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HomeMy WebLinkAbout0949 . . a ~ 5-67 , 200-6 ~ ! TREASU E COAST TITLE s~'767, MORTGAGE made the day below set fonh between the Mortgago~ below namcd and thc Mortgagee. METROPOLITAN MORTGAGE CO.. a Florida corporation. W H EREAS, the Mortgagor is indebted to the Mortgagee as evidenced by a certain mongage note (Note) of even date from the Mortgagor ~ to Mortgagee as describcd below. To sccure to the Mortgagee the performance by the Mongagor of all his agreements as set forth in this Mo~tgage and the Note, the repayment of the indebtednoss evidenced by the Note, interest thereon, sums advanced by the Mortgagce in accordance with the provisions ot this Mortgage to protect the lien and security thcreof, and intercst thoreon, the Mortgagor does hereby mortgage, grant and convey to t~he ~ Mortgagce the real property dacribed below,.together with (a) all eaxments, rights, tenements, hereditaments, rents, issues and profits appurentant thereto; (b).all buildi~gs, structures and improvements now or hereafter located thereon; (c) all componrnts thereo( including pipcs, plumbing fixtures and equipment, electrical conduit and wiring and fixtures, heating and cooling and air conditioning cquipment and fixturos, sprinkling and irrigation equipment and fixtu~es, mcehanical equipment, pumps, fences and awnings; (d) range, oven, refrigerator, dishwasher, washing machine, dryer, appliances, tloor coverings and carpeting situate therton or therein; and (e) all replacements and additions to the property described in (b), (c) and (d) above: provided, however that no securit}• iote~est is imposed upon after acquired consumer goods as defined by the Florida Uniform Commercial Code. To have and to hold the same unto the Mortgagee, its successors and assigns in fce simple. All of the foregoing are herein collectively refcrrcd to as the "Propert}•'. The Mortgagor con~•enants that he is lawfully seized o[ the estate hercby conveyed and he has the right to morigage, grant and convey the Property. that the Property is unencumbered except as may be below ~oted, and that th~ Mortgagor will warrant and defend the title to the Property against all claims and demands_ And the Mortgagor co~enants and agrea as follows: 1. To promptly pay when due the principal of and intorcst on the indebtedn~ss eei.:enced by the Note and prepayment and late charges as provided therein. ` 2. To pay all taxes, assasments, charges, fines and othrr impositions of governmental authority against the Propeny within sixty (60) days q( when due or sixty (60) days prior to the same becoming delinquent, whichever map first occur. 3. If it is not~d below that this is a second or other subordinate ranked mongage, 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 pr~miums as may be provided for under the provisions of 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 Mortgage(s) and thc promissory note(s) secured thereby; all of the foregoing without regard to any waivers, extensions or indulgences granted Sy the holder(s) of Prior Mortgage(s) unless with the prior consent of the Mortgagee. 4. Not to apply to, rcqucst of, receive or accept from any holder of any Prior hlortgage any monoy. funds or things of value which would, might or could be considercd as an advance secured by the lien of such Prior Mortgage. ~ 5. Not to commit waste or permit or suffer th~ impairmcnt or deterioration of the Property; not to erect or p~rmit to be ~rect~d any n~w buildings on the Property or any structural alterations to existing buildings without the t~tortgagee's prior written consent; to comply with all subdivision rcstrictions and zoning and other regulator)• laws and ordinances affecting the Property. If the Property is a condominium unit, the Mortgagor shall, promptly and completely perform all of his obligations under the declaration of condominium and the condominium association's articles of incorportation, by-laws and rules and regulations and othcr constituent condominium documents including but not limited to the payment of all regular and special asussments, the liens for which against the Property might or could have priority over the lien of chis mortgage. If the Property is part of a planned unit development, the Mortgagor shall promptly comply with all provisions of the declaration of covenants and restrictions atablishing the same and shall promptly fulfill atl his obligations under the constituent documents of the planned unit development including the homeowners association's or its equivalent's ~rticlcs and by-laws and shall promptly pay all assessments or charges ot every naturc (no matte~ how designated) the lien (or which against the Property might or could have priority over the lien of this mortgage. 6. To k~ep all the Property insured as may be required from time to time by thc Mortgagee against loss by fire, windstorm, hazards, c3sualtics and contingencies for such periods and for noc less than such amounts as may be rcasonably required by the Mortgagee and to pay promptly whcn due all premiums for such insurance. The ~f ortgagoragrees to deliver renewal or replacement policies or certificates therefor to the Mortgagee at least fiftetn (151 days prior to the expiration or anniversary date of the existing policies. The amounts of insuranct requircd by the Mortgagce shaQ bo minimumamounts for w~hich said insurance shall be written and it shall be incumbent upon the Mortgagor to maintain ~~r wch, additional insurance as may be ncccssary to meet and compl~ fully with al! co-insurance rcquircments contained in said policies to the end that the Mongagor