HomeMy WebLinkAbout0980 i? _ . : t: ' . I: . ^ 1~` _ r ~ . Q ~
r
. v Y. . 5-71 , 580-5
. _T:; ti.;,~: . .
_~T°'_____ P ~ ~ ~,j '~~.66(~
_ ~ _ ; 18
~,~lQRTGAGE made the dsy Drlaw srt for~h hetu°crn thc ~lortaagor bclo~~ named and the Mortgagre, METROPOLiTAN MORTGAGE
CO.. a Flonda corporaaon.
W HE REAS, the Mortgagor is indebted to the Mongagce as cvidenced ~y a certain mortgage note (Note) of even date from the Mortp~or
to Mortgagce as descnbed below.
To secure to the Mongsgee the pei-formance by the Mortgagor of all.his agreements as ut fonh in this Mortgage and tl~t Nott. the repayment
of the indebtedness er•idenced by the Natc, interest thercon, sums advanced by the Mortgagee in accordance with ths provisions ot this
Mortpge to protcct the lien and security thereof, and interest thereon, thc Mortgagor does here~y mortgage. gnnt and convey to the
Mortpgce tbt rcal propeny describ~d below, togrther with (a) aU easements, rights, tenements, hercditaments, rents, issues and ptofits
appurcntant there[o; (b) all buildings, structures and improvements now on c~reafter located th~reon; (c) all components thereof including
pipes, plumDing fixtures and equipment, electrical conduit and wiring and fixtures, heating and cooling and air conditioning equipment and
fistures, sprinkling and irrigation cquipment and lictures, mechanical equipment, pumps, fences and awnings: (d) ~ange, ovee, refrigentor,
di~hwasher, washing machine, dryer, appliances. (laor co~~erinRs ~nd carpct~ng situate therron or therein; and (e) all replacements and
additions to tht proper~y dcscribed in (b), ~c) and (d) abovr. pro~idrd, hawcvcr that no secunly interest ~s impoxd upon after acquired
consumet goods as defincd by Ihe Florida l~m(arm Commercial C~de. To ha~c and to huld thc samc unto the Mortgagee, its successors and
assigns in fce simplt. All of thc foreeoing are herein collectrvely «ferred to as the "Prope~ty'.
The Mortgagor convenants tAat he is lawfulfy seized of the cstate hereby conveyed and he has the right to mortgage, grant and convey the
Propeny, that the Property is unencumbered except as may be below noted, and that the I?lortgagor will warrant and defend the title to the
Propeny against all cla~ms and drmands.
And the Mortgagor covenants ~nd agrees as follows:
1. To promptly pay when due the principal of and interest on the ~ndebtcdness evidenced by }he Note and prepayment and late charges as
provided thercin.
2. To pay all uxes, assasments, charges, fines and other ~mpositions of governme.ntal authority against the Property within sixty (60) days
of when due or sixty (60) days prior to the same becoming delinquent, w•hichever may first oecur.
3. If it is noted below that this is a sccond or other subordinate ranked mortgage, then to promptly pay when due principal tnd interest
owing und~r mortgagNs) of higher priority ("Prior Mongage(s)"), to promptly pay to the holder(s) of Prior Mortgage(s) sums due on account of
taxes and ~nsurance prem~ums as may be provid~d for under the pravisions of the Prior Mortgage(s), and to otherwiu fully. promptly and
completely keep and perform all of th~ promises and convenants of thc mongagor under Prior Mortgage(s) and the promissory note(s) secured
thereby; all o! the foregomg without rcgard to any w•aivers, extensions or indulRences grantcd by the holder(s) ot Prior Mortgage(s) unkss with
the prwr consent of the Mortgagce:
4. ~iot to appl~• to, request ot, receive or accept from anp holder of any Pnc~r !?tartgage any money, funds or things of value wh~ch would,
might or could be considered as an ad~~ance secured by the lien of such Prinr Mortgage.
