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HomeMy WebLinkAbout0974 c~ / ~ ~~-r'"j~~,~,.,$ , 5-78,705-1 , ' . . ~ MORTGAGE made the day below set forth between the Morigagor below named and the Mortgagce. METROPOLITAN MORTGAGE. ~ CO.. a I7orida corporation. ~~j~ WHEREAS, the Mortgagor is indebted to the Mortgaga as evidenced by a certain mortgage note (Note) of eve~ date from the Mongagor to Mortgagee as described below. To secure lo the Mortgagee the porformance by the Mortgagor of all his a~raments as set forth in this Mortgage and ihs Note, the repay- ment of the indebtedness evidenced by the Note, interest thereon. sums advanced by the Mortgagee in accordance with the provisions of this Mortgage to protect the lien and security thereof. and interest thereon, the Mortgagor does hereby mortgage, grant and convey to the Mortgagee the real property d~scribed below, together with (a) all easements, rights, tenements, hereditaments, rents, issues and profits appurentant thereto; (b) all buildings. structures and improvements now or hereaftrr located thereon; (c) all components thereof including pipes, plumbing fixtures and equipment, elect~ical conduit and wiring and fixtures, heating and cooling and air conditioning equipment and fixtures, sprinkling and irrigation equipment and fixtures, mechanical equipment. pumps, fences and awnings; (d) range. oven, refrigerator, dishwasher. washing machine. dryer, appliances, iloor coverings and carpeting situate thereon or therein; and (e) all replacements 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 as defined by the Florida Uniform Commercial Code. To have and to hold the same unto the Mortgagee. its successors and assigns in fee simpte. All of the foregoing are herein colitctiv~ly rtferred to as the "Property" The Mortgagor covenants that he is lawfully seized of the estate hereby conveyed and he haz the right to mortgage, grant and convey the Propertp, 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. ~1 And the Mortgagor covenants and agras as foli~ws: ~ I. To promptly pay when due :he principal of and interest on the indtbtedness evidenced by the Note and prepayment and late charges as provided there~n. 2. To pay all taxes, assessments, charges. fina ans! other impositions of governmental authority against the Property within sixty (60) deys of when due or sixty (60) days prior to the same ti+ecoming 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 when due principal and interest owing under mortgage(s) of higher priority ("Prior Mortgage(s)"). to promptiy pay to the holder(s) of Prior Mongage(s) sums due on account of taxes and insurance premiums as may be provided for undor the provisions of the Prior Mortgage(s). and to otherwise fully, promptly and completely 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, exsensions or indulgences granted by the holde~(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 holder of any Prior Mongage any money, funds or things of value which wouid, 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 deterioration of the Property; not to erect or permit to be erected any new ~ buildings on the Property or any structural alterations to eacisting buildings without the Mortgagee's prior written consent; to comply with all subdivision restrictions and zoning and other regulatory laws and ardinances affecting the Property. If the 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 constituent condominium documents including but not limited to the paym°~s ~f all regular and specia! 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 Mortgagor shall promptly comply with all provisions of the ~ d~xlaration of covenants and restrictions establishing the same and shail promptly fulfill all his obligations under the constituent siocuments 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 charges of every nature (no matter how designated) the lien for which against the Property might or could have priority over the lien of this mongage. 6. To keep al1 the Property insured as may be required from 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 az 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 certificates therefor to the Mortgaget at least fifteen (15) days prior to the expiration or anniversary date of the eacisting policies. The amounts of insurance required by the Mortgagee shall be minimum amounts for which said insurance shall F,e ;~ritten and it shall be incumbent upon the Alortgagor to main- tain such additional insurance as may be necessary to meet and comply fully with all co-insurance requirements contained in said policies ro the end that the I~lortgagor is not a co-insurer thtreunder. Insurance may be written by a company or companies approved by the Mortgagee II J(which approval shall not be unreasonably withheld) and ali policies and renewals shall be held by the Mortgagee unless in the possession of a holder of a Prior Mortgage. All detailed designations by the Mortgagor which are accepted by the Mortgagee and all agreemer~ts between the C ~ Mortgagor and Mortgagee relating to insurance, now existing or hereafter made, shall be in writing and shall be a part of this mortgage agree- ment as fully as though set forth verbatim herein and shal) govern both parties hereto. No lien upon any policy oC 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 Mongage 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 tifortgagee Clause Without Contribution making all lass or losses under such policy payable to the ~ Mortgagee as its interest may appear. In the event any sum or sums of money become payable thereunder the Mortgagee shall have the option to recelve aad 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 vinue of this mortgage. In the e~~ent of loss or physical damage to the Property 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 foreclosure of this mortgage or other transfer of title to the Property all right, ticle and interest of the Mortgagor in and to the insurance policies shall pass to the purchaser or grantee. 7. If the Mortgagor fails to perform his covenants and agreements contained in this mortgage, or if the Mongagor fails 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 threatensd 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 ~e:t not limited to eminent domain or code enforcement or anangements 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 Property, 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 reasa~nably deems necessary or advisable to protcct his interests in the Property, all without regazd to the value of the Property. Any amounts disbursed by the Mortgagee F~~rsuant to the provisions of this paragraph, together with interest thereon at the rate of t5.00 per cent per annum shall become additional indebtedness of the Mortgagor secured by this mortgage. Unless the Mortgagor and Mortgagce agree in writing to some other terms of payment, such amounts shal! be payable immediatefy. Nothing in this paragraph shall require the Mortgagee to incur any expenu. make any disbursement or take any action whatever. 8. All proceeds of any award or ciaim for damages direct or consequential in connection with any condemnation or any other taking by eminent domain of the Property or any part thereof. or for conveyance in lieu of condemnation or eminent domain are hereby assigned and shall be paid to the Mortgagee. Unlcss the Mortgagor and Mortgagee otherwice agree in writing (a) all proceeds received by the Mortgagee ~ shall be applied to the sums secured by this mortgage without imposition of any prepayment charge. and (b) th~ application of p~oceeds shall nbt extend or postpone the due date of installments of principal and interest or change the amounts thercof. 9. My forbearance by the Mortgagce in exercising any right or remedy hereunder or otherwise afforded by applicable law shall not be a waiver of or preciude the exercise of such right or remedy. The procuremtnt 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 Mortgaga's right to accelerate thc maturity of the indebtedness secured by this mortgage. All remedies provided in this mortgage are distind and cumulative to any other right or remedy under this mortgage or affordod by law or equity and may be ezercised concurrrnt{y. independently or successively. 10. To pay all costs charges and espenses including attarney's f~es (whether or not litigation occurs and if it does then thox on appellate as well as trial tevep and abstract costs reasonably incurred or paid at any time by the Mortgaga because of the failure on the part of the Mortgagor to p~erform~ comply with and abide by al! of his covenants set forth in this mortgage and/or the Note and/or Prior Mortgage(s) and the promissory note{s) s~cured thereby. 11. 'ihe Mortgagce is a licensed mortgage broker under Chapter 494. Florida Sttatuses. PREPAItED BY STANL~Y H. SPIELER~~~~Q~E~Y~~4o7QOQ~ISCAYNE BLVD.~~ 33137 ` ~ y v ~ 4 ~stt~ ~ FIOriO~ 7tL»