HomeMy WebLinkAbout0992 i
~ STATE'~,~' FL_O~-~iD!`, ~ ~ ~
~ UOCUMENTARY. .,~STtiMF 1P,~ ~ 5567'~5 .
, fiEl'T. t~i kEYlti~UE i,• ~~;,~V----
. - ~
P0 = fE822'9~~=~±.•r.f.~ ~ ~ ~ O ~
r _ ;~ir~: ~'ti%'~~ ' . V~
- ~a~
~5-61,101-2
MOR7~GAGE made the dsy below set fonh between the Mortgagor below named and the Mongagee. M ETROPOLITAN MORTGAGE
CO., a Florida corporation.
W HE REAS, the Mortgagor is indebted to thc !:lortgagee as evidenced ~ya certai~ mongage note (Note) of even date trom the Mongagor
to Mortgagce as describcd Delow.
To sccure to the Mongagee Ihe per(ormance by the Mortgagor of all hisagreements asxt (onh in this Mongage and the hote, the repayment ~
ol the indebtedness evidenced by the Ivote, interat thereon, sums advanced by the Mortgagee in accordance with the provisions of this
!~lortgage to protect the lien and security thereof, and interest thereon, the Mortgagor does hereby mortgage, grant and conveg to the
!Nortgagee the real prope~ty described below. together with (a) all tasements, rights, tenements, he~editaments, rents, issues and profits
appurentant thereto; (b) all buildings, structures and improvements now or hereaRer located thereon; (c) all components thereo( including
pipes, plumbing fixtures and equipment, electrical conduit and wiring and fixtures, heating and cooling and air conditioning equipment and
fixtures, sp~inkling and irrigation equipment and fixtures, mechanical equipment, pumps, fences and awnings; (d) range, oven, refrigerator,
dishwashe~, w•ashing machine, dryer, appliances, (loor coverings and carpeting situat~ thereon or therein; and (e) all replacements and
additions to the prope~ty described in (b), (c) and (d) above: provided, however that no security interest is impased upon after acquircd
consumer goods as defined by the Florida Uniform Commercial Code. To havt and to hold the same unto the Mortgagee, ils successors and
assigns in (ce simple. All of the foregoing are herein colltctively referred to as the "Property".
The Mortgagor convenants that he is lawfully seized of the estate hereby conveyed and he has the right to mortgage, grant and convey the
Property, that the Propert~ is unencumbered except as may be below noted, and that the Mortgagor will warrant and defend the title to the
Property against all claims and demands.
And the Mortgagor covenants and agrees as follows:
I_ To promptly pay when due the principal of and intercst on the indebtedness e~•idenced by the Note and prepayment and late charges as
providcd therein. .
2. To pay all taxcs, assessments, charges, fines and other impositions of governmental authority against the Property within sixty (60) days
of when due or sixty I60) day5 prior to the same becoming delinquent, whichever may first occur.
3. If it is noted tielow that this is a second or other subordinate ranked mongage, theh to promptly pay when due principal and interest
owing under mortgage~s? of higher priority ("Prior Mortgage(s)°), to promptly pay to the holderys) of Prior Mortgage(s) sums due on account of
taxes and insurance premiums as may be provided for under the provesions of the Prior Mortgag~(s), and to otherwise fully. promptly and
completely kecp and perform all of the promius and convenants of the mortgagor under Prior Mortgag~(s) and the promissory note(s) stcured
thercby; all of the foregoing without regard to anp waivers, eztensions or indulgences granted by the holder(s) ot Prior Mortgage(s) unless with
the prior consent of the Mortgagee.
\ot to apply to, rcquest of, rccei~•e or accept from any holder of any Prior Mortgage any money. funds or things of value which w•ould,
mighr or could be considercd as an advance ucured by the lien of such Prior Mortgage.
5. \ot to commit u~aste or permit or suffer the impairmrnt or deterioration of the Property; not to erect or permit to be crected any new
hwldings on thc Propeny or any structural alterxtions to existing buildings without the Mortgagee's prior written consent; to compl~• w~th all
subdiv~sion restrictions and zoning and other tegulatory• laws and ordinances atfecting the Property. lf the Property is a eondom~nium unit, the
~tortgagor shall,promptly and completely perform all of his obligations under the dcclaration of condominium and the condominium
assoc~auon's articlcs of incorportation, by-laws and rules and rcgutat~ons and other constituent condominium documents 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 o~er the lien of
th~s mortgage. If the Property ~s part of a planncd unit development. the Mortgagor shall promptly eomply with all provisions af the declaration
of covcnants and restrict~ons establishing the same and shall promptly fulfill all his obligations under theconstituent documents of the planned
unn dc~•elnpmcnt including the homeowners association's or its eqwvalent's articlcs and by-laws and shall promptly pay all assessments or
charges o( every nature (no mauer how designated) the lien (or which against the Property might or could have priority over the lien of this
mortgagc.
