Preview
G"103
IN THE CIRCUIT COURT OF THE 9th JUDICIAL CIRCUIT
OF FLORIDA, IN AND FOR ORANGE COUNTY
W ells Fargo Bank, N.A. as Trustee for Option
One Mortgage Loan Trust 2007-4 Asset-
Backed Certificates, Series 2007-4
case*: © 8 - G A - - M ^ M ^
Plaintiff, Division #: J ^ M2>A
-vs.- UNC:
Orlando Cabanas Villanueva and Ana M.
Crespo Ortiz, Husband and Wife; Jackson
Park Condominium Association, Inc.;
Cavalry Portfolio Services, LLC as Assignee
...-JJ
of Cavalry SPVI, LLC, as Assignee of Sprint;
Unknown Parties in Possession #1; Unknown CD
Parties in Possession #2; Ifliving, and all OO —n
Unknown Parties claiming by, through, under c-.mr- -J-- W - "
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and against the above named Defendant(s)
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who are not known to be dead or alive, m^itdp
whether said Unknown Parties may claim an
interest as Spouse, Heirs, Devisees, Grantees,
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or Other Claimants •-^G^
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Defendant(s).
COMPLAINT
Comes Now, Plaintiff, Wells Fargo Bank, N.A. as Trustee for Option One Mortgage Loan
Trust 2007-4 Asset-Backed Certificates, Series 2007-4 by and through its undersigned counsel,
and files this foreclosure action against the above named Defendant(s), Orlando Cabanas
Villanueva and Ana M. Crespo Ortiz, Husband and Wife; Jackson Park Condominium
Association, Inc.; Cavalry Portfolio Services, LLC as Assignee of Cavalry SPVI, LLC, as
Assignee of Sprint; Unknown Parties in Possession #1; Unknown Parties in Possession #2; If
living, and all Unknown Parties claiming by, through, under and against the above named
Defendant(s) who are not known to be dead or alive, whether said Unknown Parties may claim
\
an interest as Spouse, Heirs, Devisees, Grantees, or Other Claimants, and states:
GENERAL ALLEGATIONS
1. This is an action in equity to foreclose a mortgage ("the Mortgage") on real
property located in Orange Coimty, Florida.
2. This Court has jurisdiction based on Florida Statute §26.012.
3. Venue is proper because the property is located in Orange Coimty, Florida.
4. On January 19, 2007, there was executed and delivered a Promissory Note and a
Mortgage securing payment of said Note to the payee named thereon.
5. The Mortgage was recorded in Official Records Book 09261, Page 1346, ofthe
Public Records ofOrange County, Florida, then owned by and in possession of mortgagee, a
copy ofthe Note and Mortgage is attached hereto as composite Exhibit "A", and any subsequent
re-recordings, modifications, and/or assignments thereof, if any.
6. The Plaintiffis the legal and/or equitable owner and holder ofthe Note and
Mortgage and has the right to enforce the loan documents.
7. The Mortgage ofthe Plaintiffis a purchase money mortgage being a lien superior
in dignity to any prior or subsequent right, title, claim, lien or interest arising out of mortgagor or
the mortgagor's predecessors in interest.
8. There has been a default under the covenants, terms and agreements ofthe Note
and Mortgage in that the monthly installment due February 1, 2008, and all subsequent
installments, remain due and owing.
9. Plaintiff declares the full amount payable under the Note and Mortgage to be due.
10. A principal balance of $190,367.19 is due and owing to the Plaintiff, with interest
from and after January 1, 2008, and title search expense for ascertaining necessary parties to this
action.
11. In order to protect its security, the Plaintiff may have advanced and paid Ad
Valorem taxes, premiums on insurance required by the Mortgage and other necessary costs, or
may be required to make such advances during the pendency ofthis action. Any such sum so
paid will be due and owing Plaintiff
12. All conditions precedent to the acceleration ofthis Mortgage Note and to
foreclosure ofthe Mortgage have been fulfilled or have occurred.
13. The record legal title to the property secured by the Mortgage is now vested in
Defendant(s), Orlando Cabanas Villanueva and Ana M. Crespo Ortiz, Husband and Wife.
14. The Defendant(s) Orlando Cabanas Villanueva, is/are the makers ofthe subject
Note and is/are personally liable for the debt owed thereunder, ifnot discharged in bankruptcy.
15. The Defendant(s) Orlando Cabanas Villanueva and Ana M. Crespo Ortiz, Husband
and Wife, executed the Mortgage.
16. The rights ofthe mortgagor(s), note makers(s), current titleholders, and any parties
in possession are inferior to the rights ofthe Plaintiff in regards to the real property secured by
said Note and Mortgage.
17. For purposes of collection and foreclosure, the Plaintiff has retained the
undersigned attomey and is obligated to pay said attomey a reasonable fee for his services.
COUNTl
MORTGAGE FORECLOSURE
18. Plaintiffhereby realleges and incorporates herein all the allegations contained in
the section titled General Allegations, set forth above.
19. That the Defendant, Jackson Park Condominium Association, Inc., might have
some claim or demand in the subject property by virtue ofall impaid assessments, ifany, and all
other rights, claims, iiens, interest, encumbrances and equities, either recorded or unrecorded, if
any in the subject real property. The above-described interest ofsaid Defendant(s) in the subject
property is inferior to the interest ofthe Plaintiffin said property.
20. That the Defendant, Cavalry Portfolio Services, LLC, as Assignee of Cavalry
SPVI, LLC as Assignee of Sprint, might have some claim or demand in the subject property by
virtue ofan Affidavit, filed in Official Records Book 9186, Page 4051, ofthe Public Records of
Orange County, Florida and all other rights, claims, liens, interest, encumbrances and equities,
either recorded or unrecorded, ifany in the subject real property. The above-described interest
of said Defendant(s) in the subject property is inferior to the interest ofthe Plaintiffin said
property.
21. That the Defendants, UNKNOWN PARTIES IN POSSESSION #1; UNKNOWN
PARTIES IN POSSESSION #2, might have some claim or demand in the subject real property
by virtue of possession, whether by tenancy from the record title holder or mere possession only.
WHEREFORE, tiie Plaintiff respectfully requests that this Honorable Court enter
ajudgment of foreclosure against the Defendants herein, foreclosing any and all interest in the
subject Mortgage and any interest recorded afiter the Plaintiffs lis pendens, except for all real
property taxes or special assessments in favor of Municipalities and Counties, and any interest
subject to Florida Statutes §718.116 and §720.3085, ifapplicable; and ifthe proceeds ofthe sale
are insufficient to pay PlaintifTs claim, a deficiencyjudgment, unless any defendant personally
liable shall have been discharged from liability under the subject Note pursuant to the provisions
ofthe Bankruptcy Code 11 U.S.C. Section 101, et seq.; and award attomey fees, costs, interest,
advances, and for such other and further relief as this court deemsjust and proper.
COUNT II
REESTABLISHMENT OF LOST NOTE
22. Plaintiffhereby realleges and incorporates herein all the allegations contained in
the section titled General Allegations, set forth above.
23. This is an action to reestablish a Promissory Note under Florida Statute
§673.3091.
24. On January 19, 2007, at Orange County, Florida, there was executed and delivered
to Option One Mortgage Corporation a Promissory Note and Mortgage in favor of Option One
Mortgage Corporation, in the principal amount of $191,538.00.
25. Plaintiff is not in possession ofthe subject Promissory Note and Plaintiff cannot
reasonably obtain possession ofsaid Note because it is lost, stolen, or destroyed.
26. Plaintiffhas the right to enforce the subject Note when lost or destroyed or
Plaintiffhas acquired the right to enforce the subject Note from the party who had the right to
enforce it when it was lost or destroyed.
