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Filing # 132781736 E-Filed 08/16/2021 05:12:41 PM
IN THE CIRCUIT COURT OF THE
17TH JUDICIAL CIRCUIT IN AND FOR
BROWARD COUNTY, FLORIDA
GROVE BANK & TRUST flk/a
COCONUT GROVE BANK,
GENERAL JURISDICTION DIVISION
a Florida corporation
Plaintiff,
CASE NO. CACE 20-17255 11
-VS-
THE ESTATE OF MICHAEL JOHN HIGGINS alk/a
MICHAEL J. HIGGINS, et. al.
Defendants.
NOTICE OF FILING
Plaintiff, GROVE BANK & TRUST f/Ida COCONUT GROVE BANK, by and through its undersigned
counsel, hereby files the following original documents:
1.
Original Interest First Period Adjustable-Rate Note dated April 2,2009, and
2.
Original Mortgage and Note Modification Agreement dated April 2,2009.
I HEREBY CERTIFY that, on August 16, 2021, I electronically filed the foregoing notice with the
Clerk of Court using the Florida Courts E-Filing Portal and served the original loan documents by Federal
Express on the Clerk of Court I also certify that the foregoing document will be served on all counsel of
record and/or interested parties in the manner identified on the attached Service List, via transmission
generated by the Florida Courts E-Filing Portal or by U.S. Mail, pursuant to Rule 2.516, Florida Rules of
Judicial Administration.
ROTH & SCHOLL
Attorneysfor Plaintiff
866 South Dixie Highway
Coral Gables, Florida 33146
Telephone: (305) 662-4141
Fax: (305) 662-3816
Primary Email:
Secondary Emai :
Secondary Emai :
Secondary Emai :
BY: /s /Chelsea Roth Sirkman
CHELSEA ROTH SIRKMAN
Fla. Bar No. 106171
*** FILED: BROWARD COUNTY, FL BRENDA D. FORMAN, CLERK 08/16/2021 05:12:40 PM.****
CASE NO. CACE 20-17255 (11)
SERVICE LIST
Via U.S. Mail:
THE ESTATE OF MICHAEL JOHN HIGGINS A/K/A MICHAEL J. HIGGINS, BENEFICIARIES, HEIRS,
DEVISEES, GRANTEES, ASSIGNEES, LIENORS, CREDITORS, TRUSTEES, AND ALL OTHERS WHO
MAY CLAIM AN INTEREST IN THE ESTATE OF MICHAEL JOHN HIGGINS A/K/A MICHAEL J.
HIGGINS, DECEASED
Defendant
591 Clinton Court
Mount Laurel
New Jersey 08054
CHRISTINE FRASETTO a/Ida CHRISTINE E. FRASETTO, Individuallyand as Co-Trustee of the
Revocable Trust of Michael John Higgins a/Ida Michael J. Higgins
Defendant
591 Clinton Court
Mount Laurel
New Jersey 08054
GALLERY ONE CONDOMINIUM ASSOCIATION, INC.
Defendant
Marc Rodriguez, Registered Agent
c/o Association Services of Florida
10112 USA Today Way
Miramar, Florida 33025
RYAN HIGGINS, Individually and as Co-Trustee of the RevocableTrust of Michael John Higgins a/Ida
Michael J. Higgins
Defendant
c/o Cassandra A. Stevenson, Esq.
McCrink, Kehler & McCrink
475 Route 73 North
West Berlin, New Jersey 08091
Email:
MELISSA LAWRENCE alk/a MELISSA LAWRENCE HIGGINS
c/o Cassandra A. Stevenson, Esq.
McCrink, Kehler & McCrink
475 Route 73 North
West Berlin, New Jersey 08091
Email:
AMY HIGGINS
Defendant
c/o Cassandra A. Stevenson, Esq.
McCrink, Kehler & McCrink
475 Route 73 North
West Berlin, New Jersey 08091
Email:
CASE NO. CACE 20-17255 (11)
REVOCABLE TRUST OF MICHAEL JOHN HIGGINS a/Ida MICHAEL J. HIGGINS TRUST
Defendant
c/o Cassandra A. Stevenson, Esq.
McCrink, Kehler & McCrink
475 Route 73 North
West Berlin, New Jersey 08091
Email:
Via E-Portal
H.C. Palmer, Ill Esq.
Guardian Ad Litem and AdministratorAd Litem for Decedent Michael John Higgins a/Ida Michael J.
Higgins
H.C. Palmer Ill, P.A.,
P.O. Box 330232
Miami, Florida 33233-0232
Email:
hpalmer@qmail.corn
-K
InterestFirstPeriod ADJUSTABLE RATE NOTE
(One-YearTreasury Index-Rate Caps)
THIS NOTE CONTAINS PROVISIONS ALLOWING FOR A CHANGE IN MY FIXED
INTEREST RATE TO AN ADJUSTABLE INTEREST RATE AND FOR CHANGES IN MY
MONTHLY PAYMENT. THIS NOTE LIMITS THE AMOUNT MY ADJUSTABLE INTEREST
RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE I MUST PAY.
EFFECTIVE AS OF NOVEMBER 1, 2008
DATED: -tH $
2009
FORT LAUDERDALE
FLORIDA
,
Aril CD@5
(City)
(State)
2670 E. Sunrise Blvd., # 1411, Fort Lauderdale, Florida 33304
(PropertyAddress)
1.
BORROWER'S PROMISE TO PAY
In return for a loan that I have received, I promise to pay U.S. $221,250.00(this amount is called
"Principal"), plus interest, to the order ofLender, Lender is COCONUTGROVE BANK.
I will make all payments under this Note in the form ofcash, check or money order.
I understand that Lender may transferthis Note. Lender or anyone who takes this Note by transfer
and who is entitled to receive payments under this Note is called the "Note Holder."
2.
INTEREST
Interest will be chargedon unpaid principal until the full amount of Principalhas been paid. I will
pay interest at a yearly rate of 5.25%. The interest rate I will pay may change in accordance with
Section4 ofthis Note.
The interest rate required by this Section 2 and Section 4 of this Note is the rate I will pay both
before and after any defaultdescribedin Section 7(B) ofthis Note.
3.
PAYMENTS
(A)
Time and Place of Payments
I will make a payment on the first day of every month, beginning on December 1, 2008
before the First Principal and Interest Payment Due Date as described in Section 4 ofthis
Note, my payment will consist only of the interestdue on the unpaid principalbalance of
this Note. Thereafter, I will pay principal and interestby making a payment every month
as providedbelow.
I will make my monthly payments of principal and interest beginning December 1,2009,
on the First Principal and Interest Payment Due Date as described in Section 4 of this
Note. I will make these payments every month until I have paid all of the principaland
interest and any other charges described below that I may owe under this Note. Each
monthly payment will be applied as of its scheduled due date, and if the payment
includes both principal and interest, it will be applied to interestbefore Principal, If, on
June 1,2036, I still owe amounts under this Note, I will pay those amounts in full on that
date, which is calledthe "MaturityDate.'/
InteresIFirst ADJUSTABLE RATE NOTE - ONE YEAR TREASURY INDEX
rn-1
NN
No PrepaymentPenalty
INITIALS' ' rl
INITIALS
Single Family - Fannie Mae Uniform Instrument
Page 1 qf6
I will n.a.e my monthly payments at BAC FLORIDA BAf,K, 169 MIRACLE MILE,
R-10, CORAL GABLES, FL 33134 or at a different place if required by the Note
Holder.
(B)
Amount of My Initial MonthlyPayments
My monthly payment will be in the amount of U.S. $967.97 before the First Principal
and Interest Payment Due Date, and thereafterwill be in an amount sufficient to repay
the principaland interest at the rate determined as described in Section4 of this Note in
substantially equal installments by the Maturity Date. The Note Holder will notify me
prior to the date ofchange in monthly payment.
(C)
Monthly Payment Changes
Changes in my monthly payment will reflectchanges in the unpaid principal of my loan
and in the interest rate that I must pay. The Note Holder will determine my new interest
rate and the changed amount of my monthly payment in accordance with Section 4 or 5
ofthis Note.
4.
ADJUSTABLE INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A)
Change Dates
The initial fixed interest rate I will pay will change to an adjustable interest rate on the
first day of November 1, 2009, and the adjustable interest rate I will pay may change on
that day every 12th month thereafter. The date on which my initial fixed interest rate
changes to an adjustable interest rate, and each date on which my adjustable interest rate
could change, is called a "Change Date.'"
(B)
The Index
Beginning with the first Change Date, my adjustable interest rate will be based on an
Index. The "Index" is the weekly average yield on United States Treasury securities
adjusted to a constant maturity of one year, as made available by the Federal Reserve
Board. The most recent Index figure available as ofthe date 45 days before each Change
Date is called the "Current Index."11
If the Index is no longer available, the Note Holder will choose a new index that is based
upon comparable information. The Note Holder will give me notice ofthis choice.
(C)
Calculation of Changes
Before each Change Date, the Note Holder will calculate my new interest rate by adding
Three and One Quarter percentage points (3.2500%) to the Current Index. The Note
Holder will then round the result of this addition to the nearest one-eighth of one
percentage point (0.125%). Subject to the limits stated in Section 4(D) below, this
rounded amount will be my new interestrate until the next Change Date.
The Note Holder will then determine the amount of the monthly payment that would be
sufficient to repay the unpaid principal that I am expected to owe at the Change Date in
full on the Maturity Date at my new interest rate in substantially equal payments. The
result ofthis calculationwill be the new amount ofmy monthly payment.
InterestFirst ADJUSTABLE RATE NOTE - ONE YEARTREASURY INDEX
INITIALSN
No PrepaymcntPenalty
INITIALS/I''
Single Family- Fannie Mae Uniform Instrument
Page 2 of6
(D)
Limits ei.,nterest Rate Changes
The interest rate I am required to pay at the first Change Date will not be greater than
8.875% or less than 4.875%. Thereafter, my adjustable interest rate will never be
increased or decreased on any single Change Date by more than two percentage points
from the rate of interest I have been paying for the preceding 12 months. My interestrate
will never be greaterthan 12.875%.
(E)
Effective Date of Changes
My new interestrate will become effective on each Change Date. I will pay the amount
of my new monthly payment beginning on the first monthly payment date after the
Change Date until the amount ofmy monthly payment changes again.
(F)
Notice of Changes
Before the effective date of any change in my interest rate and/or monthly payment, the
Note Holder will deliver or mail to me a notice of such change. The notice will include
informationrequired by law to be given to me and also the title and telephonenumber of
a person who will answer any question I may have regardingthe notice.
(G)
Date of First Principaland Interest Payment
The date of my first payment consisting of both principal and interest on this Note (the
"First Principaland Interest Payment Due Date") shall be the first monthly payment date
after the first Change Date.
5.
