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HomeMy WebLinkAbout0916 '7~3~73.3~ . ~ . , .,/,f;2~~i~'CLT _ ~ 5- 7 3 , 8 56 - ~ ' ' ' S C''0" ~ MORTGAGE mada thc clay below set fonh betwea~ the Mortgagor bdow e~am~d and the Mongagee, METROPOLITAN MORTGAGE CO.~ s Florida corporation. WHEREAS, tlre MortgaQor is indebtcd to the Mort~agee as e~ridenced by a artain moetgage note (Note) of evrn date from the Mortgagor to M~ngaaa as dexribed below. To secure to tht Mortgagee the performacta ~y the ylortgagor of sU his agraments as set farch in this Mortgage and the Note, thc repayL mrnt of the indebtednGSS evidenced by tho Note. interat ehcra,u, sunis a~vanced by the Mortgagee in aceocdance with the provisions of this Mortgege to protect the lirn and security thereof, and interest theroon, the Mortgagor does hzreby mortga~e, grant and rnnvey to the Mortgaga the reat proptrty described beiow, together with ail easemrnts. rights, tmements. haeditamrnts~ rrnts, icsues and profits appursntant thereto; {b) all buildings, stnutures and improvem~nts now ~r hrreaRer losated theroon; (c) all com~onrnts thereof inciuding pipe.;. plumbing fixtu:a and equipment. electrical :ronduit as~d wiring and fixtures, hestiag and cooting end air mnditioning equipment and fixturp. sprinkling and irrigation equipmmt and iuctures. mtchanical equipmrnt, pumps, fences and awninas; range, oven, rcfrigerator. dishwasher, washEig ma~:hine, dryer. appliances. iloor coverings and carpeting situate thereon or therein; and (e) all replacements and additions to the property desrribeti in (b). (c) and (d) above: pro~ided, however that no securi~y interat is impo~ed upon after acquired i c~~Wu,-r,:.r g.,:.~s as defined by the ~lorids Uniform Commercial Code. To have and io hold the same unto tiu Mortgagee, its succsssors and assigns in fee simple. A!! of the forrgoing are htrein coUectively referred to as the "Property". The Mortgagor covrn~ants that he is lawfully seiud of tho atate hercby oonveyod acid he has the right to mortgage. grant and mnvey the Propeny. thst the Prapaty is uneacumbered.except as may be below noted, and that the Mortgagor will warrant and defend the tide to tht Property against aU claims and demaads. And the Mortgagor covrnants aad agr~es as fotlows: 1. To proae~.;;y pay when due the principal of and interest on the indebtedness evidenced by the Note and prepayment and Iate charges as provided therein. 2. o pap alt taxes, assessmrn~s~ chazges, fina and other impositions of goverr.~ental suthority against the Property wiehin sixty (60) days of whrn due or sixty (60) days prior to the same becoming ddinqueat, whichever may first occur. 3. If it is noted belaw that this is a second or other subordinate raaked mortgage, thrn to promptly pay when due principal and interest owing under mortgag~(s) of higher priority ("Prior Mortgage(s)"). to promptly pay to the holder(s) of Prior Mortgagds) sums due an acoount of taxes and insuraace premiums as may be providod for unda the provissons of the Prior Mortgage(s). and to otherwise fully. promptly and mmpletety kap and perform all of thr promisa and cavenants of tho mortgagor under Prior Mortgagds) and the promissory note(s) secured thereby; all of the foregoing without regard to any waivers. extensions or indulgences granted by the holcier(s) of Prior Mortgage(s) unless with the prior consent of the Mortgagee. 4. Not to apply to, request of. receive or accept from any hotder of any Prior Mortgage any money. funds or things of value which would. might or c~ould be rnnsiclert~ as an advance securM by the lien of such Prior Mortgage. S. Not ia cotnmit waste or permit or suffer the impairment or deterioration of the Pr~p~rty; not to erect or permit to be erected any new buildings on the Property or any uructural alterations to existing buildings vvithout the Mottgaga's prior written consrnt; to comply with all subdiviseon restrictions and aoning and other regulatory iaws and ordinances affecting the Propeny. If the Property is a condominium unit, the Mortgagor shall promptiy and completcly perforn? all of his obligations under the dxlaration of condominium and the condominium association's aztjcla of incarporatian, by-laws and rules and regulations and uther constituent condominium documents including but not limited to the payment of all regular and special assessments. the liens far which against the Property might or covld have priority over ;he lien of this mortgage. If the Property is part of a planned unit dev~lopm~nt, the Mortgagor shall promptly comply with all provisions of the declaration of covenants and restrictions establishing the same and shall promptly fuffill all his ohligations under the constituent documents of the planned unit development including the homeowners association's or its equivairnt's 3uticl~s and by-laws atid shall promptly pay all assessmrnts or charges of every naturr (no matter how daignated) the lien for which against the Property might or could have priority over the lien of this mortgage. 6. To keep all the Property insured as may be required from time to t:me by the Mortgagee against loss by fire, windstorm, hazards, ! casualties ar.d contingencia for such periods and for not less than su.h amounts as may be reasonably required by ihr Mortgagce and to pay r promptly when due all premiums for such insurance. The Mortgagor agrees to deliver renewat or replacement poGcies or certificates therefor q to the ;Nortga~ee az kast fifteen (15) days prior to the eapirazion or anniversary date of the existing policia. The amounu of inswance requireci by the Mortgagc~ shall be minimum amounts for which said insurarce shall be written and it shali be incumbent upon the hiortgagor to main- tain such additional insurance as may be necessary to meei and comply fully with all co-insuranc.