Loading...
HomeMy WebLinkAbout0996 ~~U ; b ~p ~y,~o~t e~ ~:~2~~~ a• 5-81, 3~~~~ MORTGAGE made the day below set fonh betweers ~he Mortgagor bctow namcd and the Mortgagec, M~TROPOLITAN MORTG4GE s CO., a Florida co~poration. / WHEREAS. the Mortgagor is indebted to the Mortgagec as evidenced by a ce~tain mongagc notc (Note) of even datc trom the Mongagor ~ to Mortgagee as dcscribed below. To secure to the Mortgagee the pe~Formance by the Mortgagor of aU his agrcements as set forth in this Mortgage and the Note, the repay- ~ ment ot thc indebtedness evidenced by the Note, interest thercon. sums advanced by the Mortgagec in accordancc with the provisions of this ~ Mortgage to protect the lien and security thereof, and intcrcs~ thereon, the hiortgagor does he~eby mortgagt, g~ant and convey to the Mortgagee the real property described below, togethtr with (a) al! easemenls, rights, tenements, hereditaments. rents, issues and profits appurentant thereto: (b) al! buildings, structu~es and improvements now or hereafter located thereon; (c) all components lhereof ineluding pipes, plumbing fixtures and equipment, elect~ical conduit and wiring and Cxtures, heating and cooling and air conditioning equipment and fixtures, sprinkiing and irriga~ion equipment and fixtures, mecha~ical equipment, pumps, fenc~es and awnings; (d) range, oven, refrigerator. dishsvasher, washing machine. dryer. appliances, Iloor cove~ingc and carpeting situate thercon or therein; and (e) all teplacements and additions to the property described in (b), (c) and (d) above: provided. however ~hat no security interest is imposed upon after aequired consumer goods as defined by the Florida Uniform Commercial Code. To have artd to hold ~he same unto the Mortgagee, its successors and assigns in fee simpte. All of the foregoing are herein collectively referred to as the "Property" ~ The Mortgagor covenan~s that he is lawfully seized of the estatt hereby conveyect and he has the right to mongage, grant and convey the j Property. that the Property is unencumbered except as may be below noted, and that the Mortgagor will warrant and deiend the titl~ to ~he - 1 Property against all claims and demands. ~ And the hlortgagor co~~enants and agrees as fol~~ws: ~ 1. To promptly pay ~?~hen due the principal of and interest on the indebtedness evidenced by the Note and prepayment and late charges ~ as provided therein. ~ 2. To pay all taxes, assessments, charges, iines and other impositi~ns of gove~nmentat authority against th~ Proper~y within sixty (60) ~ ~ days of ~•hen due or sixty (60) days prior to the same becoming delinquent. whichever may first occur. ~ 3. If it is noteci beloN• that this is a second or other subordinate ranked mortgage, then to Qromptly 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 pro~isions of the Prior Mortgage{s). and to otherwise fully. promptly and comptetely keep and perForm all of the promises and covenants of the martgagor under Prior hlortgagKs) and tht promissory note(s) secured thereby; all of the foregoing without regard to any waivers, extensions or endulgences granted by the holder(s) of Prior Mortgage(s) unless ~ith the prior consent of the Mortgagee. 4. Not to apply to, request of, receive or accept from any holder of any Prior hfortgage 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 comrnit w•aste or permit or suffer the impairmenl or deterioration of the Property; not to erect or permit to be erected any new buildings an the Property or any structural alterations to existing buildings without the Mortgagee's prior written consent; to comply with al! subdi~•ision restrictions and zoning and other regulatory law~s and ordinances affeeting the Property. If the Property is a condominium unit, the Mortgagor shal! promptly and completely perform all of his obligations under the declaration of condominium and the condominium association's artieles of incorporation, by-laws and rutes and regulations and other constituent condominium documents including but not , limited to the payment of all regular and special assessments, the liens for w~hich against ~he Proper~y might or could hart priority over the ' lien of [his mortgage. If the Property is part of a planned unit development, the hlortgagor shall promptly comply with all provisions of the declaration of co~~enants and restrictions establishing the same and shall promptly fulfill all his obligations under the constituent documents i of the planned unit de~•elopment including the homeowners association's or its equivalent's anieles and by~-law•s and shall promptly pay all ` assessments or charges of e~•ery nature (no matter how designated) the lien for w~hich against the Property might or could have priority over ' ` the lien ot this mongage. ~ 6. To keep all the Property insured as may be required from time to timc by the Mortgagee against toss by fire, K•indsrorm, hazards, ~ casuatties and contingencies for such periods and for not iess than such amounts as may be reasonably required by the Mortgagee and to pay ~ promptly w•hen due all premiums for such insurance. The I~fortgagor