S. lYot to commit w•aste or permit or suffer ~he ~mpa~rmem or detenoration of the Property; not to erect or permit to be erccted any new
bwldings on the Property or any structural altcrat~ons to existing buildings without the hlortgagee's prior written consent; to comply with all
suDdivision restnctions and zoning and other tegulatory laK•s and ordinances affect~ng the Property. llthe Property is a condominium unit, the
Mortgagor shall, promptly and completely pcrform all of his obligations under thc dcclaratioo of eondominium and the condominium
assoc~auon's art~cles of incorportation, by-laws and rules end regulauons and other constituent condominium documents including but not
I~mited to the payment of ail regular and special asussments, the I~ens for which against the Property might or eould have priority over the lien of
this mortgage. If the Prop~rty ~s part of a planned unit dcvclopment, the Mortgagor ~hall promptlycomply with all provisions of thedeclaration
of covenants and restrictions establishing the came and shall promptly fulfill all his obligations under the constituent doeuments of thc planned
unit development including the homcowners association's or its equivalent's art~ctes and by-laws snd shall promptly pay all asussments or
charges of ~ver~ nature (no matter how designatedl the lien for which ~gainst the Pr~perty might or could have priority uver the lien of this
mortgage.
6. To kcep a!I the Propcrty msured as may bc required from timc to time by the ~lortgagee against loss by fire, windstorm, hazards,
casualties and contingencies for such periods and for not less than such amounts as may hc reasonably required by the Mortgagee and to pay
promptly when due all premiums [or such insurance. The Mortgagorsgrees to dcli~~er renewal or replacement poticits or certificates therelor to
the Mortgagce at least fifteen ( IS) days prior to the expiration or anniversar~ datc of thc cxisting policies. Tht amounts of insurance required by
the Mortgagee shall be min~mum amounts for ahieh said insurance shall be written and iC shall lx incumbent upon the Mortgagortomaintain
such additional insurance as may be nccessary to meet and comply fully with all co-insurance requirements contained in said policies to the end
that the Mortgagar is not a co-insurer thereunder. lnsurance may be wri:ten by a company or companies approved by the Mortgagee (which
approval shall not bc unreasonably withheld) and all policies and rencwals shall be held by the Mortgagee unless in the possession of a holder of
a Prior [~lortgage, All dttajkd designations b}~ thc Mortgagor which art acceptcd by the Mortgagce and all agreements between the Mortgagor
and Mortgagce refatirg to insurance, now cxist~ng or htreafter made, shall be ~n writingand shall be a pan of this mortgage agreement as fully as
; though set forth verbat~m herein and shall gocern both partics hereto. No fien upon any policy 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 Mongagee except a holder of a Prior
R !vfongage or by aroperendorsement a(Gxed to such policy and approved by the Mortgagee. Each policy of insuranee shaU have affized thercto a
Standard '~ew York Mortgagce Ctause ~Vithout Contnbution making all loss or losscs under such policy payable to the Mortgagee as its
! interest may appear. ln tht event any sum or sums of money become payable thereunder the Mortgagee shaU have the option to receive and
~ apply the same on account o( the indebtedness secured hereby or to permit the Mortgagor to recave and ux it or any part th~reof without
wa~v~ng or impauing any cquity, lien, or right under and by virtue of this mortgage. In the evcnt of toss or physical damage to the Property the
~ '~lortgagor shall g~ve immed~ate notice thcreof by ma~l to the Mongagee and the Mortgagee may make proof of loss d the samc is not promptly
~ madc by the Mortgagor In thr evcnt of foreclosure of this mongage or other transfcr of titlc to the Property aU right, titlc and interest of the
