Loading...
HomeMy WebLinkAbout2803 1 ot the Moctgagee become immediately due and paysble, wtthout notlce, and proceediugs may be Instituted Dy the !!ort- ~aRec tor the recavery thereot br toreclosure of thb Mort~s~e, or In any other manner permltted by law es the Mort- ~agcs may elect, anyttdng !n the nots or in thb blortQa~e oontalaed to the contrary thereto notwithstandln~- Upon fore- closure ot thb MortgaQe, the ldorteaeer shali be allowed q a part ot tQe indebtednesa secured 1?ereby. end the Mort- ~agor aQrees to pay. ull costi and expenses inrurred !n rntwcction therca-ith, fncluding reasonaDle attorney's fees, cost ot tiUe and tax search and the extenslon to date of an abstract ot tltfe or UUe policy: and 1n cese such torecluwre procced- ings ere aettled betore the consummation thereof or the entry ot ~udgr~ient, any such costs nnd expenses and other charges so lncurred, tncluding a reasonable Attoraey's Lee, ihell ne~ertheless be pafd. The Mortgagee oc any party in in- terest. being the N~hest bidder. may be a purchsser at any foreclc-sure snle. Any election by t!?e Mortgagee as herein pro- vWed tor may be exercised tmmedtetely upon defaul~ or at any time the~eatter, and nnthing sRall be construed to be s waiver ot such right unless e~~idenoed by au lnstrument in wcittng to that eKect duly e:ecuted bp the Mortgagee. The Murigagoc walves aU ri~ht of homestead utd exemptlon granted by the Cvnstitutlon and Laws ot Flotlda. AND THE MOR'I'~AGOR FURTEiER CONVENAIV'IS AhD AGREFS: 1. To pay the principal indebtedness wfth Interest as 1n the note pro~idPd~ To pay monthly unto the Mortgagee, tn additlon to and at the time and place tor each payment ot principal and interest, an instaliment ot each ot the tollow- 1ng cher~es: (a) Taxes end assessments, general or speclsl, nnd all other char8es le~•ted or to t~ le~•ted against the premises. Ib) Premiums to become due and peysble [or, and to renew, the tnsurnnce on the premises agatnst loss by flre and such other na~rds, casualtles and contingencies aa herein prm•ided far or required imm time to time. The amount of the respectlve monthly lnstalltnents shall be equat to the amount ot the annuel respective charge next due (as estlmated by the Mo~n ~ee), less all tnstallments already paid there[or, divided by the number of monthly tn- stallments therefor becomins~due not ldter than one month prbr to the due date ot any such charge and ahall be sub- ~ect to inrrease or decrease to the extent requtred to create as ot a monthly payment date on, the aote not less than one month prlor to the due date oi any such charge, an amount suKiclent tor the payment thereof when due and payable. In no event shall the Mortgagee recelving wch payment De liable tor any iaterest on any amount pald to it as hereia reyufred, anA the money so received may be held with its own lunds pending pay-ment or appiication thereof as here[n pmvided. The Mortgagor shall fumish unto the Mortgagee at least Dtteen dnys betore the due date an official statement ot the amount oi any taxes or a~ea~»ents next due. and auch Mortgagee st?all pay the above charges to the amount oi the then ~unused credlt therelor as and when they become severally due and payable. The 1?tortgagee may, at 1ts option. pay any of such charges when payable. elther before or atter they are dellnquent, wNhout notice, or make advances th~retor In exceas of the then amount ot credit for said charges. The exceas amoant advanced ahaU be tmmediately due as:J paysble to the Mortgagre and shall be recured as sn additional principal sum under this instrument aud bear the same rate ot Interest irom date ot advancement as the prlncipal lndebtedness. An official receipt therefor ahall be conclusive evidence of such psy-ment•and ot~the Lalldlty oi such charges. The Mortgngee may apply credlts held by it for the above eharge~, or any part thereot, on account ot any deUnquent installments of principal or Interest or any other payments maturing or due under this tnstrument and the amount ot credit existing at anY time shal! be reduced by the amount thereof paid or applied as herein provided. The amount o[ the existing credlt hereunder at the time of any transfer oi the property shall w~ithnut assiRnment thereof inure to the bene8t ot the successor owner oi the property and shall be applied under and subject to all ot tAe pro~•isions hereot. Upon the payment in tull ot the indebteclness, the amount ot any unused credlt shall be applfed to the payment thereof. The Mortga~ee ma~• collect a"late charge" not to exceed fuur ccr.ts ~ac~ fur each r~ne dollar 1E1.00) ut each monthly Installment paymerft rc~yuimd on the note and under this Diortgage which is more than tifteen l15) days in arrears, to coveT the extt8 expense imol~•ed in handlir.b delinquent paym~ntc. 2. To pay, when puyabl~, ail taxes and as~essments, gcneral or sF~riai, K•ater rents and ground rents and all other charges whatsoe~er le~•ied upon or assessed or piaced against the premisrs, pruvision for w•hich has noi been made here- inbefore, and will prompti~ dPii~•er the ofticial receipts therefur to the Mortgagee; to likewise pay ell taxes, assesunents and other charges, levled upon or a~sessed. placed or made against this instrument, or the indebtedness or any interest of the Mortgagee in the premises or thr obligations secured hcreby, pro~~ided Lhat the payment ot any such tax essess- ment or charge by the ~Iortgagor is not c~~ntra~• to lav~ or «•ould not resutt in the pavment of an unlawful rate of Inter- est on