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HomeMy WebLinkAbout0107 RagMad T~ In Payment Of Tsxes I 4~0~ ~ Ow Oh Claa>a'^C" iMaaBitila Panonal 14oparty. J _ ' z rwaYMlt Te Chapw 71.114. Mla 01187 , - ~ - ~ - - 1 a IIOOEA ~ _ 3 ' , Cl~le CMrNIR iOwR, 8t tarM~ 0~,1~ , . ~ _ r 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 u 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 repayment of the indebtedness evidenced by the Note, interest thereon, sums advanced by the Mortgagee in aaordance 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 easemenu, rights, tenements, hereditamenu, rcnu, issues and pprofiu appurtenant thereto; (b) all buildings, structures and improvemenu now or hereafter located upon said real properiy, (e) all of the following f presently attached thereto: pipes, plumbing fixtures and equipment, electrical. conduit and wiring and fixtures, heating and cooling and atr I conditioning equipment and fixtures. sprinkling and irrigattoa equipment and fixtures, pumps, fences and awnings; and (d) range, oven and refrigerator Presently upon the premises; all of the foregoing arc rein referred to as the "Property." To have and to hold the ume unto the Mortgagee, its successors and assigns in tee simple. The Mortgagor convenanu 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 indebtedness evidenced by the Note and prepayment and late charges as provided therein. 2. To pay all taxes, ssseumenu. charges, fines and other impositions of governmental arthority 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 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 otherwise fully, promptly and compktely 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 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 buildings on the Property or any structural alterations to existing buildings without the Mortgagee's prior written coiuent; to comply with all subdivision restrictions and zoning and other regulatory laws and ordinances affecting the Property. If the Propertx is a condominium unit, the Mortgagor shall, promptly and compktely 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 pa meat otaU re~tilar and special assessments. the liens 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 promptly comply with all provisions of the doclaration of covenants and restrictions establishing the same and shall promptly fulfill all his obligations under the constituent documeau ottee planned unit development including the homeowners association's or iu equivalent's articles and by-laws and shall promptly pay all assessments or charges of every nature (no matter how designated) the lira for which against the Property might or could have pnonty over the lien of this mortgage. 6. To keep ali the Property insured as may be required from time to time by the Mortgagee against loss by fire, windstorm, hanrds, casualties and contingencies for such periods and for not less than such amounu as may be reasonably required by the Mortgagee and to pay promptly when due all premiums for such insurance. The Mortgagorsgrees to deliver renewal or replacement policies orcertificates therefor to the Mortgagee at Icut fifteen (1 S) days prior to the expiration or anniversary date of the existing policies. The amouau of insunnoe required by the Mortgagee shall be minimum amounu 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 thereunder. Insurance may be written by a company or companies approved by the Mortgagee (which a approval shall not be unreasonably withheld) and all policies and renewals shall be held by the Mortgagee unless in the possession of a holder of a Prior Mortgage. All detailed designations by the Mortgagor which arc accepted by the Mortgagee and all agreemenu 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 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 properendorsement affixed to such policyand 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 iu ~ interest may appear. 14 thRevraiMg sum or sums of money become payable thereunder the Mort~agce shall have the option to receive and appty the same on account of the indebtedness secured hereby or to perrriit 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 M ortgagor shall givr immediate notice thercot 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 tick to the Property all right, title and interest of the I Mortgagor in and to the insurance policies shall pass to the purchaser or granter. 7. If the Mortgagor fails to Perform his cor-enanu and agreements contained in this mortgage, or if the Mortgagor fails to perform any duty or obligation arising under a Pnor Mortghge (including the payment of principal and/or interest, deposiu 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, ,ncluding 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 iu 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, may enter upon and secure the Property, may disburse such other sums {including ~ but not limited to the payment of insurance premiums and taxes), and may take such other action as the Mortgagee reasonably deems necessary or advisable to protect his interesu in the Property, all without regard to the value of the Property. Any amounu disbursed by the Mortgagee i t pursuant to the provisions of this paragraph, together with interest thereon at the rate of eighteen (18~) per ant per annum shall become additional indebtedness of the Mortgagor. secured by this mortgage. Unless the Mortgagor and Mortgagee agree in waling to some other terms ~ of payment, such amounu shall bt payable immediately. Nothing in this paragraph shall require the Mortgagee to incur any expense, make any disbursement or take any action whatever. 8. AU proceeds of any awaid or claim for damages direct or consequential in connection with any condemnation or any other taking by r eminent domain of the Property or any part thereof, or for conveyance in 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 vnthout 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 amounu thereof. 9. Any forbearance by the Mortgagee in exercisin 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 rc y. The procurement of insuran« 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 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 all cosu charges and expenses including attorney's fees (whether or not litigation occurs and if it does then those on appellate u t' well as trial level) and abstract cosu reasonably incurred or paid at any time by the Mortgagee bequse of the failure on the part of the f 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. 11. The Mortgagee is a licensed mortgage broker under Chapter 494, Florida Statutes. I*~1 Pl~E 107 - t , , bGOK r~' ; tst, z ao LPrepared by Stanley H. Spieler, Attorney, 4700 Biscayne Boulevard, Miami, Florida 33137 - i