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HomeMy WebLinkAbout16061~ 51 ~~~1 . _ -. . ,. . . ~ MORTGAGE madc the day below set fonh betwcen the Mortgagor below ~amed and the Mongagce, METROPOLITAN MORTGAGE CO.. a Florida corportation. W HEREAS, the Mongagor is indebted to the Mongagee as evidenccd by a certain mortgage note (Note) of even date from the Mongagor ~o Mortgagee as described below. To secure to the Mortgagee the periormance by the Mortgagor of all his agrcements set fonh i~ this Mortgage at~d the Note. including the rcpayme~t oC the indebtedness evidenced by the Note. intercst thercon. sums advanced by the Mortgagee in accordana with the provisions of chis Mortgage to p~otect the lien and security thercof. and intercst thereon, the Mortgagor does hereby mortgage. grant and convey to the Mortgagee the real propeny described below toge~er with (a) all easements, rights, tenemeots. hercditaments. rcnts. issues and profits appurtenant thereto; (b) all buildings, structures and improvements now or hereafter located upon said ral property. (e) all otthe foUowing praently attachcd thereto: pipes, plumbing fixtures and e4uipment, electrical conduit and wiring and Cxtures. heating and cooling a~d air conditioni~g eyuipment and f xtures, sprinklmg and irrigat~on equipme~t and fixturcs. pumps, fences and aw~ings; and (d) range, oven and refrigerator presently upon the premises; all of the foregoing arc hernn referrcd to as the "Property.° To have and to hold the same unto the hlortgagce, ~ts successors and auigns in fa simple. The Mongagor convenants that he is lawfully seized of the estate hercby conveyed and he has ihe right to mortgage. grant and convey the Property, that the Propeny is unencumbered except as may be below noted. and that the Mortgagor wdl warrant and defend the titte to the Property against all claims and demands. And the Mongagor covenants and agrees as (ollows: 1. To promptly pay when due the principal of and interest on the indebtedness evidenced by the Note and prepayment and late charga a: provided therein. • 2. To pay all taacs, assessments, charges, fi~es and other impositions of governmental authority against the Propetty withia sixty (60) days of when due or sizty (60) days prior to the same becoming delinquent, whichever may fint occur. 3. If it is notcd below that this is a sccond or other subordinate ranked mortgage, then to promptly pay when due principal and interest ow•ing under mongage(s) of higher priority ("Prior Mortgage(s)"), to promptly pay to the holder(s) of P~or Mortgage(s) sums due on account of tazcs and insurance prcmiums 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 mortgagot under Prior Mongage(s) and the ptomissory note(s) seeured thereby; 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. Not to apply to, request of, receire or accept from any holder of any Prior Mortgage any money. funds or things of value which would, m~ght or could bc considered as an advance secured by the lien of sueh 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 trected any new buildings on the Property or anp structural alt~rations to cxisting buildings without the Mortgagee's prior written consenr to comply v-nth all subdivision restrictions and zoning and other rcgulatory laws and ordinanca affecting the Property. l( the Property is a condominium unit, the ~lortgagor shall~promptl~• and complet~ly perform all of his obligations under the declaration of condominium and the condomiQ~um assoc~ation's articles of incorportation, by-laws and ruks and regulations and other constituent co~dominium documents including buf not I ~ mited to the payment of all regular and special assessments. the liens for which against the Property might or could have priority over the lien of chis mongaga If the ProQeny is part oEa planncd unit development. the Mortgagor shall promplty comply with all provis~ons of the declaration of covenants and restricuons ~stablish~ng the same and shall promptly fulfill a11 his obligations under the constituent documenb of the planned unit development including the homeowners association's or its eyurvalent's articlcs and by-laws and sha0 prompdy pay all auessments or charges of evcry naturc (no matter how designated) the lien for which against the Property might or could have priority over the lien of this " mortgagt. 6_ To keep all the Property insured as may bc rcquircd from time to time by the Mortgagee against loss by ftre, windstorm. hazards. ' casualties and contingencies for such periods and for not less than such amounts as may be reasonably requircd b~r the Mortgagee and to pay promptly when due all prcmiums for such insurance. The Mortgagoragrets to deliver renewal or rcplacsment policus or artificatts thCrefor to the Mortgage~ at.least fJtcen ( I S) days prior to the cxpiration or anniversary date of the existing policies. The amounts of insuranct required by t hc Mortgagee shall be minimum amounts for ahich said insurance shall be written and it shall be incumbent upon the Mortgagot to maintain such additioA~1'4'h!'nrana as may be necessary to meet and comply fully with all co-insurance requirements contained in said policies to the end - ~ t hat th~ Mortga~.js not a;Sq-insyrer thercunder. Insurance may be written by a company or companies approvtd by the Mortgagee (which ' approval shall not be unreasonabl~ withheld) and all policies and renewals shall be hcld by the Mortgaga unkss in the posseuion of a holder of ~ a Prior Mortgage. All detaile~~~ta~ byr.