Loading...
HomeMy WebLinkAbout0204 ~ ot the btortgagee become immediately due and paysble, without notice, and prot~edings rnay be instltuted by the Mort- gagee for the recovery thereo! by foreclosure oi thts Mortgage, or In any other mannrr perniltted by law es the Mort- gagee may elect. anything in the note or in thia Mortgage contained to the contrsry t1?ernto notwlthstnnding. Upon tore- closu~e ot this Mortgsge. the Mortgagee shall be allawed as a pact of the indebtedness secured I~ereby, end the biort- gagor agrees to pay, all costs and expenses incurred in connection therewith, tnc2udtng reasonable sttorney's tees, cost ot title and tax search and the extenslon to date ot nn abstract ot title or title policy; and in case such toreclosure proceed- ings are settled betore the consummation thereoi or the entry o[ judgment, any such costs and expenses and other charges so incurred, Including a reesonable attorney's Lee, shall nevertheless be patd. The biortgagee or any party in in- terest, being the highesi btdder, may be a purchaser at any foreclosure sale. Any election by the Mortgagee as herein pro- ~~ided tor may be exerclced lmmediately upon default. or at any time thereaiter, and nothing shall be construed to be s wai~~er of such right unless evidenced by an [nstrument in writing to that ef[ect du!}• executed by the Mortgagee. The hfortgagor waives all right ot homestead aad exemption granted by the Constitut[on and Laws ot Florlda. AND THE MORTCAGOR FURTHER CONNEhANTS AND AGREES: 1. To pay the principal indebtedness wlth interest as in the note provided. To pay monthly unto the '~tortgagee, in additlon to and at the time and place for each payment of principal and iriterest, an installment ot each of the follow- ing chacges: (a) Taxes and assessments, general or speclal, and sll other charges le~•ied or to be levied against the premises. (b) Premiums to become due and payable for, and to renew, the insurance on the premises agatnst loss by flre and such other haTards, casualttes and contingencies as hernin pro~•ided for or required from time to time. The amount oi the respectlve monthly installments shall be equal to the amount oi the annual respective eharge next due (as estimated by the Mortgagee), less all instaliments already paid tl~erefor, divtded by the number of monthly in- atallments therefor becoming due not later than one month prlor to the due date of any such charge and shall be sub- ject to increase or decrease to the extent re9uired to create as ot a m~nWy payment date on the note not less than one month prior to the due date ot any such charge, an amount sufficient tor the papment thereof when due and payable. In no e~ ent shall the Mortgagee receiving such paymeat be liable tor any interest on any amount paid to it as herein required, and the money so recei~ed may be held with its own funds pending payment or apalication thereof as heretn provided. The Mortgagor shall furnish unto the Diortgagee at least Sfteen days before the due date an ogIcial statement of the amount oL any taxes or assessments next due, and such Mortgagee shall pay the above charges to the amount of the then unused credit therefor as and when they be~.~ome severally due and payable. The biortgagee may, at its optlon. pay any oi such charges when payable, elther before or atcer they are delinquent, without noUce, or make advances therefor in excess of the then amount of credit for said charges. The excess amount ad~•anced shall be immediately due a.~d payable to the Aiortgngee und shall be secured as an additional principal sum under this instrument and bear the same rate of interest irom date ot advancement as the principal indebtedness. An oflictal receipt tlierefor shall be conclusive evidence of such payment and of the ~•alidity oi such charges. The Mortgagee may apply credits held by it tor the above charges. or any part thereot, on account ot any dellnquent installmenls of principal or interest or any other payments maturing or due under this instrument snd the amount of credit existing at any time shall be reduced by the amount thereof paid or applied as hernin provided. The amount of the existing credit hereunder at the time of any transfer of the propecty shall without assi~nmen~ thereot inuro to the benefit of the sLCCessor owner ot the property and shall be applied ~ under and subject to all of the provisions hercof. Upon the payment in full ot the indebtedness, the amount ot any unused credit shall be applied to thc pa~-ment themof. - 5 The Mortgagee ma~• collect a"late charge" not to exceed taur ~rnts {~c? for each one dollar <a1.00) of eaeh monthly installment payment rcciuired un th~ note and under this ~tortgage which is more than fitteen <15) days in arrears, to cover the extra expensc ,m•vl~•ed in handiin~; delinyuent payments. 