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HomeMy WebLinkAbout0345 ~ ot the rlortgagee become immedlately due and payable, wlthout ~otice, and proceedings may be tnstltuted by the biort- ga~;ee for the recovery thereo! by foreclosure oi thls Mnrtgage, or in any other msnner permltted by lsw as the Mort- ( gagee may elect, anything in the note or in thls Mortgage contained to the contrary thereto notwithstanding. Upon fore- j closure of thls hiortgage, the Aiortgagee shall be alloK•ed as a part oi the indebtedness secured hereby. and the Mort- gagor agrees to pay, all costs and expenses incurred !n conneetion therewlth, Including reasonable attorney's fees, cost of title and tax search and the extension to date ot an abstract of t[tle or title pollcy; and in case such foreclosure proceed- ings e?re settled betore the consummatton thereoi or the entry of judgment, any such costs and expenses an3 other charges so incurred, includtng a reasonable attorney's fee, ahRll nevertheless be paid. The Morigagee or any party in ln- terest, being the highest bidder, may be a purcheser at any forectosure sale. Ariy election by the Mortgagee as herein pro- • vlded tor rnay be exercised Imme<3iately upon default, or at any time thereatter, and nothing shall be construed to be a waiver of such right unless evidenced by t3n lnstrument in writing to that eMect duly executed by the 1~3ortgagee. The I?iortgagor waives aU right oi homestead and exemption granted by the Constitutlon and Laws of Florida. AND T`liE bSORTGAGOR FURTHER CONVENANTS AND AGREES: 1. To pay the principai indebtedness with interest as in the note provtded. To pay monthly unto the Mortgagee, in addition to and at the time and place for each payment ot principal and interest, an Installment ot each of the foliow- ..i.~ ~o~• ~(a) Taxes and assessments, genernl ar speclal, and all other charges levied or to be levied against the premises. (b) Premiums to become due and payable for, and to renew, the insurance on the premtses ~gainst loss by Sre and ~ such other hazurds, casualties and contingencles e~s heretn provided for or requtred from time to tLne. The amount oi the respecUve monthly installments shall be equal to the amount of the annual re~pecttve charge next ? due (as estimated by the tiiortgagee)~ less all installments already paid there[or. dlvided by the number of monthly in- stallments therefor becoming due not later than one month prior to the due date of any such charge and shal! be sub- ject to incmase or decrease to the extent requtred to create as of a monthly payment date on the note not less than one month prior to the due date of any such charge, an amount sufftcient for the payment thereoL when due and payable. In no event shall the Mortgagee recelving such puyment be lIable for any tnterest on any amount pnid to it as heretn required, and the money so received may be held with 1ts own funds pending payment or application thereof as hereln pmvided. The Mortgagor shall furnish unto the Diortgagee at least flfteen dsys before the due date an official statement of the amount oi any taxes or assessments next due, and such Mortgagee shall pay the above charges to the amount of ~ the then unused cred[t therefor as and when they become severally due and payable. The Mortgagee may, at its optIon, i pay any of such charges when payable, etther ~efore or after they are deltnquent, wlthout notice, or make ad~~ances therefor in exccss oi the then amount of cred(t for said charges. The excess amount advanced shall be immediately due and payable to the Mortgagee and shall be secured as an addittonal princfpal sum under ihis instrument and bear the same rate ot interest from date of advancement as the principal indebtedness. An ot~icial receipi. therefor shall be conclusive evidence of such payment and of the valldlty of such charges. The Mortgagee may apply credits held by it f~r the nbove charges, or any part thereof, on account ot any dellnquent installments of princtpal or fnterest or any other Fayments ' maturing or due under this instrument and the amount ot credtt exist[ng at t~nY ttme shall be reduced by the amount i themof paid or applied as herein provlded. The amount of the existing credlt hereunder at the time of any transier of fhe ~ property shali without assigmnent thereof inure to the beneflt of the successor owner of the property and shall be applied E under and subjact to all of the provisions hereof. Upon the payment in full of the indebtedness, the amount of any uliused credit shall be applied to the payment thereof, i The Diortgagee may collect a"late eharge" not to exceed four cents (4c) tot each one dollar (~1.00) of each monthly " instaliment payment required on the note and under this Mortgage whlch is more than 8tteen (15) days in arrears, to cover the extra expense involved in handling delinquent payments. 