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HomeMy WebLinkAbout1498• RfC~tYEO S 3ysJ. :._ ~N PAyNIEqT OF TAXf.~ CC: C4 CLF~S 'C 1!iTR'{G.BLE P:~~6:i11 P;'.9?EdTr• r+~ ;::?~i TJ Ctt;iT.:z TI-t.~. A~1S OF 1~71. k~GER Fulli~.ta ~. ~ C~' RK CIaGUiT CC~kT. ST. lY.:IE C0. ~~~ r i t; ..- ~~ :_ZJ.~ . 515055 ~- aS,go MORTGAGE made the day below set tonh botween the Mortgagor below named and the Mortgasee, METROPOLtTAN MORTGAGE C'O., a Florida corportation. W H EREAS, the Mongagor is indebted to the Mortgagee as evidenced by a certaia mort~aae note (Note) of even date irom the Mortgagor to Mongagee as dcscribed below. To secure to the Mortgagee the performance by the Mortgagor of all his agreemeats ut tonh in thi: Morip~e and the Nott, incl~ding the repayment of the indebtedneu evidenced by the Note. interest thercoe, sums advanced by the Mottp~ee in aecordance with the provisions of ehis Mortgage to protect the lien and security therrof. a~d interat thercon, the Mortgagor doet heroby mort~age~ arant and convey to the Mortgagee the real propeny described below toge~her with (a) all easements. rights, te~ements. hereditameats. rcnts. issues and profiu appurtenant thercto; (b) all buildings. structura and ~mprovements now or hereafter located upon uid retl property. (c) all of the following presently attached thereto: pipes, plumbing fixtures and eyuipment, electrial conduit and wi~ng and fixtures, heati~g and cooling a~d air conditioning equipment and fixtures, sprinkling and irrigation equipment and fuctures. pumps. fences and awnings; and (d) range, oven a~d rcfrigcrator ~resently upon the prcmises; all of the [orcgoing arc hertin rekncd to as the "Property." To hsve and to Aold the same unto the ylortgagee, ~ts successors and assigns in fee simple. The Mongagor convcnants that h~ is lawfully seized of the estate hercby comYycd and he lus the right to monaage. grant and convey the Propeny, that the Property is unencumbered except as may be below aoted, and that the Mortgagor v-nll warrant and defend the title to the Propeny against all claims and demands. And the Mortgagor cor•enants and agrees as follows: 1. To promptly pay when due the principal of and interest o~ the indebtodness evidenad by the Note aad pnpayment and late charga as provided therein. 2. To pay all taxa, asxssments, chargos, fines and other impositions of governmental authority apinst the Property within sixty (60) days of when due or sixty (60) days prior to the same bccoming deGnquent, wh~chever may first occur. 3. If it is noted below that this is a second or other subordinate ranked mortgage. then to promptlypay when due principal and interest ow•ing under mortgage(s) of higher priority ("Prior Mortgage(s)"), to promptly pay to tht holder(s) o( Pnor Mortgage(s) sums due on account of caYes and insura~ce premiums as may be provided for under th~ provisions of the Prior Mortgage(s). and to otherwise fully, promptly and cumpletely keep and perform all o[ the promises and co~venants of the mortgagor under Prior Mortgage(s) and the promiuory note(s) securcd ~hereby; all of the toregoing without rcgard to any waivers, extensions or indulgences granted by the holder(s) of Prior Mongage(s) unku with the prior cons~nt of the Mortgagee. • 4. \ot to apply to, request of, receive or accept from any hotder o[ any Prior Mortgage any money. fu~ds or things of value which would, might or could be consid~rcd as an advance securcd by the lien of such Prior Mortgage. 5. Not to commit vraste or permit or suffer the impairment or deterioration of the Property; aot to erect or permit to be erccted any n~w buildings on the Property or any structural alterations to existing buildings without the Mortgagee't prior written consent; to comply with all subdivision restrictions and zoning and other regulatory laws and ordinances afiecting the Propecty. lithe Property isa condominium unit, the ~1ongagor shall~promptly and completely perform all of his obligations under the declantion of condominium and the condominium assoc~auon's anicles o! incorpottation, by-laws and rules and rcgulations and other canstituent condominium documents including but not 1~ mited to the payment of all rcgular and spenal assessments, the liens for which agai nst the Property mi~ht or eould have priority over the lien of e his mortgage. If the ProQerty is pan of a planned unit development, the Mortgagor shall promplty comply writh aU provisions of the declaration of covenants and restrict~ons establuhing the same a~d shall promptly fulfiU a0 his obligations under the wastituent dceuments of the planned unit development including the homeowners association's or its equ~valent's articla and by-lavin aad:hall promptly pay all assessments or charges o( every nature (no matter how designated) the lien for which against the Property might or could Aave priority over the lien of this mortgage. ~ 6. To keep aU the Property insurcd as may be requircd from time to time by the Mortgaga against lost by Gre. windstorm, hazards, casualties and contingencies for such periods and for not less than such amounts as may be rcuonably teqnired b~ the Mortgage~ and to pay promptlywhendueall premiumsforsuchinsurance.TheMortgagoragrcatodeGverrenewalorreplaameatpouc~aorcertificatathenforto ~ he Mortgagce at least fiftcen (1 S) days prior to the expiration or anniversary date of the existing poliaes. The amounts of insunna requircd by c he Mongagee shall be minimum amounts for ahich said insurance shall be written and it shall be incumbent upon the Mortgagor to maintain ~uch additional insurance as may be necessary to meet and comply fully with all co-insurance