the indebtedness hereby srcureci. In the e~.ent of the passage a[ter the date ot this inatrument of any law of the 3tate, or subdivision thereof, wherein the prrmises are situated, creating or pro~•iding far any tax, assessment or charge which by the above proviso is not to be paid by the :~Iortgagor, the indebtedness secured hereby together wtlh interest due thereon, shall, at the option ot the Mortgagee, become immediately due and yable, and in the event payment there- of ts not made tOrthwith, the Mortgagec ma}~ take or cause to be taken such ~on or proceeding as may be taken here- under 1n the case ot any other default fn the payment of the indebtedness. . i 3. To ke?p the bulldings and additions thereto on or hereafter erected or placed ugon the land insured against loss i by flre and such other hazards, casualties and contingencies. inciuding v~ar damages it at any t[me a state of war exists or ! it appearx to the hotder o[ the note that w•ar is imminent, an~ 'sn such amounts and for such periods, as may be reqnired ~ trom tfine to time by the titortgagee. and to pa}- prompUy w hrn due ali premiunu on such [nsurance, provision for pay- ~ rnent of whtch has not been made hereinbeture. The policies ot insurance shall ha~•e loss payable pro~•isiona acceptable to ~ the Dlortgagee and shall be dellvered to and held by the 2?iortgagee, or as [t may direct, until thls Mortgage is satisfied. ' Renew•al policiea of insurance, Qremi ms for w•hich ha.•e been fully paid, are to be turnished to the Mortgagee at least ~ Siteen dt?ys prlor to the expiraHotr•~e uf the insurance thereby renewed. The insurance shall be written in companies ~ approved by the Alortgagee: inrtw j,~t shall the Mortgagee be held rnsponsible for failure to pay for any insurance ; written or for any loss or da~fage groK•ing out of a defect in any policy or growing out of any failure of any insurance g company to pay for an}- loss or damnge insured against. In the eveni ot loss the tiiortgagor shell gi~•e fmmediate notice ~ by maSl to the I?fortgagee who may make proof of loss if not made promptly by the Murtgagor; each insurance company ~ concerned is hereby suthorized and directed to make pay~ment for loss directiy tu the ~iortgagee instead of to the Diort- gagor and the Mortgagee jointly : the insurance proceeds, or an3• part thereof, may be applied by the Mortgagee, at its option, to the expenses, iI any, incurred by it in the collection thereof, to the reduction of the indebtedness hereby se- ~ r_ured, to the restoration or repair of the pro~rty damaged, or released to the Alortgagor without liability upon the 211ort- gagee for such release. All polScies ot insurance are hereby assigned to the Diortgagee t~s ad~itional securlty for the pay- ment of the sums and interest secured hereby-: in the e~•ent of toreclosure of thia :1lortgage or othec transfer ot titlo to the ~ premises In extinguishment ot the indebtedness. all right, tltie and interest of the ~tortgagor ln and to any inaurance policles then in torce shall past to the purchaser or ~rantee. 9. To complete within a reasonabte time any building or buildings nou- or at any time in the process ot erection upon ~ the land and to promptly rnpatr, restore or rebuild any butldin~ or improcements now or hereafter on the land which may become damaged or be destroyed, and not commit or permit to be done or exist on or about the premises anything whereby the premises shall become less valuable; to comply with all laws, rules, requlations, or ordinar.ces of any govern- ~ mental agency and not violate or permlt the violation as to the premises oi any building or use restrictions; to keep the ~ land and improvements thereon free from mechanic's and materialmen's liens and will not sufter any lien super[or to the ~ Iten created by this instrument to attech to or be entorced against the premises. ;i 5. If detauit be made in the payment of taxes, assessments, liens, claims, in~urance pmmiums or any other charge ~ whntsoever; or any part thereoi. or in the peKormance of any act, to be patd or performed by the Mortgegor under the ~ provlsions hereof, the Mortgagee may, at its option, make payment theceof or peKorm any act requtred ot the Mortgagor tn eny form or manner deemed expedient and pay any other sum that is necessary to protect the securlty of this tnst~v ~ ment; the amounb so pald, wlth interest thereon from the date ot such payment at the same rate ss borne by the prin- c?pal lndebtednesa, shall be assessed as an addittonal lien on the premises and shall be added to and becv~me a part ot the tndebtedness secured hereby and be immedietely due and payable to the Dlortgagee_ My payment hereby authorized to be ~ made by the Mortgagee n?ay be made according to any bW, statement or estimate turnished or procureA irom the appro- ~ prfate public ogice or the party claiming payment without inquIry into the accurecy or cal(dlty thereof, and the receipt of any puDllc officer or party in the hands of the Mortgagee shaU be conclusi~•e evidence ot the validity and amaunt of ttems so paid: the Mortgagee shall, et iLt optfon, be subrogated to any encumbrance, lten, claim or demnnd, and to all the stghts ~ and securltles for the payment thereof, paid or discharged with the princlpal sum secured hereby or by the Mortgagee ~ under ti?e pmvWons hereof, and any such subrogatlon righU shall be add~tional and ^umuiaUve seruritq to thls Mort- ~ gage. . ~ ' ~ ~ ~ bpp~~ rAGE~ ~ ~ ~ v~; ~ ~ ~ ~ ~ ~ ~ - ~ ,r~' ~ _ . . ~.r_r __1'~_ . . . '+~-+.?ih~ .