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HomeMy WebLinkAbout0958 E~~~310~ Corrective / ~ : ~6-69 , 584 ~l MORTGAGE made the day below set fonh betwecn the Mortgagor below named and tht Mortgagcc, METROPOLITAN MORTGAGE CO., a Flonda corp~~ration. W N E R EAS, the !~toitgagor is inJebted to the Mortgagre as evidenced by a certain mortgage note (Note) of even date from the Mortgagor to Mortgagce as dcscnbed below~. To secure to the Mortgagee the performance by the Mortgagor of all his agreements as set forth in this Mortgage and the hote, the repayment uf the ~ndehtedness e~idenced bp the 1ate, interest thereon, sums ad~~anced by the Mortgagee in accordance with the provisions of this . ~lurtgage to protect the lien and security thereof, and interest thereon, the Mortgagor docs hereb}• mortgage, grant and convey to the ~lortgagee the real property described below•, togethcr with (a) all easements, rights, tenements, htreditaments, rents, issues and profits :,ppurentant thereto; (b? all buildings, structures and improvements now or herrafter lucated thereon; (c) all components thereof including pipes, plumbing fixtures ~nd eywpment, eltctrical conduit and wiring and fixtures, heating and cooling and air conditioning -^•~ipment and ; I~rtures, sprinkling and irrigation eyuipment and fixtures, mechanical equipment, pumps, fenccs and awnings; (d) range, ove~~, refrigerator, dishwashrr, washin~ e*?achine, dr~er, appliances, floor ca~•erings and ca~peting situate ther~on or therein; aad (e) all replacements and ; ~ddiuuns to the propeny described in ~b), (c) and (d) abo~•e: pro~•ided, howe~~er that no security interest is imposed upon after acquired ronsumer goods as def: :c~ 4•: ±hP !=lorida Uniform Commercial Code. To have and ta hold the same unto the Mortgagee, its succrssors and :~ssigns in fee simplr. All of the (oregoing art herein collcctively referred to as the "Property°. The Mortgagor convenants that he is lawfull~• scized of the estate hereby conveped and he has the right to mortgage, grant and convey the Propertp, that the Property is unencumbered except as ma}• be below noted, and that the Mortgagor will warrant and defend the title to the Property~ against all cla~ms artd demands. And the Mortgagor co~•enants and agrres as follows: l. To promptly pay when due the principal of and ir.terest on the indebtedness e~ idenced by the Note and prepayment and latecharges as provided therein. 2. To pa~ all taxes, assessments, charges, fines and other impositions of governmental authority against the Propert}~ within sixty (60) days of when due or sixtp ~60) days prior to thc same becomir~g ~:,:;r.y::rr.:, 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 ow ing under mortgage(s) of higher priority ("Prior Mortgage(s)°), to promptly pay to thc holder(s) of Prior Mortgage(s) sums due on account ot caxes and insurance premiums as may be providcd for under the provisions of thc Prior Mortgage(s), and to otherw•isc fully, promptly and completel}• keep and perform all of the promises and convenants of the mortgagor ~nder Prior Mortgage(s1 and the promissory note(s) secured chereby; all of the [oregoing ~ ithout regard to any aaivers, extensions or indulgences granted by the holder(s) of Prior Mortgage(s) unless with the prior consent of the Mortgagee. 4. 1ot to appl~~ to, reyuest of, recei~•e or accept from any holder of any Prior Mortgage any money, funds or things of value which would, might or could be considered as an ad~ance secured by the hen ot such Prior Mortgage. 5. ~ot to c~mmit waste or permit or suffer the impairment or deterioration of tnc Property; not to ercct or permit to be erected any new buildings on the Propert}• or any structural alterations to existing buildings without the Mortgagec's prior written consent; to comply with all subdivision restrictions and zoning and other regulatory laws and ordinances affecting the Pr~pcrtp. lf the Property is a condominium unit, thc '~lortgagor shall,promptly and completel}• perform all of his obligations under the declaration of condominium and the condominium assoriation's articles of incorportation, by-laws and rules and regulat~ons and oiher constituent condominium documents including but not I~mited to the payment of all regular and spccial assessments, the liens for which against the Property might or could havt priority ovtr the lien of th~s mortgage. If the Property is part of a planned unit development, the Mortgagor shall promptly comply with all provis~ons of the declaration uf co~~enants and restrictions establishing the same and shall promptly fulfill all h~s obiigations under the constituent documents of the planned unit de~elopment including the homeowncrs association's or its equivaknCs articles and by-laws and shall promptly pay aU assessments or charges of cverq nature ~no matter how designated) the lien for which against the Propert}~ might or could have pnoriry over the lien of this mortgage. ' 6. To keep all the Property insured as may bc required from time to time by the Mortgagee against loss by fire, windstorm, hazards, casualties and contingencies for such periods and for not Icss than such amounts as may be reasonably required b}• the Mortgagee and to pay promptl~~ when due all premiums for such insurance. The MoRgagoragrees to deliver renewal or replacement policies or certificates thereforto the Ltortgagee at least ~ifteen ( l5) days prior to the expiration or anniversary date of the existir~~ r~:i~ ~s. The amounts of insurance required by ~ the !