Preview
Filing # 191800780 E-Filed 02/12/2024 08:02:45 PM
IN THE CIRCUIT COURT OF THE FIFTH
JUDICIAL CIRCUIT, IN AND FOR
MARION COUNTY, FLORIDA.
CASE No.
MORTGAGE ASSETS MANAGEMENT, LLC F/K/A
REVERSE MORTGAGE SOLUTIONS, INC.,
PLAINTIFF,
VS.
FRANCES I. KELLEY A/K/A FRANCES IRENE
CLARK A/K/A FRANCES KELLEY A/K/A FRANCIS
I. KELLEY; DANIEL J. KELLEY A/K/A DANIEL J.
KELLEY SR A/K/A DANIEL KELLEY; UNITED
STATES OF AMERICA ON BEHALF OF
SECRETARY OF HOUSING AND URBAN
DEVELOPMENT; UNKNOWN TENANT #1;
TIDEWATER FINANCE COMPANY, TRADING AS
TIDEWATER CREDIT SERVICES, AS ASSIGNEE OF
HHGREGG; ANY AND ALL UNKNOWN PARTIES
CLAIMING BY, THROUGH, UNDER AND AGAINST
THE NAMED INDIVIDUAL DEFENDANT(S) WHO
ARE NOT KNOWN TO BE DEAD OR ALIVE,
WHETHER SAID UNKNOWN PARTIES MAY
CLAIM AN INTEREST AS SPOUSES, HEIRS,
DEVISEES, GRANTEES, OR OTHER CLAIMANTS.
DEFENDANT(S).
VERIFIED COMPLAINT FOR FORECLOSE OF MORTGAGE
Plaintiff MORTGAGE ASSETS MANAGEMENT, LLC F/K/A REVERSE MORTGAGE
SOLUTIONS, INC., sues Defendant(s) and alleges:
COUNTI.
MORTGAGE FORECLOSURE
This is "in rem" action to foreclose a mortgage on real property in Marion County, Florida.
The Court has jurisdiction over the subject matter pursuant to Article V, Section 5(b), Florida
Constitution, and Section 702.01, Florida Statutes.
On or about December 26, 2008, FRANCES I. KELLEY A/K/A FRANCES IRENE CLARK
A/K/A FRANCES KELLEY A/K/A FRANCIS I. KELLEY AND DANIEL J. KELLEY A/K/A
Electronically Filed Marion Case # 24CA000292AX 02/12/2024 08:02:45 PM
Our Case #: 23-002102/PHH,
DANIEL J. KELLEY SR A/K/A DANIEL KELLEY, executed and delivered an Adjustable-
Rate Note Home Equity Conversion, securing payment to World Alliance Financial Corp. A
copy of the Note is attached hereto as Exhibit A.
On or about December 26, 2008, FRANCES I. KELLEY A/K/A FRANCES IRENE CLARK
A/K/A FRANCES KELLEY A/K/A FRANCIS I. KELLEY AND DANIEL J. KELLEY A/K/A
DANIEL J. KELLEY SR A/K/A DANIEL KELLEY, executed and delivered the Adjustable
Rate Home Equity Conversion Mortgage ("HECM" or "Mortgage"), securing the promise to
pay the sums due under the note to World Alliance Financial Corp. The Mortgage was recorded
on January 14, 2009, in Official Records Book 05144, PAGE 0636 of the Public Records of
Marion County, Florida, and encumbered the property described in the Mortgage then owned by
and in possession of the Mortgagor, a copy of the Mortgage is attached hereto as Exhibit B.
The Mortgage of the Plaintiff is a lien superior in dignity to any prior or subsequent right, title,
claim, lien, or interest arising out of mortgagor(s) or the mortgagor(s)' predecessor(s) in interest.
Plaintiff is in possession of the original Note secured by the Mortgage.
Plaintiff has standing to enforce its rights and obligations under the Note and Mortgage,
including the right to foreclose.
Grounds for acceleration exist because FRANCES I. KELLEY A/K/A FRANCES IRENE
CLARK A/K/A FRANCES KELLEY A/K/A FRANCIS I. KELLEY AND DANIEL J.
KELLEY A/K/A DANIEL J. KELLEY SR A/K/A DANIEL KELLEY, failed to perform an
obligation under the Mortgage: payment of Insurance. The Secretary of Housing and Urban
Development approved this occurrence as grounds for acceleration of the debt on or about
September 1, 2023.
As of February 12, 2024, Defendant(s) owe Plaintiff $58,393.96 that is due and owing on
principal on the Note and Mortgage plus interest, and title search expenses for ascertaining
necessary parties to this action. Additional amounts may accrue hereafter.
10. 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 of this action. Any such sum so paid will be due
and owing Plaintiff.
11 The property is now owned by Defendant DANIEL J. KELLEY A/K/A DANIEL J. KELLEY
SR A/K/A DANIEL KELLEY AND FRANCES I. KELLEY A/K/A FRANCES IRENE
CLARK A/K/A FRANCES KELLEY A/K/A FRANCIS I. KELLEY and the record legal title to
said mortgaged property is now vested in Defendants(s), DANIEL J. KELLEY A/K/A DANIEL
Our Case #: 23-002102/PHH,
J. KELLEY SR A/K/A DANIEL KELLEY AND FRANCES I. KELLEY A/K/A FRANCES
IRENE CLARK A/K/A FRANCES KELLEY, if living and if dead, the unknown spouses, heirs
and beneficiaries of DANIEL J. KELLEY A/K/A DANIEL J. KELLEY SR A/K/A DANIEL
KELLEY AND FRANCES I. KELLEY A/K/A FRANCES IRENE CLARK A/K/A FRANCES
KELLEY A/K/A FRANCIS I. KELLEY who hold or holds possession.
12 All conditions precedent to the acceleration of this Note and to foreclose of the Mortgage have
been fulfilled and have occurred.
13 Plaintiff is obligated to pay its attorneys a reasonable fee for their legal services. Plaintiff is
entitled to recover its attorneys’ fees pursuant to the express terms of the note and mortgage.
14 Plaintiff alleges that the claims of the remaining Defendants are secondary, junior, inferior, and
subject to the prior claim of Plaintiff.
15 Any interest in the property inuring to the Defendant, UNITED STATES OF AMERICA ON
BEHALF OF SECRETARY OF HOUSING AND URBAN DEVELOPMENT, including, but
not limited to the Adjustable Rate Home Equity Conversion Second Mortgage recorded January
14, 2009, in Official Records Book 05144, PAGE 0650 of the Public Records of Marion
County, Florida. A copy is attached hereto as Exhibit C.
16 Any interest in the property inuring to the Defendant, TIDEWATER FINANCE COMPANY,
TRADING AS TIDEWATER CREDIT SERVICES, AS ASSIGNEE OF HHGREGG, is
subordinate and inferior to the lien of Plaintiff's Mortgage, including, but not limited to Final
Judgment recorded February 7, 2018, in Official Records Book 6712, PAGE 1366 of the Public
Records of Marion County, Florida and re-recorded on March 21, 2018 in Official Records
Book/Instrument 6734, PAGE 221 of the Public Records of Marion County, Florida.
17 Defendant(s), UNKNOWN TENANT #1, may claim an interest in the subject property as
tenant(s) pursuant to a lease agreement, either written or oral. Said interest is subject,
subordinate, and inferior to the lien of the Mortgage held by Plaintiff.
18 Any and all unknown parties claiming by, through, under, and against the named individual
defendant(s) who are not known to be dead or alive, whether said unknown parties may claim
an interest as spouses, heirs, devisees, grantees, or other claimants are joined as defendants
herein. The claims of said defendants are subordinate, junior, and inferior to the interest of
Plaintiff.
