Loading...
HomeMy WebLinkAbout0992 • ~ ~ ~ ll ~~6~~~ 5-59, 3~5-6 ~~V~?J~~~C~~~Pi ' MORTC;AGF inade the day bclow sct forth betwten the Mortgagor tclow named aud the Mortgagee, M ETROPOLiTAN MORTGAGE CO., a Flori~a corporation. Wt~EREAS, the Mortgagor is indebted to the Mortgagee as evidenced byaccrtain mortgage note.(~'~te) oievendaiti trom the Mortgagar to Mortgagee as described below. ' . To securc to the F1 ortgagee the per(ormance by the Mortgagor of ali his agreemerus as set f~rth in this Mortgage and the Notc, thc repayment af the indebted~ess evidcnccd by the Note, interest thercon, sums advanced by the tdortgagee in accordance with Ihe provisions of this Mortgage to protect the lien and security thereof, and interest thereon, the Mortgagor dots hereby mortgage. grant and convey to the . Alortgagee the real propert~~ described below, together with (a) all easements, rights, tenements, hereditaments, re~ts, i~sues and profts ~ ~ appurentant thereto; (b) all buildings, structures a~~d impro~~ernents now or hereaftc~ locatcd therean; (c) all comp~nents thereof including ' • pipes, plumhing fixtures aad eyuipment, elettrical conduit and wiring and fixtures, heating and cooli~g and air conditionin~ equipment and fixtures, sprinkling and i~rigat~on equipment and fixtures, mrchanical equipment, pumps, fences and awnings; (d) range, oven, refrigerator, - dishw•asher, w•a~hing machin~, dryer. appliances, fioor co~•erings and carpeting situate thereon or therein; ar.d (e) all replactmeots and additions to the property described in (b), (c) and (d) above: provide~, hnw~ever th~t no security inserest is imposed upon after acquired . consumer goods as defined by the Florida Uniform Commercial Code. To have and to hold the same unto th~ Mortgagec, its successors and assigns in fee simple. All of the foregoing ar~ herein collectively rtfrrred to as the "Property". Tne Mortgagor convenants that he is lawfulty seiztd of the estate hereby conveyed and he has the right to mortgage, grant and convey the ~ Preperty. that the Property is unencumtxred except as may be bclow notcd, and that-the htortgagor will warrant and de[end the title to tht Property against all claims and demands. . ~ And the !~4ortgagor covenants and agrees as follows: ~ I. To promptly pay when due the principal of and interest on the indebtedness evidenced by the Note and prepayment and late charges as provided thcrein. ' ~ . 2. To pay all taxes, assessments, charBes, fincs and other impositions of governmental authority against the Propcrty within sixty (60) days of when due or s~xty (6(?) days prior to the same becoming delinqucnt, whichev~r may first accur. 3. If it is noted bclow that this is a second or other subordinate rankcd mortgage, th~n to promptly pay when due principal and interest owing under mortgage(s) of higher priority ("Prior Mortgage(s)"j, to promptly pay to the holder(s) of Pnor Mortgage(s) sums due on account of taxes and insurance premiums as may be provided for under the prov~sions af the Prior Morigagc(s), and to otherwise fully, promptly and completely keep and perform all of the promises and convenants of the mortgagor under Prior Mortgage(s) and the promissory note(s) secured . thcrcby; all of tt~c f~regoing 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. ~ 1. r'ot to a~ply to, requcst of, recei~~e or accept from any t~oider of any Prior Mortgage any money, (unds or things of value which would, might or cou1J be considered as an advance secured by the lien of such Prior ~tortgage. S. Not to commit waste or permit or suffer the impairment or deterioration of the P~operty; not to ercct or permit to bc trected any n_w buildings on the Property or any structural alterations to existing buildings without the I~tortgagee's prior w~ritten consent; to compty with all subdivision restrictions and zon~ng and other rcgulatory laws and ordinances affecting tht Property. If the Ptopeny is a condominium unit. the ~ Mortgagor shall, promptly~ and completely perform aU of his obligations under the declarat~on of condorninium and the condominium association's articles of ~ncorportation, by-laws and rules and regulations and 4ther constitnent condominium documents including but not limited to the payment of all regular and special assessmerlts, the liens for which against the Property might or coutd have priority over the li~n ot this mortgage. lf the Propcrty is pan of a planned unit devclopmcnt, the Mortgago~ shall promptlycomply with all provisions of the declaration of covenants and restrictions establishing the same and shall promptly fulftll all his obligat:ons under the constituent dacuments of the plarined unit development including the homeowners association's or its equivale~t's articles and hy-laws and shaU promptly pay all assossments or ~ charges of cvery natur~ (no matter how desigRattd) the liert for which against the Property might or could have priority over the lien of this ~ mortgage: • • 6. To keep all ttie Property insured as rr~ay be required from time to time by thc Mortgagee against loss by fire, windstorm, hazards, casualties and contingencies for. sueh periods and for not less than such amaunts as may bt reasonably required by the iNortgagee and to pay ' promptly whcn due all premiums tor such insurance. The Mongagoragrees to deliver renewal or rtplactment policies otcertificates thcrefor to th: Mortgagce at least fiftcen ( t 5) days prior to the expiration or anniversary.date of the existing po:icies. The amounts of insurance required by thc Mortgsgee shall b:: minimum amounts for ahich said insurancr- sha11 be uritten and it shall be incumbent upon the Mortgagor to maintain ~ such additional insurance as may be necessary to mcet and comply fully with ali co-insuranct requirements