BORROWER'S RIGHT TO PREPAY
I have the right to make payments of Principal at any time before they are due. A payment of
Principal only is known as a "Prepayment." When I make a Prepayment, I will tell the Note
Holder in writing that I am doing so. I may not designate a payment as a Prepayment if I have not
made all the monthly payments due underthe Note.
I may make a full Prepayment or partial Prepayments without paying a Prepayment charge. The
Note Holder will use my Prepayments to reduce the amount of Principal that I owe under this
Note. However, the Note Holder may apply my Prepayment to the accrued and unpaid interest on
the Prepayment amount, before applying my Prepayment to reduce the Principal amount of the
Note. If I make a partial Prepayment, there will be no changes in the due date of my monthly
payment unless the Note Holder agrees in writing to those changes. If the partial Prepayment is
made during the period when my monthly payments consist only of interest, the amount of the
monthly payment will decrease for the remainderof the term when my payments consist only of
interest. If the partial Prepayment is made during the period when my payments consist of
Principal and interest, my partial Prepayment may reduce the amount of my monthly payments
after the first Change Date following my partial Prepayment.However, any reductiondue to my
partialPrepayment may be offset by an interest rate increase
6.
LOAN CHARGES
I f a law, which applies to this loan and which sets maximum loan charges, is finally interpreted so
that the interest or other loan charges collected or to be collected in connection with this loan
exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
necessary to reduce the charge to the permitted limit; and (b) any sums alreadycollected from me
that exceeded permittedlimits will be refunded to me, The Note Holder may choose to make this
InterestFirst ADJUSTABLE RATE NOTE - ONE YEARTREASURY INDEX
No Prepayment Penalty
INITIALS / ' '1
Immsirw
Single Family- Fannie Mae Uniform Instrument
Page 3 of6
refund by reducii,6 [he Principal I owe under this Note or by making a direct payment to me. If a
refund reduces Principal, the reduction will be treated as a partialPrepayment.
7.
BORROWER'S FAILURE TO PAY AS REOUIREQ
(A)
Late Charges for OverduePayments
If the Note Holder has not received the full amount of any monthly payment by the end
of Ten calendar days after the date it is due, I will pay a late charge to the Note Holder,
The amount of the charge will be 7.0000 % of my overdue payment of interest, during
the period when my payment is interest only, and of principal and interest thereafter. I
will pay this late charge promptlybut only once on each late payment.
(B)
Default
If I do not pay the full amount of each monthly payment on the date it is due, I will be in
default.
(C)
Notice ofDefault
If I am in default, the Note Holder may send me a written notice telling me that if I do
not pay the overdue amount by a certain date, the Note Holder may require me to pay
immediately the full amount of Principal that has not been paid and all the interest that I
owe on that amount. That date must be at least 30 days after the date on which the notice
is mailed to me or delivered by other means.
(D)
No Waiver Bv Note Holder
Even if, at a time when I am in default, the Note Holder does not require me to pay
immediately in full as describedabove, the Note Holder will still have the right to do so
if I am in default at a later time.
(IE)
Payment ofNote Holder's Costs and Expenses
If the Note Holder has required me to pay immediately in full as described above, the
Note Holder will have the right to be paid back by me for all of its costs and expenses in
enforcing this Note to the extent not prohibited by applicable law. Those expenses
include,for example,reasonableattorneys'' fees.
8.
GIVING OF NOTICES
Unless applicable law requires a different method, any notice that must be given to me under this
Note will be given by delivering it or by mailing it by first class mail to me at the Property
Address above or at a different address if I give the Note Holdera notice of my different address.
Unless the Note Holder requires a different method, any notice that must be given to the Note
Holder under this Note will be given by mailing it by first class mail to the Note Holder at the
address stated in Section 3(A) above or at a different address if I am given a notice of that
different address,
9.
OBLIGATIONS OF PERSONS UNDER THIS NOTE
If more than one person signs this Note, each person is fully and personally obligated to keep all
of the promises made in this Note, including the promiseto pay the full amount owed. Any person
InterestFirst ADJUSTABLE RATE NOTE - ONE YEARTREASURY INDEX
No PrepaymentPenalty
IN[TIALS / 'J,i
[NITIALS /r/-
Single Family- Fannie Mae UniformInstrument
Page 4 of6
who is a guaranlu.,suretyor endorser of thisNote is also obligated co do these things. Any person
who takes over these obligations, including the obligations of a guarantor, surety or endorser of
this Note, is also obligated to keep all of the promises made in this Note. The Note Holder may
enforce its rights under this Note against each person individually or against all of us together.
This means that any one of us may be required to pay all ofthe amounts owed under this Note.
10.
WAIVERS
I and any other person who has obligations under this Note waive the rights of Presentment and
Notice of Dishonor. "Presentment" means the right to require the Note Holder to demand payment
of amountsdue. "Notice of Dishonor"means the right to require the Note Holder to give notice to
other persons that amounts due have not been paid.
11.
UNIFORMSECURED NOTE
This Note is a uniform instrumentwith limited variations in some jurisdictions. In addition to the
protections given to the Note Holder under this Note, a Mortgage, Deed of Trust, or Security
Deed (the "Security Instrument"), dated the same date as thisNote, protectsthe Note Holder from
possible losses that might result if I do not keep the promises that I make in this Note. That
Security Instrument describes how and under what conditions I may be required to make
immediate payment in full of all amounts I owe under this Note. Some of those conditions read as
follows:
Transfer of the Pronertv or a Beneficial Interest in Borrower.As used in this Section
18, "Interest in the Property" means any legal or beneficial interest in the Property,
including, but not limited to, those beneficial interests transferred in a bond for deed,
contract for deed, installment sales contract or escrow agreement, the intent of which is
the transfer of title by Borrowerat a future date to a purchaser.
Ifall or any part ofthe Property or any Interest in the Propertyis sold or transferred(or if
Borrower is not a natural person and a beneficial interest in Borrower is sold or
transferred) without Lender's prior written consent, Lender may require immediate
payment in full of all sums secured by this Security Instrument. However, this option
shall not be exercised by Lender if such exercise is prohibited by Applicable Law.
Lender also shall not exercise this option if: (a) Borrower causes to be submitted to
Lender information required by Lender to evaluate the intended transferee as if a new
loan were being made to the transferee; and (b) Lender reasonably determines that
Lender's security will not be impaired by the loan assumption and that the risk of a
breach ofany covenant or agreementin this Security Instrumentis acceptable to Lender.
To the extent permitted by Applicable Law, Lender may charge a reasonable fee as a
condition to Lender's consent to the loan assumption. Lender may also require the
transfereeto sign an assumptionagreementthat is acceptable to Lender and that obligates
the transferee to keep all the promises and agreements made in the Note and in this
Security Instrument. Borrower will continue to be obligated under the Note and this
Security Instrumentunless Lender releasesBorrower in writing.
If Lender exercises the option to require immediate payment in full, Lender shall give
Borrower notice of acceleration. The notice shall provide a period of not less than 30
days from the date the notice is given in accordance with Section 15 within which
Borrower must pay all sums secured by this Security Instrument. If Borrower failsto pay
these sums prior to the expiration of this period, Lender may invoke any remedies
permittedby this Security Instrumentwithout further notice or demand on Borrower.
lnterestFirst ADJUSTABLE RATE NOTE - ONE YEAR TREASURY INDEX
No PrepaymentPenalty
INITIALS/' N
INITIALS //H
Single Family- Fannie Mae Uniform Instrument
Page 5 of6
Borrower has executed and acknowledges receipt of pages 1 through 6 of this Note. WITNESS
THE HAND(S) AND SEAL(S) OF THE UNDERSIGNED.
..b..KGMM
(Seal)
Michael J. Hit&ins
-
Borrower
InterestFirst ADJUSTABLE RATE NOTE - ONE YEAR TREASURY INDEX
No PrepaymentPenalty
INITIALS
INITIALS
Single Family- FannieMae Uniform [nstrument
Page 6 of6
INSTR # 108663088
OR BK 46287 Pages 947 - 959
This instrumentwas prepared bv:
RECORDED 06/09/09 11:13:10
BROWARD COUNTY COMMISSION
Barbara Sanjurjo,'Esq.
DEPUTY CLERK 3370
ThomasG. Sherman, P.A.
#1,13 Pages
90 Almeria Avenue
Coral Gables, Florida 33134
Loan No.: 1418572903
MORTGAGE AND NOTE MODIFICATIONAGREEMENT
This Agreement made this 2nd day of April, 2009, by and between MICHAEL J. HIGGINS, AN
UNMARRIED MAN (hereinafterreferred to as "Borrower" or "Mortgagor") with a mailing address of 19 Twin
Oaks Drive, Shomona, N.J., 08086, and COCONUT GROVE BANK (hereinafter referred to as "Lender" or
"Mortgagee")with a mailing address of C/O BAC Florida Bank, 169 Miracle Mile, R-10, Coral Gables, Florida
33134.
WHEREAS, on May 30,2006, Borrowerexecuteda Note in the original principal amount of Two Hundred
Twenty One Thousand Two Hundred Fifty and 00/100 Dollars ($221,250.00) (hereinafterthe "Note") in favor of
BAC FLORIDA BANK which Note was secured by a Mortgage (hereinafterthe "Mortgage") on the following
describedreal property:
Condominium Unit No. 1411, of Gallery One Condominum, a Condominium, according to
the Declaration thereof, as recorded in Official Records Book 41098, at Page 194, of the
Public Records of BrowardCounty,Florida.
which Mortgage was recorded on June 9,2006, in Official Records Book 42189 at Page 307, and as assigned to
Lender by virtue ofthe Assignment of Mortgage recorded January 2,2007, in Official Records Book 43357, Page
957, all herein of the Public Records of Broward County,Florida.
WHEREAS, the principal balance due under the Note is presently Two Hundred Twenty One Thousand
Two Hundred Fifty and 00/100 Dollars ($221,250.00);and
WHEREAS, the Borrower and Lender have agreed to modify the terms of the Mortgage and Note to
modify the interest rate and terms;
NOW THEREFORE, it is agreed as follows:
1.
The foregoingrecitals are true and correct.
2.
The Adjustable Rate Rider attached to the Mortgage is hereby substitutedby the Adjustable Rate
Rider attached as Exhibit"A" to this Agreement.
3.
Borrower simultaneously with the execution of this Agreement has executed and delivered to
Lender an InterestFirstAdjustable Rate Note containingnew terms of repayment ofthe loan in the
amount of $0.00 (hereinafterthe *'Loan Amount") and extending the Maturity Date as provided
therein. A copy of the InterestFirstAdjustable Rate Note is attached hereto as '*Exhibit "B". The
Mortgage secures all obligations of the Borrowerto the Lender owing and to be advanced under
the InterestFirstAdjustableRate Note.