2_ To pay, when pnyable, all taxcs and as,essm~nts, general ur speciul, w•ater rents and ground rents and all other f charges whaLsce~•er le~•ied upun or a~ess~•d or placed against the premises, provision for which h~s not been made here- inbefoce, and will prompth• dr~li~•er the ofticial recei;,ts therefor to the htortgagee: to likewise pay all taxes, ascessrrtents ; and other charges, levied upon or a~cessed, placed or made against th:s instrument, or the indebtedness or any interest of ; the Mortgagee in the premises or the ubliQations sccurcd h~~reby, provided that the payment of any such tax astess- ! ment or charge by the ~SortRngor i~ nat cuntran• to Iaw~ or would not result in the pavment of an unlawful rate oi inter- 1 est on the indebtedness hereby secured. In the ~~rent of the passage afcer che date of this instrument of any law oi the i State, or subdi~~ision thereof, wherein the pr~nzises are situated, creating or pro~~iding [or any tax, assessment or charge which by the above pco~•iso Is not to be Paid b~ the ltortgagor, the indebtednets secured hereby together with interest due thereon, shall, at the option ot the ~tort~a6ee, becume immediately duc and payable, and in the e~•ent payment there- ~ ot is not made forthwith, the Mortgagee may takv or cause to be taken such action or proceeding as may be taken here- ~ under in the case of an~~ other default in the payment of the indebtedness. f li 3. To keep the buildings and additions thereto on or hereafter erected or placed upon the land insured against loss ; ~ by fire and such other haznrd~, casualtie~ and contin~ertcies, including war damages if at an~• time u state of war exists or ( it appeacs to the holder of the note that war ~s imminent, and in such amounts and for such periods, as may be requtred ! ~ from timP to time by the riortgagee, and to pay prompUy w-hen due all premiums on such insurance, provision tor pay- t ment ot v?hich has not been made hereinbe[vrn. The policies ut insurance shall ha~•e loss payable procislona acceptable to ' the ~Iortgagee and shall be deli~•ered to and held by the Riortgagee, or as it may direct, until thls 111ortgage ls satLsfied. f Rene~vat policies of insurance, premiums for ~~~hich ha~•e bern fully paid, are to be furnished to the ~iortgagee at least ~ Sfteen days prlor to the expiration date of the insurance thereby renewed. The insurance shall be written in companies approved by the Dlortgagee; in no e~-ent shall the Mortgagee be held rnsponsible for failur~ to pay for any insurance ; written or for any loss or darnage grow•ing out oi a detect in any policy or growing out ot any failure of any insurance company tq pay tor any loss or damage insumd againct. In the e~~ent of loss the biongagor shall give immedlate nottce by mail to the l~iortgagee who may make proof of loss if ttot made promptly by the Mortgagor: each insurance company concerned is hereby authorized and directed to make payment for loss directly to the Aiortgagee 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 ihe rnduction of the indebtednesg hereby se- r:ured, to the restoration or repair of the property damaged, or released to the Mortgagor without liability upon the Mort- gagee for such rnlease. All policies of insurance are hereby assigned to the ~iortgagee as additional security for the pay- . ~ ment of the sums and interest securnd hereby; in the event of foreclosure ot this Mortgage or other transfer of titlo to the ~ premises in extinguishment ot the indebtedness, all right, tille and internst of the Mortgagor In and to any lnsurance policles then in force shall pass to the purchascr or grantee. 4. To complete within a reasonable tlme any building or buildings now or at any time in the process ot erectton upon ~ the land and to promptly repair, restore or mbuild any building or improvemerets now or hereafter on the land which ~ may become damaged or be destroyed, and not commit or permit to be done or exlst on or about the premtses an in whereby the premises shall become less valuable; to comply w~ith all laws, rules, requlations, or ordinances of any g~ern ~ mental agency and not violate or permit the violation as to the premises of any bullding or use restrictlons; to keep the land and improvements thereon iree from mechanic's and materialmen's liens and will not suffer any lien superior to the lien created by this instrument to attach to or be enforced against the premises. S. It default be made in the payment ot taxes, assessments, liens, claims, insurance prnmiums or any other charge whatsoever, or any pert thereof, or in the performance ot~ any act, to be paid or performed by the Mortgegor under the ~ provWons hereof, the Mortgagee may, at its option, make payment thereof or peKorm any act requlred of the Mortgagor : ~ in any form or manner deemed expedient and pay any other sum that is necessary to protect the securlty oi thla instru- ~ ment; the amounts so paid, wlth lnterest thereon from the date oE such payment at the same rate as borne by the prin- ° ~ cfpal indebtedness, shall be assessed as an addittonal llen on the premises and shall be added to and become a part oi the ` ~ ladeDtedness secured hereby and be immedlately due and payable to the Mortgagee. My payment hereby authorized to be made by the Mortgagee may be made according to any bW. statement or e~timate turnished or procured from the appro- prlate public office or the party claiming payment without inquiry into the accuracy or validlty thereof, and the recelpt of any publlc officer or party in the hands of the Mortgagee shall be condusive evidence of the validity and amount ot items to paid: the Mortgagee shall, et its option, be subrogated to any encumbrance, lten, c1aEm or demand, and to nll Lhe r[g1~ts - and securftlea tor the payment thereof, paid or discharged with the prineipal sum secured hereby or by the Mort~agqe under tAe pravWona hereof, and eny such subrogat[on rights shall be additional nnd cumnlaUve security to thls Morit ~ B+~Be• ~ BOOK 2OU PACE ~O3 i ~ y _ - - - - _ ~ o ` ~s ~ _ _ -