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HomeMy WebLinkAbout0144 of the Mortgagee become lmmedlately due and paynble, wlthout notice, and proceedings may be tnstituted by the Mort- gaga.~e for the recovery thenwt by forecloaure ot tRis Morlga~e~ or !n eny other manner per.nltted Dy law as the Mort- . gsgee ma~y elect. anythln~ in tt~e note or in thb MortgaQe eontalned to the oontnry thereto notwithstandln~. Upon tore- closure ot thls Mortgage, the Mort~agee she~ll be allowed as a part of the indebtednesR aecured hereby. ~nd the Mort- gagor agrees to pqy. oU costs and expenses incurred u? connecUon therewith, including reasonable ettorney's tees, coat ot Utle and tax search and the extenslon to date of an abstract ot title or tfUe pollcy; and !n case such foreclosure proceed- Ings sre settled before the consummaUon thereot or the entry~ ot judgment, any such coafa and expenses and other charges so tncurred. tncluding a reaaone~ble attorney's fee, shal! neverthelesa ~e ps1d. The Mortgagee or any party In 1n- terest. being the highest btdder. may be a purcheser at any foreclosure sale. Any election by the Mortgagee as herein pro- vided tor may be exercised immedlately upoa defsult, or at eny tlme thereatter, and nothing ahaU be construed to be a wai~er ot such right unless evidenced by an instrument !n writing to that eHect duly executed by the Mortgegee. The Mortgagor ws[ves all right of homestead and exempUon grsnted by the Conatitutton end Laws of Florida. AND THE MOftTGAC08 FURTHER CONVENANI'3 AND AGREES: 1. To pa~y the principal indebtedness wlth iaterest as in the note pmvided. To pay monthly unto the Mortgagee. in addition to and at the tlme and place for each payment ot principal and interest, an Installment of each ot the follow- ing charges: (a) Taxes and assessnenta, general or special. and all other cMrges levied or eo be levied against the premises Ib) Premiwns to become due and payeble for, and to renew, the lnsurance on the premtaes against lo~ by 8re and such otAer hazstds, cisualtles and contingencies aa herein provided for or required trom time to tlme. The amount oi the respecUve monthly installmenta shall be equal to the amount of the annual respecUve charge next due (as eaUmated by the Mortgagee), less all installmenta elready paid theretor, divided by the number of monthly In- stallments therefor becoming due not later than one month pdor to the due date oi an}r such charge and ahall De sub- ject to increaae 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 oi any such char8e, an amovnt sugicient tor the puyment thereof when due and payaDle. In no event shall the Mortgagee recefving such payment be liable for any interest on any amount paid to 1t as hereln requfred, and the money so received may be held with iit own funds pending payment or applicaUon thereof as hereln provided. The Mortgagor sAall furnish unto the Mortgagee at least Siteen days before the due date an official statement of the araount of any taxes or asse~ments next due, and such Mortgagee sMll pay the above charges to the amount ot the then unused credit therntor as and when they become severaUy due and payable. The Mortgagee may. at 1ts option, pay any of such charges when payable, either before or after they are delinquent. without notlce. or make advances therefor in exceas of the then amount ot credit for aaid chargea. The excese amount advanced shall be lmmediately due and payable to the ~iortgngee and shall be secured aa an additional principal sum under this Instrument and bear the same rate of internst irom date o[ advancement as the principal indebtednesa. M official recelpt therefor shall be conclusive _ evldence of such payment and of the validity of such charges. The Mortgagze may apply credlts held by it for the abme ct~arge~, or any part thereof, an account ot any~ deUnquent installments ot prlncipal or interest or any other payments maturing or due under this instrument and the amount ot credit existing at anY time shsll be reduced by the amount thereot paid or applied as hernin provided. The amount ot the existing credlt hereunder at the time of any transter of the property shall without assi~:nment thereof inure to the bene8t ot the successor owner of the pmperty and shall be applied under and subject to all ot the provisions hereo[. Upon the payment in full ot the indebtednesa, the amount of any unused credit shall be applied to the payment thereof. The Mortgagee may collect a"late charge" not to exceed [our cents (4c~ tor each one dollar (i1.00) of esch monthly installment payment required r,n the note and under this biortgage which is more than Siteen (15) days in arrears, to cover the extra expense ~nvol~ed in handling delinquent payments. 