27. The loss of possession ofthe subject Note was not the result ofa lawful transfer or
due to lawful seizure.
28. Plaintiffwill prove the terms and conditions ofthe subject Note.
29. Plaintiffwill indemnify third parties against future unlawful enforcement ofthe
subject Note.
WHEREFORE, Plaintiff respectfully requests that this Honorable Court enter
judgment foreclosing the Mortgage; and enter an order reestablishing said lost document; and if
the proceeds ofthe sale are insufficient to pay Plaintiff's claim, a deficiencyjudgment, unless
any defendant personally liable shall have been discharged from liability under the subject Note
pursuant to the provisions ofthe Bankruptcy Code 11 U.S.C. Section 101, et seq., and award
attomey fees, costs, interest, advances, and for such other and further relief as this court deems
just and proper.
By:
-^ JOSEPH NTDAYAT
FL Bar # 0125660 BBHISS E. ELI>BB.
FL BAE #0013442
SHAPIRO & FISHMAN, LLP^*^ ***^
Attomeys for Plaintiff
10004 N. Dale Mabry Highway, Suite 112
Tampa, FL 33618
Telephone: (813) 880-8888
Fax:(813)880-8800
This is an attempt to collect a debt and any information obtained will be used for that
purpose.
08-098038
o iiiiigiiHiniiiiiiiiiQiiin
WHEN REOMDED MAILTO: INSTR 20070317293
OR BK 09261 PB 1346 P6S=14
HARrUft 0. HflYNIE, COilPTROLLER
led tiy:
Piqiared /.15A / A J,'^/fe.
ORfiHGt,COUHTY, FL
OPTION careMORTCAGE CXIRPORATION i!t5/16/£eii7 11:43:80 AH
P.O. BOX 57096 MFG DOC TAX iZtli.iM
IRVINB, CA 92619-7096 Wfvtm 1AX 383.ea
ATTN: RECOROS MANAGEMENT REC FLE 12a.50
fl ifooa."^
LoanNi]nitien62lQl9764 - Commerce Title Company
Servicing Nusitier: 002377887-2 2301 Lucien Way, Suits 420
Maitland. FL 32751 KMNTIFFS COMPOSITE EXHIBITA
JSpKC Above Tins Uae For KoanEng DitiL.
MORTGAGE
THIS MORTGAGE ('Security Instiument") is given on J a n u a r y
19, 2007 .Tbe moitgagor is
ORLANDO CABANAS VILLANUEVA AND ANA M CHIESPO ORTIZ, HUSBAND AHD WIFE
wiiose a d d r e s s is 4 3 2 8
SUMMIT C31EEK BLVD. 01102 , ORLANDO ( L I V E S
WITH BROTHER) , PL 32837
("Boirower").
TUs Security Instnnnent is given to.
Option One Mortgage Corporation, a Califomia Corporation ,
wliich is organized and existing under tlie laws of
CALIFORNIA . and wliose addiess is
3 Ada, Irvine, CA 92618 ("Lender").
Bonower owes Lender the piincipai sum of ONE
HUNDRED NINTY ONE THOUSAND FIVE HUNDRED THIRTY EIGH
.AND NO/lOOTHs Dollars (U.S.$191,538.00 ).
This d ^ is evidenced by Borrower's note dated tfas same dale as ttiis Security Instrument ("Note"), wfaich provides
for moiitlily payments, witb the fall debt, if not paid earlier, due and payable on F e b r u a r y
01, 2037
This Security Instrument secuies to Lender: (a) tbe r^ayment of tbe ddit evidenced liy the Note, with interest, and
all reoewals, extensions and modificatioiis of tlie Note; (b) the payment of all other sums, with interest, advanced
under paiagi^b 7 to protect the security of this Security Instrument; ami (c) ttie perfonnance
of Boirower's
covenants and agreements mder tliis Security Instrument and the Note. For this purpose. Borrower does her^y
mortgage, grant and convey to Lender the foUowing descrilied property located in Orange
County, Rorida:
13 2429 4100 01
SEE LEGAL DESCRIPTION ATTACHED HERETO AND MRDE A PART THEREOF.
vi4iich has the address of
713 INTERLUDE LANE ito-io,ORLANDO
( S n t o . Ciiyl,
Florida 32824- ("Propeny Address");
[ZipCode]
TOGETHER WFTH all tlie improvements now or liereafter erected on the property, and all easanents,
^purtenances, and fixtures now or hereafter a pan of the property. All replacements and additions shall also be
covered tiy tliis Security Instrument. All ofthe foregoing is referred to in this Security Instrument as tlie "Property."
BORROWER COVENANTS that Borrower is lawfiilty seised of the estate hereby conveyed ami has the
right to mongage, gram aod convey the Property and that the Pnqierty is unenctimbered, except for encumbrances
of record. Borrower warrants and will defend generally the title to the Propeity against all claims and demands,
subject to any encumtnances of record.
FIXHUDA-Siilllc F i i i d j
Page 1 of 8 FLDlOOll (05/10/00)
Book9261/Pagel 346 CFN#20070317293 Page 1 of 14
o
Loan Number: 6 2 1 0 1 9 7 6 4 Servicing Number: 0 0 2 2 7 7 8 8 7 - 2 Date:0l/l9/07
COVENANTS. Boirower and Lender covenant and agree as follows:
LFaymcot of Princqial and Inteitst; IhquyuEul and Late Charges.
Borrower shall promptly pay wben
due the principal of and inteiest on tlie debt evidenced liy the Note and any prqiaymem and late charges due under
theNote. _
2^ Famis fot 'Taxes and Iosuraoce Subject to qiplicable law or to a written waiver by Lender, Borrower
diall pay to Lender on the day monthly payments are due under the Note, until the Note is paid in fiill, a sum
("Funds") f o r
(a) yearly taxes
and assessments which may attain priority over this Security Instiument as a lien on tlie Property; (b) yearly
leasehold payments or ground rents on the Propeny, ifany; (c) yearly liazard or pnqieity insmance premiums; (d)
yeariy flood insuiance premiums, if any; (e) yearly mortgage insurance premiums, if any; and ( 0 any sums payable
liy Borrower to Lender, in accordance with tbe provisions of paragnqA 8, in lieu of the pf^ment
of inongage
insuiance premiums. These itons are called "Escrow Items." Lender may, at any time, coUect and hold Funds in
an amount not to exceed tlie maximum amount a lender for a federally
related
mongage loan may require
for
Borrower's escrow account under the federal Real Estate Settionent Procedures Act of 1S^4 as amended from time
to time, 12 U.S.C.
§ 2601 er seq. ("RESPA"), unless anothei law Uiat l i l i e s to the Funds sets a lessei amount.
If so. Lender may, at any time, collect and bold Funds in an amoum not to exceed the lesser amount. Lender may
estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of ftiture
Escrow Items or otherwise in accoidance with qiplicable law.
The Funds shall be tield in an institution wliose deposits are insured by a federal agency, instnimentality.
or entity (including Lender, if Lender is sucfa an institution) or in any Federal Home Loan Bank. Lender stiall apply
ttte Funds to pay tlie Escrow Items. Lender may not Charge Boirowei for liolding and qiplying the Funds, annually
analyzing the escrow accoimt, oi verifying the Escrow Itans, unless Lender pays Boirower imoest on the Funds
and applicable law pennits Lender to make such a diarge.
