HomeMy WebLinkAbout0963 , 5-71,373-5
'708853
MORTGAGE made the day below stt forth bctwcen the Mortgagor below named and the Mortgagee, METROPOLlTAN MORTGAGE
CU., a Florida corporation.
W HEREAS, the Mortgagor is :ndcbtcd to the Mongagee u evidenctd by a ceruin rnortgage nate (Note) otevtn date trom the Monp~~r
to Mortgagee as described below.
To stcure to the Mortgagee the performance by the Mortgagot of ali his agreements as set fonh in this Mongage and tht Note, ihe repaymtnt
of the indebtedncss evidenced by the Note, interest thereon, sums advanc~d by the Mongagee in accordance with the provisions of this
Mort6age to protect the lien and ucurity thereof, and intercst thereon, the Mortgagor does hereby mortgage. gnnt and convey to th~
Mortgagtt tae real property dcscribed btlow, together with (aj all eaxmen[s, rights, tenement:, hcreditaments, rents, issuts and profits
appurcntant ihereto; (b) all buildings, structures and improvements now or hereafter located theteon; (e) all components thereof including
pipcs, plumbing fixtures and equipment, electrical condu~t and wiring and fixtures, heating and cooling and air conditioning equipment and
Ci:turcs, sprinkling and irrigation equipment and fixtures, mechanicai equipment, pumps, lences and awnings; (d) range, oven, refri~erator, j
dishwasher; washing machine, dryer, appliances, floor coverings 3nd carpeting snuatc thcrton or therein; and (e) alt replscements and ~
additions to the property described in (b), (c) and (d) above: provided, however that no security interest is impoud upon after acquirtd
consumer gooos as deGncu oy ii~c ~'iui~u'a li ~iliu7~i~ CG~Tuu~iCi3i ~vu:. TG3 ~~Y: .'..^.A ~Q~~ S?!!!~ ~~!~!p !ti~ Mr,f~o~o.~. uc cuccessors and
assigns in fee simple. AU of the torcgoing are horcin collectively rcferred to as the "Property". 6°- ;
The Mortgagor convenants that he is law(ully seized of 1he estate hereby conveycd and he has the right to mortgage, grant and convey che ~
Property, that the Prope~ty is unencumbcrcd except as may be below notcd, and that the Mortga~or w~ll wanant and defcnd the tit~e to the
Property against all claims and deman~s. h ~
And the Mongagor covenants and agrees as follows: V ~
I. To promptly Fsy when due the principal of and interest on the indebtedness evidenced by the Note and prepayment and late charges as
provided thertin.
2. To pay all taxes, asseuments, charges, fines and other impositions otgovernmental authority against the Property withi~ sixty (60) days
of when due or sixty (60) days prior to the same b~coming delinquent, w~hichcver 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 thc holder(s) of Prior Mortgage(s) sums due on account of
taxes and insurance prem~ums as may be provided for undcr the provisians ot thc P~ior MortgagNs), and to othttw~se fully. promptly and
completely ke~p and perform all of the promises and convenants of th~ mortgagor under Prior Mortgage(s) and the promissory note(s) secured
thereby; all o( thr (orcgoing without regard to any waivers, extensions or indulgences granted by thc holder(s) of Prior Mortgage(s) unless with
the pnor consent of thc Mortgagee.
4. Not to apply to, rcqucst of, receive or accept from any holder ot any Ynor Mortgagc any money, iunds or ihings of value which wouid, ~
might or could be conside:ed as an advance se~ured by the lien o! such Prior Mortgage.
S. Not to commit wastc or permit or suffer the impairment or deteriorauon of thc Propcrty; not to erect or p~rmit to be erected any new ~j
builQings on the Property or any structural alterations to existing buildings without the Mortgageds prior written consent; to comply with all '
subdivision restrictions and zoning and other regulatory laws and ordinances affecting thc Property. [f the Property is a condominium unit, the
Mongagor shall,promptly and completely perform all of his obligations under the declaration of condominium and the condominium
associat~on's articles of incorportation, by-laws and rules and regulat~ons and othcr constituent condorninium documents including but not
limited to the payment of all regular and special assessments, the liens for which against tt~~ Propen~• might or could have priority over the lien of `
chis mortgage. If the Propcrty is part of a planned unit development, the Mortgagor shall promptly eomply with all provisions of the dtdantion ~
of cpvenants and restricuons establishing thc samt and shall promptly fulfil! all his obligations undtr the constituent documents of the planned
unit develnpment including thc homeow~ners association's or ~ts equivatc~t's articlcs and by-laws and shall promptly pay all assessments or
charges of ever}• nature (no matte~ how designated) the lien for which against the Property might or could have priority oyer the tien of this
mortgage.
