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HomeMy WebLinkAbout1426 ot the biortgagee become immedistely due and paysble, wtthout notice, end proceedings may be insUtuted by the Mort- gagee for the recovery thereot by foreclosure ot thb MortgaQe. or ln any other manner permitted by law as the Mort- cl~o.su ~ of this tM rtg~age.g the Mort t~agee ishallsbe ~allowed es a~psrtt oft the nd btryedness secu~red he~rebya snd then Mort- gagor agrees to psy. W costs and exper?ses incurced in connecUon tt?erewtth, inciuding reasonable attorney'i feea, cost oi Utle end tax search and tRe extension to dste ot an sbstract of title or title poltcy; and !n case such toreclosure proceed- ings ace settled before the consummation thereot or the entry ot judgment, any such costs and expenaes end other charges so lacurred. lncluding s reaaonable ettorney'a fee. shell nevertheless be patd. The Mortgagee or any party in in- terest, being the higheat bidder, may be a purcheser at iu?y foreclosure sale. Any electton by the Mortgagee es herein pro- ~ ided for may be exenLsed lmmedlately upon deiaul~ or at any time thereafter, and nothing shall be coastrued to be s waiver ot such right unless evidenced by an Instrument in writing to that eHect duly executed by the Mortgagee. The Mortgagor waives all dght of homestead aad exemptiot~ granted by the ConsUtution and Lawa ot Flodda. AND THE MORTGAGOR FURTHER CONVENANTS AND AGREES: 1. To pay the prtnclpal ladebtednest with interest as in the note provided. To pay monthly unto the Mortgagee. in sddltion to and at the time and plsce tor each psyment ot princlpal and interest, an installment of each of the follow- 1ng charges: (a) Taxes and assessrnents. general or specisl, and ell other charges levied or to be levied against the premises. (b) Premiuma to bernme due and payable for, and to renew, the insurance on the premises against loss by Sre and such other harards. casualties and contingencies as herein pro~ided for or requ[red from time to Ume. The amount of the respective monthly installmenta shall be equal to the amount ot the annual respecUve charge next due (as eatimated by the Mortgagee>. less all installments already paid therefor. divided by the number oi monthly in- stallments therefor becoming due not later than one month prtor to the due date oi any such charge and ahall be sub- iect to increase or decrease to the extent requlred to create as o[ a monthly payment date on the note not less than one month prior to the due date oi any such charge, an amount sufficfent for the payment thereof when due and payable. In no e~ent shall the Mortgagee receiving such payment be l~able tor any interest on any amount pald to it as herein required, and the money so received may be Reld v?ith 1ts own funds pending payment or applicaUon thereof as herein provided. The Mortgagor shall furnish unto the riortgagee at teast Stteen days be[ore the due date an oHicial statement of the amount of any ta~ces or astessments next due. and such Mortgagee shall pay tne above charges to the amount of the then unused credit therefor as and when they bei.~ome severally due and payable. The Mortgagee may, at Its option. pay any of such charges when payable, either betore or after they are delinquent, without nottce. or make advances therefor in excess of the then amount ot credit for said charges. The exceas amo~nt advanced shall be immediately due and payable to the Mortgagee and shall be secured as an additional principal sum undeF this instrument and bear the same rate oi interest from date of advancement as the principal indebtedness. An official i~eceipt theretor shall be conclusive evidence of such payment and of the ~alidity of such charges. The Mortgagee may appl; .:.rdtts held by it for thz abo~e charges, or any part thereof, on account ot any delinquent installments ot principal or interest or eny other payments matucing ~r due under this instniment and the amount o[ credit existing at ~Y time shall be reduced by the amount thereoi paid or applied as herein provided. The amount oi the existing credit hereunder at thc time of any transter of the propecty shall without assignment thereot inure to the benefit of the successor owner of the property and shall be applied under and subject to all ot the provisions hereot. Upon the payment in full ot the indebtedness, the amount of any unused credit shall be applied to the payment thereot. The Mortgagee may collect a"late charge" not to exceed tour ccnts (~c? [or each one dollar <51.00) of each monthly installment payment requimd on the note and under this ~iortgage whtch is more than Sfteen (15) days in arrears, to cover the extra expense im~ol~~ed in handiing delinquent payments. 2. To pay, when payable, all taxes and assessments, general or special, w~ater rents and ground rents and all other - _ charges whatsoe~'er levied upon or assessecl or placed against the premises, provision for whlch ha5 not been made here- inbefore, and will promptly deli~•er the ofticial receipts theretur to the ~iortgagee; to likewise pay all tsxes. assessments end other charges, levted upon or assessed, placed or made against this instrurhent, or the indebtedness or any interest oi the Mortgagee in the premises or the obligations secured hereby, pro~ided that the payment ot any such tax asses4- ment or chacge by the Aiortgagor is not contrar~ to law or v?