Loading...
HomeMy WebLinkAbout0997 ~ • 1,~. ' . / ' i ;~~~C~ . , y~, ~ a~e~ 81192'7 ~ . ~ ~5-79,87~-5 ~ MORTGAGE made the day below set forth between the Mortgagor t~elow named and ~he Mortgagee, h1ETROPOI.ITAN MORTGAGE i1.,~0 CO.. a Florida corporation. ? WHEREAS. the htongagor is indebted to ~he A9ortgagee as evidenced by a cenain mortgage note (Notc) of e~•en date from thc Mortgagor to Mortgagee as described below. To secure to the Mortgagee the performance by the Mortgagor oi ail his agrtements as set for~h in this Mortgage and thc Note. the repay- ~ ment of the indebtedness evidenced by the Note, interest thereon, sums advanced by the Mortgagee in accordance with thc provisions oi this ~ 1~lortgage to protect the lien a~d security thereof, and interest thereon. the Mortgagor does hereby mortgage, g~ant and convey to the Mortgagee the real property described betow, together with ta) atl easerr~ents, rights, tenemeots, hereditaments. rents. issues and proCts ~ appurentant thereto; (b) all buildings. s~ructures and improvements now or hereafter located thereon; (c) all componcnts thereoi including i • pipes. plumbing fixtures and equipment, electricai conduit and wiring and fixtures, heating and cooling and air conditioning cquipment and ~ ~ fixtures. sprinkling and irrigation equipment and fixtures, mechanicai equipment. pumps, fences and awnings; (d? range, oven, refrigerator, dishwasher, washing machine, dryer. appliances. Aoor coverings and carpeting situate thereon or therein; and (e) all replacements and ~ ~ additions to the property described in (b), (c) and (d) above: provided, how•ever that no security interest is imposed upon afte~ acquired consumer goods as defined by the F1orida Uniform Commercial Code. To have and to hold the same unto the Mortgagec, its successors and ; v assigns in fee simple. Atl of the foregoing are herein collectively referred to as the "Property" Thr Mortgagor covenants that he is lawfully scized of the estate hereby conveyed and he has the right to mortgage, grant and convey the Properry. that the Property is unencumbered except as may be below noted, and that the Mortgagor will warrant and defend the titte to the ~ ~ Property against all claims and demands. ; And the Mortgagor covenants and agrees as foU•~ws: i 1. To promptly pay when due the principal of and in~erest on the indebtedness evidenced by the Note and prepayment and late cha~ges ~ 1-- as provided therein. ~ 2. To pay all taxes, assessments, charges, fines 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 other subordinate ranked mortgage, then to promptly pay when due principal and interest ~ ow~ing under mortgage(s) of higher priority ("Prior Mortgage(s)"), to promptly pay to the holder(s) of Prior ~fortgage(s) sums due on FJ account of taxes and insurance premiums as may be provided for under the provisions of the Prior Mortgage{s), and to otherwise fully, promptty and completety keep and perform a!1 of the promises and covenants of the mortgagor under Prior Mortgage(s) and the promissory note(s) secured thereby; all af the foregoing Hithout regard to any waivers, extensions or indulgences granted by the holder{s) of Prior r~J Mortgage(s) unless with the prior consent of the Mortgagee. r 4. Not to apply to, reqaest of. receive or accept from any holder of any Prior Mortgage any money, funds or thirtgs af value which ~ wouid, might or could be cortsidered as an advance secured by the lien of such Prior Mortgage. 5. Not to commit waste or permit or suffer the impairment or deterioration of'the Property; not to erect or permit to be erected any ~ew buildings on the Property or any structural alterations to existing buildings w~ithout the Mortgagee's prior H•ritten consent; to comply with alt ~ subdivision restrictions and zoning and other regutatory laws and ordinances affecting the Property. !f the Properry is a condominium unit, C1 the Mortgagor shall promptly and completely perform aU of his obligations under the declaration of condominium and the condominium association's artictes 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 assessments, the liens for which against the Property might or coutd havr priority over the ~ tien of this mongage. lf the Property is pari of a planned uai! development, the Martgagor 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 der•etopment including the homeowners association's or its equivalent's articles and by~-law~s and shali prompdy pay all assessments or charges of every nature (no matter haw designated) the lien for which against the Propcr~~ rnight or could ha~~e priority o~•er - the iien of i~;;i „-~v; igag~. ~ 6. To keep all the Property