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HomeMy WebLinkAbout1461 . • • - - - . i SU~S'75 ~ ~ . , • F ~ t - ~ ' fi . _ - i Received ~ a In Payment Of T~s _ Du t' - - _ sj 4 e 0n pt?e~ "'C" NrtattObl~ Personal Propet~ w - ~ ~ - ~ t P1N8tIMtt T~ Gtaptw 71.13„ AtCte )f 1871. • . _ l10~p ~11A$ tc- Q~ r~011~ nrOMy ~410~ ~ MORTGAGE made the day below set forth between the Mortgagor below named and the Mortgages. METROPOLITAN MORTGAGE CO., a Florida corportation. WHEREAS, the Mortgagor is indebted to the Mortgagee as evidentd 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 thts Mortgage to pmtect 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, rents, iuues 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: pipes, plumbing fixtures and equipment, electrical conduit and wrong and fixtures, heating and cooling and air conditiontag 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 are herctn referred to as the "Property." To have and to hold the same unto the Mortgagee, its suececsors 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 except as may be below noted, and that the Mortgagor will warrant and defend the title to the Property against cell 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 cell 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 tint 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 hig~rer priority ("Prior Mortgage(s)"), to promptly pay to the holder(s) of Prior Mortgage(s) sums due on account of taxes and insurance premiums 3s 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 convenants of the mortgagor under Prior Mortgage(s) and the promissory riote(s)secured - thereby; all of the (orcgoing without regard to any waivers, extensions or indulgences granted by the holder(s) of Prior Mortgage(s) unksswith - the prior 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 value which would, might or could be considet+cd as an advarttx 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 struMUral 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 afteding the Property. If the Property is a condominium unit, the Mortgagor shall promptly and completely perform all of his obligations under the declaration of condominium and the condominium association's articles of tncorportation, by-laws and rules and regulations and other constituent condominium documents including but not limited to the pa went otalt rc~tilar and special assessments, the liens for which against the Property might or could have priority over the lien of this mortgage. If the Proptrty is part of a planned unit development, the Mortgagor shall promplty comply with all provisions of the declaration of covenants and restricUOns 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 e4uivalent'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 pnonty over the ben 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 may be 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 fJteen (1 S) days prig to the expiration or anniversary date of the existing policies. The amounts of insurance required by the Mortgagee shall be minimum amounts for which said insurance shall be written and it shall be incumbtent upon the Mortgagor to 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 thcrcunder. 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 posseuian of a holder of ~ a Pnor Mortgage. All detailed designations by the Mortgagor which arc atxepted b~+the Mortgagee and all agreements between the Mortgagor ~ 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 may be payable on the cancellation or termination thereof shall be given to other than the Mortgagee except a holder of a Prior Mortgage or by propert:ndorsement affixed to such poGc~ and approved by the Mortgagee. Each policy otinsuranoe shall have atfiaed thereto 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 thcrcunder 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 rggbt under and by virtue of this mortgage In the event of loss or physical damage to the Property the Mortgagor shall give immediate noticx thereof by mail to the Mortgagee and the Mortgagee may make proof of lou if the same is not promptly made by the Mortgagor. In the event of foreclosure o[ 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 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 thcrcunder 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, ircluding 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, tray disburse such other sums (including but not Gtnited to the payment of insurance premiums and taxes). and may take such other action as the Mortgagee reasombly 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 Mortgagee a pursuant to the provisions of this paragraph, together with interest thereon at the rate of sixteen (16%) per cent per annum shall become ddditional indebtedness of the Mortgagor secured by this mortgage. Unless the Mortgagor and Mortgagee agree in wasting 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 e minent domain of the Property or any part tnercof, or for conveyance in lieu of condemnation or eminent domain are bereby assigned and shall 1 be paid to the Mortgages. Unless the Mortgagor and Mortgagee otherwise agree in writing (a) all protxeda 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 protxods shall not extend , or postpone the due date of inuallmcnts 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 applicable law shall not be a waiver of or preclude the exerdse of such nght ar remedy. The procurement of insurance or the payment of taxes or other Gene orchar~es or the payment of sums under a Prior Mortgage by the Mortgagee shall not be a waiver of the Mortgagee's right to aixekrate the matunty of the indebtedness secured by this mortgage. All remedies provided in this mortgage arc distinct and cumulative to any other right or rctnedy under this mortgage or afforded by law or equity and may be exercised concurrently, independently or successively. 10. To pay all cost: i:hargtsaad expenses including attorney's ft~s (whether or not litigation occur and Jit does then those on appellate as well as trial level) and abstract costs reasonably incurred or paid at any time by the Mortgagee beause of the failure on the part of the Mortgagor to perfo comply with and abide by all of his covenants set forth in this mortgage and/or the Noteand/ or Prior Mortgage(:)and the promissory note(~i stxartsd thereby. 11. The Mortgagee is a licensed mortgage broker under Chapter 494 Florida Statutes. ~~•1~~~Q ~ ~ - [VVVV et. ~ 3 Rev., 1 oPrcpared by Stanley H. Spieler, Attorney, 4700 Biscayne Boulevard. Miami, Florida 33137 ~