Complaint,Petition: New York Community Bank Plaintiff vs. Sam K. Baik, et al Defendant

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                                Case Number: CACE-15-012736 Division: 11
Filing # 29813041 E-Filed 07/17/2015 05:17:23 PM

IN THE CIRCUIT COURT OF THE 17TH JUDICIAL CIRCUIT
IN AND FOR BROWARD COUNTY, FLORIDA

NEW YORK COMMUNITY BANK,

Plaintiff,
v. CASE NO.:

SAM K. BAIK, a married man; CHANG S.
BAIK, a married woman; WASHINGTON
MUTUAL BANK, FA; SORRENTO
HOMEOWNERS ASSOCIATION, INC., a
Florida non-profit corporation; RIVIERA ISLES
MASTER ASSOCIATION, INC., a Florida non-
profit corporation; UNKNOWN TENANT 1;
UNKNOWN TENANT 2; and ALL OTHERS
WHOM IT MAY CONCERN,

Defendants.
/

 

VERIFIED COMPLA!

Plaintiff, NEW YORK COMMUNITY BANK (“NYCB” or “Plaintiff’), sues SAM K.
BAIK, a married man; CHANG S. BAIK, a married woman; WASHINGTON MUTUAL BANK,
FA; SORRENTO HOMEOWNERS ASSOCIATION, INC., a Florida non-profit corporation;
RIVIERA ISLES MASTER ASSOCIATION, INC., a Florida non-profit corporation;
UNKNOWN TENANT 1; UNKNOWN TENANT 2 and ALL OTHERS WHOM IT MAY
CONCERN; and alleges:

1. This is an action for breach of note and to foreclose a mortgage against all
defendants on real property located in Broward County, Florida, for damages that exceed
$15,000.00, exclusive of interest, costs and attorney’s fees, and legally described as follows:

LOT 17 OF BLOCK C, RIVIERA ISLES II, ACCORDING TO THE PLAT

THEREOF FILED OF RECORD IN PLAT BOOK 172, PAGE 36, PUBLIC
RECORDS OF BROWARD COUNTY, FLORIDA.

*** FILED: BROWARD COUNTY, FL HOWARD FORMAN, CLERK 7/17/2015 5:17:19 PM.****Also known as: 4802 SW 157TH WAY, MIRAMAR, FLORIDA 33027 (hereinafter the
"Property").

2. On July 7, 2004, SAM K. BAIK executed and delivered an Adjustable Rate Note
(the “Note”) to Homebuyers Financial Corporation ("HBC") in Broward County, Florida. A true
and correct copy of the Note is attached hereto as Exhibit “A.”

3. On the same day, July 7, 2004, HBC executed an Endorsement Allonge to Note to
Ohio Savings Bank. See Exhibit A.

4. On July 7, 2004, SAM K. BAIK and CHANG S. BAIK, his wife, executed and
delivered a Mortgage, which was recorded on July 15, 2004 in O.R. Book 37828, Page 2, Public
Records of Broward County, Florida (hereinafter “Mortgage”) securing the payment of the Note
to Mortgage Electronic Registration Systems, Inc., (hereinafter “MERS”) acting solely as nominee
for HBC. The Mortgage encumbered the property described therein then owned by and in the
possession of SAM K. BAIK and CHANG S. BAIK. A true and correct copy of the Mortgage is
attached hereto as Exhibit “B.”

5. On or about January 10, 2012, MERS acting solely as nominee for HBC, executed
and delivered an Assignment of Mortgage, which was recorded on February 9, 2012 in O.R. Book
48503, Page 1888, Public Records of Broward County, Florida, to Plaintiff. A true and correct
copy of the Assignment of Mortgage is attached hereto as Exhibit "C."

6. Plaintiff acquired the Note and Mortgage from the Federal Deposit Insurance
Corporation ("FDIC"), as Receiver for AmTrust Bank F/K/A Ohio Savings Bank on or about
December 4, 2009, pursuant to a Purchase and Assumption Agreement with the FDIC. A true and
correct copy of the Redacted Purchase and Assumption Agreement is attached hereto as Exhibit
“D” and incorporated herein. Plaintiff has the right to enforce said Note and Mortgage by virtue

of acquiring the Note and Mortgage, and the rights to enforce same, from the FDIC.7. SAM K. BAIK failed to pay the installment payment under the Note due on May
1, 2011, among other subsequent installment payments.

