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FU:,SJANT t0 CNAPIER 71•t:4, ACTS Of 1111. JU484p
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MORTGAGE made the day below set forth between the Mortgagor below named and the Mortgagee, METROPOLITAN MORTGAGE
CO., a Florida corportation.
W HEREAS, 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
repayment of the indebtedness evidenced by the Note. interest thereon. sums advanced by the Mortgagee in accordance with 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 togeurer with (a) all tenements, rights, tenements, hereditaments, rents. issues and profits
appurtenant thereto; (b? all buildings, structures and improvements now or hereafter located upon said real property, (c) all of the following
presently 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, (cotes and awnings; and (d) range, oven and
refrigerator Presently upon the premises; all of the foregoing able 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 ht 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 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 bee charges as
provided therein.
2. To pay all taxes, assessments, charges, tines 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 ma}• 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 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 conennants of the mortgagor under Prior MortgagNs) and the promissory note(s) secured
thereby; all of the foregoing without regard to any waiver, extensions or indulgences granted by the holder(s) of Prior Mortgage(s) unless with
the poor 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 valor 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 bws 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 decoration 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 payment of all regular and special assessments, the liens for which against the Property might or could have priority over the lien of
this mortgage. If the Property is part of a planned unit development, the Mortgagor shall prompltycomply with all provisions of the decoration
of covenants and restrictions establishing the same and shall promptly fulfill all his obligations under the constituent documents of the pbaned
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 lien for which against the Property might or could have priority 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 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 therc[or to
the Mortgagee at least fifteen (t5) days prior to the expiration or anniversary date of theexisting 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 Mortgagortomaintain
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 unrdalombly 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
j and Mortgagee relating to insurance, now existing or hereafter made, shall be in writing and shall be apart ofthis mortgagtagreement asfully 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
I 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
~ M ortgagt or by proper endorsement affixed to such policy and approved by the Mortgagee. Each policy of insurance shall have affixed thereto a
Standard New York Mortgagee Couse Without Contribution 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 thereunder the Mortgagee shall have the option to receive and
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
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 Property the
Mortgagor shall give immediate notice thereof by mail to the Mortgagee and the Mortgagee may make proof of loss if the same is not prom sly,
made by the Mortgagor. !n the event of foreclosure of this mortgage or other transfer of tick to the Property all right, tick and interest ofpthe
Mortgagor in and to the insurance policies shall pass to the purchaser or grantee.
7. If the Mortgagor fails to perform hiscovenants and agreements contained in etas mortgage, or if the Mortgagor fails to perform any duty
or obligation arising under a Pnor 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 interests in the Property,
~ ncluding 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 duburse such other sums (including
but not 6mitcd to the payment of insurance premiums and taxes), and may take such other action as the Mortgagee reasonably deems necessary
or ads•isabk 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 ) 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 ~ i
~~f 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
Fminent domain of the Property or any part tnereof, or forconveyance to 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 appliation otproceeds shall not extend
or postpone the aue 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 applycabk bw 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 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 acockrate the maturity of the '
indebtedness secured by this'mort~age. All remedies provided in this mortgage arc distinct and cumubtive to any other right or remedy under 3
this mortgage or afforded b; law or equity and may be exercised concurrently, independently or successively.
10. To pay all costs c)arpres sod expenses including attorney's fees (whether or not litigation occurs and it it does then those on appellate as
well as trial level) and abstrert costs reasonably incurred or paid at any time by the Mortgagee because of the failure oa the part of the
Mortgagor to perform, comply with and abide by all of his covenants set forth in this mortgage and/ orthe Noteand/or Prior Mortgage(s)and ~ ;
the promissory note(s) secured thereby. ~
' I I. Tht Mortgagee is a licensed mortgage broker) render Chapter~494,. Florida Statutes. ~ p~~~
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tit. ~ itn . ! oPrepared by Stanley Fi. Spitk~; Attorney. 4700 Biscayne Boulevard, Miami, Florida 33137
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