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Our File 5-50,309-4
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CL'E 0'1 Gt . ~ ~ P;<'.'~ ,rL P.`.~::=,TY. •~V~a7JV 1
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CtfAK CItiCU:T CuUat, ST, lti::E CO, FlJ<
MORTGAGE made the day below set forth between the Mortgagor below named and the Mortgagee, METROPOLITAN MORTGAGE
CO., a Florida corportation.
WHEREAS, the Mortgagor is indebted to the Mortgagee as evidenced by a certain mortgage note (Note) of even date from the Mortgagor
;.i.gag.e as d^° .:L•td below.
To secure to the Mortgagee the performance by the Mortgagor of all his agrcements set forth in this Mortgage and the Note, including the
repayment of the indebtedness evidenced by the Note, interest thereon, sums advanced by the Mortgagee in accordance with the provisions of
this 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 togt~her with (a) all easements, rights, tenements, hereditaments, rents, issues and profits
appurtenant thereto; (b) all buildings, structures and improvements now oc hereafter located upon said real property, (c) all of the following
presentiy attached thereto: pipes, plumbing fixtures and equipment, electrical conduit and wiring and fixtures, heating and cooling and air
conditioning equipment and fixtures, sprinkling and irrigation equipment and fixtures, pumps, fences and awnings; and (d) range, oven and
refrigerator Qrtstntly upon the premists; all of the foregoing are herein referred to as the "Property." To have and to hold the same unto the
Mortgagee, us successors and assigns in fet simple.
The Mortgagor convenants that ho is lawfully seized of the estate hereby com•eyed and he has the right to mortgage, grant and convey the
Property, that the Property is 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:
I. 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, f ncs and other impositions of governmental authority against the Property within sixty ((i0) days
of when due or sixty {GO) days prior to the same becoming delinquent, whichever may first occur.
3. 'If 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 Mortgage(s) sums 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 convenants of the mortgagor under Prior Mortgage(s) and the promissory note(s) secured
thereby; all of the foregoing without regard to any waivers, extensions or indulgences granted by the holdcr(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 an}• 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 Prior Mortgage.
S. Not to commit waste or permit or sutler the impairment or deterioration of the Property; not to erect or permit to be erected any new
buildings on the Property or any structural alttrations to existing buildings without the Mortgagee's prior written consent; to comply with all
subdivision restrictions and zoning and other regulatory laws and ordinances affecting the Property. If the Property is a condominium unit, the
'Mortgagor shall promptly and completely perform all of his obligations under the declaration of condominium and the condominium
association's articles of incorportation, by-laws and rules and regulations and other constituent condominium documents including but not
limited to the payment of all regular and special assessments, the liens for which against the Propert}• might or could have priority over the lien of
this mortgage. If the Properly is part of a planned unit development, the Mortgagor shall promptly comply with all provisions of the declaration
of covenants and restrictions establishing the same and shall promptly fulfill all his obligations under the constituent documents of the planned
unit development including the homeowners association's or its equivalent's articles and 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 priority over the lien of this
mortgage. .
6. To keep all the Property insured as may be required from time to time b}• the Mortgagee against loss by fire, windstorm, hazards,
casualties and contingencies for such periods and for not less than such amounts as may be reasonably required by the Mortgagee and to pay
promptly when due all Premiums for such insurance. The Mortgagor agrees to deliver renewal or replacement policies or certificates therefor to
the Mortgagee at Itast fifteen (I S) days prior to the expiration or anniversary date of the existing policies. Ttie amounts of insurance required by
the Mortgagee 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 a!I co-insurance requirements contained in said policies to the end
that the Mortgagor is not a co-insurer thereunder. Insurance may be written by a compan}• or companies approved by the Mortgagee (which
approval shall not be unreasonably withheld) and all policies and renewals shall be held by the Mortgagee unless in the possession of a holder of
a Prior Mortgage. All detailed designations by the Mortgagor which arc accepted by the Mortgagee and all agrcements between the Mortgagor
and Mortgagee relating to insurance, now existing or hereafter 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. \o lien upon any polic}• of insurance or upon any refund or return
premium which may be payable on the cancellation or termination thereotshal! be given to other than the Mortgagee except a holder of a Prior
of ortgage or by proper endorsement affixed to such policy and approved by the Mortgagee. Each polic}• of insurance shall have affixed thereto a
Standard New York Mortgagee Clause Without Contribution making all loss or losses under such policy payable to the Mortgagee as its
interest may appear. In the event any sum or sums of money become payable thereunder the Mortgagee shall have the option to receive and
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 toss or physical damage to the Property the
Mortgagor shall give immediate notiFC 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 foreclosure of this mortgage or other transfer of title to the Property all right, title and interest of the
'Mortgagor in and to the insurance policies shall pass to the purchaser or grantee.
If the Mortgagor fails to perform his covenants and agreements contained in this mortgage, or if the Mortgagor tails to perform an}• 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 late charges even though the holder of the Prior Mortgage has made no demand thereunder and has not threatened any action in
connection with the same), or if any action or proceeding is commenced which material)}-affects the Mortgagee's interests in the Propert}••
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 necessar}• 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), and may take such other action as the Mortgagee reasonably deems necessar}•
cr advisable to protect his interests in the Property, all without regard to the value of the Property. An}• amounts disbursed by the Mortgagee
pursuaa~ to tht; provisions of this paragraph, together with interest thereon at the rate of twelve (12 per cent per annum shall become
additional indebtedness of the Mortgagor secured by this mortgage. Unless the Mortgagor and Mortgagee agree in writing to some other terms
~f payment; such amounts shall be payable immediately. Nothing in this paragraph shall require the Mortgagor to incur any expense, make an}•
disbursement o* take any action whatever.
Ali proceeds of any award or claim for damages direct or consequential in connection with an}• condemnation or am• other taking by
eminent domain of the Property or any part thereof, or for conveyance in lieu of condemnation or eminent domain are hereby assigned and shall
be paid to the Mortgagee. Unless the Mortgagor and Mortgagee otherwise agree in writing (a) all proceeds received by the Mortgagee shalt be
applied to the sums secured by this mortgage without imposition of any prepayment charge, and (h) the application of proceeds shall not extend
dr postpone the due date of installments of principal and interest or change the amounts thereof.
9. Any forbearance by the Mortgagee in exercising am• right or remedy hereunder or otherwise afforded by applicahle 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 hens orcharges or the
payment of sums under a Prior Mortgage by the Mortgagee shall not be a waiver of the Mortgagee's right to accelerate the matunt}• of the
indebtedness secured by this mortgage. All remedies provided in this mortgage are distinct and cumulative to an}• other right or remedy under
this mortgage or afforded by law or equity and may be exercised concurrenti}, independently or successively.
10. To pay all costs charges and expenses including attorney's fens (whether or not litigation occurs and if it does then those on appellate as
well 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 all of his covenants set forth in this mortgage and or the Note and ~ or Prior Mortgage(s) and
the promissory note(s) secured thereby.
i I. The Mongagee is a licensed mortgage broker under Chapter 49J. Florida Statutes.
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€ Prepared by Stanley N. Spieler, 4700 Biscayne Boulevard. Miami, Florida