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MORTGAGE trade the day below xt forth between the Mortgagor below named and the Mortgagee, METROPOLITAN MORTGAGE
CO., a Florida corporation. .
WHEREAS, the Mortgagor is indebted to the Mortgagee as evidenced by a certain mortgage note (Note) of evtn date from the Mortgagor
to Mortgagee as described below.
To secure to the Mortgagee the performaticx 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, sutras advanced by the Mortgagee in accordatice 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 dexribed below toge{)ier with (a) all eaxtnents, rights, tenements, hereditamehts, rents, issues and profits
appurtenant thereto; (b) all buildings, struMures and improvements now or hereafter located upon said real property, (c) all of the following
prexntly attached thereto: pipes, plumbing fixtures and equipment, electrical conduit and wiring and fixtures, heating and cooling and air
conditioning equipment and fixtures, sprinkling and irrigation equipment and factures, pumps, tenets and awnings; and (d) range, oven and
refrigerator Presently upon the premises; all of the foregoing arc hereto referred to as the "Property." To have and to hold the same unto the
Mortgagee, its successors and assigns in fee simple.
The Mortgagor convenants that he is lawfully xized of the estate hereby conveyed and he has the right to mortgage, grant and convey the
Property, that the Property is unencumbered except as tray be below noted, and that the Mortgagor will warrant and defend the title 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, assessments, charges, tints and other impositions of governmental authority against the Property within sixty (60) days
of when due or sixty (i30) 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 otherwix fully, promptly and
completely 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 indulgetices 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 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 conxnt• to comply with all
subdivision restrictions and zoning and other regulatory laws and ordinatices 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
association's articles of incorportation, b~-laws and rules and regulations and other constituent condominium documents including but not
limited to the payment of all regular and special assessments, the liens for which against the Property might or could have priority over the Gen of
this mortgage. If the Property is part of a planned unit development, the Mortgagor shall promptly comply with all provisions of the declaration
of covenants and restrictions csablishing 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 lien of this
mortgage.
6. To keep all the Property insured as may be required from titre to time by the Mortgagee agaitut loss by fire, windstorm, hazards,
casualties and contingencies for such periods and for not less than such amounts as tray be reasonably required by the Mortggaagee and to pay
promptly when due all pretniutns for such insurance. The Mortgagor agrees to deliver renewal or reQlaarnent polices or rxrtiticates therefor to
the Mortgagee at kart fifteen (I S) days prior to the expiration or anniversary daft of the existing pohcies. The amounts of insurance required by
the Mortgagee shall be mitiimum amounts for which said insurance shall be written and it shall be incumbent upon the Mortgagor to ttiainain
i such additional insurance as may be necessary to meet and comply fully with all co-insurance requirerhents conained in said policies to the end
that the Mortgagor is not a co-insurer thereunder. Insurance tray 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 Prior Mortgage. All deailed designations by the Mortgagor which arc accepted by the Mortgagee and all agreetrients between the Mortgagor
and Mortgagee relatin~gg to,in#tarance, now existing or hereafter made, shall be in writing and shall be a part of this mortgage agreement as fully as
though xt torth`vetl~tirh herein and shall govern both parties hereto. No lien upon any policy of insuraria 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
M ortgage or by proper endorsement affixed to such policy and approved by the Mortgagee. Each policy of insurancx shall have affixed thereto a
Standard New York Mortgagee Clatix Without Contribution making all loss or losses under such policy payable to the Mortgagee as its
I interest may appear. In the event any sum or sums of money become payable thereunder the Mortgagee shall have the option to receive and
g apply the same on account of the indebtedness secured hereby or to portrait the Mortgagor to reoerve and ux 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 dstnage to the Property the
Mortgagor shall give immed?ate notice thereof by mail to the Mortgages 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
Mortgagor in and to the insurance policies shall pass to the purchaxr or grantee.
7. If the Mortgagor fails to perform his covenants and agreements conained 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 interest, deposits on account of axes and insurance
premiums and late charges even though the holder of the Prior Mortgage has trade no demand thereunder and has not threatened any action in
connection with the same), or if any action or proceeding is commenced which tnatcrially 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 Prior Mortgage all or parts of the sums necessary to
bring the Prior Mortgage current, may make appearatices, may enter upon and secure the Property. may disburx such other sums (including
$ but not limited to the payment of insurance prcmiutns and axes), and tray ake 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 Property. Any amounts disbursed by the Mortgagee
pursuant to the provisions of this paragraph, together with interest thereon at the rate of sixteen (16r/o) per trot per annum shall become
additional indebtednr=ss of the Mortgagor secured by this mortgage. Unless the Mortgagor and Mortgagee agree in wnttng to some other terms
of payment, such amounts shall be payable immediately. Nothing in this paragraph shall require the Mortgagee to incur any expense, make any
3 disbprxment or take any action whatever.
8. All proceeds of any award or claim for damages direct or corisequtntial in connection with any condemnation or any other aking by
i eminent domain of the Property or any part thereof, or for cohveyaticx in Geu of condemnation or eminent domain arc hereby assigned and shall
I be paid to the Mortgagee. Unless the Mortgagor and Mortgagee otherwix agree in writing (a) all proceeds received by the Mortgagee shall be
I applied to the Burns xcured by this mortgage without imposition of any prepayment charge. and (b) the application of proceeds shall not extend
or postpone the sue date of insallments of principal and interest or change the amounts thereof. '
9. Any forbearance by the Mortgagee in exercising any right or remedy hereunder or otherwix afforded by applicable law shall not be a
waiver of or preclude the exercix of such right or remedy. The procurctnent of insurance or the payment of axes or other liens or charges or the
payment of sums under a Prior Mortgage by the Mortgagee shall not bra waiver of the Mortgagee's right to aocekrate the maturity of the
~ indebtedness secured by this mortgage. All remedies provided in this mortgage arc distinct and cumulative to any other right or rcmtdy under
this mortgage or afforded by Iaar or equity and may be exercised concurrently, independently or successively.
10. To pay all costs charges seed expetixs including attorney's fees (whither or not litigation occurs and if it dos then thox on appellate as
well as trial level) and abstract costs reasonably incurred or paid at any time by the Mortgagee becaus! of the failure on the part of the
Mortgagor to perform, co:.ip;y with and abide by all of his covenants xt forth in this mortgage and/ or the Note and/or Prior Mortgage(s) and
the promissory note(s) secured thereby.
I I. The Mortgagee is a licenxd mortgage broker under Chapter 494, Florida Salutes. d(lf~~~ p~~~~~~
si
st. t Rn.. j Prepared by Stanley H. Spinet, Attorney. 4700 Bixayne Boulevard, Miami, Florida 33137