4.
Borroweracknowledges and agrees that the total indebtednessofBorrowerowed and to be owed
to Lender under the Loan shall be repaid in accordance with the terms of the InterestFirst
Adjustable Rate Note. The InterestFirst Adjustable Rate Note is secured by the lien of the
Page 1 of4
Mortgage and Note ModificationAgrccmcnt
INITIALY '/ #
11.131
Mortgage. The Mortgage as modifiedby this Mortgage and Note Modification Agreement shall
continue to secure all of the obligations of Borrower to Lender whether now existing or hereafter
created.
5.
Borrower further acknowledges and agrees that in consideration of Lender this date grantingthis
Agreement and as inducement for Lender this date granting this Agreement, Borrower agrees to
the inclusion of the following paragraph to the Mortgage and the terms therein, as contained
below:
Borrower shall not apply for or avail himself/herself of any appraisement, valuation,
redemption, stay, extension, or exemption laws, or any so-called "moratoriumlaws," now
existing or subsequently enacted, in order to prevent or hinder the enforcement or
foreclosure of this mortgage, and Borrower now waives the benefit of those laws.
Borrower, for himself/herself, their heirs, successors and/or assigns and all who may
claim through or under Borrower, waive any and all rights to have the property and
estates comprising the property marshaled upon any foreclosure of the lien of this
mortgage, and agrees that any court havingjurisdictionto foreclose such lien may order
the property sold in its entirety. Mortgagor further waives any and all rights of
redemption from foreclosure and from sale under any order or decree of foreclosure of
the lien created by this mortgage, for themselves, their heirs, successorsand/or assigns
and on behalf of:
HI
any trust estate ofwhich the premises are a part;
Cii)
all beneficiallyinterested persons;
(iii)
each and every person acquiring any interest in the property or title to the
premises subsequent to the date of this mortgage; and
(iv)
all other persons to the extent permittedby the provisions of laws of the Florida,
the State in which the premises are located.
Borrower, the heirs, successors and/or assigns of Borrower, further acknowledge and
agree, to the extent allowable by law at the time of any foreclosure proceedings, that
he/she/they hereby waive their right to service of process in accordancewith Section 48
of the Florida Statutes and further waive any defenses he/she/they may have in any
foreclosure proceeding by Lender, whether at law or in equity.
6.
Nothing in this Mortgage and Note ModificationAgreement will invalidate, impair or release any
term or condition in the Note or the Mortgage. The Note, InterestFirstAdjustable Rate Note, the
Mortgagewill continue in full force and effect. Any terms or condition in the InterestFirstor the
Mortgage not modified in this agreement has the same force and effect as any term which is
modified herein. Borrower ratifies and confirms the terms and conditions of the Note and the
Mortgage, and covenants and agrees to perform and comply with the terms and conditions, as
modifiedherein.
7.
Nothing in this agreement will be understood or construed as a substitution, transference or
novation ofthe existingdebt.
8.
Lender reserves all rights it has against all parties, including but not limited to all parties
secondarily liable.
9.
The parties hereto herebyknowingly,voluntarilyand intentionally waive the right either may have
to a trial by jury in respect to any litigation based hereon, or arising out of, under or in connection
Page 2 of 4
Mortgage and Note ModificationAgreement
INITIALS Mi
with this loan and any increases, amendments extensions or modifications or renewals thereto.
This provision is a material inducement for Lender entering into this loan, and any increases,
amendments, extensions or modifications or renewals thereto.
10.
Borrower does hereby represent and warrant to Lender that the Mortgage constitutes a valid and
enforceable first lien upon all the premises now encumberedthereby and secures payment of the
indebtedness and performance of the obligations on Borrower's part to be paid and performed
under the Note as amended herein and the InterestFirstAdjustable Rate Note as secured by the
Mortgage.
11.
Borrower hereby represents and warrants to Lender that in the event any documentary stamp tax,
intangib[e or other taxes, fees or other charges and penalties and interest thereon (herein
collectively referred to as "Taxes"), are due or become due by reason ofthe transactionsdescribed
in this instrument, Borrower agrees to pay any of such Taxes due immediately upon notice that
any of such Taxes are due and payable notwithstandingthat Borrower may be contesting same.
12.
This agreement is binding upon and inures to the benefit of the heirs, executors, administrators,
representatives, or successors and assigns o f the respective parties.
13.
All rights and obligations contained in this Agreement are subject to any requirements and
limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to
agree by contract or it might be silent, but such silence shall not be construed as a prohibition
against any agreementby contract. In the event that ally provision or clause of this agreement or
other documents referred to or attached hereto conflict with Applicable Law, such conflict shall
not affect other provisions of this agreement or such other documentationattached hereto and/or
referred to herein which can be given effect without the conflictingprovisions.
Except as modified herein, all of the terms ofthe Mortgage shall remain in full force and effect
BORROWER:
mml,HPL+.Lwm
MICHAEL J. MR]dINS' '
COUNTRY OF
10n
) SS:
CITY OFMkdforH
M
.Nd
APril
I HEREBY CERTIFY that on this .L
day ofMn:ch, 2009, before me an officer duly authorizedto take
acknowledgments, personally appeared MICHAEL J. HIGGINS, AN UNMARRIED MAN. who has /have
Mduced
Dri Ni -z> h,censT=
as identificationor who is personally known to me and
did not take ati oath and acknowledged before me that he executed the same.
Witness my hand and official seal the date aforesaid.
IT
qOTARY PUBLIC
My Commission Expires: Aril 8,J.oio
D!.I.2 G. CRANE
(SEAL)
NCV.RY PL.NE
STATE OF FIF':, .'r:YREY
. [ I[ C t, 2 010
Page 3 of4
Mortgage and Note ModificationAgreement
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LENDER:
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COCONUT GROVE BANK
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Title:
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Wilness Name: U#ZWJLF NEISiF7
STATE OF FLORIDA
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COUNTY OF MIAMI-DADE
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I HEREBY CERTIFYthat on this -EL day. of /4k.y
,
.
Ooybefore me an
.
ofer duly authorized
i- Ffr...1knotl.15nts,-peyE:2*-iU
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BANK.1 personally-
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known? -to. mi-----or? who
have
as
produyed
?
-afioath and acknowledgedbefore
me that he executed the same.
Witness my handand official seal the date aforesaid.
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Mortgageand Note ModificationAgreement
INITIALS
ORIGINM
EXHIBIT A
ADJUSTABLE RATE RIDBR
(1 Year Treasury Index-Rate Caps)
THIS ADJUSTABLE RATE RIDER is nmde this
Znd dayorA&8,2009, and is incorporated into and
shall be deemed to amend and supplementthe Mortgage, Deed of Trust, or Security Dccd (thc "Security
Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Adjustable
Rate Note (the "Note") to: COCONUT GROVE BANK (the "Lender") of the same date and covering the
property described in the Security Instrumentand located at:
2670 E. Sunrise Blvd., # 1411, Fort Lauderdale, Florida 33304
(Property Address)
THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE
INTEREST RATE AND THE MONTHLY PAYMENT, THE NOTE LIMITS THE
AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY
ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY.
ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the
Security Instrument, Borrower and Lender further covcnant and agree as follows:
A.
INTEREST RATE AND 1MONTHLY PAYMENT CHANGES
The Note provides for an initial interest rate of 5.25%. The Note provides for changes in the
interest rate and the monthly payments as follows:
4.
INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A)
Change Dates
The interest rate I will pay may change on the first day of November, 2009, and
on that day cvcry 12th month thereafter. Each date on which my interest rate
could change is called a "ChangeDate."
(B)
The Index
Beginning with the first Change Date, my interest rate will be based on an
Index. The "Index" is the weekly average yield on United States Treasury
securities adjusted to a constant maturity of one year, as made available by the
Federal Reserve Board. The most recent Index figure available as of the date 45
days before each Change Date is called the "CurrentIndex."
If the Index is no longer available, the Note Holder will choose a new index
which is based upon comparable information. The Note Holder will give mc
notice of this choice.
(C)
Calculation of Changes
Before each Change Date, the Note Holder will calculate my new interest rate
by adding Three and One Quarter percentage points (3.250%) to the Current
Index. The Note Holder will then round the result of this addition to the nearest
One-Eighth of One percentage point (0.125%). Subject to the limits stated iii
Section 4(D) below, this rounded amount will be my new interest rate until the
MUI.TISTATE ADJUSTABLE RATE RIDER-Single Family
[NIT[ALS //T-7
Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Page 1 of 3
nt.i Change Date.
The Note Holder will then determine the amount of the monthly payment that
would be sufficient to repay the unpaid principal that I am expected to owe at
the Change Date in full on the maturity date at my new interest rate in
substantially equal payments. The result of this calculation will be the new
amount of my monthly payment.
CD)
Limits on Interest Rate Changes
The interest rate I am required to pay at the first Change Date will not be greater
than 8.8750% or less than 4.8750%. Thereafter, my interest rate will never be
increased or decreased on any single Change Date by more than two percentage
points (2.0%) from the rate of interest I have been paying for the preceding 12
months. My interest rate will neverbe greater than 12.8750%.
(E)
Effective Date of Chanees
My new interestrate will become effective on each Change Date. I will pay the
amount of my new monthly payment beginningon the first monthly payment
date after the Change Date until the amount of my monthly payment changes
again.
(F)
NoticeofChanges
The Note Holder will deliver or mail to me a notice of any changes in my
interest rate and the amount of my monthly payment before the effective date of
any change. The notice will include informationrequired by law to be given to
me and also the title and telephone number of a person who will answer any
question I may have regardingthe notice.
B.
TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER.
Section 18 of the Security Instrumentis amendedto read as follows:
Transfer of the Proigertv or a Beneficial Interest in Borrower. As used in this
Section 18, "Interest in the Property" means any legal or beneficial interest in the
Property, including,but not limited to, those beneficialintereststransferredin a bond for
deed, contract for deed, installment sales contract or escrow agreement, the intent of
which is the transfer of title by Borrowerat a future date to a purchaser.
If all or any part of the Propertyor any Interest in the Property is sold or transferred(or if
Borrower is not a natural person and a beneficial interest in Borrower is sold or
transferred) without Lender's prior written consent, Lender may require immediate
payment in full of all sums secured by this Security Instrument. However, this option
shall not be exercised by Lender if such exercise is prohibited by Applicable Law.
Lender also shall not exercise this option if: (a) Borrower causes to be submitted to
Lender information required by Lender to evaluate the intended transferee as if a new
loan were being made to the transferee; and (b) Lender reasonably determines that
Lendefs security will not be impaired by the loan assumption and that the risk of a
breach of any covenant or agreement in this Security Instrumentis acceptableto Lender.