2. To pay. when payable, all taxes and assessments, general or speciai, water rents and ground rents and all other eharges whstace~er levled upon or assessed or placed against the premises, proeision for which has not been made here- inbefore, and will promptly deliver the official receipts there[or to the Mortgagee; to likewise pay sll taxes, esses4ments and other charges, levled upon or assessed, placed or made against this instrument, or the [ndebtednesa or any intereat oi the Mortgagee In Lhe premises or the obligations secured hereby, provided that the payment of any such tax assess- ment or charge by the Mortgagor is not c~~nt~ary to law or would not result in the psvment of an unlawtul Tate of inter- est on the indebtedness hereby secured. In the c~ent of the passage a[ter the date of this instrument of any law ot the State, or subdlvisfon thereot, wherein the prc•mises are situated, creating or pmviding for any tax. as~ssment or charge which by the above proviso~is not to be paid by the Mortgagor, the indebtedness secured hereby together with interest due thereon, ahnll, at the option of the ~tortgagee, become immediately due and payable, and in the event payment there- of is not made forthwith, the Moctgagee may take or cause to be taken such action or proceeding as may be taken here- under 1n the case of any other default in the payment of the indebtedness_ 3. To keep the buildings and additions thereto on or hereatter erected or placed upon the lend insured against loss by tlre and auch other hazards, casualties and contingerrcies, including war damages if at any time a atate of war exists or i it appears to the holder of the note that war is imminent, and in such amounts and for such periods, as may be requlred ~ from t[me to time by the Mortgagee, and to pay promptly when due all premiums on such insurance, provision for pay- ~ ment of which has not been made hereinbefore. The policies ot inaurance shall ha~•e loss payable provisions acceptable to the riortgagee and shall be delivered to and heid by the Mortgagee, or as it may direct, untll thls Mortgage is a4tisfied. Renewal policies of insurance, premiums tor which have been fuUy paid, are to be turn[shed to the Mortgagee at least Sfteen days prlor to the expiration date ot the insurance thereby renewed. The Insurance shall be wtltten in companies approved by the Mortgagee; in no e~•ent shall the Diortgagee be held responsible for failure to pay for any insurance ~ written or for any loss or damage growing out of a defect in any poltcy or growtng out ot any failure oi any Insurance company to pay for any loss or damage insured against. In the event of loss the Mortgagor shall gf~e immediate notice by mail to the Mortgagee who may make proot of loss if not made promptly by the Mortgagor: each insurance company concerned is.hereby authorized and directed to make payment for loss directly to the Mortgagee lnstead of to the Mort- gagor and the Mortgagee ioinUy; the insurance proceeds, or any part thereot, may be applted by the Mortgagee, at ita option. to the expenses, it any, incurred by it in the collection thereot, to the reductlon of the indebtedness hereby se- ~ r_ured, to the restoratfon or repair of the property damaged, or released to the Mortgagor without liab3lity upon the Mort- gagee for such release. All policies ot insurance are hereby assigned to the Mortgagee as additional serudty for the pay- ~ ment of the sums and interest secured hereby; in the event o[ foreclosure o[ thia Mortgage or other transier of tltlo to the premises in extingutshment ot the lndebtedness, ali right. Utie and interest of the Mortgagor in and to any fnsurance policies then In torce shall pass to the purchaser or grantee. ~ 4. To complete within a reasonable Ume any building or buildings now or at nny time In the procesa of erectton upon ~ tLe land and to promptly repair, restore or rebuild any buUding or improvements now or hereafter on the land whict~ may become damaged or be destroyed, and not commit or permlt to be done or exist on or about the premfaes anything ~ whereby the premlaes shall become less valuable; to comply with all laws, rules, rngulaUons, or ordinances of any govern- mental agency and not violate or permit the violation as to the premLses ot any building or use restricUons; to keep the ~ land and improvements thereon free irom mechanic's and materialmen's liens and ar111 not sutfer any lien superlor to the lien created by this lnstrument to attnch to or be enforced agair4st the pmmtses. a° ~ 5. If deiault De made in the payment of taxes, assessments, Ilens, claims, inaurance premiums or any other cherge whatsorver, or any pert thereof. or in the pertormance of any act, to be patd or performed by the Mortgegor under the ~ pmvfatons hereof, the Mortgagee mag, at its opUon, make payment thereof or pertorm any act required oi the Mortgagor In any form or manner deemed expedient and pay any other sum that is necessary to protect the securlty ot thls tnstni- ment• the emounts so paid, with interest therPOn from the date of such payment at the anme rate as borne Dy the prln- ~ efpal indebtedness, shall be aasessed as an addlUonsl Ilen on the premises end shall be added to and beoome a part of the ~ lndebtedne~ secured hereby and be immedlately due and payable to the Mortgagee. My payment hereby authorlxed to be made by the Mortgagee may be made according to any bW, statement or eatimate furnlshed or procured irom the appro- ~ prtate public office or the party claiming payment v?fthout taquiry tnto the accuracy or vWdlty thereof, and the receipt of any public officer or party in the hands of the Mortgagee shall be conclusive evldence of the validlty and amount of itemt ~ ao paid: thr Mortgagee shall, at !b opUoh, be subrogated to any encnmbrance. Ilen, clafm or demand, and to a11 the rl~hhtrt ~ end aecudUes for the payment the:toi. pald or discharged with the principal sum ~ecured hereby or by the Mort~a~ee andtr tlfe pravWons hereof. and any such subrogation dghts shall be addlUonal end cumulatlve secudty to tt~ls Mort- ~ ga~e. 80~K~~ PACE ~4~ ~ ~ : G ~ _f, r~._ ~ ~ ~ : _ ~