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HomeMy WebLinkAbout1137 ot the Mortgagee Decome immediately due and paysble. wlthout notice, and proceedi~igs may be lnstituted Dy the Mort• ~ager for the recovery thereot by foreclosvre of thls Mort~a~e, or in any other muiner permitted by law es the Mort- gagee may elect. wythlug !n the note or in thls Mort~e mntalned to the contrery thereto notwlthatand~n~. Upon fore- closure of thfs Mortgage, the Mort~ee ~all be allowed as a part oi the tndebtednest aecured Aereby. and the Mort- ~agor sgrees to pe`y, W costs and expenaes tncnrred in cor?nectio~ tAerewith, including reasonable attorney's fee~, cort ot tide and tau sesrch and the extenston to date oi an abstnct ot dtle or tiUe policy; snd in a~se such Ioreclosure procced• ings sre settled betore the rnnaummation thereot or the entry ot iudgment. any such costs and expenses and othar charges so Incurred, lncludtng a reaaonable attoraey's tee. shntl nevertheless be paid. The Mortgagee or any party !n in- terest, being the hi~hest bidder, may be a purchaser at any forecloaure sale. My electton by the Mortga~ee as heretn pro- vtded ior may De exercised lmmedlately upon defsul~ Qr at any Ume thereaiter, and nothing shall be construed to be a waiver ot such right unless evidenced by an lnstrument in writing to that eftect duly executed by the Mortgagee. The Mortgagor waives all r[ght of homestesd and exempUon granted Dy the ConsUtution and Lnws ot Flodda. AND THE MORTGAGOR FURTHER CONVENANIS AND AGREFS: 1. To pay the principal indebtedness with interest as in the note pro~~ided. To pay monttily unto the Mortgagee. 1n addlUon to and at tDe tlme and place for each payment ot principal and interest, an installment of esch of the toUow- Ing c!?scgea: (a) Taxes and assessrnents, general or special, and all other charges le~•ied or to be levied against the premises. (b) Premiums to become due and payable for. and to renew. the insursnce on the premises agalnst loss by Sre and such otner harards. casualtiss and contingeacles as herein provided for or required imm time to tlme. The amount ot the respective monthly installments sliall be equal to the amount of the annual respecdve charge next due tas estimated by the Mortgagee). less all installments already pald therefor. divided by the number oi monWy in- stallments therefor becoming due not later than one moath pdor to the due date ot any such c~srge and shaU be sub- iect to increase or decrease to the extent re9uired to creete as ot a monthiy payment date on the note not less than one month prtor to the due date o! any such charge. an amount sutticient for the payment thereof when due and payable. In no event shall the Mortga$ee recetvin8 such payment be liable for any interest on aay amouat patd to it es •herein required. and the money s~ received may be held with 1ts own funds pending payment or appljcatioa thereot as hereln provided. The Mortgagor shall furnish unto the Mortgagee at least Siteen days betore the due date an oi[icial atatement oi the amount o! any taxes or assessments next due. and such Mortgagee shall pay the ebove charges to the amount ot the then unused credit therefor as and when they become severally due and payable. The Mortgagee may, at !ta optlon. pay any oi such charges when payable, elther before or after they are delinquent. without notice, or make advances therefor in excesa of the then amount of credit for said char8es. The excess amount advanced sAall be immedlately due a.id payable to the rtorlgagre and shall be secured as an additional principal sum under this instrument and bear the same rate of interest irom date of advancement as the principal indebtedness. An oIIlcial receipt therefor shall be conclusive evidence o1 such payment and ot the valldity of such charges_ The Mortgagee may apply credits held by it for the above charges, or any part thereot, on eccount of any delinquent installments of pr[ncipal or interest or any other payinents maturing or due under this instrument and the amount of credit existing at anY time sAall be reduced by the amount ttiereof paid or applicd as herein provided. The amount of the existing credit hereunder at the time oi any transfer of the property shall without assignment thereoi inure to the beneSt ot the successor owner oi the property and shall be applied under and subject to all of the provisions hereot. Upon the payment in [ull of the indebtedness, the amount oi any unu.sed credit shall be applied to the {~ayment theceof. The Mortgagee may collect a"late charge" not to exceed tuur cenis (4c~ for each one dollar (51.00) of each monthly installment payment reyuired on th~ note and under this Dtort~age which is mom than fitteen (15) days in arrears, to rnver the extra expense :nrolced in handiing delinquent payments. 