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~ 59982U
~ r~~~~rA~_~. ~ Q e. I.01
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~5-61,217-6
MORTGAGE made the day ~elow ut forth between the Mongagor below ~amed and the Mongagee. METROPOLITAN MORTGAGE
CO.. a Florida corporation.
W H EREAS, the Mortgagor is indebted to the Mortgagee u evidenced by a cenain mongage note (Note) of even date from the Mortgagor ~
to Mortgagee as describcd below.
To securt to the Mortgagee the performance by the Mortgagor of all his agreements as set fonh in this Mortgage a~d the Note, the rcpayment
of the indebtedness evideoced by the Note. interat thereon. sums advanced by the Mongagee in accordance with the provisions of this
Mortgage to protect the lie~ and security thereof. and i~tercst thereon, the Mongaga~ does hercby mortgage. grant a~d coovey to the
Mongagee the ~eal property dacribed below, togethet with (a) all easements; rights, tenements, hereditaments, rents, iuues and profits
appurentant thercto; (b) all buildings, structures and improvements now or hercafter located thercon; (c) all components thercof including
pipes, plumbing fixtures snd equipment, electrical conduit and wiring and fixtures, heating and cooling and air conditioning equipment and
fixtures, sprinkling and irrigation equipme~t and fixtures, mechanical cquipme~t. pumps, fences and awnings; (d) ra~ge, oven, rcfrigerator,
dishwashcr, washing machint, dryer, appliances, tloor coverings a~d carpeting situate thereon or therein; and (e) all replacements and
additions to the property described in (b), (c) and (d) above: provided, howeve~ that no security interest is imposed upon aRer acquired
consume~ goods as defined by the Florida Uniform Commercial Codc. To have and to hold the same unto th~ Mortgagee, its successors and
assigns in fee simple. All ot the foregoing are herein collectively rcterrcd to as the °Property".
The I~lortgagor convcnants that he is lawfully uized of the estate hereby conveyed and he has the right to mortgage. grant and convey the
Property, that the Propen}• is unencumbercd except as may be bclow ~oted. and that the Mortgagor will wanant and defend the title to the f
Property against all claims and demands. •
And the Morfgagor covenants and agrees as follows:
1. To promptly pay when due the p~incipal oi and interest o~ the i~debted~ess evidenced by the Note and prepayment and latocharges as
provided thercin.
2. To pay all taxa, assessments, charges. fines and other impositions otgovernmental suthority against the Propeny within sixty (60) days
of when due or sixty (60) days prior to the 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 pay when due principal and interest
owing under mortgage(s) of higher priority ("Prior Mortgage(s)"), to promptly pay to the holder(s) of Prior Mortgage(s) sums due on account of
taxes and insurance premiums as may be provided [or under the provisions o[ the Prior Mortgage(s). and to otherwise fully. promptly and '
completely keep and perform all of the promises and convenants of the mortgagor under Prior Mongage(s) and the promissory note(s) secured
thereby; all o! the forcgoing without regard to any waivcrs, extensions or indulgences grant~d by the holder(s) ot Prior Mortgag~(s) uniess with
the prior consrnt of the Mortgagee. .
4. 11iot to apply to, request of, receive or accept from any holder of any Prior Mortgage any money. funds or things of value which would,
might or could be considercd as an ad~~ance securcd by the lien of such Prior Mortgage.
5_ \ot to commit waste or permit or suffer the impairment or deterioration of the Property; not to erect or permit to be erccted any new
buildings on the Property or any structural alterations to existing buildings without the ~tortgagee's prior written consent; to comply with all
cubdivision restrictions and zomng and other tegulatory laws and ordinances affecting the Property. If the Propefty is a condominium unit, the
'~tortgagor shall, promptly and completely perform all of his obligations under the declaration of condominium and the condominium
association's anicles of incorportation, by-laws and rules and regulations and other constituent condominium documents including but not
mitcd to the payment of all regular and spccial asxssments. the liens for which against the Property might or could have priority over the lien of ~
c his mortgage. If the Property is part of a planned unit devclopment, the Mortgagor shall promptly comply with all provisions of the declaration
of covenants and restrictions establishing the same and shall promptly fulfill all ~is obligations under the constituent documents of thc planned
unit de~•clopmcnt including the homeowners association's or its equivalent's aniclcs and by-taws and shall promptly pay all auessments or
charges of every nature (no matter hov?~ designated) the lien for which against the Property might or could have priority over the lien of this
mortgage.
6. To keep all the Property insurcd as may be required from time to time by the Mortgagee against loss by fire, windstorm, hanrds,
casualties and contingencies for such periods and for not less than such amounts as may be reasonably required by the Mortgagce and to pay
promptly when due all premiums for such insurance. The Mortgagoragrca to deliver rcnewal or replacement policies or certificata therefor to
' t he Mortgagee at least fi(teen (1 S) days prior to the expiration or anniversary date of the existing policies. The amounts o( insurance required by
i thc Mortgagec shall be minimum amounts for ahich said insurance shall be written and it shall be incumbent upon the Mortgagor to maintain
sucF, additional insurance as may be necessary to meet and tomply fully with all co-insurance requirementscontained in said policies to the end
that the Mortgagor is not a co-insurer ihereunder. Insurance may be written by a company or companies approved by the M.ortgagee (which
approval shall not be unreasonably withheld) and all policies and rcnewals shall be hcld by the Mortgagee unless in the posscssion of a holder o(
; a Prior Mortgage. All detailed designationt by the Mortgagor which arc accepted by the Mortgagee and all agreements betwcen the Mortgagor
and Mortgagee relating to insurance, now existing or hereafter made, shall be in writing and shalt be a part of this mortgage agreement as fully as
; though set forth ~erbatim herein and shal{ govern both parties hereto. No lien ugon any policy of insurance or upon any refund or rewrn ?
