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HomeMy WebLinkAbout1363 ~ : / l~ Our File 5-50,085-0 llttplwd ~ M hlf~ 01 Tomas r ow on Cls~. Nwn~l.'ws.~tM th~op.nr. 45863'' Purtlwttt To Cht101M 71.1 i/~? ~ Of 1!'~t 110 1 p ~ CIM# CMrot~lt OUlllf. ~ LAIM~ 9 i MORTG~IGE made the day below act forth between the Mortgagor below named and the Mortgagee, METROPOLITAN MORTGAGE CO., a Florida corportation. WHEREAS. the Mort~gor is indebted to the Mortgagee as evidenced by a certain mortgage recto (Note) of even date from the Mortgagor to Mortgagx as described below. To ae~cxus to the Mortaigee the perfonmanoe by the Mortgagor of cell his agreements net forth in this Mortgage and the Note, including the rc~ayment of the indebtedness evidenced by the Note. interest thereon, sums advanced by the Mortgagee is accordance with the providons of this Mortgagt to protect the ties and security thereof. and interest thereon. the Mortgagor does hereby mortgage, grant and convey to the Mortgagee the real property dacribcd below togc~scr with (a) a1! easements, rights, tenements, htretlitarrwnts, rants, moues and profits appurtenant tlkreto; (b) all buildings, structures and improvements now or hereafter located upon said real prgperty, (c) cell of the following presently attached thereto: pipes, ptumbiog ftxttirea and equipment, ekdrical conduit and wrong and futures, heating and cooling and air conditiotiirig equipment and utura, sprinkling and irrigation equipment and factures, pumps. fences and awnings; and (d) range, oven and refrigerator presently upon the premises; all of the foregoing are herein referred to as the "Property." To have and to hold the same unto the Mortgagee, its successor and assigns in fee simple. The Mortgagor eonvenants that he is lawfully seized of the estate hereby conveyed and be has the right to mortgage, grant sad convey the Property, that thy Property k unencumbered except as may be below noted, and that the Mortgagor will warrant and defend the title to the Property against all claims and demands. And the Mortgagor covenants and agrees as follows: 1. To promptly pay when due the principal of and interest on the indebtedness evidenced by the Note and prepayment and late charges as provided therein. . 2. To pay all taxes, assessments, charges, fines and other impositions of ~ovemmental authority against the Property within sixty (60) days of when due or sixty (60) days prior to the same becoming delinquent, whichever may first occur. 3. tf it is noted below that this is a second or other subordinate ranked mortgage, then to promptly pay when due principal and interat owing under mortgage(s) of higher priority (°Pnor Mortgage(s)', to promptly pay to the holder(s) of Pnor M ortgage(a) s~tau due on account of taxes and insurance premiums as may be provided for under the provisions of the Prior Mortgage(s), and to otherwise fully, promptly and completely keep and perform all of the promises and conveaants of the mortgagor under Prior Mortgage(s) and the promissory note(s) secured thenb~; all of the !ongoing without regard to any waivers, eatenaions or iiidulgetica granted by the holder(s) of Prior Mortgage(s) unless with the pnor consent of the Mortgagce. 4. Not to apply to, request of, receive or accept from any holder of any Prior Mortgage any money, funds or things of value which would, might or could be coruidered as an advance secured by the lien of such Prior Mortgage. - S. Nat to commit waste or permit or suffer the impairment or deterioration of the Property; not to erect or permit to be erected nay new buildings oa the Property or any structural alterations to existing buildings without the Mortgagee's prior written consent; to comply with all subdivision ratrictions and zoning and other regulatory laws and ordinances affecting the Property. If the Property is a condominium unit, the Mortgagor shall promptly and-completely-pMorm sU-of-his-obligations under the declaration of condominium.and the condominium- _ association's articles of u~corportauon, by-laws and rules and regulations and other constituent condominium documents including but not limited to the pa rat of all regular and special asseasinents, the liens for which against the Property might or could have priority over the lien of this mortgage. If the Property is part of a planned unit development, the Mortgagor shall promptty comply with all provisions of the declaration of covenants and ratrictioiis estabhshirig the same and shall promptly fulfill all tits obligations under the constituent documents of the planned unit development including the homeowners aasocisGon's or its equivattnt's articles sad by-laws and shall promptly pay all assessments or charges of every nature (no matter how designated) the lien for which against the Property might or could have pnority over the lien of this mortgage- 6. To leap all the Propert red as may be required from time to time by the Mortgagee against loss by fin, windatonn, hazards, casualties and contingencies fors rinds and for not less than such amounts as may be reasonably required by the Mortggaagee and to pay promptly when due all ppremiums for such insurance. The Mortgagor agrees to deliver renewal or replacement policies or artificata therefor to the Mortgagee at leant fJtan (I ~ days prior to the expiration or anniversary date of the existing poGcia. The amounts of insurance required by the Mortgages shall be minimum amounts for which said insurance shall be