HomeMy WebLinkAbout0862 .l o : a9. y S' IN PAYMENT or TAPE= 4'~''~'308 _ _
DUE ON CLASS 'C' lt~lTaNL 0i' F d' t`'i:.l P40PEitTY~ AT T ^ • • ~ ,
PUiaS~ANT TO CIi.1PT~R 71- R, A+aS OF WII, I?U`~, - _ _
Au.^at.'n P.ILAS .j- ~ '
at, ;.i ~c~~~Etiir ~
CIEYK CINGWT COURT. ST. LUGE CQy _ - is ,r.~;~~- - _ ~
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MORTGAGE made the day below set forth between the Mortgagor below named and the Mortgagee. METROPOLITAN MORTGAGE
CO., a Florida corportation.
W HEREAS, 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 per[ormance by the Mortgagor of all his agreements set forth in this Mortgage and the Note, including the
reQayment of the indebtedness evidenced by the Note, interest thereon, sums advanced bythe-Mortgagee in aceordance with the provisions of
thu Mortgage to protect the lien and security thereof, and interest thereon, the Mortgagor dots hereby mortgage, grant and convey to the
Mortgagee the real property described below toget)er with (a) all easements, rights, tenements, hereditaments, rents, issues and profits
appurtenant thtrcto; (b) all buildings, structures and Improvements now or hercatter located upon said real property, (c) a1lofthe following
prz,;ehtty attachzi thereto: pi piunlbing t?xtw+>y and cyuipnlenl, eteciricai conduit and winag and fixtures, hesung and cooling and atr i
conditioning equipment and tt
x~tures, sprinkling and irrigation equipment and fixtures, pumps, fences and awnings; and (d) range, oven and
refrigerator ~resemtly upon the premises; all of the (ongoing arc hereto referred to as the °Property." To have and to hold the same unto the
Mortgagee. Its successors and assigns in fee simple.
The Mortgagor convcnants 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 except as may be below noted, and that the Mortgagor vrill warrant and defend the title to the
Property against all claims and demands.
Amd the Mortgagor covenants and agrees as follows:
1.. To promptly pay when due the princppal 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 flit same becoming delinquent, whichever may first oceur.
3. If it is noted below that this is a second or other subordinate ranked mongage, then to promptly pay when due principal and interest
nwin under mnrt A e/c) of hi htr nri~rity (°Prinr Mprtoa e~"1. In mmMly na Ira the I+n4r.rlsl of Pnn~ ~Inrtosor/5 S`::.'L die L`^ 3CL'Q•.lIIt ~f
Y - )
taxes and insurance premiums as may be provided for under the provisions of the Prior Mortgage(sj, 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) securc~_
thereby; all of the foregoing without regard to any waivers, extensions or indulgences granted by the holder(s) of Pnor Mortgage(s) unless with
the Pnor 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 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 erected any new
!+~.iildings on the Property or any structure! alterations to existimg buildings without the Mortgagx's prior mitten consent; to rnmply tirith al!
subdivulon 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
assoclation's articles of Incorportation, by-laws and rules and rcgula}ioos and other constituent condominium documents including but not
li mited_ to the pa went of all regular and special assessments, the Dens 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 promplty comply with all provisions of the declaration
of covenants and restrictions establishimg the same and shall promptly futtiU all his obligations under the constituent documents of the planned
unit development including the homeowners association's or its e~utvalent'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 Properly 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 maybe reasonably required by the Mortgagee and to pay
promptly when duc all premiums for such insurance. The Mortgagor agrees to deliver renewal or replacement policies or certificates therefor to
the Mortgagee at least tfteen (1 S) days prior to the expiration or anniversary date of the existing policies. The amounts of insurance required by
the Mongagee 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 all co-insurance requirements contained in said policies to the end
that the Mortgagor is not a co-insurer thertunder. Insurance may be written by a company or companies approved by the Mortgagee (which
i approval shall not be unreasonably withheld) and all policies and renewals shall beheld by the Mortgagee unless in the possession of a holder of
i a Prior Mortgage. All detailed designations by the Mortgagor which arc accepted by the Mortgagee and all agreements between the Mortgagor
EI and Mortgagee relating to insurance, now existing or hercatter made, shall be in writing and shall be a part of this mortgage agreemnnt as fully as
though set forth verbatim herein and shall govern both parties hereto. No lien upon any policy of insurance 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
~ M ortgagc or by proper endorsement affixed to such polity and approved by the Mortgagee. Each polity of insurance shall have affixed thereto a
Standard New York Mortgagee Clause Without Contnbution making ail 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 Mortgagce 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 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 11~ort~agor: la tote event of toreclosurc of this mortgage or other transfer of title to the Property all right, title and interest of the
Mortgagor in and td 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 i(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 late charges even though the holder of the Prior Mortgage has made no demand thercunderand 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 Property, 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, tray enter upon and secure the Property, may disburse such other sums (including
but not limited to the payment of insurance prcmwms and taxes), and may take such other action as the Mortgagee reasonably dams necessary
~ 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 sixteen (16%) per cent per annum shall become
additional indebtedness of the Mortgagor secured by this mortgage. Unless the Mortgagor and Mongagee agree in writing to some other terms
of payment, such amounts shall be payable immediately. Nothing in this paragraph shall require the Mortgagee to incur any expense, make any
disbursement or take any action wh.aever. _
8. All proceeds of any award or claim for damages direct or cotlsequcntial in connection with any condemnation or any other taking by
eminent domain of the Property or any part thereof, or for conveyance m 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 proceeds received 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 shall not extend
or postpone the aue date of installments of principal and interest or change the amounts thereof.
g 9. Any forbearance 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 rcrnedy. The procurement of insurance or the payment of taxes or other liens or charges or the
payment of sums under a Prior Mortgage by the Mortgagee ahaU not be a waiver of the Mortgagee's right to accelerate the maturity of the
indebtedness secured by this mongage. All remedies provided in this mortgage arc distinct and cumulative to any other right or remedy under
this mongage or afforded by law or equity and may be exercised concurrently, independently or successively.
10. To pay all costs charges and expenses including attorney's fees (whether or not litigation oceua and if it does then those on appellate as
well as trial keel) 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 promiasory note(s) secured thereby.
1 I. The Mongagee is a licensed mortgage broker under Chapter 494, Florida Statutes.
I r
ei.•~ ttev. 3 oPreparcd by Stanley H. Spieler. Attoifiu~~~ll00~Biscayoel~oakvard, Miami, Florida 33137