HomeMy WebLinkAbout1159Abstract 8i Title Corp. of Fl;,r~~r~.
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RLC£SVED : '~g• '(S (N PAYMENT OF TAXEt St-9$02 al.~°
DUE ON CLbSt 'C' IttTAhG HLE PERSL tAl PROPERTY,
FIinSUAliT TO t.HAPTE~ 7t• .~, ACiS OF 1171,
R8G°.R P~IC:AS
CtER1I CUtCU1T COdRT, ST, LU~.IE CO. f1A.~~
MORTGAGE made the day below tit forth between the Mortgagor below named and the Mortgagee, METROPOLITAN 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 deuribed below.
To secure to the Mortgagee the performance by the Mortgagor of all his agreements tit forth in this Mortgage and the Note, including the
rc(iayment of the indebtedness evidenced by the Note, interest thereon, sums advanced by the Mortgagee in accordance with the provisions of
the Mortgage to protect the lien and ucunty thereof, and interest thereon, the Mortgagor does hereby mortgage, grant and convey to the
Mortgagee the real property described below together with (a) all eauments, rights, tenements, hereditamenu. rents, issues and profits
appurtenant thereto; (b) all buildings, structures and improvements now or hereafter located upon said real property, (e) all of the following
preuntly attached thereto: pi ,plumbing fixtura 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 Qraently upon the premises; all of the foregoing arc herein referred to as the "Property." To have and to hold the time unto the
Mortgagee, its successors and assigns in fee simple.
The Morigagor convenants that he is lawfully uized 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 late 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
owing under mortgage(s) o[ higher priority ("Prior Mortgage(s)"), to promptly pay to the holder(s) of Prior 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 etheiwise 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 advaiice ucured by the Ixn of such Pnor Mortgage.
S. Not to commit waste or permit or suffer the impairment or deterioration of the Properly; 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 with all
subdivision restrictions and zoning and other regulatory laws and ordinances affecting the Property. lithe 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 pa inert 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 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
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 iiuured 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 tiiay 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 polices or certificates therefor to
the Mortgagee at least fifteen (IS) days prior to the expiration oranniversarydate 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 Mortgagorto 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 wntten by a company or companies approved by the Mortgagee (which
approval shall not be unreasonably withheld) and all policies and renewals shall lie held by the Mortgagee unless in the posussion of a holdtr of
a Pnor Mortgage. All.detaikd designatiotu by the Mortgagor which are adapted by the Mortgagee and all agreements between the Mortgagor
and Mortgagee relating to insuratia. now existing or hereafter trade, shall be in writing and shall be a part of this mortgage agreement as fully as
though tit 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 danallation or termination thereof shall be given to other than the Mortgagee except a holder of a Prior
h1 ortgage 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 Clatiu Without Contnbution making all loss or loses 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 naive and
apply the same on account of the indebtedness secured hereby or to permit the Mortgagor to receive and rise 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
!N ortgagor shall give immFdiate 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 transkr of title to the Property cell 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 anyduty
or obligation arising under a Prior Mortgage (including tht 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 thcreunderand has not threatened any action in
connection with the same), or if any action or proceeding is commended which materially affects the Mortgagee s interats in the Property,
including but not limited to eminent domain or dodo 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 Pnor Mortgage all or parts of the sums necessary to
bring the Prior Mortgage current, tray 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 protcet his interats 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 eighteen (18~r) per ant per annum shall become
additional 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 Mortgagor to incur any expenu, make any
disbursement or take any action whatever.
8. All proceeds of any award or c{aim for damages direM or consequential in connection with any condemnation or any other taking by
eminent domain of the Property or any part thereof, or forconveyance in lieu of condemnation oreminent domain arc hereby assigned and shall
be paid to the Mortgagee. Unless the Mortgagor and Mortgagee otherwiu agree in writing (a) all proceeds received by the Mortgagee shall be
applied to the sutras secured by this mortgage vntfiout imposition of any prepayment charge, and (b) the applrption of proceeds shall not extend
or postpone the due 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 otherwiu 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 matunty of the
indebtedness secured by this mortgage. All remedies provided, in this mortgage are distinct and cumulative to any other right or remedy under
this mortgage or afforded by law or equity and may be exercield 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 thou on appellate as
well as trial level) and abstract costs reasonably inccrted or paid at any time by the Mortgagee because of the failure on the part o! the
!~{ engager to perform, comply with and abide by all of his covenants set forth in this mortgage and/ or the Note and/or Prior Mortgage(s) and
the promissory note(s) secured thereby.
8~3~4 ~~~1159
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tit. z tee... tiro r+Prepared by Stanley H. Spieler, Attorney. 47dQ ~iRcayne Bou4eward, Miami, Florida i31 i7