WHEREFORE, Plaintiff demands judgment foreclosing the mortgage, for costs (and,
when applicable, for attorney's fees); requests that the Court ascertain the amount due to
Plaintiff for principal and interest on the Mortgage and Note and for abstracting, taxes, expenses
Our Case #: 23-002102/PHH,
and costs, including attorney's fees, plus interest thereon; that if the sums due Plaintiff under the
Mortgage and Note are not paid immediately, the Court foreclose the Mortgage and direct the
Clerk of the Court sell the Property securing the indebtedness to satisfy the Plaintiff's Mortgage
lien in accordance with the provisions of Florida Statutes §45.031 (2006); that the rights, title
and interest of any Defendant, or any party claiming by, through, under or against any
Defendant named herein or hereinafter made a Defendant be forever barred and foreclosed; that
the Court appoint a receiver of the Property and of the rents, issues, income and profits thereof,
or in the alternative, order sequestration of rents, issues, income and profits pursuant to Florida
Statutes §697.07 (2006); and that the Court retain jurisdiction of this action to make any and all
further orders and judgments as may be necessary and proper, including the issuance of a writ
of possession.
VERIFICATION
Under penalty of perjury, I declare that I have read the foregoing, and the facts alleged therein are true
and correct to the best of my knowledge and belief.
Executed on this 12th day of February 2024.
PHH Mortgage Corporation as attorney in-fact
For Mortgage Assets Management, LLC f/k/a
Reverse Mortgage Solutions, Inc.
By: /s/. Toni M. Antonas
Print Name: Toni M. Antonas
Title: Contract Management Coordinator
RE: Borrower: FRANCES I. KELLEY A/K/A FRANCES IRENE CLARK A/K/A FRANCES
KELLEY A/K/A FRANCIS I. KELLEY AND DANIEL J. KELLEY
A/K/A DANIEL J. KELLEY SR A/K/A DANIEL KELLEY
Address: 2863 Southeast 145th Street, Summerfield, FL 34491
File#: 23-002102-REV-FHA-FNMA-F
TROMBERG, MORRIS & POULIN, PLLC
Attorney for Plaintiff
1515 South Federal Highway, Suite 100
Boca Raton, FL 33432
Telephone #: 561-338-4101
Fax #: 561-338-4077
Email: series Gimppliccon
Name: Ezra Scrivanich, Esq.
0028415
Bar No.:
This is an attempt to collect a debt, and any information obtained will be used for that purpose.
Our Case #: 23-002102/PHH,
EXHIBIT A
oe EE AE —
(LIBOR One-Month Index (As Published In The
Wall ‘Street Journal)-Rate Caps)
State of Florida
Date: December 26, 2008
Property Address: 2863 SOUTHEAST 145TH STREET,
SUMMERFIELD, FL 34491
Borrower's Post Office Address (if different from above):
DEFINITIONS
"Borrower" means each person signing at the end of this
Note. "Lender r means World Alliance Financial Corp.
and its successors and assigns. “Secretary” means the Secretar
y of Ho using and Urban Development or his or her
authorized representatives.
BORROWER'S PROMISE TO PAY; INTEREST
In return for amounts to be advanced by Lender to or for the benefit
of Borrower, including future advances up to a
maximum principal amount of $150,000.00, under the terms of a H
lome Equity Conversion Loan Agreement dated
December 26, 2008 (“Loan Agreement"), Borrower promises to Pay
to the order of Lender a principal amount
equal to the sum of all Loan Advances made under the Loan Agi
reement with inter rest. All amounts advanced by
Lender, plus interest, if not paid earlier, are due and Payable on May 04,
2096. Interest will be charged on unpaid
principal at the rate of ONE AND 974/1000 percent (1.974%) per year u intil
the full amount of principal has been
paid. The interest rate may change in accordance with Paragraph 5 of thi
is Note. Accrued interest shall be added to
the principal balance as a Loan Advance at the end of each month.
3. PROMISE TO PAY SECURED
Borrower's promise to pay is secured by a mortgage, deed of trust or similar security instrument
that is dated the
same date as this Note and called the "Security Instrument." That Security Instrument protects the Lender from
losses which might result if Borrower defaults under this Note.
MANNER OF PAYMENT
(A) Time
Borrower shall pay all outstanding principal and accrued interest to Lender upon receipt of a notice by Lender
requiring immediate payment-in-full, as provided in Paragraph 7 of this Note.
(B) Place
Payment shall be made at: World Alliance Financial Corp., 3 Huntington Quadrangle, Suite 201N,
Melville, NY 11747 or any such other place as Lender may designate in writing by notice to Borrower.
(Cc) Limitation of Liability
Borrower shall have no personal liability for payment of the debt. Lender shall enforce the debt only through
sale of the Property covered by the Security Instrument ("Property"). If this Note is assigned to the Secretary,
the Borrower shall not be liable for any difference between the mortgage insurance benefits paid to Lender
and the outstanding indebtedness, including accrued interest, owed by Borrower at the time of the
assignment.
5. INTEREST RATE CHANGES
(A) Change Date
The interest rate may change on the first day of March, 2009, and on [] that day of each succeeding year
[X] the first day of each succeeding month. “Change Date” means each date on which the interest rate could
change.
(B) The Index
Beginning with the first Change Date, the interest rate will be based on an Index. "Index" means the interbank
offered rates for one month U.S. dollar-denominated deposits in the London market ("LIBOR"), as published
in The Wall Street Journal. “Current Index" means the most recent Index figure available 30 days before the
Change Date, and if the day that is 30 days before the Change Date is not a Sunday or Monday and not the
first business day of the week, the Current Index will be the Index as published the first business day of that
week, If the day that is 30 days before the Change Date is a Sunday or Monday and not the first busines day
of the week, the Current Index will be the Index as published the first business day of the immediately prior
week.. If the Index (as defined above) is no longer available, Lender will use as a new Index any index
prescribed by the Secretary. Lender will give Borrower notice of the new Index.
(C) Calculation of Interest Rate Changes
tJ The interest rate will never increase or decrease by
more than two Percentage points (2.0% ) on any
single Change Date. The interest rate will ne ver be
more than fi ive percentage points (5.0%) higher or lower
than the initial interest rate stated
in Paragraph 2 of this Note.
[X] The interest rate will never increase above ELEVEN AND 974/10
00 percent (11.974%).
(E) Notice of Changes
Lender will give notice to Borrower of any change in the
interest rate. The notice must be given at least 25
days before the new interest rate tal kes effect, and must
set forth (i) the date of the notice, (ii) the Change
Date, (iii) the old interest rate, {iv) the new interest rate,
(v) the Current Index and the date it was published,
(vi) the method of calculating thi e adjusted interest
rate, and (vii) any other information which may be
required by law from time to time.
(F) Effective Date of Changes
A new interest rate calculated in accordance with paragraphs 5(C) and
5(D) of this Note will become effective
the Change Date, unless the Change Date occurs less than 25 days
after Lender has given the required
notice. If the interest rate calculated in accorda ince with Paragraphs 5(C)
and 5(D) of this Note decreased, but
Lender failed to give timely notice of the decr: ei ase and applied a higher
rate than the rate which should have
been stated in a timely notice, then Lender sh: all recalculate the principal
balance owed under this Note so it
does not reflect any excessive interest.
6. BORROWER'S RIGHT TO PREPAY
A Borrower has the right to pay the debt evidenced by this Note, in whole or
in part, without charge or penalty. Any
amount of debt prepaid will first be applied to reduce the pri incipal balance of the
Second Note described in
Paragraph 11 of this Note and then to reduce the principal balan: ice of this Note.
All prepayments of the principal balance shall be applied by Lender as follows:
First, to that portion of the principal balance tepresenting aggregate payments for mortgage insurance
premiums;
Second, to that portion of the principal balance representing aggregate payments for servicing fees:
Third, to that portion of the principal balance representing accrued interest due under the Note; and
Fourth, to the remaining portion of the principal balance. A Borrower may specify whether a prepayment is to
be credited to that portion of the principal balance representing monthly payments or the line of credit. If
Borrower does not designate which portion of the principal balance is to be prepaid, Lender shall apply any
partial prepayments to an existing line of credit or create a new line of credit.
