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HomeMy WebLinkAbout2980 1' RtcavEO s~ tN PAT'ME'~It Of TAx~s 4b~'~S a 5 DUE ON CLASS 'C iNTAtiG:BIE PERSON>lt PRO?EftTY. PU~SJi.Ni TO t11APTEQ 71.24, ACTS OF /571. ;;,f'. P. Ii' AT Cl:iil' d U.T ..OUttt, St. lU.:tE CO, M. 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 as described below. To secure to the Mortgagee the per[ormance by the Mortgagor of all his agreements set forth in this Mortgage and the Note. including the rc~ayment of the indebtedness evidenced by the Note, interest thereon, sums advanced by the Mortgagee in axordance with the provisions of thu Mortgage to protect the lien and sccunty thereof, and interest thereon, the Mortgagor does hereby mortgage, grant sad convey to the Mortgagee the real property described below toget,,lter with (a) all easements, rights, tenements, hcrtditaments. rents, issues and picots appurtenant thereto- (b) all buildings, structura 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 sad fixtures, heating and cooling and air conditioning equipment and Ixtura. spnnkhag and irrigsttoa equipment and fuctura, pumppss.. fences sad awnings; and (d) range, oven and refrigerator presently upon the premises; all oI the foregoing arc hercln referred to as the "Pfoperiy." To have and to hold the ume unto the Mortgagee, Its 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 well warrant and defend the title to the Property against all claims and demands. And the Mortgagor covenants and spites as foAows: 1. To promptly pay when due the principal eland interest on the indebtedness evidenced by the Note and prepayment sad late chargesas 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, then to promptly pay when due principal and ioterat 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 previsions of the Prior Mortgage(s). and to otherwise fully, promptly sad completely keep and perform all ottee 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 Prior 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 crest 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 comply with all subdivision restrictions sad zoning and other regulatory laws and ordinances affecting the Property. If the Property is a condominium unit, the Mortgagor shall, promptly and completely perform all of his obligations under the declaration of condominium and the condominium assoclattods articles of incorportation, by-laws and rules and regulations and other constituent condominium documents including but not limited to the pa mere of all rc$trlar and special assessments, the liens for which against the Property might orcould have priority over the lien of this mortgage. If the Property u part of a planned unit development, the Mortgagor shall promptly comply with all provislons of the declaration of covenants and ratrictwns 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 equivalent's articles and by-laws and shall promptly pay all assessments or charges of every nature (no matter how designated) the Gen for which against the Property might or could have priority over the Gen 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 required b)r the Mortggaagee sad to pay promptly when Jut all ppremiums for such insurance. The Mortgagor agrees to deliver renewal or replacement polices or oertiTicate therefor to the Mortgagee at least fifteen (1 ~ days prior to the expiration or anniversary date otthe existing policies. The amounts of iruuraace required by the Mortgagee shall be minimum amounts for which said insurance shall be written and it shall be incumbent upon the Mortgagorto maintain such additional insurance as may be necessary to mat and comply fully with aU co-insurance requirements contained is said policies fo 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 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 Pnor Mortgage. All detailed 4signations by the Mortgagor which arc accepted b)r the Mortgagee and all agreements between the Mortgagor and Mortgagee re(apigg tP ins ,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 o[ instiranoe or upon any refund or return premium which may be payable on the cancellation or termination thereof shall be maven to other than the Mortgagee except a holder of a Prior Mortgage or by proper endorsement affixed to such policy and approved by the Mortgagee. Each policy of iruliranoe shall have:ffixtd thereto a Standard New York Mortgagee Clause Without Coatnbution making all loss or losses under such policy payable to the Mortgagee as it: interest may appear. In the event any sum or sums of money become payable ihcrcunder the Mortgagee shall have the option to rtcsive lad apply the same on account of the indebtedness secured hereby or to permit the Mortgagor to rotxivt and use it or any part thereof without waiving or impairing any equity, lien, or right under sad by virtue of this mortgage. Ice the event of leas or physical damage to the Property the Mortgagor shall give immediate notice thereof by mail to the Mortgagee and the Mortgagee may make prootof 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 Mortgagor in and to the insurance policies shall pau to the purchaser or grantee. 7. If the Mortgagor !ails 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 ioterat, deposits on account of taxes and iasuraaoe premiums and Tate 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 prooeoding is commenced which materially affects the Mortgagee's inttrats in the Property, including but not limited to eminent domain or code enforcemeat 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 appearance, may eater upon and secure the Property. may disburse such other sums (including but not limited to the payment of insurance premiums and taxes), aced may take such other action as the Mortgagee reasonably.deems accessary 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 ioterat thereon at the rate of sixteen (1G96) per cent per annum shalt 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 in this paragraph shall require the Mortgagee to incurany expense, make any disbursement or take any action whatever. g. All proceeds of any award or claim for damages direct or consequential is connection with any condemnation or any other taking by eminent domain of the Propertyorany part tnerwf, or forconveyanoe is heu of condemnation oreminent domain are hercbysssignod 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 without imposition of soy prepayment charge, and (b) the application of proceeds shall not extend or postpone the sue date of installments of principal and interest or change the amounts thereof. 9. Any forbearance by the Mortgagee in exercising an 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 bens or charges or the payment of sums under a Prior Mortgage by the Mortgagee shall not be a waiver of the Mortgagee': right to aooekrate the matunty 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 sticoessively. 10. To ply al: g~eta charges and expenses including attorney's foes (whether or not litigation occurs and Jit dos then those on appellate as well as trial level) and abstract costs reasonably incurred or paid at any time by the Mortgagee because of the failure on the part of the f Mortgagor to perform, comply with and abide by a0 of his covenants set forth in this mortgage sad / or the Note and/ or Prior Mortgage(s) and the promissory note(s) socutM thereby. 11. The Mortgagees a licensed mortgage broker under Chapter 494, Florida Statutes. IIRec~~ ec~~((~~?y r r-t7 r > r BCOK JJ1 PAGE ~s7 er_» tte.~., t oPrcpared by Stanley H. Spiejer; iSttoiiiey, 470 Biscayne Boulevard, Miami, Florida 33137 /7 . - - -