HomeMy WebLinkAbout1569 bf Florida ~
S REtEIYED = y0, SS M rs~xr a TAXES Abstract & Title Corp.
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FU~tSu:.11T TO :IL;PlC4 n-i?4, ACTS of UT1. 481400
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MORTGAGE made the day below set forth between the Mortgagor below named and the Mortgages, METROPOLITAN MORTGAGE
CO., a Florida corportation.
WHEREAS, the Mortgagor is indebted to the Mortgagee as evidenced byacertain mortgage note(Note)otevendate fromthe Mortgagor
to Mortgagee as dexribed 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 security thereof, and interest thereon, the Mortgagor does hercbytnortgage, grant and convey to the
Mortgagee the real property dexribed below together with (a) all eaxments, rights, tenements, hereditaments, rents, issues and profits ,
appurtenant thereto; (b) all butldings, 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 irrigation equipment and fixtures, pumps, [ences and awnings; and (d) range, 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, us 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 well 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 latechargesas
provided therein. ~ '
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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 ti; p~cs.Zpt!~ 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 insurance premtums 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, 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.
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 Incorportation, by-laws and rules and regulations and other constituent condominium documents including but not
limited to the payment otall regular and special assessments,the liens for which against the Property might orcould have priority overthe Gen of
this mortgage. If the Property is part of a planned unit development, the Mortgagor shall prompltycomply 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 every nature (no matter how designated) the lien for which agaitist the Property might or could have priority 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 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 Mortgagortagrces to deliver renewal orreplacement policies orartificatestherefor to
the Mortgagee at least fifteen (IS) days prior to the expiration or anniversarydate of the existing policies. The amounts of insurance required by
~ the Mortgagee shall be minimum amounts for which said insurance shall be written and it shall be incumbent upon the Mortgagortomaintain
~ such additional insurance as may be necessary to meet and comply fully with all co-insurance requircmcnts 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 bt held by the Mortgagee unless in the possession of a holder of
i a Prior Mortgage. All detailed designations b}• the Mongagor which arc 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 ,
li 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
j tilongage or by properpnd r~er~tfuced to such policy and approved by the Mortgagee. Each policy of insurance shall have affixed thereto a
i Standard Ncw York Morl'ged Clause Without Contnbution making all loss or losses under such policy payable to the Mortgagee as its
interest may appear. In the event an}• 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 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. Mortgagor. In the event of foreclosure of this mortgage or other transfer of title to the Property al! 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 itthe 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 Mbngagce
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
a ba ndonmcnt of the Property, then the Mortgagee at its option may pay to the holder of a Prior Mortgagt 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
but not limited to the payment of insurance premtums and taxes), and may take such otheraction as the Mortgagee reasonably deems necessary
~~r ad~~isable 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 pro~•isions of this paragraph, together with interest thereon at the rate of etghtten (I8~"~) per cent per annum shall become
additional indebtedness of the Mortgagor secured by this mortgage. Unless the Mortgagor and Mortgagceagree in writing to some other terms
of payment, such amounts shall be pa}able immediately. Nothing in this paragraph shall require the Mortgagee to incuranyexpense, 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 othertaking by
eminent domain of the Property or an}• part thereof, or for conveyance in Iteu of condemnation or eminent domain are 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
appltcd to the sums secured by this mortgage without imposition otany 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 accelerate the maturity of the
indebtedness secured by this mortgage. All remedies provided in this mortgage are distinct and cumulative to any other right or remedy under
this mortgage vi~ftorded 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 occurs and if it does then those on appellate as
well as trill level) and abstract costs reasonably incurred or paid at any time by the Mortgagee because of the failure on the part of the
Mongagor to ptr~orm, 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) scei~ed thereby.
! 11. i he Mortgagee is a licensed mortgage broker under Chapter 494, Florida Statutes. B~~V ~~1~
~ Ki z t{o sere red b Stanley H. S telex, Attorne 4700 Bsca ne Boulevard, Miami, Florida 33137
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