written and it shall be incumbent upon the Mortgagor to maintain such additional insurance as may be necessary to meet and comply fully with all co-insurance requirements contained is said policies to the end that the Mortgagor is not a coinsurer thereunder. Insurance may be written by a company or companies approved by the Mortgagee (which approval shall not be unreasonabt~ withheld) and all policies and renewals shall be held by the Mortgagee unless in the possession of a holder of a Pnor Mortgage. All detailed designations by the Mortgagor which an accepted by the Mortgagee and all agreements betwxn the Mortgagor and Mortgagee relating to insurance, now existing or he ter made, shall be m writing and shall be a part otthis mortgage agreement as fully as though set forth verbatim herein and shall govern both parties hereto. No lien upon any policy of insurance or upon any refund or return prcnuum which may be payable on the cancellation or termination thereof shall be given to other than the Mortgagee except a holder of a Prior Mortgage or by properendorsement affixed to such polic~r and approved by the Mortgagee. Each policy of insurance shall have atrxed thereto a S New York Mortgagee Clause Without Contrbution making all loss or losses under such policy payable to the Morigagoe as its interest may appear. In the event any sum or sums of money become payable thereunder the Mortgagee shall gave the option to receive snd apply the same on account of the indebtedness secured hereby or to permit the Mortgagor to receive and use it or any part thereof without waiving or impairing any equity, lien, or right under sad by virtue of this mortgage, In the event of loss or physical damage to the Property the Mortgagor shall give immediate notice thereof by mail to the Mortgagee and the Mortgagee may make proof of loss itthe same is not promptly made by the Mortgagor. In the event of foreclosure of this mortgage or other transfer of tick to the Property all right, title and interat of the Mortgagor in and to the insurance policies shall pass to the purchaser or grantee. 7. If the Mortgagor tails to perforn his covenants and agreements contained in this mortgage, or if the Mortgagor fails to perform any duty or obligation arising under a Pnor Mortgage (including the payment of principal and/or interat, deposits on account of taxes and insurance premiums and late charges even though the holder of the Prior Mortgage has made no demand thercunderand has not threatened any action in connexion with the same), or if a»y action or proceeding is commenced which materially affects the Mortgagee's interests in the Property, including but not limited to eminent domain or code enforcement or arrangements involving a bankrupt or decedent, or if there is an apparent abandonment of the Property, then the Mortgagee at its option may pay to the holder of a Prior Mortgage all or parts of the sums.neassary to bring the Prior Mortgage current, may make appearances, may enter upon and secure the Property, may disburse such other sums (including but ndt limited td the payment of insurance premiums and taxes), and may take such other action as the Mortgagee reasonably deems necxssary or kdvisable to protect lus interests in the Property, all without regard to the value of the Property. Any amounts disbursed by the Mortgaget pursuant to the provisions of this paragraph, together with interat thereon at the rate of twelve (12gb) per cant per annum shall become addttioha~ iadebtcdnas of the Mortgagor aocured by this mortgage. Unless the Mortgagor and Mortgagee agree in writing to some other tenor of payment: such amounts shall be payable immediately. Nothing in this paragraph shall require the Mortgagor to incur anyexpcnse, make any disbursement or take any action whatever. . 8. AU procxeds of any award or claim for damages direct or consequential in connection with any condemnation or any other taking by r eminent domain of the Property or any part thereof, or for conveyance in lieu of condemnation or eminent domain are herby assigned and shall be paid to the Mortgagee. Unless the Mortgagor and Mortgagee otherwise agree in writing (a) all proceeds waived by the Mortgagee shall be f applied to the sums secured by this mortgage 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 chapgF the amounts thereof. 9. Any forbearance by the Mortgagce in exercising any right or remedy 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 orcharga or the payment of sums under a Prior Mortgage by the Mortgages shall not be a ,+vaiver of the Mortgagee's right to accxlerate the maturity of the indebtedness secured by this mortgage. All remedies provided in this mortgage an dutinct and cumulative to any other right or remedy under this mortgage or afforded by law or equity and may be exercised concurrently, independently or successively. ~ 10. To pay all costs charges and expenses including attorney's fees (whether or not litigation ocean and if it does then those on appellate as areU as trial level) and abstract costs reasonably incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagor to perform, comply with and abide by alt of his covenants set forth in this mortgage and/ or the Note and J or Prior Mortgage(s) and the promissory note(s) secured thercby_ l 1. The Mortgagee is a lianscd mortgage broker under Chapter 494, Florida Statutes. - oPrcparcd by Stanley H. Spieler, 4700 Biscayne Boulevard, Miami, Florida j ` l - ~ nDA1 A ~ As.w t