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HomeMy WebLinkAbout0913 ~ ~ ~i AR 0 RP D A~ sa~a~O . c ~ ~ , ' , ~ ~ ~~~.~p ~ ~ ~r ~ a I ~ O ~ O ~ ~ ~ ~ i110t • t ~~6~J~85~1 •O~ MORTGAGE made the day belo~r set forth between tAe Mo~tpjo~ bebM aamod and the Mo(tp~ce. METROPOLITAN MORTGAGE ~ CO.. a Florida corporation. W HEREAS. che Mon~agor is indebted to the Mortpjee ss evideaad by sartaia mort~sse aote (Note) otevea date from tix Mon~asor to Mongaaee u dcscribed below. To secure to the Mo~taaaee the pedormance by the Mortptor of ail his aareements as set fonh in this Monpae and the Note. the repayment of the indebtedness evidenced by the Note, interest thercoa. sums advanced by the Mortpaee in accordance witA the provisionf of this Mortgage to protect the lien and security thereof, and iaterat thcreon. the Mortgaaor does hercby mortaage. gnnt and convey to the Monpate the rcal propeny described Delow. toaether with (a) all easements, n hts, tenements. hercdiunKnts, rents, issua and p~ofits te appurcnttat thercto; (b) all buildings. structurcs and improvemenu now or herca te~ located thereoa; (c) all components thercof includin~ pipes, plumbir.g Gxtures and equipment. electrical conduit and wiring and fixturcs, heating and coolina and air condit~on~ng equipment and fisturcs, sprinkli~a aod irrigation equipmcnt a~d fixtures, mechanical equipment. pumps, fences and aw~ings; (d) range, oven, re(rigerator, dishwuher, wuhing machine. dryor. appliances, tloor coverings and carpeting situate thercon or therein; and (e) all rcplaceme~ts and additions to the propeny described in (b). (c) snd (d) above: provided, however that no security interest is imposed upon aRtr acquircd consum~r aoods as de6ned by the Florida Uniform Commercial Code. To have and to hold the same unto the Mortgagee. its successors and assigns in ke simple. All ot the forcgoing arc hercin colkctively refernd to as the "Property". The Mongagor cortvena~ts that hc is lawfully seized of tht atate hereby conveyed and ht has the right to mongage. grant and convey the Property, that the P~operty is unencumbered except as may be below notod. and that the Mortgagor v?nll warrant and defend the title to the Property against all cla~ms and demands. And the Mortgagor covcnants and agrees as follows: 1. To promptly pay when due the principal of and interest on the indebtedness evidenced by the Note and prcpayment and late charges u provided therein. 2. To pay all taxa, assessmcnts, charges. fi~a and other impositions of governmental authority against the Property 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 tanlced mortgage. then to promptly pay when due principal and interat owing under mortgage(s) of higher priority ("Prior Mortgagt(s)"). to promptly pay to thc holder(s) ot Prior Mongage(s) sums due on account of taaa and insurance premiums as may be provided for under the provisions of tho Prior Mortgage(s). and to otherw~se fully. promptly and completely keep and perform all of the promius and convenants of the mortgagor under Prior Mortgage(s) and the promissory note(s) secured thereby; all ot the forcgomg without rcgard to any waivers, extensions or indulgences granted by the holder(s) of Prior Mortgage(s) unless with the prior consent ot the Mortgagee. 4. Not to apply to, requcst of. rcceive or accept from any holder of any Prior Mortgage any money, funds or things of value which would, might or could be cons~dered as an advance securcd by the lien of such Prior Mortgage. ~ S. Not to commit waste or permit or sut(~r the impairment or d~ttrioration of the Property; ~ot to erect or permit to be erccted any ncw buildings on the Property or any structural alterations to existing buildings without the Mortgagee's prior written consent; to comply w~th all subdivis~on rcstrictions and zonmg and other tegulatory laws and ordiaances affecting the Property. If the Property is a condominium unit, the Mortgagor shall, promptly and compktely perform all of his obligations under thc dcclaration of condominium and the condominium associat~on's articles of ~ncorPortation, by-laws and rules and ngulations and other constituent condominium docum~nts including but not limitcd to the payment of all regular and special as,ussments, the liens for which against the Property might or couW have priority over the Gen of this moRgage. If the Pro~erty ~s part of a planned unit development, the Mortgagor shall promQtly comply with all provis~ons of the declaration of covenants and rcstrict~ons establ~shing the same and shall promptly fuUill all his obligations under theconstituent documents of the planned unit development including the homeowners association's or its e4uivalent's articles and by-laws and shall promptly pay all assessments or charges of every nature (no matter how designated) the lien for which against the Property m~ght or could have pnonty over the lien of this E mortgaga ~ 6. To keep all the Property insurcd as may be rcquircd from time to time by the Mortgagee against loss by fire, windstorm, hazards. casualties and contingencies for such periods and for not less than such amounts as may be reasonably requircd by the Mortgagee and to pay promptly when due all prcmiums for such insurance. The Mortgagoragrees to de6ver renewal or replaament polic~es or certiCcata therefor to the Mortgagee at Icast fifteen ( l5) days prior to the expiration or anniversary date of theeaisting pol~c~es. The amo~nts of insurance required by the Mortgagee shall be minimum amounts for ahich said insurance shall be written and it shall be mcumbent upon the Mortgagor to maintain such additional insurance as may be ncccssary to meet and comply futly wit6 