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HomeMy WebLinkAbout0918 3 ~ ird . . • y P„~-'~, Cs~Gl~GlS -I ::J••, ~a~ ~C~>i,iL~ 1 v. y ~ _ .~E ~ ~f 7~~~7 ~ + , ~5-80,65~ 7 Vt.~'O x3~~~ i7'~~. 3d?G~ MORTGAGE made the day below set forth between the Mortgagor b~low named and the Moctgagte, METROPOLITAN MORTGAGE CO.. a Florida corpo~ation. ~ : WHEREAS~ the Mottgagor is indebted to the Mortgaga as evidenced by a certain mongagc note (Note) of even datc irom the Mortgago . to Mortgagee as described below. To secure to the Mortgagee the performance by the Mortgagor of all his agreemeots as set forth in Ihis Mortgage and the Note, the repay- I ment of the indebtc~clness evidenced by the Note. interat thereon. sums advanced by the Mongaga in accordance with the provisions of ihis Mongage to prote~~t the lien and security thrreof. and interest thereon, thc Mortgagor does hereby mongage~ grant and rnnvey to the ~ Mortgagre the real property described below, togelhcr with (a) all easements, rights, tenements, hereditaments, ~ents, issues and profts appurentant thereto: (b) all buildings, st~uctures and improvements now or hereafte~ locattd thereon; (c) all components thereof including ~ pipes. plumbing fixtures and equipment. electrical conduit and wiring and fixtures. heating and cooliog and air conditioning equipment and fixtures, sprinkling and irrigation equipment and fixtures. mechaniral equipment. pumps. fences and awnings: (d) range. oven. refrigerator. ' dishwasher~ washing machine, dryer. appliances, tloor coverings and carpeting situate thereon or therein; and (e) all replacements and ~ additions to the property douribed in (b), (c) and (d) above: provided, however that no security inttrest is imposed upon after acquired i consumer goods as detintd by the Florida Uniform Commercial Codr. To have and to hold the same unto the Mortgagte, its successors and ~ assigns in fee simple. All of ~he foregoing are herein coilectively referred to as the "Property" ~ The Mortgagor covenants that he is lawfully seized of the estate hercby conveyed and he has the right to martgage, grant and convey the Property, that the Property is unencumbered exccpt as may be below noted, and that the Mortgagor will warrant and defend the titlc to the i Property against all claims and demands. And the Mortgagor covenants and agrces as follvws: ; 1. To promptly pay when due the principal of and interest on the indebtedness evidenccd by the Note and prepayment and late charges ; as provided therein. 2. To pay all taxcs, assessments. charges. fines and other impositions of governmeotal authority against the Properry within sixty (60) i' 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 priucipal and interat = owing under mortgage(s) of higher priority ("Prior Mongage(s)"). to promptly pay to the holder(s) of Prior Mortgage(s) sums due on ~ account of taxes and insurance prcmiums as may be provided for under ihe provisions of the Prior Mortgagc(s). and to otherwisc fully, f promptly and completely keep and perform all of the prumises and covenants of the mongagor under Prior Mongage(s) and the promissory { note(s) secured thereby; all of the foregoing without regard to any waivers, extensions or indulgences granted by the holde~(s) ot Prior i Mortgage(s) unless with the prior consent of the Mortgagee. 4. Not to apply to, request of, receive or aceept Prom any holder of any Frior Mongage any money, funds or things of value which would, 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 existing buildings without the Mortgagee's prior written consent; to comply with a!! subdivision restrictions and zoning and other regulatory laws and ordinances affecting the Property. If the Properiy is a condominium unit, the Mortgagor shalt promptly and campletely perform all of his obligations under the declaration of condominium and the condominium j ~ association's anicles of incorporation. by-laws and rules and regulations and other constituent condominium documents including but not ~ limited to the payment of alt regular and specia! assessments, the liens for which against the Propeny might or could havt priority over the ~ ? lien of this mongage. If the Property is part of a planned unit development. tiie Mongagor shall promptly comply with all provisions of the ? ` declaration of covenants and restrictions establishing the same and shall promptly fulfill aIl his obligations under the constitutnt documents ~ of the planned unit development inctuding the homeowners association's or its equivalent's artictes and by-laws and shall promptly pay all assessmenis or charges of every nature {no matter how designated) the lien for which against the P'roperty might or could have priority