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HomeMy WebLinkAbout165851853~ ~~ MOR7~(~AGF. made the day below sct tonh betwccn tht Mortgago~ below namcd and the Mortgagee, METROPOLITAN MORTGAGE .'t)., a Flonda corportatiun. W H EItEAS, the Mortgagor is indebtcd to thc Mortgagec as evidenced bya ceruin mongage note(Note) oteven date from the Mortgagor -o Mortgagce as dcscribed below. To secure ~o the Mortgagee the performanct by the ~dortgagor of all his agreements set fotth in tltis Mortgage and the Note, including the rrpayme~t a( the indebtedness evidenced by the Note, interest thereon, sums advanced by the Mortga~te in accordance with the provisions ot ~;~is Mortgage io prutect the lien and secunty thercof. and interest thercon, the Mortgagor does hercby mortgage, ~rant and convcy to thc ~ior~gagee the rral property deuribcd below toge~her with (a) all easements, rights, tenements. htred~taments. rcnts, ~ssues and profits appurtenant thcreto; (b! all buddiags, suuctures and ~mQ~ovements now or herea(ter located upon said teal property. (c) all of the foU~wing prrsently attached therc:o: p~pes, plumb~ng fixtures and equipment, electrical conduit and wiring and fixturcs. htatmg and eooling and air :ond~t~on~ng eywpment and fixwres, spnnkling and irrigauon equipment and fixwrcs, pumps, knces and awnings; and (d) range, oven and ; rtrigerator presently upon thc premises: all of the foregoing arc herun ~eferred to as the "PropeRy." To have and to ho{d the sam~ unto thc ~turtgagcr, its successors and assigns in ke simple. l he M~rtgagor canvenants that ht is lawfully sei7cd of the estate hereby conveyed and he hu the right to mongage, grant and convey the 1'ro~xrty, that thr Pro{+erty is uoencumbered exc~pt as may be bdow noted, and that the Mongagor w~tl warnnt and defend the title to the Propert~~ aga~nst aU cla~ms and demands. And the Mortgagor covenants and agrea as follows: 1. To promptly pay when due the principal of and interest on the indebtedness evidenced by the Note ar.d prcpayment and late chargcs as pr~~v+ded tfiertin. ` 2. "I~o pa~• all taxcs, assessmcnts, charges, Cines and other impos-tions of governrnental authority against the Proptrty within sixty (60) days o( w•hen due or sixty (60) days prior to the same becoming delinquent, wh~che~er may first occur. 3. If it ~s noted bclaw that this is a sccond or other subordinate ranked mortgage, then to promptly pay when due principal and interest ~~w i ng under mnrtgagcls- of higher priority ~"P~ior Mor~gagN s)"), to promptfy pay to the fiolder~s) of Pnor MongagNs) sums due on account of ~.+xrs and insurancc premiums as may be provided for undc~ the prov~sions of thc Prior Mortgagt(s). a~d to otherwise [ully. promptly and ~~~mpletcl} keep and perform all o( the prom~us and convcnants of the mongagor under Prior Mortgage(s)and the promissory note(s) secured ~hrrrby: stt of the toregoing without regard to an~ wa~vers, eatensions or indufgcncts granted by the holdet(s) of Priot Alortgage(s) unless with ehr pnor consrnt ~f the Mortgagee. 4. \ot to appl~• to, requcst oi, rcccice or accept from an~~ holdcr of any Prior Mortgage any money. lunds or things of value which would. might or could be considered as an ad~•ance stcured Ay the lien of such Pnor Mortgage. 5. \~.t to commit w~aate or permit or suffer the impairment or d~urioration of tht Property; not to ereet ot permit to be erected any new ~ uild~ngs un the Propcrt~• or any structural altcrations to ezisting buildings without the I~lortga~te's prior wriuen consent; to comply wuh all .uhdi~~s~on restrictions and zonmg aod other regulatory law~s and ordinances affectingthe Property. If the Ptopertyisacondominium unit, the ~tortgagor shall,promptly and compkeely pcriorm all of his obligations under the declaration of coodomm~um and tht eondominium .s.