7. IMMEDIATE PAYMENT-IN-FULL
(A) Death or Sale
Lender may require immediate payment-in-full of all outstanding principal and accrued interest if:
(i) A Borrower dies and the Property is not the principal residence of at least one surviving Borrower, or
(i) A Borrower conveys all of his or her title to the Property and no other Borrower retains title to the
Property in fee simple or on a leasehold interest as set forth in 24 CFR 206.45(a).
(8) Other Grounds
Lender may require immediate payment-in-full of all outstanding principal and accrued interest, upon
approval by an authorized representative of the Secretary, if:
(i) The Property ceases to be the principal residence of a Borrower for reasons other than death and the
Property is not the principal residence of at least one other Borrower;
(ii) For a period of longer than 12 consecutive months, a Borrower fails to physically occupy the Property
because of physical or mental illness and the Property is not the principal residence of at least one
other Borrower; or
(ili) An obligation of the Borrower under the Security Instrument is not performed.
(Cc) Payment of Costs and Expenses
If Lender has required immediate payment-in-full as described above, the debt enforced through sale of the
Property may include costs and expenses, including reasonable and customary attorney's fees, associated
with enforcement of this Note to the extent not prohibited by applicable law. Such fees and costs shall bear
interest from the date of disbursement at the same rate as the principal of this Note.
principal residence for purposes of this Paragraph. 7 EEE IEA EEEEDEASS OS NAVING @
WAIVERS
Borrower waives the rights of Presentment and
notice of dishonor, “Presentment® means the right
to demand payment of amounts due. "Notice of to require Lender
dishonor" means the right to req juire Lender to give
persons that amounts due have not been paid . notice to other
9. GIVING OF NOTICES
Unless applicable law Tequires a different metho
d, an ly notice that must be given to Borrower under this
be given by delivering it or by mailing it by y first class Note will
mail to Borrower at the Property address above or at
different address if Borrower has given Lend ler a notice of a
Borrower's different address.
Any notice that must be given to Lender under this Note will
be given by first class mail to Lender at the address
stated in Paragraph 4(B) or at an different address if Bor!
rower is given a notice of that different address.
10. OBLIGATIONS OF PERSONS UNDER THIS NOTE
If more than one person si igns this Note, each person
is fully obligated to keep all of the promises made in this
Note. Lender may enforce i ts rights under this Note only through sale of the Property
.
11, RELATIONSHIP TO SECOND NOTE
(A) Second Note
Because Borrower will be required to re| pay amounts which the Secretar
y may make to or on behalf of
Borrower pursuant to Section 2551 (i)(1)(A) of the National Housing
Act and the Loan Agreement, the
Secretary has required Borrower to grant a Second Note to the Secretary
.
(8) Relationship of Secretary Payments to this Note
Payments made by the Secretary shall not be included in the debt due under
this Note unless:
(i) This Note is assigned to the Secretary; or
(ii) The Secretary accepts reimbursements by the Lender for all payments made by the
Secretary.
If the circumstances described in (i) or (ii) occur, then all payments by the Secretary
, including interest on the
Payments, shall be included in the debt.
(Cc) Effect on Borrower
Where there is no assignment or reimbursement as described in (B)(i) or (ii),
and the Secretary makes
Payments to Borrower, then Borrower shall not:
(i) Be required to pay amounts owed under this Note until the Secretary has required payment-in-full
of all
outstanding principal and accrued interest under the Second N
lote held by the Secretary,
notwithstanding anything to the contrary in Paragraph 7 of this Note; or
(ii) Be obligated to pay interest or shared appreciation under this Note at any time, whether accrued
before
or after the payments by the Secretary, and whether or not accrued interest has been included
in the
principal balance of this Note, notwithstanding anything to the contrary in Paragraphs 2 or 5 of
this Note
or any Allonge to this Note.
12, SHARED APPRECIATION (If Applicable)
\f Borrower has executed a Shared Appreciation Allonge, the covenants of the Allonge shall be incorporated into
and supplement the covenants of this Note as if the Allonge were a part of this Note.
The state documentary tax due on this Note has been paid on the mortgage securing the indebtedness.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Note.
Date: /A/A 6/06
Poreticete
Borrower- FRANCES | KELLEY:
BORROWER(S): FRANCES I KELLEY
DANIEL J KELLEY SR.
PROPERTY ADDRESS: 2863 SOUTHEAST 145TH STREET
SUMMERFIELD, FL 34491
NOTE/LOAN AMOUNT § 150,000.00
NOTE/LOAN DATE: 12/26/2008
Pay to the order of
without Recourse
World Alliance Finangial Corp.
t
\
\
By: David Peskin
Chief Executive Officer
Hdd fala tbenpveng gah edge yfybetefeffof eden
BATH V18.0003451-101-1-000.001 oe- ER ROBT
FRANCES | KELLEY
Property Address:
DANIEL J KELLEY 2863 SOUTHEAST 145TH STREET
2863 SOUTHEAST 145TH STREET SUMMERFIELD FL 34491
SUMMERFIELD, FL 34491
April 12, 2023
IMPORTANT NOTICE
CHANGES TO THE ADJUSTABLE-RATE MORTGAGE INDEX
Dear Customer(s),
@
In accordance with your toan documents, we are sending you this notice to inform you that the
index used to calculate interest on your Adjustable-Rate Reverse Mortgage (ARM) will no longer be
Why We Are published. The current index being replaced is the London Interbank Offered Rate (LIBOR).
Sending This
The interest rate on your ARM mortgage is calculated by adding the margin ta the current LIBOR
Letter rate, The administrator of LIBOR, the intercontinental
ercontinental Exchange (ICE), will cease publication of
LIBOR on June 30, 2023.
Y
What Needs The replacement index will be the Secured Overnight Financing Rate (SOFR) once LIBOR is no
longer available. The SOFR is published by the Federal Reserve Bank of New York.
To Be Done
The transition date of each LIBOR-indexed ARM will depend on the characteristics of the ARM,
such as an interest rate reset date: and loan interest rate lookback periods. If the date calculated
by applying the mortgage interest rate lookback period occurs on or after June 30, 2023,
LIBOR-indexed ARMs will transition to the Secured Overnight Financing Rate (SOFR).
[Nn
YW Information about the rate is not yet available but we estimate that, at the time the index is
What We replaced, the rate will be substantially similar to what it would be if the index did not have to be
|
replaced. The rate will vary with the market based on a SOFR index.
Will Do
Please Note: - The change in index does not affect any other terms of your ARM, such as the
a
myreverseaccount.com O24
This communication is from a debt collector attempting to collect a debt; any information obtained will be used for that purpose.
However, if the debt is in active bankruptcy or has been discharged through bankruptcy, this communication is provided purely for
informational purposes only with regard to our secured lien on the above referenced property. It is not intended as an attempt to
egllect a debt from you personally.
Page 1
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1 EIR OISEIGEIC AS SIESIA. BNE ISNED EY OES MURS MEE SET RES HGa3, ROS TTAB OF any iterest rate
resets, etc.
i An interest reset rate is the new interest rate that a borrower must pay when a scheduled re et
date occurs.
n A lookback period is an agreed number of days prior to the date on which the interest date is to
be determined. For example, If a loan is scheduled to have an interest change on june Ist, a 30-day
lookback period would lookback. to May 2nd for the interest rate for June ist.
if you have questions about these changes, please feel free to call Customer Care at 1-866-503-5$59 Monday through
Friday from 8:00 AM to 6:00 PM ET. or write to our research department
PHH Reverse Mortgage Services
Attm Reverse Research Loan Support Department
PO Box 24606
West Palm Beach, FL 33416-4736
Sincerely,
Loan Servicing
3
3
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myreverseaccount.com ROb24
This communication is from a debt collector attempting to collect 3 debt; any information obtained will be used for that purpose.
