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HomeMy WebLinkAbout0945 t ~X.~ .vh • v19 ~ , y Q r fi t!~~; t~0~• ~t~tu.~~ lp G~ , ..:$~d . f~~!'~ k: ii'~'~. ~ ~~i'1tC s ' . `~,~5 ~c:Y`~7 ~:~'t~:'~. .~'~.i. ;'~r'~'~ ~5--80,538~2 ~ MORTGAGE made the day below xt forth betwem the Mortgagor below named and the Mortgagee. METROPOI.ITAN MORTGAGE CO., a Florida corporatian. . ! WHEREAS. thc Mongago~ is i~debtcd to the Mongagee as cvidenced by a certain mortgage note (Note) of evrn date fcom 1he Mortgagor . co Mongagce as described below. To secure to the Mortgagee the performance by the Mongagor of atl his agreements as set forth in this Mortgage and the Note. the repay- ment of the indebttdness evidenced by the Note. interest thereon, sums advanced by the Mortgagee in acco~dance with the provisions of this Mortgage to protect the lien' and security thereof~ and interest thereon~ the Mortgagor does hereby mortgage. grant and canvey to the Mortgagee the ~eal property described below, together with (a) all easements, rights. tenements. hcreditamcnts, rents. issues and p~ofits appu~entant th~reto; (b) all buildings. structures and improvements now or hereafter tocated thereon; (c) aQ components the~eof including pipes, plumbing fixtures and e~uipment, electrical conduit and wiring and fixtures, heating and cooling and air conditioning equipment and Gxtures, sprinkling and irrigation equipment and txtures. mechanical equipmenl, 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) abovt: provided. however that no stcurity intertst 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 simple. All of the foregoing are herein coltectively referred to as the "Properry" The Mortgago~ covenants that he is lawfully seized of thc estate hereby conveyed and he has thc right to mortgage. grant and convey the ~ : Property. that the Property is unencumbered except as may be below noted, a~d that the Mortgagor will warrant and dcfend the titte to the 1 ! Property against all claims and demands. / And the Mortgagor covenants and agras as foU~.,ws: ~ ~ •--±=4,=~--~~ -~.l.~...~-.1 hY !hP N~~e and nre~avmant and late charges } l. To promptly pay when aue ine principai ui anu i~~tcresi vs~ _ . as provided therein. 2. To pay all taxes, azsessments, chargos, 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 tKCOming dolinquent, whichever may first occur. ; 3. lf it is noted below that this is a second or ather subordinate rankcd mortgage, then to promptly pay when due principal and interest owing under mortgage(s) of higher priority ("Prior Mortgage(s)"). to promptly pay to 1he holder(s) of Prior Mortgagds) sums due on ; account of tares and insurance premiums as may be providcd for under the provisions of the Prior MortgagKs). and to othe~wise fully, f promptly and completely keep and perform ail of the promises and covenants of thr moRgagor under Prior Mortgage(s) and the promissory note{s) secured thereby; a!1 of the foregoing without regard to any waivers, extensions or indulgences granted by the holder(s) of Prior ~ Mortgage(s) unless with the prior consent of the Mortgagee. { ~ 4. Not to appiy to, request of, receive or accept from any holder of any Prior Mortgage any money, funds or ihings of value which # would, might or could be considered as an advance secured by the lien of surh Prior Mortgage. 5. Not to commit waste or permit or suifer the impairment or deterioration of the Property; not to erect or permit to be ~~ted any new buildings on the Property or any structural alterations to existing buildings without the Mortgagee's prior written conunt; to comply with all subdivision restrictions and zoning and other regulatory laws and ordinances affecting the Property. 1P the Property is a condominium unit, the Mortgagar shali promptly and completely perform all of his obligations under the declaration of condominium and the condominium association's articies of incorporation, by-laws and rules and regulations and other constituent condominium documents inetuding but not t~mi~ed to the payment of all regular and special assessments. the liens for which against the Property might or could have priority over the lien of this mongage. If the Property is part of a ptanned unit deveiopmrnt, thc,Ylv~go$aP shall ~:ors?Y!!; c^s*!^ly with aU nrovisions of the declazation of covenants and restrictions establishing the same and shall promptly fulCll all his obligations under the constituent documen[s of the planned unit development including the homeowners association's or its equivalent's artictes and by-laws and shal! promptiy pay all assessments or charges of every ~iature (no mattcr hau siesignated) the lien far which against the Property might or could have priority over the lien of this mortgage. 