~he Mongagor which arc accepted by the Mortgagee and all agreemenu between the Mortgagor ~ and Mongagee rclatin n ~~,,~1p xistin or hercafter made. shall be in writin and shall be a g part of this mortgage agrament as fully u ~ though set forth verbat~im~6e~r3ii~'~fl9'sf~f~l~g~n bbtli?parties hereto. No lien upon any policy of insurance or upon any refund or return premium which may be payablc on the cancellation or term~nation thercof shall be g~ven to other than the Mortgagee eacept a holder of a Prior '~ tiiortgage or by proper endorsement affixcd to such policy and approved by the Mortgagee_ Each policy of insunnoe shall have affixed thercto a ~ Scandard Ncw York Mortgagee Clause Without Contribution making all loss or losscs under such poGcy payabk to t6e MoRgagee as its ~nterest may appear. In the event any sum or sums of money become payable thercunder the Mort~agee shall have the option to rcceive and ~ apply the same on account of the indeb`tedness secured heroby or to permit the ~lortgagor to recave and ux it or any part thercof without w~a~ving or impairing any ~quity, lien, or right under and by virtue of this mortgage. ln the event of loss or physical damage to the Propertythe !~tortgagor shall givc immed~ate notice thcreof by mail to the Mortgagee and the Mortgagte may make proof of loss if the same is not promptly f made by the Mortgagor. In the event of forcclosure ot this mortgage or other transfer of titk to the Property all right. title and interest of the ! ~tortgagor in and to the insurance policies shall pass to the purchaser or grantee. ~ ~ 7. !f the Mortgagor fails to perform his covenants and agreements contained in this mortgage, or i( the Mortgagor fails to perform any duty i F or obligation arising under a Pnor Mortgage (including the payment of principal and(or interat, deposits on account of taaes and insurance F ~ premiums and latc charges even though the holder of the Prior Mortgage has made nodemand thereunderand has not threatened anyaction in connection with thc same), or if any actipn or proceeding is commenced which materially atfects the Mortgagee's interats in the Property. ~ncluding but not limited to eminent domain or codc enforcement or arrangements involving a banlcrupt or deeedent. or if therc isan apparcnt ~ a bandonment of the Property, then the Mortgagee at its option may pay to the holder of a Prior Mortgage all or parts of the sums neassary to hnng the Prior Mortgage current, may make appearances, may enter upon and secure the Property~ may disburse such other sums (including , hutnotlimuedtothepaymentofinsuranceprcm~umsandtazes),andmaytakesuchotheractionastheMortgageercasonablydeemsnecessary ~ ~~r adcisable to protect his interests in the Property, a11 a~ithout regard to the value of the Property. Any amounts disbursed by the Mortgagee ~ pursuant to the pro~~sions of this paragraph, together whth interest thereon at the rate of eighteen (18%) per cent per annum shall become ~ ~ additional indebtcdness of the Mortgagor secured by this morigage. Unless thc Mortgagorand Mortgageeagree in writingtosomeotherterms ~ i ~~t payment, such amounts shall be payable immediately. Nothing in this paragraph shall rcquirc the Mortgagee to incuranyexpense, makeany ! •u~sbursement or take any action whaterer. i 8. All proceeds of any award or claim (or damages direct or conxquential in connection with any condemnation or any other uking by ; e minent domain of the Property or any part thereof, or for conveyance in lieu of condemnation or eminent domain arc hercby usigned and shall '~ bc paid to the Mortgagee. Unless the Mortgagor and Mortgagee otherwix agree in writing (a) all Proceeds received by the Mortgaga shall be applicd to the sums secured by this mortgage v-nthout impos~tion of any prepayment charge. and (b) the application of proceeds shall not eatend , or postpone thc due date of installments of principal and intercst or change the amounts thereof. 9. Any forbearance by the Mortgagee in exercising any right or remedy hereunder or otherwise afforded by applicabk law shall not be a ~ w aiver oi or preclude the exercise of such right or rcmedy. The procurcment 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 Mortgsgee's right to accelerate the maturity of the ~ ndebtcdncss xcured by this mortgage. All remcdies provided in this mortgage arc dis-inct and cumulative to any other right or «medy under ~ chis mortgage or afforded by law or equity and may be eaerciscd concurrently, independently or sucauively. ~ 10. To pay all costs charges and txpenses including attorney's fees (whether or not litigation occun and if it does then those on appellate as wcll as trial lovel) and abstract costs rcasonably incurrcd or paid at apy tims by the Mortsagee because of the lailure on the part of the f 'vf ortgagor to perform, comply with and abide by all of his covcnants xt foR~ ~n this mortpgeand/or the Noteand/or Prior Mortgage(s)and thc prom~ssory note(s) xcured :her~by. t 11. The Mongagee is a ticensed mortgage broker under Chapter 494, Florida Statutes. • ~Rt~~~ ~~ BO!1K J PAGE ~~ : iu- ~Prcparcd ~~- Stanky H. Sp~eler, Attorney, 4700 8iscayne Boukvard, Miami, Florida 33137 ~ ~ ~- - - ti3 '_ ' ~ ~ '~ ' ' " ~,.~~x..--, - -: i i . .