~e requirements contained in said policies to the end that the Mortgagor is not a co-insurer thereundtr. Insurance may be written by a company or companies approved by the Mortgagee (which approval shall not be unreas~onably withheld) and all policia and renewals sha11 be held by t6e Mortgagce unless in the possession of a holder of a Prior Mortgagc. :~ll detaited designations by the Mortgagor which are accepted by the Mortgagce and all agreements between the Mortgagor and Mortgagee relating to insurance. now existing or hereafter made. shall be in writing and shall ~e a part of this mortgage agree- ment as fully as though set fonh verbatim herein and shall govern both parties hereto. No lirn upon any policy of insurance or upon any refund or return premium v?hich may be payable on the cance[lation or termination thereof shall be given to other than the Mortgaga except a hotder of a Prior Mortgage or hy proper endorsement affix~d to such policy and approved by the Mortgagee. Each policy of insurance shall haee affixed thereto a Standazd New 1'ork Mortgagce Clause Without Contribution making all loss or losses under such poGcy payabk to the Mortgagee as its interest may appeaz. In the event any sum or sums of mv~ey ~~,me payable thereunder the Mortgagee shall have the option to receive and apply the same ors acrnunt of thc indeptednas serured hereby or to permit the Mortgagor to receive and use it or any part thereof without waiving or impairing any equity. lien, or right under and by virtue of this m~rtgage. In the event of loss or physical damage to the Property the Mortgagor shall give immediate notice thereof by mai! to the hiortgagee and the Mortgaga may make proof of loss if the same is not promptty made by the Mortgagor. ln the event of foreclosure of this mortgage or other transfer of title to the Property all right, title ~d interest of the Mortgagor in and to the insurance policies shall pass to the purchaser or grantee. 7. If the Mongagor fa.ils !o perform his covenants and agrcements contained ia this mortgage. or if the Mortgagor fails to perform any duty or obligation arising under a Prior Mortgage (including the payment of principat andi or interest, deposits on account of taxes and insurance premiums and late charges even though the holdet of the Prior Mortgage has made no demand thereunder and has not threatened any action in conneclion with the same), or if any action or praceeding is commenced which materially affects the Mortgagee's interests in the Property, including but not limitcd to eminent domain or code tnforcemrnt or arrangements involving a bankrupt or decedent, or if there is an appazent abandonmer~t af the Property, then the Mortgagee at its option may pay to the holder of a Prior Mortgage all or pazts of the sums necessary to bring the Prior Mortgage current, may make appearances, may enter upon and secure the Property, may disburse such other sums (including but not limited to the payment af insurance premiums and taxes), and may take such other action as the Mortgagce : easonably dcems necessary or advisable to protect his interests in the Property, alt without regard to the value of thr Property. Any amounts disbursed by the Mortgagee pursuant to the provisions of this paragraph, together with interest thereon at the rate of 12.90 per cent per annum shall become additional indebfedness of tho Mortgagor secured by this mortgage. Unless the Mortgagor and Mongagee agree in writing to some ather terms of payment. such amounts shall be payable immediatety. Nothing in tt?is paragraph shall r~quire the Mortgagce to ir,cur any expense, make any disbursement or take any action whatever. 1 8. All proceeds of any award or claim for damages direct or consequential in c~nnection with any condemnation or any ot:eer taking by emintnt domain of the Property or any part thereof. ur fot conveyance in lieu of condemnation or eminent domain aze hereby assigned and s6iall be paid to the Mortgagce. Unless the Mortgagor and Mortgaga otherwise ~gree i~ ~?~~g {aj a!1 pr~:eeds received by th~ Mcr!gage~ shall be appiicd to the sums secure~ by this murtgage w7thoyt imposition of any prepayment charg~, and (b) the application of proceeds shall not eatend or po~tpone the due date of insta!lments of principal and interest or changs the amounts thereof. 9. Any forbearance by the Morteaaee in exercising any right or remedy haeunder or atherwise afforded by applicable iaw shatl not be a waiver of or precluda the eaerc~u of such righ: or remedy. The procurement of insurance or the paymrnt af taxes or other tirns or charga or the paym~nt of sums undar a Prior Mortgage tsy the Mortgaga shall not be a waivec Qf the Mortgagse's right !o acceleratt the matu:ity of the indebtedncss s~ured by this mortgage. All remedia provided in this mongage are aistin`ct a~d cumulative to any other right or remedy under this mongage or afforded by law or equ;ty ar.d may be exercised concunentiy, indepa~dtntly or successiveiy. 10. To p2y all costs charges and expenses including attorney's fas (whether or not iitigation occurs and if it does then those on.appeilate as well as trial level) and abstract oosts reasonably incurr~d or ~aid at any time by the Mortgaga because of the failure on the part of the Mortgagor to perform. comply with and ahid= by ali of his covenants set forth in this mortgage and/or the Not~ anNor Prior Mortgage(s) and the promissory notc(s) secured thereby. 11. 'il~e Mort~a~ee is a licenstd mortgage broker under Chapter 494, Florida Statutcs. B~f~ A~ BLII-82 ~Prepared by Stanley H. Spider. Attornsy. ~~00 Bisca7rtte Boulevard, Miami, Florida 33137 - ~ ~ , _ _ a _...z. - - - . . _ ~ ~ _