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HomeMy WebLinkAbout0670 1022~14 ~ , ~ R•• _ rM~ tcr.A9 nIXON Add Fee : ' . , ~ r ~ c C ~ DxTaxi=~~_,ZS : c':~.~c•`:,rt int Tax t ~ ' fi; Toeal s : ,~~y c~n~k MORTGAGE made the c3av below s~t forth between the Mortgagor bebw named and the Mortgagee, MEIROPOl.1TAN MORTGAGE c'O., a Florida c.yrporadon. W~IEREAS, the Mortgago~ is i~debted to the Mortgagee as evidenced by a certain mortgage note (Note) ut even date from the Mortgagor to Mortgagee as descnbed below. ~ Tu secure to the Mortgagee the performanae by the Mortgagor of all his agreements as set forth in this Mortgage and the Note, the repayment of the in~ebtedness evidenced by the Note, inte~est theroon, sums advanoeci by the Mortgag~ in aa~ordance with the provisions of chis Mortgage to pretert the lien and security thereof, and interest thereon, the Mortgagor does hereby mortgage, grant arid oonvey w the Mortgagee the teal property descn~bod below. together with (a) all e~sements, nghts, tenements, hereditame~ts, rents, issues and profits appurentant thereto; (b) all buildings, structures and improvements now or hereaher located thereon; (c) all components thereof including pipes, plumbing fixtures and equipment, elxtrical coaduit and wiring and fixtures, heating and oooling and sir conditioning eGuipment and Fxtures, sprinkling and ~rrigation equipment and fiatures, mechanical equipment, pump6, fences and awnings; (d) range, oven. refrigerator, d~:~washer. washing machine, dryer, applianoes, floor ooverings and carpeting situate thereon or therein; and (e) all replacemenu and additions to the property dexribed in (b). (c) and (d) above: provided, however, that no security interest is imposed upon after aoqwrod oo~uumer ~oods as defined by the Florida Uniform Commercial Code. To have and to hold the same unto the Mortgagee, its s~~ooessas and acs~ts in fee sunpk. All of tbe fon~going ate herein oolloctively rcferrc+d to as the "PropertY". The Mortgagor ooovenants that he i~ lawfully seized of tl~e extate hercby ca?veyod and he has the right to mortgage, grant and oonvey the Property, that the Property is unencumberod except as may be below noted, and that the Mortgagor willl warrant and defend the title to the Property against all daicns and demands. And the Mortgagor oovenants and agrees u follows: 1. To promptly pay when due the principal of and interest on the indebtedness evidenced by the Note and prepayment and late Cie&~6w ai YiCisiu~u utiQ'Zii~. 2. To pny all taxes, assessments, charges, fines and other impo6itians of governmentai authority against the Property within sixty (60) days of when due or sixty (60) days prior to the same becoming delinque~t, 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 principal and interest ov?ing under mortgage(s) of higher priority ("Prior Mo~s)"), to promptly pay to the holder(s) of Prior Mortgage(s) sums due ~n account of taxes and msurance prem~ums as may be provid for under the provisions of the Prior Mortgage(s), and to otherw~se fully, promptly and completely keep and perform all of the promises and covenants of the Mortgagor under Prior Mortgage(s) and the promis- sory note(s) securod thereby; all of the foregoing without regard to any waivers, extensions or indulgences granted by the holder(s) of Prior !tifortgage(s) unless with the prior consent of the Mortgagee_ 4. To keep in force mortgage guaranty insurance written by a company or wmpanies approved by the Mortgagee, which approval shal! not be unreasonably withheld, w~th regard to this mortgage and the Note insuring against the risks described ~n F.S. 635.011(a) and to promptly pay the monthly premiums therefor which witl oome due simultaneously with the due dates of installments under the Note. 5. Not to apply to, request of, receive or accept from any holder of any Prior Mortgage any money, funds or things of value which u ould, might or could be cons~dered as an advance scxured by the lien of such Prior Mortgage. 6. NoE to oommit waste or permit or suf'fer 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 existjng buildings without the Mortgagee's prior written oonsent; to comply with all subdivision restrictions and zoning and other regulatory laws and ordinances afTecting the Property. if the Property is a condominium unit, the Mortgagor shall promptly and completely perform all of his obiigations under the declaration of oondom~mum and the condominium as.'sociation's articles of inoorporation, by-laws and niles and regulations and other oonstituent oondominium documents ; including but not limited to the payment of all regular and special astessmeots, the liens for which against the Property might or could f have priority over the lien o! thu mortgage. If the Property is part of a~lanned unit devetopment, the Mortgagor shall prompdy comply ~ with all prov~s~ons of the declaration of covenants and restrictions estabt~shing the same and shall prompdy fulfill all his obli~a~ons under t}-~e const~tuent documents of the planned unit development including the homeowners association's or ~ts equivalent's art~cles and by- ; laws and shall Promptly pay ali assessments or charges of every nature (no matter how designated) the lien for which against the Property ; mighi or oould have pnonty over the lien of this mortgage. ~ 7. To keep aU the Property insured as may be required ~rom time to time by the Mortgagee against loss by fire, windstorm, hazards, ; casualties and contingencies for such periais and for not less than such amounts as may be reasonably required by the Mortgagee and ~ to pay prompt1y