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HomeMy WebLinkAbout1180 _ lt_~......, t , 3 0 . t " r. Yee CIEGK gaLU1T CGYAT, ST, IU:IE CO. fl~~~, ~ ~ - ~ Q 9. 3 t7 i _ _ MORTGAGE made the day below set forth between the Mortgagor below named and the Mortgages, M ETROPOLITAN MORTGAGE CO., a Florida corportation. W HEREAS, the Mortgagor is indebted to the Mortgagee u evidenced by a attain mortgage note (Note) of even date [tom the Mortgagor to Mortgagee u described below. To secure to the Mortgages the performance by the Mortgagor of all his agreements set forth in this Mortgage and the Note, including the repayment of the indebtedneu 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, hereditaments. rcnu. issues and profits appurtenant thereto; (b) all buildings, structures and Improvements now or hereafter located upon said teal property. (c) all of the following presently attached thereto: pi ,plumbing Cxturcs and equipment, electrical conduit and wrong and fixtures, hcattng and cooling and air condittontng equipment and fixtures, sprinkling and irrigation equipment and fixtures, pumps. fences and awnings; and (d) range, oven and rcfrigentor Presently upon the premises; all of the foregoing arc herein referred to u the "Property." To have and to hold the same unto the Mortgagee. Its successors and assigns in fee simple. The Mortgagor convenanu that he is lawfully seized of the estate hereby conveyed and he hu the right to mortgage, grant and convey the Property, that the Property is unencumbered except as may be below noted, and that the Mortgagor v?nll warrant and defend the tick to the Property against all claims and demands. And the Mortgagor covenants and agrees u 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. 2. To pay all taxes, assessrnenu, charges, fides 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}• fine 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 ow ing 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 prcmtums as may be provided for under the provisions of the Prior Mortgage(s), and to otherwise fully, promptly and compktel}• keep and perform all of the promises and comenanu of the mortgagor under Prior Mortgage(s) and the promissory note(s) secured t hcrcby; all of the foregoing 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. 4. 1\ot to apply to, request of, receive or accept from an}• 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 (ten 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 attentions to existing buildings without the Mortgagee s prior written consent; to comply v?nth all ,uhdivision restrictions and zoning and other regulatory laws and ordinances affecting the Property. If the Property is a condominium unit, the Mortgagor shall, promptly and compktely perform all of his obligations under the declaration of condomtnrum and the condominium association's articles of incorporiation, b}•-laws and rules and regulations and other constituent condominium documenu including but not li mired to the pa merit of all regular and special asseuments, 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 promptly comply with all provisions of the declaration of covenanu and restrictions establishing the same and shall promptly ful[ill all his obligations under the constituent documemu of the planned unit development including the homeowners association i or its equivalent's articles and by-laws and shall promptly pay all asseumenu or charges of every nature (no matter how designated) the lien for which against the Propert}• might or could have priority over the lien of this mortgage. 6. To keep all the Propen}• insured as ma}• be required from time to time b}• the Mortgagee against lou by fire, windstorm, hazards, casualties and contingencies for such periods and for not less than such amounu as ma}• be reuonabl}• 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 lent fdtten (1 S) days prior to the expiration or anniversary date of the existing policies. The amounu of insurance required by the Mortgagee shall be minimum amounts for which card insurance shall be written and it shall be incumbent upon the Mortgagorto maintain such additional insurance u may be necessary to meet and compl}• full}• with alt co-insurance requirements contained in said policies to the end that the !Mortgagor is not a co-msurcrthercundet- 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 beheld by the Mortgagee unless in the possession of a holder of a Pnor Mortgage. AU detailed daignatrons by the Mortgagor which arc accepted by the Mongagte and all agreements between the Mortgagor and Mortgagee relating to insurance, now existing or hereafter made, shall be in writing and shall be a pan of this mortgage agreement u fully u though set forth verbatim herein and shall govern both panics 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 4f engage or by proper endorsement affixed to such policy and approved by the' Mortgagee. Each policy of insunttce shall have affixed thereto a Standard tiew York Mortgagee Claiise Without Contribution making all loss or losses under such polity payable to the Mortgagee u iu interest ma}• appur. In the event an}• sum or sum3 of money become payable thereunder the Mortgagee shall have the option to receive and apply the same on aceount of the indebtedness secured hcrcby or to permit the Mortgagor to receive and cue it or any. part thereof without wars•ing or impairing an}• equity, lien, or right under and by virtue of this mortgage In the event of loss or ph}•sical damage to the Propertythc L1 ortgagor shall give immediate notitx thereof by mail to the Mortgagee and the Mortgagee may make proof of lou if the same is not promptly made b}• the Mortgagor. In the event of forcclosurc of this mortgage or other tratuler of tick to the Property all right, title and interest of the ~longagor in and to the insurance policies shall pass to the purchaser or grantee. 7. If the Mortgagor fails to perform his covenanu and agreemenu contained in this mortgage, or if the Mortgagor fails to perform any duty ,~r obligation arising under a Prior Mortgage (including the payment of principal and: or interest, deposiu on account of taxes and insurance premiums and late charges even though the holder of the Prior Mortgage hu made no demand thercundet and hu not threatened any action in ~~nnection with the same), or d am• action or proceeding is commemtxd which materially affects the Mortgagee s interests in the Propen}•, ;ncluding but not limited to eminent domain or code enforcement or arrangemcnu involving a bankrupt or decedent, or if there is an apparent abandonment of the Propen}•, 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 curnnt, may make appcarantxs, may enter upon and secure the Property, may disburse such other sums (including but not limited to the payment of insurantx prcmtums and taxes), and may take such other action u the Mortgagee reasonably deems rtecessary• .,r advisable to protect his interests in the Property, all without regard to thevalue 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 (16~1c1 per cent per annum shall bceorne .~ddrdonal indebtedness of the Mortgagor secured by this mortgage. l nless the Mortgagor and Mortgagee agree in wnung to some other terms ~ .,t payment, such amounts shall be payable immcdiatek. tiothing in this paragraph shall require the Mortgaget to incur any expense, make any ,iubursemcnt or take am action whatever. 8. All proceeds of any award or claim for damages direct or consequential in connection with any condemnation ~r any other taking b}• eminent domain of the Property or any part tnercof, or for conveyance in lieu of condemnation or eminent domain arc hcrcby usigned and shall he paid to the Mortgagee. Unless the Mortgagor and Mortgagee otherwise agree in writing (a) all protxeds received by the Mortgagee shall be applied to the sums secured by this mortgage without imposition of any prcpayrnent charge, and (b) the application of proceeds shall not extend ~r postpone the due date of instal)menu of principal and interest or change the amounu thereof. 9. Any fotbearariot 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 rcniody. The procurement of insuraritx or the payrrtemt of taxes or other liens or charges or the pa}•mcnt 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 or equity and may be exercised concurrently, independently or successively. 10. To pay aG cosu charges and expenses including attorney's fexs (whether or not litigation ocetin and if it does them tbose on appeWu as well u trial keel) and abstract cosu reasonably incurred or paid at any time by ttie Mortgagee because of the failure on the pan of the !N ortgagor to perform, com,*ty with and abide by all of his covenants set forth in this mortgage and / or the Nau aod! or Prior Mortgage(s) and the pronriswry note(s) secured thereby. f `K340 11. The Mortgagee is a licensed-mortgage broker under Chapter 494• Florida Statutes. ~~r per. a R1. ~ Rn.. ~ ~Prcparcd by Stanley fl. Spieler. Attorrirv. 4700 Biscayne Bouksard. Miami. Florida 33137 i z_ _