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Home My WebLink About0944 '7~50'79 `1 "~~'~~J~~Z~ ~ 5- 7 4, 4 4 6- 6 MORTGAGE made the day below• set forth betwca~ the Mongagor below n~uned and [he Mongagee, METROPOLITAN MORTGAGD ~ CO., a Florida oorporation. 3~~'~ WHEREAS, tht Mongagor is indebted to the Mortgaga as evidrnced by a m-tain mortgage noto (Note) of evrn date from the Mortgagor to Mortgagee as described below. . To secure to the Mongagee the performance by the Mortgagor of all hic agreements as set fonh in this Mortgage and the Note, the repay- ment of the indebtedness evidenced by the Note, interat thereon, sums advanced by the Mongagee in accordance with the provisions of this Mongage to protect the lien and secwity thereof, and interat thereon. the Mortgagor doa hereby mortgage. grant and convey to the Mortgagee the real property described below. together with (a) ail eaume~ts, rights. ttnements. hereditaments. rents, issua and profits ; ap~urentant thereto: (b) all buildings, structures and improvemrnts now or hereafter locatEd thereon; (c) all rnmponents thereof including t pipes. plumbing fixtura and rquipment. ~lectrical conduit and wiring and fixtures. hoating and cooling and sir conditioning equipment and fixtures, sprinkling and irrigatioa equipmmt and fixtura. mechanical equipment. pumps, fences and awnings: (d) range, oven. refrigerator, dishwasher, washing machine, dryer. applianca, floor rnverings and carpeting situate thereon or therein; and (e) all replacem~nts and additions to the property described in (b), (c) and (d) above: provided, however that no security interest is imposed upon after acquired consumer goods az defined by tht Florida Uniform Commercial Cade. To have and to hold the same unto the Mortgagee, its successors and assigns in fee simple. All of the foregoing are herein collectively referred to as the "Property". The Moctgagor oovrnants that he is lawfully seiud of the atate hereby conveyed and he has the right to mortgage, grant and convey the Property. that the Property is unencumbered except as may be below noted. and that the Mortgagor will warrant and defend the title to the . Property against all claims and demands. And the Mortgegor covenants and agrees ~ follows: 1. To promptly pay when due the principal of and interest on the indebtedness evidenced by the Note and prepayment and late charges as provided therein. 2. 'to pay all taxa, assessments. charges. fines and other impositions of governmrntal authority against the Propeny within sixty (60) ~ days ef when due or sixty (60) days p:ior to the same becoming delinquent. whichever may first occur. 3. If it is noted below that this is a sccond or other subordinate ranked mortgage. thrn 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 MortgagKs) sums due on . account of taxa and insurance premiums as may be provided for under the provisions of the Prior Mortgage(s), and to otherw~ise fully, promptly and completely k~ep and perform ull of the promises and covenants of the mortgagor under Prior Mortgage(s) and the promissory~ note(s) secured thereby; all of the ioregoing without regatd to any wan•ers. extens~ons or indulgences granted by the holder{s) of Prior ~fongage(s) unless w~th the prior consent of the MoRgagee. 4. Not to apply to. request of, receive 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 advance secured by the lien of such Prior Mortgage. S. Not to commit waste or permit or suffer the impairment or deteriorasion of the Property; not to erert or permit to be erected any new buildings on the Property or any structural alterations to existing buildings without the Mortgagee's prior written consent; to comply with all subdivision restrictions and zoning and other regulatory laws and ordinances afferting the Property. If the Property is a condominium unit, the Mortgagor shall promptly and completely perform aU of his obligations under the declaration of condominium and the condominium association's articles of ineorporation, by-laws and rules and regulations and other constituent conclominium documents including but not limited to the payment of atl regular and special assessments, the li=ns for which against the Pro~,+rrty might or could have priority over the # lien of this mortgage. If the Property is part of a planned unit development, the Mongagor shall promptly comply with all provisions of the ~ declaration of covenants and restrictions establishing the same and shall promptly fulfill all his obligations under the constituent documents of the planned unit development including the homeowners association's or its equivalent's articles and by-laws and shall promptly pay all ~ assessments or charges of every nature (no matter how designated) the lien for which against the Propeny might or could have priority over the, lien of this mortgage. _ 6. To keep all the Property insured as may be required fram time to time by the Mortgagee against loss by fire, windstorm, hazards, casualties and contingencies for such periods and for not less than such amounts as may be reasonably required by the Mortgagee and to pay ~ promptly when due all premiums for such insurance. The Mortgagor agrees to de(iver renewal or replacement policies or certificates therefor £ co the :Nortgagce at least fifteen (IS) days prior to the expiration or anniversary date of the exiuing policies. The amounts of insurance required by the Mortgagee shall be minimum amounts for which said insurance shall be written and it shall be incumbent upon the Mortgagor to main- tain such additional insurance as may be necessary to meet and comply fully K~ith all