titortgagor in and to the insi~rance policies shall pass to thc purchaser or grantee_
a 7 I f the Mortgagor fails to perform his covenants and agreements eonta~ned in this mortgagt, or if the Mongagor fails to per[orm any duty
~ or oAligation ansing under a Pnor Mortgage (including the payment of principal and% or in[erest, deposits on account o! taxes and insuranct
prem~ums ancl late charges even though thc holder of the Prior Mortgage has made no demand thereunder and has not thrtatened any action in
~ co;~necuon u~rth the sarr?~), or if any action or proceeding is commenced which materially af(eets the Mortgagee's interests in the Property,
~ ~ncluding but not limited to eminent domain o: code enforcement or arrangtmtnts involving a bankrupt or decedent, or if there is an apparcnt
~ abandonmcnt of thc Property, lhen the Mortgagee at ~ts option may pay to the holder of a Prior Mortgage 811 or parts of thc sums necessary to ,
br~ng the Pnur `tortgag~ currcnt, mey make appearanecs, may enter upon and secure the Property, may disburu such other sums (including
hut ne~t limitcd tu the payment of insurance premiums and taxes?, and maytake such otheraction as the Mortgaget reasonablydeems necessarr
; ~~r adcnablc t~~ ~mtect his ~ntercsts ~n ihc Properry, all u~ithout regard to the ~alue of the Propcrty. Any amounts disbursed b~ the Mortgagee
~ pursuant to the provisions of this paragraph, together with interest th~reon at the rate of fourteen and one half (14~/:) per cent per ann~m '
shall become additional indebtednas of the Mortgagor secured by this mortgage. Unless the Mortgagar and hlortgagee agree in writing to
~ some other terrns of payment, such amounts shall be payable immediately. Nothing in this paragraph sFall reyuirc the Mortgagee to incur an~•
~ expense. make any disbursement or take any action whatever.
8 All proceeds of any award or cla~m tor damages direct or consequenual in connection with any condemnauon or any other taking by
cmineot domain o( the Property or any part thcreof, or for conveyance in lieu of condemnation or eminent doma~n are hrreby assigned and shall
s be paid ro ~he Mo~~gagee. Unlcss the Mortgagor and Mortgagee otherwise agree in writing(a)all proceeds rcceived by the Mortgagce shall be
: appi~cJ to the sums secured by this mortgage wuhout imposition ~f any prcpaymenl charge, and (b) the appl~caUOn o( prozeeds shal) not extend
~ or postpone the due date o( installmenls o( pnncipal and intcrcst or change the amounts thereof.
~ 9 Any forbearance by the Mortgagec ~n exere~sing any nght or «medy hereunder ~r otherw~x a(forded by applicable law shall not be a
F waiver o( or preclude ~he exere~se of such nght or remcdy. The procurement nf ~nsurance or the payment of taxes or other hens or charges or the
~ paymcnt of sums undc~ a Prior Mortgage by thc Murtgagte shall not be a waiver of tht Mortgagee's nght to accelerate the matunty of the
~ ~ndcbtedness sccurcd b~• this mortgage. All remedies provided in thrs mortgage are distinct and cumulative to any other right or remcdy under
chis mortgagc or a(forded by law or equiry and may bc eacrciscd toncurrenNy, independently or suceessively.
~ 10. To pay all cos{s charges and ezpenses including attorney's fees (whethtr or not litigation oeeurs and it it does then those on appellate as
~ wdl as tnal Icvcl) and abstract costt rcasonably incurred or paid at any time by the Morigagee bccause of the failure on the part of the
~ Mortgagor to ,r~crferm, comply with vnd abide by all of his covenants set forth in this mortgage and/or the Note and/ or Pnor Mortgage(s) and
~ thc promuwry n~~te(s) s~cureA thereby.
E I I Thc N„~rtgag~e i~ a licensed mortgage hroker under Chapter 494, Flonda Stawtes
~ ao~K471 PaGE 9~
e~ ~~-K2 `f'rcnared hy titanl~y H S~ic~r~Atiorney, 4700 g~scaynr H~ulevard. Miam~, F~onde i11J1
~ ~t ~
~ i
~
' _ ~ ~ ~-~~£y:.;.~ «:',.~?=;4 K:'~
~ -
~