8. On May 28, 2015, Notices of Default letters were sent to SAM K. BAIK and
CHANG S. BAIK. True and correct copies of the Notices of Default are attached hereto as
Composite Exhibit “E.”

9. SAM K. BAIK and CHANG §. BAIK own the property described in the Mortgage
and hold possession thereof.

10. Plaintiff declares the full amounts payable under the Note and Mortgage to be due.

11. Plaintiff is the owner and holder of the original Note secured by the Mortgage.
Plaintiff also owns and holds the Original Mortgage.

12. SAMK. BAIK and CHANG S. BAIK owe $358,321.27 that is due as principal on
the Note and Mortgage; interest from April 1, 2011; taxes and insurance which Plaintiff may
become obligated to pay in order to protect the property described in the Mortgage; sums advanced
by Plaintiff to pay prior mortgages on the subject property; and title search expenses for
ascertaining necessary parties to this action, all of which sums are secured by the lien of the
Mortgage herein sought to be foreclosed.

13. Plaintiff has obligated itself to pay the undersigned attorneys a reasonable fee for
their services for which Plaintiff is entitled to recover under the terms of the Note and Mortgage.

14. All conditions precedent to the filing of this action have been performed have

occurred, or have been waived.

COUNTI
(Breach of Promissory Note)

15. Plaintiff realleges and incorporates by reference paragraphs 1 through 14 above.16. SAM K. BAIK failed and refused to make installment payments on the Note when
due and, as a result, breached the Note.

17. As a result, Plaintiff has suffered damages.

WHEREFORE, Plaintiff, NEW YORK COMMUNITY BANK, demands judgment for
damages against Defendant, SAM K. BAIK, together with attorneys’ fees and costs and any such
other and further relief as this Court deems just and equitable under the circumstances

COUNT IT
Mortgage Foreclosure

18. Plaintiff realleges and incorporates by reference paragraphs | through 17 above.

19. The Mortgage mortgaged the Property described herein then owned by and in
possession of the mortgagors.

20. There has been a default under the Note and Mortgage owned and held by Plaintiff.

21. SAM K. BAIK and CHANG S. BAIK own the Property and hold possession
thereof.

22. Asa matter of title, Defendant, CHANG S. BAIK, may seck to claim an interest
in the Property herein sought to be foreclosed by virtue of the Property being homestead property
and/or defendant(s) occupancy thereof, but said interest is subordinate to the interest of the Plaintiff
herein.

23. Asa matter of joining necessary parties, all unknown parties claiming by, through,
under, or against the Defendants named herein who are not known to be dead or alive, whether
said unknown parties claim as heirs, devisees, grantees, assignees, lienors, creditors, trustees,
spouses, or other claimants, having or claiming to have any right, title, or interest in the Real
Property described herein by virtue of their relationship to the Defendants herein, may seek to
claim an interest in the Real Property herein sought to be foreclosed, but said interest, if any, is

subordinate and inferior to the interest of Plaintiff herein.

424. WASHINGTON MUTUAL BANK, FA is named as a Defendant claiming an
interest in the subject property by virtue of a certain Equity Line of Credit Mortgage recorded in
O.R. Book 40129, at Page 32, in the Public Records of BROWARD County, Florida, attached
hereto as Exhibit “F.” The interest of this Defendant is subject, subordinate and inferior to the
lien of the Mortgage held by Plaintiff.

25, SORRENTO HOMEOWNERS ASSOCIATION, INC. is named as a defendant by
reason of its possible claim to a lien on the property due to unpaid assessments and maintenance
fees, pursuant to the Declaration of Covenants, Restrictions and Easements for Sorrento, recorded
in Official Records Book 34781, Page 197, Public Records of Broward County, Florida and by
virtue of certain Quit-Claim Deeds recorded in O.R. Book 40040, Page 971; and O.R. Book 40040,
page 974, respectively, in the Public Records of Broward County, Florida. The Quit Claim Deeds
are attached hereto as Composite Exhibit "G." The interest in the subject property held by this
defendant is subject to, subordinate, and inferior to NYCB’s interest.

