefor becoming dae not later than oae month prior to the due date of any such cMrge and ahall be sub- ~ect to increase or decrease to the extent re9ulred to create as ot a monthly payment dste oa the note aot less than one month prior to the due date of any such charge. an amount sut[icient for the payment thereoi ahen due and payable. In no event shall the Mortgagee receiv[ng aach PaYtqent he liable tor aay iaterest oa aay amount paid to It as-herein required, and the money so received may be held with its own funds pending payment or application thereof as hereln provided. The Mortgagor shall furnish unto the Mortgagee at least fltteen days betore the due date an official statement oi the amount of any taxes or assessments next due, and such Mortgagee shall pay the above charges to the amount oi the then unused credit therefor as and when they become severally due snd payable. The Mortgagee may. at its optton. pay any oi such charges M?hen payable, either before or atter they are delinquent. without noUce, or malce advancea therefor in excest of the then amount of credit for said charBes. The excpss amount advanced shall be immedlately due a.id payable to the Mortgagee and shall be secured as an additional princ3pal sum under thls instrument and bear the same rate of interest from date ot advancement es the principal Indebtedness. M official recelpt therefor shall be conclusive evidence of such payment and o[ the validity of such charges. The Mortgagee may apply credits held by it for the above charges, or any part thereot, on account of any deltnquent installmenta of principal or interest or any other payments maturing or due under this instrument and the amount ot credit existing at unY time shall be reduced by the amount thereot pnid or applied as herein provided. The amount of the existing credit hereunder at the tlme of any transfer of the pmperty shall without assignment thereof inure to the bene8t ot the successor owner ot the property and shall be appll¢d under and subiect to ali ot the provisions hereof. Upon the payment in full ot the indeDtednesa, the amount of any unused credlt shall be appiied to the payment thereof. TAe biortgagee may collect a"late charge" not to exceed [our cents (4c? tot each one dollar (=1.00) of each monthly lnstaUment peyment req~ired on the note and under this Mortgage which is more thun 8tteen <15) days in arrears, to rnver the extra expense :nvol~•ed in handling delinquent payments. 2. To pay, when payable, all taxes and asses~ments, general or special, water rnnta and grouad rents and all other charges whatsoever levied upon or assessed or placed against the premises, pro~ ision for which haa not been made here- inbefore. and will promptly deli~•er the ofticial receipts theretor to the Mortgagee; to llkewise pay all taues. assesau?ents and other charges. levied upon or assessed. Placed or made against this instrument. or the indebtedness or any lnterest oi tAe Mortgagee in the premises or the obligations secured hereby, provided that the payment of any such tax assess- ment or charge by the :~Sortgagor is not rnntrary to law or would not result in the psvment of an unlawful rate of inter• ~ est on the indebtedness hemby secured. In the e~~ent of the passage atter the date of this instrument ot any law of the ~ State, or subdivtsion thernot, wherein the prcmises are situated, creating or provtding for any tax, a~aent or charge which by the above proviso is not to be paid by the biortgagor, the indebtedness secured hereby together wtth iaterest due ~ thereon. shall, at the option of the Mortgagee, become immediately due and payable, and in the event psyment there- ; oi 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 of any other default in the payment of the indebtedness. _ t i 3. To keep the buildings and additions thereto on or hereafter erected or placed upon the land insured egainst loss { by fire and such other hazards, casualties and contingeRCies, inciuding war damages if at any time a atate oi war exists or ~ ! it appears to the holder of the note that war is imminent, and in such amounts and tor such per[ods. as may be requtred ~ irom time to time by the Mortgagee, and to pay prompUy when due aU premiums on such insurance, pmviston for pay ~ ~ ment of which has not been made hereinbefore. The policies of insurance shall have loss payable provistons acceptable to ~ the Mortgagee and shall be delivered to and held by the Mortgagee, or as it may direct, untll this Mortgage is aatisfied. 