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HomeMy WebLinkAbout0939 ,~4~~3~ "~'orrective" ~ ~ ; ~#5-74,996-6 ; b z ~/,i;~0~`~~~Zl~'Pi MORTGAGE made the day below set forth Getwccn the Mongagor bclow named and the Mongagec, METROPOLITAN MORTGAGE CO.. a Florida corporation. WHEREAS. the Moctgagor is indebted to the Mortgaga as ~vid~nced by a certain mortgage note (Note) of evrn date from the Mongagor to Mortgagce as dcscribed below. To secure to the Mongaga the performance by the Mortgagor of all his agreements as set forth in this Mortgage and the Note, the repay- ment of the indebtodness evidenced by tho Note, interest thereon, sums advanced by the Mongagee in accordanco with the provisions of this Mortgage to prota~t the lien and security thereof, and interest thereon, the Mortgagor dces hereby mongage, grant and rnnvey to the ~ Mortgagee the real property described below. together with (a) all easements, rights, tenements. herediraments, rents. issua and profits appurentant thercto; (b) all buildings, structures and improvcments now or hereafter located thereon; (c) all components theroof including pipa, plumbing fixtures and equipment, electrical co~duit and wiring and fixtures, heating and cooling and sir conditioning equipment and fixtures, sprinkling and irrigation equipment and fixtura, mechanical equipment, pumps. fences and awnings; range. oven, refrigerator. dishwasher, washing machine, dryer, appliances, flaor coverings and cupeting situate thtreon or therein; and (e) all repiaccments and , additions to the property described in (b), (c) and id) above: provided, however that no security interat ~s imposed upon after acquired consumer goods as defined by the Florida Uniform Commercial Code. To have and to hold the same unto the Mongagee, its sucecssors and assigns in fee simple. All of the foregoing are herein cotlectively referred to as the "Preperty". The Mongagor covenants that he is lawfully seized of the estate hereby conveyed and he has the right to mortgage, grant and convey the Propmy, that the Propeny 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 Mortgagor cov~nants and agrees as follows: 1. To promptly pay when due the principal of and interest on the indebtedness evidenced by the Note and prepayment and tate charges as provided therein. 2. To pay all taxts, assessments, chazges, fines and other impositions of governmental authority against the Property within sixty (60) days of when due or siatv (60) days prior to the same becoming delinquent, whichever may first occur. 3. If it is noted below that this is a second or other subordinate ranked mortgage: then to promptly pay whrn due principal and interest owing under mortgage(s) of higher priority ("Prior Mongagds)"). to promptly pay to the holder(s) of Prior Mortgage(s) sums due on account of taxes and insurance premiums as may be provided for under the provisions of the Prior Mortgagds). and to otherwiu fully. promptly and completely keep and perform all of the promises and covenants of the mortgagor under Prior Mortgago(s) and the promissory note(s) secured thereby; all of the foregoing without regard to any waivers, extensions or indulgences granted by the holder(s) of Prior Mortgag~(s) unless with the prior consent of the Mortgagee. 4. Not to apply to, request of, receive or accept from any holder of any Prior Mortgage any money, funds or things of valu~ which would, might or could be considered as an advance secured by the lien of such Prior Mortgagt. S. Not ro commit waste or permit or suffer the imQairment or deterioration of the Propeny; not to erect or permit to be erected any new buildings on the Property or any structural alterations to existing buildings without the Morigagee's prior written consent; to comply with all subdivision restrictions and zoning and other regulatory laNS and ordinances affecting the Property. If the Propeny is a condominium unit, the Mortgagor shall promptly and completely perform all of his obligations under the declaration of condominium and the condominium ~ association's articles of i~icorporation, by-laws and rules and regulations and other constituent condominium documents including but not limited to the payment of all regular and special assessments, the liens for which against the Property might or could havo priority over the iien of this mortgage. If the Property is part of a planned unit development, the Mortgagor 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 doci~ments of the planned unit development including the homeowners association's or its equivalent's anicles and by-laws and shall promptly pay all assessments or chazges 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 Propeny insured as may be required frorc~ time to time by the Mortgagee against loss by iire, windstorm, hazards, cazualties and contingencies for such periods and for not less than such amounts as may be reasonably required by the Mongagee and to pay promptly when due all premiums for such insurance. The Mortgagor agrees to deliver renewal or replacement policies or certificates therefor to the Mortgagee at least fifteen (1 S) days prior to the expiration or anniversary date oi the existing policia. The amounts of insurance required j by the Mortgagee shall be