26. RIVIERA ISLES MASTER ASSOCIATION, INC. is named as a defendant by
reason of its possible claim to a lien on the property due to unpaid assessments and maintenance
fees pursuant to the Declaration of Covenants, Restrictions and Easements of Riviera Isles,
recorded in Official Records Book 30699, Page 915, Public Records of Broward County, Florida.
The interest in the subject property held by this defendant is subject to, subordinate, and inferior

to NYCB’s interest.

27. UNKNOWN TENANT | and UNKNOWN TENANT 2 are named as defendants
by virtue of having possession or another interest in the subject property. Any possessory or other

interest held by these defendants is subject to, subordinate, and inferior to NYCB’s interest in the

subject property.WHEREFORE, Plaintiff, NEW YORK COMMUNITY BANK, demands an
adjudication that the Mortgage is prior and superior to the right, title, interest or lien of any other
party to this action; foreclose the interest of all persons or entitics with a subordinate interest in
the Real Property or claiming some right in the Real Property after the filing of the Notice of Lis
Pendens in this action; and an accounting under the Note and Mortgage, including principal and
accrued interest, all costs of these proceedings, taxes, insurance, abstract and title expenses and
teasonable attorney's fees; a judgment against the Defendants, and if the sum found to be due is
not paid within a time set by this court, the encumbered Real Property be sold to satisfy the
judgment; and that the Defendants and each of them and their estates and all persons claiming
under or against the Defendants since the filing of the Notice of Lis Pendens be forever
foreclosed; that this court retain jurisdiction of this cause to enter such orders as may be
necessary to enforce this judgment; and that the court grant such other and further relief as

appears just and equitable under the circumstances.

S

 

Dated this lay of July, 2015.

 

Florida Bar No. 373745
nsivyer@sbwlegal.com
nasassistanl@sbwlegal.com

Robert L. Chapman

Florida Bar No. 0064748
jearricato@sbwiegal.com

SIVYER BARLOW & WATSON, P.A.
401 East Jackson Street, Suite 2225
Tampa, FL 33602

‘Telephone: (813) 221-4242

Facsimile: (813) 227-8598

Attorneys for PlaintiffVERIFICATLON
Under penalties 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.

i

Dated this /°~ day of July, 2015.

NEW YORK COMMUNITY BANKADJUSTABLE RATE NOTE

{Ten Year Interest Only Payments)
(One-Year Treasury Index — Rate Caps)

THIS NOTE CONTAINS -PROVISIONS ALLOWING FOR A CHANGE IN MY FIXED
INTEREST RATE TO AN ADJUSTABLE INTEREST RATE AND FOR CHANGES IN MY
MONTHLY PAYMENT. THIS NOTE LIMITS THE AMOUNT MY ADJUSTABLE INTEREST
RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE I MUST PAY.

duly 7, 2004 MARGATE Florida

Date] [City] [State]
4802 SW 157TH WY, MIRAMAR, FL 33027
[Property Address]
L BORROWER’S PROMISE TO PAY
In return for a Joan that I have received, I promise to pay U,S. $ 359,000.00 (this

amount is called “Principal”), plus interest, to the order of Lender, Lender is HOMEBUYERS FINANCIAL
CORPORATION
1 will make all payments under this Note in the form of. cash, check or money order.

I understand that Lender may transfer this Note, Lender or anyone who takes this Note by transfer and who is
entitled to receive payments under this Note is called the “Note Holder.”

