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RCCEIYFO : 6~_ ~11 -AYHIf1R OF TA~
6UZ CY Ctll:,t 'C' tMT1U~6:alE P~P.SC:~.11 PRO?ER'TY~
S~(~''r 61 iU~.SJ:,tIT TO CNAPT;i 71•ti~~. ACTS OF HII. ~, G~
R~Ci~ POIT~LS ~
CIEIiK pACUfT CWRi. Si. WC~ Ca. F1~~ • .
lNOR"iGAGE made the day below set (orth between the Mortgagor below named and the Mortgaga, M ETROPOI.ITAN MORTGAGE
c'c)., a Florida corportation.
W H F R EAS, the Mortgagor is indested to the Mortgagee as evidenced by a certain mortgage note (Note) of even date from the Mortgagor
<<~ Mongagee as describcd below.
To sccure to the Mo~tgagee the pe~formance by the Mortgagor of all his agrecments set torth in this Mortgage and the Note, including the
rcpaymcnt of the indcbtedness evidenccd by the Note, interest thereon, sums advancrd by the Mortgagee in accordance with the provisions of
ih~s Murtgage to protect the lien and security thereof, and intercst thereon, the Mortgagor does hereby mortgage, grant and convey to the
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:,ppurtenant thereto; (b- all buildings, structures and improvements now or hereafter located upon said real property, (c) all o( the tollowing
prrsently attached thereto: pipes, plumb~ng fixtures and equipment, electrical conduit and winng and fixtures, heating and cooling and air
~undition~~g eyuipment and fixtures, sprinkling and irrigat~on equipment and fixtures, pumps, fenca and awnings; and (d) range, oven and
rrtngerator presently upon the premises; all of the foregoing are here~~ referred to as the "Propeny.° To havt and to hold th~ same unto the
~i urtgage~, its successors and assigns in fee simple.
The :~lortgagor convenants that he is law•(ully uited of the estate hereby conveyed and he has the right to mortgage, grant and convey the
f'roperty, that thc Property is unencumbered except as may be below notcd, and that the Mortgagor will warrant and defend the title to the
Propcrty against all claims and demands.
And the Mongagor covenants and agrces as follow~s:
1. To promptly pay when due the principal of and interest on the indebtedncss cridenced by the Note and prepayment and late charges as
~ro~•tdcd therein.
2. To pay all taxes, assessments, chargcs, fines and other impositions of governmental authority agai~st the Property within sixty (60) days
~~i when due or sixty (60) days prior to the same becoming delinquent, whichever may Grst occur.
3. If it is notcd below that this is a second or other subordinate ranked mortgage, then to promptly pay when due principal and interest
,~w ;ng under mortgage(s) of higher priority ("Prior Mo~tgagNs)"), to promptly pay to the holder(s) of Prior Mongage(s) sums due on account of
::txes and insurance premiums as may be provided for under the provisions ot the Prior Mortgage(s), and to otherwise fully, prompUy and
.~~mpletcly keep and pertorm all of the promises and convenants oi th~ m~rtgago~ under Prior MortgagNs)and the promissory note(s) securcd
chercby; all of the (oregoing without regard to any waivers, extensions or indulgences grantcd by the holder(s) ot Prior Mortgage(s) unless with
?he prior consent ot the Mortgagee.
4. \at to apply to, rcquest of, receive or accept irom any holder ot any Pnor htortgage any money, funds or things of value which would,
might or could be considercd as an advance secured by the lien ot such Prior Mortgage.
5. tiot to commit w•aste or permit or suffer the impairmcnt or deterioration of the Property; not to erect or permit to be erected any new
huildings on the Propcrt}~ or an}~ structural alterations to existing buildings without the Alortgagee's prior written consent; to comply with alt
~ubdiv~s~on restrictions and zomng and other regulatory laws and ordinances affecting the Propeny. If the Property is a condominium unit, the
~1~~rtgagor shall,promptly and completely periorm all of his obligations under the declaration of condominium and the co~dominium
„~oc~ation's articles ot incorportation, by-laws and rules and regulations and other constituent condominium documents including but not
1 ~ m~ted to the payment of all rcgular and special assessments, the liens tor which against the Propeny might or could have priority over the lien of
~ hi~ mortgage. If thc ProQerty ~s part of a planned un~t developmcnt, the Mortgagor shall promptty comply with all provis~ons of the declaration
:~t co~•enants and restnct~ons establishing the same and shall promptly fulfill all his obl~gations under ihe constituent documents of the planned
un~t dc~•elopment including the homeowners association's or its equivalent's articles and by-laws and shall promptly pay all asussments or
; harges of every nature (no matter how dcsignated) the tien (or which against the Propcny might or could have priority over the lien ot this
murtgagc_
6. To kcep all thc Property incurtd as may be rcquircd from time to time by the Mortgagee against loss by fire, windstorm, hazards.
