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HomeMy WebLinkAbout0377~ `, ~ ~ ; j. . .. .~ ~ : : :i:.. :~ '~ ... RE~JYEO i / 3• I ~ IN -AYYENT Oi TIU~= OUE ON CtASt 'C tNTAN6'BtE PEPSOYUIL -ROPERTr~ Pi1pSJ1U1T TO (HAPTc~ 71-~:~ AC1t Of 11)1. q~0) 0 it~GER POITiUS 5~~~~ CLEAK CIRCYR COMT. fT. WC~ 00. f~~ ~ MORTGAGE made thc day below• set fonh between the Mortgagor below named and the Mortgagee. METROPOLITAN MORTGAGE C'O., a Florida corportatiun. ' W HEREAS, the Mortgagor is indebted to the Mortgagee as evidenced bya certain mortgage note (Note) of evendate f~om the Mortgagor co Mortgagee as described ~elow. Ta securc to the Mortgagee the performance by the Mortgagor of all his agrcements ut fonh in this ~lortgage and the Note, including the rcpayment of the indebtcdnas e~•idenccd by che iVote, interest thereon, sums advanced by the Mortgagee in accordance with the provisions ot this Mortgage to p~otect the lie~ and security thercot. and interest thercon, the Mortgagor does hercby mortgage, grant and convey to the ~tortgagee the real propcny descnbed below toge~her with (a) all eauments, rights, teneme~ts, hereditaments. rents. issues and profits appunenant thercto; (b) all buildings, structures and improvements now or hereafter located upo~ said real propeny. (c) all of the following prcuntly attached thereto: pipes, plumbing fixtures and e4uipme~t. electrical conduit and winng and fixturcs, heating and eooling and a~r conditionmg equipment and fixtures, sprinkling and irngat~on equipment and fixtures, pumps, knces and awnings; and (d) range. oven and re[rigerator Qresently upon the premises; all of the foregoing arc herein referrcd to as the "Property." To have and to hold the same unta the Mortgagee, ~ts successors and ass~gns in iee simpk. - The Mortgagor 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 Propeny is unencumbered except as may be below noted, and that the MoRgagor will wanant and defend the title to the Property against all cla~ms and demands. . .. And the Mortgagor covenants and agrecs as follows: 1. To promptly pay when due the principal of and interest on the indebtcdness evidenced by the Note and prepayment and late charges as provided therein. 2. To pay all taxes, assasments, charges, f nes and other impositions of governmental authority against the Propetty within sixty (60) days of when due or sixtp (60) days prior to the same becoming delmquent, wh~chever 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 holdeKs) of Prior Mortgage(s) sums due on account of taxes and insuranct prcmiums as may be providcd for under the provisions of the Prior Mortgage(s). and to otherwise fuUy. promptly and completely keep and porform all otafrc promises and convenants of the mortgagor under Prior Mortgage(s) and the promissory note(s) seeurcd thcreby; all of the (orcgoing withou~ regatd to ariy waivers, extensions or indulgences granted by the holder(s) of Prior Mortgage(s) unkss with che prior consent of the Mortgagee. 4_ Not to apply to, request of, recei~~e or accept from any holder o[ any Prior Mortgage any money, funds or things of value which would. might or could be considercd as an advance securcd by the lien of such Prior Mortgage_ S. Not to commit w•aste or permit or suffer the impairment or deterioration of the Property; not to erect or permit to be erected any new bu~ldings on the Property or any structural alterations to existing buildings without the Atortgagee's prior written consent• to comply with all subdivis~on rcstrictions and zomng and othcr rcgulatory laws and ordinances affecting the Property.lf the Propetty is a condominium unit, the tilortgagor shall~promptl~~ and completely pertorm all o[ his obligations under the declaration of condominium and the condominium association s articks of incorportation, by-laws and rules and rcgulations and other constituent condominium documents including but not I~mitcd to the payment otall regular and special assessments, the liens for which against the Propeny might orcould have ptiority over the lien of ehis mortgage. lf the Property is pan of a planncd unit developm~nt. the Mortgagor shall promplty comply with all provisioas of the declaration of covenants and restrictions establ~shing th~ same and shall promptly fulfill atl his obligations under the constitu~nt documents of the planned unit development including the homeowners association's or ~ts equ~valent's articles and by-laws and shall promptly pay aU sssessments or charges of every nature (no matter how daignated) the lien for which against thc Property might or could have pnority over the lien of this mortgage. 6. To keep all the Property insurcd as may be rcquired from time to time by 1he Mortgagee against loss by firc. windstorm, hazards. casualties and contingencia for such periods and tor not less than such amounts as may be reasonably rcquircd by tht Mortgaget and to pay promptly when due all prcmiums for such insurancc. "I?