insured as may be required from time to time by the ~lortgagee 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 artd to pay promptly when due ali premiums for such ~nsurance. The Mortgagor agrees to deliver renewal or replacement policies or certi~cates therefor to the Mortgagee at least fifteen (15) days prior to the expiration or anniversary date of the existing policies. The amounts of insurance required by the Mortgagee shall be minimum amounts For which said insurance shall be a~ritten and it shall be incumbent upon the Mortgagor to main- r tain such additional insurance as may be necessary to meet and comply fully with a8 co-insurance requirements contained in said policies to ~ the end thai 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 bc 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 agreemerts between the Mortgagor and Mongagee relating to insurance, now existing or hereafter made, shall be in writing and shall be a part of this mongage agree- ment as fully as though set forth verbatim herein and shall govern both panies 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 M1tortgagee except a holder ot 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 Mortgagee Clause Without Contribution making all loss or losses under such policy payable to the Mortgagee as its interest may appear. !n the event any sum or sums of money become payable 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 c~r any ~art ~ 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 ~ the Property the Mongagor 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 forecEosure of this mortgage or other transfer of title to the Property all right, ti[le and interest of the Mortgagor in and to the insurance policies shall pass to the purchaser or grantee. 7. If tht Mortgagor fails to perform his covenants and agreements contained in this mortgage, or if the Mortgagor fails ro perform any duty or obtigation 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 hotder of the Prior Mortgage has made no demand thereunder and haz not threatened any actioa 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 thcre is an apparent abandonment of the Property, then the Mortgagee at its option may pay to the hotder of a Prior MoRgage a!I 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 reasonably deems necessary or advisable to protect his interests in the Property, all without regazd to the vatue of the Proverty. Any amounts disbursed by the Mortgagee pursuant to the pro~isions of 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 Mor~gagor and Mortgagce agree in writing to some other terms of payment, such amounts shall be payable immediately. Nothing in this paragraph shall require the Mortgagee to incur any eapense, make any disbursement or take any action whatever. 8. All proceeds of any awazd or claim for damages direct or consequential in connection with any candemnation or any other taking by eminent domain of the Property or any part thereof, or for conveyance in lieu of condemnation or eminent domain aze hereby assigned and shall be paid to the Mortgagee. Unless the Mortgagor and Mortgagee atherwise agree in writing (a) all proceeds received by the Mortgagee shall be applied to the sums secured by this mortgage without impc,sition of any prepayment charge, and (b) the application of proceeds shall not extend or postpone the due date of installments of principal and interest or change the amounts thereof. . 9. Any forbearance by the Mortgagee in exercising any right or remedy hereunder or othtrwise af[orded by applicablo law shall not be a waiver of or preclude tho ezercix of such right or remedy. The procurement of insurance or the payment of taxes 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, indebt~dness secured by this mortgage. All remedia providM in this mortgage are distinct and cumulative to any other right or remedy under this mortgage or a(forded by law or equity and may be exercised concurrently, independently or successively. 10. To pay all costs charges and expenses including attorney's fees (whether or not titigation occurs and if it does then those on appeilate az well as trial level) and abstract costs reasonebly incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagor to perform, comply with and abido by all of his covenants set forth in this mortgage and/or the Note and/or Prior Mortgage(s) and the promissory note(s) secured thereby. I 1. The Mortgaga is a licensed mortgage broker undet Chapter 494, Florida Statutes. ,PREPARED BY STANLEY H. SPIELER, ATTORNEY, 4700 BISCANE BLVD., MIAMI, FL 33137 ozQ 5 ~!t F~rc~ J~J 5 ,,,a,.o~~K.~~ ~ ..}ao a.u,,r ew~.r~~a. ~ - -