5. To kcep all the Propcrty insurcd as may be rcquircd from time to time by the Mortgagee against loss by fire, windstorm, hazards,
casualtics snd contingencies for such periods and for not las than such amounts as may be reasonably required by the l?lortgagce and to pay
promptl~• w hen due all premiums for such insura~ce. The Mortgagorsgrees to deliver renewal or replacement policies or ccrtificates thcretor to
c he ~lortgagee at least fifteen ( I S) days prior to the expiration or anniversary date of the existing policies. The amounts of insurance rcquired by
the !~lortgagee shatl tx minimum amounts for which said insurance shall be written and it shall be incumbent upon the Mortgagor to maintain
such, additional insurance as mav be nccessary to meet and comply fully with all co-insurancc rcquiremcnts contained in said policies to the end
` that the Mortgagar is not a co-insurcr thereunder_ Insurance may be written by a company or companies approved by the tilorigag~e (which
~ approval shall not be unreasonaAly withheld) and all pnlicia and renewalsshall be held by the Mortgagee unless in the possession of a holder of
~ a Prior ~lortgage. All detailed des~gnations by thc Mortgagor which are accepted by tho Mortgagce and all agreemcnts betwccn the Mortgagor
a nd titortgagee rclating to insurance, now existing or hereafter made, shall be in writing and shall be a part of this mortgage agrcement as fully as
! chough set torth ~~erbaum hercin and shall go~•ern both part~cs hereto. No lien upon any policy of insurance or upon any refund or return
~ premium which may bc payable on the canceltation or termination thercof shall be given to other than ehe Mortgagee except a holder of a Prior '
~1 ongage or b~• ~roper endorscment affixcd to such policy and approved by the Mortgagee: Each policy of insuraoce shall have affixed_ thereto a
~ Standard \evr York Mortgagcc Clauu Without Contribution making all loss or losses under such polic~ payable to the Mortgagee as its
~ interest may appear. In th~ event any sum or sums of money become payabk thereunder the Mortgagee shall have the option to receive and
apply the same on account of the indebtednas securcd hereby or to permit the Mortgagor to receive and use it or any part thcreof without
wai~~~ng or impairing an~• eyuity, licn, or tight undcr and by virtue of this mortgage. In the event of loss or physical damage to the Property the
~lortgagor shall gi~c immcdiate not~ce thereof by mail to the Mortgagee and the Mortgagee may make proof of loss if the samc ~s not promptlp
madc b~• the ~lortgagor. In the e~~cnt of foreclosure o( this mortgage or other transfer of titk to the Property all right, title and intcrest of the
tifortgagor ~n and to thc insi~rance policies shall pass to the purchaser or grantee.
1( the ~lortgagor fails to perform his covenants and agreements contained in this mortgage, or if the Mortgagor fails to perform any duty
~~r obLgation ancing under a Pnor Mortgage (including the payment of principal and; or interest, deposits on account of taacs and insurance
prem~ums and late charges even though the holder of the Prior Mortgage has made no demand thereunder and has not thrcatened any action in
c~~nnection with the same), or if any action or proceeding is commrnced which.materially affects tht Mortgagee's intercsts in the Property,
~nclud~ng but not limitcd to eminent domain or codc enforcement or arrangements involving a bankrupt or decedent, or if there is an apparcnt
abandonment o( the Propcrt}•, then the Mortgagee at its option may pay to the holder of a Prior Mortgage all or parts of the sums necessary to
hnn~ thr 1'n~~r ~furtgage currrnt, ma~• make appearances, may enter upon and securc the Property, may disburse such other sums (~nciuding
hu~ nut Gmitrd to the pa~~ment of insurance prem~ums and taxes), and may take such other action as the Nortgagee reasonabh~ dcems necessary
.~r ad~ i»blr t~~ protect his interests in the Property, all w~ithout regard to thc ~•alue of the Property. Any amounts d~sbursrd b~• the ~fortgagee
~ursuant to the pro~~isions of this paragraph, together with interest thcreon at the rate of sixteen (16S'~) per cent per annum shall become
.,dJit6onal ~ndeMrdness of thc Morigagor secured by this mortgage. Unless the Mortgagor and Mortgagce agree in w•riting to some other terms
~ ~~f ~yment, such amounts shall be payable immediately. ~'othing in this paragraph shall require 1he ?1lortgagee to incur anyexpense, make am• J
Jisbursement or take any action whatever.
8. All procceds 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 Propcrty or any Part thereof, or forconveyance in lieu of condemnatian oreminlnt domain atE Aereby assigned and shall :
~ he paid to the 1~fortgagec. Unless the Mortgagor and Mortgagee otherwise agree in writing (a) all proceeds received by the Mortgagee shall be .
~ applied to the sums secured by this mortgage without impos~tion of any prepaymeot charge, and (b) the application of proceeds shall not extend ~
ur postpone thc duc date ot installments of principal and interest or change the amounts thereof.
~ 9. An}• forbearance by the Mortgagcc in eaercising any right or remedy hereunder or otherwise afforded by applicable law shall_not be a
waiver of or preclude the caerciu of such right or remedy_ The procurement of insurance or the payment of taxts or other I~ens or charges or the •
pa~•ment o( sums undcr a P~ior ~lortgage by the Mortgagee shall not be a wai~~er of the Morigagee's right to accelerate the maturity o( the
~ndcbtcdness securcd by this mortgage. All remedies prowded in this mongage are distinct and cumulative to any other right or remed~• under
th~s mortgage or afforded by lavr or cquity and may be eaercised concurrently, independently or suceeuively.
10. To pay all costs charges and expenses including attorne.y's fees (whether or not litigation occurs and ii it does then those on appellate as
well as tnal le~•cl? and abstract costs reasonably incurred or paid at any time by the Mortgagee because of the failure on the part of the
~lortgagor to pertorm, comph• with and abidc byall of his covenants xt forth in this mortgage and/ or the Noteand,' or Prior Mortgage(s) and
thc prom~sson• notc(s) xcured thcreby.
I I. fhc ~1~rtgagee ~s a licensed mortgage broker under Chapter 494, Florida Statutes. pdGE
€
et n-r~ ~''i""~ k- Prcparcd b~• S:anley H. Spieler, Attorney, 470U Bisca}~ne Roulevard. M~ami, Flonda 33137
~
~ - -