2, INTEREST :
Interest will be charged on unpaid principal until the full amount of Principal has been paid, J will pay interést'ata
yearly rate of 6.500 %, The interest rate I will pay may change in accordance with Section 4 of this Note,
The interest rate required by this Section 2 and Section 4 of this Note is the rate I will pay both before and cafter any
default described in Section 7(B) of this Note. %

oO
3. PAYMENTS rN
(A) Time and Place of Payments
I will make a payment on the first day of every month, beginning on September, 2004 . Before the First WwW
Principal and Interest Payment Due Date as described in Section 4 of this Note, my payment will consist only of the interest WW
due on the unpaid Principal balance of this Note. Thereafter, I will pay Principal and interest by making a payment every
month as provided below. yw
I will make my monthly payments of Principal and interest beginning on the First Principal and Interest Payment &
Due Date as described in Section 4 of this Note. I will make these payments every month until I have paid all of the Principal
and interest and any other charges described below that I may owe under this Note, Each monthly payment will be applied as
of its scheduled due date, and if the payment includes both Principal and interest, it will be applied to interest before
Principal. If, on August 1, 2034 T stil owe amounts under this Note, I will pay those amounts in full on i
that date, which is called the “Maturity Date.” :
I will make my monthly payments at HOMEBUYERS FINANCIAL CORPORATION, 4400 WEST SAMPLE ROAD 4230, COCONUT

CREEK, FL 33073
or at a different place if required by the Note Holder.

@) Amount of My Initial Monthly Payments
My initial monthly payment will be in the amount of U.S.$ 1,944.59 before the first Change Date and
thereafter will be in an amount sufficient to pay the interest, at the rate determined as described in Section 4 of this Note until

Poke
Multistate Adjustable Rate Note (Ten Year Interest Only Payments) (One-Year Treasury Index - Rate Cap)

pee ExT AMBRE
ALLONGE ATTACHED

30333MU 03/04

tabblestthe First Principal and Interest Payment Due Date, and thereafter will be in an amount sufficient to repay the principal and
interest at the rate determined as described in Section 4 of this Note in substantially equal installments by the Maturity Date.
The Note Holder will notify me prior to the date of | change in monthly payment.

©} Monthly Payment Changes

Changes in my monthly payment will-reflect changes, as applicable, in the unpaid Principal of my loan and in the
interest rate that | must pay. The Note Holder will determine my new interest rate and the changed amount of my monthly
payment in accordance with Section 4 or 5 of this Note.

4. ADJUSTABLE INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Change Dates
The initial fixed interest rate 1 will pay will change to an adjustable interest rate on the first day of
August, 2007 and the adjustable interest rate I will pay may change on that day every 12th month thereafter.
The date on which my initial fixed interest rate changes to an adjustable interest rate, and each date on which my adjustable
interest rate could change, is called a “Change Date.”

@) The Index

Beginning with the first Change Date, my adjustable interest rate will be based on an Index. The “Index” is the
weekly average yield on United States Treasury securities adjusted to a constant maturity of one year, as made available by
the Federal Reserve Board. The most recent Index figure available as of the date 45 days before each Change Date is called
the “Current Index.”

If the Index is no longer available, the Note Holder will choose a new index that is based upon comparable
information. The Note Holder will give me notice of this choice.

@ Calculation of Changes

Before each Change Date, the Note Holder will calculate my new interest rate by adding

three and 125/1000ths percentage points ( 3.125 %) to the Current Index. The Note
Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the
limits stated in Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date. The result
of this calculation will be used to determine the new amount of my monthly payment during the interest only period.

For monthly payments owing after the interest only period, the Note Holder will then determine the amount of the
monthly payment that would be sufficient to repay the unpaid Principal that I am expected to owe at the Change Date in full
on the Maturity Date at my new interest rate in substantially equal payments, The result of this calculation will be the new
amount of my monthly payment.

Limits on Interest Rate Changes

The interest rate I am required to pay at the first Change Date will not be greaterthan 8.500 % or less
than 4.500 — %, Thereafter, my adjustable interest rate will never be increased or decreased on any single Change
Date by more than two percentage points from the rate of interest I have been paying for the preceding 12 months, My
interest rate will never be greater than 12.500 %.

() Effective Date of Changes

My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly
payinent beginning on the first monthly payment date after the Change Date until the amount of my monthly payment
changes again.

®) Notice of Changes

Before the effective date of any change in my interest rate and/or monthly payment, the Note Holder will deliver or
mail to me a notice of such change. The notice will include information required by law to be given to me and also the title
and telephone number of a person who will answer any question I may have regarding the notice.