2. To pay~ when payable, all taxes and assessments, general or special, water rnnts and ground rents and all other charges whstsoever levied upon or assessed or placed against the premtses, provision for whlch has not been made here- inbefore, and will promptly deliver the officlal receipts therefcr to the Mortgagee; to 1[kewise pay all taxes, assessments . and other charges, levled upon or assessed, placed or made against this instrwhent, or the indebtednes5 or any interest of the Mortgagee ln the premises or the obligations secured hereby, provtded that the payment oi any such tax assess- ment or charge by the biortgagor is not contrary to law or would r~ot result in the payment of an unlawful rate of inter- _ est on the indebtedness hereby secured. In the e~•ent of the passage t~fter the date of this Instrument of any law of the s' State, or subdivisIon thereof, w;ierein the premises are situated, creating or providing for any tax, assessment or charge ~ which by the above pmviso is not to be paid by the riartgagor, the Indebtedness secured hereby together wlth interest due ~ thereon, shall, at the option of the Mortgagee, become immediately due and payable, and in the event payment there- t of is not made forthwith, the Mortgagee may take or cause to be taken such action or proceedtng as may be taken here- under in the case of 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 agatnst loss by fire and such other hazr~rds, casualties and conttngenctes, including w~r damages it at any ttme a state ot war exists or it appears to the holder of the note that war is imminent, and in such amounts and for such periods, as may be required i irom time to time by the Mortgagee, and to pay promptly when due all premiums on such insurance, provision for pay- ' ment oi wh[ch has not been made heretnbefore. The pol~cies of insurance shall have loss payable provisfons accegtable to ; the Dfortbagee and shall be del[vered to and heid by the Mortgagee, or as it may d[rect, until this Mortgage is satisfied. i Renetival policies of insurance, premiums for ~vhich have been fully patd, are to be furnished to the Mortgagee at least ~ flfteen da;{s prior to the expiration date of the insurance thereby renewed. The Lnsurance shall be written in compantes ! approved by the Diortgagee; in no e~ ent shall the Mortgagee be held responsible for failure to pay for any insurance written or for any loss or damage growing out of a detect in any pollcy or growing aut of any failure oi any insurance company to pay for any loss or damage insured sgalnst. In the event of loss the Mortgagor shall give immedIate notice ' by mail to the biortgagee who may make proof of loss if not made promptly by the biortgagor; each insurance company ` concerned is.hereby authorized and directed to make payment for loss directly to the Mortgagee instead of to the I~iort- t gagor and the Mortgagee joinUy; the insurance proceeds, or any part thereof, may be applted by the Mortgagee~ at its t option, to the exp2nses, if any, incurred by it in the collection thereof, to the reduct[on of the indebtednexa 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 in.,~urance are hereby assigned to the Mortgagee as additional security for the pay- ~ ment ot the sums and interest secured hereby; in the event ot foreclosure of thls Mortgage or other transier oi title to the ~ premises in extinguishment ot the indebtedness, all right, title and interest of the Mortgagor in and to any lnsurance policies then in force shall pass to the purchaser or grantee. : i 4. To complete within a reasonable time any building or buildings now or at any t[me in the grocess of erection upon j the land and to promptly repair, restore or rebuild any bulldIng or improvements now or hereaiter on the land wtilch ~ ' may become damaged or be destroyed, and not commlt or permit to be done or exlst on or about the prEmises anyth[ng ~ ~ whereby the premises shall become less valuable; to comply with all laws, rules, regulations, or ordinances of any govern- ~ mental agency and not violate or permit the violation as to the premises of any buildIng or use restricUons; to keep the = ; land and improvements thereon free from mechanic's and materialmen's liens and will not sufter any lien superlor to the ; lien created by this instrument to attach to or be enforced aga[nst the premises. ; 5. If detault be made in the payment of taxes, assessments, liens, claims, insurance premiums or any other charge # whatsoe.wer~ or any part thereof. or in the performance of any act, to be pald or pertormed by the Mortgagor under the ~ provisions hereof, the Mortgagee may, st its option, make payment thereof or pertorm any aci requlred oi the Mortgagor ~ in any form or manner deemed expedient and pay any other sum t~?at is necessary to protect the secur[Ly oi this instru- ~ ; ment; the amounta so paid, with interest thereon irom the date of such payment at the same rate as borne by the prin- ' cipal indebtednesa, shsll be a.4sesaed as an additlonal lien on the premises and shall be added to and becwme a part of the = ! indebtednesg secured hereby and be immedistely due and payable to the Mortgagee. My payment hereby authorized to be ~ j made by the Mortgagee may be made accord[ng to any bill, statement or estlmate furnished or procured irom the appra ° i • priate public ogice or the party claiming payment without inquiry into the accuracy or valldity thereof~ and the receipt o! ~ ? any public officer or party in the hands oi the biortgagee shali be conclusive evldence oi the validity e?nd amount of items ~ so patd; the Mortgagee ahall, at its optlon, be subrogated to any encumbrance, lien, claim or demand~ end to ell the r[ghts ~ :.nd aecuriUes for the payment thereof, paid or discharged with the princlpal sum secured hereby or by the MortQngce ~ under tne pmvi9ions hereof, and any such aubrogation rlghte ahall be addiUonul and cumulative eecurfty to thls Murt- ~ gage. ~ ~ R 1~5 345 - ' B00}( ~