Loading...
HomeMy WebLinkAbout260251'7:358 ~~ ~ti~ ~~'~p MORTCAGE made the day below set forth Setween the Mortgagor below named and the Mortgaga, METROPOLITAN MORTGAGE CO., a Florida corportation. W N EREAS, the Mortgagor is indebted to the Mortgaga as evidenced by a cenain mongage note (Note) of even date from the Mortgagor co Mortgagte as described below. To s=curc to the Mongagee the performance by the Mongagor of all his agreements set (onh in this Mortgage and the Note, including the repayment oi the indebtedncss evidenced by the Note, interat thercon. sums advanced by the Mongagce in accordance with the provisions of ~his Mongage to protect the lien and security thercof. and intercst thereon. the Mortgagor does hereby mortgage. grant and convey to the Mortgagee the real property d~scribed below toge~her with (a) all eaxments. rights, tenements, hereditaments. rents. issues and profits appurtenant thereto; (b) ail buildings, structures and improvements now or hercafter located upon said real property, (c) ali of the tollowing presently attached thereto: pipes, plumbing fixtura and e~uipment, electrical conduit and winng and fixtures, heat~ng and cooling and a~r conditiomng equipment and rxtures, sprinkl~ng and ircigation equipmeet and fixtures. pumps. knces and awnings; a~d (d) range. oven and rcfrigerator Qresently upon the prcmises; all of the foregoing arc herem referrcd to as the °Property." To have and to hold the same unto the ~tortgagee, ~ts succ~ssors and assigns io fee aimple. . The Mortgagor convenants that he is lawfully seized of the estate hercby conveyed and he has the right to mortgage. grant and convey the Propeny, that the Property is u~encumbered except as may be below noted. and that tho Mortgagor will warrant and defend the title to the Property against all claims and demands. And the Mortgagor covenants and agnYS as follows: 1. To promptly pay when due the principal o( and interest on the indebtedness c~•idenced by the Not~ and prepayment and late charges as provided thercin_ 2. To pay all taxes, assessments, charges, Gnes and other impositions of governmental authority against the Property within sixty (60) days of whtn due or sixty (60) da~^s prior to the same becoming delinquent, whichever may first occur. 3, If it is noted below that this is a second or oth~r subordinate ranked mortgage, then to promptly pay when due principal and intercst ow ~ng under mortgage(s) of higher priority ("Priur Mortgage(s)"), to promptly pay to the holder(s) of Prior Mortgage(s) sums due on account of taxa and insurance prcmiums as may be provided tor under the provisions of the Prior Mongage(s), and to otherwiu (ully, promptly and completely keep and perform all of the promises and convenants of the mortgagor under Prior Mortgage(s) and the promissory note(s) secured :hcreby; all of the foregoing without rcgard to any waivers, extensions or indulgences granted by the holder(s) of Prior Mortgage(s) unless with che prior consent of the Mortgage~. 4_ \ot to apply to, requat of, receive or accept from any holder of an}~ Prior Mortgage any money, (unds or things of value which would, might or could be considercd as an ad~ance secured by the lien of such Prior Mortgage. S. Not to commit waste or permit or suf(er the impairment or deterioration of the Property; not to erect or permit to be erected any new buildings on the Property or any structural alterations to existing buildings without the hlortgagee's pnor written conunt• to comply with all subdivision restrictions and zon~ng and othcr rcgulatory laws and ordinances affecting the Property. lf the Property is a condominium unit, the ~tongagor shall,promptl~ and compktely pcr(orm all of his obligations under the dcclaration of condominium and the condominium association's articles of incorportation, by-laws and rula and rcgulations and other constituent condominium documents including but not 1~ mited to the payment of all rcgular and special assessments, the liens for which against the Property might or could have priority over the lien of th~s mortgage. If the Propeny is part of a planned unit development, the Mortgagor shall promplty comply with alt pro~~sions o[ the declaration of covenants and restrictions establishing the same and shal! promptly fulfill all his obligations under the constituent documents of the planned unit dc~•elopment including the homeowners association's or its equivalenCs articla and bylaws and shall promptly pay all asuuments or charges of every• nature (no matte~ how designatcd) the lien for which against thr Property might or eould have priority over the lien ot this mortgage. 6. To keep all the Propcrty insurcd as may be requircd from time to time by the Mortgagee against lou by fire, windstorm, hazards, casualties and contingencies for such periods and for not less than such amountsas may be reasonably rcquircd by the Mortgagee and to pay promptly when due afl premiums for such insurance. The Mortgagoragrces to deliver rcnewal or rcplaccment policics or certificates therefor to the Mongagee at least fifteen (1 S) days prior to the expiration or anniversary date of ihe existing policies. The amounts of insurance required by c he Mortgagee shall be minimum amounts (or whicl~ said insurance shall be written and it shall be incumbent upon the Mortgagor to maintain such additional insurance as may be necessary to meet and comply fully with all co-insurance requircments contained in said policies to the end that the Mortgagor is not a co-insurcr thereuhder. lnsurance may be written by