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HomeMy WebLinkAbout1271 RL':rXO : ~ • 9 5 M M'flRllt 0? Tf?1~1 ib' t Y tt : i 'C tM1RttC:dlE PE11iOKAf, MOP[N1rtr~ ~vt :,:,N~ Tv .NnrTli n-Ise, ACT=ann. s?V~~9 R~GFR PWTRAS ~ S CIERN QAGWT CWATr i~ L~C~ ~ !{a~ ~ S. i ; ) MORTGAGE made the day below set forth between the Mortgagor below named and the Mortgages, M ETROPOLITAN MORTGAGE CO., a Florida corportation. WHEREAS, 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 secttrc to the Mortgagee the performance by the Mortgagor of all his agreements set forth in this M ortgage and the Note, including the reQayment 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 security thereof, and interest thereon, the Mortgagor does hereby mortgage, grant and convey to the Mortgagee the rea! property described below together with (a) all casements, rights, tenements, hereditaments, rents, issues and pprofits appurtenant thereto; (b) all buildings, structures and improvements now or hereafter locatrd 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, fences and awnings; and (d) range, oven and refrigerator Qresentt}• upon the premises; all of the foregoing are hereto 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 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 ext:ept as may tx 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 tht principal of and interest on the indebtedness evidenced by the Note and prepayment and lste charges as provided therein. 2. To pay all 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 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 ~w•ing under mortgagNs) of higher priority ("Prior Mortgage(s)"), to promptly pay to the holder(s) of Prior M~rigage(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 convenants of the mortgagor under Prior Mortgage(s) and the promissory note(s) secured thereby; 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 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 considered as an advance secured by the lien of such Prior Mortgage. 5. Not to commit waste or permit or suffer the impairment or deterioration of the Property; no! to erect or permit to be erected any new huildings 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 unit, the Mortgagor shall promptly and completely perform all of his obligations under the declaration 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 regu:ar and special assessments, the liens for which against thr 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 covenants and restrictions 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 harges 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 may be reasonably required by the Mortgagee and to pay promptly when due all premiums for such insurance. The Mortgagor agrees to deliver renewal or replacement policies or certificates therefor to the Mortgagee at (cast fifteen (1 S) days prior to tht expiration oranniversary 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 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. Insurance may be written by a company or companies approved by the Mortgagee (which j 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 Prior Mortgage. All detailed dtsignations by the Mortgagor which arc 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 maybe payable on the cancellation or termination thereof shall be given to other than the Mortgagee except a holder of a Prior { Mortgage or by propcrendorsement affixed to such policy 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 policy p~y able to the Mortgagee as its interest may appear. In the event any sum or sums of money become payable thereunder the Mortgagee shall lave the option to rcaive and apply the same on aceount of the indebtedness secured hereby or to permit the Mortgagor to receive and iise it or any part thereof without waiving or impairing any equity, lien, or right under and by virtue of this mortgage. !n the event of loss or physical damage to the Property the ~1 ortgagor shall give immediate notice thereof by mail to the Mortgagee and the Mortgagee may make proof of loss if the same is not promptly j made by the Mortgagor. In the event of foreclosure of this mortgage or other transfer of title to the Property ail 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 ~~r obligation arising under a Pnor Mortgage (including the payment of principal and; or interest, deposits on account of taxes and insurance i premiums and late charges evFn though the holder of the Prior Mortgage has made no demand thereunder and has not threatened any action in connection with the same); of if anf 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 thtre 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 disburse such other sums (including but not limited to the payment of insurance premiums and taxes), 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 Mortgagee pursuant to the procisions of this paragraph, together with interest thereon at the rate of eighteen (18~~) percent 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 ~~f payment, such amounts shall be payable immediately. Nothing in this paragraph shall require the Mortgagor to incur anyexprnse, make any disbursement or take an}• 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 thereof, or for conveyance in lieu of condemnation or eminent domain are hereby assigned and shall he 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 application of proceeds shall not extend or postpone the due date of installments of principal and interest or change the amounts thereof. 9. Arty forbearance by the Mortgagce 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 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 accelerate the maturity of the indebtedness srrured 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 all costs charges and expenses including attorney's fees (whether or not litigation occurs and if it does then those on appellate as well as trial kv?1~ hod anstract costs reasonably incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagor to perform, compl;~ with and abide by all of his covenants set forth is this mortgage and; orthe Noteand/or Prior Mortgage(s) and the promissory note(s) secured thereby. , . ~ ~~K 343 P~ 12~ i rn : tt~. tM~i ePreparrd by Stanley H. Spitler. A(torney. 4i00'Bi~cayne Houles~ard. Miami, Florida lilt?