co-insurance requirements contained in said policies to the end that the Mongagor is not a cainsurer thereunder. Insurance may be written by a company or companies approved by the Mortgagee ( w hich approval shall not be unreasonably withheld) and all policies and renewals shall be held by tlie Mortgagee unless in the possession of a holder of a Prior Mongage. All detailed designations by the Mortgagor which are accepted by the Mortgagee and all agreements between the ~ I ~tongagor and Mortgagee relating to insurance, now existing or hereafter made, shall be in writing an~ shall be a part of this mongage agree- ~ ~ ment as fu11y az though set forth verbatim herein and shatl govern both parties hereto. No lirn upon any policy of insurance or upon any ; refund or return premium which may be payable on the cancellation or termination thereof shall be given to other than the Mortgagee except ~ ~ a ho(der of a Prior Mortgage or by proper endorsement affixed to such policy and approved by the Mortgagee. Each policy of insurance shall ' ~ have affixed thereto a Standard New York Mongagee Clause Without Contribution making all loss or losses under such policy payable to the ~ ~1ongagee as its interest may appear. In the event any sum or sums of money become payable thereunder the Mortgagee shall have the option ~ to receive and appiy the same on account of the indeptedness secured hereby or to permit the Mortgagor to receive and use it or any part thereof withaut waiving or impairing any equity, lien, or right under and by virtue of this mortgage. In the event of loss or physical damage to che Propeny the Mortgagor shall give immediate notice thereof by mail to the Mortgagee and the Mortgagee may make proof of loss if the same is not promptly made by the Mortgagor. In the event of forxlosure of this mortgage or other transfer of title to the Property all right, eitte and interest of the Mortgagor in and to the insurance policies shall pass to the purchaser or grantee. 7. [f the Mortgagor fails to perform his covenants and agrerments contained i~ this mongage, or if the Mortgagor faiis to perform any~ duty or obligation arising under a Prior Mortgage (including the payment of principal and/or interest, deposits on account of taxes and insurance premiums and late charges even though the holder of the Prior Mortgage has made no demand thereunder and has not threatened any action in connection with the same), or if any action or proceeding is commenced which materially affeets the Mortgagee's interests in the Property, including but not limited to eminent domain or code enforcement or arrangements involving a bankrupt or decedent, or if there is an appazent abandonment af the Property, then the Mortgagee at its option may pay to the holder of a Prior Mortgage all or parts of the ~ sums necessary to bring the Prior Mortgage current, may make appeazances, may enter upon and secure :he Propery, may disburse such other sums (including but not 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 interests in the Property, all without regazd to the value of the Property. Any amaunts disbursed by the Mortgagee pursuant to the provisions of this paragraph, together with ~nrerest thereon at the rate of 12.90 per cent per annum shall become additional indebtedness of the Mortgagor secured by this mortgage. Unless the Mortgagor and Mortgagee agree in writing to some other terms of payr.ient. such amounts shall be payable immediately. Nothing in this paragraph shal! require the Mortgagee to incur any expense, make any disbursement or take any action whatever. ~ 8. All proceeds of any award or claim for damaga direct or consequential in connection with any condemnation or any other taking by ~ eminent domain of the Praperty or any part thereof, or for conveyance in lieu of condemnatian or eminent domain are hereby assigned and shall be paid to the Mortgagee. Unless the Mortgagor and Mortgagee otherwise agree in writing (a) all proceeds received by the Mortgagee shall be applied to the sums secured by this mongage ~?~ithout imposition of any prepayment charge, and (b) the application of proceeds shall not extend or postpone the due date of installments of principal an~i interest or change the amounts thereof. 9. Any forbearance by the Mortgagee in exercising any right or remedy hereunder or otherwise afforded by applicable law shall not be a r waiver of or preclude the exercise of such right or rtmedy. The procurement of insurance or the payment of taxu or other liens or chazges or che payment of sums under a Prior Mortgage by the Mortgagce shall not be a waiver of the Mortgagee's right to accelerate the maturity of the indebtedness secured by this mongage. All remedies provided in this mongage aze distinct and cumulative to any other right or remedy under .?his mortgage or afforded by law or equity and may be exercised concurrently, independently or successively. 10. To pay all costs charges and expenses including attorney's tees (whether or not litigation occurs and if it does then those on appellate as well as trial level) and abstract costs reasonably incurred or paid at any time by the Mortgagce because of the failure on the part of the Mortgagor to perform, comply with and abide by all of his covenants set forth in this mortgage and/or the Note and/or Prior Mortgage(s) and the promissory notds) stcured thereby. 11. 'Ihe Mortgagx is a Iicensed mortgage broker under Chapter 494, Florida Statutes. ~~K ~ , Ef;~K P!GE c~~ BL~ 11-82 ~ Prepared by Stanley H. Spieler, Attorney. 4700 Biscayne Boulevard, t+liami, Florida 33137 _ . . . _ . _ _ . . . ~ . : - _ . ~ _ . . . _ _ _