when due all premiums for such insuranoe. The Mortga~or agr~ees to deliver renewal or reQlacement policies or oertificates therefor to the Mortg~gee at least fifteen ( I S) days prior to the expiration or anniversary date of the ex~sting polic~es. The amounts of insurance required by the Mortgagee shall be mimmum amounts for which said insurance shalt be written and it shall be incumbent upon ~ the Mortgagor to maintain auch additional insurance as may be necessary to meet and comply (ully with all co-insurance requirements ; cnr.tained m said policies to the end that the Mortgagor is n~t a co-insurer thereunder. Insuranoe may be written by a oompany or oompanies ~ approved by the Mortgagee (which approval shall not be unreasonably withheld) and all policies and renewals shall be held by the Mortgagce ~ unless in the possession of a holder of a Prior Mortgage. All detailed designations by the Mortgagor which are sooepted by the Mortgagee and al! agreements between the Mortgagor aod Mortgagee relating to insurance, now existing or hereafter made, shall be in writing and shalt be a part o[ this mortgage agreement as fully as though set forth verbatim herein and shall govem both parties hereto. No lien ~ upon any pol~cy of insurance or upon any refund or roturn premium which may be payable on the cancellation or termination thereof ~ shall be grven to other than the Mortgagee ~xcept a holder of a Prior Mortgage or by proper endorsement affixed to such policy and ~ approved by the Mcxt~gce. Each policy of ituurance shall have affu~d thereto a Standard New York Mortgagee C1suse Without Contn'bution making all loss or losses under such policy payable to the Mortgagee as its interest :nay appear. In the event any sum or sums of money ~ ~come payable thereunder the MortgageE shall have the option to receive and apply the same on acoount of the indebtedness secured ~ hereby or to permit t6e Mortgagor to receive and use it or an~ part thereof without waiving or impairing any ec~uity. lieQ. or right under and by virtue oE this mortgage. In the event of loss or physica damage to the Property the Mortgagor shall give ~mmediate notice thereof ~ by mail to the Mortgagee and the Mortgagce mav make proof of loss if the same ~s not promptly made by the Mortgagor. In the event ~ of foreclosure of this mortgage or other transfer of title to the Property aU right, title and interest of the Mortgagor in aad to the inswance ~ poticics s3~a11 pass to the purchaser or grantee. ~ 8. !f the Mortgagor fails tope rform his covenants and a~reements contained in this mortgage, or if the Mortgagor fails io perform ~ any duty or obligation arising under a Prior Mortgage (includ~ng the payment of principal and/ar interest deposits oa sooount of taues and insuranct premiums and ls.te chargts even though the holder of the Prior Mortgage has made no demand thereunder and has noi ehreatentd any action in cannection with the same), ur if any action or Proceeding is commenced which materially affe~,~ts the Mortgagte's ~nterestc in the Property, including but not limitod to eminent damain or oode enforcement or arrangements involving a bankrupt or deoodent, 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 briag t6e Prior Mortgage current, may malce appearances, may enter upon and secure t6e Property, may d~sburse such other sums (inclu~ing but not limited to the payment of insurance premiums and taxes), and may take such other action as the Mortgaget reasonably de~ms neoessary or advisable to protax his interests in the Property, all without regard to the value af the Property. Aay amounts disbursed by the Mortgagce Pursuant to t6e provisions of this paragraph, together with interesi theroon at the rau of 18.00 pa cent per annum shall bocome additional indebte~ness of the Mortgagor secured by this mortgage. Unless the !vtortgagor and Mortgageeag ree in writing to some other terms of payment, such amounts shall be payable immediately. Nothing in this > ~aragraph shall requue the Mortgagoe to incur any expense, make any di~bursement or take any action whatever. ~ 9. All proooeds of an • sw;rd or daim for da~sages dire~t or ooetsequential in oonnxtion with any oondemnation or any other tsfcing ° by eminent domain of t1~ ~operty or any part theroof, or for oonveyance m lieu of oond~smnation or eminent domain are hercby assigi~ed ~ and shall bep~d to tbe Mortgxg~c. Unless the Mortgagor and Mortg~gee otherwise sgrce in writu~g (a) all proaais received tiy the Mortgagee ~ shall be applied to the sums secured by this mortgage without im rtion of any prepayment charge. and (b) the aPplicat~on of proceeds p shall not eatend or postpcme ix due dace of installments of princi~and interest or change the amounts thereof. = 10. Any forbearance by the Mortgagee in exercising any right or reme~iy hereunder or atherwise aFForded by applicable law shall ¢ not be a waiver of a preclude the exercue of such right or rtmedy. The procurement of insurance or the payment of taxes or other iiens or charges or the psymeM of sums under a Prior Mo~tgage by t6e Mortgagoe shall not be a waiver of tbe Mortg~gee's right to accekrate the maturity of the indebtedness stcured by this mor~a~e. AU remedies provided in this mort,gage are distinet and cumuLtive ; to any ot}~ right or rernody w~der this mortgage ar ntiordod by law or oquity s~ may be exercisod ooruarmentfy. independendy w suooessivdy. ~ Prcpared by Stanlty H. Spiekr. Attorney, 4700 Biscayne Boukvard, M:srr~i. Fleri•~ '~3137 On - K : R ~~~J . _ ~ V~YL` . r` ' ~ 3i:s•,'~1 na <"i . . ~ . w.~,.~' -~t~.~:-~~~_ %s~ j''ti„ . ~.~1