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HomeMy WebLinkAbout2045 • .r- : s, ss ,r PA~~ a Tugs 4 L~i5365 ~ LUE OV t:,''S'C INT;tiG ALE pigS~i"a PCOfEkTlf, _ _ - ~{5 FU;:S'...21, TJ !'.''T:.i 11-' J, ACTS Cf 1171. i ^ _ _ - , . . lei AS ~ r 1 l , i:~C~A P:. I . Cl t:K q U~T :bU;tT. ST. ; - . - MORTGAGE made the day below xt 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) oteven date from the Mortgagor to Mortgagee as described below. To xcure to the Mortgagee the performance by the Mortgagor of all his agreements xt 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 aceordance 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 togegter with (a) all easements, rights, tenements, hercdttaments, rents, issues and profiu appurtenant thereto; (b) all butldtngs, 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 wiring and fixtures, heating and cooling and air conditioning equipment and fixtures, sprinkling and irrigation equipment and fixtures, pumps, fences and awnings; and (d) range. oven and refrigSrator Qrexntly upon the premises; all of the forcgotng 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 convenants that he is lawfully xized 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 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 indebtedness evidenced by the Note and prepayment and late charges as i 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 xcond 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 insurance premiums as may be provided for under the provisions of the Prior Mortgage(s), and to otherwtx 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 forcgotng without regard to any waivers, extensions o_ r indulgences granted by the holder(s) of Prior Mortgage(s) unleu with the prior conxnt 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 buildings on the Property or any structural alterations to existing buildings without the Mortgagee's pprior written conxnr to comply with all subdivision restrictions and zoning and other regulatory laws and ordinances affecting the Property. I(the Property is a condominium unit, the A~lortga~or shall, promptly and completely perform all of his obligations under the declaration of condominium and the condominium ~ association's articles of rncorportation, by-laws and rules and rcgulattons. and other constituent condominium documents including but not limited to the payment of all regular and special assessments, the Iielu for which against the Property might or could have priority over the lien of this mortgage. if the Property is part o[a planned unit development, thg Mortgagor shalt promplty comply with all provisions of the declaration of covenants and restrictions establishing the same and shall promptly fulfill all his obligations under the cotutituent documenu of the planlxd unit development including the homeowners association's or its equivalent's articles and by-laws arid 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 priority over the lien of this _ j 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 Icss than such amounts as maybe reasonably required by the Mortgagee and to pay promptly when due all Premiums for such"insurance. The Mongagoragnes to deliver renewal or replacement polines or certificates therefor to ~ the Mortgagee at least fifteen (1 S) days prior to the expiration or anniversary date of the existing poGctes. The amounts of insurancx 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 requirements contatried in said polrnes to theend that the Mortgagor is not a co-insurer thereunder. Insurance may be written by a company or companies approved by the Mortgages (which approval shall not be unreasonably withheld) and all policies and renewals shall beheld by the Mortgagee unless in the posxssion 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 tpinsttr~not', now existing or hereafter made, shall be in writing and shall be a part of this mortgage agreement as fully as though xt forth verbatim hereto 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 tii ongage or by proper endorxment affixed to such policy and approved by the Mortgagee. Each policy of insurance shall have affixed thereto a Standard New York Mortgagee Clause 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 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 ttx 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 !~1 ortgagor shalt 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 ti1ortgagor in and to the insurance policies shall pass to the purchaxr or grantee. f 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 affeMs 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 , hang the Prior Mortgage current, may make appearances, may enter upon and xcure the Property, may disburse such other sums (including but not limited to the payment of insurance prcmtums and taxes), and may take such other action as the Mortgagee reasonably deems necessary or 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 provisions of this paragraph, together with interest thereon at the rate of eighteen (18°'0) per cent per annum shall become 3 additional indebtedness of the Mortgagor secured by this mortgage. Unless the Mortgagor and Mortgagee 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 expenx, make any ' disbursement or take any action whatever. 8. All proceeds of ary award or claim for damages direct or conxquential in connection with any condemnation or any other taking by eminent domain of the Property or any pan thereof, or for conveyance in heu of condemnation or eminent domain are hereby assigned and shall be paid to the Mortgagee. Unless the Mortgagor and Mortgagee otherwix agree in writing (a) all proceeds received by the Mortgagee shall be applied to the sums xcured 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 forbearantx by the Mortgagee in exercising any right or remedy hereunder or otherwix afforded by applicable law shall not be a waiver of or preclude the exercisd 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 provtdod 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, indepelt~ntty 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 trial Icvel) and abstract costs reasonably incurred or paid at any time by the Mortgagee becaux of the failure on the pan of the Mortgagor to perform, comply with and abide by all of his covenants xt.fott6 in this moligsge aAd/ or the Note and / or Prior Mortgage(s) and the promissory note(s) secured thereby. ` ` 11. The Mortgagee is a licenxd mortgage broker under Chapter 494, Florida Statutes. ~ PEE j~ . a1tJ at_ 1 tso ePrepared by Stanley H. Spitler. Attorney. 4700 Biscayne Boulevard, Miami, Florida 33137