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HomeMy WebLinkAbout2177 i • .a SS'r Received e ~ ~ Mt Paytt+~nt Of T~tcN Our File 5 - 5 0 ,15 8 - 5 ~ ~ ovs on class ..~..lntattplpNPrsfaonolProporty.4ba.0~33 gi.eusnt To ChsptN 7.194. Ant! Oi 1971. RaoER Panes c}~ a ~~.ti cacuie Doan. se. truol~ nor. ~k. MORTGAGE made the day below set forth between the Mortgagor below aatned and the Mortgages, METROPOLITAN MORTGAGE CO., a_llorida corportatioa. W HEREAS, the Mortgagor is indebted to the Mortg4gee a: evidenced by a certain mortgage note (Note) of even dau from the Mortgagor to Mortgagee u described below. To secure to the Mortgagee the performaaoe by the Mortgagor of all hi:agreemean set forth is thle Mortgage and the Note, including the rc~aymerat of the ittdebtedaes: evtdeuood by the Note, interest thereon, sutras advattoed by the Mortgagee in aecordanoe with the provisions of _ ~ chin Mortgage to protect the lien and security thereof, and interest thereon, the Mortgagor does hereby mortgage, grant and convey to the ~ Mortgagee the real property described below toge~ier with (a) all eaaemeats, rights, tenements, heredetameats, rents, issues and profits appurunaat thereto; (b) all butldmgs, structures and tmprovetnenta now or hereafur located upon said real property, (c)all of the following _ presently attached thereto• pt plumb' g fixtures and e4uiptaent. ehectrieal eoaduit and wiring and lectures, heating and cooling sad air conditiontog equipment sad fixtures, :pmr>akWt' g and irrigation oquipanent and fixtures. pumps, feaoes and awnings; and (d) range, oven and refrigerator presently upon the premises; all of the foregoing are in referred to as the "Property." To have sad to hold the acme uatq the Mortgagee, its suooessora and aastgns in fee simple. , The Mortgagor coavuaaat:t that he a hiwfully seized of the estate hereby eoaveyed and lie has the right to mortgage, gnat sad convey the Property, that the Property is uaeacumbered cxoept ss may be below noted, sad that the Mortgagor will warrant and defend the title to the Property against all claims and demands. And the Mortgagor covenants sad 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. t 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. ff it is noted below that this is a second or other subordinate ranked mortgage, then to promptly pay when due principal and interest owing under mortgage(s) of higher priority ("Prior Mortgage(s)', to promptly pay to the holder(s) of Prior Mortgago(a) sums due on account of ~ taxes and insurance premiums as may be provided for under the provisions of the Prior Mortgage(s), and to of erwise fully, promptly and completely keep and perform all of the promises and convenaats of the mortgagor under Prior Mortgage(s) and the promissory note(s) secured thereby; all of the foregoing without regard to any waivers, uatensions or indulgences granted bythe-holder(s) of Prior Mortgage(s) unless with the prior consent of the Mortgagee. - 4. Not to apply to, request of, receive or accept from any holder of any Prior Mortgage any money, funds or things otvalue which would, _ might or could-be considered as as advance secured by the hen of snc6 Prior Mortgage. S. Not to commit waste or permit or suffer the impairment or deterioration of the Property; not to erect or permit to be eructed an)r new buildings on the Property or aa)r structureh aluratioro to existing bUiWings without the Mortgagee's prior writun conaeat; to comply with all 1 subdivision restrictions and zoning sad other regulatory laws and ordinances affecting the Property. If the Propurt~r is a condominium unit, thte Mortga~or~shall promptly and completely perform all of his obligations under the declaraUOn of condomuuum and the condominium associaUOn s articles of incorportation, by-laws and rules-and regulations and other constituent condominium documents including but not limited to the pa rat of all rc~ular~nd special assessments, the liens for which against the Propertymight or could have priority over the lien of this mortgage. If the ProQerty part of a planned unit development, the Mortgagor shall promplty comply with all provisions of the declaration of covenants and ratricuoas establishing the same and shall promptly tulfiU all his obligations under the constituent documents of the planned unit development including the homeowners association's or rtes e4wvaknt'a 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 priority over the lien 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 taay be reasonably required b~ the Mortgagee and to pay promptly when due all ppremiums for such insurance. The Mortgagor agrees to deliver renewal or replacement polices or certificates therefor to the Mortgagee at least fdteea (1 ~ days prior to the expiration or anniversary date of tlic existing pohaes. The amounts of insurance inquired by the Mortgagee shall be minimum amounts for which sand insurance shall be writun and it shall be incumbent upon the Mortgagor to maintain such additional rasuranoe as may be necessary to meet and comply fully with all co-itisuraiiee roquircments contained in said policies to the end that the Mortgagor is not a co-Insurer thereurder. Insurance may be written