HomeMy WebLinkAbout0217 7'
naorm:--1 ,to at'(~'n~ a "u~t~ 4y~i556
0 011E ON CI:.SS 'C' g1TItX8't11.E P A30113~1 l~M1yr
?@AiUANT TO CMA1TtiA 71•!„1„ ACT= Of All.
ROOFg PORM: '
~c o~o~a a~ a~ ~ a.
~~x~ ~ .
MORTGAGE made the day below act 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 «rtain mortgage note (Note) oteven 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
rcQayment of the indebtedness evidenced by the Note, interest thereon, sums advanced by the Mortgagee in accordance witb the provisions of
thrs 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 casements, rights, tenements. hereditament:. rents, issues and profits
appurtenant thereto; (b) all buildings, structures and Improvements now or hereafter located upon said real property, (e) all otthe following
presently attached thereto: pipes, plumbing fixtures and equipment, electrical conduit and wiring and fixtures, heauag and cooling and atr
• conditioning equipment and fixtures, sprinkling and irrigation equipment and fixtures, pumps, fences and awnings; acrd (d) range, oven and
refrigerator presently upon the premises; all of the foregoing are 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 hereby conveyed and he has the right to mortgage, grant and convey the
Property, that the Property is unencumbered ex«pt 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 fiollows:
1. To promptly pay when due the principal of and interest on the indebtedness evidenced by the Note and prepayment and Lteehargesas
provided therein.
L To pay all taxes, assessments, charges, fines and other impositions of governmentalauthorityagainst the Property within sixty(60)days
of whin due or sixty (tS0) 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 rho holder(s) of Prior Mortgage(s) sums due on account of
taxes and insuran« 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 convenanta of the mortgagor under Prior Mortgage(s) acid the promissory note(s) secured
thereby; all of the [oregoing 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, re«ive or ac«pt from any holder of any Prior Mortgage any money, funds or things of value which would,.
might or could be considered as an advan« scoured 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 with 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 undrr 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 Clot
limited to the payment of all regular and special assessments, the liens for which against the Property migbt orcould Gave priority over the lien of
this mo~tgage.l the ProQerty is part of a planned unit development, the Mortgagor shall promptly comply with all provisions of the declaratiop
of covenants and restrictions establishing the same and shall promptly fulfill all his obligations under the corutituent documents o[the planned
unit development including the homeowners association's or its equivalent's alticles and by-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 lien of this
mortgage.
6. To keep all the Property insured as may be required from time to time by the Mortgagee against lou by f re, windstorm, hazards,
casualties and cogtingencies for such periods and for not less than such amounts as maybe reasonably required by the Mortgagee and to pay
promptly when due all ppremiums for such insuran«. The Mortgagor agrees to deliver renewal or rcpla«ment policies of certificates therefor to
the Mortgagee at least fdteen (1 S) days prior to the expiration or anniversary date otthe existing polraes. The amounts of insurance required by
the Mortgagee shall be minimum amounts for which said insuran« shall be written and it shall be incumbent upon the Mortgagor to maintain
such additional insuran« as may be ne«ssary to meet and comply fatly with all co-insuran« requirements contained in said policies to the eod
that the Mortgagor is not a co-insurer thercundcr. 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 Prior Mortgage. All detailed designations by the Mortgagor which are accepted by the Mortgagee and all agreements between the Mortgagor
I and Mortgagee relating to insurance, now existing or hereafter made, shall be in writing and shall be a part of this mortgage agreement as fully as
though sets otthr~verbatim herein and shall govern both parties hereto. Ho lien upon any policy of insurance or upon any refund or return
premium which may be payable on the can«Ilation or termination thereof shall be given to other than the Mortgagee except a 6olderof a Prior
I~ Mortgage or by proper endorsement affixed to such policy and approved by the Mortgagee. Each policy of inatrtance shall have affutedtbereto a
Standard New York Mortgagee Clause Without Contnbution making all 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 thercundcr the Mort~agep ahaU have the option to receive and
apply the same on aceount of the indebtedness secured hereby or to permit the Mortgagor to receive and use 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 physial damage to the Property the
Mortgagor shall give immediate notice thereof by mail to the Mortgagee and the Mongagee 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 title to the Property all tight, title and interest of the
Mortgagor in and_to the insuran« policies shall pass to the purchaser or grantee.
7. If the Mortgagor faits to perform his covenants and agreements contained in this mortgage, or if the Mortgagor failsto 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 thereunderand has not threatened anyaction in
connexion with the same), or if any action or proceeding is common«d which materially affects the Mortgagee's interests in the Property,
including but not limited to eminent domain or code enforcement Er arrangements involving a bankrupt or decedent, or Jthere 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 otthe sums ne«asary to
bring the Prior Mortgage current, may make appcaran«s, may enter upon and secure the Property, may disburse such other sums (including
but not limited to the payment of insuran« premiums and taxes), and may take such otheraction as the Mortgagee reasonably deems neeeswry
or advisable to protect fits 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~) per ant per annum shall 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. lothing in this paragraph shall requirethe Mortgagee to incuranyexpense, makeany
disbursement or take any action whatever. - I
8. AU 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 iir any part tnereof, or for conveyance in lieu of condemnation or eminent domain are hereby auigned and shall
l be paid to the Mortgagee. Unless the Mortgagor and Mortgagee otherwise agree in writing (a) all proceeds re«ived by the Mortgagx 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 aue date of installments of principal and interest or change the amounts thereof.. _
9. Any forbearan« 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 insuran« 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 ao«krate 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 eq;iity and :nay be exercised concurrently, independently or sucxessively. - ~
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 flip part of the
Mortgagor to perform, comply with and abide op all of ~iis covenants set forth in this mortgage and/or the Noteand/or Prior Mortgage(s) and i
the prommssory Hotels) secured thereby.
11. The Mortgagee is a li«nsed mortgage brokrr under Chapter 494, Florida Statutes. d~~ P~~s
{
BI~3 ~,-3 ~ It°Prcpared by Stanley H. Spitler. Attorney. 4700 Biscayne Boulevard, Miami, Florida 33137
4 ~ _ f o-