To the extent permitted by Applicable Law, Lender may charge a reasonable fee as a
condition to Lender's consent to the loan assumption. Lender may also require the
MULTISTATE ADJUSTABLE RATE RIDER-SingleFamily
INITIALS / /'-7
FannieMae/FreddieMac UNIFORM INSTRUMENT
page 2 of3
transferee,u sign an assumptionagreement that is acceptab, o Lender and that obligates
the transferee to keep all the promises and agreements made in the Note mid in this
Security Instrument, Borrower will continue to be obligated under the Note and this
Security Instrument unless Lender releases Borrower in writing.
If Lender exercises the option to require immediate payment in full, Lender shall give
Borrower notice of acceleration. The notice shall provide a period of not less than 30
days from the date the notice is given iii accordance with Section 15 within which
Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay
these sums prior to the expiration of this period, Lender may invoke any remedies
permitted by this Security Instrumentwithout further notice or demand on Borrower.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained iii
pages 1 through 3 of this Adjustable Rate Rider.
PiA .KDP?o-?i?.?
(Seal)
X..XAI,,I#,.Y=.
-
Borrower
Jlt'LTIST.ATEADJUSTABLE RATE RIDER-Single Family
INITIALSf ' fn
Fannie Mae/FreddieMK UNIFOR.M INS'IRUMFNT
Page 3 of 3
ORIGINP.L
EXHIBIT B
InterestFirstPeriod ADJUSTABLE RATE NOTE
(One-YearTreasury Index-Rate Caps)
THIS NOTE CONTAINS
PROVISIONS ALLOWING FOR A CHANGE IN MY
FIXED
INTEREST RATE TO AN ADJUSTABLE INTEREST RATE AND FOR CHANGES IN MY
MONTHLY PAYMENT. THIS NOTE LIMITS THE AMOUNT MY ADJUSTABLE INTEREST
RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE I MUST PAY.
EFFECTIVE AS OF NOVEMBER 1, 2008
DATED: -M*-H
@.
2009
,
FORT LAUDERDALE
FLORIDA
MI iDate)
(City)
(State)
2670 E. Sunrise Blvd., # 1411, Fort Lauderdale,Florida 33304
(Property Address)
1.
BORROWER'S PROMISE TO PAY
In return for a loan that 1 have received, I promise to pay U.S. $221,250.00 (this amount is called
"Principal"), plus interest, to the orderof Lender, Lender is COCONUTGROVE BANK.
I will make all payments under this Note in the form ofcash, check or money order.
I understandthat Lender may transfer this Note. Lender or anyone who takes this Note by transfer
and who is entitled to receive payments under this Note is calledthe "Note Holder."
2.
INTEREST
Interest will be charged on unpaid principaluntil the full amountof Principalhas been paid. 1 will
pay interest at a yearly rate of 5.25%. The interest rate I will pay may change in accordance with
Section4 ofthis Note.
The interest rate required by this Section 2 and Section 4 of this Note is the rate I will pay both
before and after any default describedin Section7(B) of thisNote.
3.
PAYMENTS
(A)
Time and Place of Payments
I will make a payment on the first day of every month, beginning on December 1, 2008
before the First Principaland Interest PaymentDue Date as describedin Section 4 ofthis
Note, my payment will consistonly of the interest due on the unpaid principal balanceof
this Note. Thereafter, I will pay principal and interest by making a payment every month
as provided below.
I will make my monthly payments ofprincipaland interest beginningDecember 1,2009,
on the First Principal and Interest Payment Due Date as describedin Section 4 of this
Note. I will make these payments every month until I have paid all of the principaland
interest and any other charges describedbelow that I may owe under this Note. Each
monthly payment will be applied as of its scheduled due date, and if the payment
includes both principaland interest, it will be applied to interest before Principal, If, on
June 1,2036, I still owe amounts under this Note, I will pay those amounts in full on that
date, which is calledthe "MaturityDate."
InterestFirstADJUSTABLERATE NOTE - ONE YEARTREASURY INDEX
No Prepayment Penalty
INITIALS' ' /'? 1
INITIALS /'N
Single Family - Fannie Mae Unilbrm Instrument
Page 1 of6
[ will make my monthly payments at BAC FLORIDA BANK, 169 MIRACLEMILE,
R-10, CORAL CABLES, FL 33134 or at a different place if required by the Note
Holder.
(B)
Amountof My Initial Monthly Payments
My monthly payment will be in the amount of U.S. $967.97 before the First Principal
and Interest PaymentDue Date, and thereafter will be in an amount sufficient to repay
the principaland interest at the rate determined as describedin Section4 of this Note in
substantiallyequal installments by the Maturity Date. The Note Holder will notify me
priorto the date of changein monthly payment.
(C)
Monthly Payment Changes
Changes in my monthly payment will reflect changesin the unpaid principal ofmy loan
and in the interest rate that I must pay. The Note Holder will determine my new interest
rate and the changed amount of my monthly payment in accordance with Section 4 or 5
ofthis Note.
4.
ADJUSTABLEINTERESTRATE AND MONTHLY PAYMENT CHANGES
(A)
Chartme Dates
The initial fixed interest rate I will pay will change to an adjustable interest rate on the
first day ofNovember 1,2009,and the adjustable interest rate I will pay may change on
that day every 12th month thereafter. The date on which my initial fixed interest rate
changes to an adjustable interest rate, and each date on which my adjustable interest rate
could change, is calleda "Change Date."
(B)
The Index
Beginningwith the first Change Date, my adjustable interest rate will be based on an
Index. The "Index" is the weekly average yield on United States Treasury securities
adjusted to a constant maturity of one year, as made available by the Federal Reserve
Board. The most recent Index figure availableas ofthe date 45 days beforeeach Change
Date is calledthe "Current Index."
If the Index is no longeravailable,the Note Holder will choose a new index that is based
upon comparableinformation. The Note Holderwill give me noticeof this choice.
(C)
Calculation ofChanaes
Before each Change Date, the Note Holderwill calculatemy new interest rate by adding
Three and One Quarter percentage points (3.2500%) to the Current Index. The Note
Holder will then round the result of this addition to the nearest one-eighth of one
percentage point (0.125%). Subject to the limits stated in Section 4(D) below, this
rounded amountwill be my new interest rate until the next ChangeDate.
The Note Holderwill then determine the amount of the monthly payment that would be
sufficient to repay the unpaid principalthat I am expected to owe at the Change Date in
full on the Maturity Date at my new interest rate in substantiallyequal payments. The
result of this calculationwill be the new amountof my monthly payment.
InterestFirst ADJUSTABLERATE NOTE - ONE YEARTREASURY INDEX
No Prepayment Penalty
INITIALS?' ' v
[NlTIALS /
-4
Single Family - FannieMae Uniform Instrument
Page 2 of6
(D)
Limitson Interest Rate Changes
The interest rate I am required to pay at the first Change Date will not be greater than
8.875% or less than 4.875%. Thereafter, my adjustable interest rate will never be
increasedor decreased on any single Change Date by more than two percentage points
from the rate ofinterest I have been paying for the preceding 12 months. My interestrate
will never be greaterthan 12.875%.
(E)
Effective Date ofChanges
My new interest rate will become effectiveon each Change Date. I will pay the amount
of my new monthly payment beginning on the first monthly payment date after the
Change Date until the amount of my monthly payment changes again.
(F)
Notice ofChanges
Before the effectivedate of any change in my interest rate and/or monthly payment, the
Note Holder will deliver or mail to me a notice of such change. The notice will include
informationrequired by law to be given to me and also the title and telephonenumber of
a person who will answer any questionI may have regardingthe notice.
(G)
Date of First Principaland Interest Pavment
The date of my first payment consisting of both principal and interest on this Note (the
"First Principaland Interest PaymentDue Date") shall be the first monthly payment date
after the first Change Date.
5.
BORROWER'S RIGHT TO PREPAY
I have the right to make payments of Principal at any time before they are due, A payment of
Principal only is known as a "Prepayment." When I make a Prepayment, 1 will tell the Note
Holder in writingthat I am doing so. I may not designate a payment as a Prepayment if 1 have not
made all the monthly paymentsdue underthe Note.
l may make a full Prepaynient or partial Prepaymentswithout paying a Prepayment charge. The
Note Holder will use my Prepaymentsto reduce the amount of Principal that 1 owe under this
Note. However, the Note Holder may apply my Prepayment to the accrued and unpaid intereston
the Prepayment amount, before applying my Prepayment to reduce the Principal amount of the
Note. If I make a partial Prepayment, there will be no changes in the due date of my monthly
payment unless the Note Holder agrees in writing to those changes. lf the partial Prepayment is
made during the period when my monthly payments consist only of interest, the amount of the
monthly payment will decrease for the remainder of the term when my payments consist only of
interest. If the partial Prepayment is made during the period when my payments consist of
Principal and interest,my partial Prepayment may reduce the amount ofmy monthly payments
after the first Change Date followingmy partial Prepayment. However, any reduction due to my
partial Prepaymentmay be offset by an interestrate increase
6.
LOAN CHARGES
If a law, which applies to this loan and which sets maximum loan charges, is finally interpretedso
that the interest or other loan charges collected or to be collected in connection with this loan
exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
necessaryto reduce the charge to the permittedlimit; and (b) any sums alreadycollected from me
that exceededpermittedlimits will be refunded to me, The Note Holdermay choose to make this
n
InterestFirst ADJUSTABLERATE NOTE- ONE YEAR TREASURY INDEX
No Prepayment Penalty
INITIALS / 'N
INITIALS MJ
,
Single Family - FannieMae UniformInstrument
page 3 of6
refund by reducing the Principal I owe under this Note or by making a direct payment to me. If a
refund reduces Principal, the reductionwill be treated as a partial Prepayment.
7.
BORROWER'S FAILURE TO PAY AS REQUIRED
(A)
Late Charges for Overdue Payments
If the Note Holderhas not received the full amount of any monthly payment by the end
of Ten calendardays after the date it is due, I will pay a late charge to the Note Holder,
The amount of the charge will be 7.0000 % of my overduepayment of interest, during
the period when my payment is interest only, and of principal and interest thereafter. I
will pay this late charge promptly but only once on each late payment.
(B)
Default
If I do not pay the full amount of each monthly payment on the date it is due, I will be in
default.
(C)
Notice of Default
If I am in default, the Note Holder may send me a written notice telling me that if I do
not pay the overdue amount by a certain date, the Note Holder may require me to pay
immediately the full amount of Principal that has not been paid and all the interest that I
owe on that amount.That date must be at least 30 days after the date on which the notice
is mailed to me or delivered by other means.
(D)
No Waiver By Note Holder
Even if, at a time when I am in default, the Note Holder does not require me to pay
immediately in full as describedabove, the Note Holder will still have the right to do so
if I am in default at a later time.
