HomeMy WebLinkAbout2974 -~a `ld f_ 33.05 IN PAYMENT OP ~=ihstrxt & Title L~~r,•t~`
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MORTGAGE made the day below set forth betwan 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 Mongagee as described below.
To secure to the Mortgages the performance by the Mortgagor of all his agreements act 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 protrM the lien and sccunty thereof, and interest thereon. the Mortgagor does hereby mortgage, grant and convey to the
Mortgagee the real property described below toget~ter with (a) all easements, rights, tenements. hereditaments, rents, tufts and profits
appurtenant thereto; (b) all buildings. structures and Improvements now or hereafter located upon said real property, (c) all of the following
presently attached thereto: pI plumbing fixtures and equipment, electrical wnduit and winng and fixtures, heating and cooling and air
conditioning equipment and f~ure, sprinkling and irrigation equipment and fixtures, pumps. fences and awnings; and (d) range, oven and
refrigerator_Qreently upon the premises; all o[ the foregoing ate heron referred to as the "Property." To have and to hold the::me unto the
Mortgagee. its suooessors and autgn: in foe simple.
The Mortgagor covvnnants 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 wIU warrant and defend the tick to the
Property agalast 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.
L 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 to promptly pay when due principal and interest
owing under mortgage(s) of higher priority ("Prior Mortgage(sp~, to promptly pay to the holder(s) of Pnor Mortgage(s) sums due on account of
taxes and insurance prcmtums as may be provided for under the provisions of the Prior Mortgage(s), and to otherwtse fully, promptly and :
completely leap 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(es) unless with
the prior consent of the Mortgagee.
4. Not to apply to, request of, receive or aeoept 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 hen of such Pnor 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 an)r new
buildings on the Property or any structural alterations to existing buildings without the Mortgagee's prior written consent; to wmply wlth all
subdivision restrictions and zoning and other regulatory laws and ordinances affecting the Property.l the Property is a condominium unit, the
Mortgagor shaU,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 s
limited to the pa nt of all regular and special assessments, rho Gera for which against the Property might orcould have priority over the Gen of ;
this mortgage. It the Property is part of a planned unit development, the Mortgagor shall promptty comply 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 ecluivaknt's articles and by-laws and shall promptly pay all assesments or
charges of every nature (no matter how designated) the lien for which against the Property might or could have pnonty 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 loss by fire, windstorm, hazards,
casualties and contingencies for such periods and for not less than such amounts as may be reasonably regtl~rod b)r the Mortgagee and to pay
promptly when due all ppremiums for such insurance. The Mortgagor agrees to deliver renewal or replacement poGaes or exrtificata therefor to
the Mortgagee at least fdteen (l S) days prior to the expiration or anniversary date of the existing policie. 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 necxssary to meet and comply fully with all co-insurance requirements contained in uid policle to the end
that the Mortgagor is not a co-insurer thereunder. Insurance may be wetter 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 o!a holder of
a Pnor Mortgage. All detailed deignations by the Mortgagor which are accepted by the Mortgagee and all agreements between the Mortgagor
and Mortgagor 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 Gen upon any poGry of insurance or upon any refund or return
~ premium which may be payable on the cantxllation or termination thereof shall be given to other than the Mortgagee except a holder of a Prior
M ortgage or by propel endprsyakr~ affi xed to such policy and approved by the Mortgagee. Each poGry of insurance shall have affixed thereto a t
Standard New York"Mortgagee Clause Without Contnbution making all loss or losses under such poGry payable to the Mortgagee ss its
interest may appear. In the event any sum or sums of money become payable thereunder the Mortgagee shalt have the option to receive and
apply the same on account of the indebtedneu secured hereby or to perrnit 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 ollou if the same is not promptly i
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
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 if the Mortgagor tails 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 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 it any action or proceeding is commeneod which mauriaUy affects 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 Pnor Mortgage all or parts ottee sums necessary to
bring the Prior Mortgage current, may make appearance, may enter upon and secure the Property, may disburse sucb other auma (including
but not limited to the payment of insurance premiums and taxes), and may take such other action as the Mortgagor reasonably deems necessary
or 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 sixteen (16~) per cent per annum shall become l
additional indebtedness of the Mortgagor secured by this mortgage. Unless the Mortgagor and Mortgagee agree in wntingto some other terms
of payment, such amounts shall be payable immediately. Nothing in this paragraph shall require the Mortgagee to incur say expense, 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 other taking by
eminent domain of the Property or any part tneteof, or for conveyance m Leis of condemnation or eminent domain arc hereby auigned and ahaU
be paid to the Mortgagee. Unku the Mortgagor and Mortgages otherwise agree in writing (a) all roceods received by the Mortgagee shall be
applied to the sums secured by this mortgage without imposition of any prepayment charge, and (bgthe application of proceeds shall not extend
or postpone the sue date of installments o[ principal and interest or change the amounts thereof.
9. Any forbearance by the Mortgagee in exercising anyy right or remedy hereunder or otherwise afforded by applicable law shall not be a
waiver of or preclude the exorcise of such nght or remedy. T'he procurement of insurance or the payment of taxes or other Gera or charge or the
payment of auras under a Prior Mortgage by the Mortgages shall not be a waiver of the Mortgagee's right to accelerate the matunty of the
indebtedneu secured by this mortgage. All remedies provided in this mortgage arc distinct and cumulative to any other right or remedy under
this mortgage or affltrpcd by law or equity and may be exercised concurrcatly, independently or auceesively.
10. To pay all costs chats and a:penses including attorney's foes (whether or not litigation occur and if it does then those on appeWte s:
well as trial levee and abstract costs reasonably incurred or paid at any time by the Mortgagee because of the failure on the part of the
Mortgagor to perfor*a. Cn~ply with and abide by all of hies covenants set forth in this mortgage and/ orthe Nouand/ or Prior Mortgage(:)sad
the promissory acre(s) secured thereby.
11. The Mortgagee is a licensed mortgage broker under Chapter 494, Florida Statutes.
~ 't~. t
at.;3 Res . 3 oPrcparcd by Stanley H. Spicle~, At~o'mey,-4700•Biseayne Boulevard. Miami, Florida 33137