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HomeMy WebLinkAbout0711 ~~NE - 1- w~d 0 ~~;kuF~ 7;~e M Pelyment Of Ttums . a» o~ aw ~ r~aa• ~«tt«l.l thoo«t11, n y~481 hiwoawtTi C~w~w 7t. +s~, ~ a tv~t. ~ ronMS pMt t~rtll! Owl ~f. t+I~M4 Cam, !'Nr CORRECTIVE MORTGAGE made the day below ut (arth between the Mortgagor below named and the Mortgagee, M ETROPOLITAN 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. To secure to the Mortgagee the performance by the Mortgagor of all his agreements set forth in this Mortgage and the Note, including the reQayment of the indebtedneu evidenced by the Note, interest thereon, sums advanced by the Mortgagee 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 together with (a) all easements, rights, tenements, hereditamenls. rents. issues and profits appurtenant thereto; (b) all buildings, structures and improvements now or hereafter located upon said real properly, (c) all of the following presently attached thereto: pipes. plumbing fixtures and eruipment, electrical conduit and wrong and fixtures. heating and cooling and air conditiotung equipment and fixtures, sprinkling and irrigation equipment and fixtures. pumps, fences and awning:; and (d) range, oven and refrigerator presently upon the premises; all of the foregoing arc herein referred to as the "Property." To have and.to hold the same unto the Mortgagee. eta successors and assigns in fee simple. The Mortgagor convenants that ht is lawfully uizcd of the estate hereby conveyed and he has the right to mortgage, grant and convtythe Property, that the Property is unencumbered except as may 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 Iatechargesas provided therein. 2. To pay all taxes, assessments, charges, fines andother impositions of governmcntalauthority 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(s)°), to promptly pay to the holder(s) of Prior Mortgage(s) sums due on account of taxes and insunnce premiums as may be provided for under the provisions of the Prior MortgagNs), and to otherwise fully, promptly and completely keep and perform all of the promises and convenants of the mortgagor under Prior Mortgage(s) and the promissory notNs) secured thereby; all of the foregoing without regard to any waivers, extensions or indulgences granted by the holder(s) of Prior MortgagNs) 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 ucurcd 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 bt 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 and ordinances affecting the Property. if the Property is a condominium unit, the Mortgagor sliall, 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 limited to the pa ment of all rc~ular 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 declantion of covenants and restrictions establishing the same and shall promptly fulfill all his obligations under the constituent document: of the planned unit development including the homeowners association's or its e4uivalent's articles and by-laws and shall promptly pay al! asseuments or charges of evesyrwhire'(ho itiiitter how designated) the lien for which against the Property might or could have pnonty over the Gen of this mortgage. _ . 6. To keep all~the ~Propcrty irisured as may be required from time to time b}+ the Mortgagee against loss by fire, windstorm. hanrds, casualties and contdigencies for ~uc6 periods and for not Icss than such amounts as may be reasonably required by the Mortgagee and to pay promptly when due all pp~~eemiutnt for such insurance. The Mortgagor agrees to deliver renewal or replacement policies or certJ~cates therefor to the Mortgagee at least fdteen (f ~ days prior to the expiation or anniversary date of the existing policies. The amounts of insuiance 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 a ditional insuanee as ma be neoessa to meet and coin 1 full with all co-insurance r uircments contained in said licies to the end d Y rY P Y Y W Im { that the Mortgagor is pof a }o-tMdrer thereunder. Insurance may be written by a company or companies approved by the Mortgagee (which approval shall not be reasonably 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 designations by the Mortgagor which arc accepted by the Mortgagee and all agreements betwan the Mortgagor and Mortgagee relating to insuance; now existing or hereafter made, shall be in writing and shall be a part of this mortgage agreement as fully as though tit forth verbatim herein and shall govern both parties hereto. No lien upon any policy of insuance or upon any refund or return premium which may be payable on the cancellation or termination thereof shall be given to other than the Mortgages except a holder of a Prior Mortgage or by proper endorsement affixed to such polity and approved by the Mortgagee. Each polity of insunnce shall have affuted thereto a Standard New York Mortgagee Clause Without Contnbution making al! loss or losses under such policy payable to the Mortgagee as its interest may appear. In the event any sum or sums of money become payable thereunder the Mortgagee shall have t option to receive sled apply the same on account of the indebtedneu secured hereby or to permit the Mortgagor to receive and use it or any part thereof without waiving or impairing any equity, Gen, 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 Mortgages and the Mongagee may make proof of lou if the acme 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 insurancx policies shall pass to the purchaur or grantee. 7. If the Mortgagor fails to perform his covenants and agreements contained in this mortgage, or if the Mortgagor faits to perform any duty or obligation arising under a Prior Mortgage (including the payment of principal and Jor 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 thratened 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 enforcxment 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 neceuary to bring the .Prior Mortgage current, may make appearances, may enter upon and secure the Property, may disburse such other sums (including but not limited to the payment of insurance prerwums and taxes), and may take such other action as the Mortgagee reasombly deems uoassary 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~) pet cent per annum shall become additional indebtedness of the Mortgagor secured by this mortgage. Unless the Mortgagor and Mortgagee agree in venting to some other terms of payment, such amounts shall be payable immediately. Nothing in this paragraph shall require the Mortgagee to incur anyexpense, 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 tnercof, or for conveyance in lieu of condemnation or eminent domain are hereby assigned and shall be paid to the Mortgagee. Unleu the Mortgagor and Mortgagee otherwiu agra in writing (a) all proceeds received by the Mortgagx shall be applied to the sums secured by this mortgage without imposition of any prepayment charge, and (b) the application of proixeds shall not extend ~ or postpone the sue date of installments of principal and interest or change the amounts thereof. 9. Any forbeaanoe by the Mortgagee in exercising any right or remedy hereunder or otherwise afforded by appUcabk law shall not be a waiver of or preclude the exercise of such nght or remedy. The procurement of insuance 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 acaknte the maturity of the indebtedness secured by thin mortgage. All remedies provided in this mortgage are distinct and cumulativeto any other right or remedy under this mortp~ge or afforded by taw or equity and may be exercised concurrently, independently or successively. 10. To pay alt costs charges and expenses including attorney's foes (whether or not litigation occurs and if it does then those on appellate as wel; as trial ~1) and abstract cosu reasonably incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagor to berferm, comply with and abide by all of his covenants tit forth in this mortgage and / or the Note and J or Prior Mortgage(s) and the promissory note(s) secured thereby. I1. The Mortgagee is a licensed mortgage broker under Chapter 494, Florida Statutes. P~f ~~O ~ ~ 6t;nX a BU3 Rev.. ~ oPrcparcd by Stanley~H. Spiele>f, ~ttDrney, 4700 &scayne Boulevard, Miami. Florida 33137 - - ~