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HomeMy WebLinkAbout0920 ~ " ~f~GliG1b "1 ' ~ b ~i a~~~ ~ ~ ~5-80, 6 8 ~ MORTGAGE made thc day below set fonh between the MoAgagar below named and the Mortgagec, METROPOLITAN MORTGAGE ~ i CO., a Florida rnrporation. ~ W HEREAS. the Mongagor is indebted to the Mortgaga as evidenced by a certain mortgage note (Note) of e~•rn date irom the Mortgagor ~ ~ to Mongaga as described below. To securc to the Mor~gagee the pe~formance by thc Mongagor of all his agreements as set forth in this Mortgage and the 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 ~ Mongage to protecl the lien and security thereof. and interest thereon. the Mortgagor does hereby mortgage. grant and convey to the Mortgagee the real property describcd below, together with (a) all easements. rights. tenements, hereditaments~ rents. issues and profits appurentant thereto; (b) all buildings, structures and improvements now or hereafter located thereon: (c) all components thereof including ' pipes, plumbing fixtures and equipment, electrical conduit and wiring and fixtures, heating and cooling and air conditioning equipment and fixturts. sprinkling and irrigation equipment and fxtures, mechanical equipment, pumps. fences and awnings; (d) range, oven. refrig~rator, dishwasher, washing machine. dryer, appliances. floor 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 simple. All of the foregoing are herein collectively referred to as the "Propeny" The Morigagor covenants that he is lawfully seized of the estate hereby conveyed and he haz the right to mortgage. grant and convey the ~ Property, 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. v And the Mongagor covenants and agrees as foU~~ws: ~ 1. To promptly pay when due the principal of and i~terest on the indebtedness evidenced by the Note and prepayment and late charges t 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 principa! and interest owing under mortgage(s) of higher priority ("Prior Mortgage(s)"), to promptly pay to the holder(s) of Prior Mongage(s) sums due on ~ account of taxes and insurance premiums as may be provided for under tho 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: a!I oC the foregoing without regard to any waivers, extensions or indulgences granted by the holder(s) of Prior ~ hlortgage(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 Mortgage any money, funds or things of value which would, might or coutd 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 all subdivision restrictions and zoning and other regulatory laws and ordinances 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 payment of all regular and special assessments, the liens for which against the Property might or could have priority over the i ~ lien of this mortgage. If the Proper~y is part of a planned unit development, the Mortgagor shall promptly comply with all provisions of the - declaration of covenants and restrictions establishing the same and shall promptly fu1611 all his obligations under the constituent documents of the planned unit development including the homeowners association's or its equivatent's articles 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 mortgage. ~ 6. To keep all the Property insured as may be required from time to time by the Mortgagee against loss by fire, windstorm, 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 ~ ~ J promptly when due all premiums for such insurance. The Mortgagor agrees to deliver renewal or replacement policies or certificates therefor to the Mortgagee at least fifteen (15) days prior to the expiration or anniversary date of the existing policies. "Ihe amounts of insurance required f by the Mortgagee shaft 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 necessazy to meet and comply fully with all cainsurance requirements contained in said policies to the end that the Mortgagor is not a cainsurer thereunder. [nsurance may be written by a company or companies approved by the Mortgagee (which approva! shall not be unreasonabiy withheld) and all 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 agreements between the Mortgagor and Mortgagee relating to insurance, now existing or hereafter made, shall be in writing and shall be a pan 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 cancellation 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 Mongagee Clause Without Contribution making all loss 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 ha~•e 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 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 Mortgagor. In the event of foreclosure of this mortgago or other transfer of title to the Propeny all right, titte and interest of the Mortgagor in and to the insurance policies shall pass to the purchuer or grantee. 7. lf the Mortga~pr 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 ihereunder and haz 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 Property, including but not limited to eminent domain or code enforcement or arrangements involving a bankrupt or decedent, or if there is an apparent abandonmont 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 Mongage current. may make appearances. may enter upon and secure the Propeny. 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 dams necessary or advisable to protect his interats io the Property, al! without regard 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 Mortgagor ucured by this mortgage. Unless the Mortgagor and Mortgaga 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 expense, make any disburument or take any action whatever. 8. All proceeds of any award or claim 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 tht Mortgagee. Unless the Mortgagor ard Mortgaga otherwise agree in writing (a) all proceeds received by the M~rtgagee shall be applied to the sums secured by this mongage without imposition oi any prepayment charge. and (b) the application of procads shall - not extend or postpone the due date of installments of principal and interest or change the amounta thereof. ~ 9. My forbearance by the Mortgagee in exercising any right or remedy hereunder or otherwiu afforded by appiicable law shaK not be a waiver of or prcclude the exetcise of such right or remedy. The procuremrnt of insurance or the paymtnt of tax~s or other liens or charga or ~ the paymrnt 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 ~ E indebtedness secured by this mortgage. All remedies provided in this mortgage are distinct and cumulative to any other right or r~medy under this mortgage or afforded by law or equity and may be exercised concurrently, independently or succasively. 10. To pay all costs charga and expenses including attomey's fees (whether or not litigation occurs and if it does then those on appellate ± as well as trial leven and abstraet costs reasonably incurred or paid at any time by the Mortgagee because of the failurt on tha part of the I Mortgagor to perform. cort?ply with and abide by all of his covenants set forth in this mortgage and/or the Note and/or Prior Mortgage(s) ! and the promissory notds) secured thereby. 11. The Mortgagee is a licens~d mortgage broker undet Chapter 494. Florida Statutes. _ Boo~ 54~ P~~E 91$ t t/ 86 O Prepued by Stanley H. Spielcr, Attorney, 4~00 Biscayne Boulevud, Miami, Florida 33137 _ - _ . = - "