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HomeMy WebLinkAbout2540 Our File 5-50,215-3 t " ~ •O~ REC.nYfO: Ss 1N PAYtditiT CF TAXES i CUi QM CIASS 'C' INTliAG BlE PFkSU:t.+1 PttQPERTY, . , - PURSQANT TO GIiAPTfi 71-124, RCiS Of 1871, _ ~~~-~Ov - fC6fit P! ITGAS CLERK p3CWT COURT, ST. L4F..lE t0. flA, MORTGAGE made the day below act forth betwaa the Mortgagor below named sad the Mortgagee, METROPOLITAN MORTGAGE CO., a Florida corportatioa. W HEREAS, the Mortgagor is indebted to the Mortpgee a: evidtdoed by a certain mortgage note (Note) of even date from the Mortgagor to Mortgages ss described ow. , To secures to the Mortgagee the performance by the Mortgagor of all his agreement: set forth in this Mortgage sad the Note, including the repayment of the iadebteduwa evdenced by the Note, interest thereo4 sums advanced by the Mortgagee is accordance with the emulsions of this Mortgage to protect the lien sad security thereof, and interest thereon, the Mortgagor does hereby mortgage, grant and convey to the Mortgages the real property described below toge{~ier with (a) all eaaemeats, rights, tenements, 6ereditameats. rents, issues sad 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: pipes, plumbiw^es and equipment, electrical conduit and wiring and fixtures. heating sad cooling sad au oonditioniag equipmieut sad factures, sp and irrigation equipment and fuctw~ea, Pumps. fences and awaipgs; sad (d) range, oven sad refrigerator prweatty upon the premises; all of the. foregoing are hecem referred to as the "Property." To have and to hold the same unto the _ Mortgages. its saeoessor: and assigns is fee simple. The Mortgagor coveenants that he is lawfully seized of the estate hereby conveyed and be has the right to mortgage, grant and convey the Property, that the Property is unencumbered except a: may be below noted, and that the Mortgagor will warrant and defend the title to the Property agamri all claims sad demands= - - And the Mortgagor covenants and agrees as follows: 1. To promptly pay when due the principal of and interest oa the indebtedness evidenced by the Note and prepayment and late charges as provided therein. 2 To pay all taxes, assasments, charges, fines and other impost~ions of governmental authority agaiatt the Property within sixty (60) days of when due or sixty (60) days prior to the same bocomimg de nG quent, whichever may fim occur. 3. If it u acted below that this is a second or other subordinate ranked mortgage, then to promptly pay when due principal and interest owian~ wider mortgage(s) of higher priority ("Prior Martgage(s)'~, to promptly pay to the holder(s) of Pnor Mortgage(s) awns due on account of taxes sad uisuranoe premiums as may be provided for under the pmvistons of the Prior Mortgage(s), and to otherwise fully, promptly and completely keep sad perform all o! the promises and ooavemants of the mortgagor under Prior Mortgage(s) and the promissory note(s) secured thereby; all of the for~egomg without regard to say waivers, exterr3iona or iadulgenoes granted by the 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 of value which would, might or could be considered as an advance secured by the lien of such Pnor Mortgage. S. Not to commit waste or permit or suffer the impairment or deterioration o! the Property-, not to crest or permit to be erected an)r new buildings on the Property or aa)r structural alterations to existing bLiWings without the Mortgagee's prior written consent; to comply month all subdivwoa restriction: and zoning and other regulatory laws and ordinances affecting the Property. If the Property is a condominium unit, the Mort~a~or shall promptly sad completely perform all of ha obligations under the declaration of coidomimwn and the condominium associatioa'a articles of incorportation, by-laws and rules and rcgulationa and other constituent condominium documents including but not limited to the pa at of all regular and special assessments, the liens for which against the Property might or could have priority over the ben of this mortgage. U the Property is part of a planned moat developmcnt,•the Mortgagor shall promptly comply wild all provisions of the dcclaratioa of covenants sad restrictions estabh:hing the same and shag promptly fulfill all his obligations under the constituent documents of the planned unit development including the homeowners association's or its egwvalent'a articles and by-laws and shall promptly pay all assessments or charges of every nature (no matter how designated) the lice for which against the Property might or could have pnonty over the lieu 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 Ices than such amounts as may be reasonably required b)r the Mortgagee and to pay promptly when due all ppremiwms for such insurance. The Mortgagor agrees to deliver renewal or replacement poliaa or certificates therefor to ' the Mortgagee at kart fdteea (1 ~ days prior to the expiation or anniversary date of the exiatirig po4cies. The amounts of insuraaot rognired by the