minimum amounts for which said insurance shall be written and it shall be incumbent upon the Mortgagor to main- F tain such additional insurance as may be necessary to meet and comply fully with all co-insurance requirements contained in said policies to the end that the Mortgagor is not a co-insurer thereunder. Insurance may be written by a company or companies approved by the Mortgagee i ( which approval shalt not be unreasonably withheld) and all policies and renewals shall be held by the Mortgagee unless in the possession of a i holder of a Prior Mongage. All de[ailed designations by the 1~lortgagor which are accepted by the Mortgagee and all agreements between the ' ~lortgagor and Mortgagee relating to insurance, now existing or hereafter made, shall be in w•riting and shall be a part of this mortgage agree- ~ ment as fully as though set fonh verbatim herein and shall govern both parties hereto. No lien upon any policy of insurance or upon any ~efund or return premium which may be payable on the cancellation or termination thereof shall be gi~•en to other than the Mortgagee except a hotder of a Prior hlortgage 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 hlortgagee Ciause Without Contribution making all loss or losses under such policy payable to the '~lortgagee as its interest may appear. In the event any sum or sums of money become paqable thereunder the Mortgagee shall have the option to receive and apply the same on account of the indeptedness secured hereby or to permit the Mortgagor to receive and use it or any part ~ ehereof without w•aiving or impairing any equity. lien, or right under and by virtue of this mortgage. In the event of loss or physical damage to ~ the Property the Mortgagor shall give immediate notice thereof by mail to the Vlortgagee and the Mortgagee may make proof of loss if the same is not promptly made by the Mortgagor. In the event of foreclosure of this mortgage or other transfer of title to the Property all right, ~ title and interest of the Mortgagor in and to the insurance policies shall pazs to the purchaser or grantee. 7. If the Mortgagor fails to perform his co~•enants and agreements contained in this mortgage, or if the Mortgagor fails to perform any ~ duty or obligation arising under a Prior Mortgage (including the payment oi 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 matetially affects the Mongagee's interests in the , ~ Property, including but not limited to eminent domain or code enforcement or azrangements involving a bankrupt or decedent, or if there is ~ an apparent abandonment of the Propeny, then the Mortgagee at its option may pay to the holder of a Prior Mortgag,e all or parts af the sums necessary to bring the Prior Mertgage current, may make appearances, may enter upon and secure the Ptoperty, may disburse suc.'h 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 Proper!y, all without regard to the value of the Property. Any amounts ; disbursed by the ~tortgagee pursuant to the pro~isions of this paragraph, together with mterest thereon at the rate of 12.90 per cenY ~ ` per annum shall become additional indebtedness of the Mortgagor secured by this mortgage. Unless the Mortgagor and Mortgagee agrte in ' w•riting to 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 proceeds of any award or claim for damages direct or consequential in connection with any condemnation or any other taking by eminent domain of the Property or any parc thereof, or for conveyance in lieu of condemnation or eminent domain are hereby assigned and shall be paid to the Mortgagee. Unless the Mortgagor and Mertgagee otherwise agree in writing (a) all proceeds received by the Mortgagee g shall be applied to the sums secured by this rrzortgage without imposition of any prepayTnent charge, and (b) the application of proce~ds shall j not extend or postpone the due date of installments of principal and interest or change the amounts the~eof. 9. My forbearance by the Mortgagce in exercising any right or remedy hereunder or otherwise aFfocded by applicabk law shall not be a walver of or preclude the ezercise of such right or remedy. The procurement of insurance or the payment of taua 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 ~ ~ indebtedness secured by this mortgage. All remcdies provided in this mortgage are distinct and cumulative to any other right or remedy under ' this mortgagt or afforded by law or equity and may be exercised concunendy, independently or successively. ~ 10. To pay all costs charges and exp~nses including attorney's fees (whecher or not litigation occurs and if it does then those on appellate as well az trial level) and abstract costs reasonably incurred or paid at any ti~e by the Mortgagee because of the failure on the part of the Mortgagor to perform, comply with and abide by all of his covenants set for~' t{~ this mortga~pe i~nd/or the Note and/or Prior Mortgage(s) . and the promissory notds) secured thereby. • 1 l. The Mortgagee is a licensed mortgage broker under Chaptcr 494, Florida Statutes. C Q { ' E~~ K P~! v BV 11-82 ~ Prepazed by Stanley H. Soider, Attorney, a700 B;scayne Boulevard, Miami, Florida 33137 i 'I- " ~ . ~ . , . F " _ ' _ _ _ 'a` . _ . . _ _ Ny~.;f Y „ =~~;.i'~""Y`~,~~ ~,~j~~4 4 " .t~+ - ~