6. To keep a~! thE f'ropeny insured as may be requircd from time to time by the Mortgage~ against loss by fire, windstorm, hatards,
casualtics and cont~ngencies for such periods and for not less than such amounts as may bc reasonably required by the Mortgagee and to pay
pr~mptly when due all premiums for such insurance. The Mortgagoragrees to dctivcr rencwal or replacemtnt policies or certificates therefor to
thc Mortgagee at least fitteen ( IS) days prior to the expiration or anniversary datc of the existing policies. The amounts of insurana required by
the Mongagec shall be minimum amounts for ahich said insurance shall be writtcn and it shall be incumbent upon the Mortgagor to maintain
such additional insurance as may be necessary to meet and compfy fuily with all co-insurance requirements contained in said polieies to the tnd
that the Mortgagor is not a co-insurer thereunder. Insurance may be written by a company or companies approved by the Mortgagte (which
approval shall not be unreasonably withhcld) and all policies and rtnewals shall be held by the Mortgagee unloss in the posussion of a holder ot
a Prior Mortgagt, All deiaikd des~gnations b} the Mortgagor which arc accepted by thc Mortgagee and all agreements between the Mongagor
and Mortgagec~ relating to insUrance, now existing or hereaft~r made, shap be in writing and shall be a part of this mortgage agreement as fully as
;hough set forth verbatim hercin and shall govern both parties hereto. No licn upon any policy of insurance or upon any tefund or return ~
prcmium which may be payable on the cancellatior. or tcrmination thereof shall b~ given to other thar~ the Mortgagee exupt a holder of a P'rior
'~iongage or by proper ~ndorsement affixed to such policy and approved by the Mortgagee. Each policy of insurance shall have aff xed thereto a I
Standard New York Mortgagce Clause Without Contribution making all loss or lasses under such policy payable to the Mortgagte as its
interest may appear. In the cvent any sum or sums of money baome payab)e thereundcr the Mortgagee shall have the option to receive and '
appty the same on account of the indebtedness secured hereby or to permit the Mortgagor to rcceive and use it or any part thtreof without
waiv~ng or impairing any equity, licn, or right under and by virtue of this mortgage. In the event ot loss or physical damage to the Property the
~lortgagor shall give immediate not~ce thereof by mail to the Mortgagee and the Mortgagee may make proof of loss if thc same ?s not promptly
madc by the Mortgagor. In the tvent of forcclosure of this mongage or other transfet of title to the Property aU right, titlc and interest of tht
:'~tortgagor ~n and to the insi~~ance policics shall pass to the purchaser or grantee.
7. If the M ortgagor fails to perform his covenants and agreements contained in t6is mortgage, or if the Mortgagor faifs to perform any duty
or obligat~on ans~n~ under a Pnor Mortgagc (including the payment of principal and/or interest. deposits on account of taxes and insurance
premiums and late charges even though thc holder of the Prior Mortgage has made no demand thcreunderand has not threatened any action in
conncction with the same), or if any action or procecding is commenced which materiaily affocts the Mortgaget's interests in the Proptrty,
~ncluding but not limited to emincnt domain or code enforcemcnt or arrangements involving a bankrupt or dccedent, or if there is an apparent
abandonment of thc Property, then the Mortgagee at its option ma}• pay to the holder oi a Prior Mortgage all or parts of the sums necessary to
hnng the Pnor Mortgage current, may make appearances, may enter upon and secure the Property, may disburse such other sums (inciuding
hu; not I~miced tu the paymcnt of insurance prem~ums and taxes), and may take such other action as the Mortgage~ reasonably deems necessary
~~r advisablc to protect his ~ntcrests in the Property, all without regard to the ~~alue of the Property. Any amounts disburscd bv the Mortgagee
pursuant to th= provisions of this pazagraph, together with interat therean at the rate of fourteen and one half (14'/:) per cent per annum
shall become additional indebt~dness of the Mortgagor secured by this mortgage. Unless thc Moctgagor and Mortgagee agree in writing ~o
some other terms of payment, such amounts shall be payable immediately. Nothing in this paragraph shall require the Mortgagee to incur any
expense, make any disbursement or take any action whatever.
8. All procecds of any award or cla~m for damag:s direct or consequent~al in connection with any condemnation or any other tak~ngby
eminent domain o! the Propcrty or any part thercof, ar [or conveyancc in I~eu of condemnation or ~minent domain are hereby assigntd and shall
be paid to thc Mortgagce. Unless the Mortgagor and Mortgagee othtrwise agree in writing (a) all proceeds reccived by ihe Mortgagee shall be
appl~ed to the sums s~cured by this mortgage without imposuion of any prepayme~t charge, and (b) the application ot proceeds shall not extend
or postpone the duc datt of installments of principal and interest or change the amounts thcreof.
9. Any forbearance by the Mortgagee in exercismg any right or remedy hereunder or oiherwise aftorded by applicable law shaU not be a
waiver of or preclude the ezercw of such nght ~r remedy. The procurement ot insurance or the payment of tazes or other liens or charges or the
payment of sums under a Prior Mortgage by th~ Mortgagcc shall not be a waiver of the Mortgagee'a right to accelerate the maturity of tht
lndebtedness secured by this mortgage. All remedies provided in this mortgage are distinct and cumulative to any other right or remedy under
this mortgagc or affordcd by lavr or equity and may be exerciscd concurrently, indep~ndently or suceessively.
10. To pay all costs charges and expenses including attorncy's (ees (whether or not litigation occurs and if it does th~n those on appellate as
well as tria~ level) and abstract co~ts reasonably incurred or paid at any time by the Mortgagee because of the failure on the part of the
Mortgagor to pcrform, comply with and aAide by all of his covenanes set forth in this mortgage anA/or the Note and(or Prior Mortgage(s)and
thc promissory note(s) sec~red thcreby. ~ ~~,M
1 I. The Mortgagte is a licensed mortgage broker under Chapter 494, Flonda Suwtes. a~l~ ~~~f IVV
8L. 11-82 ~-Prcpared hy Stanley H. Spicler, E?tto?ney, 4700 B~SCay'e Roulevard, Miami, Flotida 33137
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