agrces to deli~•er renew•al or replacement policies or certificates therefor ' " to the Mongagee at least fifteen ( I S) days prior to the expiration or anni~•ersary 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 u~on the ylortgagor to main- tain such additional insuraoce as may be necessary to meet and comply fully with all co-insurance requirements contained in said policies to the end that the 1~9ortgagor is not a cainsurer thereunder. Insurance may be w~ritten b~ a company or companies approved by the Mortgagee ' (which approval shall not be unreasonably vvithheld) and all policies and renewals shall be held by the Mortgagee unless in the possession of a holder of a Prior ~tortgage. All detailed designations by the h1origagor which are accepted by the Mortgagee and all agreements between the f- Nortgagor and Mortgagee relating to insurance. now existing or hereafter made, shall be in writing anci 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 cancellation or termination thereof sha!! be given ~o other than the 1~lortgagee except a holder of a Prior Mortgage or by proper endorsement affixed to such polic~~ and approved by the Mortgagee. Each policy of insurance shall have atfixed thereto a Standard New York `lortgagee Clause Without Contribution making all loss or losses under such poticy payable to the Mortgagee as its interest may appear. tn the event any sum ar sums of money become payable thereunder the hfortgagee shall have the option ~ to receive and apply the same on account of the indeptedness secured hereby or to permit the Mortgagor ta rereive 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 e~•ent of loss or physical damage to the Property the 111ortgagor shall give immediate notice thereof by mail to ~he Mortgagee and the 14fortgagee map make proof of loss if the ~ same is not promptly made by the titortgagor. In the e~~ent of foreclosure of this mortgage or other transfer of title to the Property all right, title znd interest of the ;~lortgagor in and to the insurance policies shall pass to the purchaser or grantee. 7. If the Mortgagor fails to perform his co~•enants and agreements contained in this mortgage, or if the Mortgagor faits to perform any duty or obligation arising under a Prior Mortgage (including the payment of principal ancVor interest, deposits on account of taxes and 1`; insurance premiums and tate charges even though ihe holder of the Prior Mortgage has made no demand thereunder and has not threatened 1`~ any action in conneetion with the same), or if any action oi 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 invotving a bankrupt or dec~dent, 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 afl 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, al! without regard to ~he value of the Proneny. Any amounts ~ disbursed by the !?1ortgagee pursuant to the procisions of this paragraph, rogether with interest thereon at ~he rate of f8.00 per cent ~ per annum shall becom~ additional indebtedness of the Mortgagor secured by this mortgage. Unless the Mortgagor and Mortgagee agree in ~ writing to some other terms of payment. such amounts shall be payable immediarely. Nothing en this paragraph shall rtquirc the Mortgagee to incur any expense. make any disbursement or take any action whatever. r 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 con~•eyance in lieu oi condemnation or eminent domain arc hereby assigned and ~ shall be paid to the Mortgagee. Unfess the Mortgagor and Mor[gagee otherwise agree in wriling (a) a!I procecds received by the Mongagee ~ shall be applied to the sums secured by this mortgage without imposition of any prepayment charge. and (b) the application of prosteds shall ~ not extend or postpone the due date of installments of principal and interest or change the amounts thereof. 9. Any forbcarance by the Mortgagee in exercising any right or remedy hereunder or otherwise afforded by applicable !aw shall not be a - waiver of or preclude the exercise of such right or remedy. The procurement of insurana or the paymtnt af taxes or other liens or charga or thc payment of sums undcr a Prior Mortgage by the Mortgagce shall not be a waiver of the Mortgagee's right to accele~ate the maturity of the indebtedness secured by this mortgage. All remedies provided in this mongage are distinct and cumulative to any other right or rtmedy under this mortgage or afforded by law or equity and may be exerciseci concurrentiy. independently or successively. - 10. To pay all cous chazges and eaprnses including attorney's fees (whether or not liti,gation occurs and it it doa then those on appellate as well as trial I~vel) and abstraet costs reasonably incurrcd or paid at any time by the Mortgaga because of the failure on the part of~(he Mortgagor to perform. 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 note(s) secured thereby. 11. The Mortgaga is a ticensed mortgage broker under Chapter 494. Florida Statutes. A~ ~oo~ 547 9~~E 11 !86 tOPrepued by Stanley H. Spicler, Atlorney. 4700 Biscayne Boulevard. Miami, Florida 33137 _ - ~'--`-r~s----:_-~w-~-~w-- _ _