~or~auon'~ artirles ot ~ncorpurtation, by-laws and rules and regulat~ons and other constituent eondominium documents including but not ;; m~ted to thc paymcnt of all regular and special asscssments, the liens for which against the pro~erty might or could have priority over the lien of t h u mongage. If the ProQe~ty is part ota ptanncd unit devetopment, the Mortgagor shatl promp{ty comp{y with al! provis~ons of the declaration ~~! ca~•cnants and restrict~ons cstablishing the same and shall promptly fulfill all his obligat~ons under the constituent documents of the planncd un~t development ~ncluding the homeowners association's or us equ~valent's articles and by-laws and shal) promptly pay all asstssments or ~ harges of eccr} nature (no matter how designated~ the lien for wh~ch against the Propeny m~ght or could have pnonty over the lien of this m.~rtgage. 6. To kecp all the Property insurcd as may be requircd from time to time by the Mortgagee against loss by fire, windstorm, har~rds, casuatties and cont~ngencies !or such periods and for not less than such amounts as may be rtuonably requircd by the Mongagee and to pay promptlya~vhendueal( premiumaforsuchinsurance_ThcMortgagoragreestodeliverrenewalorrcplacementpoliaaorartiftcatesthereforto ehr titort~ag~c.~ at least Cdteen (1 S) days prinr to the cxpiration or anniversary date of thc existing poGc~es. The amounts of insurance requircd by ~ he ~lortgagee shail be minimum amounts [or ahich sa~d insurance sfiall be written and it shall be incumbent upon the Mortgagor to maintain ~u: h addn~onal insurance as may be necessary to meet and comply fully with all co-insurance requirementscontt~ned in said policics to the end ch.,c the `lortgagor is not a co-insurcr thereunder. lnsurance may bt written by a company or compania approved by the Mortgagee (which ~ ppro~ al shall not be unreasonablZ• withheld) and all policies and cenewals shzll be hc{d by the Mortgagee unf~sa in the possasion of a.holder of ., Pr~or NortgaRc. All detailcd des~gnations by the Mortgagor which are accepted by the Mortgagee and all agraments between the Mortgagor 3nd 4f ortgager rclating to insurance, now existing or hereatter made, shall be in writmg and shall be apa rt of this mortaage agreement as fully as fh~-ugh set forth verbatim here~n and shall govern both parties hereto. No lien upon any policy of insunnct or apon any rcfund or return premium which ma}• be payable on the canccllation or term~nation thereof shall be grven to otherthan the Mortgagteexcept a holder of a Prior ~1 ~~rtgage or b~ proper endorsement affixed to such policy and approved by the Mortgagee. Eath policy of insuranee shall have a[fixed thereto a tieandard ~ew• York Mortgagec Clauu Without Contnbution making all loss or losses undef such pol~cy payable to the Mortgagee as its ;n~crest may appear_ In the event am• sum or sums of money become papabk thereunder the Mort~agee shall tuve the option to rece~ve and epply~ the same on account oi the indebtedn~ss secnred hereby or to perm~t the Mortgagor to reoe~vt aad use it or sny part thercof without w a i~ ~ng or ~mpainng any equity. licn, or right under and by virtue of this morigage. ln thc event of lou or physical damage to the Property the ~t ~~rtgagor shall gi~~e ~mmediate nonce thereoi by mad to the Mortgage'e and the Mortgagee rriay make proo[o(lou if the same is not promptly ^~.s~ie h~ the ~lortgagor. ln the event of forcclowre of this mortgage ot other transfer of titk to the Property aU right, tiUe and interest of the ~t~~rtgaK~~r in and to the insurance policics shall pass to thc purchaser or grantee_ ' If the ~t~~rtgagor fails to