(E)
Payment ofNote Holder's Costs and Expenses
If the Note Holder has required me to pay immediately in full as describedabove, the
Note Holder will have the rightto be paid back by me for all of its costs and expenses in
enforcing this Note to the extent not prohibited by applicable law. Those expenses
include, for example, reasonableattorneys'fees.
8.
GIVING OF NOTICES
Unless applicable law requires a differentmethod,any notice that must be given to me underthis
Note will be given by delivering it or by mailing it by first class mail to me at the Property
Address above or at a differentaddress if l give the Note Holdera notice ofmy different address.
Unless the Note Holder requires a differentmethod, any notice that must be given to the Note
Holder under this Note will be given by mailing it by first class mail to the Note Holder at the
address stated in Section 3(A) above or at a different address if I am given a notice of that
differentaddress,
9.
OBLIGATIONS OF PERSONSUNDER THIS NOTE
Ifmore than one person signs this Note, each person is fully and personally obligatedto keep all
ofthe promises made in this Note, including the promiseto pay the full amount owed. Any person
[nterestFirst ADJUSTABLERATE NOTE - ONE YEAR TREASURY INDEX
No Prepayment Penalty
INITIAL.S M
INITIALS
Single Family - Fannie Mae Uniform[nstrumcnt
MJ
Page 4 of6
who is a guarantor, surety or endorserofthis Note is also obligated to do these things. Any person
who takes over these obligations,including the obligations of a guarantor, surety or endorser of
this Note, is also obligated to keep all of the promises made in this Note. The Note Holder may
enforce its rights under this Note against each person individually or against all of us together.
This means that any one ofus may be requiredto pay all ofthe amounts owed under thisNote.
10.
WAIVERS
I and any other person who has obligations under this Note waive the rights of Presentment and
Notice of Dishonor. "Presentment"means the right to require the Note Holderto demand payment
of amounts due. "Notice of Dishonor" means the rightto require the Note Holder to give notice to
otherpersons thatamounts due have not been paid.
11.
UNIFORMSECURED NOTE
This Note is a uniform instrumentwith limited variationsin some jurisdictions. In addition to the
protections given to the Note Holder under this Note, a Mortgage, Deed of Trust, or Security
Deed (the "Security Instrument"),dated the same date as this Note, protects the Note Holderfrom
possible losses that might result if I do not keep the promises that I make in this Note. That
Security Instrument describes how and under what conditions I may be required to make
immediate payment in full of all amounts I owe under this Note. Some of those conditions read as
follows:
Transfer of the Property or a BeneficialInterest in Borrower. As used in this Section
18, "Interest in the Property" means any legal or beneficial interest in the Property,
including, but not limited to, those beneficial interests transferred iii a bond for deed,
contract for deed, installment sales contract or escrow agr
Preview
Filing # 132781736 E-Filed 08/16/2021 05:12:41 PM IN THE CIRCUIT COURT OF THE 17TH JUDICIAL CIRCUIT IN AND FOR BROWARD COUNTY, FLORIDA GROVE BANK & TRUST flk/a COCONUT GROVE BANK, GENERAL JURISDICTION DIVISION a Florida corporation Plaintiff, CASE NO. CACE 20-17255 11 -VS- THE ESTATE OF MICHAEL JOHN HIGGINS alk/a MICHAEL J. HIGGINS, et. al. Defendants. NOTICE OF FILING Plaintiff, GROVE BANK & TRUST f/Ida COCONUT GROVE BANK, by and through its undersigned counsel, hereby files the following original documents: 1. Original Interest First Period Adjustable-Rate Note dated April 2,2009, and 2. Original Mortgage and Note Modification Agreement dated April 2,2009. I HEREBY CERTIFY that, on August 16, 2021, I electronically filed the foregoing notice with the Clerk of Court using the Florida Courts E-Filing Portal and served the original loan documents by Federal Express on the Clerk of Court I also certify that the foregoing document will be served on all counsel of record and/or interested parties in the manner identified on the attached Service List, via transmission generated by the Florida Courts E-Filing Portal or by U.S. Mail, pursuant to Rule 2.516, Florida Rules of Judicial Administration. ROTH & SCHOLL Attorneysfor Plaintiff 866 South Dixie Highway Coral Gables, Florida 33146 Telephone: (305) 662-4141 Fax: (305) 662-3816 Primary Email: Secondary Emai : Secondary Emai : Secondary Emai : BY: /s /Chelsea Roth Sirkman CHELSEA ROTH SIRKMAN Fla. Bar No. 106171 *** FILED: BROWARD COUNTY, FL BRENDA D. FORMAN, CLERK 08/16/2021 05:12:40 PM.**** CASE NO. CACE 20-17255 (11) SERVICE LIST Via U.S. Mail: THE ESTATE OF MICHAEL JOHN HIGGINS A/K/A MICHAEL J. HIGGINS, BENEFICIARIES, HEIRS, DEVISEES, GRANTEES, ASSIGNEES, LIENORS, CREDITORS, TRUSTEES, AND ALL OTHERS WHO MAY CLAIM AN INTEREST IN THE ESTATE OF MICHAEL JOHN HIGGINS A/K/A MICHAEL J. HIGGINS, DECEASED Defendant 591 Clinton Court Mount Laurel New Jersey 08054 CHRISTINE FRASETTO a/Ida CHRISTINE E. FRASETTO, Individuallyand as Co-Trustee of the Revocable Trust of Michael John Higgins a/Ida Michael J. Higgins Defendant 591 Clinton Court Mount Laurel New Jersey 08054 GALLERY ONE CONDOMINIUM ASSOCIATION, INC. Defendant Marc Rodriguez, Registered Agent c/o Association Services of Florida 10112 USA Today Way Miramar, Florida 33025 RYAN HIGGINS, Individually and as Co-Trustee of the RevocableTrust of Michael John Higgins a/Ida Michael J. Higgins Defendant c/o Cassandra A. Stevenson, Esq. McCrink, Kehler & McCrink 475 Route 73 North West Berlin, New Jersey 08091 Email: MELISSA LAWRENCE alk/a MELISSA LAWRENCE HIGGINS c/o Cassandra A. Stevenson, Esq. McCrink, Kehler & McCrink 475 Route 73 North West Berlin, New Jersey 08091 Email: AMY HIGGINS Defendant c/o Cassandra A. Stevenson, Esq. McCrink, Kehler & McCrink 475 Route 73 North West Berlin, New Jersey 08091 Email: CASE NO. CACE 20-17255 (11) REVOCABLE TRUST OF MICHAEL JOHN HIGGINS a/Ida MICHAEL J. HIGGINS TRUST Defendant c/o Cassandra A. Stevenson, Esq. McCrink, Kehler & McCrink 475 Route 73 North West Berlin, New Jersey 08091 Email: Via E-Portal H.C. Palmer, Ill Esq. Guardian Ad Litem and AdministratorAd Litem for Decedent Michael John Higgins a/Ida Michael J. Higgins H.C. Palmer Ill, P.A., P.O. Box 330232 Miami, Florida 33233-0232 Email: hpalmer@qmail.corn -K InterestFirstPeriod ADJUSTABLE RATE NOTE (One-YearTreasury Index-Rate Caps) THIS NOTE CONTAINS PROVISIONS ALLOWING FOR A CHANGE IN MY FIXED INTEREST RATE TO AN ADJUSTABLE INTEREST RATE AND FOR CHANGES IN MY MONTHLY PAYMENT. THIS NOTE LIMITS THE AMOUNT MY ADJUSTABLE INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE I MUST PAY. EFFECTIVE AS OF NOVEMBER 1, 2008 DATED: -tH $ 2009 FORT LAUDERDALE FLORIDA , Aril CD@5 (City) (State) 2670 E. Sunrise Blvd., # 1411, Fort Lauderdale, Florida 33304 (PropertyAddress) 1. BORROWER'S PROMISE TO PAY In return for a loan that I have received, I promise to pay U.S. $221,250.00(this amount is called "Principal"), plus interest, to the order ofLender, Lender is COCONUTGROVE BANK. I will make all payments under this Note in the form ofcash, check or money order. I understand that Lender may transferthis Note. Lender or anyone who takes this Note by transfer and who is entitled to receive payments under this Note is called the "Note Holder." 2. INTEREST Interest will be chargedon unpaid principal until the full amount of Principalhas been paid. I will pay interest at a yearly rate of 5.25%. The interest rate I will pay may change in accordance with Section4 ofthis Note. The interest rate required by this Section 2 and Section 4 of this Note is the rate I will pay both before and after any defaultdescribedin Section 7(B) ofthis Note. 3. PAYMENTS (A) Time and Place of Payments I will make a payment on the first day of every month, beginning on December 1, 2008 before the First Principal and Interest Payment Due Date as described in Section 4 ofthis Note, my payment will consist only of the interestdue on the unpaid principalbalance of this Note. Thereafter, I will pay principal and interestby making a payment every month as providedbelow. I will make my monthly payments of principal and interest beginning December 1,2009, on the First Principal and Interest Payment Due Date as described in Section 4 of this Note. I will make these payments every month until I have paid all of the principaland interest and any other charges described below that I may owe under this Note. Each monthly payment will be applied as of its scheduled due date, and if the payment includes both principal and interest, it will be applied to interestbefore Principal, If, on June 1,2036, I still owe amounts under this Note, I will pay those amounts in full on that date, which is calledthe "MaturityDate.'/ InteresIFirst ADJUSTABLE RATE NOTE - ONE YEAR TREASURY INDEX rn-1 NN No PrepaymentPenalty INITIALS' ' rl INITIALS Single Family - Fannie Mae Uniform Instrument Page 1 qf6 I will n.a.e my monthly payments at BAC FLORIDA BAf,K, 169 MIRACLE MILE, R-10, CORAL GABLES, FL 33134 or at a different place if required by the Note Holder. (B) Amount of My Initial MonthlyPayments My monthly payment will be in the amount of U.S. $967.97 before the First Principal and Interest Payment Due Date, and thereafterwill be in an amount sufficient to repay the principaland interest at the rate determined as described in Section4 of this Note in substantially equal installments by the Maturity Date. The Note Holder will notify me prior to the date ofchange in monthly payment. (C) Monthly Payment Changes Changes in my monthly payment will reflectchanges in the unpaid principal of my loan and in the interest rate that I must pay. The Note Holder will determine my new interest rate and the changed amount of my monthly payment in accordance with Section 4 or 5 ofthis Note. 4. ADJUSTABLE INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The initial fixed interest rate I will pay will change to an adjustable interest rate on the first day of November 1, 2009, and the adjustable interest rate I will pay may change on that day every 12th month thereafter. The date on which my initial fixed interest rate changes to an adjustable interest rate, and each date on which my adjustable interest rate could change, is called a "Change Date.'" (B) The Index Beginning with the first Change Date, my adjustable interest rate will be based on an Index. The "Index" is the weekly average yield on United States Treasury securities adjusted to a constant maturity of one year, as made available by the Federal Reserve Board. The most recent Index figure available as ofthe date 45 days before each Change Date is called the "Current Index."11 If the Index is no longer available, the Note Holder will choose a new index that is based upon comparable information. The Note Holder will give me notice ofthis choice. (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding Three and One Quarter percentage points (3.2500%) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated in Section 4(D) below, this rounded amount will be my new interestrate until the next Change Date. