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HomeMy WebLinkAbout0943 ~196Vy ; ~~~i~~~ez~ ~ ~5-80,522-6 ' : MORTGAGE made ~he day below sct forth betwcen the N~tortgagor below named and the Mortgaga, METROPOI.ITAN MORTGAGE ' CO., a Florida corporation. ? 1 W HEREAS. the Mortgagor is indebted to the hlortgaga as evidenced by a cenain mortgage note (Note) of e~•en date from the Mortgagor 4 to Mortgaga as described below. ' To secure to thr Mortgagee the performance by the Mortgagor of all his agrcements as sct forth in this Mortgagc and the Note, the repay- meat of the indebtedness evidenced by the Note. interest thereon. sums advanced by the Mongagee in accordance with the provisions of this MongagG to protect the lien and sec:urity thereot. and interest therean, the Mortgagor does hercby mongage, grant and convcy to the Mortgaga the real property describcd below, together with (a) all easements~ rights, tenements, hereditaments, rents~ issues and proCts } appurentant thereto; (b) all buitdings. structures and improvements now or hereafter located thereon; (c) ali components thereof including 1 pipes. plumbing fixtures and equipment, electrical conduit and wiring and fixtures. heating and cooling and air condltioning equipment and ~ fixtures. sprinkli~g and irrigation equipme~t and fixtures, mechanica! equipment~ pumps. fences and awnings; (d) range, oven, refrigerator. dishwasher, washing machine. dryer, appliances, iloor coverings and carpeting situate thereon or Iherein; and (e) all replacements and additions to the prope~ty described in (b)~ (c) and (d) above: provided, howevor that no security interest is imposed upon after acquired - consumer goods as defincd 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 the foregoing are herein collectively refer~ed to as the "Property" 'Il~e Mortgagor covenants that ht is IawfuUy seized of the estate hereby conveyed and ho has the right to mongage. grant and convey Ihe / Property~ that the Property is unencumbered except as may be below not~d, a~d that the Mortgagor will warrant and defend the title to the S Property against atl claims and demands. i And the Mortgagor covenants and agras as foll•~wr. ~ ~ 1. To promptly ~ay whAn tt?_P ~+r;nr;n_a! ~f and in~er~ct on the indebtedness evidenced by the Note and prepayment and late charges ~ az provided therein. - 2. To pay all taxes, assessments, charges. fines and other impositions of governmenta! authority againsi the Property within sixty (b0) ~ days of when due or sixty (60) days prior to the same becoming delinquent. whichever may first occur. , 3. !f it is noted below~ that this is a secortd 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 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 P~ior Mortgage(s). and to otherwise fully. promptly and completely keep and p+erPorm all of the promises and covenants of the mortgagor under Prior Mongage(s) and the promissory note(s) secured thereby; all of the foregoing without regard to any waivers, extensions or indutgences granted by the holder(s) of Prior Mortgage(s} unless with the prior consent of the Alongagee. y 4. Not to appty to, request of, receive or accept from any holder of any Prior Mo»gage any money, funds or things of value which ~ would, mixht or could be considered as an advance secured by the lien of such Prior Mongage. ~ S. Not to commit waste or permit or suffer the impairment or deterioration of the Property; not ro erect or permit to be erected any new ~ buildings on the Property or any structural alterations to existing buitdings without the Mortgagee's prior written consent; to comply with al! ~ subdivision restrictions and zoning and other regulatory laws and ordinances alfecting the Property. If the Property is a condominium unit, i the Mortgagor shall promptly and comptetely perform alt of his obligations under the declaration of condominium and the condominium ~ assoriation's articles of incorporation, by-laws and rules and regulations and other constituent condominium documents inciuding but noi limited to the payment of all regular and special assessments, the liens for which against the Property might or could have priority over the lien uf this m~rtgage. If Ih~ Pra~rty is F~ri of a pl2nnn! unEi devPlonment, the Mongaaor shall promptly comply with all provisions of the declaration of covenants and restrictions establishing the same and shall promptly fulfili all his obligations under the constituent documents ot' the planned unit development including the homeowners association's or its equivalent's articles and by-laws and shaU pramptly pay ail assecsments ~r char¢es of every nature (no matter how designated) the lien for which against the Property might or could have priority over the lien of this mortgage. 6. To keep all the Property insured as may be required from time ta time by the Mortgagee against loss by fire, windstorm, hazards, ~ casualties and contingencies for such periods and for not tess thart such amounts as may be reasonably required by the Mortgagee and to pay promptly when due al! premiums for such insurance. The Mortgagor agrees to deliver renewat or replacement policies or certificates therefor ~ to the Mort a ee at least fifteen (15) days prior to the ex ~ration or anniversar date of the existin ~ 8 B p y g policies. The amounts of insurance required by the Mortgagee shal! be minimum amounts for which said insurance shatl be written and it shall be incumbent upon the Mo»gagor 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 therennder. 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 Mongagee 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 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 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 canceNatian 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 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 payabte 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 ta receive and apply the same on account of the indeptedness secured hereby or ta 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 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 Morigagor. 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. 7. IF the biongagor fails to perform his covenants and agreements contained in this mongage. or if the Mongagor fails to perform any duty or obligation arising under a Prior Mongage (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 Mongage 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 materially affects the Mortgagee's interests in the ~ Property, including but not limited to eminent domain or code enforcement or azrangements invotving a bankrupt or decedent. or if there is an apparent abandanment of the Property, then the Mortgagee at its option may pay to the holder ~f a Prior Mortgage all or parts of the sums necasary to bring the Prior Mongage 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 value of the Property. Any amounts disbursed by the Mortgagee pursuant to the provisions of this paragraph, together with interest thereon at the rate of 18.00 per cent per annum shall become additional indebtedness of the Mongagor secured by this mortgage. Unless the Mortgagor and Mortgagee agree in writing to some other terms of payment, such amounts shaii be payabie immediately. Nothing in this paragraph shall require ihe Mortgagee to incur any expease, make any disbursement or take any action whatever. 8. All procceds of any award or claim for damaga direct or consequential in connection with any condemnation or any other taking by eminent domain of the Property or any pait 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 Mortgagee otherwise agrce in writing (a) all proceeds received by the Mortgagee shall be applied to tht sums secured by this mortgagt without imposition of any prepayment chazgt. and (b) the application of proceeds shal! not eatend or postpone the due date of installments of principal and interest or change tho amounts thereof. . 9. My forbearance by the Mortgaget in exercising any right or remedy hereunder or otherwise afforded by applicable law shatl not be a waiver of or preclude the exercise of such right ar remedy. The procurement of insurance or the payment of taxa or oihtr liens or charges or the payment of sums under a Prior Mortgage by the Mortgagee shall not be a waiver o,f the Mortgagee's right to accelerate the maturity of the indebtedness secured by this mortgage. All remedia provided in this mortgage are distinct and cumulative to any other right or remedy und~r _ this mortgage or afforded by law or equity and may be exercised concurcendy. independently or su~sivtly. 10. To pay all costs charges and expensa including attorney's fees (whether or not litigation occurs and if it does then those on appellate ~ as we!! as trial level) and abstraet costs reasonably incurrcd or paid at any time by the Mortgaga 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 Mortgag~(s) ~ i and th~ promissory note(s) secured thertby. ; t 1. The Morigagee is a ficenstd mortgage broker undet Chapter 494. Florida Statutes. BQQ~( 539 p,t~~ 939 ~ ~ ~ t t/86 O Prepazed by Stanley H. Spicler, Attorney, 4700 Biscayne Boulevard, Miami. Florida 33137