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HomeMy WebLinkAbout0994 ~ ~ ?9~~ ~ 5-75, 566-0 "7J~~~ ~ , ; MORTGAGE made the day below set fonh betwan the Mortgagor below named and the Mortgagec, METROPOLITAN MORTGAGE I O ~ CO.. a Florida rnrporation. ~ WHEREAS, the Moctgagor is indebted to the Mortgaga as evidenced by a certain mortgage note (Note) of evrn date from the Mongagor- { to Mortgagee as dacribed below. ` To secure to the Mongagee the performance by the Mortgagor of all his agre~ments as set forth in this Mortgage and the Note. the repay- ' ment of the indebtedness evidenced by the Note. interest thereon, sums advanced by the Mongagee in accordance with the provisions of this , Mortgage to protect the lien and security thereof, and interest thereon. the Mortgagor does hereby mongage, grant and convey to the { Mortgagee the real property described below, togethcr with (a) all easements. rights. trnrments. hereditamrnts. rents, issues and profits appurentant thereto: (b) all buildings, structures and improvements now or hereafter located thereon; (c) a!1 components thereof including pipes. plumbing fixtures and equipment. electrical conduit and wiring and fixtures. heating and cooling and air conditioning equipment and Cxtures. sprinkling and irrigation equipment and fixtura. mechanical equipment. pumps. fences and awnings: (d) range. ovcn, retrigerator. dishwasher. washing machine, dryer. applianccs, floor coverings and carpeting situate thereon or therein; and (e) all replacements and ~ additions to the property described in (b). (c) and (d) above: provided, hov?~ever that no security intereu ss imposed upon aftcr acquired consumer goods as defined by the Florida Uniform Commercial Code. To have and to hold the same unto the Mortgagee, its successors and assigns in fee simple. All of !he foregoing are herein collectively referred to as the "Property". The Mortgagor rnvenants that he is lawfully seized of the estate hereby conveyed and he haz 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 Mortgagor covenants and agrces as follows: 1. To promptly pay when due thc principal of and interest on the indcbtcdness evidenced by the Note and prepayment and late charges ~ as provided therein. ~ 2. To pay all taxes, assessments, chargcs, fina and other impositions of governmental authority against the Property within sixty (60) ~ days of when due or sixty (60) days prior to the same becoming delinquent, whichever may first occur. 3. If it is noted below that this is a second or otha subordinate ranked mortgage, thrn to promptly pay wh~n due principal and interest owing under mortgagds) of higher priority ("Prior lNortgage(s)"), to promptly pay to thc holder(s) of Prior Mortgage(s) sums due on account oC taxa and insurance premiums as may be provided for under the provisions af the Prior Mortgage(s), and to otherwise fully. promptly and completely kcep and perform all of the promises and covenants of the mortgagor under Prior Mortgagds) and the promissory note(s) secured thereby; all of the foregoing without regard to any waivers. extensions or indulgences granced by the holder(s) of Prior Mortgage(s) unlas 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 value which µ•ould, might or could be c~nsidered 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 Property; not to erect or permit to be erected any new buildings on the Property or any structural alterations to e~cisting 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. lf th~ Property 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 incorporation, by-laws and rules and regulations and other constitucnt condominium documents including but not limited to the payment of all regulac and special assessments, the liens for which against the Property 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 from time to time by the Mortgagee against loss by firc, windstorm, hazards, casuaities 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 deliver renewal or replacement policies or cert~ficates therefor to the :Nortgagee at least fifteen ( IS) days prior to the expiration or anniversary date of the existing poticies. 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 nrcessary 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 Mongage. All detailed designations by the Mortgagor which are accepted by the Mortgagee and all agreements between the j tifongagor 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 forth verbatim herein and shall govern both parties hereto. No lien 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 Mongagee except a holder of a Prior ;~lortgage or by proper endorsement affixed to such policy and approved by the Mongagee. Each policy of insurance shall ' have affixed thereto a Star.dard New York I~lartgagee Clause Without Contribution making all loss or losses under such policy payable to the ~tortgagee as its interest may appear. In the event any sum or sums of money become payable thereunder the Mongagee shalt have the option I 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 without waiving or impairing any equity, lien, or right under and by virtue of this mortgage. In the event of loss or physical damage to ehe Property the Mortgagor shal{ give immediate notice thereof by mail to the Mortgagee and the Mongagee 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 pass to the purchaser or grantee. a 7. If the Mortgagor fails to perforrn his covenants and agreements contained in this mortgage, or if the Mortgago: fails to perform any ? duty or obligation arising under a Prior Nortgage (including the paytnent 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 3 any action in connection with the same), or if any action or proceeding is commenced which materially affects the Mongagce'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 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 Propeny, 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 intesests in the Property, all without regard to the value of the Property. Any amounts di,bursed by~ the Mortgagee pursuant to the pro~isions ot this paragraph, together with interest thereon at the rate of 11.90 per cent per annum shall become additional indebtedness of the Mortgagor secured by this mortgage. Unless the Mortgagor and Mortgagee agra in writing to some other terms of payment, such amounts shall be payable immediately. Nothing in this paragraph shall require the Mortgagce 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 Properry or any part thereof, or for conveyance in lieu of condemnation or eminent domain are hereby azsigned and ~ shall tse paid to the Mortgagee. Unless the Mortgagor and Mortgagee otherwise agree in writing (a) all proceeds received by the Mortgage~ shal! be applied to the sums secured by this mortgage without imposition of any prepayment charge, and (b) the application of proceeds shali . not extend or postpone the due date of installments of principal and interest or change the amounts thereaf. 9. Any forbearance by the Mortgagee in exercising any right or remedy hereunder or otherwise afforded by applicable law shall not be a waiver of or preclude the exercise of such right or remedy. The procurement of insurance or the payment of taxes or other liens or charga 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 af the indebtedness secured by this mortgagz. All remedies provided in this mortgage are distinct and cumuiative to any other right or remedy under this mortgage or afforded by law or equity and may be exercised concurrently, independrntly or successively. 10. To pay all costs charga and expenses including attorney's fees (whether or not litigation occurs and if it does thrn those on appellate as weU as trial level) and abstract rnsts reasonably incurred 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 Mort~age(s) and the promissory notds) secured thereby. 11. 'ihe Mortgagee is a licensed mortgage brokcr under Chapter 494. Florida Statutcs. soo~ 498 ~E 9~3 ' BV~I-82 OPrepued by Stanley H. Spider. Attorney, 4700 Biscayne Boulevud, I~fiami, Florida 33137 _ . ~ . - . . ~ - _ ~ - - - - - .