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the Maturity Date at my new interest rate in substantially equal payments. The result ofthis calculationwill be the new amount ofmy monthly payment. InterestFirst ADJUSTABLE RATE NOTE - ONE YEARTREASURY INDEX INITIALSN No PrepaymcntPenalty INITIALS/I'' Single Family- Fannie Mae Uniform Instrument Page 2 of6 (D) Limits ei.,nterest Rate Changes The interest rate I am required to pay at the first Change Date will not be greater than 8.875% or less than 4.875%. Thereafter, my adjustable interest rate will never be increased or decreased on any single Change Date by more than two percentage points from the rate of interest I have been paying for the preceding 12 months. My interestrate will never be greaterthan 12.875%. (E) Effective Date of Changes My new interestrate will become effective on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Date until the amount ofmy monthly payment changes again. (F) Notice of Changes Before the effective date of any change in my interest rate and/or monthly payment, the Note Holder will deliver or mail to me a notice of such change. The notice will include informationrequired by law to be given to me and also the title and telephonenumber of a person who will answer any question I may have regardingthe notice. (G) Date of First Principaland Interest Payment The date of my first payment consisting of both principal and interest on this Note (the "First Principaland Interest Payment Due Date") shall be the first monthly payment date after the first Change Date. 5. BORROWER'S RIGHT TO PREPAY I have the right to make payments of Principal at any time before they are due. A payment of Principal only is known as a "Prepayment." When I make a Prepayment, I will tell the Note Holder in writing that I am doing so. I may not designate a payment as a Prepayment if I have not made all the monthly payments due underthe Note. I may make a full Prepayment or partial Prepayments without paying a Prepayment charge. The Note Holder will use my Prepayments to reduce the amount of Principal that I owe under this Note. However, the Note Holder may apply my Prepayment to the accrued and unpaid interest on the Prepayment amount, before applying my Prepayment to reduce the Principal amount of the Note. If I make a partial Prepayment, there will be no changes in the due date of my monthly payment unless the Note Holder agrees in writing to those changes. If the partial Prepayment is made during the period when my monthly payments consist only of interest, the amount of the monthly payment will decrease for the remainderof the term when my payments consist only of interest. If the partial Prepayment is made during the period when my payments consist of Principal and interest, my partial Prepayment may reduce the amount of my monthly payments after the first Change Date following my partial Prepayment.However, any reductiondue to my partialPrepayment may be offset by an interest rate increase 6. LOAN CHARGES I f a law, which applies to this loan and which sets maximum loan charges, is finally interpreted so that the interest or other loan charges collected or to be collected in connection with this loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums alreadycollected from me that exceeded permittedlimits will be refunded to me, The Note Holder may choose to make this InterestFirst ADJUSTABLE RATE NOTE - ONE YEARTREASURY INDEX No Prepayment Penalty INITIALS / ' '1 Immsirw Single Family- Fannie Mae Uniform Instrument Page 3 of6 refund by reducii,6 [he Principal I owe under this Note or by making a direct payment to me. If a refund reduces Principal, the reduction will be treated as a partialPrepayment. 7. BORROWER'S FAILURE TO PAY AS REOUIREQ (A) Late Charges for OverduePayments If the Note Holder has not received the full amount of any monthly payment by the end of Ten calendar days after the date it is due, I will pay a late charge to the Note Holder, The amount of the charge will be 7.0000 % of my overdue payment of interest, during the period when my payment is interest only, and of principal and interest thereafter. I will pay this late charge promptlybut only once on each late payment. (B) Default If I do not pay the full amount of each monthly payment on the date it is due, I will be in default. (C) Notice ofDefault If I am in default, the Note Holder may send me a written notice telling me that if I do not pay the overdue amount by a certain date, the Note Holder may require me to pay immediately the full amount of Principal that has not been paid and all the interest that I owe on that amount. That date must be at least 30 days after the date on which the notice is mailed to me or delivered by other means. (D) No Waiver Bv Note Holder Even if, at a time when I am in default, the Note Holder does not require me to pay immediately in full as describedabove, the Note Holder will still have the right to do so if I am in default at a later time. (IE) Payment ofNote Holder's Costs and Expenses If the Note Holder has required me to pay immediately in full as described above, the Note Holder will have the right to be paid back by me for all of its costs and expenses in enforcing this Note to the extent not prohibited by applicable law. Those expenses include,for example,reasonableattorneys'' fees. 8. GIVING OF NOTICES Unless applicable law requires a different method, any notice that must be given to me under this Note will be given by delivering it or by mailing it by first class mail to me at the Property Address above or at a different address if I give the Note Holdera notice of my different address. Unless the Note Holder requires a different method, any notice that must be given to the Note Holder under this Note will be given by mailing it by first class mail to the Note Holder at the address stated in Section 3(A) above or at a different address if I am given a notice of that different address, 9. OBLIGATIONS OF PERSONS UNDER THIS NOTE If more than one person signs this Note, each person is fully and personally obligated to keep all of the promises made in this Note, including the promiseto pay the full amount owed. Any person InterestFirst ADJUSTABLE RATE NOTE - ONE YEARTREASURY INDEX No PrepaymentPenalty IN[TIALS / 'J,i [NITIALS /r/- Single Family- Fannie Mae UniformInstrument Page 4 of6 who is a guaranlu.,suretyor endorser of thisNote is also obligated co do these things. Any person who takes over these obligations, including the obligations of a guarantor, surety or endorser of this Note, is also obligated to keep all of the promises made in this Note. The Note Holder may enforce its rights under this Note against each person individually or against all of us together. This means that any one of us may be required to pay all ofthe amounts owed under this Note. 10. WAIVERS I and any other person who has obligations under this Note waive the rights of Presentment and Notice of Dishonor. "Presentment" means the right to require the Note Holder to demand payment of amountsdue. "Notice of Dishonor"means the right to require the Note Holder to give notice to other persons that amounts due have not been paid. 11. UNIFORMSECURED NOTE This Note is a uniform instrumentwith limited variations in some jurisdictions. In addition to the protections given to the Note Holder under this Note, a Mortgage, Deed of Trust, or Security Deed (the "Security Instrument"), dated the same date as thisNote, protectsthe Note Holder from possible losses that might result if I do not keep the promises that I make in this Note. That Security Instrument describes how and under what conditions I may be required to make immediate payment in full of all amounts I owe under this Note. Some of those conditions read as follows: Transfer of the Pronertv or a Beneficial Interest in Borrower.As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrowerat a future date to a purchaser. Ifall or any part ofthe Property or any Interest in the Propertyis sold or transferred(or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption and that the risk of a breach ofany covenant or agreementin this Security Instrumentis acceptable to Lender. To the extent permitted by Applicable Law, Lender may charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender may also require the transfereeto sign an assumptionagreementthat is acceptable to Lender and that obligates the transferee to keep all the promises and agreements made in the Note and in this Security Instrument. Borrower will continue to be obligated under the Note and this Security Instrumentunless Lender releasesBorrower in writing. If Lender exercises the option to require immediate payment in full, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower failsto pay these sums prior to the expiration of this period, Lender may invoke any remedies permittedby this Security Instrumentwithout further notice or demand on Borrower. lnterestFirst ADJUSTABLE RATE NOTE - ONE YEAR TREASURY INDEX No PrepaymentPenalty INITIALS/' N INITIALS //H Single Family- Fannie Mae Uniform Instrument Page 5 of6 Borrower has executed and acknowledges receipt of pages 1 through 6 of this Note. WITNESS THE HAND(S) AND SEAL(S) OF THE UNDERSIGNED. ..b..KGMM (Seal) Michael J. Hit&ins - Borrower InterestFirst ADJUSTABLE RATE NOTE - ONE YEAR TREASURY INDEX No PrepaymentPenalty INITIALS INITIALS Single Family- FannieMae Uniform [nstrument Page 6 of6 INSTR # 108663088 OR BK 46287 Pages 947 - 959 This instrumentwas prepared bv: RECORDED 06/09/09 11:13:10 BROWARD COUNTY COMMISSION Barbara Sanjurjo,'Esq. DEPUTY CLERK 3370 ThomasG. Sherman, P.A. #1,13 Pages 90 Almeria Avenue Coral Gables, Florida 33134 Loan No.: 1418572903 MORTGAGE AND NOTE MODIFICATIONAGREEMENT This Agreement made this 2nd day of April, 2009, by and between MICHAEL J. HIGGINS, AN UNMARRIED MAN (hereinafterreferred to as "Borrower" or "Mortgagor") with a mailing address of 19 Twin Oaks Drive, Shomona, N.J., 08086, and COCONUT GROVE BANK (hereinafter referred to as "Lender" or "Mortgagee")with a mailing address of C/O BAC Florida Bank, 169 Miracle Mile, R-10, Coral Gables, Florida 33134. WHEREAS, on May 30,2006, Borrowerexecuteda Note in the original principal amount of Two Hundred Twenty One Thousand Two Hundred Fifty and 00/100 Dollars ($221,250.00) (hereinafterthe "Note") in favor of BAC FLORIDA BANK which Note was secured by a Mortgage (hereinafterthe "Mortgage") on the following describedreal property: Condominium Unit No. 1411, of Gallery One Condominum, a Condominium, according to the Declaration thereof, as recorded in Official Records Book 41098, at Page 194, of the Public Records of BrowardCounty,Florida. which Mortgage was recorded on June 9,2006, in Official Records Book 42189 at Page 307, and as assigned to Lender by virtue ofthe Assignment of Mortgage recorded January 2,2007, in Official Records Book 43357, Page 957, all herein of the Public Records of Broward County,Florida. WHEREAS, the principal balance due under the Note is presently Two Hundred Twenty One Thousand Two Hundred Fifty and 00/100 Dollars ($221,250.00);and WHEREAS, the Borrower and Lender have agreed to modify the terms of the Mortgage and Note to modify the interest rate and terms; NOW THEREFORE, it is agreed as follows: 1. The foregoingrecitals are true and correct. 2. The Adjustable Rate Rider attached to the Mortgage is hereby substitutedby the Adjustable Rate Rider attached as Exhibit"A" to this Agreement. 3. Borrower simultaneously with the execution of this Agreement has executed and delivered to Lender an InterestFirstAdjustable Rate Note containingnew terms of repayment ofthe loan in the amount of $0.00 (hereinafterthe *'Loan Amount") and extending the Maturity Date as provided therein. A copy of the InterestFirstAdjustable Rate Note is attached hereto as '*Exhibit "B". The Mortgage secures all obligations of the Borrowerto the Lender owing and to be advanced under the InterestFirstAdjustableRate Note. 4. Borroweracknowledges and agrees that the total indebtednessofBorrowerowed and to be owed to Lender under the Loan shall be repaid in accordance with the terms of the InterestFirst Adjustable Rate Note. The InterestFirst Adjustable Rate Note is secured by the lien of the Page 1 of4 Mortgage and Note ModificationAgrccmcnt INITIALY '/ # 11.131 Mortgage. The Mortgage as modifiedby this Mortgage and Note Modification Agreement shall continue to secure all of the obligations of Borrower to Lender whether now existing or hereafter created. 