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HomeMy WebLinkAbout1361 . - ~ ~ 6 ~ Our File 5-50,086-8 ~ k ou. ot, claaa ~ ~~~~~~w~ .458636 Pursuant To chaMN?i. ROQp1 ~Of~~ r~F.r r~~~K. St. Lttol~, Cam, ~ ~ ~ ji3~ MORTGAGE made the day below set forth betwa:a the Mortgagor below named and the Mortgages. METROPOLITAN MORTGAGE CO., a I.lorida corportatioa. W H EREAS, the Mortgagor is indebted to the Mortgagee as evidenced by a certain mortgage note (Note) of even dau from the Mortgagor to Mortgagee as described below. To secure to the Mortgages: the pedorm~are by the Mortgagor of all his agreements set forth is this Mortgige and the Note, including the repsymant of the iadebtodaes: evtdeaaed by the Note, interest thereon,:ums advanced by the Mortgagee is aocordasoe with the provisions of flits Mortgage to protect the Gen and security thereof, and interest thereon, the Mortgigor does hereby mortgage. grant and convey to the Mortgage the real property describel below toget~ter with (a) all easements, rights, tenements, hereditatneats, rents, isatrea and profits appurtenant thereto; (b) all buildings, structures and improvements now or hereafter located upon said real property, (c)all of the following presently attached thereto: pippeess., plumb: t fixtures and aluipmeat, electrical conduit and wrong and factures, heating and cooling and err coadttiontag equipment and factures. sp mnnkliag and irrig~tuon equipment and factures, pumps, feaax and awnings: and (d) Wage, oven and refrigerator presently upon the premises; aU of the foregoing are herein referred to as the "Property." To have and to hold the same unto the Mortgagee, its attooessors and assigns in fee simple. The Mortgagor coaveasnta that he is lawfully seizal of the estau hereby conveyed and he has the right to mortgage, grant and convey the ' ~ c~ ~y u~ a ~~rod except as may be below noted, and that the Mortgagor wrU warrant and defend the title to the And the Mortgagor coveruinta and egress as follows: 1. To promptly pay when due the principal of and interat on the indebtedness evidenced by the Note and prepayment and late charges as provided »~=reir:r 2. To pay all taxes, assessments, charges, fines and other imQositioas of 4overnmental authority agiinst the Property within sixty (ti0) days of when due or sixty (ti0) days prior to the ume becoming delinquent, whichever may first occur. 3. I[ it is noted below that this is s second or other subordinate ranked mortgige, then to promptly pay when due principal and interest owing under mortgige(s) of higher priority ("Prior Mortgige(ap~. to promptly pay to the holder(s) of Pnor Mortgage(s) sums due on aa:ount of taxes and iasurarta: premiums as may be provrdal for under the provisions of the Prior Mortgigc(s), and to of rwrse fully, promptly and completely keep and perform all of the promises and coavenaata of the mortgigor under Prior Mortgage(s) and the promissory note(s) secured thereby; all of the foregoing without regird to any waivers. extcations or indulgences granted by the holder(s) of Pnor Mortgige(s) unless with the prior consent of the Mortgigor:. 4. Not to apply to, ratuest of, raxiwe or accept from any holder of any Prior Mortgige any rtloney, funds or things of value which would. might or could be corutdered as an advance sa;ured by the Gen of such Pnor Mortgige. - S. Not to commit waste or permit or auffcr the impairment or deterioration of the Property; not to erect or permit to be erected any new buildings on the Property or any structural alterations to existing buildings without the Mortgigec'a prior written conaeat; to comply wrtb all subdivision ratrictions and zoning and other regulatory laws and ordinances affecting the Property. If the_Propert)r is a condominium unit, the Mort~t~or~shall promptly and compkuly perform all of his ooiigiiions uaucr we ua:w.auvu wpuVaTuu.waa co....^^••...uns association s articles of iacorportation,~laws-and rules and regulations-and other constituent condominium~QCUments indudiag but not limitoa to the payment oTalf re~n~ir and special assessments, the liens ~r which against the Property aught or could have priority over the lien of this mortgige. If the Property is part of a planned amt development, the Mortgigor shall promplty comply with all provisions of the da:laration of covenants and ratrictioas establishing the same and shall promptly fulfill all his obGgitions under the constituent documents of the planned unit development including the homeowners association's or its e4invaknYs articles and by-laws and shall promptly pay all assessments or charges of every nature (no matter how designated) the Gen for which against the Property might or could have pnonty over the Gen of this mortgage. . 6. To keep all the Property insured as may be required from time to time by the Mortgagee against loss by fire, windstorm, hazards, casualties and contingencies for such periods and for not less than such amounts as maybe reasonably required by the Mortgagee and to pay prompptly when due all ppremiums for such insurance. The Mortgigor agrees to deliver renewal or replacement policies or certificates therefor to the Mortgigee at kart fifteen (1 S) days prior to the expiration or anniversary date of the existing policies. The amounts of insuranee required by the Mortgigor shall be minimum amounts [or which said insurance shall be written and it shall be incumbent upon the Mortgigor to maintain such additional iruuranoe as stay be iiaxssary to meet and comply fully with all co-insurance requirements contained in said policies to the end ~ that the Mortgagor is not a co-insurer thereunder. Insurance may be wntten by a company or rnmpanies approved by the Mortgagee (which ~ approval shall not be unreasoaabl)r withheld) and all policies and renewals shall be held by the Mortgagee unless in the possession of a holder of a Prior Mortgige. All detailed designations by the Mortgagor which are aaxptai by the Mortgigee and all agreements between the Mortgigor and Mortgigor: relating to insurance, new existing or hereafter made, shall be in writing and shall be a part of this mortgige agreement as fully as though act forth verbatim herein and shall govern both parties hercto_ No lien upon any policy of insurance or upon any refund or return premium which maybe payable on the cancellation or termination thereof shall be given to other than the Mortgigee except a holder of a Prior Mortgage or by proper endorsement affixed to such policy and approved by the Mortgigor;. Each policy of insurance shall have affixed Wercto a Standard New York Mortgigee Clause Without Contribution making all loss or losses under such policy payable to the Mortgigor: as its iaurest may appear. In the event any sum or sums of money become payable thereunder the Mort~aga: shall have the option to raxive and apply the same oa aa;ount of the indebtedness secured hereby or to permrt the Mortgigor to receive and use it or any part thereof without waiving or impairing any equity, Gen, or right under and by virtue of this mortgige. In the event of loss or physical damage to the Property the Mortgigor shall give immediate notice thereof by mail to the Mortgigor: and the Mortgigee may make proof of loss if the same is not promptly made by the Mortgigor. In the event of foreclosure of this mortgige or other transfer of title to the Property all right, title and interest of the Mortgigor in and to the insurance policies shall pass to the purchaser or grantee. 7. If the Mortgigor fails to perform his covenants and agreements contained in this mortgige, or if the Mortgagor fails to perform any duty or obligition arising under a Pnor Mortgige (including the payment o! principal and Jor interest, deposits on account of taxes and insurance premiums and late charges even though the holder of the Prior Mortgige has made no demand thereunder and has not thrcateaed any action in connection with the same), or if any action or procxaling is commenced which materially affects the Mortgiga;'s inurats in the Property, including but not limited to eminent domain or code enforamcnt or arrangements involving a bankrupt or decedent, or J there is an apparent abandonment of the Property, then the Mortgigee at its option may pay to the holder of a Prior Mortgige all or parts of the sums necessary to bring the, Prior Mortgige current, may make appearances. may enur upon and secure the Property, may disburse such other sums (including i but not limited to the payment of insurance premiums and taxes), and may take such other action as the Mortgigor; reasonably deems nwessary or advisable to pretax his inuresta in the Property, all without rcgird to the value of the Property. Any amounts disbursed by the Mortgigee pursuagt to the provisions of this paragraph, together with interest thereon at the rau of twelve (12$) per ant per annum shall ba:ome additional indebtedness of the Mortgigor sa;urai by this mortgage. Unless the Mortgigor and Mortgigor: agree m venting to some other arms of payittent, lath amounts shall be payable immediately. Nothing m this paragraph shall require the Mortgigor to incur any expense, make any disbursement or take any action whauver. 8. All procxeda of any award or claim for damages direct or consequential in connection with any condemnation or any other taking by emineait domain of the Property or any part thereof, or for conveyance in lieu of condemnation or eminent domain arc hereby assigned and shall be paid to the Mortgigec. Unless the Mortgigor and Mortgigor otherwise agree in writing (a) all proa:eds raxivcd by the Mortgagee shall be applied to the sums secured by this mortgige without imposition of any prepayment charge, and (b) the application of proceeds shall not extend or postpone the due date of installments of principal and interat or change jhg;pioiints thereof. 9. Any forbearance by the Mortgigor: in exercising any right or remaiy hereunder or otherwise afforded by applicable law shall not be a waiver of or preclude the exercise of such right or remedy. The procurement of insurance: or the payment of taxes or other liens or charges or the payment of sums under a Prior Mortgage by the Mortgigor; shall not be a waiver of the Mortgigee's right to aaxkrate the maturity of the indebtedneu secured by this mortgage. All remedies providal in this mortgige arc distinct and cumulative to any other right or remedy under this mortgige or aftordai by law or equity and may be exercised concurrently, independently or successively. ' 10. To pay all costs charges and expenses including attorney's fax (whether or not Gtigition occurs and if it does then those on appellate as well as trial level) and abstract costa reasonably incurrai or paid at any time by the Mortgigee ba~use of the failure on the part of the ~ Mortgigor to perform, comply with and abide by all of his covenants set forth in this mortgige and / or the Note and/ or Prior Mortgige(a) and the promissory note(s) secured thereby. 11. The Mortgigee is a licensed mortgige broker under Chapter 494, Florida Statutes. I # oPrcpared by Stanley H. Spieler, 471x1 Biscayne Boulevard, Miami, Florida n.+rr --©x`2'1 ~ ~l `~(1