6. To keep all the Properry insured as may be required from time to time by the Mongagee 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 and to pay € promptiy when due al) premiums for such insurance. The Mortgagor agrees to deliver renewal or replacement policies or certificates therefor ~ to the Mortgagee at leact iifteen (1S) days ~rior 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 written and it shall be incumbent upon the Mortgagor to main- ~ tain such additional insurance as may be necessary to meet and compiy fulty with all co-insurar~ce requirements contained in said policies to the end that the Mongagor is not a co-insurer thereunder. Insurance may be written by a company or companies approved by the Mortgagee ' ~ (which approval shall not be unreasonabty withheld) and all policies and renewals shall be held by the Mortgagee unless in the possession of a holder of a Prior Mortgage. All detailecl designations by the Mortgagor which are accepted by the Mortgagee and a!I agreements between the Mongagor and Mortgagee relating co insurance, now existing or hereafter made, shall be in writing and shail be a part of this mortgage agree- ment as fully as though set fonh verbatim herein and shall govern bath 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 Mortgagec except - a holder of a Prior Mortgage or by proper endorsement aff3xed 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 Mongagee as its interest may appear. In the event any sum or sums of money become payable thereunder the hlortgagee shali have the option to receive and apply the same on account of the indeptedness securrd hereby or to permit the Morigagor 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 Propeny the Mortgagor shall give immediate notice thereof by mail to the Mortgagee and the Mortgaga may make proof of loss if the same is not promptly made by the hlongagor. [n the event of foreclosure of this mortgage or other transfer of title to the Property all right, title and interest of the Mongagor 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 hoider of the Prior Mortgage has made no demand thereunder and has not threatened ~ any actio~ in connection with the same), or if any action or proceeding is commenced which materially affects the Mortgagee's interests in the ~ Propeny, 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 necasary to bring the Prior Mongage current, may make ap~earances, may cnter 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 l reasanably dams necasary or advisable to protect his interats in the Properly, all wit6out 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 shali become additional indebtedness of the Mortgagor secured by this mortgage. Unless the Mortgagar and Mortgagee 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 expenu, 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 rnndemnation or any other taking by = eminent domain of the Propeny or any Part thereof. or for conveyance in lieu of condemnation or eminent domain are hereby assigncd and = shall be paid to the Mortgagee. Unleu the Mortgagor and Mortgagee otherwise agree in writing (a) all proceeds received by the Mortgagee ; shall be applied to the sums secured by this mortgage without imposition of any prepaymrnt chazge, and (b) the application of proceeds shall ~ not extend or postpone the due date of installments of principal and interest or change the amounts therwf. ~ 9. Any forbeazance by the Mortgaga 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. Tlie procurement of insurance or the payment of taxes or other lirns or charga or the payment of sums under a Prior Mortgage by the Mortgaga shall not be a waiver of the Mortgaga's right to accelerate the maturity of the ~ ~ indebtedness secured by this mortgage. All remaiies provid~d in this mortgage are distind and cumulative to any other right or remedy under this mortgage or afforded by law or equity and may be exercised concunently. independently or succasively. { ~ 10. To pay aU costs charga and expensa including attorney's fea (whether or not litigation occurs and if it does thrn those on appellate ~ = as well as trial level) and abstract costs reasonably incurred or paid at any time by the Mortgaga because of the failure on the part of the Mortgagor to per(orm~ comply with and abide by all of his covenants set forth in this mortgage and/or the Note and/or Prior Mortgagds) ~ and the promissory notds) secured thereby. ~ l 1. 'I~e Mortgaga is a licensed mortgage broker undet Chapter 494, Florida 5tatutes. j ~ j ; 11 /86 ~OPrepared by Stanley H. Spiela. Attorney, 4700 Biscayne Boulevud, Miami, Florj~~3 7 ~ ~ooK ~a~9 p~~E 941