HomeMy WebLinkAbout0934 551.16?~5 ~ S u~ Fayrnurn Of Texc,3 /
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; _ , . . . ;,ier 71, 134, Ads Oi :.^.71.
l~bstract ti~l itie C:orp. ~t t-lori~l RUGER Pp(TRqg ~z,<<1 ,
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MORTGAGE made thc day below set forth betwccn the Mortgagor below named and the Mortgagee, METROPOLlTAN MORTGAGE
CO., a Florida corporation.
W H E REAS, the Mortgagor is indebted to the Martgagee as e~•idenccd by a certain mongage note (Note) of even date from tho Mortgagor
to Mortgagee as descritxd below.
To secure to the Mortgagce the performance by the M ortgagor of all his agreemtnts as set forth in this Mortgage and the Note, the repayment
of the indebtedness evidcnced by the Note, incerest thereon, sums advanced by tt~e Mor[gagee in accordanct with the provisions of this
Mortgage to protcct thr lien and security thereof, and interest thereon, the Mortgagor does hereby mortgage, g~ant and coAVey to the
Mortgagee the rcal property described below, together with (a) all easements, rights, tenements, hereditaments, rents, issua and profits
appurentant thereto; (b) all buildin~ts, structures and improvemems now or hereafter located ~hereon; (c) ull components thereof including
p~pes, plumbing fixtures and equipment, electrical conduit and wiring and fixtures, heating and cooling and air conditioning equipment and
fixtures, sprinkling and irrigation equipment and fixtures, mechanical equipment, pumps, fences and avvnings; (d) range, oven, refrigerator,
dishwasher, washing machine, drper, appliances, tloor coverings and carprting siwate thereon or therein; and (ej all replacements and
additions to the.propcrty described in (b), (c) and (d) above: provided, howcver that no security interest is imposed upon aRer acquired
COfISU.T.:~ geods as detined by the Flor~a `~~~~~~~e~c~ai : uuc. i u havc auu iu iiuid tnr saiiic unto tne iviorcgagee, its successon and
assigns in fec simple. All o( the forcgoing are herein collectively re[erred to as the "Property".
Thc Mortgagor convenants that he is lawfully seized of the estate h~reby conveyrd and he has the sight to mortgage, grant and coovey the
Propeny, that the Propcrty is uner.cumbered except as may be below noted, and that th~ Mortgagor will warrant and defend the title to the
Property against all cla~ms and dcmands.
And tho Mongagor covenants and agrecs as follows:
I. To promptly~ pay whcn due the principal of and interest on the indebtedness evidenced by the Note and prepayment and late chargts as
providcd therein. ~
2. To pay all taxes, asussments, charges, fines and other impositions of governmcntal authority against the Property within sixty (60) days
o( when due or sixty (60) days prior to thc same becoming delinquent, whichever may first occur.
3. If it is noted below that this is a second or other subordinate ranked mortgage, then to promptly pa~ when due principal and interest
owing under mortgage(s) of higher priority ("Prior Mortgage(s)"), to prompUy pay to the holder(s) of Prior Mortgage(s) sums due on account of
taxes and insurance premiums as may be provided for under the provisions of the Prior Mongage(s), and to otherwise fully, promptly and
completely keep and perform all of the promises and convenants of the mortgagor undcr Prior M~ngage(s) and the promissory note(s) secured
thereby; all of th~ foregoing without regard to any waivcrs, eatensions or indulgences granted by the holder(s) of Prior Mortgage(s) unless with
the prior consent of the Mortgagee.
4. Not to a~ply to, rcquest of, receive or accept from any holder of any Prior Mortgage any money, funds or things of value which would,
might or coutd be considered as an ad~ance secured by the lien of such Prior titortgage. ~
S. Not to commit waste or permit or suf[er the impairmcnt or deterioration of the Property; not to ~rect or permit to he erect~d any new
buildings on the Propcrty or any structural a~tcrations to existing buildings without the htortgagee's prior written consent; to comply w~th all
subdivision restrictians and zoning and other regulatory laws and ordinanees affecting the Propeny. If the Property is a condominium unit, the
AA~.tnannr cl~~ll .n.n..~I.. o..~ 1~•~I.. l~.~... ~j~ vvii~aiivin iiTiuci iiic uCCiaiuiiuli UI conciominium and tne condominium ~
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ass~:.;ation's articlcs of inc~rp~rtati~n, by-iaws a~id ruizs and reguiations and ochcr cons~ituent condominium documrnts including but not
I~mited to the payment of all regular and special assessments, the liens for which against the Property might or could have priority over the lien of
this mortgage. If the Propeny is part of a planned unit development, the M ortgagor shall promptly comply with all provisions of the dectaration
of covenants and restrictions establishing the same and shall promptly fulfill all his obligations under the constituent documents of the planned
unit development ~ncluding the homeowncrs association's or its eqwvalent's articles and by-laws and shall promptly pay all asuuments or
charges of every nature (no matter how designated) the licn for which against the Propeny might or could have priority over the lien of this
mortgage.