~lortgagee shall be minimum amounts for ahich sa~d iosuranee shall be written and it shall be incumbent upon the Mongagor to maintain ; such additional insurance as ma}• be necessary to meet and comply fuUy with all co-insurance requirements contained in said policies to the end ' that the Mortgagor is not a co-insurer thereunder. lnsurance may be written by a company or companies approved by the Ivj~rtgagee (which ~ i appro~~al shall not be unreasonably~ withhcld) and all policies,a~~! r~newals shall bc held t}~ the Mortgagee unless in the possession of a holder of t a Pnor ~lortgage. All deta~led designations by the Mod~gor~ahich ~re aaceptui,by the Mortgagee and all agreements bttween the Mortgagor E and Mortgagec relating to insuran~e, now exist~ng or hereafter made, shall be inwtrt?ng and shall bc a part of this mortgage agreement as iufly as t though sct forth verbatim herein and shall govern both parties hereto. ?~`o lien upon any policy of insurance er upon any refund or return premwm w hich map be pa~~able on the canceUadon or term~nation thereof shall be grven to other than the Mortgagee except a holder of a Prior `1 ortgage or b}• proper endorsement affixed to such policy and approved by the Mortgagee. Each policy of insurance shall ha~~e affixed thereto a ` Standard tiew York Mortgagee Clause Withoat Contnbution making all loss or losses under such poliry payable to the Mortgagee as its ~ ~nterest may appear. In the event any sum or sums ot money become payable thereunder the Mortgagee shall ha~•e the option to receive and ~ apply the same on account of thc indebtedness secured hereby or to ptrmit the Mortgagor to recave and use it Qr any part thereof without ~+ai.~ng or impairing any cquity, lien, or right under and by virtue of this mortgage. In th~ event of loss or physica! damage to the Property the ~t ortgagor shall gi~~e ~mmed~ate not~ce thereof by mail to the Mortgagee and the Mortgagee may make proof of loss if the same is not promptly ~ made by the ~lortgagor. In the event of forcclosure of this mortgage or other transfer of title to the Property all right, title and interest of the ~ ~lortgagor in and to thc ins~vance policics shall pass to the purchaser or grantee. j 7. If the Mortgagor faiLs to perform his covenants and agreements contained in this mort~age, or if the Mo~tgagor fails to perform any duty ~ ~~r ohligation arising under a Prior Mortgage (including the payment of principal and/or intcrest, deposits on account of taxes and insurance ~ p remiums and late charges even though the holder of the Prior Mortgage has made no demand thereunder and has not threatened any action in c~~nnecuon with the same), or if any action or proceeding is commenced which materially affects the Mortgagee's interests in the Property, ~~cluding but not I~mited to eminent domain or code enforcement or arrangements involving a bankrupt or decedent, or if there is an apparent a bandonmen~ of the Property~, then the Mortgagee at its option may pay to the holder of a Prior Mortgage all or parts oi the sums necessary to hring the Pnnr htortgage current, may make appearances, may enter upon and seeure the Property, may~ disburse such other sums (including nut not hmited ta the ~a} ment of insurance premwms and taxes), and may take such other action as the Mortgagee reasonably deems necessary ~~r ad~icable to protect his interests in the Property, all without regard to the value of the Property. Any amounts disbursed by the 1~1ortgagee pursuant to the pro~~isions of this paragraph, togcther with interest thereon at the rate of e~ghtcen (18~"c) per cent per annum shall become additional indchtedn°ss of the Mortgagor sccured by this mortgage. Unless the Mortgagor and Mortgagee agree in wnting to some other terms ~ ~~t pa}~ment, such amounts shall be payable immediately. Nothing in this paragraph shall require the Mortgagee to incur any expense, make ar~; ~ disbursement or take any action whatever. & 8. All procceds of any award or claim for damages direct or consequ~ntial in connection with any condemnation or any other taking by ~ eminent domain of the Property or any part thereof, or for conveyance in lieu of condemnation or eminent doma~n are hereby ass~gned and sl~ill ~ he paid to the Mortgagee. Unless the Mortgagor and Mortgagee otherwiu agree in writing (a) all proceeds received by the Mortgagee shall be ~ apalied to the sums secured by this mortgage without impos~t~on of any prepayment charge, and (b) the application of proceeds shall not extend or postpone the due date of installmcnts of principal and interest or change the amounts thereof. ~ 9. Any forbearance by the Mortgagee in ezercising any right or remedy hereunder or otherwise afforded by applicable law shall not be a ~ waiver of or preclude the exercise af such right or remedy. Th e 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 ~ndebtedness secured bp this mortgage. All remedies provided in this mortgage are distinct and cumulative to any other right or remedy under this mcrtgage or afforded by law or equity and may be exercised concurrently, independently ar successively. i0. To pay all costs charges and expenses including attorney's fees (whether or not litigation occurs and if it docs then those on appellate as ~ wcG as trial le~cl) and abstract costs reasonably incurred or paid at any time by the Mortgagee because of thc failure on the part of the ~ tilortgagor to perform, comply with and abide by all of his covcnants set forth in tt~is mortgage and/ or the Note and/ or Prior Mortgage(s) and thc promusory note(s) secured thereby. I I. The Mortgagee is a licensed mortgage broker under Chapter 494, Florida Statutes. D(~(;K Z53 ~'a(iE ~57 ~ g~ ~si ~ Prepared by Stanlc~ H. Sp~dtr, Attorney, 4700 Siscayne Boulevard, Miami, Florida 33137 ~ - ~ - _ . . ~