requirements contained in said policia to the end that the Mortgagor is not a co-msurcr thereunder. Insurance may be written by a company or compania approved by the Mortgagee (which a pproval shall not be unreasonably withheld) and al! policia and renewals shall be held by the Mortgagee unlesi ~a the posseuion of a holder of a Prior Mongage. All detaikd desjgnations by the Mortgagor which are aocepted by the Mortgaga and all agraments between the Mortgagor a nd Mortgagee rclatiAg to insurana; now existmg or hercafter made. shaU be in writing and shall be apart of this mortgage agreement as fully as though set fonh verbatim herein and shall govern both parties hereto. No lien upon aay poGcy of insunnoe or upon any refund or return premium which may be payable on the cancellation or termination thereof shall be grven to other than the Mortgagoe exapt a holder of a Prior ~! ortgage or by proper endorsement affixed to such polity and approved by the Mortgagee. Each poGcy of insurana shall have affixed thercto a Standard Iv'ew York Mortgagee Clause Without Contribution making aU lost or losses under such poGry payabk to the Mortgagee as its ~ nterest may appear. In the event any sum or sums of money become payabk thcreunder the Mort~aaee shtU 6ave the option to reaive and apply thr same on account of the indebtedness securcd hercby or to permit the Mortgagor to reee~ve and we it or any part thercof without w aiwng or impairing any equity. lien, or right under and by virtue of this mortgage. In the event of lou or pbysical damage to the Property the ~1 ortgagor shall give immediate notice thercof by mail to the Mortgagee and the Mortgagee may make proof of lou itthe same is not promptly made by thc Mortgagor. In the event of [oreclosurc of this mortgage or other tnnsfer of titk to t6e Property all right, titk and interest of the ~lortgagor in and to the insurance policics shall pass to the purchaser or grantee. 7. It the M ortgagor (ails to pertorm his covenanu and agreements contained in this mortgage. or if the Mortgagor fails to perform any duty ~~r obligation arising under a Prior Mongage (including the payment o[~rincipal and/or interat. deposits on account of taxes and insurance ~+remiums and late charges even though the holder of the Prior Mortgage has made no demand thercunderand has not thrcatened any action in c~~nnection with the same), or if any action or proceeding is commenced which materially affects the Mortgagee's intercsts in the Property, ~ nclud~ng but not limited to eminent domain or code enforcement or arrangemonts involving a bankrupt or deocdent. or if there is an apparent a bandonment oi the Property, then the Mortgagee at its option may pay to the holder of a Prior Mortgagt all or parts of the sums nettssary to hr ~ng the Prior !Nortgagc currcnt, may make appearances, may enter upon and secure the Properiy. may disbune such other sums (induding h ut nut li mited to the payment of insurance prcm~ums and taxes), and may take such other action as the Mortgagoe reasonably deems necessary ~~r ~d~~isable to protcct his interats in fhe Property, all without regard to the value of the ProQerty. Any amounts disbursed by thc Mortgagcc pursuant to the provisions of this paragraph. together with intercst thercon at the rate of e~ghteen (l8Rf~) per cent per annum shall bccome .~dditiona! indebtedneu of the Mortgagor securcd by this mortgage. Unless the Mortgagor and Mortgagee agree in writing to some other terms ~~t payment, such amounts shall be payable immediately. Nothing ~n this paragraph shall rcquirc the Mortgagee to incur any expense, make any disbursement or take any action whatever_ 8. All praceeds of any award or claim for damaga direct or consequential in connection with any condemnation or any other tak~ng by eminent domain of the Property or any part thereot. or for conveyanoe in I~eu of condemnation or eminent domain are hereby usigned and shall be paid to the Mortgagce. Unless the Mortgagor and Mortgagee otherwise agree in writing (a) all proceeds received by the Mortgagee shall be applied to th~ sums securcd by this mortgage vnthout impos~t~on of any prcpayment charge. and (b) the application of proceeds shall not extend or postpon~ the due date of installmonts of principal and interest or change the amounts thercof. 9. Any forbearana by the Mortgagee in exercising any right or remedy I~ercunder or otherwis~ afforded by appGcable law shall not be a w•aiver of or preclude thc exercise of such right or rcmcdy. The procurcment of msurana or the payment o[ taxes or other iiens or charges or the paymcnt of sums under a Prior Mongage by the Mortgagee shall not be a waiver of the Mortaaga's right to soakrate the maturity of the ~ ndebtedneis secared by this mortgage. All remedia provided in this mortgage arc distinct and cnmulative to any other right or remedy under chis mortgage or affcrded by law or equity and may be eaerciud concurrently. independently or sucassively. 10. To pdy all cosu charga and eapensa including attorney's fets (whether or not Gtigation occurs and if it does thea those on appellate as well as trial kv~l~and abstract costs rwsonably incurrcd or paid at any time by the MortgaQa because of the failure on the pan of the Mortgagor to per arm, comply with and abide by all of his covenants set forth in this mortgage a~d/or the Noteand( or Priot Mortgagqs) and the prorr.-ssory note(s) securod thercby_ ~~ _~ I 1. The :~fongagte is a licenud mortgage broker under Chapter 494. Florida Statutes. 80(J}(t,~4~ pd~E J Hi Z w~ ~Prepared by Stanley H. Spieler, Attorney, 4700 Biscayne Boukvard, Miami, Florida 33137 ~ ~ . - ~~~~~ ~-~ ~ .