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Abstract & Title Corp, of Florida
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SEPT. NEYEf~UF
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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. ~
WHEREAS, 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
rcQayment of the indebtedness evtdenood by the Note, interest thereon, sums advanced by the Mortgagcc ir. accordance with the provisions of
this Mortgage to protect the lien and secunty thercot, and interest thereon, the Mortgagor dots hereby mortgage, grant and convey to the
Mortgagee the real property described below together with (a) all easements, rights, tenements, heredttaments, 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: pt plumbing fixtures and equipment, elecirial conduit and wrong-and fixtures, heating and cooling and air
conditiomng equipment and tf xtures, spnnkltng and irrigation equipment and fixtures. pumps. fencss and awnings; and (d) range, oven and
refrigerator Qresently upon the premises; all of the foregoing are heron 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 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. i
And the Mortgagor covenanu and agrees u follows: 4
1. To promptly pay when due the principal of and interest on the indebtedness evidenced by the Note and prepayment and late charges as t
provided therein.
2. To pay all taxes, assessments, charges, fines and other impositions of governmental authority against the Property within sixty (60) days i
of when due of sixty (60) days prior to the same becoming delinquent, whichever may first oxur.
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 Pnor 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 holder(s)of Pnor Mortgage(s) unless with
the prior rnnsent of the Mortgages.
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 hen of such Pnor Mortgage.
S. Not to commit waste or permit or suffer the impairment or deterioration of the Property; not to crest or permit to be erected any new 1
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
assoctauon's articles of incocportation, by-laws and rules and regulations and other constituent condominium documents including but not
limited to the pa went of all rcgula~ 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 pail of a planned uniYdevelopment,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 e4utvalent's articles and by-laws and shall promptly pay all assessments or
charges of every nature (no matter how designated) the Gen for which against the Property might or could have pnonty over the Gen 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 sled coniingencia for such periods and !or not less than such amounts as may be reasonably required by the Mort gee and to pay
~ promptly whee .liie all prcit}iu~t~t TQch insurance. The Mortgagor agrees to deGvcr renewal or replacement policte or certificate therefor to
the Mortgagee at least fifteen (1 aye ptlor to the expiration or anniversary date of the existing politic. The amounts of insurance required by
f the Mortgages shall be iiunitnttnlamountsfcr which said insurance shall be written and it shall be incumbent upon the Mortgagor to maintain
such additional itssntagCe as~a~r 6esiecxssary to meet and comply fully with all co-insurancx requirements contained in said policies to the end
that the Mortgago>? k riot~rgp~t thereunder. Insurance may be wntten by a company or companies approved bythe Mortgagee (which
approval shall not lie stniLaw ~ withheld) and all policies and renewals shall be held by the Mortgagee unless in the possession of a holder of ~
a Pnot Mottgage. All detailed designations by the Mortgagor which arc accepted b)r the Mortgagee and all agreements between the Mortgagor
and Mortgagee relating to insurance, no`t!t'dxisting 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 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
Mortgage or by proper endorsement affixed to such policy and approved by the Mortgagee. Each policy of insurance shall have affixed thereto a
Standard Ncw York' l~lortg~gee pause 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 Mortgages shall have the option to receive and
apply the same on account of the indebtedness secured hereby or to permit the Mortgagor to rooetve and use it or any part thereof without
waiving or impairing any equity, Gen, 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 Mortgagor. In the event of foreclosure of this mortgage or other transfer of leek to the Property 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
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 materially affects the Mortgagee's interests in the Property,
including but not limited to eminent domain or code enforament 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 appearance, may enter upon and socurC the Property, may disburse such other sums (including
but not limited to the payment of insurance premtums and taxes). and may take such other action as the Mortgagee reasonably deems 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 Mortgagee agree m wasting 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 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 Property or any part tnereof, or for conveyance in lieu of condemnation or eminent domain are hereby assigned and shall
be paid to the Mortgagee. Unless the Mortgagor and Mortgages otherwise agree in writing (a) all proceeds received by the Mortgagee shall be
applied to the sums secured by this mortgage vnthout imposition of any prepayment charge, and (b) the application of proceeds shall not extend ~
or postpone the cue date of installments of principal and interest or change the amounts thereof.
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 nght or rcincdy. The procurement of tnsuratiee or the payment ottaxes or other Dens 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. Atl rcmcdies 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 ail 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) 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 [orth in this mortgage and/or the Noteand/ or Prior Mortgage(s) and
the promissory note(s) secured thereby.
11. The Mortgagee is a licensed mortgage broker under Chapter 494, Florida Statutes. g~3~ y~~~~~
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BL; 3 Rev.. 3 oPrepared by Stanley H. Spieler, Attorney, ~Tf10.Eiscayne Boulevard, Miami, Florida 33137