;asualues and contingcncies for such periods and for not Icss than such amounts as may be rcasonably required by the Mortgagae and to pay
prumptl~ w•hen due all premiums for such insurance. The Mortgagoragrees to dcliver rcnewal or replacement policies orcertificates therefor to
~ hr tifortgagee at least fitteen ( I 5) days prior to the expiration or anniversary date of thc cxisung policies. The amounts of insurance required by
c hc ~lortgagec sha!! be minimum amounts for ahich said insurance shall be written and it shall be incumbent upon the Mortgagor to mainta~n
.u~ h add~aonal insuraaoe as may bc necessary to mcet and comply fully with all co-insurance rcquirements contained in said policies to the end
cha~ [he ".~tortgagor is not a co-~nsurer thcreunder. Insurance may be written by a company or compames approved by the Mortgagee (which
a ppro~~al shall not be unreasonably withheld) and all policies and rencwals shall be hcld by the ;~lortgagee unless in the posussion of a holder of
e Pnor !blortgage. All detailed des~gnations by the Mortgagor which are accepted by the Mongagce and alt agreements betw•een the Mortgagor
a nd 41~rtgagce rclating to insurance, now exisung or hereaRer made, shall be in wnt~ng and shall be a part of this mortgage agreemeM as fully as
though set lorth ~~erbatim hercin and shall go~~ern both panies hereto. A~o licn upon any policy of insurance or upon any refund or return
premium wh~ch may be payable on the cancellation or termination thereo! shall be givcn to other than the Mortgagee excspt a holder of a Prior
~t ortgage or by proper endorsement atfixed to such policy and approved by the Mortgagec. Each policy ot insurance shall have affixed thereto a
ti:andard 1ew York Mortgagce Clause W~thout Contribution making all loss or losses under such policy payable to the Mortgaga as its
:n~erest may appear. In the event any sum or sums of money become payable thereunder the Mortgagee shali have the option to receive and
epply the same on account of the indebtcdness secured hercby or to permit the Mortgagor to recerve and use it or any part thercof without
u ai~~~ng or impairing any equity, licn, or right under and by virtue of this mortgage. In tht event of loss or physical damage to the Property the
~1 orcgagor shall g~~•e immcdiate not~cr thereof by ma~l to the Mortgagee and thc 111ongagee may make prootof loss if the same is not promptly
~adc b~ the ~longagor. In the event of toreclosure of this mortgage or other transfer of title to the Propeny all right, titlc and interest of the
~1~~rtgagor in and to thc insurance policies shall pass to the purchasor or grantee.
?. If t he 11ort¢agor iails to perform his co~~cnants and agreements contained in this mongage, or if the Mnrtgagor fails to perform any duty
~r ~.~hl:gation ansing under a Pnor Mongage (~ncluding the payment of principal snd! or interest, deposits on account of taxes and insurance
^ rrm~ums and late charges even though thc holder o( the Pnor Mortgage has made no demand thereunder and has not threatened any action in
...nncct~on with the same-, or if any action or proceeding is commenced which mattrially affects the Mortgagte's interats in the Property,
r~:;uding but not limitcd to cmincnt domain or code enforccmcnt or arrangements involving a banl~rupt or decedent, or if there is an apparent
~ na ndonment of thc Propcrty, thcn the Mongagee at its option may pay to the holder of a Prior Mortgage all or parts of the sums necessary to
~~r~ng thr Pnor ~tortgage curren~, ma}• make appearances, may enter upon and secure the Property, may disburse such other sums linduding
~ut nut i~mitrd tu the pa~ mcnt of insurance prem~ums and taxesl, and may take such other action as the Mortgagee reasonably deems nccessary
r ad~~sahle tu protcct his interests in the Property, all w~ithout regard to thc ~alue of the Propeny. Any amounts disbursed by the Mortgagee
; ursuant to the pro~~isions of this paragraph, together with interest thereon at the rate of e~ghteen (18~"~) per cent per annum shall become
.+ddnional ~ndcbtcdness of the Mortgagor xcured by this mongage. l'nless the Mortgagor and Mortgagee agree in writing to some other terms
t payment, wch amounts shall be payable immediatel~~. tioth~ng in ~his paragraph shall rcyuirr the Mongagee to incur any cxpense, make any
,~tibursement or take any action whatever.
S. AI! procecds of any award or claim tor damages direct or consequential in connection with any condemnation or any other taiung by
emincnt domam of the Property or any part thereof, or for conveyance in lieu of condem~ation or emincnt domain are hereby assigned and shall
hc pa~d to thc !Nortgagee. Unless the Mortgagor and ytongagee otherw~se agree in writing (a) all proceeds rcceived by the Mortgagee shall be
e pplisd to tnc sums sccured by this mortgage without imposrtion of any prepayment charge, and (b) the application of proceeds shall not estend
~_~r postpone the due date of installments oi princ~pal and interest or change the amounts thereof.
9. Any (orbcarance by the Mortgagee in exercising any nght or remedy hereunder or otherwise affordtd by applicable law shall not be a
v a~~~er of or preclude the exercis: of such right or remedy. The procurement o( insurance or the payment of taaes or other liens or charges or the
pa} mcnt of sums under a Prior tifortgage by the Mongagce shall not be a waiver of tht Morigagee's right to accelerate the maturity of the
~ ndebtcdncss secured by this mortgage. All remedies prov~dcd in this mortgage are distinct and cumulative to any other right or remedy under
chis mortgagc or afforded by° law or equiy and may be exerciscd concurrently, independently or suctessively.
10. To pay all costs charges and ex nses including attorney's fees (whether or not litigation occun and if it does then those on appellate as
wcll as triat levcl) and zbstract cost~asonably incurred or paid at any time by the Mortgagce because of the failure on the part of the
Mortgagor to perform, con:ply with and abide by all of his covcnants set forth in ihis mortgage and; or the tiote and'or Prior MortgagNs-and
the promissory note(s) secure6 tf~ereby.
I I. 7 hc !Nortgagee is a licenscd m~ngage broker under Chaptcr 494, Florida Statutes. ,~~~Y 350 ~~~ ~•J~
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~,; : xu '~ Prcparcd b} Stanlcy N Sp~cler. Attornc}•, 4700 t3iscayne Boulc~•ard. M~ami, Flonde 33117