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HomeMy WebLinkAbout03791~ R:cpVEO i /~7S- NI tArMEM df TA~! 5~~~ I Cuf cv tuss •c' iNjr:c a~f P~esa,r~u n~cmmY. . ez:s;;:~t Ta ~~i~.:T:.: ~~- ~, ~::TS oF hn. ~ „.c,~ v:ir, R: g f6 CI:kK q~~~T t0~~t1. Si. lU..lf CO.. FtA~~' • ~ - '-~ ~'~~ ~ ~p~ ~~G~ O I-fORTGAGE m3de th~ dey briow set fonh bctween the Mortgagor below named and the Mortgagee. METROPOLITAN MORTGAGE CO., a Florida corportaiiun. W HEREAS, the Mortgagor is indebtcd to the Mongagee as evidenced by a certain mortgage note (Note) oteven date from the Mortgagor to Mongagee as described below. To securc to the Mongagee the pe~formance by the Mongagor of all his agrcements xt (orih in this Mon~age and the Note. including the repayme~t of the indebtcdness ~videnced by the Note, interest thereon, sums advanccd by the ~lortgagee in atcordanee~with the provisions of chis Mortgage to protect thc lien and security thercof. and interest thercon. the Mongagor does hercby mortgage, grant and convey to the Mortgagce the real propcny described below toge~her with (a) all easements, rights, tenements. hereditaments. nnts. issues and profts appurtenant thereto; ( b) all buildings, structures and ~mprovements now or herea(ter located upon said real property; (c) a0 of the following presently attached .thcreto: pipes, plumbing fixtura and eyuipment, electrical conduit and wiring and fiaturcs. heating and cooling and air conditiomng equipment and Tixtures, sprinklmg and irrigat~on equipment and fixtures, pumps, fentes and aw~ings; and (d) tange. ovtn and re(rigerator presently upon the premises; all of the foregoing arc herem rekrrcd to as ~he "Property." To have and to hold the same unto the Mortgagee, its successors and assigns in fee simpk. The Mortgagor convenants that he is lawfully seizcd 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 wamnt and deknd the title to the Propetty against all cla~ms and demands. And the Mortgagor covenants and agrccs as follows: 1. To promptly pay when due the principal of and i~tercst on the indebtcdness evidenced by the Note and prcpayment and latechargaas provided thercin. . 2. To pay all taxcs, assessments, charges, fines and other impositions otgovernmental authority against the Property within siaty (60) days of whan due or sixty (60) days prior to the same becoming delinquent, whichever may first occur. 3. It it is noted below that this is a second or other subordinate ranked mortgage, the~ to promptly pay when due principal and interest owing under mortgage(c) of higher priority ("Prior Mortgage(s)°). to promptly pay to the holder(s) of Prior Mortgage(s) syms due on atcount of taxes and insurance premiums as may be provided for under the provisions of the Prior Mortgage(s). and to otherwiu fully. promptly and compktely keep and perform all of the promiscs and convenants of the mortgagor under Prior Mongage(s) and the promiuory note(s) secured ~hereby; all of the toregoing without rcgard to an~ waivers, eatensions or indulgences granted by the holder(s) of Prior Mortgage(s) unless with che prior consent of the Mortgagee. 4. Not to apply to, request of, recei~~e 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. l~ot to commit waste or permit or suffer the impairment or deterioration of the Property; not to erect or permit to be erected any new bwidings on the Property or a~y 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 ordinanc~s afkcting the Property. lf tl-~ Property is acondominium unit. the :~tortgagor shall~promptl}~ and completely per[orm all of his obligations under the declaration of condominium and the condominium association's anicla of incorportation, by-laws and rules and regulations and other constituent eondominium documents ineluding but not I~mited to the payment of all rcgular and spccial assessments. the liens for which against the Property might orcould have priority over the lien of ~ his mortgage. lf the Property is part of a planned unit development. the Mortgagor shall promplty comply with all provisions of the declaration uf covenants and ratrictions establishing the same and shall promptly fulfiU all his obligations under the constituent dceumenu of tbe planned unit development including the homeowners association's or its equ~valent's articla and by-laws and shall promptly pay all ssussmenu or charges of cvcry nature (no matter how dcsignated) the lien for which against the Property might or could have priority over the lien of this mortgage. 6_ To ke~p all the Property insured as may be required from time to time by the Mortgagee against loss by fire, windstorm, hazards. casualtia and contingencies for such ptriods and for not less than such amounts as may be rcasonably required by the Morigagee and to pay promptly when due all premiums for such insurance. The M ortgagor agrees to deliver renewat or replacement policia or certifteatea therefor to the Mortgagee at least fiftcen (1 S) days prior to the expiratian or anniversary date of the existing policies. The amounts of ituunnce rcquired by the Mortgagee shall be minimum amounts for which said insuranoe shall be written and it shall be incumbent upon the Mortgagorto maintain such additional insurance as may bc necessary to mcet and comply fully with all co-insurance requirements contained in uid 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 