G) Date of First Principal and Interest Payment

The date of my first payment consisting of both Principal and interest on this Note (the “First Principal and Interest
Payment Due Date”) shall be september 1, 2014

Prior to the date of my First Principal and Interest Payment, the Note Holder will determine the amount of the
monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the First Principal and
Interest Payinent Due Date in full on the Maturity Date at my new interest rate in substantially equal payments. The result of
this calculation will be the new amount of my monthly payment.

Bail

30333MU 03/704

LOAN NUMBER: 1553392
Multistate Adjustable Rate Note (Ten Year Interest Only Payaienis) (One-Year Treasury Index - Rate Caps)

Ohio Savings Bank Page 2 of 5
OE‘5. ‘BORROWER’S RIGHT TO PREPAY

I have the right to make payments of Principal at any time before they are due. A payment of Principal only is
known as a “Prepayment.” When I make a Prepayment, | will tell the Note Holder in writing that | am doing so. I may not
designate a payinent as a Prepayment if I have not nade al] the manthly payments due under the Note.

I nay make a full Prepayment or partial Prepayments without paying a Prepayment charge. The Note Holder will
use my Prepayments to reduce the amount of Principal that | owe under this Note. However, the Note Holder may apply my
Prepayment to the accrued and unpaid interest on the Prepayment amount, before applying my Prepayment to reduce the
Principal amount of the Note. If ] make a partial Prepayment, there will be no changes in the due date of my monthly
payment unless the Note Holder agrees in writing to those changes, If the partial Prepayment is made during the period when
my monthly payments consist only of interest, the amount of the monthly payment will decrease for the remainder of the
term when my payments consist only of interest. If the partial Prepayment is made during the period when my payments
consist of Principal and interest, my partial Prepayment may reduce the amount of my monthly payments after the first
Change Date following my partial Prepayment. However, any reduction due to my partial Prepayment may be offset by an
interest rate increase.

6. LOAN CHARGES

If a law, which applies to this loan and which sets maximum loan charges, is finally interpreted so that the interest or
other loan charges collected or to be collected in connection with this loan exceed the permitted limits, then: (a) any such
loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already
collected from me that exceeded permitted limits will be refunded to me. The Note Holder may choose to make this refund
by reducing the Principal 1 owe under this Note or by making a direct payment to me. If a refund reduces Principal, the
reduction will be treated as a partial Prepayment.

1 BORROWER'S FAILURE TO PAY AS REQUIRED

(A) Late Charges for Overdue Payments

If the Note Holder has not received the full amount of any monthly payment by theendof 15 calendar days
after the date it is due, I will pay a late charge to the Note Holder. The amount of the charge willbe 5.000 % of
my overdue payment of interest, during the period when my payment is interest only, and of | Principal and interest thereafter,
I will pay this late charge promptly but only once on each late payment.

(B) Default

IfI do not pay the full amount of each monthly payment on the date it is due, I will be in default.

© Notice of Default

If 1 am in default, the Note Holder may send me a written notice telling me that if I do not pay the overdue amount
by acertain date, the Note Holder may require me to pay immediately the full amount of Principal that has not been paid and
all the interest that I owe on that amount. That date must be at least 30 days after the date on which the notice is mailed to
me or delivered by other means.

(@D) No Waiver By Note Holder

Even if, at a time when 1 am in default, the Note Holder does not require me to pay immediately in full as described
above, the Note Holder will still have the right to do so if I am in default at a later time.

«) Payment of Note Holder’s Costs and Expenses

If the Note Holder has required me to pay immediately in full as described above, the Note Holder will have the
right to be paid back by me for all of its costs and expenses in enforcing this Note to the extent not prohibited by applicable
law. Those expenses include, for example, reasonable attomeys’ fees,

8, GIVING OF NOTICES

Unless applicable law requires a different method, any notice that must be given to me under this Note will be given
by delivering it or by mailing it by first class mail to me at the Property Address above or at a different address if 1 give the
Note Holder a notice of my different address.