cont~~ned in said policics to the end that the Mortgagor is not a.co-insurcr thereunder. lnsurance mav be written by a compan~~ or com~anies approved by the I~iortgagee (which approval shall noc be unreasonably withheld) and ail policies a~d renewals shall be hetd by the Mortgagct unless in the aossession of a holdcr of ` a Prior Mortgagc. F ii dctailed des~gnations bp the Mongagor which arz accepted byth~ Mortgagec and all agreements between the Mortgagor ~ and Mortgagec relating tc insurance. nowexisting ar hereaCter made, shall be in wriang and shall be a pan of this mortgage agreem~nt as futl~~ as ~ though set forth verbatim hercin and shall govern both pariies hercto. No lien ~pon any policy of insurance or upon any retund or rcturn - ; premium which :nay be pa;~shle on the canc~liation or term~nation thereof shall be grven to other than the Mortgagee except a holder of a Prior ; { Mongage er by proper cndors~ment afiiaed to su:,h policy and approved by the Mongagee. Each policy of insuranct shall have affxed thercto a Standard i~ew York Mortgagce Clause Without Contribution making all loss or losses under such policy payable to the Mortgagee as its interest may appear. l~ thc event any sum or sums of moncy ?xcome payable thcreunder the Mort~agee shall have ths option to receive and ; j apply the same on account of th~ indebte%~ness secured hereby or to permit the Mongagor to recuve and use it or any part thercof without € warving or impai~ing any equity, lien, or right under and by virtue of th~s mortgage. In the event of loss or physical damage to thc Property the ~iartgagor shall give imm~diate notice thereof by mail to the Mortgagce and th~ Mortgagee may make proof of loss if t1~e same is not promptly made by the Mortgagor. In the event of forcclosure of this mortgagt or other transfer of title ta the Property aU right, title and interest ot the Mortgagor in and to the ins~~rance policies shall pass to the pu~chaser or grantte. 7. If the Mortgagor fails to perform his co~•enants and agreements contained in this mortgage, or if the Mortgagor fails to perform any duty ~ or obligation arising under a Prior Mortgage (including lhe payment of principal and/or interest, deposits on account of taxes and insurance premiums and late chargts even though the holdrr of the Prior Mortgage has made no demand thereunder and has not threatened any action in ' ~ ' connection w•ith the same), or if any action or procceding is commenced which materially a[tects the Mortgagce's interests in the Property. including but not limited to eminent domain or code enforcement or arrangements involving ~ bankrupt or decedent, or i[ there is an apparent ~ ~ abandonment of the Property, then the Mortgagee at its option may pay to the holder of a Prior Mortgag~ a~l or parts of the sums necessary to ' t bring the Prior ~lortgage current, may makt ~ppearances, may enter upon ~nd secure the Propetty. may disburse such other sums (including ~ ~ but not limited to the payment of insurance prem~ums and taxcs). and may tako such otFer action as tht 3~to~tgagee reasonably deems necessary or ad~~isable to protect his interests in the Property, all without regard to the value of the Property. Any amounts disbursed by the I~iortgagee ~ ~ p~rsuant to the pro~~isi~ns o( this paragraph, together w~ith interest therec~n at the rate of eightcen (18~'0) per cent per annum shall becorne ~ ~ additional inde6ted~iess of the Mortgagor secured by this mortgage. Unless the Morgagor and ~Sortgagee agrce in wnting to some other terms ; o(' payment, such amounts sliall be payable ~mmediately. Nothing in this paragraph shal~ require the Mortgagee to incuranpexpense, make any ; disbursement or take any action whatever. ' ` ~ 8. A{1 prc~ccedc of any award or claim for damagcs direct or eonseq~iential in connection with ar.y co~demnation or any other taking by - t= ~ emin:nt domain ef the Property or any part thereof, or forconveyance in lieu of condemnatson oremir.tnt domairi are hereby assigncd and shall j be paid to the Mortgagee. Unless th~ Mortgagor and Mortgagee otherwise agres~in writ~ng (a) a~l procceds rccsived by the Mortgaget shali be ~ i applied to the sums secured by this mortgage without'smpos~t~on of any prepaymcnt charge, and ~b) the application o[ proceeds shall not ~xtend ~ or postpone the du~ date of installments of principal and interest or char~gt the amounts thcreof. s' • 9. Any forbearance by the Mortgagec in exercising any right or remedy hereuttder or otherwise afforded by applicablc iaw shall not be a 3_ waiver of or precludc the cxercise of such right or remedy. The procurement of insurance or the payrt~ent of tazes or other tiens or charges or the paymcnt of sums under a Prior Nfortgagc by the Mortgagee shall not be a waivet of the Mortgagce's right to acceterate the matunty of itr_ ; indebtcdness sccured by this mortgage. All remedies provided in this mortgage are distinct and cumulative to any other right or remedy under this mortgage oraffordcd by law or cquity and may be exercised concurrentiy, indcpendentiy or suctessively. 10. To pay all costs charges and expenses including attorney's fces (wh=ther or not litigatian occun and if i: does then those on appellate g~ • well as trial !evel) ar.d abstract costs reasonably incurrtd or paid at any time by the Mortgagce bccause'of the failure on the part of the , *dortgagor to pecform, comply wi;h and abide by all of his covenants set forth in this mortgage and/or the NotG and/or Prior Martgage(s) and a ihe promiss~ry note(s) securcd thereby. , . - . 1 l. The Mortgagcc is a licensed mortgage broker under Chapter 494, Ftorida StEtutes: • BL~28~ ~Prepared b}~ Stanley N. Spieler, Attorney, 4700 Biscayne Boutevard, Miami, rlorida 33137 = ~ aoox 3$2 ~ACE ~2 .