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HomeMy WebLinkAbout1463 • ~ • , _ I 5U4V 16 / / rnwMible P~sonat propatty. . ~ , ~ - ~ ~ pass • C'• t 1fm ,z, 71.154. ~ _ • Clerk Ckwk Oo~~ ~ !M~ MORTGAGE made the day below set forth betwan 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 certain mortgage note (Note) of even date from the Mortgagor to Mortgagee ss described below. To secure to the Mortgagee the performance by the Mortgagor ofall his agreements set forth is 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 this Mortgage to protect the lien and secunty thereof, and interest thereon, the Mortgagor does hereby mortgage, grant and convey to the Mortgagee the real property described below toge{~rer with (a) all easements. rights, tenements, heredttamcnts, rents, issues and profits appurtenant thereto; (b) all butldings, structures and tmprovemcnts now or hereafter located upon said real property. (c)all of the following presently attached thereto: pt plumbing fixtures and equipment, electrical conduit and wrong and fixtures, heating and cooling and air conditioning equipment and factures, sprinkling and irrigation equipment and fixtures, pumps, fences and awnings; and (d) Hoge. oven and refrigerator Presently upon the premises; all of the foregoing arc rein referred to as the "Property." To have and to hold the same unto the Mortgagee, its successors and assigru 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 title to the Property against cell elaima 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, 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, vrhichever 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 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 keepp and perform all of the promises and convnnants of the mortgagor under Prior Mortgage(s) and the promissory note(s) secured thereby; all othee 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. Not to apply to, request ot, 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 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 xtnictural 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 under the declaration of comdominium 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 pa meat 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 rs part of a planned unit development, the Mortgagor shall promplty comply with all provisions of the declaration of covenants and restrictions establishing the same and shall promptly fuUill 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 lien for which against the Property might or could have pnonty 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 may be reasonably required by the Mortgagee and to pay promptly when Jae all ppremiums for such insurance. The Mortgagor agrees to deliver renewal or replacement policies or certificates therefor to the Mortgagee at least fdtcen (1 S) days prior to the expiration or anniversary date otthc existing policies. The amounts of insurance required by the Mortgages shall be minimum amounts for which said insurance shall be written and it shall be incumbent 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 thereunder. Insuraiice maybe 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 E a Pnor Mortgage. All detailed designations by the Mortgagor which are accepted by 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 proper eridorsement affixed to such polic)r and approved by the Mortgagee. Each policy of insurance shall have affixed thereto a Standard New York Mortgagee Clause Without Contnbution making all loss or losses under such polity payable to the Mortgagee as its interest may appur, 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 indcbtedriess secured hereby or to permit the Mortgagor to receive and use it or any part thereof without waiwng 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 promptly made by the Mortgagor. In the event of foreclosure of 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. I[ the Mortgagor faits 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 e~•en though the holder of the Prior Mortgage has made no demand thereunder and has not threatened any action in s connection with the same), or if any action or proceeding is commenced which materially affceta the Mortgagee's interests in the Property, including 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 appcaranoes, may enter upon and secure the Property, may disburse such other sums (including but not limited to the payment of insurance prcmiumsand taxes),and may take such otberactionasthe Mortgagee reasonablydeems neixssary or advisable 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 (163b3 per cent per annum shall become additional indebtedness of the Mortgagor secured by this mortgage. Unless the Mortgagor and Mortgagee agree in venting 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 • disoursement 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 of the Property or any part tnercof, odor conveyance in lieu of condemnatiom oreminent domaim are hereby auigned and shall ~ be paid to the Mortgagee. Unless the Mortgagor amd Mortgagee othertvise 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 application of proceeds shall not extend ( or postpone the due date of installments of principal amd interest or change the amounts thereof. a 9. Any forbearance by the Mortgagee in exercising any right or remedy hereunder or otherwise afforded by applicable law shall not be: waiver of or produde the exercise of such right or remedy. The procurement of insirance or the payment of taxes or other Gene 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 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 remedy under this mortgage or aQorded by law or equity and may be exercised concurrently, independemtly of siicoessively. 10. To pay all costs charges and expenses including attorney's toes (whether or not litigation occurs and•if it~oes then those on appeWte as well as trial level) and abstract cost: reasomably incurred or paid at any time by the Mortgagee bemuse of the failure on the part of the Mortgagor to perfotrn. comply with amd abide by all of his covenants set forth in this mortgage sad/ or the Note and/ or Prior Martgage(sj and 1' the promssory note(s) secured thereby. 11. Tree Mortgages is i? licensed mortgage broker under Chapter 494, Florida Statutes. g~3~ pd~~4~1 BLr 3 Rev.. ~ oPrcparcd by Stanley H. Spieler, Attorney, 4700 Biscayne ~ukvard, Miami, Florida 33137 ;y I