Mortgagee shall be minimum amounts for which said inawmnoe shall be written and it shall be incumbent upon the Mortgagor to maintain ' such additional insurance as may be naessary to mat aced comply fully with aQ co-insurance requirements contained in said policies to the cad that the Mortgagor is not a co-insurer thereunder. Insurance may be wntten by a company or companies approved by the Mortgagee (which approval shall not be unreasonabljr withheld) and all policies and renewals shall be held by the Mortgaget unless in the possession of aholder of - a Pnor Mortgage. All detailed designatioris by the Mortgagor which arc aexeptod b)r the Mortgagee and all agreements between the Mortgagor sad Mortgagee relating to imw•aace, now existing or he ter made, shall 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 lien upon any polity of irisuraaoe or upon any refund or return prcmiwm which may be payable on the cancellation or termination thereof shaII be given to other than the Mortgagee except a holder of a Prior ~ Mortgage or by proper endorsement affaod to ai~h polic)r and approved by the Mortgagee. Each policy of insurance shall have affixed thereto a Standard New York Mortgagee Clause Withomt Contnbation making all loss or losses u~enauch policy payable to the Mortgagee as its interest airy appear. In-the event any sum or sw»s of money become payable thereunder the Mortgagee shall have the option toreceive lad 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 Hader and by virtue of this mortgage. Ia 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. la the event of foreclosure of this mortgage or other transfer of title to the Property all right, title and interest of the Mortgagor ir. and to the insurance policies shall pass to the purchaser or grantee. - ' 7. If the Mortgagor tails to perform 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 interest, deposits on account of taxes and insurance premiums and Tate charges even though the holder of the Prior Mortgage bees made no demand thereunderand has not threatened any action in - connection with the same), or if any action or proceeding is commeaoed 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 J 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 riooessary to bring the Prior Mortgage current, may make appearances, may enter upon and secure the Property, may disburse such other sums (including but not limited to the payment of insurance premiums and taxes), sod may take such other action as the Mortgagee reasonably decals necessary or advisable to protect his interests in the Property, all without regard to the value of :he Property. Any amounts disbursed by the Mortgagee i putsuaat to the provisions of this paragraph, together with interest thereon at the rate of twelve (12gb) per cent per annum shall become ~ additional iadebttdfless of the Mortgagor secured by this mortgage: Unless the Mortgagor and Mortgagee agra in venting to some other terms of payment, such sinounts shall be paysbk immediately. Nothing is this paragraph shall require the Mortgagor to incur any expense, make any dubtirsetnent or take any action whatever. - 8. MI pr9cxeds of any award of claim for damages direct or consequential in connection with any condemnation or any other taking by E eminent domwn 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 tlic Mortgagee. Unless the Mortgagor and Mortgages otherwise agree in writing (a) all proceeds received by the Mortgages shall be applied to the sums secured by this mortgage v.~thout imposition of any prepayment charge, and (b) the application of proceeds shall not extend or pg3tpone the due date of installments of principal and interest or change the amounts thereof. 9. Any forbearance by the Mortgagee in exercising any right or remedy htr4uader or otherwise afforded by applicable law shall not be a waiver of or preclude the exercise of such right or remedy. The procuremenfof iasntanoe or the paymcat of taxis or other liens orcharges or the payment of sums under a Prior Mortgage by the Mortgagee shall not be a waiver of the Mortgagee's right to aceektate the maturity of the irdebtedness secured by this mortgage. All remedies provided in this mortgage are distinct and cumulative to any other right or remedy under this mortgage or aftorded by Iaw o: equity and may be exercised concurnntly, independently or successively. - 10. To pay all costs charges and expenses including attorney's fees (whether or not litigation occurs and if it does then those on appellate as well as trial keel) sad abstract costs reasonably incurred or pad at any time by the Mortgagee because of the failure on the part of the Mortgagor to perform, comply with and abide by all of his covenants set forth in this mortgage sad/ or the Note and/or Prior Mortgage(s) and the promissory note(s) secured thereby. 1. The Mortgagee is a licensed mortgage broker under Chapter 494, Florida Statutes. i oPrcpared by Stanley H. Spieler, 4700 Biscayne Boulevard. Miami. Florida airAa ~ t'fc7lrs