However, Lender may require Boirower to pay
a
one-tinie ciiarge for an independent real estate tax reponing service used tiy Lender in connection with this loan,
unless applicabte law provides otherwise. Unless an agreenient is made or qiplicable law requires interest to be
paid. Lender shall not tie requiied to pay Borrower any interest or earnings on the Funds. Borrower and Lender
may agree in writing, liowever, that imerest sliall tie paid on ttie Funds. Lender shall give to Boirower,
witiiout
chaige, an annual accouming of the Funds, showing credits and debits to the Funds and tlie purpose for wliich each
ddiit to tiie Funds was made. The Funds are pledged as additional security for all sums secured by tbis Security
Instrumem.
If the Funds held tiy Lender exceed tbe amounts peimitted to be iidd by applicable law. Lender shall
account to Boirower for the excess Funds in accordance with the requirements of applicable law. If the amount of
the Funds held by Lender at any time is not sufficiem to pay the Esctow Items when due, Lendei may so notiiy
BoirowQ- in writing, and,
in such case Boirower
shall pay to Lender
ttie amoimt necessary
to make upthe
deficiency. Borrower shall make up the deficiency
in no more than twelve monthly payments, at Lender's
sole
discretion.
Upon paymem in fiill of all sums secured by this Security Instrumem, Lender sball pronqitiy
rehmd to
Borrower any Funds held by Lender. If, under paiagraph 2 1 , Lender shall acquire or sell the Property, Lender,
prior to the acquisition or sale of the Propeity, stiall apply any Funds held by Lender at tbe time of acquisition oi
sale as a credit against ttie sums secured by this Security Instnunent.
3 . Applic^irai of VaytBots. Unless applicable law provides olherwise, all paymems received l>y Lendei
under paragrqilis I and 2 sball tie qiplied: first, to any prepaymem diaiges due under tlie Note; second, 10*3111011111$
payable under paragrqib 2; ttiird, to interest due; founh, to principal due; and last, to any late charges due under
theNote.
4 . Chaises; Liens. Borrower shall pay all taxes, assessments, charges, fines and in^ositions attributable
to the Property vi^cfa may attain priority over Ihis Security .Instrument, and leasefaold payments o t ground
rents,
if any. Borrower sball pay these obligations in the mannei provided in paiagiaph 2, 01 if not paid in that manner,
Bonower diall pay diem on time directly lo ttie poson owed payment. Borrower shall pronqitiy ftirnish to Lender
all Iiotices of amounts to be paid under this paiagrqih.
If Borrower makes these payments directly, Boirower sliall
IKDiiqitly fuinidi to Lender receipts evidencing the paymaits.
Boirowershall proniptly disdiarge
ahy lien«4iich has priority
overthis Security
Instnmiemunless
Borrower: (a) agrees in writing to tlie payment of the obligation secured by the lien in a manner acceptable to
Lemler; (b) contests in good faith the lien by, or defends against enforconem of the lien in, legal pioceedings wfaidi
in tfae Lender's opinion operate to prevent the enforcemem of the lien; or (c) secures from Ihe bolder of the lien
an agreemait satisfactoiy to Lendei sulxirdinating Ihe lien to this Security Instrumem. If Lender detenmnes that any
pan pf the Propeny is subject to a lien wfaich may attain priority ovei this Security Instnimem, Lender may give
Boirowei a notice idemifying the lien. Boirower shall satisly the lien 01 take one 01 more of the actions set fonh
atiove within 10 days of the giving of notice.
Page 2 of 8 F1XH0012 (03/10/00)
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Book9261/Pagel 347 CFN#20070317293 Page 2 of 14
o C.)
Loan Number: 621019764 Seivicing Number: 002277887-2 Date:0l/l9/07
5 . Hazaid ra' Property Iusuiauce. Boirower shall keq> the inqmivements now existing or hereafier erected
on the Propaty insured against loss liy fire, tiazards included wittiin the tenn "extended coveiage" and any other
hazards, including floods or flooding, for wtiich Lender requires insurance. This insurance shall tie maintained in
the ansnintsand for tlK^paiods^A^J.ender requires. 'ITie insurance cairier providing the insurance sfaall lie diosen
by Boirower sutiject to Lender's q^irovat which shall not be unreasonably withhdd. If Boirower fails to maintain
coverage described
alxnre. Lender may,
at Lender's option, obtain covoage to protea
Lender's rigfats in the
Property ih accoidance with paiagrqih 7.
All insurance polides and renewals shall be accqitable to Lender and shall faiclude a standard moitgage
clause. Lendo sliall have the right to bold the policies and renewals. If Lendo requires, Boirowo stiall promptly
give to l«ii1iT all receipts of paid premiums and renewal notices. In the event of loss, Boirowo shall give pionqit
notice to tfae insurance c a n i o and L e n d o . Lendo may make proof of loss if not made pronqitiy by Boirowo.
Unless L e n d o and Boirowo othowise agree in writing, o i applicable Law otherwise requires, insurance
proceeds shall tie applied lirst to reimburse Lender for costs and expenses incurred in connection with obtaining any
such insurance proceeds, and ttien, at Lemlo's option, in such oider and proportion as Lender may detennine in
its sole and absolute discietion, and reganiless of any inqiairment of security or lack Ihereof: (i) to the sums secuied
by tliis Security Instiument, whetlKr or not tlien due, and to sucb conqxinents thereof as Lendo may detennine in
its sole and atisolute discretion; aod/or (ii) to Borrowo to pay the costs and expenses of necessaiy
rqiaiis
or
restoration of the Property to a condition satisfactoiy to Lendo. If Borrowo abandons the
Propoty, or does not answo within 30 days a notice from L e n d o tfaat die insurance cairio has offered
to settle
a daim, Lendo may coltect the insurance proceeds. Lendo may, in its sole and absolute discretion, and
regardless
of any inqiaiimem of security or lack tttereof, use tfae proceeds to rqiair or restore llie Property or to pay tlie sums
secured liy this Security Instiumem, wtiettio or not tfaen due. Ttie 30-day period witl liegin wiien ttie notice is given.
Unless L e n d o and Boirowo otheiwise agree in writing, any qiplicatidn of pioceeds to prindpal shall not
extend or postpone the due date of Ihe monthly paymoits
refened
to in paragrqihs 1 and 2 or change tfae amoum
of the paymaits. If u n d o paiagmph 21 the Propeity is acquired by Lendo, Boirowo's
right
to any insurance
policies and proceeds resulting from damage to tfae Propeny prior to tlie acquisition sball pass to Lendo to tfae
extent of the sums secured by this Security Instrument immediately prior to the acquisition.
If Borrowo obt^ns eanbquake insmance, any otfao hazard
iismance, o i any o t h o
insurance on
the
Property and such insurance is not specifically required tiy L e n d o , then such insmance siiall (i) name Lendo as
loss payee thereondo, and (ii) be subject to tbe provisions of this paragrqib S.
6 . OcmpauLy, Preservatian. Maintenance and Piotection of d c Pnqiaty; Boirowo's Loan Apptiatkat;
Leasdxdds. Boirower acknowledges that ttie L a t d a does not desire to make a loan to Boirowo secured by this
propeity on the tenns contained in tiie Note unless tfae pnqieny
is to be occupied liy Boirowo as
Boirowo's
primaiy/secondaiy residoice. Lendo inakes non-owno residence loans of differem t o m s . Boirower promises and
assures Lendo tfaat Boirowo intends to occupy tfads property as Borrowo's primary/secondary
residence
and thai
Boirowo will so occupy this pnqieity as its sole primaiy/secondaiy residence witiiin sixty (60) days afio the date
of the Security
Instrumem.IfBorrowo breachestliis
promiseto txxupy - the
propertyas Borrowo's
primaiy/secondaiy residence, then L e n d o may invoke any of tlie following
reniedies,
in addition to tfae remedies
provided in the Security Instrument; (1) Dedare all sums secuied by the Security Instiuiiiem due and payable and
foredose the Security Instrumem, (2) Decrease tbe term ofthe loan and adjust the montidy payments u n d o die Note
acconlingly, increase the imerest rate and adjust tbe monttity payments undo tlie Note acconlingly. or (3)
require
that tfae principal balance be reduced to a percentage of e i t h o the original purchase price or the qipraised value ttien
tieing oifered on txin-owno occupied loans.
