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HomeMy WebLinkAbout0992 / . ' ~ 05-75, S6S-6 ~s"~s('~~ . . . ~ ~ ~D" ~ ~ MORTGAGE made the day below set forth betwecn the Mortgagor below named and the Mortgaga, METROPOLITAN MORTGAGE ~ CO.. a Florida corporation. ' WHEREAS. the Mortgagor is indcbted to the Mortgaga as evidenced by a certain mortgage note (Note) of evrn date from the Mortgagor to Mortgagee as described below. To secure to the Mongagee the performance by the Mortgagor of all his agreements as set fonh in this Mortgage and the Note. the repay- ; ment of the indebtedness evidenced by the Note, interest thcreon. sums advanced by the Mortgaget in accordance with the provisions of this Mortgage to protect the lien and securi~y thereof. and inte~est thereon. the Mortgagor does hereby mortgage, grant and convey to the Mortgaga the real property described below. together with (a) ali easements, rights. tenements, hereditaments. rents, issua and proCts appurrntant thereto; (b) all buildings. structura and improvements now or hereafter located thereon; (c) alf components thereof including pipes, plumbing fixtures and equipment. electrical conduit and wiring and fixtura. heating and cooling and sir conditioning equipment and fixtwa. sprinkling and inigation tquipment and fixtures, mechanica! equipment. pumps, fcnces and awnings; (d) range. oven, refrigerator. dishwasher. washing machine, dryer, appliances. tloor coverings and carpeting situate thereon or therein; and (e) all replacements and additions to the propeny described in (b). (c) and (d) above: provided. however that no security interest is impoxd upon after acquired consumer goods as defined by the Florida Uniform Commercial Code. To have and to hold thc same unto the Mortgagee. its succasors and assigns in fa simple. All o[ the foregoing are herein coliectively referred to as the "Property". The Mortgagor oovrnants that he is lawfully scized of the atate hcreby convey~d and h~ has the right to mongage, grant and mnvey 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 Propeny againu a!l claims and demands. And the Mongagor covenants and agrces az follows: I. To promptly pay when due the principal of and interest on the indcbtedness evidenced by the Note and prepayment and late charges as provided therein. 2. To pay ali taxa, assrssments, charga, rnes and other impositions of governmental aulhority against the Property within sixty (60) days of when due or sixty (60) days prior to the same becoming delinquent, whichevor may firu occur. 3. lf it is noted below that this is a srcond or other subordinate ranked mortgage, then to promptly pay when due principal and interest owing under mortgage(s) of higher priority ("Prior Mortgagds)"), to promptly pay to the holder{s) of Prior Mortgagds) sums due on account of taxes and insurance premiums az may be provided for under the provisions of the Prior Mortgage(s), and to otherwise fully, promptly and comptetely keep and perform all of the promises and covenants of the mortgagor under Prior Mortgage(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 Mongage(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 ar cauld 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 deterioration of the Propeny; not to erect or permit to be erected any neK• 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 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 ths condominium association's articles of incorporation, by-laws and rules and regulations and other constituent condominium documents including but not limited to the payment of all regular and special azsessments, the liens for which against the Property might or could have priority over the lien of this mortgage. If the Propeny 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 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 ino matter how designated) the lien for which against the Property might or could have priority over the tien of this mortgage. 6. To keep all the Property insured as may be required from time to time by the Mortgagee against loss by fire, windstorm, hazards, casualtia and contingencies for such periods and for not less than such amounts as may be reasonably required by the Mortgagee and to pay promptlv when due all premiums for such insurance. The Mortgag~r agrees to deli~•er renewal or replacement policies or certificates therefor eo the :~lortgagee at leau fifteen (15) days prior to the expiration or anniversary date of the existing policies. The amounts of insurance required by the M~ongagfe st~all be minimum amounts for which said insurame shall be written and it shall be incumbent upon the Mongagor to main- 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 (which approval shall not be unreasonably withheld) and all policies and renewals shall be held by the Mortgagee unless in the possession of a holder of a Prior Mortgage. All datailed designations by the Mortgagor which are accepted by the Alortgagee and all agreements between the ~lortgagor and Mortgagee relating to insurance. now existing or hereafter made, shall be in writing and shall be a part of this mortgage agree- 'i ment as fully as though set fonh verbatim herein and shall govern both parties hereto. No lieR 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 holder of a Prior Mortgage or by proper endorsement affixed to such poticy and approved by the Mongagee. Each policy of insurance shall ha~•e affixed thereto a Standard New York Mnrtgagee Clause Without Contribution making ail loss or fosses under such policy payable to the titortgagee as its interest may appear. In the event any sum or sums of money become payable thereunder thc Mortgagee shall have the option f 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 thereof w•ithout waie•ing or impairing any equity, lien, or right under and by virtue of this mortgage. In the event of loss or physical damage to the Propeny the Mortgagor shall give immedia~e notice thereof by mail to the Mortgagec and the Mortgagee may make proof of loss if the same is not promptly made by the Mortgagor. In the event of foreclosure af this mortgage or other transfer of title to the Property all right, ~itle and interest of the Mortgagor in and to the insurance policies shall pass to the purchaser or grantee. 7. If ihe Mortgagor fails to perform his covenants and agreements contained in this mortgage, or if the hlortgagor fails to perform any ~ duty or obligation arising under a Prior Mortgage (including the payment of principal and/or interest, deposits on account of [axes and insurance pr~rmiums and late charges even though the holder of the Prior Mongage has made no demand thereunder and has not threatened y any action in connection with the same), or if any action or proceeding is commenced which materially affects 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 3 an apparent abandonment of 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 appearances, may enter upon and secure the Property, may disburse such other sums (including but not limited to the payment of insurance premiums and ta~ces), and may take such other action as the Mortgagee reasonably deems necessary or advisable to protect his interests in the Property, all without regard to the value of the Property. Any amounts disbursed by the 41ortgagee pursuant to the provisions ot this paragraph, together with interest thereon at the rate of I1.90 per cent ~ per annum shall become additional indebtedness of the Mortgagor secured by this mortgage. Unless the Mortgagor and Mortgagee agree in K writing to some othtr terms of payment, such amounts shall be payable imrt~ediately. Nothing in this paragraph shall require the Mortgagee a ~ 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 I' ~ eminent domain of the Property or any part thereof. or for conveyance in lieu of condemnation or eminent domain are hereby assigned and ~ shaU be paid to the Mortgagee. Unless the Mongagor and Mortgagee otherwise agree in writing (a) all procceds received by the Mortgagee shall be applied to the sums secured by this mortgage without imposition of any prepayment charge, and (b) the apptication of proceeds shall ~ not extend or postpone the due date of installments of principal and interest or change the amounts thereof. ~ 9. Any lorbearance by the Mortgagee in exercising any right or remedy hereunder or otherwisc alforded by applicable Iaw shall not be a ; waiver of or prectude the exercise of such right or remedy. The procurement of insurance or the payment of taxa 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 remedies provided in this mortgage are distinct and cumulative to any other right or remedy under this mortgage or afforded by taw or equity and may bo exercised concurrently, independently or succasively. 10. To pay all costs charga and expenses including attorney's fees (whethrr or not litigation occurs and if it does then those on appellate as well as trial teveq and abstract costs reasonably incurrcd or paid at any time 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 forth in this mortgage and/or the Note and/or Prior Mortgage(s) and the promissory notds) secured thereby. 11. The Mortgagee is a licensed mortgage broktr under Chapter 494, Florida Statutes. BOOIl4~~ ~;.GE i~i~ BL11-82 OPrepued by Stanley H. Spieler, Attorney, 4700 Biscayne Boulevud, Miami, Florida 33137 . . ~ ~ - - - - - ~ - - _ - - _ _ - _ _ - - . ~ t