HomeMy WebLinkAbout2978 ~I}yEp ~ S. a S IM PAYf~E}IT OF TARE=
OUE 0!1 Clt « 'C' 14Tr.yG IIlE PiR50Nt:1 PSJPERTT,
1~ ~5 iti::5::'.Mi TJ ii'.r: TI• -4, ACTS OF 191'1.
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CLLRK pz~UiT COURT, ST. 11101E 00. R~ _
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MORTGAGE made the day below set forth between the Mortgagor below named and the Mortgagee, METROPOLITAN MORTGAGE
CO., a Florida corportation,
WHEREAS, the Mortgagor is indebted to the Mortgagee as evidenced by a certain mortgage note (Note) of even date from the Mortgagor
to Mortgagee as described below. j
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 Mortgages in accordance with the provisions of
this Mortgage to protect the lien and security thereof, and interest thereon, the Mortgagor does hereby mortgage, gent and convey to the
Mortgagee the real property described below toge~ier with (a) all easements, rights. tenements, hercditaments, rents. ?ssues and profits
appurtenant thereto; (b) all buildings, structures and improvements now or hereafter located upon said real property, (c) ail of the following
presently attached thereto: pipes. plumbing fixtures and equipment, electrical conduit and wiring and fixtures, heating and cooling and air
conditiotung equipment and tf xturcs, sprinkling and irrigation equtptnent and fixtures, pumps. fences and awnings; and (d) range, oven and `
refrigerator presently upon the premises; all of the foregoing are hercra rekrrtd to as the "Property." To have and to bold tbe:ame unto the
Mortgagee, iu 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 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 indebtedneu evidenced by the Note and prepayment and latecharges as
provided therein.
2 To pay all taxes, assessnxnts, charges, fines and other impositioi?s of governmental authority against the Property within sixty (60) days
of when due or sixty (60) days prior to the seine 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 Pnor 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
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) unku 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 consent; to comply with all
subdivision restrictions and zoning and other regulatory laws ahd oMinanoes affecting the Property.. If the Pmpettj+ is a condominium unit, the
Mortgagor shall, promptly and completely perform all of his obGgatians under the declaration of condomuuum and the condominium
association's articles of mcorportation, by-laws and rules and regulations and other constituent condominium documents including but not
limited to the pa went of aq regular and special assessments. the Dens for which against the Property might orcould havoc priority over the lien of
this mortgage. If the Property is part of a planned unit development, the Mortgagor shall promplty comply with cell provisions of the declaration
of covenants and restrictions estabhshing the same and shall promptly fulfill aq his obligations under the constituent documents of the planned
unit development including the homeowners association's or its egwvalent's articles and by-laws and 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
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 cantingencies for such periods and for not less than such amounts as may be reasonably required bjr the Mortgagee and to pay
promptly when due all ppremiums for such insurance. The Mortgagor agrees to deliver renewal or replacement policies or certificates therefor to
the Mortgagee at least fdteen (1 S) days prior to the expiration or anniversary date of the existing policies. The amounts of insurance t+oquirod 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 conuined in said policies to the tad
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 aU policies and renewals shall beheld by the Mortgagee unless in the possession of a bolder of
a Prior Mortgage. All de~ikd ~esSgnations by the Mortgagor which are accepted by the Mortgagee and aA agreements between the Mortgagor
and Mortgagee relating to insurance, na'w existing or hereafter made, shall be in writing and shall be a part of this mortgage agrament as full y as
though set forth verbatim herein and shall govern bold parties hereto. No lien upon any policy of insurance or upon any refund or return
premium which maybe 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 policy and approved by the Mortgagee.-Each policy of insutanoz shall have affixed thereto a
Standard New York Mortgagee Clause Without Contribution making all loss or losses under such potiry payable to the Mortgagee as its
interest may appear. In the event any sum or sums of money become payable thereunder tl!e Mortgagee shall have the option to receive and
apply the same on aaount 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 tbt 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 loo 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, tick 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 fails to perform any duty
or obligation arising under a Prior Mortgage (including the payment of principal and/or intcrat. deposits on account of taxes and insurance
premiums and late charges even though the holder of the Prior Mortgage has madt no demand thereunder and bas 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.
including but not limited to eminent domain or code enforcement or arrangements involving a bankrupt or decedent, of if there is an apparent
abandonment of the Property, then the Mortgaget at its option may pay to the holder of a Prior Mortgage aD or part: of the sums necxssary to
bring the Prior Mortgage current, may make appearances, may enter upon and secure the Property, may disburse such other sumit (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 interests in the Property, all without regard to the value of the Praperty. Any amounts disbursed by the Mortgagee
pursuant to the provisions of this paragraph, together with interest thereon at the rate of sixteen (Ib96) per cent per annum shall become
additional indebtedness of the Mortgagor secured by this mortgage. Unless the Mortgagor and Mortgagee agree in writingto some other terms
of payment, such amounts shall be payable immediately. Nothing m this paragraph shall require the Mortgagee to incur any expense, make any
disbursement or take any action whatever.
8. All proceeds of any award~or claim for damages direct or corisa(uential in connection with any condemnation or any other takiag by
eminent domain of the Property or any part thereof. or for conveyance in beu of condemnation oreminent domain are hereby assigned and shall
be paid to the Mortgagee. nless 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 without imposition of any prepayment charge, and (b) the application of proceeds shall not extend
or postpone the cue 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 procurcnxnt of insurance or the payment ottaxes or other hens or charges or the
payment of sums under a Prior Mortgage by the 11~ortgagee shall not be a waiver at the Mortgaget's right to aaxkrate 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 t
this mortgage or afforded by law or egwty and -may be exercised concurrently, independently or suaeessively.
10. To pay all coos charges and expenses including attorney's ices (whether or not litigation occurs arid.if it does then those on appellate as
well as trial level) and abstract coats reasonably incurred or paid at any time by the Mortgagee because of the failure on the part of the
Mortgagor to peiform, comply with and abide by all of hi: covenants set torch in this mortgage and/ or the Note and/ or Prior Mortpge(s) and
the promissory aoye(s) secured thereby.
11. The Mortgagee is a licensed mortgage broke .Chapter 494, Florida Statutes. ~(;~K~~ P~E~?4
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Bt_r 3 Rev.. 3 oPreparcd by Stanley H. Spieler, Attorney, 4700 Biscayne Boulevard, Miami, Florida 33137
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