However, if the debt is in active bankruptcy or has been discharged through bankruptcy, this communication is provided purely for
informational purposes only with regard to our secured lien on the above referenced property. It is not intended as an attempt to
collect a debt from you personally.
Page 2
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EXHIBIT B
OLD NATIONAL TITLE
250 OLD WILSON BRIDGE RD #145
WORTHINGTON, OH 43085
4K
as ~ 3)
After Recording Return To:
World Alliance Financial Corp. DAVID R. ELLSPER (OF COURT MARION COUNTY
3 Huntington Quadrangle, Suite 201N DATE: 01/14/2009 01:55:44 PM
Melville, NY 11747
FILE #: 2009003533 OR BK 05144 PGS 0636-0649
RECORDING FEES 120.50
This Document Prepared By:
World Alliance Financial Corp. MORT DOC TAX 525.00
3 Huntington Quadrangle, Suite 201N INTANG TAX 300,00
a by Tendela uso”
Melville, NY 11747
‘Space Above This Line For Recording Data
State of Florida
oes
ADJUSTABLE RATE
HOME EQUITY CONVERSION MORTGAGE
THIS MORTGAGE ("Se jly Instrument’) is given on December 26, 2008 ("Date"). The mortgagor is
FRANCES |. KELLEY: , AND DANIEL J. KELLEY, HUSBAND AND WIFE whose address is: 2863
SOUTHEAST 145TH STREET, SUMMERFIELD, FL 34491 ("Borrower"). This Security Instrument is
given to: World Alliance Financial Corp. which is organized and existing under the laws of THE
STATE OF NEW YORK, and whose address is: 3 Huntington Quadrangle, Suite 201N, Melville, NY
11747 ("Lender"). Borrower has agreed to repay to Lender amounts which Lender is obligated to
advance, including future advances, under the terms of a Home Equity Conversion Loan Agreement
dated the same date as this Security Instrument ("Loan Agreement’). The agreement to repay is
evidenced by Borrower's Note dated the same date as this Security Instrument ("Note"). This Security
Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest at a
rate subject to adjustment, and all renewals, extensions and modifications of the Note, up to a maximum
principal amount of ONE HUNDRED FIFTY THOUSAND AND NO/100 (U.S. $150,000.00); (b) the
payment of all other sums, with interest, advanced under paragraph 5 to protect the security of this,
Security Instrument or otherwise due under the terms of this Security Instrument; and (c) the
performance of Borrower's covenants and agreements under this Security Instrument and the Note. The
full debt, including amounts described in (a), (b), and (c) above, if not paid earlier, is due and payable on
May 04, 2096. For this purpose, Borrower does hereby mortgage, grant and convey to Lender, the
following described property located in MARION County, Florida:
See Legal Description Attached
which has the address of: 2863 SOUTHEAST 145TH STREET, SUMMERFIELD, FL 34491 ("Property
Address").
Book5144/Page636 CFN#2009003533 Page 1 of 14
TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements,
rights, appurtenances, and fixtures now or hereafter a part of the property. All replacements and
additions shalt also be covered by this Security Instrument. All of the foregoing is referred to in this
Security Instrument as the "Property."
BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the
right to mortgage, grant and convey the Property and that the Property is unencumbered, except for
encumbrances of record. Borrower warrants and will defend generally the title to the Property against all
claims and demands, subject to any encumbrances of record.
THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform
covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real
property.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1 Payment of Principal and Interest. Borrower shall pay when due the principal of, and interest on,
the debt evidenced by the Note.
Payment of Property Charges. Borrower shall pay all property charges consisting of taxes,
ground rents, flood and hazard insurance premiums, and special assessments in a timely manner,
and shall provide evidence of payment to Lender, unless Lender pays property charges by
withholding funds from monthly payments due to the Borrower or by charging such payments to a
line of credit as provided for in the Loan Agreement.
Fire, Flood and Other Hazard Insurance. Borrower shall insure all improvements on the
Property, whether now in existence or subsequently erected, against any hazards, casualties, and
contingencies, including fire. This insurance shall be maintained in the amounts, to the extent and
for the periods required by Lender or the Secretary of Housing and Urban Development
("Secretary"). Borrower shall also insure all improvements on the Property, whether now in
existence or subsequently erected, against loss by floods to the extent required by the Secretary.
All insurance shall be carried with companies approved by Lender. The insurance policies and any
renewals shall be held by Lender and shall include loss payable clauses in favor of, and in a form
acceptable to, Lender.
In the event of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof
of loss if not made promptly by Borrower. Each insurance company concerned is hereby authorized
and directed to make payment for such loss to Lender instead of to Borrower and Lender jointly.
Insurance proceeds shall be applied to restoration or repair of the damaged Property. if the
restoration or repair is economically feasible and Lender's securily is not lessened If the
restoration or repair is not economically feasible or Lender's security would be lessened, the
insurance proceeds shall be applied first to the reduction of any indebtedness under a Second Note
and Second Security Instrument held by the Secretary on the Property and then to the reduction of
the indebtedness under the Note and this Security Instrument. Any excess insurance proceeds
‘over an amount required to pay all outstanding indebtedness under the Note and this Security
Instrument shall be paid to the entity legally entitled thereto.
In the event of foreclosure of this Security Instrument or other transfer of title to the Property that
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Book5144/Page637 CFN#2009003533 Page 2 of 14
extinguishes the indebtedness, all right, title and interest of Borrower in and to insurance policies in
force shall pass to the purchaser.
Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan
Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's
principal residence after the execution of this Security Instrument and Borrower (or at least one
Borrower, if initially more than one person are Borrowers) shall continue to occupy the Property as
Borrower's principal residence for the term of the Security Instrument. "Principal Residence” shall
have the same meaning as in the Loan Agreement,
Borrower shall not commit waste or destroy, damage or substantially change the Property or allow
the Property to deteriorate, reasonable wear and tear excepted. Borrower shall also be in default if
Borrower, during the loan application process, gave materially false or inaccurate information or
‘statements to Lender (or failed to provide Lender with any material information) in connection with
the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's
‘occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold
Borrower shall comply with the provisions of the lease. If Borrower acquires fee title to the
Property, the leasehold and fee title shall not be merged unless Lender agrees to the merger in
writing
Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all
governmental or municipal charges, fines and impositions that are not included in Paragraph 2.
Borrower shall pay these obligations on time directly to the entity which is owed the payment. If
failure to pay would adversely affect Lender's interest in the Property, upon Lender's request
Borrower shall promptly furnish to Lender receipts evidencing these payments. Borrower shall
promptly discharge any lien which has priority over this Security Instrument in the manner provided
in Paragraph 12(c).
If Borrower fails to make these payments or the property charges required by Paragraph 2, or fails
to perform any other covenants and agreements contained in this Security Instrument, or there is a
legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding
in bankruptcy, for condemnation or to enforce laws or regulations), then Lender may do and pay
whatever is necessary to protect the value of the Property and Lender's rights in the Property,
including payment of taxes, hazard insurance and other items mentioned in Paragraph 2
To protect Lender's security in the Property, Lender shall advance and charge to Borrower all
amounts due to the Secretary for the Mortgage Insurance Premium as defined in the Loan
Agreement as well as all sums due to the loan servicer for servicing activities as defined in the
Loan Agreement. Any amounts disbursed by Lender under this Paragraph shall become an
additional debt of Borrower as provided for in the Loan Agreement and shail be secured by this
Security Instrument.
inspection. Lender or its agent may enter on, inspect or make appraisals of the Property in a
reasonable manner and at reasonable times provided that Lender shall give the Borrower notice
prior to any inspection or appraisal specifying a purpose for the inspection or appraisal which must
be related to Lender's interest in the Property. If the Property is vacant or abandoned or the loan is
in default, Lender may take reasonable action to protect and preserve such vacant or abandoned
Property without notice to the Borrower.