Boirowo sball not destroy, daniage or impaii the Pitqieity, allow the Property to deterioiate, or commit
waste on die Property.Boirowo stiall tie in default ifany foifdture action oi proceeding, nfiellio dvil or criminal,
is begun that in Lendo's
good faidi judgment could result in forfdture of die Property or otfaerwise materially
inqiair the lien created by diis Secnrity Instiument or Lendo's secuiity inteiest. Boirowo may cure sudi a default
and reinstate, as provided in paragrqib 18, by causing tbe action or proceeding to be dismissed with a ruling tliat,
in Lendo'sgood faitb detoimnation, precludes foifdture
of the Boirowo'
s imerest in the Propeny
or otlKr
material inqiaiiniem of the lien created by this Security Instrumem or Lendo's security interest. Boirowo shall also
be in default if B o n o w o , during ttie toan application process, gave materially false or inaccuiate infonnation oi
statements to Lendo (or
failed to provide L e n d o
with any material information) in connection with the loan
evidenced tiy the Nme, including, bm not limited to, representations concerning Boirowo's
occupancyof the
Property as. a prindpal residence. If tliis Security Instnunem is on a leasehold, Boirower shall comply with all the
provisions of the lease. If Borrower acquires fee title to the Property, the leasefaold apd the fee title shall not m o g e
unless L e n d o agrees to the m o g o in writing.
Pige 3 of 8 FLDIOOIS (QS/IO/00)
Book9261/Pagel 348 CFN#20070317293 Page 3 of 14
-o o
Loan Numben 6 2 1 0 1 9 7 6 4 Servicing Numben 0 0 2 2 7 7 8 8 7 - 2
~ Date:01/19/07
Boirowo sliall, at Borrowo's own expense, appear in and defend any action or proceeding puiporting to
affect tlie Propeity or any portion tbereof or Borrowo's title thereto, the validity or priority of the lien created tiy
this Secuiity InstrunKm, or tlie rigtits or powers of Lendo with reqied to tliis Security Instnunem or the Pnqierty.
All causes of action of Borrowo, v/belbei accrued before, or.afto the date ofthis Seairity.Instnimem, for damage
or injuiy to tlie Prtqierty or any part thereof, or in connection with any transaction financed in whole or in part by
the pnxxeds of the Note or any o t h o note secuied by diis Security Instnimem, by Lendo, or in connection widi
or afrecting tlie Property or any part thereof, induding causes of action arising in tort or contiact and causes of
action for fraud or concealmoit of a material fact, are, at L e n d o ' s opdon, assigned to Lendo, and the proceeds
tbereof. shall be paid directly to Lendo
wiio, afto
dediirring therefrom
all its expenses,
mchidingreasonable
attorneys' fees, may qiply sudi proceeds to the sums secured by ttiis Security Instrumem or to any deficiency unilo
this Security Instrumem or may rdease any monies so received liy it or any part thoeof, as L e n d o may elect.
L e n d o may, at its option, appear in and prosecme in its own name any axion o i proceeding to enfoice any such
cause of s t i o n and may make any compromise or settlemem thereof. Borrowo agrees to execute sucfa
fiirttio
assignments and any otlio instruments as from time to time may tie necessaiy to effectuate tfae foregoing provisions
and as Lendo sliall
request.
7. lYoiection of Leoder's Rigtits in die Piupaty. I f B o n o w o fails to perfoim tfae covenants and agreements
contained in this Security Instnnnent, or there is a legal proceeding that may significantly affect L e n d o ' s rights in
the Pnqierty (such as a proceeding in bankiuptcy, probate, for condemnaticm or forfeiture or to enforce taws or
regulaticms), then L e n d o
may do and pay for wfaatevo
is necessary to protect the value of the Property
and
L e n d o ' s rigbts in the Pnqioty.
Leodo's !K:tions may inchide paying any sums secured by a lien w4iicb has priority
o v o diis Security Instrument, qqiearing in court, paying reasonable attorneys' fees and, emering on the Property
to make lep^is. A l t h o u ^ Lendo may take actitm u n d o tliis paragrqib 7, L e n d o does not liave to ilo so.
A I ^ amotmts distmised by Lender i m d o ttiis paragraph 7 sliall become additional ddit of Borrowo secured
by this Security Instrument. Unless Borrowo and Lendo agree to o t h o teims of payinem, these amounts shall bear
interest from tbe date of distiutsemeu at tlie Note rate in effect
fromtime to time and shall be payable, witb
mtoest, iqxm notice from L e n d o to Boirowo requesting paymem.
8. Mralgage lusmauue. If Lendo required mortgage insurance as a condition of making tlie loan secured
tiy tiiis Security Instrinnoit, Borrowo sliall pay the premiuins required to maimain the mortgage insurance in eRect.
If, for any reason, the mongage iusuiauce covoage required by L e n d o lapses or ceases to be in effect,
Borrowo
shall pay the prenuums required to obtain coveiage substantially equivalent to the mortgage insmance previously
in effect, at a cost substantially equivalent to tbe cost to Borrowo of the mongage insuiance pieviously in effect,
from an alternate mratgage insuro apptovei by Lendo.
If sutistantially equivalent mongage insmance coverage
is not avaQable, Boirowo
sfaall pay to L e n d o eadi monlh a sum equal to one-twdidi of tlie yearly
mortgage
insurance premium being paid tiy Boirowo wtioi tlie insurance coveiage Iqised or ceased to be in effect.
Lender
willaccept, use and retain these paymoits as a loss reseive in tieu of mortgage insmance.
Loss reserve payments
may no longo be required, at ttte opticm of Lendo, if mortgage insurance coveiage (in the amount and foi the
period tliat Lender requiies) provided
by an insuro approved by Lendo again tiecomes available and is obtained. Borrowo shall pay the premiunis
requiied to maintam mongage msuiance.in effect, or to provide a loss reserve, until ttie requiremem for inortgage
insurance aids in accordance with any written agieement between Borrowo and L e n d o or applicable law.
9. Inqiectiaa. L e n d o or its agem may make reasonable entries upon and inspections of the Propeity.
Lendo shall give Borrowo notice at die time of or prior to an inspection specifying
reasonable
cause foi
die
inspection.
10. CoDdeomatifm. Tlie proceeds of any award or daim for damages, direct ra consequemiai, in connection
with any condemnation or o t h o taldiig of any part of tbe Pitqioty, or foi conveyance in lieu of condemnation, are
h o d i y assigned and shall be paid to Lendo. Lendo may apply, i s e or idease the condemnation proceeds in the
same m a n n o as provided in paiagrafdi S hereof with resped to insurance proceeds.
If die Pnqioty is abandoned liy Boirowo, oi if, afio notice by Letido to Borrowo tliat tlte condemnor
offers to make an awaid or setde a daim for danrages, Borrowo fails to respond to L e n d o within 30 days
afio
the date the notice is given, Lendo is auttiorized to cottect and s ^ l y the proceeds, at its option, d t h o to restoration
or rqiair of ttie Prtqietty or to the sums secured tiy tliis Securiry Instiument, wtiettio or not died due.
