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HomeMy WebLinkAbout0790 ~ 480940 30 _ .~Mr `v? i~u ; S i tti± ~ ~ N, t _ y 3 S t+~ r>:~~~~st ^r T~)K~ E ~ .•1 a l1 t_YtR Y ti ~ ` Ll. • " i R 1' • aJ;..l PitOi~A~t ' ~i ; 0 3. 3 0 1 tu:,~~;Jti T~ .~.~t .:~iit•:.,, AI:T: o~ an = t aalle olecar caalT. st. u~ca al. ~g 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) o[even date from the Mortgagor to Mortgagee as described below. To secure to the Mortgagee the performance by the Mortgagor of all his agreemenu set forth in this Mortgatte and the Note, including the repayment of the indebtedneu 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 together with (a) all easements, rights, tenements, hereditaments, rents, iuues and profiu appurtenant thereto; (b) all buildings, structures and improvements now or hereafter located upon said real property, (c)all of the following presently attached thereto: pipes. plumbing fixtures and equipment, electrical conduit and wrong and fixtures, heating and cooling and air conditioning equipment and fixtures, sprinkling and imgatton equipment and fixtures, pumps. fences and awnings; and (d) range, oven and ' refrigerator Qresently upon the premises; all of the foregoing are herctn retsrred to as the °Property." To have and to hold the same unto the Mortgagee, its successors and auigns 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 tick 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 indebtedneu evidenced by the Note and prepayment and late charges as provided therein. 2. To pay all taxes, asseuments, charges, fines and other impositions of governmental authority against the Property within sixty (t50) days ' of when due or sixty (150) days prior to the same becoming delinquent, whichever may first otxur. i 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 [or 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 promiuory 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) unleu with the pnor conunt of the Mortgagee. 4. Not to apply to, request of, receis~e or accept from any holder of any Prior Mortgage any money, funds or things of value which would, f 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 i 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 incorportation, by-laws and rules and regulations and other constituent condominium documents including but not y limited 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 ProQerty is part of a planned unit development, the Mortgagor shall prompltycomply with all provisiotu of the declaration of covenants and restrictions establishing the same and shall promptly fulfill all his obligations under the comstituemt documents ottbe planned unit development including the homeowners auociation's or its e4uivalent's articles and by-laws and shall promptly pay aU asseuments 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 lou by fire, windstorm, hazards. casualties and contingencies for such p*iods apd for not less than such amounts as, may be reasonably required by the Mortgagee and to pay promptly when due all ppremiums for such insurance: The Mortgagoragress to deliver renewal or rcQlaeement policies or certificates therefor to the Mort ee at least Bftten (13) days prior to the cx iration or anniversa date of the existin Sag p ry g policies: The amounts of insutatwe required by the Mortgagee shall be minirhum amounts for ahich 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 thereunder. Insurance 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 posseuion of a holder of 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 writingand shall be a part otthis 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 :o other than the Mortgagee except a holder of a Prior j M ortgage or by proper endorsement affixed to such polity and approved by the Mortgagee. Each policy of insurance shall have affixed thereto a i Standard New_ York Mortgagee Clause Without Contribution making all loss or losses under such polity payable to the Mortgagee as its interest may a~liear: (lr 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 indebtedneu secured hereby or to permit the Mortgagor to receive and use it or any~part thereof without waiving orimpairing any equity, lien, or right under and by virtue of this mortgage. In the event of lou 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 Property all right, title and interest of the `tortgagor 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 e or obligation arising under a Prior Mortgage (including the payment of principal and Jor 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 i 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 - hying the Prior Mortgage current, may make appearances, may enter upon and secure the Property, may disburse such other sums (including E but not limited to the payment of insurance premiums and taxes), and may take such other action as the Mortgagee reasonably deems necessary S! ur 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 eighteen (18%) per cent per annum shall become ~ additional indebtedness of the Mortgagor secured by this mortgage. Unless the Mortgagor and Mortgagee agree in wrting 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. S. All proceeds of any award. or claim for damages direct or consequential in connection with any condemnation or any other taking by eifiinent domain of the Property orany part thereof, or for conveyance in lieu of condemnation or eminent domain arc htrcby auigned 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 due 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 right or remedy. 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 shall not be a waiver of the Mortgagee's right to accekra)e the maturity of the _ ~ndebtedncss 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 succeuively. 10. To pay all costs charges and expenses including attorney's Ices (whether or not litigation occurs and if it does then those on appellate as well u trial level) and abstract costs reasonably incurred or paid at any time by the Mortgagee because of the failure on the part of the i 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. 1 I. The Mortgagee is a licensed mortgage broker under Chapter 494, Florida Statutes. ~V PAGE 81, lJ Bi. z iso oPrepared by Stanley H. Spieler. Attorney, 4700 Bitcpyee Boulevard. Mismi, Florida 33137 i