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Book5144/Page638 CFN#2009003533 Page 3 of 14
Condemnation. The proceeds of any award or claim for damages, direct or consequential, in
connection with any condemnation, or other taking of any part of the Property, or for conveyance in
place of condemnation shall be paid to Lender. The proceeds shall be applied first to the reduction
of any indebtedness under a Second Note and Second Security Instrument held by the Secretary
on the Property, and then to the reduction of the indebtedness under the Note and this Security
Instrument. Any excess proceeds over an amount required to pay all outstanding indebtedness
under the Note and this Security Instrument shall be paid to the entity legally entitled thereto.
Fees. Lender may collect fees and charges authorized by the Secretary.
Grounds for Acceleration of Debt.
(a) Due and Payable. Lender may require immediate payment-in-full of all sums secured by this
Security Instrument if:
(i) ‘A Borrower dies and the Property is not the principal residence of at least one surviving
Borrower; or
(i) All of a Borrower's title in the Property (or his or her beneficial interest in a trust owning
all or part of the Property) is sold or otherwise transferred and no other Borrower
retains title to the Property in fee simple or retains a leasehold under a lease for less
than 99 years which is renewable or a lease having a remaining period of not less than
50 years beyond the date of the 100th birthday of the youngest Borrower or retains a
life estate, (or retaining a beneficial interest in a trust with such an interest in the
Property).
{b) Due and Payable with Secretary Approval. Lender may require immediate payment-in-full
of all sums secured by this Security Instrument
Preview
Filing # 191800780 E-Filed 02/12/2024 08:02:45 PM IN THE CIRCUIT COURT OF THE FIFTH JUDICIAL CIRCUIT, IN AND FOR MARION COUNTY, FLORIDA. CASE No. MORTGAGE ASSETS MANAGEMENT, LLC F/K/A REVERSE MORTGAGE SOLUTIONS, INC., PLAINTIFF, VS. FRANCES I. KELLEY A/K/A FRANCES IRENE CLARK A/K/A FRANCES KELLEY A/K/A FRANCIS I. KELLEY; DANIEL J. KELLEY A/K/A DANIEL J. KELLEY SR A/K/A DANIEL KELLEY; UNITED STATES OF AMERICA ON BEHALF OF SECRETARY OF HOUSING AND URBAN DEVELOPMENT; UNKNOWN TENANT #1; TIDEWATER FINANCE COMPANY, TRADING AS TIDEWATER CREDIT SERVICES, AS ASSIGNEE OF HHGREGG; ANY AND ALL UNKNOWN PARTIES CLAIMING BY, THROUGH, UNDER AND AGAINST THE NAMED INDIVIDUAL DEFENDANT(S) WHO ARE NOT KNOWN TO BE DEAD OR ALIVE, WHETHER SAID UNKNOWN PARTIES MAY CLAIM AN INTEREST AS SPOUSES, HEIRS, DEVISEES, GRANTEES, OR OTHER CLAIMANTS. DEFENDANT(S). VERIFIED COMPLAINT FOR FORECLOSE OF MORTGAGE Plaintiff MORTGAGE ASSETS MANAGEMENT, LLC F/K/A REVERSE MORTGAGE SOLUTIONS, INC., sues Defendant(s) and alleges: COUNTI. MORTGAGE FORECLOSURE This is "in rem" action to foreclose a mortgage on real property in Marion County, Florida. The Court has jurisdiction over the subject matter pursuant to Article V, Section 5(b), Florida Constitution, and Section 702.01, Florida Statutes. On or about December 26, 2008, FRANCES I. KELLEY A/K/A FRANCES IRENE CLARK A/K/A FRANCES KELLEY A/K/A FRANCIS I. KELLEY AND DANIEL J. KELLEY A/K/A Electronically Filed Marion Case # 24CA000292AX 02/12/2024 08:02:45 PM Our Case #: 23-002102/PHH, DANIEL J. KELLEY SR A/K/A DANIEL KELLEY, executed and delivered an Adjustable- Rate Note Home Equity Conversion, securing payment to World Alliance Financial Corp. A copy of the Note is attached hereto as Exhibit A. On or about December 26, 2008, FRANCES I. KELLEY A/K/A FRANCES IRENE CLARK A/K/A FRANCES KELLEY A/K/A FRANCIS I. KELLEY AND DANIEL J. KELLEY A/K/A DANIEL J. KELLEY SR A/K/A DANIEL KELLEY, executed and delivered the Adjustable Rate Home Equity Conversion Mortgage ("HECM" or "Mortgage"), securing the promise to pay the sums due under the note to World Alliance Financial Corp. The Mortgage was recorded on January 14, 2009, in Official Records Book 05144, PAGE 0636 of the Public Records of Marion County, Florida, and encumbered the property described in the Mortgage then owned by and in possession of the Mortgagor, a copy of the Mortgage is attached hereto as Exhibit B. The Mortgage of the Plaintiff is a lien superior in dignity to any prior or subsequent right, title, claim, lien, or interest arising out of mortgagor(s) or the mortgagor(s)' predecessor(s) in interest. Plaintiff is in possession of the original Note secured by the Mortgage. Plaintiff has standing to enforce its rights and obligations under the Note and Mortgage, including the right to foreclose. Grounds for acceleration exist because FRANCES I. KELLEY A/K/A FRANCES IRENE CLARK A/K/A FRANCES KELLEY A/K/A FRANCIS I. KELLEY AND DANIEL J. KELLEY A/K/A DANIEL J. KELLEY SR A/K/A DANIEL KELLEY, failed to perform an obligation under the Mortgage: payment of Insurance. The Secretary of Housing and Urban Development approved this occurrence as grounds for acceleration of the debt on or about September 1, 2023. As of February 12, 2024, Defendant(s) owe Plaintiff $58,393.96 that is due and owing on principal on the Note and Mortgage plus interest, and title search expenses for ascertaining necessary parties to this action. Additional amounts may accrue hereafter. 10. 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 of this action. Any such sum so paid will be due and owing Plaintiff. 11 The property is now owned by Defendant DANIEL J. KELLEY A/K/A DANIEL J. KELLEY SR A/K/A DANIEL KELLEY AND FRANCES I. KELLEY A/K/A FRANCES IRENE CLARK A/K/A FRANCES KELLEY A/K/A FRANCIS I. KELLEY and the record legal title to said mortgaged property is now vested in Defendants(s), DANIEL J. KELLEY A/K/A DANIEL Our Case #: 23-002102/PHH, J. KELLEY SR A/K/A DANIEL KELLEY AND FRANCES I. KELLEY A/K/A FRANCES IRENE CLARK A/K/A FRANCES KELLEY, if living and if dead, the unknown spouses, heirs and beneficiaries of DANIEL J. KELLEY A/K/A DANIEL J. KELLEY SR A/K/A DANIEL KELLEY AND FRANCES I. KELLEY A/K/A FRANCES IRENE CLARK A/K/A FRANCES KELLEY A/K/A FRANCIS I. KELLEY who hold or holds possession. 12 All conditions precedent to the acceleration of this Note and to foreclose of the Mortgage have been fulfilled and have occurred. 13 Plaintiff is obligated to pay its attorneys a reasonable fee for their legal services. Plaintiff is entitled to recover its attorneys’ fees pursuant to the express terms of the note and mortgage. 14 Plaintiff alleges that the claims of the remaining Defendants are secondary, junior, inferior, and subject to the prior claim of Plaintiff. 15 Any interest in the property inuring to the Defendant, UNITED STATES OF AMERICA ON BEHALF OF SECRETARY OF HOUSING AND URBAN DEVELOPMENT, including, but not limited to the Adjustable Rate Home Equity Conversion Second Mortgage recorded January 14, 2009, in Official Records Book 05144, PAGE 0650 of the Public Records of Marion County, Florida. A copy is attached hereto as Exhibit C. 16 Any interest in the property inuring to the Defendant, TIDEWATER FINANCE COMPANY, TRADING AS TIDEWATER CREDIT SERVICES, AS ASSIGNEE OF HHGREGG, is subordinate and inferior to the lien of Plaintiff's Mortgage, including, but not limited to Final Judgment recorded February 7, 2018, in Official Records Book 6712, PAGE 1366 of the Public Records of Marion County, Florida and re-recorded on March 21, 2018 in Official Records Book/Instrument 6734, PAGE 221 of the Public Records of Marion County, Florida. 17 Defendant(s), UNKNOWN TENANT #1, may claim an interest in the subject property as tenant(s) pursuant to a lease agreement, either written or oral. Said interest is subject, subordinate, and inferior to the lien of the Mortgage held by Plaintiff. 