2. To pay. when puyable, ali taxes and assessments, general ur special, water rents and ground rents and all other charges whatsoever levied upon or a~sessed or placed against the premise~, pro~•ision [or whlch has not been made here- inbefore. and wil! promptly deliver the official receipts therefor to the Mortgagee; to likewiae pay all texes, aasessmenta and other charges, levied upon or nsseased, placed or made against this instrument, or the indebtednest or any interest of the Mortgagee in the premises or the obligations secured hemby, Fro~•ided that the payment of any such tan assesa- ment or charge by the ~iortgagor is not contrary to law or v~•ould not result in the pavment of an unlawful rate of fnter- est on the indebtedness hereby secured..In the c~ ent ot the passage after the date of this instrument of any law ot the State, or subdi~~ision thereof, wherein the prcmises are situated, creating or providing for any tax, essessment or charge whIch by the above pro~•isc~ is not to be Paid by the Mc+rtgagor, the indebtedness secured hereby together with Interest due theteon, shall, at t1?e option of the ~tortgagee, become immediately due and payable, and in the event payment there- of 1s 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 indebtedn-rss. ~ 3. To keep the buildings and additions thereto on or hereafter erected or placed upon the land insured against lost ~ by fire and such other hazards, casualties and contingencies, including war damages if at any time a state of war exists or it appears to the holder ot the note that v?•ar is imminent, and in such amounts and for such periods, as may be required irom time to time by the btortgagee, and to pay promptly when due all premiums on such insurance, provision for pay- ~ ment of whtch has not been made hereinbeforn. The policies of insurance shall ha~e loss payable provislo:is acceptable to ~ the Diortgagee and shalt be dcli~ered to and held by the Mortgagee, or as 1t may direct, until this Mortgage is satisfied. ~ Renewal policies of insurance. premiums for which have been fully paid, are to be furnished to the Mortgagee at least , 8iteen days prior to the expiration date of the insurapce thereby renewed. The insuranoe shall be written in companles approved by the Mortgagee; in no event shall the Mortgagee be held responsible for failure to pay for any insurance wrltten or for any luss or damage growing out of a defect in any pollcy or growtng out oi any failure oi any insurance company to pay for any loss or damage insurnd against. In the event of losg the biortgagor shall give immediate notice by mail to the Mortgagee who may make proof oi loss if not made promptly by the Diortgagor; each insurance company concerned is. hereby authorized and directed to make payment tor loss direcUy to the Mortgagee instead 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, it any, incurred by it in the collection thereof, to the reduction- of the indebtedne~ hereby se- r_ured, to the restoration or repair oi the propert~ damaged, ar released to the biortgagor without liability upon the biort- gagee for such release. All pollcies ot insurance are hereby assigned to the Mortgagee as additional securfty for the pay- ment of the sums and inierest secured hereby: in the event of forectosure ot this Mortgage or other transier oi tlt1Q to the premises in extingutshment of the indebtedness, all right, title and interest oi the Mortgagor fn and to any Insurance policies then in force shall pass to the purchaser or grantee. 4. To complete within a reasonabte time any building or buildings now or at any tfine in the process ot erection upon ~ the land and to promptly repair, restore or rebuild any building or improvements now or 1?ereaiter on the land whlct~ ~ may bei.~ome damaged or be destroyed, and not commit or permit to be done or exist on or about the premiaes anything whereby the premises shall become less ~aluable: to comply with all laws, rules, regulations, or ordinances of any govern- mental agency and not violate or permit the violation as to the premises of any bujlding-or use restrictlons; to keep the ~ land and improvements thereon tree from mechaniNs and materialmen's liens and will not suf[er any lien superlor to the - ~ lten created by this tnstrument to attach to or be enforced against the premises. ~ 5. It detault be made in the payment ot. taxes, assessments, liens, claims, insurance prem3ums or any other charge ~ whatsoe~ver, or any part thereof, or In the pertormance of any act, to be pald or performed by the Mortgagor under the .b provWcns hereof, the Martgagee may, at its option, make payment ihereoi or pertorm any act required of the Mortgagor in any form or manner deemed expedient and pay any other sum that !s necessary to protect the seCurity ot thls !i?stcv- ment• the amounts so patd, with interest thereon from the date of such payment at the same rate as borne bq the prin- i clpal [ndebtednes, shall be assessed as an addiUonal lien on the premises and shall be added to and become e part of the ~ Utdebtednesa aecured hereby and be immedfately due and payable to the Mortgagee. Any payment herebq authorized to be made by the Mortgagee may be made sccording to any bill. atatement or estimate furnlshed or procured from the appro- ' pdate puDlic oQice or the party claiming payment without inquiry into the accuracy or validity thereol, and the receipt of any publlc officer or party in the hands of the Mortgagee shall be conciusive evidence ot the valfdity and amount of ftems ~ ~o paW• the Mortgagee shall, at its optlon, be subrogated to eny encumbrance, lien, claim or demsnd. and to all the rf~hts ~nd securitlea tor the payment thereof. pnid or dlscharged wlth the principal sum secured hereby or by the Mortes~ee ~ ~ under tAe pravl~lons IIereof, and any such subrogatlon rights sha11 be addldonel and curnulatlve ~ecurity to tbls Mort- ~ _ ' . ~ ; . ~ ~ $ ~ ~ ~ ~ _ ~ ~--~~~w~