5. Borrower further acknowledges and agrees that in consideration of Lender this date grantingthis Agreement and as inducement for Lender this date granting this Agreement, Borrower agrees to the inclusion of the following paragraph to the Mortgage and the terms therein, as contained below: Borrower shall not apply for or avail himself/herself of any appraisement, valuation, redemption, stay, extension, or exemption laws, or any so-called "moratoriumlaws," now existing or subsequently enacted, in order to prevent or hinder the enforcement or foreclosure of this mortgage, and Borrower now waives the benefit of those laws. Borrower, for himself/herself, their heirs, successors and/or assigns and all who may claim through or under Borrower, waive any and all rights to have the property and estates comprising the property marshaled upon any foreclosure of the lien of this mortgage, and agrees that any court havingjurisdictionto foreclose such lien may order the property sold in its entirety. Mortgagor further waives any and all rights of redemption from foreclosure and from sale under any order or decree of foreclosure of the lien created by this mortgage, for themselves, their heirs, successorsand/or assigns and on behalf of: HI any trust estate ofwhich the premises are a part; Cii) all beneficiallyinterested persons; (iii) each and every person acquiring any interest in the property or title to the premises subsequent to the date of this mortgage; and (iv) all other persons to the extent permittedby the provisions of laws of the Florida, the State in which the premises are located. Borrower, the heirs, successors and/or assigns of Borrower, further acknowledge and agree, to the extent allowable by law at the time of any foreclosure proceedings, that he/she/they hereby waive their right to service of process in accordancewith Section 48 of the Florida Statutes and further waive any defenses he/she/they may have in any foreclosure proceeding by Lender, whether at law or in equity. 6. Nothing in this Mortgage and Note ModificationAgreement will invalidate, impair or release any term or condition in the Note or the Mortgage. The Note, InterestFirstAdjustable Rate Note, the Mortgagewill continue in full force and effect. Any terms or condition in the InterestFirstor the Mortgage not modified in this agreement has the same force and effect as any term which is modified herein. Borrower ratifies and confirms the terms and conditions of the Note and the Mortgage, and covenants and agrees to perform and comply with the terms and conditions, as modifiedherein. 7. Nothing in this agreement will be understood or construed as a substitution, transference or novation ofthe existingdebt. 8. Lender reserves all rights it has against all parties, including but not limited to all parties secondarily liable. 9. The parties hereto herebyknowingly,voluntarilyand intentionally waive the right either may have to a trial by jury in respect to any litigation based hereon, or arising out of, under or in connection Page 2 of 4 Mortgage and Note ModificationAgreement INITIALS Mi with this loan and any increases, amendments extensions or modifications or renewals thereto. This provision is a material inducement for Lender entering into this loan, and any increases, amendments, extensions or modifications or renewals thereto. 10. Borrower does hereby represent and warrant to Lender that the Mortgage constitutes a valid and enforceable first lien upon all the premises now encumberedthereby and secures payment of the indebtedness and performance of the obligations on Borrower's part to be paid and performed under the Note as amended herein and the InterestFirstAdjustable Rate Note as secured by the Mortgage. 11. Borrower hereby represents and warrants to Lender that in the event any documentary stamp tax, intangib[e or other taxes, fees or other charges and penalties and interest thereon (herein collectively referred to as "Taxes"), are due or become due by reason ofthe transactionsdescribed in this instrument, Borrower agrees to pay any of such Taxes due immediately upon notice that any of such Taxes are due and payable notwithstandingthat Borrower may be contesting same. 12. This agreement is binding upon and inures to the benefit of the heirs, executors, administrators, representatives, or successors and assigns o f the respective parties. 13. All rights and obligations contained in this Agreement are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against any agreementby contract. In the event that ally provision or clause of this agreement or other documents referred to or attached hereto conflict with Applicable Law, such conflict shall not affect other provisions of this agreement or such other documentationattached hereto and/or referred to herein which can be given effect without the conflictingprovisions. Except as modified herein, all of the terms ofthe Mortgage shall remain in full force and effect BORROWER: mml,HPL+.Lwm MICHAEL J. MR]dINS' ' COUNTRY OF 10n ) SS: CITY OFMkdforH M .Nd APril I HEREBY CERTIFY that on this .L day ofMn:ch, 2009, before me an officer duly authorizedto take acknowledgments, personally appeared MICHAEL J. HIGGINS, AN UNMARRIED MAN. who has /have Mduced Dri Ni -z> h,censT= as identificationor who is personally known to me and did not take ati oath and acknowledged before me that he executed the same. Witness my hand and official seal the date aforesaid. IT qOTARY PUBLIC My Commission Expires: Aril 8,J.oio D!.I.2 G. CRANE (SEAL) NCV.RY PL.NE STATE OF FIF':, .'r:YREY . [ I[ C t, 2 010 Page 3 of4 Mortgage and Note ModificationAgreement [ N [TIALS '4A OMGIiiNH LENDER: , L1 nyf.? COCONUT GROVE BANK I A By: -WitnessName: FYUr Nieto ME-AIJ SI. VRn .5-.hi/O Title: DC.Ji VILC W'.tx-t r Ulaial UU.H Wilness Name: U#ZWJLF NEISiF7 STATE OF FLORIDA ) SS: COUNTY OF MIAMI-DADE ) I HEREBY CERTIFYthat on this -EL day. of /4k.y , . Ooybefore me an . ofer duly authorized i- Ffr...1knotl.15nts,-peyE:2*-iU '4-TIL10 W .S v O of COCONUT GROVE BANK.1 personally- - known? -to. mi-----or? who have as produyed ? -afioath and acknowledgedbefore me that he executed the same. Witness my handand official seal the date aforesaid. N-2- - My Commission Expires: r c.'--N tCt 0M ZTiniez CSEAL) DMYM.84' NOi/,'.9,i D'.\1.3 3.-JL-', i.746. J. 'f*4010 = V'' . .J ? . ,* h,'U. , *titlt*>&6'LU MDW Page 4 of 4 Mortgageand Note ModificationAgreement INITIALS ORIGINM EXHIBIT A ADJUSTABLE RATE RIDBR (1 Year Treasury Index-Rate Caps) THIS ADJUSTABLE RATE RIDER is nmde this Znd dayorA&8,2009, and is incorporated into and shall be deemed to amend and supplementthe Mortgage, Deed of Trust, or Security Dccd (thc "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to: COCONUT GROVE BANK (the "Lender") of the same date and covering the property described in the Security Instrumentand located at: 2670 E. Sunrise Blvd., # 1411, Fort Lauderdale, Florida 33304 (Property Address) THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT, THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covcnant and agree as follows: A. INTEREST RATE AND 1MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 5.25%. The Note provides for changes in the interest rate and the monthly payments as follows: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The interest rate I will pay may change on the first day of November, 2009, and on that day cvcry 12th month thereafter. Each date on which my interest rate could change is called a "ChangeDate." (B) The Index Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the weekly average yield on United States Treasury securities adjusted to a constant maturity of one year, as made available by the Federal Reserve Board. The most recent Index figure available as of the date 45 days before each Change Date is called the "CurrentIndex." If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable information. The Note Holder will give mc notice of this choice. (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding Three and One Quarter percentage points (3.250%) to the Current Index. The Note Holder will then round the result of this addition to the nearest One-Eighth of One percentage point (0.125%). Subject to the limits stated iii Section 4(D) below, this rounded amount will be my new interest rate until the MUI.TISTATE ADJUSTABLE RATE RIDER-Single Family [NIT[ALS //T-7 Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 1 of 3 nt.i Change Date. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the maturity date at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment. CD) Limits on Interest Rate Changes The interest rate I am required to pay at the first Change Date will not be greater than 8.8750% or less than 4.8750%. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more than two percentage points (2.0%) from the rate of interest I have been paying for the preceding 12 months. My interest rate will neverbe greater than 12.8750%. (E) Effective Date of Chanees My new interestrate will become effective on each Change Date. I will pay the amount of my new monthly payment beginningon the first monthly payment date after the Change Date until the amount of my monthly payment changes again. (F) NoticeofChanges The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly payment before the effective date of any change. The notice will include informationrequired by law to be given to me and also the title and telephone number of a person who will answer any question I may have regardingthe notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER. Section 18 of the Security Instrumentis amendedto read as follows: Transfer of the Proigertv or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including,but not limited to, those beneficialintereststransferredin a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrowerat a future date to a purchaser. If all or any part of the Propertyor any Interest in the Property is sold or transferred(or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines that Lendefs security will not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in this Security Instrumentis acceptableto Lender. To the extent permitted by Applicable Law, Lender may charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender may also require the MULTISTATE ADJUSTABLE RATE RIDER-SingleFamily INITIALS / /'-7 FannieMae/FreddieMac UNIFORM INSTRUMENT page 2 of3 transferee,u sign an assumptionagreement that is acceptab, o Lender and that obligates the transferee to keep all the promises and agreements made in the Note mid in this Security Instrument, Borrower will continue to be obligated under the Note and this Security Instrument unless Lender releases Borrower in writing. If Lender exercises the option to require immediate payment in full, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given iii accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrumentwithout further notice or demand on Borrower. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained iii pages 1 through 3 of this Adjustable Rate Rider. PiA .KDP?o-?i?.? (Seal) X..XAI,,I#,.Y=. - Borrower Jlt'LTIST.ATEADJUSTABLE RATE RIDER-Single Family INITIALSf ' fn Fannie Mae/FreddieMK UNIFOR.M INS'IRUMFNT Page 3 of 3 ORIGINP.L EXHIBIT B InterestFirstPeriod ADJUSTABLE RATE NOTE (One-YearTreasury Index-Rate Caps) THIS NOTE CONTAINS PROVISIONS ALLOWING FOR A CHANGE IN MY FIXED INTEREST RATE TO AN ADJUSTABLE INTEREST RATE AND FOR CHANGES IN MY MONTHLY PAYMENT. THIS NOTE LIMITS THE AMOUNT MY ADJUSTABLE INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE I MUST PAY. EFFECTIVE AS OF NOVEMBER 1, 2008 DATED: -M*-H @. 2009 , FORT LAUDERDALE FLORIDA MI iDate) (City) (State) 2670 E. Sunrise Blvd., # 1411, Fort Lauderdale,Florida 33304 (Property Address) 1. BORROWER'S PROMISE TO PAY In return for a loan that 1 have received, I promise to pay U.S. $221,250.00 (this amount is called "Principal"), plus interest, to the orderof Lender, Lender is COCONUTGROVE BANK. I will make all payments under this Note in the form ofcash, check or money order. I understandthat Lender may transfer this Note. Lender or anyone who takes this Note by transfer and who is entitled to receive payments under this Note is calledthe "Note Holder." 