18 Any and all unknown parties claiming by, through, under, and against the named individual defendant(s) who are not known to be dead or alive, whether said unknown parties may claim an interest as spouses, heirs, devisees, grantees, or other claimants are joined as defendants herein. The claims of said defendants are subordinate, junior, and inferior to the interest of Plaintiff. WHEREFORE, Plaintiff demands judgment foreclosing the mortgage, for costs (and, when applicable, for attorney's fees); requests that the Court ascertain the amount due to Plaintiff for principal and interest on the Mortgage and Note and for abstracting, taxes, expenses Our Case #: 23-002102/PHH, and costs, including attorney's fees, plus interest thereon; that if the sums due Plaintiff under the Mortgage and Note are not paid immediately, the Court foreclose the Mortgage and direct the Clerk of the Court sell the Property securing the indebtedness to satisfy the Plaintiff's Mortgage lien in accordance with the provisions of Florida Statutes §45.031 (2006); that the rights, title and interest of any Defendant, or any party claiming by, through, under or against any Defendant named herein or hereinafter made a Defendant be forever barred and foreclosed; that the Court appoint a receiver of the Property and of the rents, issues, income and profits thereof, or in the alternative, order sequestration of rents, issues, income and profits pursuant to Florida Statutes §697.07 (2006); and that the Court retain jurisdiction of this action to make any and all further orders and judgments as may be necessary and proper, including the issuance of a writ of possession. VERIFICATION Under penalty of perjury, I declare that I have read the foregoing, and the facts alleged therein are true and correct to the best of my knowledge and belief. Executed on this 12th day of February 2024. PHH Mortgage Corporation as attorney in-fact For Mortgage Assets Management, LLC f/k/a Reverse Mortgage Solutions, Inc. By: /s/. Toni M. Antonas Print Name: Toni M. Antonas Title: Contract Management Coordinator RE: Borrower: FRANCES I. KELLEY A/K/A FRANCES IRENE CLARK A/K/A FRANCES KELLEY A/K/A FRANCIS I. KELLEY AND DANIEL J. KELLEY A/K/A DANIEL J. KELLEY SR A/K/A DANIEL KELLEY Address: 2863 Southeast 145th Street, Summerfield, FL 34491 File#: 23-002102-REV-FHA-FNMA-F TROMBERG, MORRIS & POULIN, PLLC Attorney for Plaintiff 1515 South Federal Highway, Suite 100 Boca Raton, FL 33432 Telephone #: 561-338-4101 Fax #: 561-338-4077 Email: series Gimppliccon Name: Ezra Scrivanich, Esq. 0028415 Bar No.: This is an attempt to collect a debt, and any information obtained will be used for that purpose. Our Case #: 23-002102/PHH, EXHIBIT A oe EE AE — (LIBOR One-Month Index (As Published In The Wall ‘Street Journal)-Rate Caps) State of Florida Date: December 26, 2008 Property Address: 2863 SOUTHEAST 145TH STREET, SUMMERFIELD, FL 34491 Borrower's Post Office Address (if different from above): DEFINITIONS "Borrower" means each person signing at the end of this Note. "Lender r means World Alliance Financial Corp. and its successors and assigns. “Secretary” means the Secretar y of Ho using and Urban Development or his or her authorized representatives. BORROWER'S PROMISE TO PAY; INTEREST In return for amounts to be advanced by Lender to or for the benefit of Borrower, including future advances up to a maximum principal amount of $150,000.00, under the terms of a H lome Equity Conversion Loan Agreement dated December 26, 2008 (“Loan Agreement"), Borrower promises to Pay to the order of Lender a principal amount equal to the sum of all Loan Advances made under the Loan Agi reement with inter rest. All amounts advanced by Lender, plus interest, if not paid earlier, are due and Payable on May 04, 2096. Interest will be charged on unpaid principal at the rate of ONE AND 974/1000 percent (1.974%) per year u intil the full amount of principal has been paid. The interest rate may change in accordance with Paragraph 5 of thi is Note. Accrued interest shall be added to the principal balance as a Loan Advance at the end of each month. 3. PROMISE TO PAY SECURED Borrower's promise to pay is secured by a mortgage, deed of trust or similar security instrument that is dated the same date as this Note and called the "Security Instrument." That Security Instrument protects the Lender from losses which might result if Borrower defaults under this Note. MANNER OF PAYMENT (A) Time Borrower shall pay all outstanding principal and accrued interest to Lender upon receipt of a notice by Lender requiring immediate payment-in-full, as provided in Paragraph 7 of this Note. (B) Place Payment shall be made at: World Alliance Financial Corp., 3 Huntington Quadrangle, Suite 201N, Melville, NY 11747 or any such other place as Lender may designate in writing by notice to Borrower. (Cc) Limitation of Liability Borrower shall have no personal liability for payment of the debt. Lender shall enforce the debt only through sale of the Property covered by the Security Instrument ("Property"). If this Note is assigned to the Secretary, the Borrower shall not be liable for any difference between the mortgage insurance benefits paid to Lender and the outstanding indebtedness, including accrued interest, owed by Borrower at the time of the assignment. 5. INTEREST RATE CHANGES (A) Change Date The interest rate may change on the first day of March, 2009, and on [] that day of each succeeding year [X] the first day of each succeeding month. “Change Date” means each date on which the interest rate could change. (B) The Index Beginning with the first Change Date, the interest rate will be based on an Index. "Index" means the interbank offered rates for one month U.S. dollar-denominated deposits in the London market ("LIBOR"), as published in The Wall Street Journal. “Current Index" means the most recent Index figure available 30 days before the Change Date, and if the day that is 30 days before the Change Date is not a Sunday or Monday and not the first business day of the week, the Current Index will be the Index as published the first business day of that week, If the day that is 30 days before the Change Date is a Sunday or Monday and not the first busines day of the week, the Current Index will be the Index as published the first business day of the immediately prior week.. If the Index (as defined above) is no longer available, Lender will use as a new Index any index prescribed by the Secretary. Lender will give Borrower notice of the new Index. (C) Calculation of Interest Rate Changes tJ The interest rate will never increase or decrease by more than two Percentage points (2.0% ) on any single Change Date. The interest rate will ne ver be more than fi ive percentage points (5.0%) higher or lower than the initial interest rate stated in Paragraph 2 of this Note. [X] The interest rate will never increase above ELEVEN AND 974/10 00 percent (11.974%). (E) Notice of Changes Lender will give notice to Borrower of any change in the interest rate. The notice must be given at least 25 days before the new interest rate tal kes effect, and must set forth (i) the date of the notice, (ii) the Change Date, (iii) the old interest rate, {iv) the new interest rate, (v) the Current Index and the date it was published, (vi) the method of calculating thi e adjusted interest rate, and (vii) any other information which may be required by law from time to time. (F) Effective Date of Changes A new interest rate calculated in accordance with paragraphs 5(C) and 5(D) of this Note will become effective the Change Date, unless the Change Date occurs less than 25 days after Lender has given the required notice. If the interest rate calculated in accorda ince with Paragraphs 5(C) and 5(D) of this Note decreased, but Lender failed to give timely notice of the decr: ei ase and applied a higher rate than the rate which should have been stated in a timely notice, then Lender sh: all recalculate the principal balance owed under this Note so it does not reflect any excessive interest. 6. BORROWER'S RIGHT TO PREPAY A Borrower has the right to pay the debt evidenced by this Note, in whole or in part, without charge or penalty. Any amount of debt prepaid will first be applied to reduce the pri incipal balance of the Second Note described in Paragraph 11 of this Note and then to reduce the principal balan: ice of this Note. All prepayments of the principal balance shall be applied by Lender as follows: First, to that portion of the principal balance tepresenting aggregate payments for mortgage insurance premiums; Second, to that portion of the principal balance representing aggregate payments for servicing fees: Third, to that portion of the principal balance representing accrued interest due under the Note; and Fourth, to the remaining portion of the principal balance. A Borrower may specify whether a prepayment is to be credited to that portion of the principal balance representing monthly payments or the line of credit. If Borrower does not designate which portion of the principal balance is to be prepaid, Lender shall apply any partial prepayments to an existing line of credit or create a new line of credit. 