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HomeMy WebLinkAbout0088 Our File 5-50,678-2 ~ 4fi925~ ~ In P~yn»rtt 01 Tao CW On Cl~t~ "C" IntanpiblohnonNarop~KY. ~ ru?wat?t To tt~tew ii.13i. Fww O~ tp?t, ROOEII rO11M?1 rtir>? Cttardl C~sw1.9i f`I~c1w Co.. a/NQIrI~'~~ 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 «rtain mortgage note (Note) of even date from the Mortgagor to Mortgagee as described below. To secure to the Mortgagee the performan« by the Mortgagor of all his agreements set forth in this Mortgage and the Note, including the repayment of the indebtedness eviden«d by the Note, interest thereon, sums advanced by the Mortgagee in aecordati« 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 together with (a) all easements, rights, tenements, hereditaments, rents. issues 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: pr plumbing fixtures and equipment. electrical conduit and wrong and fixtures, heating and cooling and air conditioning equipment and it x tires, sprinkling and irrigation equipment and fixtures, pumps. fences and awnings; and (d) Hoge, oven and refrigerator Qresently upon the premises; all of the foregoing arc herein referred to as the "Property." To have and to hold the same unto~the Mortgagee, its successors and assigns in fee simple. The Mortgagor convnnants that he is lawfully seized of the estate hereby conveyed and he has the right to mortgage, grant and convey the Property, that the Property is unencumbered ex«pt as may be below noted, and that the Mortgagor will warrant and defend the tick 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. fo pay all taxes, assessments, charges, fines and other impositions otgovernmental 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. If it is noted below that this is a second or other subordinate ranked mortgage, then to promptly pay when due principal and interest owl ng 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 insuran« 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 holder(s) of Prior Mortgage(s) unless with the prior consent of the Mortgagee. 4. Not to apply to, request of, re«ive 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 advan« secured by the lien of such Prior Mortgage. 5. Not to commit waste or permit or suffer 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 tiuiidmgs without the Mortgagee`s prior written consent to comply with all subdivision restrictions and zoning and other regulatory laws and ordinances af[ecting the Property. If the Property is a condominium unit, the Mortgagor shall, promptly and completely perform all of his obligations under the dcelaration of condominium and the condominium association s articles of rncorportation, by-laws and rules and regulations and other constituent condominium documents including but not I i mired to the payment of all regular and special assessments, 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 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 everv_ nature (no matter how desiitnated) the lien for which artainst 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 Icss than such amounts as may be reasonably required by the Mortgagee and to pay promptly when due all premiums for such insuran«. The Mortgagor agrees to deliver renewal or repla«ment politics or «rtificates therefor to - the Mortgagee at least fifteen (I S) days prior to the expiration oranniversary date of the existing policies. The amounts of insuran« required by the Mortgagee shall be minimum amounts for which said insuran« shall be written and it shall be incumbent upon the Mortgagor to maintain ~ such additional insuran« as may be necessary to meet and comply fully with all co-insuran« requirements contained in said policies to the end that the Mortgagor is not a co-insurer thereunder. Insuran« may be written by a company 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 f a Prior Mortgage. All detailed designations by the Mortgagor which are ac«pted by the Mortgagee and all agreements between the Mortgagor i and Mortgagee relating to insuran«, nowexisting or hereafter made, shall be in writrngand 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 policy of insuran« or upon any refund or return premium which may be payable on-!he can«llation or termination thereof shall be given to other than the Mortgagee except a holder of a Prior tilortgage or by proplrendorsement affixed to such policy and approved by the Mortgagee. Each policy of insuran« shall have affixed thereto a Standard New York Mortgagee Clause Without Contnbution 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 re«tve and apply the same on a«ount 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 Mongagor shall give immediate noti« thereof by mail to the Mortgagee and the Mortgagee may make proof of loss if the same is not promptly made by the Mortgagor. !n the event of foreclosure of this mortgage or other transfer of tick to the Property all right, title and interest of the Mortgagor in and to the insuran« policies shall pass to the purchaser or grantee. g 7. If theMortpppppporfailstoMMdormhiscovenantsandaprcementscontainedinthismortpape,oriftheMortp~apportailsto norm an dui 3 OHO Y' B O O OMB Ix Y y or obligation arising under a Prior Mortgage (including the payment of principal andlor interest, deposits on account of taxes and insuran« 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 commen«d which materially affects the Mortgagee's interests in the Property, i ncluding but not limited to eminent domain or code enfor«ment or arrangements involving a bankrupt or do«dent, 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 ne«ssary 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 insuran« premiums and taxes), and may take such other action as the Mortgagee reasonably deems ne«ssary ti or advisable to protect his interests in the Property, all without regard to the value of the Property. Any amounts disbursed by the Mortgagee pursuant to the provisions of this paragraph, together with interest thereon at the rate of twelve (1286) per «nt per annum shall become additional indebtedness of the Mortgagor secured by chi;: mortgage. Unless the Mortgagor and Mortgagee agree in venting to some other terms ~ of payment, such amounts shall be payable immediately. Nothing rn this paragraph shall require the Mortgagor to incur any expense, make any ~ disbursement or take any action whatever. 8. All proceeds of any award or claim for damages direct or consequential in connection with any condemnation or any other taking by minent domain of the Property or any part thereof, or for conveyan« in lieu of condemnation or eminent domain arc hereby assigned and shall he paid to the Mortgagee. Unless the Mortgagor and Mortgagee otherwise agr« in writing (a) all pro«cds re«ived by the Mortgagee shall be a pplicd to the sums secured by this mortgage vnthout imposition of any prepayment charge, and (b) the application of pro«eds shall not extend or postpone the due date of installments of principal and interest or change the amounts thereof. 9. Any forbearan« by the Mortgagee in exercising any right or remedy hereunder or otherwise afforded by applicable law shall not be a w giver of or preclude the exercise of such right or remedy. The procurement of insuran« or the payment of taxes or other liens 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 a«elerate the maturity of the ~ndebtednas secured by this mortgage. All remedies provided in this:mortgage arc distinct 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 charge and expenses including attorney's fees (whether or not litigation occurs and if it dots then those on appellate as well as trio! Level) and abstract costs reasonably incurred or paid at any time by the Mortgagee because of the failure on the part of the titortga~or to perform, cor>sply with and abide by all of his covenants set forth in this mortgage and/ or the Noteand / or Prior Mortgage(s) and the promissory note(s) secured thereby. I I. The Mortgagee is a licensed mortgage broker under Chapter 494, Florida Statutes. ft((~n) ^n srnr GCC n~rc ]1r;J~