appraval shall not be unreasonably withheld) and all policies and renewals shall be held by the Mortgagee unleu in the poutssion of a holder of a Pnor Mortgage. All detailed designations by the Mortgagor which arc accepted by the Mortgagee and all agteements between the Mortgagor and Mortgagee relating to insurance, now existing or hercaUer made. shall be in writing and shall be a part of this mortgage agreement as fully as though set fonh verba{im herip and shall govern both parties hereto. No lien upon any policy ot insurana or upon any rcfund or return premium which maybopayable brt the cancellation or term~nation thereof shall be given to other than the Mortgagee exapt a holder of a Prior 1lortgage or by propercndorxment affiaed to such policy and approved by the Mortgagee. Each policy of insurance shall have affiaed thereto a Standard New York Mortgagee Clauu Without Contribution making all lou or losses under such policy payable to the Mortgagee as its interest may appear. In the event any sum or sums.of money become payable thercunder the Mort~agee sha116ave the option to nceive and apply the same on account of the indebtedness secured hereby or to permit the Mortgagor to rccerve and use 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 Propetty the ti1 ortgagor shall give immediate notice thereof by mail to the Mortgagee and the Mortgagee may make prootof lou if the same is not promptly madc by the Mortgagor. In the event of forcclosure of this mortgage or other transfer of titk to the Property all right, title and interest of the ~to:tgagor in and to the insurance policies shall pass to the purchaser or grantee. 7_ If the Murtgagor fails to per(orm his covenants and agrcements 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 intcrest, deposits on account of taaes and insurance premiums and late charges evcn though the holder of the Prior Mortgage has made no demand thereunder and has not threatened any action in connection with thc same), or it any action or procecding is commenced which materially affects the Mortgagle's interests in the Property. ~ ncluding but not limited to eminent domain or code enforcement or arrangements involving a bankrupt or dectdent. or if th~rc is an apparcnt ~ bando~ment of the Propert}•, then the Mortgagec at its option may pay to the holder of a Prior Mortgage all or patts of the sums necusary to hnng the Prior 4lortg~ge current, may make appearances, may enter upon and secure thc Propeny, may disburse such other sums (intluding h~t not limited to the payment of insurance prem~ums and taxes), and may take such other action as the Mortgagee reasonablydeems necessary ur advisable to protect h~s interests in the Propeny, all without regard to the value of the Property. Any amounts disbursed by the Mongagee pursuant to the provisions of this paragraph, together with intercst thereon at the rate of eighteen ( IRry~) pcr cent per annum shall become additional indebtedness of the Mortgagor secured by this mortgage. Unless the Mortgagor and Mongagee agrce in writing to some other terms c~f payment, such amounis shall be payable immcdiately. Atothing in this paragraph shall requirc the Mortgagte to incuranyexpense, make any disburument or take any action whatever. _ 8. All proceeds of any award or claim for damaga dircct or consequential in connection with any condemnation or any other takmg by cminent domain of the Property or any part thercoi, or for conveyance in lieu of condemnation or eminent domain are hercby assigned and shall be paid to the Mortgagee. Unless the Mortgagor and Mortgagee otherwise agrce in writing (a) all procceds received by the Mortgagee shall be appl~ed to the sums ucured by this mortgage v-nthout imposit~on of any prepayment charge, and (b) the application of proaeds shall not extend or postpone the due date of installments of principal and mterest or change ihe amounts thereof. 9. Any forbearante by the Mortgagee in exercising any right or rcmedy hereunder or othervr~ise afforded by applicable law shall nat be a waiver of or prcclude the eaercise of such right or rcmedy. The procurcment of insurance or the payment ottaxes or other liens orcharges or the payment of sums under a Prior Mongage by the Mortgagee shall not be a waiver of the Mortgagee's right to accelerate the maturity of the , ndebtedness securcd by this m~r~gage. All remedies prov~ded in this mortgage are distinct and cumulative to any other right or remedy under this mortgage os affordcd by iaw or equity and may be exercised concurrently, independently or suctessively. 10. To pay all costs char~ces and expenses including attorney's tees (wh~ther or not litigation occurs and if it does then those on appellate as well as trial {evel) and abstraet costs reasonably incurred or paid at any time by the Mortgagee becaux of the failurc on the part of the Mortgagor to perform, comply with ar~. abide by all of his covenants set forth in this mortgage and/ or the Note and/ or Prior Mortgage(s) and thc prom~ssory note(sj secured ther~by. 1 I. The Mortgagee ~s a ticensed mortgage broker under Chapter 494, Florida Statutes. gn~~~~ pAGF ~~ i w;. 2 xu ~Preparcd b~- Staniry N. Spieler. Attorney, 4700 Biscayne Boulevard, Miami, Florida 33137 t _ -_ ~. ~ ~';_ i _ .. c ~ ~~ ~~ - ?~ r v -`~.c~x'.",rr~^- +~i-~ . .:- fs~".~.2i~S~f~~i'w"~~~.. ~' ::C~.'~..ir. _. . _ - . ~ . -, .