all co-insurance requircments contained in said policia to the end that the Mortgagor is not a co-insunr thereunder. Insurance may be written by a company or companies approved by the Mortgagee (which approval shall not be unrcasonably withheld) and all policia and renewals shall be held by the Mortgagee unless in the posscssion of a holder of a Prior Mortgage. Al! detailcd daignations by the Mortgagor which are acoepted by the Mortgagee and all agreements between the Mortgagor and Mortgagee rclating to insurance. now existmg or hereafter made, shall be in writing and shaU be a part of this mortgage agreement as tully as Ii t fo h ve bahm hercin and shall overn both rtia hercto. No lien u on an li of ~nsurance or u n an refund or rcturn hough ut rt r g pa p y po cy po y ~ prem~um which tnay~be payable on the cancellation or termmation thereof shall be g~ven to other than the Mortgagee except a holder of a Prior Mortgage or by ptopertnda~ttelnent affixed to such policy and approved by the Mortgagee. Each policy of insurance shill havf a(f ixed thereto a ' Standard New York Mortgagec Claux Without Contnbution malcing all loss or losxs under such policy payable to the Mortgagee as its f intercst may appear. In the event any sum or sums ot money bocome payabk thercunder the Mort$ag~x s6a11 have th~ option to receive and ~ apply the sam~ on account of the indebtedness securcd hereby or to perm~t the Mortgagor to reoe~ve and use it or any part thercof without warv~ng or impairing any cquity, liea, or right under and by virtue of this mortgag~. In tho evcnt ot loss or physical damage to the Property the Mortgagor shall give immed~ate notice thercof by mail to the Mortgaga and the Mortgagee may make proof of loss if the same is not promptly made by the Mortgagor. In the event of foreclosure of this mortgage or other transfer of titk to the Property all right, title and intcrest of the Mortgagor in and to the insrrantt policia shall pau to the purchaser or grantee. 7. If the Mongagor fails to perform his covenants and agrcemenu contained in this mortgage, or if the Mortgagor (ails to perform any duty or obligation arising under a Prior Mottgag~ (including tht payment of principal and/or interest, deposits on account of taaes and insurance _ premiums and late charges even though the holder of the Prior Mortgage has made no demand thercunder and has not threatened any action in connection with the same), or if any action or proceeding is commenced which materially affects the Mortgagee's interosts in the Property. including but not limited to eminent domain or code enforcement or arrangements involving a bankrnpt or decedent. or if there is an apparent i abandonment of the Property, then the Mortgagee at its option may pay to the holder o! a Prior Mortgage all or parts of the sums necessary to bring the Prior Mortgage currcnt, may make appearances, may enter upon and securc the Property, may disburse such other sums (including ~ but not {imi[ed to the payment ot insurance premiums and taxes), and may take such other action as the Mortgagee reasonably dcems neceuary or advisable to protect his interests in the Property, all without regard to the value of the Property. Any amounts disburud bv the Mortgagee ~ pursuant to the provisions of this paragraph, together with intercst thereon at the rate of siateen (16r°b).per ant per annum shall become additional indebtedness of the Mortgagor secured by this mortgage. Unless the Mortgagor and Mortgagee agree in wnttng to some other terms ~ of payment, such amounts shall be payable immcdiately. Nothing ~n this paragraph shall rcquire the Mortgagee to incur any expense, make any ~ disbursement or take any action whatever. 3 8. All proceeds of any award or claim for damaga direct or consequential in connectior. with aay condemnation or any other takmg by e~finent domain of the PropeRy or any part thercof, or forconveyance in I~eu of condemnation or eminent domain are hercby assigned and shall ; be paid to the Mortgagee. Unlcss the Moctgagor and Mortgagee otherwise agra in writing (a) all proceeds rcceived by the Mortgagee shall be ~ appl~ed to the sums sccured by this mortgage without impos~t~on otany pnpaymont charge, and (b) the application of proceeds shall not extend ' • or postpone thc due date of installmenu of principal and interest or change the amounts thercoL ; 9. Any forbearance by tho Mortgagee in exercising any right or rcmedy hereunder or otherwise afforded by apQlicable law shall not be a waiver of or preclude the exercise o_` such nght or rcmedy. The procurcment of msunna or the payment of taxes or other licns or charga or the ~ payment of sums under a Prior Mortgage by the Mortgagee shall not be a waiver of the Mortgagee's right to accekrate the maturity of the ~ndebtedness secured by this mortgage. All rcmedia provid~d ~n this mortgage arc distinct and cumulative to any other right or rcmedy under this mortgage or afforded by law or equity and may be esercised concurrently, independeatly or sncctssively. ~ 10. To pay all costs charges and cxpensa including attorney'a foa (whether or not Gtigation oocurs a~d if it doa then those on appellate as well as trial level) and abstract cosu reasonably incurrod or paid at any time by the Mortgaga becaute of the failure on the part of the ~ Mortgagor to perform, comply with and abide by all of his covenants set forth in thu mortgage andJorthe Noteand/or Prior Mortgage(s)and ~ the promiuory note(s) secured thercby. r~ I I. The Mortgagee is a ticensed mortgage broker under Chapter 494. Florida Statuta. BQ(~( s~-n-az ~Prepared by Stanky H. Spickr, ttorney, 4700 Biscayne Boukvard, Miami. Florida 33137 ~ : ~ . ~ .