Unless the Note Holder requires a different method, any notice that must be given to the Note Holder under this
Note will be given by mailing it by first class mail to the Note Holder at the address stated in Section 3(A) above or at a
different address if I am given a notice of that different address,

Baile

30333MU 03/04

TOAN_NUMBER: 1553392.
Multistate Adjustable Rate Note (Ten Year Interest Only Payments) (One-Year Treasury Index - Rate Caps)

Ohio Savings Bank Page 3 of S
RAN‘9, + ‘OBLIGATIONS OF PERSONS UNDER THIS NOTE

If more than one person signs this Note, each person is fully and personally obligated to keep all of the promises
made in this Note, including the promise to pay the full amount owed. Any person who is a guarantor, surety or endorser of
this Note is also obligated to do these things. Any person, who takes over these obligations, including the obligations of a
guarantor, surety or endorser of this Note, is also obligated to keep all of the promises made in this Note. The Note Holder
may enforce its rights under this Note against each person individually or against all of us together. This means that any one
of us may be required to pay all of the amounts owed under this Note.

10. WAIVERS

Tand any other person who has obligations under this Note waive the rights of Presentment and Notice of Dishonor.
“Presentment” means the right to require the Note Holder to demand payment of amounts due. “Notice of Dishonor” means
the right to require the Note Holder to give notice to other persons that amounts due have not been paid.

i, UNIFORM SECURED NOTE
This Note is a uniform instrument with limited variations in some jurisdictions. In addition to the protections given
to the Note Holder under this Note, a Mortgage, Deed of Trust, or Security Deed (the “Security Instrument”), dated the same
date as this Note, protects the Note Holder from possible losses that might result if I do not kecp the promises that I make in
this Note. That Security Instrument describes how and under what conditions 1 may be required to make immediate payment
in ful] of all amounts I owe under this Note. Some of those conditions read as follows:
(A) Until my initial fixed interest rate changes to an adjustable interest rate under the terms stated in Section 4
above, Uniform Covenant 18 of the Security Instrument shall read as follows:
Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18,
“Interest in the Property” means any legal or beneficial interest in the Property, including, but not limited
to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or
escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser.
If all or any part of the Property or any Interest in the Property is sold or transferred (or if
Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without
Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this
Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited
by Applicable Law.
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice
shall provide a period of not less than 30 days from the date the notice is given in accordance with Section
15 within which Borrower inust pay all sums secured by this Security Instrument. If Borrower fails to pay
these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this
Security Instrument without further notice or demand on Borrower.
(B) When my initial fixed interest rate changes to an adjustable interest rate under the terms stated in Section 4
above, Uniform Covenant 18 of the Security Instrument described in Section 11(A) above shall then cease to be in effect, and
Uniform Covenant 18 of the Security Instrument shall instead read as follows:

Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18,
“Interest in the Property” means any legal or beneficial interest in the Property, including, but not limited
to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or
escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser.

If all or any part of the Property or any Interest in the Property is sold or transferred (or if
Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without
Lender’s prior written consent, Lender may require immediate payment in full of all sums secured by this
Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited
by Applicable Law. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to
Lender information required by Lender to evaluate the intended transferee as if a new loan were being
made to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by
the loan assumption and that the risk of a breach of any covenant or agreement in this Security Instrument
is acceptable to Lender.

To the extent permitted by Applicable Law, Lender may charge a reasonable fee as a condition to
Lender’s consent to the loan assumption. Lender also may require the transferee to sign an assumption
agreement that is acceptable to Lender and that obligates the transferee to keep all the promises and

>
LOAN. NUMBER: 1553392 Baile
Multistate Adjustable Rate Note (Ten Year Interest Only Payments) (One-Year Treasury Index - Rate Caps)
30333MU 03404

Ohio Savings Bank Page 4 of 5
MN* + agreements made in the Note and in this Security Instrument. Borrower will continue to be obligated under

the Note and this Security Instrument unless Lender releases Borrower in writing.

If Lender exercises the option to require immediate payment in full, Lender shall give Borrower
notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is
given in accordance with Section 15 within which Borrower must pay all sums secured by this Security
Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke
any remedies permitted by this Sccurity Instrument without further notice or demand on Borrower.