perform his covenants and agreements contained in this mortgage, or if the Mortgagor fails to perform any duty ~~• ,,hhgation ancing under a Pnor Mortgage (mcluding the payment of principal and~ or interat. deposits on account of taxes and insurance , rrmiums anJ latc charges even though thc holder o[ [he Pnor Moctgage has Rtadc nodeinand theteunder and has not threatened any action in ,~~nr.ectu~n ~~th the same), or if any action or proceeding is eommenced whieh materially affeets tht Mortgagee's interats,in the Propeny, n~ iud~ng but not limucd to cminent doma~n or code cn(orcement or arrangements involving a bankrupt or decedent, or if there is an apparent +nendunment of the Property. then the Mortgagee at its option may pay to the holder o( a Pnor Mortgage a!1 or parts of the sums necessary to hr ~ng thr !'r~ur ~t.-rtgage currcnt, may make appcarances, may enter upon and secure the Property, may disburse such other sums (induding r~,ii n~~t lim~trd tu the pa~~ment of insurance premiums and taxes-, and may take such otheraction as the Mortgagte reasonably decros neccssary ~,r ed~ ~~ahlc t~~ prutrrt his intercsts in thc Propert}•, all K~ithout regard to the vatut of the Property. Any amounts d'uburscd b} the ~lortgagee ^U(1111I1I IO the pro~~isinns of this paragraph, together v-~ith intcrest thereon at thc. rate of aghteen (18 ~) per cent per annum shall bccomc ~~i~~t:onai indebtedncssof the Mortgagorsecurcd b~ this mortgage. Unlessthe Mortgagorand Mortgageeagreeinwrit~ngtosomeotherterms ~t p:i} ment, such amounts shall be payable immcdiatel}~ \oihing irt this paragraph shall require the Mortgagee to incut anyeapense, makc am :i~,bursrmrnt or take am action whate~•er. R. Aii procceds oi any award or claim for damages direct or conuquential in connection with any condemnation or any~ other takmg by emincnt domain oi the P~operty or any part thereof, or [or conveyance in lieu olcondemnation or ~minent domain are fiereby assigncd and shall he pa~d to thc Mortgagce. Unless tht Mortgagor and Mortgagee otherwise agree in writing (a) all proceeds received by the Mortgagec shall be ~~pt~cd to the sums secured by this mortgage v-uhout impos~uon otany prepayment charge, and (b) the application of proceeds shall not extend ~r postpone thc duc date of installments of pnncipal and interest or change the a~s-uunts theteof. 9. Any forbearanct by the Mortgagee ~n exercising any right or remedy hereunder or otherwise afforded by applicabk lavv shall not be a w a~~•:r ot or prccludc the exercise of such right or rcmedy. The procurement of insunnce or the Payment of taxes or other liens or charges or the ~a}mcnt ot sums under a Prior Mortgage by the Mortgagec shail ~ot be a waiver of the Mortgaga's right to accelerate the matunty of the ~ndebtedness sccurcd by this mortgage. All remedies provided in this mortgage arc distinct and cumulative to any other right or remedy under th~s mortgage or afforded by law or equity~~0_may bc exercised concurrently, independently or suaessively. ! 0. To pay al1 costs charges and ~apenses includ~ng attorney's fces (whether or not Gtigation oecun and if it does th~n those on appellate as well as tnal le~•c11 and abstract costs rcasonably incurred or pa~d at any time by the Mortga=ee because of the faifure on the part of the ~1 ongagor to perform, comply with ano ahide by all of his cor•enants set forth m th~s mortaage and J or the Note and/ or Prior Mortgage(s) and chc prom~ssory notc(s) securcd thercby. ~ 1 1 7he ~lortgagec is a licensed mongage broker under Chapter 494, Florida Statutes. 5t~)X34V P!~iE~~J•~. ~, ,,~~ ~ Prcparcd b} Stanle~• H. Spiclcr. Attorney. 4700 Biscayt~e Boukvard, Miami. Flonda 33137 _ i ~ - - ~"`-___. ...- - ... _.. - _ ~- ~~ ..... r . .