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HomeMy WebLinkAbout0219 7' ~ Strait &-(it1eC°~P' ~MEB:._,,.,,L~.~ • ~ pAr1E11T OF TARE= ODE ON (;<1?SS 'C INTIUt6.3lE IrERSONAI ?i0.°ER1Y. . ~~,~0 49855'7 /{gtSUAAT TO INAp ROLES /OITRA=i o? a». ' aEnc awca>r GolI11T.:t. ul~ o0. e.~~~~sa~,~ MORTGAGE made the day below set forth b_ etween the Mortgagor below named and the Mortgagee, M ETROPOLITAN MORTGAGE, CO.. a Florida corportation. ' W HEREAS. the Mortgagor is indebted to the Mortgagee as evidenced by a certain mortgage note (Note) o[even date from the Mortgagor . to Mortgagee u described below. To secure to the Mortgagee the pcrformantt by the Mortgagor of all his agreements set forth in this Mortgage and the Note. including the repayment of the indebtedness evidenced by the Note, interest thereon, sums advanced by the Mortgagee in accordance with the provisions of thu Mortgage to protect the .lien and security thereof, and interat thereon. the Mortgagor does hereby mortgage, grant and convey to the Mortgagee the real property described below together with (a) all easements, righ tenements, hereditaments, rents, issues and profits appurtenant thereto; (b) a116mldings, structures and rmprovcments now or hereattc~ ,oc:.~~•d upon said real property. (c)all of the following presently attached thereto: pipes, plumbing fixtures and equipment, electrical conduit :,~.d wirrttg 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 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, its successors and assigns in fee simple. The Mortgagor convnnants 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 except as may be below noted, and that the Mortgagor will warrant and defend the tick 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 interat 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 governmentalauthority against the Property within sixty(ti0) days of when due or sixty (60) days prior to the same becoming delinquent. whichever may first occur. 3. !tit 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 ("Friar Mortgage(s)"), to promptly pay to the holder(s) of Pnor 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 thtrcby; 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 cif 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 hen 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 say 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 umt,the Mortgagor shaU,promptly and completely perform all of his obligations under the declaration of condominium and the condominium assoaation's articles of incorportation, 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 Property is part of a planned unit development, the Mortgagor shall promptly comply with all provisions of the declaration of coverants and ratrictions establishing 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 pnpnty over the Gen 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 and contingencies 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 insurance. The Mortgagor agrees to deliver renewal or replacement policies or certificates therefor to the Mortgagee at least fiftesn (1 days prior to theexpiration or anniversary date of theexisting policies. The amounts of insurance tequit~ed by the Mortgagee shall be minimum amounts for which said insurance shall be written and it shall be incumbent upon the Mortgagorto maintain such additional insurance as may be necessary to meet and comply fully with all co-insurance requirements contained in said policies to the end that the Mortgagor is not a co-insurer 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 a Pnor Mortgage. All detailed designations by the Mortgagor which arc 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 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 msybe~p7y?abk pn the cancellation or termination thereof shall be given to other than the Mortgagee except a holder eta Prior Mortgagt or by proper endorsentient affixed to such policy 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 tosses under such policy payable to the Mortgages as its interest may appear. In the event any sum or sums of money become payable thereunder ttx Mortgagee shall 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 physical damage to the Propertythe Mortgagor shall give immediate notice thereof by mail to the Mortgagee and the Mortgagee may make proof of loss if the same is not promptly made by the Mortgagor. In the event of forcclosurc of this mortgage or other transfer of title to the Property all right, tick and interat of the Mortgagor in and to the insurance policies shall pass to the purchaser or grantee. 7. If the Mortgagor fails to perform his covenanu 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 intert~st, 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 interests in the Property. including but not limited to eminent domain or code enfoiroement or arrangements involving a bankrupt or decedent, or if there is an apparent abandonment of the Property, then the Mortgages 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 appearance, may enter upon and secure the Property, may disburse such other sums (including but not limited to the payment of insurance premiums and texts), 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 Property. Any amounts disbursed by the Mortgages pursuant to the previsions of this paragraph, together with interat thereon at the rate of sixteen (16°.'0) 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 terms 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 ottee Property or any part tnercof, or for conveyance in lieu of condemnation or eminent domain arc hereby assigned 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 i 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 interat or change the amounts thereof. 9. Any forbearana'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 orcharga or the payment of sums 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 afforded by law of equity and may be exercised concurrently, independently or successively. 10. To pay all costa charges and e~~ensa including attorney's fees (whether or not litigation oceurs and if it does then those on appeWte as well as trial keel) and stbstr~et costs reasonably igcurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagor to perform, comply wife and abide by aq of his covenants set forth in this mortgage and/ orthe Noteand/or Prior Mortgage(s) and the promiuory note(s) secured thereby. o 1 I. The Mortgagee is a licensed mortgage broker under ~ pier 494, Florida Statutes. BQ~~2Q P~ BL; 3 Rev.. ~ oPrcparcd by Stanley H. Spick AUomey~ 4700 Biicayn6 Boulevard, Miami, Florida 33137 - ~ ~ -