Unless Lendo and B o n o w o otfaerwise agree in writing, any qqilication of proceeds to principal shall not
extend or postpone the due date of the monthly payments refeired to in paiagiapfas 1 and 2 or cliange tfae amotmt
of sudi paytnents.
11. Brarower Not Released; Foibeaiance By Lendo Not a Waivo. Extension of tbe time for payniem or
modification of amoitization of tlie smns secuied by this Security Instiumem gianted by Lendo to any successor
m intoest of B o n o w o shall not operate to rdease die liability of the original Boirowo or Borrowo's successois
Preview
G"103 IN THE CIRCUIT COURT OF THE 9th JUDICIAL CIRCUIT OF FLORIDA, IN AND FOR ORANGE COUNTY W ells Fargo Bank, N.A. as Trustee for Option One Mortgage Loan Trust 2007-4 Asset- Backed Certificates, Series 2007-4 case*: © 8 - G A - - M ^ M ^ Plaintiff, Division #: J ^ M2>A -vs.- UNC: Orlando Cabanas Villanueva and Ana M. Crespo Ortiz, Husband and Wife; Jackson Park Condominium Association, Inc.; Cavalry Portfolio Services, LLC as Assignee ...-JJ of Cavalry SPVI, LLC, as Assignee of Sprint; Unknown Parties in Possession #1; Unknown CD Parties in Possession #2; Ifliving, and all OO —n Unknown Parties claiming by, through, under c-.mr- -J-- W - " zcZ:-i'< -.-z^ -Z-. '-'- '-.zz and against the above named Defendant(s) p5: who are not known to be dead or alive, m^itdp whether said Unknown Parties may claim an interest as Spouse, Heirs, Devisees, Grantees, sas -' _-o ii sr .-—.— ' -^-n ^ c-> or Other Claimants •-^G^ . CD—, xr m r c.-^ CO Defendant(s). COMPLAINT Comes Now, Plaintiff, Wells Fargo Bank, N.A. as Trustee for Option One Mortgage Loan Trust 2007-4 Asset-Backed Certificates, Series 2007-4 by and through its undersigned counsel, and files this foreclosure action against the above named Defendant(s), Orlando Cabanas Villanueva and Ana M. Crespo Ortiz, Husband and Wife; Jackson Park Condominium Association, Inc.; Cavalry Portfolio Services, LLC as Assignee of Cavalry SPVI, LLC, as Assignee of Sprint; Unknown Parties in Possession #1; Unknown Parties in Possession #2; If living, and all Unknown Parties claiming by, through, under and against the above named Defendant(s) who are not known to be dead or alive, whether said Unknown Parties may claim \ an interest as Spouse, Heirs, Devisees, Grantees, or Other Claimants, and states: GENERAL ALLEGATIONS 1. This is an action in equity to foreclose a mortgage ("the Mortgage") on real property located in Orange Coimty, Florida. 2. This Court has jurisdiction based on Florida Statute §26.012. 3. Venue is proper because the property is located in Orange Coimty, Florida. 4. On January 19, 2007, there was executed and delivered a Promissory Note and a Mortgage securing payment of said Note to the payee named thereon. 5. The Mortgage was recorded in Official Records Book 09261, Page 1346, ofthe Public Records ofOrange County, Florida, then owned by and in possession of mortgagee, a copy ofthe Note and Mortgage is attached hereto as composite Exhibit "A", and any subsequent re-recordings, modifications, and/or assignments thereof, if any. 6. The Plaintiffis the legal and/or equitable owner and holder ofthe Note and Mortgage and has the right to enforce the loan documents. 7. The Mortgage ofthe Plaintiffis a purchase money mortgage being a lien superior in dignity to any prior or subsequent right, title, claim, lien or interest arising out of mortgagor or the mortgagor's predecessors in interest. 8. There has been a default under the covenants, terms and agreements ofthe Note and Mortgage in that the monthly installment due February 1, 2008, and all subsequent installments, remain due and owing. 9. Plaintiff declares the full amount payable under the Note and Mortgage to be due. 10. A principal balance of $190,367.19 is due and owing to the Plaintiff, with interest from and after January 1, 2008, and title search expense for ascertaining necessary parties to this action. 11. In order to protect its security, the Plaintiff may have advanced and paid Ad Valorem taxes, premiums on insurance required by the Mortgage and other necessary costs, or may be required to make such advances during the pendency ofthis action. Any such sum so paid will be due and owing Plaintiff 12. All conditions precedent to the acceleration ofthis Mortgage Note and to foreclosure ofthe Mortgage have been fulfilled or have occurred. 13. The record legal title to the property secured by the Mortgage is now vested in Defendant(s), Orlando Cabanas Villanueva and Ana M. Crespo Ortiz, Husband and Wife. 14. The Defendant(s) Orlando Cabanas Villanueva, is/are the makers ofthe subject Note and is/are personally liable for the debt owed thereunder, ifnot discharged in bankruptcy. 15. The Defendant(s) Orlando Cabanas Villanueva and Ana M. Crespo Ortiz, Husband and Wife, executed the Mortgage. 16. The rights ofthe mortgagor(s), note makers(s), current titleholders, and any parties in possession are inferior to the rights ofthe Plaintiff in regards to the real property secured by said Note and Mortgage. 17. For purposes of collection and foreclosure, the Plaintiff has retained the undersigned attomey and is obligated to pay said attomey a reasonable fee for his services. COUNTl MORTGAGE FORECLOSURE 18. Plaintiffhereby realleges and incorporates herein all the allegations contained in the section titled General Allegations, set forth above. 19. That the Defendant, Jackson Park Condominium Association, Inc., might have some claim or demand in the subject property by virtue ofall impaid assessments, ifany, and all other rights, claims, iiens, interest, encumbrances and equities, either recorded or unrecorded, if any in the subject real property. The above-described interest ofsaid Defendant(s) in the subject property is inferior to the interest ofthe Plaintiffin said property. 20. That the Defendant, Cavalry Portfolio Services, LLC, as Assignee of Cavalry SPVI, LLC as Assignee of Sprint, might have some claim or demand in the subject property by virtue ofan Affidavit, filed in Official Records Book 9186, Page 4051, ofthe Public Records of Orange County, Florida and all other rights, claims, liens, interest, encumbrances and equities, either recorded or unrecorded, ifany in the subject real property. The above-described interest of said Defendant(s) in the subject property is inferior to the interest ofthe Plaintiffin said property. 21. That the Defendants, UNKNOWN PARTIES IN POSSESSION #1; UNKNOWN PARTIES IN POSSESSION #2, might have some claim or demand in the subject real property by virtue of possession, whether by tenancy from the record title holder or mere possession only. WHEREFORE, tiie Plaintiff respectfully requests that this Honorable Court enter ajudgment of foreclosure against the Defendants herein, foreclosing any and all interest in the subject Mortgage and any interest recorded afiter the Plaintiffs lis pendens, except for all real property taxes or special assessments in favor of Municipalities and Counties, and any interest subject to Florida Statutes §718.116 and §720.3085, ifapplicable; and ifthe proceeds ofthe sale are insufficient to pay PlaintifTs claim, a deficiencyjudgment, unless any defendant personally liable shall have been discharged from liability under the subject Note pursuant to the provisions ofthe Bankruptcy Code 11 U.S.C. Section 101, et seq.; and award attomey fees, costs, interest, advances, and for such other and further relief as this court deemsjust and proper. COUNT II REESTABLISHMENT OF LOST NOTE 22. Plaintiffhereby realleges and incorporates herein all the allegations contained in the section titled General Allegations, set forth above. 