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HomeMy WebLinkAbout1606 r,Lj t i. . 7:., 4, ~ .ice 1911' `VV~ 1. i _::a Pi11~~AS • CLLGK gS:IIR CC{IF:i. Si. LW'~E CO. f1g.Q~~ 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 Mortgaget 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 (Vote, including the repayment of the indebtedness evidenced by the Note, interest thereon, sums advanced by the Mortgagee rn accordance wrtlr the provisions of this Mortgage to protect the lien and secunty 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, heredetaments, rents, issues and profits appurtenant thereto- (b) all buildings, structures and emprovements now or hereafter located upon said real property, (c)all of the following presently attached thereto: pipes, plumbing fixtures and equipment, electrical conduit and wireng 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 Qresently 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 successors and assigns in fee simple. The Mortgagor convenants that he is lawfully seized of the estate hereb}• eom•e}•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 well 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, 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. ~f 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 insunnce premiums as may be provided for under the provisions of the Prior Mortgage(s), arid to otherwise fully, promptly sad compktd~r keepand perform all of the promises and convenants of the mortgagor under Prior Mortgage(s) and the promissory note(s)seeured thereby; all of the forcgorng without regard to any waivers, extensions or indulgences granted by the holder(s) of Pnor Mortgage(s) unless with the prior consent of the Mortgagee. d. 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 Iron 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 ereaod 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 utrit, the Mortgagor shall,promptly and completely perform all of his obligations under the declarateon of condominium and the condominium assoceateon s articles of rncorportation, by-laws and rules and regulateons 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 oreould have priority over the lien of this mortgage. If the Property is part of a planned unit development, the Mortgagor shall promptty comply with all proviseoris of the declaration of covenants and rcstrictrons establishing the same and shall promptly fulfill all his obligations under theconstituent documents of the planned unit development including the homeowners association s or its equivalent's articles and b}•-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 pnority over the Gen of this mortgage. 6. To keep all the Property insured as may 6e required from time to time by the Mortgagee against loss by fire, wiridstorm, hanrds, casualties and contingencies for such periods and for not less than such amounts as maybe reasonably required by the Mortgagee and to pay promptly when Jue all Premiums for such insurance. The Mortgagor agrees to deliver renewal or replacement policies or certificates therefor to the Mortgagee at kart fifteen (1 S) days prior to the expiration or anniversary date of the existing policies. The amounts of insurance required by the Mortgagor 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 meet and comply fully with all co-insurance requirements contaened in said policies to the end that. the Mortgagor is not a co-ensurer 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 I a Prior Mortgage. All detailed designations by the Mortgagor which arc accepted by the Mortgagee and all agreemenu between the Mortgagor and Mortgagee relating to insurance, now existing or hereafter made, shall be in writing and shall be a part of this mortgageagreement as teilly as 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 maybe payable on the cancellation or termination thereof shall be gevcn to other than the Mortgagee except a holder of a Prior Mortgage or by properendorsement affixed to such poliry and approved by the Mortgagee. Each policy of insurance shall have affixed thereto a Standard New Yotk Mortgagee Clause Without Contribution making all loss or losses under such poliry 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 the option to reoeivt aed apply the same on account of the indebtedness secured hereby or to permit the Mortgagor to receive and use it or any part thereof without waiveng or impairing any equity, lien, or right under and by virtue of thes mortgage. In the 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 loss Jthe 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 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 interest, deposits on account of taxes and instinnoe 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 came), 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, 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 appearances, may enter upon and secure the Property, may disburse such other sums (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 Propert}•. Any amounts disbursed by the Mortgagee pursuant to the provisions of this paragraph, together with interest thereon at•the rate of sixteen 116) per cent per annum shall become b additional indebtedness of the Mortgagor secured by this mortgage. Unless the Mortgagor and Mortgagee agree in wntrngto some other terms of payment, such amounts shall be payable immediately. Nothing in this paragraph shall require the Mortgagee to incuranycxpense, niakeany 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 tnereof, or torconveyance in lieu of condemnation or eminent domain arc hercbyassigned 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 any 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 any right or remedy hereunder or otherwise afforded by appliabk law shall not be a waiver of or precltxle-the exercise of such right or remedy. The procurement of insurance or the payment of taxes or other Dens or charges or the payment of sihns under a Prior Mortgage by the Mortgagee 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 arc distinct and cumulative to any other right or remedy under this mortgage or affotMd by law or equity and may be exercised concurrently, independently or successively. 10. To pay all costs charges and expenses including attorney's fees (whether or not litigation occurs and if it does then those on appellate as well as trial keel) and abstract costs reasonably incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagor to perfoe ut, •1`neply with and abide by all of his covenants set forth in this mortgageand/orthe Noteand Jor Prior Mortgage(:)and the promissory note(s) secured thereby. a 11. The Mortgagee is a licensed mortgage broker under Chapter 494, .Florida Statutes. 1~~~ p~~hQ~ ' Cti ~ • tJt~ et_ ~ tte.•.. ~ Prepared b}• Stanley H. Spieler, Attorne}•. 4700 Biscayne Boulevard. Miami. Florida 33137 - - - '