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HomeMy WebLinkAbout0199 of the Mortgagee become immedlately due and payable. wlthout notice, and proceedings may be instltuted by the Mort- gagee for the t~ec.wvery thereoi by foreclosure of this Mortga~e, or in any other manner permitted by lsw ss the Mort- ~agee may elect, anything !n the note or in thb Mortga~e contalned to the rn~trary thereto notwithatandln~. Upon fore- closure of tAis Mortgege, the Mortgagee shell be allowed as a part of the indebtedness secured hereby~ and the Mort- gagor agrees to pay. W coats snd expenses lncurred 1n cannectlon therewlth. including reasonable attorney's fees, cost ot dtle and tax search and the extension to date ot an abstract of title or title pollcy; end in case such torecloaure proceed- ings are settled before the consuaunation thereof or the entry ot judgment, any such costs and expenses and other chardes so incurred, lncluding a ree~sonable ettorney's fee. shall nevertheless be patd. The Morlgagee or any partY 1n in• teres~ being the Alghest bidder, may be a purchaser at eny foreclosure sale. Any electton Dy the Mortgagee as hereln pro- vlded for may be exercised lmmediately upon default. or et eu?y time thereatter, and noth[ng shelt be constrved to be a waiver of such right unless evidenced by en instrument in writing to that e[[ect duly executed by the Mortgagee. The Mortgagor walves aU right of homestead and exemptfon granted by the ConsUtution end Laws ot Floride. AND THE MORTGAGOR FURTHER CONVENAN'I5 AND AGREF.S: l. To pay the principal indebtedness with interest as tn the note provIded. To pe~y monlhly unto the Mortgagee, in sdditlon to and nt the Ume and place for each payment oi pdncipal and interest, an instaliment of each of the follow- ing charges: ~ (a) Taxes and essessments, genersi or specisl, and all other charges levied or to be levfed against the premises. (b) Premtuma to become dae and payable for, and to renew, the insurance on the premises agalnst loss by flre and such other hazards, casualUes and contingencies as herein provided tor or required from Ume to tlme. The amount of the respecUve monthiy [nstallmenis shall be equal to the amount of the annual respecttve charge next- due (as estimated by the Mortgagee). less all installments already pald theretor. divided by the number of monthly in- itsllmeats therefor becoming due not later than one month prlor to the due date ot any such charge and a1u11 be sub- iect to increase or decrease to the extent required to create as of a monthly payment date on the notc not less than one month prior to the due date of any such charge, an amount suHiclent for the payment thereof when due and payable. In no event shall the Mortgagee receiving such payment be liable tor any interest on any amount pald to it ~t herein required, and the inoney so received may be held with its owri funds pending payment or application thereof as herein provlded. The Mortgagor hall furnish unto the riortgagee at least S[teen days before the due date an ogicial statement oi the amount of any t~ or assessments next due. and such Mortgagee shall pay the above charges to the amount ot the then unused credit theretor as and when they become severally due and payable. The Mortgagee may. at its opUon. pay any of such charges when payable, either before or aiter they are del[nquent, witAout noUce, or make sdvances therefor in excest of the then amount of credit for said charges. The excess amount advar.ced ahall be immedistely due a.id payable to the 1?iortgagee and shall be secured es an addittonal principal sum under this instivment and bear the same rate of interest from date of advancement as the principal indebtedness. An offlctal recelpt therefor shall be conclusive evidence o[ such paymen? and of the ~•alidity of such charges. The Mortgagee may apply credits held by It for the above charges, or any part thereof, on account oi any delinquent installments ot principal or interest or any other payments maturing or due under this instcvment and the amount o[ credit existing at anY time shail be reduced by the amount thereot paid or applied as herein provided. The amount ot the existing credit hereunder at the time of any transfer of the property shall without azsignment thereof inure to the beneSt oi the successor owner of the ptoperty and shall be applled under and subject to all of the pmvisions hereot. Upon the payment in tul! of the indebtedness, the amount of any unused credlt shall be applied to the payment thereof. The Mortgagee ma}• collect a"late charge" not to exceed four cents (4c? for each one dollar (;1.00) oi each monthly installment payment reyuimd on the note and under this Mortgage which is more than fifteen (15) days in arrears, to cover the extra expense ;nvol~•c~l in handlinR delinquent payments. 