23. This is an action to reestablish a Promissory Note under Florida Statute §673.3091. 24. On January 19, 2007, at Orange County, Florida, there was executed and delivered to Option One Mortgage Corporation a Promissory Note and Mortgage in favor of Option One Mortgage Corporation, in the principal amount of $191,538.00. 25. Plaintiff is not in possession ofthe subject Promissory Note and Plaintiff cannot reasonably obtain possession ofsaid Note because it is lost, stolen, or destroyed. 26. Plaintiffhas the right to enforce the subject Note when lost or destroyed or Plaintiffhas acquired the right to enforce the subject Note from the party who had the right to enforce it when it was lost or destroyed. 27. The loss of possession ofthe subject Note was not the result ofa lawful transfer or due to lawful seizure. 28. Plaintiffwill prove the terms and conditions ofthe subject Note. 29. Plaintiffwill indemnify third parties against future unlawful enforcement ofthe subject Note. WHEREFORE, Plaintiff respectfully requests that this Honorable Court enter judgment foreclosing the Mortgage; and enter an order reestablishing said lost document; and if the proceeds ofthe sale are insufficient to pay Plaintiff's claim, a deficiencyjudgment, unless any defendant personally liable shall have been discharged from liability under the subject Note pursuant to the provisions ofthe Bankruptcy Code 11 U.S.C. Section 101, et seq., and award attomey fees, costs, interest, advances, and for such other and further relief as this court deems just and proper. By: -^ JOSEPH NTDAYAT FL Bar # 0125660 BBHISS E. ELI>BB. FL BAE #0013442 SHAPIRO & FISHMAN, LLP^*^ ***^ Attomeys for Plaintiff 10004 N. Dale Mabry Highway, Suite 112 Tampa, FL 33618 Telephone: (813) 880-8888 Fax:(813)880-8800 This is an attempt to collect a debt and any information obtained will be used for that purpose. 08-098038 o iiiiigiiHiniiiiiiiiiQiiin WHEN REOMDED MAILTO: INSTR 20070317293 OR BK 09261 PB 1346 P6S=14 HARrUft 0. HflYNIE, COilPTROLLER led tiy: Piqiared /.15A / A J,'^/fe. ORfiHGt,COUHTY, FL OPTION careMORTCAGE CXIRPORATION i!t5/16/£eii7 11:43:80 AH P.O. BOX 57096 MFG DOC TAX iZtli.iM IRVINB, CA 92619-7096 Wfvtm 1AX 383.ea ATTN: RECOROS MANAGEMENT REC FLE 12a.50 fl ifooa."^ LoanNi]nitien62lQl9764 - Commerce Title Company Servicing Nusitier: 002377887-2 2301 Lucien Way, Suits 420 Maitland. FL 32751 KMNTIFFS COMPOSITE EXHIBITA JSpKC Above Tins Uae For KoanEng DitiL. MORTGAGE THIS MORTGAGE ('Security Instiument") is given on J a n u a r y 19, 2007 .Tbe moitgagor is ORLANDO CABANAS VILLANUEVA AND ANA M CHIESPO ORTIZ, HUSBAND AHD WIFE wiiose a d d r e s s is 4 3 2 8 SUMMIT C31EEK BLVD. 01102 , ORLANDO ( L I V E S WITH BROTHER) , PL 32837 ("Boirower"). TUs Security Instnnnent is given to. Option One Mortgage Corporation, a Califomia Corporation , wliich is organized and existing under tlie laws of CALIFORNIA . and wliose addiess is 3 Ada, Irvine, CA 92618 ("Lender"). Bonower owes Lender the piincipai sum of ONE HUNDRED NINTY ONE THOUSAND FIVE HUNDRED THIRTY EIGH .AND NO/lOOTHs Dollars (U.S.$191,538.00 ). This d ^ is evidenced by Borrower's note dated tfas same dale as ttiis Security Instrument ("Note"), wfaich provides for moiitlily payments, witb the fall debt, if not paid earlier, due and payable on F e b r u a r y 01, 2037 This Security Instrument secuies to Lender: (a) tbe r^ayment of tbe ddit evidenced liy the Note, with interest, and all reoewals, extensions and modificatioiis of tlie Note; (b) the payment of all other sums, with interest, advanced under paiagi^b 7 to protect the security of this Security Instrument; ami (c) ttie perfonnance of Boirower's covenants and agreements mder tliis Security Instrument and the Note. For this purpose. Borrower does her^y mortgage, grant and convey to Lender the foUowing descrilied property located in Orange County, Rorida: 13 2429 4100 01 SEE LEGAL DESCRIPTION ATTACHED HERETO AND MRDE A PART THEREOF. vi4iich has the address of 713 INTERLUDE LANE ito-io,ORLANDO ( S n t o . Ciiyl, Florida 32824- ("Propeny Address"); [ZipCode] TOGETHER WFTH all tlie improvements now or liereafter erected on the property, and all easanents, ^purtenances, and fixtures now or hereafter a pan of the property. All replacements and additions shall also be covered tiy tliis Security Instrument. All ofthe foregoing is referred to in this Security Instrument as tlie "Property." BORROWER COVENANTS that Borrower is lawfiilty seised of the estate hereby conveyed ami has the right to mongage, gram aod convey the Property and that the Pnqierty is unenctimbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Propeity against all claims and demands, subject to any encumtnances of record. FIXHUDA-Siilllc F i i i d j Page 1 of 8 FLDlOOll (05/10/00) Book9261/Pagel 346 CFN#20070317293 Page 1 of 14 o Loan Number: 6 2 1 0 1 9 7 6 4 Servicing Number: 0 0 2 2 7 7 8 8 7 - 2 Date:0l/l9/07 COVENANTS. Boirower and Lender covenant and agree as follows: LFaymcot of Princqial and Inteitst; IhquyuEul and Late Charges. Borrower shall promptly pay wben due the principal of and inteiest on tlie debt evidenced liy the Note and any prqiaymem and late charges due under theNote. _ 2^ Famis fot 'Taxes and Iosuraoce Subject to qiplicable law or to a written waiver by Lender, Borrower diall pay to Lender on the day monthly payments are due under the Note, until the Note is paid in fiill, a sum ("Funds") f o r (a) yearly taxes and assessments which may attain priority over this Security Instiument as a lien on tlie Property; (b) yearly leasehold payments or ground rents on the Propeny, ifany; (c) yearly liazard or pnqieity insmance premiums; (d) yeariy flood insuiance premiums, if any; (e) yearly mortgage insurance premiums, if any; and ( 0 any sums payable liy Borrower to Lender, in accordance with tbe provisions of paragnqA 8, in lieu of the pf^ment of inongage insuiance premiums. These itons are called "Escrow Items." Lender may, at any time, coUect and hold Funds in an amount not to exceed tlie maximum amount a lender for a federally related mongage loan may require for Borrower's escrow account under the federal Real Estate Settionent Procedures Act of 1S^4 as amended from time to time, 12 U.S.C. § 2601 er seq. ("RESPA"), unless anothei law Uiat l i l i e s to the Funds sets a lessei amount. If so. Lender may, at any time, collect and bold Funds in an amoum not to exceed the lesser amount. Lender may estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of ftiture Escrow Items or otherwise in accoidance with qiplicable law. The Funds shall be tield in an institution wliose deposits are insured by a federal agency, instnimentality. or entity (including Lender, if Lender is sucfa an institution) or in any Federal Home Loan Bank. Lender stiall apply ttte Funds to pay tlie Escrow Items. Lender may not Charge Boirowei for liolding and qiplying the Funds, annually analyzing the escrow accoimt, oi verifying the Escrow Itans, unless Lender pays Boirower imoest on the Funds and applicable law pennits Lender to make such a diarge. However, Lender may require Boirower to pay a one-tinie ciiarge for an independent real estate tax reponing service used tiy Lender in connection with this loan, unless applicabte law provides otherwise. Unless an agreenient is made or qiplicable law requires interest to be paid. Lender shall not tie requiied to pay Borrower any interest or earnings on the Funds. Borrower and Lender may agree in writing, liowever, that imerest sliall tie paid on ttie Funds. Lender shall give to Boirower, witiiout