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HomeMy WebLinkAbout2121 ot the Mortgagee become immedlately due and payable~ wlthout notice, and proceedtnga may be tnstltuted by the Mort- gaQee for the recovery thereot Dy Loreclosure ot thls MortB~e, or ln any othec manner permitted by law es the Mort- _ ~agee may elect. anyttdn~ in the note or in thb MortgaQe ooatalned to the oontrary thereto notwithatandinQ. Upon fore- closure ot this MortgeQe, the Mort~agee thall be allowed as a part ot the lndebtedness aecured hereby. and the Mort- _ gsgor agrees to pay. all costs and expenses incurnd in connecUon therewith, including reasonable attorney's fees. cost ot ; tiUe and tsx search and the extension to date ot en sDstract of t[tle or tiUe policy; snd !n case such Loreclosure procefd- r iogs are settled before the consuaunetion thereof or the entry of iudgment, eny such costs and expenses and other F chuges so lncurred. includtng a ree~sona?b1e Rttorney's fee, shall neve~theless be paid. The Mortgagee or any party in 1n- ~ terest. being the highest bidder, may be a purchaser at any foreclosure sale. Any elecUon by the MortgsQee as heretn pro- vided tor may be exerclsed lmmedistely upon default. or at any time thereafter, and nothing ahall be construed to be s waiver oi such right unless evidenced by an lnatrument in writing to that etiect duly executed by the Mortgagee. The Mortgagor waives all right o! homestead and exemptlon granted by the Constltutton and Laws of Florlda. AND THE MORTGAGOR FURTHER CONVENANTS AND AGREFS: 1. To pay the pr[ncipal indebtedness witl? interest as In the note provided. To pey monthly unto the Mortgagee. in addiUon to and at the Ume and place for each paymeat of principal and interest, an installment o1 each oI the foUow• ~ tng charges: ` (a) Taxes and assessments. general or special. and all other charges le~•ied or to be levied against the premises. (D) Premiums to become due and payable for. end to renew. the insurance on the premises agalnat loas by 8re and auch other hazards. casualties and contingencies as herein pmv[ded for or required trom time to time. The amount of the respective monthly lnstnlltnenit shall be equel to the amount oi the annual respective chsrge next 1 due (as estimated by the Mortgagee), less all installments already pald there[or. divided by U?e number oi monWy in- { stallments theretor becoming due not later lhan one month pdor to the due date oi any such chsrge snd ahall be sub- ject to incresse or decrease to the extent requlred to ci~eate as of a monthly payment date on the note not less than one month pdor to the due date oi eny such eharge, an amount suHicient for the payment Nereof when due and payable. In no e~ ent shell the Mortgagee receiving such payment be liable for any Internst on any amount paid to 1t as herein required, and the money so receiVed may be held with its own funds pending payment or application thereof as hereln ~ provided. The Mortgagor shaU furnish unto the bior.tgagee at least Stteen days before the due date an ogicial statement ; of the amount of any taxes or assessments next due, and such Mortgagee shall pay the sbove charges to the amount of the then unused credit therefor as and when they become severally due and payable. The Diortgagee msy. at its option, pay any of such charges when payable. either before or efter they are delinquent, without noUce, or make advances therefor in excess oi the then amount of credit for said charges. The excess amount advanced ahall be immediately due and payable to the Mortgagre and shall be secured as an additional principal sum under thLs instrument and bear the same ; rate oi [nterest from date of advencemenl as the principal Indebtedness. An ofticial receipt therefor shall be condusive ; evidence of such payment and of the validity of such charges. The Mortgagee may apply credits held by it for the above charges, or any part thereof, on account of any deUnquent installmenfs of prindpal or intecest or any other payments { maturing or due under this irzstivment and the amount o[ credit existing at uny time shall be ceduced by the amount ~ thereoi paid or applied as herein provided. The amount of the existing credit hereunder at the time of any transter of the ? property shall without assignment thereof inure to the bene6t of the successor owner of the property and shall be applled tu~der and subject to all of tAe pro~•isions hereoi. Upon the payment in full of the indebtedness, the amount of any ~ unuacd credit shall be applied to the {~ayment thereof. The Mortgagee may collect a"late charge" not to exceed tour cents t4c? for each one dollar (51.00) of each monthly } installment payment required on the note and under this Diortgage K~hich is mare than Sfteen (15) days in arreazs, to cover the extra expense ;m•ol~~ed in handling delinquent payments 2 To pay, when payable, all taxes and assessments, general ur special, w•ater rents and ground rents and all other charges whatsoe~er levied upon or assessed or placed against the premises, provision tor whlch has not been made here- inbefore, and will promptly delicer the oKicial receipts theretor to the Mortgagee• to likewiae pay ell taxes, assessments ~ and other charges, levied upon or ussessed, placed or made a~ainst this instrument, or the indebtedness or any Interest oi ~ the Mortgagee in the pmmises or the obligations secured hereby, provided that the payment ot any sucA tax asses4- ~ ment or charge by