over ~ the lien of this mortgage. ~ ' ~ 6. To keep all the Property insured as may be requircd from time to time by the Mortgagee against toss by fire, windsrorm, hazards, ~J casualties 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 ag~ees to deliver renew~al or replacement policies or certificates therefor to the Mortgagee at least fifteen (IS) days prior to the expiration or anniversary date of the existing policies. The amounts of insurance required by the Mongagee sha11 be minimum amounts for which said insurance shall be written and it shall be incumbent upon the Mortgagor to main- i~ tain such additiortal 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 cainsurer 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 renewats shall be hetd by the Mortgagee unless in the possession of a holder of a Prior Mongage. AI! detailed designations by the Mortgagor which are accepted by the Mortgager anii all agreements betv?een the Mongagor 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 cancellatien 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 payabie to the Mongagee as its interest may appear. in the event any sum or sums of money become payable thereu~der the Mortgagee shall have the option ~ to rereive 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 mongage. In the event of loss or physical damage to ~ the Property the Mortgagor shall give immediate notice thereof by mait to the Mortgagce 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, title and interest of the Mortgagor in and ro the insurance policies shall pazs to the purchaser or grantee. ~ 7. tf the Mortgagor fails to perform his covenants ar~d agreements containcd in this mortgage, or if the Mongagor fails to perform any ; duty or obligation arising under a Prior Mongage (inctuding the payment of principal and/or interest, deposits on account of taxes and , insurance premiums arid late charges even though the holder of the Prior Mortgage has made no demand thereunder and has 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 atrangements involving a bankrupt or dccedent. 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 ente~ upon and secure the Property. may disburse such othtr sums (including but not limited to the payment of insurance premiums and taxes), and may take suclrother action as the Mortgagee reasonably deems nccessary or advisable to protect his interests in the Property. all without regazd to the value of the Property. Any amounts disbursed by the Morigagee pursuant to the provisions of this paragraph, together with interest thereon at the rate of 18.00 per cent { per annum shall become additional ind~btedness of the Mortgagor sccured by this mortgage. Unless the Mortgagor and Mongagee agree in writing to some other terms of payment, such amounts shall be~ayable immediately. Nothing in this pazagraph shal! rec~uire the Mortgagee to incur any expense, make any disbursement or take any action whatever. ~ S. All proceeds 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 part thereof. or for conveyance in lieu of condemnation or rnfinent domain are hereby assigned and ~ shall be paid to tho MoRgagce. Untess the Mortgagor and Mortgagce otherwise agree in writing (a) al! procetds received by the Mortgagee shall be applied to the sums secured by this mortgage without impnsition of any prepayment charge, and (b) the application of procec~ shall not extend or postpone the du~ date of installmentx of principal and interest or change the amounts theroof. 9. Any forbearance by the Mortgagee in exercising any right or remedy hereunder or otherwix afforded by applicable law shall not be a waiver of or preclude t6e exerciu of such right or remedy. The procuremmt of insurance or the payment of taxa or other liens or charges or the payment of sums under a Prior Mongage by the Mortgagee shall not be a waiver of the Mortgaga'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 under this mortgage or afforded by law or equity and may be eaercised concurrently, indepertdently or successively. ~ 10. To pay alt costs chazga and expensts including attorne~s fea (whether or not litigation oscurs and if it does then those on appellate as well as tria! levtl) and ~bstract costs reasonably incurred or paid at any time by the Mortgaga because of the failure on the part of the Mortgagor to perform. comply vrith and abide by all of his rnvenants set fonh in this mortgage and/or the Note and/or Prior Mortgage(s) and the promissory note(s) secured thereby. 11. The Mortgagee is a iicenxd morigage broker under CT~apter 494. Florida Statuta. BOOK ~~O F;~GE ~f~~ 11 /g6 O Prepared by Stanley N. Spie(er, Attorney, 4700 Biscayne Boulevud. Miami, Floridn 33137 ~ r _c- - _