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HomeMy WebLinkAbout1505 Our File 5-50,846-5 `~~~~BU Ractt,lb~ ~ • 7 ~ - IN Nt1i1?iR! ~1 fi~x1M ©u~ hn GMss IhtilNlbltl PtlFittl11r1 ~Ot?r~. tM~ suArit 1t~ tiF?apt~t ~1 t l ~+lt AIiN ~ 1/~1 t ~ R®8~R FnlfiRA$ B 'p /'1rrN ~ttpUll 6ediir'1~ ~U81dt ~rt ~b ~j• MORTGAGE made the day below set forth between the Mortgagor below named and the Mortgagee, METROPOLITAN MORTGAGE CO., a Florida corportation. W H EREAS, the Mortgagor is indebted to the Mortgagee as evidenced by a certain mortgage note (Note) of even date from the Mortgagor to Mortgagee as described below. To secure to the Mortgagee the performance by the Mortgagor of all his agreements 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 secunty thereof, and interut thereon, the Mortgagor dou 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 butldings, structures and Improvements now or hereafter located upon said real properly, (c)all of the following presently attached thereto: pipes, plumbing fixtures and equipment, electrical conduit and winng and fixtures, heating and cooling and ate conditioning equipment and fixtures, sprinkling and irrigation equipment and fixtures, pumps, fences and awnings; and (d) range, oven and refrigerator pruently 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 successors and assigns in fee simple. The Mortgagor convenants that he is lawfully seized of the estate hereby conveyed and ho has the right to mortgage, grant and convey the Properly, that the Properly is unencumbered exttpt 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 governmental 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 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 insurantt 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 corisent of the Mortgagee. 4. Not to apply to, request of, rettive 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 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 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 incorporation, by-laws and rules and regulations and other constituent condominium documents including but not i i mited to the payment of all regular and special assessments, the liens for which against the Properly might or could have priority over the lien of this mortgage. If the Properly is pan eta planned unit development, the Mortgagor shall promptly comply with all provisions of the declaration ~~f 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 pnority 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 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 certificate therefor to the Mortgagee at least fifteen (1 S) days prior to the expiration or anniversary date of the existing policle. The amounts of insurance required by ~ the Mortgagee shall be minimum amounts for which said insurantt shall be written and it shall be incumbent upon the Mortgagor to maintain ~ ;uch additional insurantt as may be necessary to meet and comply fully with all co-insurantt requirements contained in said policies totheend that the Mortgagor is not a co-insurer thereunder. Insurance may be written by.a company or companies approved by the Mortgagee (which 4 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 E a Prior Mortgage. All detailed designations by the Mortgagor which are accepted by the Mortgagee and all agreements 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. No lien upon any policy of insurantt or upon any refund or return premium which may be payable on the cancellation or termination thereof shall be given to other than the Mortgagee except a holder of a Prior ~ ~t engage or by proper endorsement affixed to such policy and approved by the Mortgagee. Each policy of insurantt 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 receive and apply the same on account of the indebtedness secured hereby or to pennit 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 M ortgagor 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 foreclosure of this mortgage or other transfer of title to the Properly all right, title and interest of the Mortgagor in and to the insurance policies shall pass to the purchaser or grantee. 7. If the Mortgagor fails to perform his covenants and agreements contained in this mortgage, or if the Mortgagor fails to perform any duty «r 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 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 Properly, then the Mortgagee at its option may pay to the holder of a Prior Mortgage all or parts of the sums necessary 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 premmms and taxes), and may take such otheraction asthe Mortgagee reasonably deems necessary or advisable to protect his interests in the Property, all without regard to the value of the Properly. Any amounts disbursed by the Mortgagee pursuant to the 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 venting to some other terms s of payment, such amounts shall be payable immediately. Nothing in 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 eminent domain of the Properly or any pan thereof, or for conveyance in lieu of condemnation or eminent domain are hereby assigned and shall he paid to the Mortgagee. Unless the Mortgagor and Mortgagee otherwise agree in writing (a) all proceeds received by the Mortgagee shall be s applied to the sums secured by this mortgage without imposition of any prepayment charge, and (b) the application of proceeds shall not extend 6 or postpone the due date of installments of principal and interest or change the amounts thereof. 9. Any forbearantt by the Mortgagee 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 insurantt 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 accelerate the matunty of the ~ indebtedness 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 concurrtntly, independently or successively. 10. To pay all costs charges and expenses including Rttorney's feu (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 r Mortgagor to perform, comply with and abide Dry all of his covenants set forth in this mortgage and! or the Note and / or Prior Mortgage(s) and the promissory notgs) secured thereby. 1 I. The Mortgagee is a licensed mortgage broker under l'hapter 494. Fbrida-Statutes. S(~~ ~ ~~~1 ~ t BI 2 Kt-~ y'v oPrepared by Stan{ey H. Spieler, 4700 Biscayne Boulevard, Miami, Florida