HomeMy WebLinkAbout0842 Abstract & Title Corp, of Florida ~
RECEIVED IN PRVNIENT OF TARE=
~ ~r DOE Oh CIASS 'C' INT~116'BLE PiRSOYAt PROPERTY
t~:,SOANT TO cHAPT£1 71..:4. ACTS aF an ~ 486497
R06EA Pu1Tr.AS
CItRK pACiNT COURT, ST. IUNE CD, f1A+Q~ '
i
MORTGAGE made the dsy below xt forth between the Mortgagor below named and the Mortgagee, METROPOLITAN MORTGAGE
CO., a Florida corportation.
W H ER EAS, 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 secure 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 Mortgages in accordance with the provisions of
this Mortgage to protect the lien and setunty thereof, and interest thereon, the Mortgagor does hereby mortgage, grantYnd convey to the
Mortgagee the real property described below toget,)ter with (a) all eaxments, rights, tenemenu, hetodilaments, rents, issues and profits
appurtenant thereto; (b) all buildings, sttuctura and rroprovements now or hereaQer located upon said real property, (c) all otthe following
resent) attached thereto: pi lambingg fixtures and equipment, electrical conduit and wrong and fixtura, heating and cooling and air
conditioning equipment and ft~xeturpa, sprjnkling and irrigation equipment and fixtura, pumps, tenoei and awnings; and (d) range, oven and
refrigerator prexntly upon the premises; all of the foregoing are herein referred to as the "Property." To have and to hold the same unto the ~
Mortgagee, its successors and assigns in fa simple.
The Mortgagor convenants that he is lawfully xited 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 clarrms and demands. i
And the Mortgagor covenants and agrees as follows:
1. To promptly pay when due the principal of and interat on the indebtedrress evidenced by the Note and prepayment and late charges as ~
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 second or other subordinate ranked mortgage, thin 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 tally, promptly and ;
completely keep and perform all of the promises and convnnants 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 pnor consent of the Mortgagee.
4. Not to apply to, request of, receive or aaept from any holder of any Prior Mortgage any money, funds or things otvalue 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 coaxnt; to comply with all
subdivision restrictions and zoning and other regulatory Taws and ordinances affecting the Property. If the Propert)+ is a condominium unit, the
Mortgagor shall, promptly and completely perform all of his obligations under the declaration of condomimum and the condominium
association's articles of incorportation, by-laws and rules and regulations and other constituent condominium documents rmcluding but not i
limited to the pa went of all rc¢ular and special assessments, the Dens for which against the Property might or could have priority over the lien of
this mortgage. !f the Property is part of a planned unit development, the Mortgagor shall promplty comply with aq provistons of the declaration
of covenants and ratrictioas establishing the same and shall promptly fulfill all his obligations under the constituent documents oi'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 whicA against the Property might or could have priority over the Gen of this
mortgage. i
6. To keep aU 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 Mortggaaggxx and to pay
promptly when due aU ppremiums for such insurance. The Mortgagoragrees to deliver renewal or replacement pohcies or certificate therefor to
the Mortgagee at least fdteem (1 ~ days prior to the expiration or anniversary date 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 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
k that the Mortgagor is not a co-irtsun:r 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 possession of a holder of
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a Prior Mortgage. All detailed designations by the Mortga or 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 xt forth verbatim herr<in and shall govern both parties hereto. No lien upon any policy of insurance or upon any refund or return
premium which may be pay~lt orrtlie 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 poGry and approved by the Mortgagee. Each policy of insurancx shall have affixed thereto a
c Standard New York Mortgagee Claux Without Contribution making all lou or losxs under such policy payable to the Mortgagee as its
~ interat 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 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 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 forcclosurc of this mortgage or other transfer of title to the Property all right, title and interest of the
s Mortgagor in and to the insurance policies shall pass to the purehaxr 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 Pnor Mortgage (including the payment of principal and/or interest, deposits on account of taxes and insurance
premiums and late charges oven 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 interats 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
bring 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 prcm?ums and taxes), and may take such other action as the Mortgagee reasonably deems necessary •
or advisable to protect his interats in the Property, all without regard to the value of the Property. Any amounts disbursed by the Mortgagee
~ pursuant to the provisions of thu paragraph, together with interest thereon at the rate of eighteen (18%) percent per annum shall become
~ additional indebtedness of the Mortgagor secured by this mortgage. Unless the Mortgagor and Mortgagee agree rn venting to some other teens
s of payment, such amounts shall be payable immediately. Nothing in this paragraph shall require the Mortgagee to incurany expenx, make any
disbursement or take any action whatever. _
8. All proceeds of any award or claim for damages direct or conxquential in eonnection•with any condemnation or soy other taking by
eminent domain of the Property or say part thereof, or for conveyance in lieu 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 raeived by the Mortgagee shall be {
applied to the sums xcured by this mortgage without imposition of any prepayment charge, and (b) the appliption of procxeds shall not extend
or postpone the due date of installments of principal and interat or change the amounts thereof. .
E 9. Any [orbcarance 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 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 suctxssivoly.
10. To pay all costs charges and expenses including attorney's fees (whether or not litigation occurs and if it dos then thox on appellate as
well as trial keel) and abstn?ct costs reasonably incurred or paid at any time by the Mortgagee becaux of the failure on the part of the
Mortgagor to perform, comply with and abide by all of his covenants xt forth in this mortgage and J or the Noteand/or Prior Mortgage(s) and
the promiuory note(s) secured thereby.
11. The Mortgagee is a licensed mortgage broker under Chapter 494, Florida Statutes. ~R
800X PAGE
at. l;ao oPrcparcd by Stanley H. Spieler, Attorne ~4 s ~
~ y~ - ~O~Bisca~ie Bpuletlard. Miami, Florida 33137
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