is not a co-msurer thereundcr. Insurance may bc written by a company or companies approved by the Mortgagee (which ; approval shaU not be unreasonably withheld) and all polici~s and rencwals shall be held by the ;Nortgagee unless in the poss~ssion of a holder of ~ a Prior Mortgage. All detailed designations by the Mortgagor which are acceptcd by the Mortgagee and all agreements betwcen the Mongagor ~ and Mortgagee rclating to insurance, now existing or hereafter made, shall be in writmg and shall be a part of this mortgage agreement as fully as though set forth verbatim herein and shall govern both parties hereto. No lien upon any poticy of insurance or upon any refund or return prem~um which may be payable on the cancellation or termination thereof shall be given to other than the Mortgagce except a holder of a Prior e ~lortgage or by aroper endorieme~t affixed to such Policy and approved by the Mortgagee. Each policy of insurance shall bave affixed thereto a ~ Standard Ncw York Mortgagee Clause Without Contribution making all loss or losses under such policy payable to the Mortgagee as its interest may appcar. In the event any sum or sums of money become payable thereunder the Mortgagee shall have the a¢tion to receive and ~ apply the same on account of the indebtedness secured hereby or to permit the Mortgagor to rcceive and use it or any part thercof without ~ wa~ving or impairing any equity, lien, or right undcr and by virtue of this mortgage. In the event of loss or physical damage to the Propeny the ~tortgagor shall give immediate notice thereof by mail to the Mortgagee and the Mortgagee may make proc+f of loss if the samc is not promptly made by the Mortgagor. In thc event of foreclosure of this mortgage or other transf~r of titlc to the Property all right, title and interest of the :Nortgagor in and to the ins~~rance policies shall pass to the purchaser or grantee. - 7. If thc Mortgagor fails to pertorm his covenants and agreements contained in this mortgage, or itthe Mortgagor fails to perform any duty or obligation arising under a Prior Mongage (including the payment of principal and/or interest, deposits on account of taxes and insurance premiums and latc charges even though the holder of the Prior Mortgage has made no demand thereunder and has not threatencd any action in conn~ction w~ith the same), or if any action or proceeding is commenced which materially affects the Mortgagee's interests in the Propeny. including but not limited to eminent domain or code enforcement or arrangements invoh•ing a bankrupt or decedent, or if therc is an apparent abandonment of the Property, then the Mortgagee at its option may pay to the holder of a Prior Mortgage all or parts o(the sums necessary to 0 bring the Prior Mortgage current, may make appearances, rnay enter upon and secure the Property, may disburse such other sums (including hut n~~t limited to the payment of insurance premiums and taxes), and may take such other action as the Mortgagee reasonably deems necessary or advisable to protect his inrerests in the Property, all without regard to the value of the Property. Any amounts disbursrd bv the Mortgagee pursuant to the pro~isions of this paragraph, together with interest thereon at the rate of sixteen (16~'/0) per cent per annum shall become additional indebtedness ot the Mortgagor secured b}~ this mortgage_ Unless the Mortgagor and Mortgagee agree in writing to some other terms of payment, such amounts shall be payable immediately. ~othing in this paragraph shall require the Mortgagee to incur anyezpense, make any disbursement or take any action v?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. ; eminent domain of the Property or any part thereof, or forconveyance in lieu of condemnation oreminent domain are hercby assigncd and shall ~ be paid to the Mortgagee. Unless the Mortgagor and Mortgagee oth~rwiu agree in writing (a) all proceeds received by the Mortgagee shall be applied to the sums secured by this mortgage without imposition of any prepayment charge, and (b) the application of procceds shall not extend ' or postpone the due date of instal(ments of prinripal and interest or change the amounts thereof. ~ 9_ Any forbearance by the Mortgagee in ex~rcising any right or remedy hereundcr or otherwise afforded by applicable law shall not be a waiver of or preclude the exercise of such right or rcmedy. Thc procurement of insurance or the payment of taxes or other liens or charges or the ; paymcnt of sums under a Prior Mortgage by thc Mortgagee shal{ not be a waivcr of the Mortgagee's right to acce{crate the maturity of the t indcbtcdness ucurcd by this mortgage. All remedies provided in this mortgage are distinct and cumulative to any other right or remedy under ~ this mortgage or aftorded by law or eyuity and may be exerciud concurrenNy, independently or suceeisively. ~ 10. To pay all costs ch~rges and expenses including attorney's fees (whether or not litigation occun and if it docs then those on appellate as ~ wcll as trial tevel) and abstract costs reasonably incurred or paid at any time by the Mortgagee because of thc failure on the part of the ~ Mongagor to perform, ca:nply with and abide by all of his covenants set forth in this mortgage and/ or the Note and/ or Prior Mongage(s) and thc promissory note(s) secnrcd thcreby. ~ I I. The Mortgagte is a lic~nsed mnrtgage broker under Chapter 494, Florida Statutes. ~ e~, n-az . ~'Prcparcd by Stanley H. Spieler, Attorncy, 470U Biscayne Boulevard. Miami, Florida 33137 BooK 4~~ PaGE ~t9 3 ~ ~ ~ - . . - - ~ - ~ - - a~~-'`~'~ _ ~ ' . _ - t r.~'t;..,, K,. ~ . . . y.i_ ".r~:. ri' vr+Y`.?,:"