chaige, an annual accouming of the Funds, showing credits and debits to the Funds and tlie purpose for wliich each ddiit to tiie Funds was made. The Funds are pledged as additional security for all sums secured by tbis Security Instrumem. If the Funds held tiy Lender exceed tbe amounts peimitted to be iidd by applicable law. Lender shall account to Boirower for the excess Funds in accordance with the requirements of applicable law. If the amount of the Funds held by Lender at any time is not sufficiem to pay the Esctow Items when due, Lendei may so notiiy BoirowQ- in writing, and, in such case Boirower shall pay to Lender ttie amoimt necessary to make upthe deficiency. Borrower shall make up the deficiency in no more than twelve monthly payments, at Lender's sole discretion. Upon paymem in fiill of all sums secured by this Security Instrumem, Lender sball pronqitiy rehmd to Borrower any Funds held by Lender. If, under paiagraph 2 1 , Lender shall acquire or sell the Property, Lender, prior to the acquisition or sale of the Propeity, stiall apply any Funds held by Lender at tbe time of acquisition oi sale as a credit against ttie sums secured by this Security Instnunent. 3 . Applic^irai of VaytBots. Unless applicable law provides olherwise, all paymems received l>y Lendei under paragrqilis I and 2 sball tie qiplied: first, to any prepaymem diaiges due under tlie Note; second, 10*3111011111$ payable under paragrqib 2; ttiird, to interest due; founh, to principal due; and last, to any late charges due under theNote. 4 . Chaises; Liens. Borrower shall pay all taxes, assessments, charges, fines and in^ositions attributable to the Property vi^cfa may attain priority over Ihis Security .Instrument, and leasefaold payments o t ground rents, if any. Borrower sball pay these obligations in the mannei provided in paiagiaph 2, 01 if not paid in that manner, Bonower diall pay diem on time directly lo ttie poson owed payment. Borrower shall pronqitiy ftirnish to Lender all Iiotices of amounts to be paid under this paiagrqih. If Borrower makes these payments directly, Boirower sliall IKDiiqitly fuinidi to Lender receipts evidencing the paymaits. Boirowershall proniptly disdiarge ahy lien«4iich has priority overthis Security Instnmiemunless Borrower: (a) agrees in writing to tlie payment of the obligation secured by the lien in a manner acceptable to Lemler; (b) contests in good faith the lien by, or defends against enforconem of the lien in, legal pioceedings wfaidi in tfae Lender's opinion operate to prevent the enforcemem of the lien; or (c) secures from Ihe bolder of the lien an agreemait satisfactoiy to Lendei sulxirdinating Ihe lien to this Security Instrumem. If Lender detenmnes that any pan pf the Propeny is subject to a lien wfaich may attain priority ovei this Security Instnimem, Lender may give Boirowei a notice idemifying the lien. Boirower shall satisly the lien 01 take one 01 more of the actions set fonh atiove within 10 days of the giving of notice. Page 2 of 8 F1XH0012 (03/10/00) r Book9261/Pagel 347 CFN#20070317293 Page 2 of 14 o C.) Loan Number: 621019764 Seivicing Number: 002277887-2 Date:0l/l9/07 5 . Hazaid ra' Property Iusuiauce. Boirower shall keq> the inqmivements now existing or hereafier erected on the Propaty insured against loss liy fire, tiazards included wittiin the tenn "extended coveiage" and any other hazards, including floods or flooding, for wtiich Lender requires insurance. This insurance shall tie maintained in the ansnintsand for tlK^paiods^A^J.ender requires. 'ITie insurance cairier providing the insurance sfaall lie diosen by Boirower sutiject to Lender's q^irovat which shall not be unreasonably withhdd. If Boirower fails to maintain coverage described alxnre. Lender may, at Lender's option, obtain covoage to protea Lender's rigfats in the Property ih accoidance with paiagrqih 7. All insurance polides and renewals shall be accqitable to Lender and shall faiclude a standard moitgage clause. Lendo sliall have the right to bold the policies and renewals. If Lendo requires, Boirowo stiall promptly give to l«ii1iT all receipts of paid premiums and renewal notices. In the event of loss, Boirowo shall give pionqit notice to tfae insurance c a n i o and L e n d o . Lendo may make proof of loss if not made pronqitiy by Boirowo. Unless L e n d o and Boirowo othowise agree in writing, o i applicable Law otherwise requires, insurance proceeds shall tie applied lirst to reimburse Lender for costs and expenses incurred in connection with obtaining any such insurance proceeds, and ttien, at Lemlo's option, in such oider and proportion as Lender may detennine in its sole and absolute discietion, and reganiless of any inqiairment of security or lack Ihereof: (i) to the sums secuied by tliis Security Instiument, whetlKr or not tlien due, and to sucb conqxinents thereof as Lendo may detennine in its sole and atisolute discretion; aod/or (ii) to Borrowo to pay the costs and expenses of necessaiy rqiaiis or restoration of the Property to a condition satisfactoiy to Lendo. If Borrowo abandons the Propoty, or does not answo within 30 days a notice from L e n d o tfaat die insurance cairio has offered to settle a daim, Lendo may coltect the insurance proceeds. Lendo may, in its sole and absolute discretion, and regardless of any inqiaiimem of security or lack tttereof, use tfae proceeds to rqiair or restore llie Property or to pay tlie sums secured liy this Security Instiumem, wtiettio or not tfaen due. Ttie 30-day period witl liegin wiien ttie notice is given. Unless L e n d o and Boirowo otheiwise agree in writing, any qiplicatidn of pioceeds to prindpal shall not extend or postpone the due date of Ihe monthly paymoits refened to in paragrqihs 1 and 2 or change tfae amoum of the paymaits. If u n d o paiagmph 21 the Propeity is acquired by Lendo, Boirowo's right to any insurance policies and proceeds resulting from damage to tfae Propeny prior to tlie acquisition sball pass to Lendo to tfae extent of the sums secured by this Security Instrument immediately prior to the acquisition. If Borrowo obt^ns eanbquake insmance, any otfao hazard iismance, o i any o t h o insurance on the Property and such insurance is not specifically required tiy L e n d o , then such insmance siiall (i) name Lendo as loss payee thereondo, and (ii) be subject to tbe provisions of this paragrqib S. 6 . OcmpauLy, Preservatian. Maintenance and Piotection of d c Pnqiaty; Boirowo's Loan Apptiatkat; Leasdxdds. Boirower acknowledges that ttie L a t d a does not desire to make a loan to Boirowo secured by this propeity on the tenns contained in tiie Note unless tfae pnqieny is to be occupied liy Boirowo as Boirowo's primaiy/secondaiy residoice. Lendo inakes non-owno residence loans of differem t o m s . Boirower promises and assures Lendo tfaat Boirowo intends to occupy tfads property as Borrowo's primary/secondary residence and thai Boirowo will so occupy this pnqieity as its sole primaiy/secondaiy residence witiiin sixty (60) days afio the date of the Security Instrumem.IfBorrowo breachestliis promiseto txxupy - the propertyas Borrowo's primaiy/secondaiy residence, then L e n d o may invoke any of tlie following reniedies, in addition to tfae remedies provided in the Security Instrument; (1) Dedare all sums secuied by the Security Instiuiiiem due and payable and foredose the Security Instrumem, (2) Decrease tbe term ofthe loan and adjust the montidy payments u n d o die Note acconlingly, increase the imerest rate and adjust tbe monttity payments undo tlie Note acconlingly. or (3) require that tfae principal balance be