7. IMMEDIATE PAYMENT-IN-FULL (A) Death or Sale Lender may require immediate payment-in-full of all outstanding principal and accrued interest if: (i) A Borrower dies and the Property is not the principal residence of at least one surviving Borrower, or (i) A Borrower conveys all of his or her title to the Property and no other Borrower retains title to the Property in fee simple or on a leasehold interest as set forth in 24 CFR 206.45(a). (8) Other Grounds Lender may require immediate payment-in-full of all outstanding principal and accrued interest, upon approval by an authorized representative of the Secretary, if: (i) The Property ceases to be the principal residence of a Borrower for reasons other than death and the Property is not the principal residence of at least one other Borrower; (ii) For a period of longer than 12 consecutive months, a Borrower fails to physically occupy the Property because of physical or mental illness and the Property is not the principal residence of at least one other Borrower; or (ili) An obligation of the Borrower under the Security Instrument is not performed. (Cc) Payment of Costs and Expenses If Lender has required immediate payment-in-full as described above, the debt enforced through sale of the Property may include costs and expenses, including reasonable and customary attorney's fees, associated with enforcement of this Note to the extent not prohibited by applicable law. Such fees and costs shall bear interest from the date of disbursement at the same rate as the principal of this Note. principal residence for purposes of this Paragraph. 7 EEE IEA EEEEDEASS OS NAVING @ WAIVERS Borrower waives the rights of Presentment and notice of dishonor, “Presentment® means the right to demand payment of amounts due. "Notice of to require Lender dishonor" means the right to req juire Lender to give persons that amounts due have not been paid . notice to other 9. GIVING OF NOTICES Unless applicable law Tequires a different metho d, an ly notice that must be given to Borrower under this be given by delivering it or by mailing it by y first class Note will mail to Borrower at the Property address above or at different address if Borrower has given Lend ler a notice of a Borrower's different address. Any notice that must be given to Lender under this Note will be given by first class mail to Lender at the address stated in Paragraph 4(B) or at an different address if Bor! rower is given a notice of that different address. 10. OBLIGATIONS OF PERSONS UNDER THIS NOTE If more than one person si igns this Note, each person is fully obligated to keep all of the promises made in this Note. Lender may enforce i ts rights under this Note only through sale of the Property . 11, RELATIONSHIP TO SECOND NOTE (A) Second Note Because Borrower will be required to re| pay amounts which the Secretar y may make to or on behalf of Borrower pursuant to Section 2551 (i)(1)(A) of the National Housing Act and the Loan Agreement, the Secretary has required Borrower to grant a Second Note to the Secretary . (8) Relationship of Secretary Payments to this Note Payments made by the Secretary shall not be included in the debt due under this Note unless: (i) This Note is assigned to the Secretary; or (ii) The Secretary accepts reimbursements by the Lender for all payments made by the Secretary. If the circumstances described in (i) or (ii) occur, then all payments by the Secretary , including interest on the Payments, shall be included in the debt. (Cc) Effect on Borrower Where there is no assignment or reimbursement as described in (B)(i) or (ii), and the Secretary makes Payments to Borrower, then Borrower shall not: (i) Be required to pay amounts owed under this Note until the Secretary has required payment-in-full of all outstanding principal and accrued interest under the Second N lote held by the Secretary, notwithstanding anything to the contrary in Paragraph 7 of this Note; or (ii) Be obligated to pay interest or shared appreciation under this Note at any time, whether accrued before or after the payments by the Secretary, and whether or not accrued interest has been included in the principal balance of this Note, notwithstanding anything to the contrary in Paragraphs 2 or 5 of this Note or any Allonge to this Note. 12, SHARED APPRECIATION (If Applicable) \f Borrower has executed a Shared Appreciation Allonge, the covenants of the Allonge shall be incorporated into and supplement the covenants of this Note as if the Allonge were a part of this Note. The state documentary tax due on this Note has been paid on the mortgage securing the indebtedness. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Note. Date: /A/A 6/06 Poreticete Borrower- FRANCES | KELLEY: BORROWER(S): FRANCES I KELLEY DANIEL J KELLEY SR. PROPERTY ADDRESS: 2863 SOUTHEAST 145TH STREET SUMMERFIELD, FL 34491 NOTE/LOAN AMOUNT § 150,000.00 NOTE/LOAN DATE: 12/26/2008 Pay to the order of without Recourse World Alliance Finangial Corp. t \ \ By: David Peskin Chief Executive Officer Hdd fala tbenpveng gah edge yfybetefeffof eden BATH V18.0003451-101-1-000.001 oe- ER ROBT FRANCES | KELLEY Property Address: DANIEL J KELLEY 2863 SOUTHEAST 145TH STREET 2863 SOUTHEAST 145TH STREET SUMMERFIELD FL 34491 SUMMERFIELD, FL 34491 April 12, 2023 IMPORTANT NOTICE CHANGES TO THE ADJUSTABLE-RATE MORTGAGE INDEX Dear Customer(s), @ In accordance with your toan documents, we are sending you this notice to inform you that the index used to calculate interest on your Adjustable-Rate Reverse Mortgage (ARM) will no longer be Why We Are published. The current index being replaced is the London Interbank Offered Rate (LIBOR). Sending This The interest rate on your ARM mortgage is calculated by adding the margin ta the current LIBOR Letter rate, The administrator of LIBOR, the intercontinental ercontinental Exchange (ICE), will cease publication of LIBOR on June 30, 2023. Y What Needs The replacement index will be the Secured Overnight Financing Rate (SOFR) once LIBOR is no longer available. The SOFR is published by the Federal Reserve Bank of New York. To Be Done The transition date of each LIBOR-indexed ARM will depend on the characteristics of the ARM, such as an interest rate reset date: and loan interest rate lookback periods. If the date calculated by applying the mortgage interest rate lookback period occurs on or after June 30, 2023, LIBOR-indexed ARMs will transition to the Secured Overnight Financing Rate (SOFR). [Nn YW Information about the rate is not yet available but we estimate that, at the time the index is What We replaced, the rate will be substantially similar to what it would be if the index did not have to be | replaced. The rate will vary with the market based on a SOFR index. Will Do Please Note: - The change in index does not affect any other terms of your ARM, such as the a myreverseaccount.com O24 This communication is from a debt collector attempting to collect a debt; any information obtained will be used for that purpose. However, if the debt is in active bankruptcy or has been discharged through bankruptcy, this communication is provided purely for informational purposes only with regard to our secured lien on the above referenced property. It is not intended as an attempt to egllect a debt from you personally. Page 1 53 & 7 a o a oe =a 1 EIR OISEIGEIC AS SIESIA. BNE ISNED EY OES MURS MEE SET RES HGa3, ROS TTAB OF any iterest rate resets, etc. i An interest reset rate is the new interest rate that a borrower must pay when a scheduled re et date occurs. n A lookback period is an agreed number of days prior to the date on which the interest date is to be determined. For example, If a loan is scheduled to have an interest change on june Ist, a 30-day lookback period would lookback. to May 2nd for the interest rate for June ist. if you have questions about these changes, please feel free to call Customer Care at 1-866-503-5$59 Monday through Friday from 8:00 AM to 6:00 PM ET. or write to our research department PHH Reverse Mortgage Services Attm Reverse Research Loan Support Department PO Box 24606 West Palm Beach, FL 33416-4736 Sincerely, Loan Servicing 3 3 ~ ~ myreverseaccount.com ROb24 This communication is from a debt collector attempting to collect 3 debt; any information obtained will be used for that purpose. However, if the debt is in active bankruptcy or has been discharged through bankruptcy, this communication is provided purely for informational purposes only with regard to our secured lien on the above referenced property. It is not intended as an attempt to collect a debt from you personally. Page 2 " nee e = ey Le i: o oo- aeS y EXHIBIT B OLD NATIONAL TITLE 250 OLD WILSON BRIDGE RD #145 WORTHINGTON, OH 43085 4K as ~ 3) After Recording Return To: World Alliance Financial Corp. DAVID R. ELLSPER (OF COURT MARION COUNTY 3 Huntington Quadrangle, Suite 201N DATE: 01/14/2009 01:55:44 PM Melville, NY 11747 FILE #: 2009003533 OR BK 05144 PGS 0636-0649 RECORDING FEES 120.50 This Document Prepared By: World Alliance Financial Corp. MORT