•ould not result in the pavment of an unlawful rate oi inter- est on the indebtedness hereby secured. In the c~~ent of the passage after the date ot this instrument of any law of the State, or subdi~~ision thereof, wherein the premises are situated, crnating or providing for any tax, assessment or charge which by the above pro~~iso is not to be paid by the Mortgagor, the indebtedness secured hereby together wlth interest due - ~ thereon, shall, et ~e option ot the ~iortgagee, become immediately due and payable, and in the event payment there- ~ of is not made forthwith, the Mortgagee may take or cause to be taken such actton or proceeding as may be taken here- under 1n the ceae ot any other default in the payment of the indebtedness. 3_ To keep the buildings and additions thereto on or hereafter erected or placed upon the land insured against loss E by firn snd such other hazards, casualties and contingencies, including war damages if at-any time a state of vVar exists or ~ it appears to the holdec of the note that war is imminent, and in such amounts and for such pertods, as may be requlred ~ irom ttme to time by the Mortgagee, and to pay prompUy when due all premiums on such insurance, provision Lor pay- ment ot which has not been made hereinbe[orn. The policies of insurance shall have loss payable ptovlsions acceptable to the Mortgagee and shall be deli~•ered to and held by the Mortgagee, or as !t may direct, until thls Mortgage is satisfied. Renewal policies of insurance, premiums tor which ha~e been tully paid, are to be furnished to the Mortgagee at least 8iteen days prior to the expiration date of the insurance thereby renewed. The lnsurnnce shall be wdtten in companies approved by the Mortgagee; in no e~ent shall the Mortgagee be held responsible for fallure to pay for any insurance written or for any loss or damage growing out of a defect in any policy or growing out ot any failure of any insurance rnmpany to pay for any loss or damage insured against. In the e~•ent ot loss the Mortgagor shall give immediate notice by mail to the Mortgagee who may make proof oi loss i[ not made promptly by the Mortgagor; each insurance company concerned is hereby suthorized and directed to make payment for 1~ direcUy to the Diortgagee Instead of to the Mort- gagor and the Mortgagee jointly; the insurance proceeds. or any part thereot, may be applied by the Mortgagee, at 1ts option, to the expenses, it any, incurred by it in the collection thereof, to the reduction ot the indebtedness hereby se- ^ured, to the restoration or repalr of the property damaged, or released to tAe Mortgagor without liability upon the Mort- gagee for such retease. All policies of insurance are hereby assigned to the Dfortgagee as additional security for the pay- ment oi the sums and inierest secured hereby; in the event ot foreclosure of thia biortgage or other transfer of titlo to the premises in extinguishment o[ the indebtedness, all right. Utle and interest ot the Mortgagor in snd to any insurance ~ policies then in force shall pass to the purchaser or grantee. 9. To compiete within a reasonable time any building or buildings now or at any time in the process ot erection upon the land and to promptly repair, restore or rebutld any building or improvements now or hereafter on the land which may become damaged or be destroyed. end not commit or permit to be done or exist on or about the premiaes anything whereby the premises shall become less valuable: to comply with ail laws, ruies, regulations, or ordinances oi any govern- mental agency and not violate or pecmit the violation as to the premises of any building or use restricUons; to keep the ~ land and impmvements thereon free from mechanic's and meterialmen's liens and will not sufter any lien auperior to the ~ - llen created by this ir~strument to attach to or be entorced against the premises. ~ 5. It detault Oe made in the payment ot taxes, assessments, liens, claims, insurance premfums or any other charge whatsoe.wer, or any part thereoi, or in the pertormatice of any act, to be paid or performed by the Mortgagor under the ~ pmvidom hereof, the Mortgagee may, at its opUon, make payment thereof or perform any act requlred of the Mortgagor in aay form or manner deemed expedtent and pay any other sum that is necessary to protect the security ot this instru- ment; the amounts so pald, with interest thereon from the date of such payment at the same rate as borne by the prin- c1pa1 (ndebtedaeas, shall be assessed as an additlonal IIen on the premises and shall be added to and become a part of the tndebtedness secured hereby and be immediately due and payable to the Mortgagee. Any payment hereby authorlsed to be made by the Mortgagee may be made according to any bW, statement or estimate turnL4hed or procured irom the appro- pziate public offtce or the party claiming payment without fnquiry into ihe accuracy or valldlty thereof, nnd the receipt of any public officer or party in the hands oi the Mortgagee shall be conclusive evidence of the validity and amount of items so patd: the Mortgagee shall, at its option, be subrogated to eny encumbrance, lfen, claim or demund, and to all the rights and securities for the payment thereot, pald or dLscharged with the principal sum secured hereby or by the Mort~agee under t~e provfdons hereof. wd any such subrogadon rlghts shall be addiUonal and cumulaUve ~ecur(ty to tl~ls Mort- S~- : r~ BD71( PAf~ _ ~ uy . _i " - " _ `'r-+D '~54"3 STa`'~~,.":r'Si _ "*~s?~~*~'~:1