by a company or companies approved by the Mortgagee (wluc6 ~ approval shall not be unrtasoriably withheld) and all policies and renewals shall be held by the Mortgagee unless in the possession of a holder of ~ a Prior Mortgage. AU detailed designations by the Mortgagor which arc accepted by the Mortgagee and all agreements between the Mortgagor and Mortgagee relating to insurance, now existing or hereafter made, ahaU be in writing and shall be a part of this mortgage agreement as fully as though set forth verbatim herein and shall govern both parties hereto. No Gen upon any policy of insurance or upon any refund or return premium which may be payable oa the canoellatioa or termiaatian thereof shall be given to other than the Mortgagee except a holder of a Prior Mortgage, or by proper endorsement affixed to such polic)r and approved by the Mortgagee. Each policy of insurance shall have effaced thereto a Standard New York Mortgagee Clause Without Contribution making all loss or losses under such polity payable to the Mortgagee as its interest may appear. In the event any snm or sums of money become payable thereunder the Mortgagee shall have the option to ruoeivu sad 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 and 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 if the same is not promptly made by the Mortgagor. In the event of toreclosure of this mortgage or other transfer of title to We Property all right, title and interest of the Mortgagor in sad to the insurance policies shall pass to the purchaser or grantee. 7_ If the Mortgagor fails to perform his covenants and agreements contained in thus mortgage, or if the Mortgagor fails to perform any duty _ or obligation arising under a Prior Mortgage (including the payment of principal and/or interest, deposits on account of taxes and insurance premiums and lau charges even though the holder of the Prior Mortgage has made no deman~! tL~: r:::.~e: and has not threatened any action in connection with the same), or if any action or proceeding is commenced which materially affects the Mortgagee's interats in the Property, - including but not iitaited to eminent domain or code enforcement or arrangements involving a bankrupt or deocdent, or if there is an apparent abando~imerd of the Property, then the Mortgagee at its option may pay to the holder of a Prior Mortgage all or parts of the sums nooessary to bring.tlle Prior Mortgage current, may make appearances, may enur upon and secure the Property, may disburse such other sums (including but not Gi{iited to the payment of instuance pretmums and taxes). and may take such other action as the Mortgagee reasonably deems necessary or adyKabk to'protxt his interests is the Property, all without regard to the value of the Property. Any amounts disbursed by the Mortgagee pursuaDt l0 15s provisions of this paragraph, together with inurat thereon at the rate of twelve (12%) per Dent per annum shall become additiotil~ indebtedness o! the Mortgagor secured by this mortgage. Unless the Mortgagor acid Mortgagee agree in wndag to some other terms of payment, such amounts shall be payable imtnedisuly. Nothing in this paragraph shall require the Mortgagor to incur any expense, make any disbursement or take nay action whatever. - 8' Ai: proceeds of any award or claim for damages direct or consequential in connection with nay condemnation or any other taking by eminent domain of the Property or any part thereof, or for conveyance is lieu of condemnation or eminent domain arc hereby assigned and shall be paid to the Mortgagee. Unless the Mortgagor and Mortgagee otherwise agree in writing (a) all prooeods recxived by the Mortgagee shall be applied to the sums secured by_this mortgage without imposition of any prepayment charge, and (b) the application of proceeds shalt rant extend or postpone the due date of installments of principal and inurat or change the amounts thereof. - 9. Any forbearance by the Mortgagee in exercising any right or retndly'hlrtiititler or otherwise afforded by applicable Iaw shall not be a araiver of or preclude the exercise of such right or remedy. The procurement of insurance or the payment of taxes or other bens or charges or the payment of sums under a Prior Mortgage by the Mortgagee shall not be a waiver of the Mortgagee's right to aeceherate the maturity of the indebtedness secured by this mortgage. All remedies provided m this mortgage arc distinct and cumulative to any other right or rcmody under this mortgage or afforded by law or equity and may be exercised concurrently, independently or sucxessively. 10. To pay all costs charges and expenses including attorney's foes (whether or not litigation oocun and if it does then those on appellate as well as trial keel) and abstrrct costs reasonably incurred or paid at any time by the Mortgagee because of the failure oa the part of the Mortgagor to perform, comply with and abide by all of his covenants set forth in this mortgage and/ Ditto Nouand/or Prior Mortgage(s) and the promissory note(s) secured thereby. 1. The Mortgagee is a licensed mortgage broker under Chapter 494. Florida Statutes. BOOK P~?GE~L74 oPrcpared by Stanley H. Spieler, 4?00 Biscayne Boulevard, Miami, Florida