reduced to a percentage of e i t h o the original purchase price or the qipraised value ttien tieing oifered on txin-owno occupied loans. Boirowo sball not destroy, daniage or impaii the Pitqieity, allow the Property to deterioiate, or commit waste on die Property.Boirowo stiall tie in default ifany foifdture action oi proceeding, nfiellio dvil or criminal, is begun that in Lendo's good faidi judgment could result in forfdture of die Property or otfaerwise materially inqiair the lien created by diis Secnrity Instiument or Lendo's secuiity inteiest. Boirowo may cure sudi a default and reinstate, as provided in paragrqib 18, by causing tbe action or proceeding to be dismissed with a ruling tliat, in Lendo'sgood faitb detoimnation, precludes foifdture of the Boirowo' s imerest in the Propeny or otlKr material inqiaiiniem of the lien created by this Security Instrumem or Lendo's security interest. Boirowo shall also be in default if B o n o w o , during ttie toan application process, gave materially false or inaccuiate infonnation oi statements to Lendo (or failed to provide L e n d o with any material information) in connection with the loan evidenced tiy the Nme, including, bm not limited to, representations concerning Boirowo's occupancyof the Property as. a prindpal residence. If tliis Security Instnunem is on a leasehold, Boirower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasefaold apd the fee title shall not m o g e unless L e n d o agrees to the m o g o in writing. Pige 3 of 8 FLDIOOIS (QS/IO/00) Book9261/Pagel 348 CFN#20070317293 Page 3 of 14 -o o Loan Numben 6 2 1 0 1 9 7 6 4 Servicing Numben 0 0 2 2 7 7 8 8 7 - 2 ~ Date:01/19/07 Boirowo sliall, at Borrowo's own expense, appear in and defend any action or proceeding puiporting to affect tlie Propeity or any portion tbereof or Borrowo's title thereto, the validity or priority of the lien created tiy this Secuiity InstrunKm, or tlie rigtits or powers of Lendo with reqied to tliis Security Instnunem or the Pnqierty. All causes of action of Borrowo, v/belbei accrued before, or.afto the date ofthis Seairity.Instnimem, for damage or injuiy to tlie Prtqierty or any part thereof, or in connection with any transaction financed in whole or in part by the pnxxeds of the Note or any o t h o note secuied by diis Security Instnimem, by Lendo, or in connection widi or afrecting tlie Property or any part thereof, induding causes of action arising in tort or contiact and causes of action for fraud or concealmoit of a material fact, are, at L e n d o ' s opdon, assigned to Lendo, and the proceeds tbereof. shall be paid directly to Lendo wiio, afto dediirring therefrom all its expenses, mchidingreasonable attorneys' fees, may qiply sudi proceeds to the sums secured by ttiis Security Instrumem or to any deficiency unilo this Security Instrumem or may rdease any monies so received liy it or any part thoeof, as L e n d o may elect. L e n d o may, at its option, appear in and prosecme in its own name any axion o i proceeding to enfoice any such cause of s t i o n and may make any compromise or settlemem thereof. Borrowo agrees to execute sucfa fiirttio assignments and any otlio instruments as from time to time may tie necessaiy to effectuate tfae foregoing provisions and as Lendo sliall request. 7. lYoiection of Leoder's Rigtits in die Piupaty. I f B o n o w o fails to perfoim tfae covenants and agreements contained in this Security Instnnnent, or there is a legal proceeding that may significantly affect L e n d o ' s rights in the Pnqierty (such as a proceeding in bankiuptcy, probate, for condemnaticm or forfeiture or to enforce taws or regulaticms), then L e n d o may do and pay for wfaatevo is necessary to protect the value of the Property and L e n d o ' s rigbts in the Pnqioty. Leodo's !K:tions may inchide paying any sums secured by a lien w4iicb has priority o v o diis Security Instrument, qqiearing in court, paying reasonable attorneys' fees and, emering on the Property to make lep^is. A l t h o u ^ Lendo may take actitm u n d o tliis paragrqib 7, L e n d o does not liave to ilo so. A I ^ amotmts distmised by Lender i m d o ttiis paragraph 7 sliall become additional ddit of Borrowo secured by this Security Instrument. Unless Borrowo and Lendo agree to o t h o teims of payinem, these amounts shall bear interest from tbe date of distiutsemeu at tlie Note rate in effect fromtime to time and shall be payable, witb mtoest, iqxm notice from L e n d o to Boirowo requesting paymem. 8. Mralgage lusmauue. If Lendo required mortgage insurance as a condition of making tlie loan secured tiy tiiis Security Instrinnoit, Borrowo sliall pay the premiuins required to maimain the mortgage insurance in eRect. If, for any reason, the mongage iusuiauce covoage required by L e n d o lapses or ceases to be in effect, Borrowo shall pay the prenuums required to obtain coveiage substantially equivalent to the mortgage insmance previously in effect, at a cost substantially equivalent to tbe cost to Borrowo of the mongage insuiance pieviously in effect, from an alternate mratgage insuro apptovei by Lendo. If sutistantially equivalent mongage insmance coverage is not avaQable, Boirowo sfaall pay to L e n d o eadi monlh a sum equal to one-twdidi of tlie yearly mortgage insurance premium being paid tiy Boirowo wtioi tlie insurance coveiage Iqised or ceased to be in effect. Lender willaccept, use and retain these paymoits as a loss reseive in tieu of mortgage insmance. Loss reserve payments may no longo be required, at ttte opticm of Lendo, if mortgage insurance coveiage (in the amount and foi the period tliat Lender requiies) provided by an insuro approved by Lendo again tiecomes available and is obtained. Borrowo shall pay the premiunis requiied to maintam mongage msuiance.in effect, or to provide a loss reserve, until ttie requiremem for inortgage insurance aids in accordance with any written agieement between Borrowo and L e n d o or applicable law. 9. Inqiectiaa. L e n d o or its agem may make reasonable entries upon and inspections of the Propeity. Lendo shall give Borrowo notice at die time of or prior to an inspection specifying reasonable cause foi die inspection. 10. CoDdeomatifm. Tlie proceeds of any award or daim for damages, direct ra consequemiai, in connection with any condemnation or o t h o taldiig of any part of tbe Pitqioty, or foi conveyance in lieu of condemnation, are h o d i y assigned and shall be paid to Lendo. Lendo may apply, i s e or idease the condemnation proceeds in the same m a n n o as provided in paiagrafdi S hereof with resped to insurance proceeds. If die Pnqioty is abandoned liy Boirowo, oi if, afio notice by Letido to Borrowo tliat tlte condemnor offers to make an awaid or setde a daim for danrages, Borrowo fails to respond to L e n d o within 30 days afio the date the notice is given, Lendo is auttiorized to cottect and s ^ l y the proceeds, at its option, d t h o to restoration or rqiair of ttie Prtqietty or to the sums secured tiy tliis Securiry Instiument, wtiettio or not died due. Unless Lendo and B o n o w o otfaerwise agree in writing, any qqilication of proceeds to principal shall not extend or postpone the due date of the monthly payments refeired to in paiagiapfas 1 and 2 or cliange tfae amotmt of sudi paytnents. 11. Brarower Not Released; Foibeaiance By Lendo Not a Waivo. Extension of tbe time for payniem or modification of amoitization of tlie smns secuied by this Security Instiumem gianted by Lendo to any successor m intoest of B o n o w o shall not operate to rdease die liability of the original Boirowo or Borrowo's successois