the Kortgagor is not a~ntrary to law or would not rnsult in the pevment of an unlawful rate of inter- est on the indebtedness hereby secured. In the c~~ent of the passage after the date of this instnunent of any law of the Stete, or subdlvision thereof, wherein the prcmises are situated, creating or pcoviding for any tax. assessment or charge i whlch by the above proviso is not to be paid b~- the biortgagor, the indebtedness secured hereby together with interest due i Wereon. shall, at the option of the Atortgagee, become immediately due and payable, and in the event payment there- t of 1s not made forthwith, the Mortgagee may take or cau~e to be taken such action or proceedfng as may be taken here- I under in the case of any other de[sult in the payment of the indebtedness. ~ 3. To keep the buildings and udditions thereto on or hereafter erected or placed upon the land insured against loss , ~ by fire and such other hazards, casualties and contingerrcies, including war damages if at any time a state. ot war exists or : q It appears to the holder of the note that w•ar is imminent, and in such amounts and tor such periods, as may be required • s irom tfine to time by the Mortgagee, and to pay prompUy when due all premiums on such insutance, provision for pay- ~ ~ ment of which has not been made hereinbefore. The policies ot insurance shall ha~•e loss payable provlsions acceptable to ; the riortgagee and shail be del[vered to and held by the bSortgagee, or as it may direct, unW thls Mortgage is satistied. ~ Renewal policies of insurance, premiums for which have been [ully paid, are to be furnished to the Mortgagee at least ~fteen days prior to •the expiration date oi the insurance thereby renewed. The tnsurance shall be wdtten in companles ~ approved by the Mortgagee; in no e~•ent shall the biortgagee be held responsible for failure to pay for any insurance written or for any. loss or damage growing out of a detect in any policy or growing out of any fallure of any insurance ~ company to pay for any loss or damage insured againsl. In the event of loss the Mortgagor shall give immediate notice by mail to the Mortgagee who may make proof of loss it not made promptly by the Mortgagor; each insurance company ; concerned is hereby authorized and directed to make pay~ment for 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 Morigagee, at its - optlon, to the expenses, i[ any, Incurred by it in the coliection thereoi, to the reduction of the indebtedness hereby se- cured, to the resto~tion or cepair of the property damaged, or released to the Mortgagor without liabillty upon the Mort- gagee for such release. All policies of insurance are hereby assigned to the Mortgagee as additional security for the pay- ment of the sums and interest secured hereby; in the event of foreclosurn ot this Mortgege or other transfer oi titlo to the premLses in extinguiahment of the indebtedness, all right, tltle and tnterest of the Mortgagor in and io any inwrance _ policles then in force shall past to the purchaser or grantee. 4. To complete within a reasonable time any building orbuildings now or at any time in the process ot erectton upon t6e land and to pmmpUy repair, restore or rebuild a~y building or improvements now or hereafter on the land which may become damaged or be destroyed, and not commit or pernilt to be done or exist on or about the premises anything whereby the premises shall become less valuable; to comply with all laws, rules, regulaUons, or ordinances of any govern- mental agency and not vtolate or permit the violation as to the premises oi any building or use restr[ctlons; to keep the land and improvements thereon free from mechanic's and materialmen's ltens and will not suf[er any llen superlor to the ~ Iten created by this instrument to attach to or be enforced against the premises. ~a 5. II default be made in the payment of taxes, assessments, liens, claims, insurance premlums or any other charge ~ whatso~wer, or any part thereof, or in the performance of any act, to be~ patd or performed by the Mortgagor under the pmvLions hereof, the Mortgagee may, at its option, make payment thereot oc pertorm any act requlred oi the Mortgagor ~ tn wy form or manner deemed expedient and pay any other sum that is necessary to protect the securlty o[ thls Instru- ~ ment• the amounts so paid, with interest thereon irom the date of such payment at the same rate as borne by the prin- clpal ~indebtedne~a, shall be assessed as an addiUonal Iien on the premises and shalt be added to and become a part oi the lndebtedne~ aecured hereby and be immediately due and paynble to the Mortgagee. My payment hereby authodted to be made by the Mortgagee may be made according to any bW. statement or estimate turnished Qr pmrured imm the appro- ; prfate public oIIice os the party claiming payment wfthout inquiry tnto the accuracy or vaUdtty thereof, and the receipt of ' ~ any publlc o~cer or party in the hands of the Mortgagee shall be conclusive evidence o! the validitq and amount o! ltetrn ~o paid: the Mortgagee shall, at 1ta option, be subrogated to eu~y encumbrance, lien. claim or demand, and to al! the rl~hb ~ and aeeudUea for the payment thereoi, patd ~r discharged with the principal sum secured hereby or by the Mort~a~ee ~nder t~e pro~vWons hereof, and tny such subrogaUon dghts shall be addidonal end cumulative aecudty to thts Mort- ~ ~e' ~ ~ ;a~zos ~~~.i~ ~ . ~ Y. ~ ~ x."' d 1 , i~-Y.fi,... _ ~ t ed ~ ~y~"" .