k prcmium which ma~ be payableon the canccllation or termination thereof shall be given to other than the Mortgagetexcept a holder of a Prior ;
i 1lortgage or b~ aroper endorument affixed to such policy and approved by the Mortgagee. Each policy of insurance shall have affixed thercto a
Standard \cw York Nortgagce Clause Without Contribution making all lou or losses under such policy payabfe to the Mortgagee as its
~ ~nterest may appear_ In the cvent any sum or sums of money become payabk thercunder ihe Mortgagee shall have the option to receive and
~ apply the samc on account of the indcbtedness secured hereby or to permit the Mortgagor to rea~ve and use it or any part thcreof without
waiv~ng or impairing an~~ cquity, licn, or right under and by virlue of this mortgage. In the event of loss or physical damage to the Property the
~lortgagor shall gn~e ~mmediate nouce thereof by mait to the Mortgagee and the Mortgagee may make proof of loss ifthe same is not prompQy
made b~• the !1lortgagor. In the event of foreclosure of this mortgage or other transfer of titk to the Property all right, title and interest of the '
~Sortgagor in and to the insi~rance policies sh~ll pass to thc purchaur or grantee.
7. If the Aiortgagor fails to perform his covenants and agreements contained in this mortgage, or if the Mortgagor fails to perform any duty
~~r obligation ansing under a Prior Mortgage (including the payment of principal and/or interest. deposits on account of taxes and insurance
~ prem~ums and latc charges even though the holder of the Prior Mortgage has made no demand thereunder and has not threatened any action in
~ c~~nnection w~~~h thc same), or if any action or proceeding is commenced which materially affects the Mortgagee's interests in the Property, ~
~ nctud~ng but not limited to eminent domain or code enforcement or arraagements involving a bankruptbr decedent, or if there is an apparent
abandonment of the Propen~•, then the Mortgagee at its option may pay to the holder of a Prior Mortgage all or parts of the sums necessary to ,
hrmg thc Pnor ~tortgage current, may make appearances, may enter upon and secure the Property, may disburse such other sums (induding !
hue not lim~trd to the payment of insurance premiums and taxes), and maytake such other action as the Mortgagee reasonabh• deems necessary
,~r ~d~~isable to protect his interests in the Property, all without regard to the calue of the Property. Any amounts disbursed b~• the Mortgagce
pursuant to the provisions o( this paragraph, together with intercst thercon at the rate of sixteen (16%) per cent per annum shall become
aJditionat indcbtedncss of the Mortgagor secured by this mongage. Unlcss the Mongagor and Mortgagee agree in writing to somc othcr terms ;
~~t ~~~ment, such amounts shali be payable immediately. \othing in this paragraph shall require the Mortgagee to incurany ezpense, make any
; ditibursement or take any action whatever.
~ 8. All procccds of any award or claim for damages direct or consequential in connection with any condemnation or any other tak~ng by ~
` eminent domain of the Property orany part thereof, orforconveyance in litu of condemnation oreminent domain are hercby assigned and shall ~
be paid to the Mortgagee. Unless the Mortgagor and Mortgagee otherwise agree in writing (a) all proceeds received by the Mortgagee shall b~ ~
a pplied to the sums securcd by this mortgage without impos~tion of any prepayment charge. and (b) the application o( proceeds shall not extenc,
f or postpone the due dat~ ef installments of principal and interest or change the amounts thereof.
! 9. Any forbearance by the Mortgagce in exercising any right or remcdy hereunder or otherwise afforded by applicable law shall not be a
i u aiver of or preclude the exercix of such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges or the '
~ payment of sums under a Prior Mortgage by the Mortgagee shall not be a waiver of the Mortgagee's right to accelerate the maturity of the
~ indebtedness sccurcd b~• this mongage. All remedies provided in this mortgage are distinct a~d cumuiative to any other right or remedy under
~his mortgage or afforded by law or equity and may be exercised concurrently. independently or successively.
~ 10. To pay all costs charges and expenses including attorney's fees (whether or not litigation occun and if it does then those on appellate as
well as trial level) and abstract costs reasonably incurrcd or paid at any time by the Mortg,agee becaust of the failure on the pan of the
!~lortgagor to perform, comply with and abide by all of his covenants set forth in this mortgage and Jor the Noteand/or Prior Martgage(s)and j
~ thc promissory note(s) securcd thereby. _ ~
I 1. The Mortgagce is a licenscd mortgage broker under Chapter 494, Florida Statutes. !
~ bO~K ~ P~E 9~ 1
~ ei. u-x_ ~~~-E Preparcd b~• Stanley H. Spider. Attorrxy, 4700 Biscayne Boukvard, Miami, Florida 33137
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