HomeMy WebLinkAbout1013 1'
493662
i
'M~~~~~
MORTGAGE trade 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 I?lorigagee u 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
reQaytnent of the indebtedness 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, grant and convey to the
Mortgagee the real property described below together with (a) all easements, rights, tenements, hercditaments. rents, iuues and profits
appurtenant thereto; (b) all buildings, structures and improvements now or hereafter located upon said real property, (c)all of the following 3
preuntly attached thereto: pi ,plumbing fixtures and equipment, electrical conduit and wiring and fixtures, heating and cooling and air
conditioning equipment and fixtures, sprinkling and irrigation equipment and fixtures, pumps, fences and awnings; and (d) range, oven and
refrigerator ~reuntly upon the premises; all of the foregoing arc herein referred to as the "Property." To have and to hold the same unto the
Mortgagee. its suecesson'and assigns in fee simple.
The Mortgagor convenants that he is lawfully seized of the estate hereby conve}•ed 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 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 u .
provided therein. 7
2. To pay al! taxes, assessments, charges, fines and other impositions of governmentalauthority 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 subprdinate ranked mortgagr, then to promptly pay when due principal and interest
owing under mortgage(s) of higher priority ("Prior MortgagNs)"), 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 otherwise fully, promptly and
completely keep and perform all of the promises and convenanu 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 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 vnth all
subdivision restrictions and 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
association s articles of incorporation, by-laws and rules and regulations and other constituent condominium documents including but not
limited to the pa merit 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 ProQeriy is part of a planned unit development, the Mortgagor shall promptly comply with a0 provisionu of the declaration
of covenants and restrictions establishing the same and shall promptly fulfill all his obligations under the constituent documents of the planiied
unit development including the homeowners association
s or its equivalent's articles and by-laws and shall promptly pay al) assessments 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 amd contingencies for such periods and for not less than such amounts as may be reasonably required by the Mortgagee and to pay
promptly when due all premiums for such insurance. The Mortgagor agrees to deliver renewal or replacement policies or certificates therefor to
the Mortgagee at kut fifteen (I S) days prior to the expiration o7 anniversary daft of the existing policies. 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 insurancx as may be necessary to mat and comply fully with all co-insurance requirements contained in said policies to the end
~ that the Mortgagor ~ riot s'co-insurer thereunder. Insurance may be writer by a company or companies approved by the Mortgagee (which
I approval shall'rlof tie udreasonably withheld) and all politics and renewals shall be held by the M orgagce unless in the possession of a holder of
~ a Prior Mortgage. All detailed designations by the Mortgagor which are accepted by the Mortgagee and all agreements between the Mortgagor
and Mortgagee relating to insurance, now existing or hereafter made, shall be in wrung and shall be a part of this morigagt agreement u fully u
though set forth verbatim herein and shall govern both parties hereto. No lien upon any policy of insurance 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
Mortgage or by proper endorsement affixed tQ such polio and approved by the Mortgagee. Each policy of insurance shall have affixed thereto a
Standard New York Mortgagee Clause Without Contribution making all loss or losses under such policy payable to the Mortgagee u iu
interest may appear. In thtpa>nyietata~i tiiut~?bifiiotiey become payable thereunder the Mortgagee shall have the option to receive and
apply the same on account of tl)e iqq(~~ ~ceby or to permit the Mortgagor to receive and use it or any part thereof without
waiving or impairing any equity] Ge>i'bf¢ftt~~1 t e~b virtue of this mortgage. In the event of loss or physical damage to the Property the
Mortgagor shall give immediate notice t~u~M1C11;j?~ll~aR3 Mortgagee and the Mortgagee may make proof of loss if the same is not promptly
made by the Mortgagor. In the even fq~ o~tys mortgagq or;~44~ber transfer of title to the Property all right, title and interat of the
Mortgagor in and to the insurance c1lS"kfs'td the purchaser or grantee.
7. 1f the Mortgagor fails to perform his covenants and agreements contained in this mortgage, or if the Mortgagor fails to perform anyduty _
or obligation arising under a Prior 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 if any action or proceeding is commenced which materially affects the Mortgagee's interats 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 pans of the sums necessary to
bring the Prior Mortgage current, tray snake appearances, may enter upon and secure the Property, tray disburx such other sums (including
but not limited to the payment of insurance premiums and taxes), and may take such other action u the Mortgagee reasonably deems tiecesaary
or advisable to protect his interats 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
additional indebtedness of the Mortgagor secured by this mortgage. Unless the Mortgagor and Mortgagee agree in writing to some other teens
of payment, such amounts shall be payable immediately. Nothing in 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 consequential in connection with any condemnation or any other taking by
eminent domain of the Property of any part tnercof, or for conveyance in lieu of condemnation or eminent domain arc hereby assignedand shall
+.x paid to the Mortgagee. Unless the Mortgagor and Mortgagee otherwise agree in-writing (a) all proceeds received by the Mortgagee shall bt
ap~~tied to the sums secured by this mortgage without imposition of any prepayment charge, and (b) the application of procxtds shall not extend
or postpone the sue date of installments of principal and interat 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 procurement of insurance or the payment of taxes or other Dens or charges orthe
payment of sums under a Prior Mortgage by the Mort~gge shall not be a waiver of the Mortgagee's right to accelerate 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
this mortgage or afforded by law or equity and may be exercisedsoncurrently, independently or successively.
In Tn pay ate ~..a. rh~rgrc Amd ctpriive int•ligling,~trnr,ry'~ frrc (whether or not litigation occurs and if it does then those on appellate as
well u trial level) and abstract costs reasonably ipcutred~or/paid at any time by the Mortgagee because of the failure on the part of the 3
Mortgagor to perform, comply with and abide by ell of his covenants set forth in this mortgage and / or the Note and! or Prior Mortgage(s) and
the promissory note(s) secured thereby.
~ 11. The Mortgagee is a licensed mortgage broker under Chapter 494, Florida Statutes. Bf'aX~~ PJ~1~
eL 3 Rev.. 3 oPrcparcd by Stanley N. Spicer. Aitdrney. 4700 Biscayne $o~ilev~rd, Miami* Florida 33137
• i