a company or compania approved by the Mortgagee (which appro~•al shall not be unrcasonably withheld) and all policies and rcnewals shall be hcld by the Mortgagee unless in the possession of a holder of a Prior Mortgage. All detailed designations by the Mongagor which are acc~pted by the Mortgagce and afl agrecments between the Mortgagor a nd Mortgagee relating to insurance, nowexisting or hereafter made, shall be in writing and shall be a part of this mortgage agreement as fully as ehough set [orth verbatim hercin and shall go~~ern both parties hereto. No lien upon any policy o( insurance or upon any reiund or return premium which may be payable on the cancellation or termination thercof shall be gir•en to other than the Morigagee except a holder of a Prior ~lortgage or bp proper endorsement affixed to such policy and approved bp the Mortgagee. Each policy o[ insurance shall have affixed thcreto a Standard '~'ew York Mortgagee Clause Without Contribution making all loss or losses under such policy payable to the Morigagee as its ~nterest ma}• appear. In the event an~- 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 secured hereby or to permit the Mongagor to receive and ux it or any part thercof without u ai~~ng or impairing any equity, lien, or right under and by virtue of this mortgage. ln the event of loss or physical damage to the Property the ~1 ortgagor shall g~ve immediate notice thereof by mail to the Mortgagee and the Mortgagee may make proof of loss ii the same is not promptly made b~• the !~lortgagor. !n the event of forcclosure of this mortgage or other transkr of title to the Property all right, titlc and interest o( the 4lortgagor in and to the insi~rance policics shall pass to thc purchaseS or gtantee. i. If the 1lortgagor fails to perform hiscovenantsand agreementscontained in this mortgage, or if the Mortgagor fails to perform anydutr• or obligation ansing under a Prior Mortgage (including the payment of principal and; or interest, d~posits on account of taxcs and insurance p remiums and late charges even though the holder of the Prior Mortgage has made no demand thcrcunder and has not threatened any action in ~<~nnection w~th thC same), or 6~ny action or proceeding is commenced which materialty a(fects the Morigagee's interests in the Propcrty, :ncluding but not limittd"to cininent domain or code enforament or arrangements involving a bankrupt or decedent, or if there ~s an apparent a bandonment of the Property, thcn the Mortgagee at it~ option may pay to the holder of a Prior Mortgage all or parts of the sums necessary to ?+r~ne the Prior ~lortgage current, mar make appearances, ma}• enter upon and secure the Property, may disburse such other sums (including tiut not limued to the payment of ~niurance premiums and taxa), and may take such other action as the Mongagee reasonabh• dcems necessar}• r.; ad~ isable to protect his interests in the Propert~•, all a•ithout regard to the value of the Property. An~• amounts disbursed by th~ Mongagee t ursuant to the pro~~sions of this paragraph, together with interest thereon at the rate of eighteen (18 ~) per cent per annum shall becomc .~dd~tional indebtedness of the Mortgagor secured by this mortgage. Unless the Mortgagor and !-lortgagec agree in w•nting to some other terms ~~t pa~•ment, such amounts shall be pa}•abk immediatel~•. tiothing in this paragraph shall require the ~tortgagee to incur any eapense, make any ~ii~bursement or take ant action whate~~er. 8. All proceeds of any award or claim for damages direct or consequential in connection with any condemnation or any other taking by em;nent domain of the Property or any part thereof, or forconveyance in lieu of condemnation oreminent domain are hereby assigned and shall he paid to the !Nongagee. Unless the Mortgagor and Mortgagee otherwix agrce in writing (a) all proceeds reccived by the Mortgage~ shall be e pplied to thc sums secured by this mortgage without imposition of any prcpayment charge, and (b) the application of proceeds shall not extend er postpone the due date of instaltments of principal and intercst or change the amounu thereof. 9. Any forbearanrt by the Mortgagec in exercising any right or rcmedy hereunder or otherwise afforded by applicabk law shall not be a w a~ver of or preclude the txercix of such right ar rcmedy. The procurcment of insurance or the payment of taxes or other licns or charges o: the ~a}•ment of sums under a Prior Mortgage by the Mortgagee shall not be a vraiver of the Mortgagee s right to accelerate the maturity of the ~ndcbtcdness sccured by this mortgagc. All remcdia providcd in this mortgage arc distinct and cumulative to any other right or remedy under tMs mortgage or afforded by law or equity and may be exercixd concurrcntly, independently or suatssively. 10_ To pay all costs charges and expenses including attorney's fees (whether or not litigation occurs and if it does then those on appellate as well as trial Ic~•e~) and abstract costs reasonably incurrod or paid at any time by the Morigagee bccause of the failure on the part of the M ortgagor to perform, comply with and abide by aU of his covenants set torth in this mortgage and! or the t~iote and; or Prior Mortgagqs) and chc prom~ssory notN~) securcd thereby. 1 I. Thc Mon~agre is a licensed mortgage broker under Chapter 494, Florida Statuta. Ki ~ xo ~Preparcd by Stanle}• N. Spieler, Attorney. 4700 Biuayne Boukvard. Miam~, Flonda 33137 ' ~ ~ ~n';~.348 ~~~f 2SOU ~ : zE~ - ' ~ .: '^ -''~ v ~~ ~r~:2~'4~ Y~"'~1ii- ~ +. ... rC. .. ._ . .. -a +Y.. . X.a'. _ ..