~e Mortgagoragrees to dcliver rcnewal or rcptaament policies or certificata therefor to t he Mortgagee at least Gftecn ( I S) days prior to the expiration oranniversary date of the existing policies. The amounu of insurana rcquired by the Mortgagee shall be minimum amounts for ahich said insurance shall be written and it shall be incumbent upon the Mortgagor to maintain such additional insurancc as may be necessary to meet and comply fully with all co-insurance requirementstontainedinsaid policiatotheend that the Mortgagor is not a co-insurer thercunder. Insurance may be written by a company or companies approved by the Mortgagtt (which approval shall not be unrcasonably withheld) and all policies and renewals shall be held by the Mortgagee unleu in the possession of a holder of a Prior Mortgage. All detailed designations by the Mortgagor which arc acapted by the Mortgagee and all agrcements between the Mortgagor and Mortgagee relating to insurance, now cxisting or hercaRer made, shall be in writingand shall be a part of this mortgage agreement as tully as though set [onh verbatim hercin and shall govern both parties hereto. T~o lien upon any poGcy of insurance or upon any rcfund or return prcmwm which may be payable on the cancellation or term-nation thereof shail be given to other than the Mortgageeexcept a holder of a Prior !~1 ortgage or by proper endorxment a(fixed to such policy and approved by the Mortgagee_ Each poGcy otinsurana shall have aftixed thercto a Scandard New York Mortgagce Clause Without Contnbution making all loss or losses under such policy payabk to t6e Mortgagee as its interest may appear_ In the event any sum or sums of money become payable thercunder the Mortgagee shall have the option to receive and apply the same on account of the indebtedness securcd hereby or to permit the MoRgagor to receive and use it ar any part thereof without warv~ng 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 ~longagor shall give immediate notice thereof by mail to the Mortgagee and the Mortgagee may make proof of loss if the same is not ptomptly made by the Mortgagor. In the event of foreclosurc of this mortgage or other transfer of titk to tht °roperty all right, title and interest of the ~tortgagor 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 mongage, or if the Mortgagor fails to perform any duty ~r obligation arising under a Prior Mortgage (including the payment ot principal and/or interest, deposits on account of taaa and insurance premiums and latc charges even though thc holder of the Prior Mongage has made no demand thereunder 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, ~ nciuding but not limited to eminent domain or code enforcement or arrangements involving a bankrupt or decedent. or if there is an apparent a bandonment of thc Property, thtn the Mortgagee at its option may pay to the holder of a Prior Mortgage all or parts of thesums necessary to hnng the Prior Mortgage current, may make appearances, may enter upon and secure the Property, may disburse such other sums (including hut not limited to the pa~~ment of insurance prcm~umsand taxes), and may take such otheraction as the Mortgagee reasonablydeems necessary ~~r ad~•isable to protect his interestc in the Property, all without regard to the value of the Property. Any amounts disbursed by the Mortgagee pursuant to the pro~isions of this paragraph, together with interest thereon at the rate of e~ghtcen (18~) per cent per annum shall become additional indebtedness of the Mortgagor secured by this mortgage. Unless. the Mortgagor and Mortgagee agree in writing to some otherterms of payment, such amounts shall be payable immediately. Nothing in this paragraph shall require the Mortgagee to incuranyexpenu, make any disbursement or take any action whatever. 8. All procceds ot any award or claim for damages direct or consequential in connection with any condemnation or any other tak~ng by emincnt domain of thc Property or any par! thercof, or for conveyance in lieu of condemnation or eminent domain are hereby assigned and shall be paid to the Mortgagee. Unless the~Mortgagor and Mortgagee otherwise agree in writing (a) all procccds received by the Mongagee shall be applied to the sums securcd by this mortgage without impos~t~on of any prcpayment charge, and (b) the application of procads 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 otherwix af(orded by applicabk law shall not be a waiver o( or preclude the exercise o( 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 Alortgage by the Mortgagee shall not be a waiver of the Mortgagee's right to acceknte the maturity of the ~ndebtedncss sccured by this r~ong~ge. All remedies prov~ded in this mortgage arc distinct and cumulative to any other right or rcmedy under this mortgage or afforded by law~.4: ~.quity and may be exercised concurrently, independently or successively. 10. To pay all costs charges and eap14`fes including attorney's fees (whether or not litigation occun and if it does then those on appellate as wcll as trial level) and abstract c9sts reasonably incurrcd or paid at any time by the Mortgagee because of the failure on the part of the h1 ortgagor to periorm, .:omply wi:t~ ~x.~ abide by all of his covenants set forth in this mortgage and/ or the hote and/or Prior Mortgage(s) and the prom~ssory note(s) secured thereby. . I I. The Mortgagee is a Iicensed mortgage broker under Chapter 494, Florida Statutu. a~~K347 P~GE ~ 1 I ~ Hi ~ xo ~ Prcpared b~• Stanley H. Spieler,-Attorney. 4700 Biuayne Boulevard, Miami, Florida 33137 i ~ " _ .. . -: .. : ~. ~s, - ~. ~*-~. ~ ~ :.. ~ 'sY',~.~3i~s::~.. ~cS~~nc . ... ' ~ Ze.~'~'.~ '" . .