DOC TAX 525.00 3 Huntington Quadrangle, Suite 201N INTANG TAX 300,00 a by Tendela uso” Melville, NY 11747 ‘Space Above This Line For Recording Data State of Florida oes ADJUSTABLE RATE HOME EQUITY CONVERSION MORTGAGE THIS MORTGAGE ("Se jly Instrument’) is given on December 26, 2008 ("Date"). The mortgagor is FRANCES |. KELLEY: , AND DANIEL J. KELLEY, HUSBAND AND WIFE whose address is: 2863 SOUTHEAST 145TH STREET, SUMMERFIELD, FL 34491 ("Borrower"). This Security Instrument is given to: World Alliance Financial Corp. which is organized and existing under the laws of THE STATE OF NEW YORK, and whose address is: 3 Huntington Quadrangle, Suite 201N, Melville, NY 11747 ("Lender"). Borrower has agreed to repay to Lender amounts which Lender is obligated to advance, including future advances, under the terms of a Home Equity Conversion Loan Agreement dated the same date as this Security Instrument ("Loan Agreement’). The agreement to repay is evidenced by Borrower's Note dated the same date as this Security Instrument ("Note"). This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest at a rate subject to adjustment, and all renewals, extensions and modifications of the Note, up to a maximum principal amount of ONE HUNDRED FIFTY THOUSAND AND NO/100 (U.S. $150,000.00); (b) the payment of all other sums, with interest, advanced under paragraph 5 to protect the security of this, Security Instrument or otherwise due under the terms of this Security Instrument; and (c) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. The full debt, including amounts described in (a), (b), and (c) above, if not paid earlier, is due and payable on May 04, 2096. For this purpose, Borrower does hereby mortgage, grant and convey to Lender, the following described property located in MARION County, Florida: See Legal Description Attached which has the address of: 2863 SOUTHEAST 145TH STREET, SUMMERFIELD, FL 34491 ("Property Address"). Book5144/Page636 CFN#2009003533 Page 1 of 14 TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shalt also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1 Payment of Principal and Interest. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note. Payment of Property Charges. Borrower shall pay all property charges consisting of taxes, ground rents, flood and hazard insurance premiums, and special assessments in a timely manner, and shall provide evidence of payment to Lender, unless Lender pays property charges by withholding funds from monthly payments due to the Borrower or by charging such payments to a line of credit as provided for in the Loan Agreement. Fire, Flood and Other Hazard Insurance. Borrower shall insure all improvements on the Property, whether now in existence or subsequently erected, against any hazards, casualties, and contingencies, including fire. This insurance shall be maintained in the amounts, to the extent and for the periods required by Lender or the Secretary of Housing and Urban Development ("Secretary"). Borrower shall also insure all improvements on the Property, whether now in existence or subsequently erected, against loss by floods to the extent required by the Secretary. All insurance shall be carried with companies approved by Lender. The insurance policies and any renewals shall be held by Lender and shall include loss payable clauses in favor of, and in a form acceptable to, Lender. In the event of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof of loss if not made promptly by Borrower. Each insurance company concerned is hereby authorized and directed to make payment for such loss to Lender instead of to Borrower and Lender jointly. Insurance proceeds shall be applied to restoration or repair of the damaged Property. if the restoration or repair is economically feasible and Lender's securily is not lessened If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied first to the reduction of any indebtedness under a Second Note and Second Security Instrument held by the Secretary on the Property and then to the reduction of the indebtedness under the Note and this Security Instrument. Any excess insurance proceeds ‘over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. In the event of foreclosure of this Security Instrument or other transfer of title to the Property that oe Book5144/Page637 CFN#2009003533 Page 2 of 14 extinguishes the indebtedness, all right, title and interest of Borrower in and to insurance policies in force shall pass to the purchaser. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence after the execution of this Security Instrument and Borrower (or at least one Borrower, if initially more than one person are Borrowers) shall continue to occupy the Property as Borrower's principal residence for the term of the Security Instrument. "Principal Residence” shall have the same meaning as in the Loan Agreement, Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or ‘statements to Lender (or failed to provide Lender with any material information) in connection with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's ‘occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold Borrower shall comply with the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all governmental or municipal charges, fines and impositions that are not included in Paragraph 2. Borrower shall pay these obligations on time directly to the entity which is owed the payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's request Borrower shall promptly furnish to Lender receipts evidencing these payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument in the manner provided in Paragraph 12(c). If Borrower fails to make these payments or the property charges required by Paragraph 2, or fails to perform any other covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, for condemnation or to enforce laws or regulations), then Lender may do and pay whatever is necessary to protect the value of the Property and Lender's rights in the Property, including payment of taxes, hazard insurance and other items mentioned in Paragraph 2 To protect Lender's security in the Property, Lender shall advance and charge to Borrower all amounts due to the Secretary for the Mortgage Insurance Premium as defined in the Loan Agreement as well as all sums due to the loan servicer for servicing activities as defined in the Loan Agreement. Any amounts disbursed by Lender under this Paragraph shall become an additional debt of Borrower as provided for in the Loan Agreement and shail be secured by this Security Instrument. inspection. Lender or its agent may enter on, inspect or make appraisals of the Property in a reasonable manner and at reasonable times provided that Lender shall give the Borrower notice prior to any inspection or appraisal specifying a purpose for the inspection or appraisal which must be related to Lender's interest in the Property. If the Property is vacant or abandoned or the loan is in default, Lender may take reasonable action to protect and preserve such vacant or abandoned Property without notice to the Borrower. poo Book5144/Page638 CFN#2009003533 Page 3 of 14 Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation, or other taking of any part of the Property, or for conveyance in place of condemnation shall be paid to Lender. The proceeds shall be applied first to the reduction of any indebtedness under a Second Note and Second Security Instrument held by the Secretary on the Property, and then to the reduction of the indebtedness under the Note and this Security Instrument. Any excess proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. Fees. Lender may collect fees and charges authorized by the Secretary. Grounds for Acceleration of Debt. (a) Due and Payable. Lender may require immediate payment-in-full of all sums secured by this Security Instrument if: (i) ‘A Borrower dies and the Property is not the principal residence of at least one surviving Borrower; or (i) All of a Borrower's title in the Property (or his or her beneficial interest in a trust owning all or part of the Property) is sold or otherwise transferred and no other Borrower retains title to the Property in fee simple or retains a leasehold under a lease for less than 99 years which is renewable or a lease having a remaining period of not less than 50 years beyond the date of the 100th birthday of the youngest Borrower or retains a life estate, (or retaining a beneficial interest in a trust with such an interest in the Property). {b) Due and Payable with Secretary Approval. Lender may require immediate payment-in-full of all sums secured by this Security Instrument