2. To pay. when payable, all taxes and assessments, general or spccial, w•ater rents and ground rents and atl other charges whatsoe~~er le~•ied upon or assesseYf or placed against the premises, provision tor which hes not been made here- inbefore, and will prompUy dcli~•er the official receipts therefor to the :Kortgagee; to llkewise pay all taxes~ assessments and other charges, levied upon or assessed, placed or made a~;ainst this instrument, or the indebtednesg or any iaterest of the Mortgagee in the pmmises or the obliRations secured hereby, protided that the payment oi any such tax 8ssess- ment or charge by the ~iortgagor is nut con!rary to !aw or would noi result in the pavment of an unlawiul rate of inter- est on the indebtednest hercby secured. ln tt~c e~ent oi the passagc ufter inc auie oi ihis insirument of any law af the State, oT subdivision therrui, wnerrin ii~r ~~?ru~i~r~ n~r ~iluoieu. c,cdi:~,g ~i pru~iu'iTig ava ~iy LaX, &~r-=~~~;erd ut Uuu~@ which by the above pm~~iso is not to be paid by- the hfortgagor, the indebtedness secured hereby together wlth tnterest due thereon, shali, at the option of the ~tortgagee, become immediately due and payable, and in the event payment there- of is not made forthwith, the Mortgagee may takc~ or cause to be taken such action or proceed[ng as may be taken here- k w?der in the case of any other default in the payment ot the ~ndebtedness. ~ 3. To keep the buildings and additions thereto on ar hereafter'erected or placed upon the land insuted against loss ' by fire and such other hazards, casualties and contingencies, including war damages if at any time a state oL a~ar exists or ~ it appears to the holder oi the note that vvar is imminent, and in such amounis and for such periods, as may be required ~ from time to time by the htortgagee, and to pay promptly when due all premiums on such insurance, provis[on for pay- ~ ment of which has not been made hereinbefure. T6e policies ot insurance shall have loss payable provisions acceptable to the Diortgagee and shall be delicered to and held by the Mortgagee, or as it may direct, until thls Mortgage is satisfied. Renewal polic[es oi insurance, premiums for which ha~e been tully paid, are to be furnished to the Mortgagee gt least Siteen days pr[or to the expiration date of the insurance thereby renewed. The Insurance shall be written in companies ~ approved by the Mortgagee; in no e~~ent shall the bfortgagee be held responsible tor failute to pay for any insurance written or for any loss or damage growing out of a de[ect in any policy or growing out ot any feilure ot any insurance rnmpany to pay for any loss or damage insured against. In the e~ent oi loss the Mortgagor shall gi~e immediate notice ~ by mail to the Mortgagee who may make proof ot loss i[ not made promptly by the Mortgagor; each insurance company concerned Is hereby authorized and directed to make payment tor loss directly 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, if any, incurred by it in the collection thereof, to the reduction of the indebtedness hereby se- cured, to the restoration or repair of the property damaged, or released to the Mortgagor without liability upon the Mort- gagee for such release. All policies of insurance are hereby assigned to the Diortgagee as additional security for the pay- ment of the sums and interest secured hereby; in the event ot toreclosure ot this Diortgage or other transter of titlo to the premises in extinguishment of the indebtedness, all right, titte and internst ot the Mongagor in and to any insurance policies then in fone shall pass to the purchaser or grantee. 4. To complete within a reasonable time any building or buildings now or at any time in the process of erectlon upon lhe land and to promptly repair, restore or rebuild any buildinA or improvements now or hereaiter on the land whlch may become damaged or be destroyed, end not rnmmit or permit to be done or exist on or about the premlaes anyWng whernby the premises shall become less valuable; to comply with all laws, rules, regulatlons, or ordinances ot any govern- mental agency and not violete or permit the violation as to the premises of any bullding or use restrictions; to keep the land and improvements thereon free from mechanic's and materialmen's liens and wtll not s~P[er any lien superior to the lien created by this lnsErument to attach to or be entorced against the premises. ~ 5. It detault Oe made in the payment of tnxes, assessments, liens, claims, insurance premiums or any other charge ~ whatscever, or any pact thereof, or in the performance ot any aci, to be paid or pericrmed by the Mortgagor under the provWons hereof, the Mortgagee may, at its option, make payment thereof or per[orm any act requlred of the Mortgagor ~ In any form or manner deemed expedient and pay any other sum that is necessary to pmtect the securlty ot thSs tnstru- ment; the amounts so paid, with interest thereon from the date ot such peyment at the same rate aa borne by the prin- cfpal Indebtedness. shall be assessed as an additional llen on the premises and shall be addM to and become a part o! the Indebtednes4 secured heteby and be immedlately due and payeble to the Mortgagee. My payment herebq authorfsed to be made by the Mortgagee may be made according to any bW. statement or estimate furnlshed or procured fzom the eppro- prlate public oglce oc the party Glaiming paytnent without inquiry into the accuracy or valtdtty thereof, nnd the receipt o1 snq publlc oIIicer or party in the hands ot the Mortgagee shall be conclusive evidence ot the valldity and amount of itenv w paid• the Mortgagee shall, at !ts optlon, be subrogated to any encumbrance, lien, claim or demand, and to dl the riahb ~ and aecuritles for the payment thereof, pald or dlscharged with the principal sum aecured hereby or by the Mort~a~ee under tAe providons hereof, and any such subrogatlon righte shall be addiUonal and cumulsNve securlty to thls Mort- ~ BaBe. ~ ~ 20fi ~ 198 _ _a.~ , . s CG' _ r ~ _