2. INTEREST Interest will be charged on unpaid principaluntil the full amountof Principalhas been paid. 1 will pay interest at a yearly rate of 5.25%. The interest rate I will pay may change in accordance with Section4 ofthis Note. The interest rate required by this Section 2 and Section 4 of this Note is the rate I will pay both before and after any default describedin Section7(B) of thisNote. 3. PAYMENTS (A) Time and Place of Payments I will make a payment on the first day of every month, beginning on December 1, 2008 before the First Principaland Interest PaymentDue Date as describedin Section 4 ofthis Note, my payment will consistonly of the interest due on the unpaid principal balanceof this Note. Thereafter, I will pay principal and interest by making a payment every month as provided below. I will make my monthly payments ofprincipaland interest beginningDecember 1,2009, on the First Principal and Interest Payment Due Date as describedin Section 4 of this Note. I will make these payments every month until I have paid all of the principaland interest and any other charges describedbelow that I may owe under this Note. Each monthly payment will be applied as of its scheduled due date, and if the payment includes both principaland interest, it will be applied to interest before Principal, If, on June 1,2036, I still owe amounts under this Note, I will pay those amounts in full on that date, which is calledthe "MaturityDate." InterestFirstADJUSTABLERATE NOTE - ONE YEARTREASURY INDEX No Prepayment Penalty INITIALS' ' /'? 1 INITIALS /'N Single Family - Fannie Mae Unilbrm Instrument Page 1 of6 [ will make my monthly payments at BAC FLORIDA BANK, 169 MIRACLEMILE, R-10, CORAL CABLES, FL 33134 or at a different place if required by the Note Holder. (B) Amountof My Initial Monthly Payments My monthly payment will be in the amount of U.S. $967.97 before the First Principal and Interest PaymentDue Date, and thereafter will be in an amount sufficient to repay the principaland interest at the rate determined as describedin Section4 of this Note in substantiallyequal installments by the Maturity Date. The Note Holder will notify me priorto the date of changein monthly payment. (C) Monthly Payment Changes Changes in my monthly payment will reflect changesin the unpaid principal ofmy loan and in the interest rate that I must pay. The Note Holder will determine my new interest rate and the changed amount of my monthly payment in accordance with Section 4 or 5 ofthis Note. 4. ADJUSTABLEINTERESTRATE AND MONTHLY PAYMENT CHANGES (A) Chartme Dates The initial fixed interest rate I will pay will change to an adjustable interest rate on the first day ofNovember 1,2009,and the adjustable interest rate I will pay may change on that day every 12th month thereafter. The date on which my initial fixed interest rate changes to an adjustable interest rate, and each date on which my adjustable interest rate could change, is calleda "Change Date." (B) The Index Beginningwith the first Change Date, my adjustable interest rate will be based on an Index. The "Index" is the weekly average yield on United States Treasury securities adjusted to a constant maturity of one year, as made available by the Federal Reserve Board. The most recent Index figure availableas ofthe date 45 days beforeeach Change Date is calledthe "Current Index." If the Index is no longeravailable,the Note Holder will choose a new index that is based upon comparableinformation. The Note Holderwill give me noticeof this choice. (C) Calculation ofChanaes Before each Change Date, the Note Holderwill calculatemy new interest rate by adding Three and One Quarter percentage points (3.2500%) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated in Section 4(D) below, this rounded amountwill be my new interest rate until the next ChangeDate. The Note Holderwill then determine the amount of the monthly payment that would be sufficient to repay the unpaid principalthat I am expected to owe at the Change Date in full on the Maturity Date at my new interest rate in substantiallyequal payments. The result of this calculationwill be the new amountof my monthly payment. InterestFirst ADJUSTABLERATE NOTE - ONE YEARTREASURY INDEX No Prepayment Penalty INITIALS?' ' v [NlTIALS / -4 Single Family - FannieMae Uniform Instrument Page 2 of6 (D) Limitson Interest Rate Changes The interest rate I am required to pay at the first Change Date will not be greater than 8.875% or less than 4.875%. Thereafter, my adjustable interest rate will never be increasedor decreased on any single Change Date by more than two percentage points from the rate ofinterest I have been paying for the preceding 12 months. My interestrate will never be greaterthan 12.875%. (E) Effective Date ofChanges My new interest rate will become effectiveon each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again. (F) Notice ofChanges Before the effectivedate of any change in my interest rate and/or monthly payment, the Note Holder will deliver or mail to me a notice of such change. The notice will include informationrequired by law to be given to me and also the title and telephonenumber of a person who will answer any questionI may have regardingthe notice. (G) Date of First Principaland Interest Pavment The date of my first payment consisting of both principal and interest on this Note (the "First Principaland Interest PaymentDue Date") shall be the first monthly payment date after the first Change Date. 5. BORROWER'S RIGHT TO PREPAY I have the right to make payments of Principal at any time before they are due, A payment of Principal only is known as a "Prepayment." When I make a Prepayment, 1 will tell the Note Holder in writingthat I am doing so. I may not designate a payment as a Prepayment if 1 have not made all the monthly paymentsdue underthe Note. l may make a full Prepaynient or partial Prepaymentswithout paying a Prepayment charge. The Note Holder will use my Prepaymentsto reduce the amount of Principal that 1 owe under this Note. However, the Note Holder may apply my Prepayment to the accrued and unpaid intereston the Prepayment amount, before applying my Prepayment to reduce the Principal amount of the Note. If I make a partial Prepayment, there will be no changes in the due date of my monthly payment unless the Note Holder agrees in writing to those changes. lf the partial Prepayment is made during the period when my monthly payments consist only of interest, the amount of the monthly payment will decrease for the remainder of the term when my payments consist only of interest. If the partial Prepayment is made during the period when my payments consist of Principal and interest,my partial Prepayment may reduce the amount ofmy monthly payments after the first Change Date followingmy partial Prepayment. However, any reduction due to my partial Prepaymentmay be offset by an interestrate increase 6. LOAN CHARGES If a law, which applies to this loan and which sets maximum loan charges, is finally interpretedso that the interest or other loan charges collected or to be collected in connection with this loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessaryto reduce the charge to the permittedlimit; and (b) any sums alreadycollected from me that exceededpermittedlimits will be refunded to me, The Note Holdermay choose to make this n InterestFirst ADJUSTABLERATE NOTE- ONE YEAR TREASURY INDEX No Prepayment Penalty INITIALS / 'N INITIALS MJ , Single Family - FannieMae UniformInstrument page 3 of6 refund by reducing the Principal I owe under this Note or by making a direct payment to me. If a refund reduces Principal, the reductionwill be treated as a partial Prepayment. 7. BORROWER'S FAILURE TO PAY AS REQUIRED (A) Late Charges for Overdue Payments If the Note Holderhas not received the full amount of any monthly payment by the end of Ten calendardays after the date it is due, I will pay a late charge to the Note Holder, The amount of the charge will be 7.0000 % of my overduepayment of interest, during the period when my payment is interest only, and of principal and interest thereafter. I will pay this late charge promptly but only once on each late payment. (B) Default If I do not pay the full amount of each monthly payment on the date it is due, I will be in default. (C) Notice of Default If I am in default, the Note Holder may send me a written notice telling me that if I do not pay the overdue amount by a certain date, the Note Holder may require me to pay immediately the full amount of Principal that has not been paid and all the interest that I owe on that amount.That date must be at least 30 days after the date on which the notice is mailed to me or delivered by other means. (D) No Waiver By Note Holder Even if, at a time when I am in default, the Note Holder does not require me to pay immediately in full as describedabove, the Note Holder will still have the right to do so if I am in default at a later time. (E) Payment ofNote Holder's Costs and Expenses If the Note Holder has required me to pay immediately in full as describedabove, the Note Holder will have the rightto be paid back by me for all of its costs and expenses in enforcing this Note to the extent not prohibited by applicable law. Those expenses include, for example, reasonableattorneys'fees. 8. GIVING OF NOTICES Unless applicable law requires a differentmethod,any notice that must be given to me underthis Note will be given by delivering it or by mailing it by first class mail to me at the Property Address above or at a differentaddress if l give the Note Holdera notice ofmy different address. Unless the Note Holder requires a differentmethod, any notice that must be given to the Note Holder under this Note will be given by mailing it by first class mail to the Note Holder at the address stated in Section 3(A) above or at a different address if I am given a notice of that differentaddress, 9. OBLIGATIONS OF PERSONSUNDER THIS NOTE Ifmore than one person signs this Note, each person is fully and personally obligatedto keep all ofthe promises made in this Note, including the promiseto pay the full amount owed. Any person [nterestFirst ADJUSTABLERATE NOTE - ONE YEAR TREASURY INDEX No Prepayment Penalty INITIAL.S M INITIALS Single Family - Fannie Mae Uniform[nstrumcnt MJ Page 4 of6 who is a guarantor, surety or endorserofthis Note is also obligated to do these things. Any person who takes over these obligations,including the obligations of a guarantor, surety or endorser of this Note, is also obligated to keep all of the promises made in this Note. The Note Holder may enforce its rights under this Note against each person individually or against all of us together. This means that any one ofus may be requiredto pay all ofthe amounts owed under thisNote. 10. WAIVERS I and any other person who has obligations under this Note waive the rights of Presentment and Notice of Dishonor. "Presentment"means the right to require the Note Holderto demand payment of amounts due. "Notice of Dishonor" means the rightto require the Note Holder to give notice to otherpersons thatamounts due have not been paid. 11. UNIFORMSECURED NOTE This Note is a uniform instrumentwith limited variationsin some jurisdictions. In addition to the protections given to the Note Holder under this Note, a Mortgage, Deed of Trust, or Security Deed (the "Security Instrument"),dated the same date as this Note, protects the Note Holderfrom possible losses that might result if I do not keep the promises that I make in this Note. That Security Instrument describes how and under what conditions I may be required to make immediate payment in full of all amounts I owe under this Note. Some of those conditions read as follows: Transfer of the Property or a BeneficialInterest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred iii a bond for deed, contract for deed, installment sales contract or escrow agr