4 Renewsl policies of insurance, premiums tor which have been tully pald, are to be fumfshed to the Mortgagee at leaat ~ Siteen days prior to the expiration date of the insurance thereby renewed. The Snwrancx ahall be written in compaNes ` approved by the Mortgagee: in no e~ent shall the Mortgagee be held responsible for failure to pay for any iasurance written or for any loss or damage growing out ot a defect in any pol[cy or growing out of any failure of any Insurance company to pay for any loss or damage insured against. In the e~ent ot loss the Mortgagor shall give lmmediate notice ~ by mail to the Mortgagee who may make proo[ of loss if not made promptly by the Mortgagor; each insurance company ; mncerned is. hereby suthorized and directed to make payment tor loss directly to the Mortgagee irstead of to the Mort- gagor and the Mortgagee joinUy; the insursnce proceeds, or any part thereo[, may be applied by the Mortgagee, at 1ts ~ option, to the expenses, i[ any, Incurred by it in the rnllection thereof, to the reductlort of the indebtedness hereby ae- ~ cured, to the restoration or repair of the property damaged. or released to the Mortgagor without Hability upon the Mort- ' gagee for sucA release. All palicies of insurance are hereby assigned to the 2?iortgagee as additional securlty for the pay- ment of the suma and intereat secured hereby; in the event of Loreclosure of this Mortgage or other tranater of titla to the premises in extinguishment ot the tndebtedness, all right, tltle and Interest of the Mortgagor In and to any lnsurance policiea then in force shall pass to the purchaser or grantee. 4 4. To complete within a reesonable time any building or buildings now or at any tlme in the prooess oi erectlon upon the land and to promptly repair, restore or rnbuild any bullding or improvements now or hereafter on the land ahich a may become damaged or be destroyed, and not commit or permit to be done or exist on or about the premises anything whernby the premises ahall become less valuable; to comply with ali laws, rules, regulaUons, or ordlnances of any gavern• ; ~ mental g8ency and not violate or permit the violatlon, as to the premises ot any bullding or use restrictions; to keep the land ar?d imprm~ements thereon free from mechaniNs and materialmen's ltens and will not sut[er any llen st~perlor to the r ~ Ilen created by thia lnstrument to attach to or be enforced against the premises. ~ ~ 5. It detault be made in the payment ot taxes, essesvnents, ilens, claims, Insurance premiums or any othec charge ~ ~ whatsorver, or any part thereof, or'in the periormance of any act, to be paid or pedormed by the Mortgagor under the pmvldons hereoi, the Mortgagee may, at ita option, malce payment thereof or pertorm any act requfred ot the Mortgsgor F ' In any form or manner deemed expedient and pay any other sum that is necessary to pmtect the aecadty oi tWs fnstnt- ; ~ ment; the amounta so paid, wilh interest thereon from the date ot such payment at the same rate as borne by tire prin- i ~ c1pa1 lndebtedness, shall be assessed as an addlUonal lfen on the premises and shNi be added to and beoome a part of the ; ~ Wdebtedne~ secured hereby and be immedSately due and payable to the Mortgagee. My payment hereby autlarined to be ~ ~ made by the Mortgagee msy be made according to any blll. statement or estimate furnished or procured irom We appro- 4 ~ priate public oSice or the party claiming payment without inqutry tnto the accuracy or valldity thereot, aud the reoeipt of ~ any pubUc officer or party in the hands of the Mortgagee stWl be conclusive evidence oi the valldity and amount oi items w pald: the Mortgagee shall, et 1ts optfon, be subrogated to ~ny encumbrance, llen. clalm or demmd, and to W tbe rl~hts ~ and secudtles for the paymeat thereof. pald or discharged wlth the princ[pal sum secured hereby or by the Mort~a~ee ~ under t1k provWom hereof. and any such mbrngadon dghts shall be eddltlonal Rnd cumulative secud!! W tNs Mort- ~ ~ sa~e. ~ ~ ~204 ~~~4~ ~ ~ ~ , ~ - - - ~.s.. . ~=__.~s ~ . .