6. To keep all the Propcrty ~nsurcd as may bc required from time to time by the Mortgagee against loss by fire, windstorm, hazards,
casualtics and contingencics for such periods and for not less than such amounts as may be rcasonaoly requircd by the Mortgagee and to pay j
promptly when due all premiums for such insurancc. Thc Mortgagoragrees to dcliver renewal or replacement policics or certificates therefor to ~
thc Mortgagee at lcast fiftecn (1 S) days prior to the expiration or anniversary date of the czisting polici~s. The amounts ot insurance required by
the Mortgagee shall be minimum amounts for ahich said insurance shall be written and it shall be incumbent upon the Mortgagor to maintain
such additional insurance as may be necessary to mcet and comply fulty with all co-insurance requirements contained in said polici~s to the end
that thc Mortgagor is nor a co-insurer thereunder. f nsurance may be written by a company or companies approved by the Mortgagee (which .
I approval shall not be unreasonably withheld) and all policies and rrncwals shall be held by thc Mortgagee unless in the possession of a holder of '
a Prior !~lortgagc. All detailed designations by the Mortgagor which are accepted by the Mortgagec and all agreemtnts between the Mortgagor
~ and Mortgage~ rclating to insurance, now existing on c~reafter made, shall be in writ~ng and shall be a part of this mortgage agreement as fully as
~ though set forth verbatim herein and shall govern both parties hercto. No lien upon any policy of insurance or upon any refund or rcturn
premium which may be payable on the cancellation or termination thereof shall be givrn to other than the Mortgagee oxapt a holder of a Prior
1lortgage or by propcrcndorsement affixed to such policy and approved by the Mortgagee. Each policy of insurance shall have affixed thercto a
Standard hew York Mortgagee Clause Without Contribution making atl loss or losses under sUch policy payable to the Mortga~ee as its
~ interest may appear. In the event any"sum or sums of money become payable thcreunder the Mortgagee shall have the option to receive and
~ apply the same on account of the indebtedness secured hereby or to permit the Mortgagor to «cerve and ux it or any part thereof without
~ warv~ng or impairing any cquity, licn, or right under and by virtue of this mortgage. In the event of loss or physical damage to the Property the
'~iortgagar shall give immediate noticr thereof by mail to the Mortgagee and the Mortgagee may make proof of loss i[the same is not promptly
g made by the Mortgagor. In the event of (oreclosurc of this mortgage or other transfer of title to thc Property all right, title and interat of ihe
~tortgagor in and to the ins~~rance policies shall pass to the purchaser or grantee.
7. 1f thc Mortgagor fails to perform his covenants and agreemcnts 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 interest, dtposits on account of taxes and insurance
premiums and latc charges ev~n though the holder of the Prior Mortgage has made no demand thereunderand has not threatened any action in
connection with the same), or if any action or proceeding is commenced which materially aff~cts the Mortgagee's interests in the Property,
~ sncluding but not l;mitcd to eminent domain or code enforcement or arrangements involving a bankrupt or decedent, or if there is an apparent
abandonment ot the Propcrty, then the Mortgagee at its option may pay to the holder o! a Prior Mortgage all or parts of the sums necessary to
hnng the Pnor ~tortgage current, may make appearances, may enter upon and secure the Property, may disburse such other sums (including
~ hut not limited to the payment of insurance premwms and taxes), and ma}~ take such other action as the Mortgagee reasonably deems necessary
c~r advisable to protect his interests ~n the Property, all wi[hout regard to the value of the Property. Any amounts disbursed by the Mortgagee
pursuant to the provisions of this paragraph, together w~ith interest thereon at the rate of eighteen (18~°'~) per cent per annum shall become
~ ~dditional indebtedness of the INortgagor secured b}• this mortgage. Unless the Mortgagor and Mortgagee agree in wnting to some other terms
~ ~~f payment, such amounts shall be payable immediately. \othing in this paragraph shall require the Mortgagee to incur any expense, make any
> disbursement or take any action u~hatever.
~ 8. All proceeds of any award or claim for damages direct or consequential in connectien with any condemnatior. or any other tak~ng by
F eminent domain of the Property or any part thereof, or for conveyancc in lieu of condemnation or eminent domain are hereby assigned and shall
~ be paid to the Mortgagee. Unless the Mortgagor and !Nortgagee otherwise agree in writing (a) all procceds «ceived by the Mortgagee shall be
x applied to the sums secured by this mortgage without imposition of any ptepayment charge, and (b) the application of proceeds shall not extend
~ or postpone the due date of installments of principal and interest or change the amounts thereof..
9. Any forbearance by the Mortgagee in exercising any•right or remedy hereunder or otherwise afforded by aPplicable !aw shall not be a
; waiver of or preclude the ezercise of such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges or the
i paymtnt of sums under a Prior MortgagG by the Mortgagce shall not be a waiver of the Mortgagee's right to accelerate the maturity of the
[ ~ndebtedness secured by this mortgage. All remedies providcd in this mongage are distinct and cumulativ~ to any other right or remedy under
~ this mortgage or afforded by law or equity and may be exercised concurrently, independently or suceessively.
10. To pay all costs charges and expenses including attorney's Res (whether or not litigation occun and if it does then thou on appeilate as
~ well as trial tevel) anG abstract costs rcasonably incurred or paid at any time by the Mortgagee becauu of the failure on the part of the
~ ~t ortgagor to perform, com~:y with and abide by all of his covenants set forth in this mortgage and i or the Note and; or Prior Mortgage(s) and
thc promissory note(s) ~cured thereby.
~ I!. The Mortgagee s a li.ensed mortgage broker under Chapter 494, Florida Staiutes.
B~ 2ai ~Preparcd by Stanky N Spieler, Attorney, 4700 Biscayne Boulevard, Miami, Flonda 33137
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