 
  

WITNESS THE HAND(S) AND LL UNDERSIGNED,
GY a
tA et (Seu)

  

 

 

 

(Seal)

-Borrower -Borrower

(Seal) (Seal)

-Borrower “Borrower
{Sign Original Only]

UMBER: 1553392
Mulustate Adjustable Rate Note (Ten Year Interest Only Payments) (One-Year Treasury Index - Rate Caps)

0333MU 03/04

Ohio Savings Bank Page 5 af 5} : }

LENDER: HOMEBUYERS FINANCIAL CORPORATION

BORROWER: SAM K BAIK

PROPERTY: 4802 SW 157TH WY, MIRAMAR, FL 33027
LOAN NO. /MIN: 1553392 / 100162500015533921

ENDORSEMENT ALLONGE TO NOTE

This Allonge to Note is to that certain Note dated duly 7, 2004 » executed by SAM K
BAIK
in the amount of $ 359,000.00 » in favor of HOMEBUYERS FINANCIAL CORPORATION

as payee. This Allonge is affixed and becomes a permanent part of said Note.

PAY TO THE ORDER OF

 

VINGS BANK Cleveland, Ohio 20.
co PAY TO THE ORDER OF
Without Recourse
WITHOUT RECOURSE. © BANK

      
 
   

BANK, F.S.8.

LENDER: HOMEBUYERS .FINANCIAL.CORPORATION

 

Endorsement Allonge to Note (Multistate)
‘THE CompiaaNcr Source, Inc.
To Order Call: (972) 980-2178 Fax (972) 392-2891

www compliancesoures.com

 

 

(page 1 of 1 pages)
NS103MU 0196 Rev. 0899
©1999, All Rights ReservedPAY TO THE ORDER OF THE FEDERAL HOME LOAN Baleor—”
CINCINNATI WITHOUT RECOURSE OR WARRANTY,

 

UCT ica ct
LICE pytiwe ta es

 

‘The undersigned hereby celeasas al ItyIrterest in the weittes
note and / et mortgage of died of trusL without recourse,

   

  
  
  

Ge. Hee bee

AMC? OVMKCEN # 104162631, OR BK 37928 Page 2, Page 1 of 23, Recorded 07/15/2004 at
08:37 AM, Broward County Commission, Doc M: $1256.50 Int. Tax $718.00 Deputy
Clerk 2165

a

5100 WEST COPANS ROAD, STE 600

MARGATE, FL 33063
HARRY BINNIE

FOUNDERS TITLE

RETURN TO;

W/C BOX # 64
R304~C-O17

Prepared by or under the supervision of:

HOMEBUYERS PINANCIAL CORPORATION
[Name of Natural Porson}

4400 W. SAMPLE RD. SUITE 230
[Sire Adéross}

‘coconur , EL 33073
aL

Aitenseaneding-plaerabunta:
ORIO SAVINGS BANK ATIN: DOCUMENT CONTROL

[Company Name}

{Name of Naturat Person]

1111 CHESTER AVE
(Sirest adtrass}

CLEVELAND, O8 44114
{etly, Stata Zip Eade} :
{Space Above This Lino For Reconting Data]
MORTGAGE
MIN 100162500015533921
DEFINITIONS

Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11,
13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16.

(A) “Security Instrument” means this document, which is dated July 7, 2004
together with all Riders to this document,

@) _ “Borrower"is SAM K. BAIK, A MARRIED MAN, JOINED BY CHANG S. BAIK, HIS
WIFE

Balle see€_

« Borrower is the mortgagor under this Security Instrument,
LOAN NUMBER: 1553392

 

Florida Mortgage Single Family-Fanule Mao/Freddle Mac UNIFORM INSTRUMENT MERS Modified Form 3010 O11
‘Tae CamPUANCE SOURCE, INC.— Pages of 18 YOUML Mar
—anannoceee 200, Ts Compnce Sure

 

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EXHIBITCEN # 104162631, OR BK 37828 PG 3, Page 2 of 23

(C)__“MERS” is Mortgege Electronic Registration Systems, Inc. MERS is a separete corporation that is acting
solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security
Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephooe
number of P.O. Box 2026, Flint, MI 48501-2026, tel (888) 679-MERS.

