Loading...
HomeMy WebLinkAbout0998 uj 1. ~~2~ ~e, ~321~3~ ~ C 5-81~4! 8 5 , MORTGAGE made the day below xt forth bctwcen the Mongago~ below named and the Mortgag,ec, METROPOI.ITAN MO~itT.OAGE S CO., a Florida corporation. , WHEREAS, the Mongagar is indebted to the Mortgagee as evidenced by a ce~tai~ mongage note(Note) of evrn datc trom the Mongago~ ~ ta Mortgaga as describcd bclow. ` ~ To secure to the Mortgagee ~he performance by the Mortgagor of all his agreemen~s as ut fo~th in this Mortgage and thc Note, the rcpay- ment of the indebtedness evidenced by the Note, interest thercon, sums advanred by the Mortgagee in accordance with the provisions ot this Mortgage to protect the lien and stcurity thereof, and interest thereon, the Mortgagor does hereby mongage. grant and convey to the Mortgagee the real prope~ty described below. ~oge~her with (a) all easements, rights, tenements, hereditaments, rents~ issues and profits appurentant thereto; (b) ali buildings, structures and improvements now or hereaher located thereon; (c) all components thereof including pipes, plumbing fixtures and equipment, electrical conduit and wiring and fixtures, heating and rooling and air conditioning equipment and fixtures, sprinkling and irrigatio~ equipment and fixtures, mechanical equipment. pumps. fe~ces 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 described in (b), (c) and (d) above: provided, however that no security interest is impoud upon at~er acquired consumer goods as defined by the Flarida Uniform Commercial Code. To have and to hold the same unio the Mortgagee, its successors and ~ assigns in fee simple. AU of the foregoing are here~n collectively referred to as the "Property"' ; The Mongagor covenants that he is lawfully seized of the estate hereby canveyed and he has the right to mongage. grant and convey the ~ Property. that the Property is unencumbered except as may be beloa• noted, and that the Mongagor wil! warrant and defend the title to the Property against alt claims and demands. ~ And the Mortgagor covenants and agrees as fol~,~ws: 1. To promptl~ pay when due the principal af and interest on the indebtedness evidenced by the Note and prepayment and tate charges as provided therei~. 2. To pay all taxes, assessments, charges, fines and other im~sositions of governmental authority against the Property within~sixty (60) days of when due or sixty (GO) days prior to the same becoming delinquent, whichever may first occur. 3. If it is noted belaw~ that this is a second or other subordinate ranked mortgage. then to promptly pay when due principal and interest ovving under mortgagels) of higher priority ("Ptior MortgagKS)'~). to promptly pay to the hotder(s) of Prior Morigage(s) sums due on ~7~ t account of taxes and insurance premiums as may be provided for under the provisions of the Prior Mortgagt(s). and to otherwise fully. promptly and completcly keep and perform all of the promises and covenants of the mortgagor under Prior Mortgage(s) and the promissory ~ note(s) secured thereby; all of the foregoing without regard to any waivers, extensions or indulgences granted by the holdet(s) of Prior ~ Mortgage(s) unless with the prior consent of the 141artgagee. ~3. Not to apply to, request of, receive or accept from any holder of any Prior Mortgage any money, funds or things of value which wouW, ~nigh~ or could be cansidered as an advance secured by the lien of such Prior Mortgage. 5. Not to commit µ•aste or permit or s~ffer the impairment or deterioration of the Property; not to erect or ptrmit to be erected any new buildings on the Property or any ctructural alterations to existing buitdings withaut the A4ortgagee's prior written consent: to comply with all subdivision restrictions and zoning and other regulator~• laws and ordinances affecting the Property. If the Property is a condominium unit. the A1ortgagor shall promptly and completely perform all 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 condomin+um documents including but not limited to the payment of all regutar and special assessments, the liens for w•hich against the Property might or could have priority over the lien of this mortgage_ If the Property is part of a planned unit development, the htortgagor shall promptly comply with all provisions ot the declaration of co~~enants and restrictions establishing the same and shall promptly fulfill all his obtigations under the const+tuent doeuments of the planned unit de~~elopment including the homeowners associat+on's or its eyuivalent's articles and by-laws and shall promptly pay all assessments ar rharges of every nature (no matter how• designated) the lien ~or which against the Property might or coutd 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 l~longagce against toss by iirc, windstorm, hazards. ;.t j casualties and contingencies for such periods and (or not Iess than such amounts as may be reasonably required by the ~lortgagee and to pay promptly ?~•hen due all premiums for such insurance. The Mortgagor agrees to deli~~er renew•al or replacement policies or certificates therefor to the hlortgagee at least fifteen ( I S) days prior to the expir2tion or anni~crsary date of the existing poticics. The amaunts of insurance req~ired ~ by the htortgagee shall be minimum amounts tor w~hich said insurance shall be written and it shall be incumbent upon the Mortgagor to main- tain such additional iosurance as may be necessary to meet and comply fully with all co-insurance requirements contained in said policies to ? the end that the I~tortgagor is not a co-insurer thereunder. Insurance may be written by a company or companiec approved by the Mortgagee c~ (which approval shall not be unreasonably withheld) and alt policies and renewals shall be held by the Nfortgagee unless in the possession of a ~ hotder of a Prior illortgage. All detailed designations by the Mortgagor which are accepted by the ~tortgagee and all agreemer~ts between the Mortgagor and Mortgagee relating to insurance, now existing or hereafter made, shall oe 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 policp 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 Mor~gage or by proper endorsement affixed to such policy and approved by the Mortgagee. Eiach policy of insurance shall } have affixed thereto a Standard New York Mortgagce Clause Without Contribution making all ioss or tosses 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 1lortgagee shall have the option to receive and appty the same on account of the indeptedness secured hereby or to permit the Mortgagor to recei~~e and use it or any part l thereof without waiving or impairing any equity, lien, or right under and by virtue of this mortgage. In the event of loss or physiral damage to ; a~ the Property the Mortgagor shall give immediate notice thereof by mail ro the Mortgagee and the Mortgagee may make proof of loss if the same is not prvmptly made by the Alortgagor. ln the evem of foreclosure of this mortgagc or other transfer of title to the Property all right, ~ j title and interest of the Mortgagor in and to the in~urance 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 Mort~agor fails to perform any ~ duty or obligation arising under a Prior Mortgage (inciuding the paymeat of principal and/or interest, deposits on account of taxes and 3 insurance premiums and late charges even though the holder of the Prior Mortgage has made no demand thereunder and has not threatened ~ any actio~ in connection with the same), or if any action orproceeeiing is commenced which materialty affects the Mortgagee's interests in the Property, incloding but not limited to eminent domain or code enl'orcement 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 necessary to bring the Prior Mortgage corrent. may make appearances. may enter upon and secure the Propeny, may disburse such other sums (including but not limited to the payme~t of insurance premiums and taxes), and may take such othe~ action as the Mortgagee reasonably deems necessary or advisable to protect his interests in the Proper~y, all without regard to the value of the Property. Any amounts ~ disbursed by the Mortgagee pursuant to the pro~isions of this paragraph, togc~her with intcrc~t thereon at the ratc of 18.00 per cent i per annum shall become 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 shatt be payable immediately. Nothing in this paragraph shall require the Mortgagcr to incur any expense, 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 condemnation or any other taking by _ eminent domain of the Property or any part thereof, or for conveyance in lieu of condemnation or tminent domain are hereby assigned and shall be paid to the Mortgagce. Untess the Mortgagor and [?tortgagee otherwise agree in writing (a) all procceds received by the Mortgagee ' shall be applied to the sums secured by this mortgage without imposition of any prepayment charge, and (b) the application of procetds shall not extend or postpone the due date of installments of principal and interest or change the amounts thereof. 9. Any forbearance by the Mortgagee in exercising any right or remedy hereunder or otherwise afforded by applicable law shall no! be a : waiver of or prectude the exercise oF such right or remedy. The procurement of insurance or the payment of tax~s or other liens or charga or ~ the payment of sums under a Prior Mongage by the Mortgagee shalt not be a waiver of the Mortgagce'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 remedy under = this mortgage or afforded by law or tyuity and may be exercised concurrendy, independently or successively. ~ t 10. To pay all costs charges and eapenses including attorney's fees (whether or not litigation occurs and if it does then thou on appcllate ~ as well as trial levep and abstract costs reasonably incurred or paid at any time by the Mortgagee because of the failure on the part of.{he ~ Mongagor to perform. comply with and abide by all of his covenants s~t forth in this mortgage and/or the Note and/or Prior Mortgagds) ~ and the promissory note(s) secured thereby. # I i. 'Ihe Mortgaga is a licensed mortgage broker undtr Chapter 494, Ftorida Statutss. ~ R 54~I P~~E ~/VV ~ BUUK i _ 11 /86 OPrepared by Stantey H. Spietcr, Attorney, 470p Biscayne Boulr~ud, Miami, Florida 33137 ~ : ~ ' - ~+r'~ w -