@) “Lender” is HOMEBUYERS FINANCIAL CORPORATION

Lender isa corporation organized and existing under the laws of
THE STATE OF FLORIDA « Lender's address is. 4400 W. SAMPLE RD. SUITE
230, COCONUT CREEK, FL 33073

(©) “Note” means the promissory note signed by Borrower and dated duly 7, 2004

‘The Note states that Borrower owes Lender three hundred fifty nine thousand and
N0/100ths. Dollars (U.S. $ 359,000.00)

plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not
Jater than August 1, 2034

(F) “Property” means tbe property that is described below under the heading “Transfer of Rights in the

(G) “Loan” means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due
under the Note, and all sums due under this Security Insument, plus interest,

(H) “Riders” means all Riders to this Security Instrument that exe executed by Borrower. The following
Riders are to be executed by Borrower [check bax as applicable}:

fi Adjustable Rate Rider) Condominium Rider 1 Second Home Rider

) Balloon Rider fq Planned Unit Development Rider  [[] Biweekly Payment Rider
(J 1-4 Family Rider CD Revocable Trust Rider

DD Other(s) fspecityy

@) Applicable Law" means all cootrolling applicable federal, state and local stanutes, regulations, ordinances
and edministrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable
judicial opinions,

@ “Community Association Dues, Fees, and Assessments” means all ducs, fees, assessments and other
charges that are imposed on Borrower or the Property by a condominium association, homeowners association or
similar organization.

(K) “Electronic Funds Transfer” means any transfer of funds, other than a transaction originated by check,
draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer,
or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term
includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by
telephone, wire transfers, and autornated clearinghouse transfers.

(@) “Escrow Items” means those items that are described in Section 3.

 

LOAN MMBER: 1553392 Baik Seek
Florida Mortgage Sige Ful Fannie Mao¥ rods Mac UNFORM INSTRUMENT Ta Was Farm i008
“pnt Commetincr SoUncR, Ine Paget ets

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CTCEN # 104162631, OR BK 37628 PG 4, Page 3 of 23

(M) “Miscellaneous Proceeds” means any compensation, settlement, award of damages, or proceeds paid by
any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to,
‘or destruction of, tbe Property; (ii) condemmation or other taking of all or any part of the Property; (ii) conveyance
in ticu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property.

 

(N) “Mortgage Insurance” means insurance protecting Lender against the aonpayment of, or default on, the

(©) “Periodic Payment” means the regularly scheduled amount due for (i) principal and interest under the
Note, plus (ii) any amounts under Section 3 of this Security Instrument.

{P)  “RESPA” means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its
implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any
additional or successor legislation or regulation that governs the same subject matter. As used in this Security
Instrument, “RESPA" refers to all requirements and restrictions that are imposed in regard to a “federally related
mortgage loan” even if the Loan docs not qualify as a “federally related mortgage lon” under RESPA.

(Q “Successor im Interest of Borrower" means any party that bas taken title to the Property, whether or not
that party bas assumed Borrower's obligations under the Note and/or this Security Instrument.

TRANSFER OF RIGHTS IN THE PROPERTY

This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and
modifications of the Note; and (ji) the performance of Borrower's covenants and agreements imder this Security
Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as
nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, the following
described property located in the
(Type of Recording Jurisdiction}

of ‘BROWARD

[Name of Racording Jundictlon}
LOT 17 OF BLOCK C, RIVIERA ISLES III, ACCORDING TO THE PLAT THEREOF FILED OP
RECORD IN PLAT BOOK 172, PAGE 36, PUBLIC RECORDS OF BROWARD COUNTY, FLORIDA.

 

which currently bas the address of 4802 Sw 157TH WY
[Stoo
MIRAMAR » Florida 33027 (Property Address”):
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JOAN NUMBER: 1553392 Pack Cooke
FRorian Mortgage Sings Faay- Panis Mac vedli Mac UNIFORM INSTRUMENT vans Mead Tras wat
“pm Covianer Soumer, Pages 1S

CTTCFN # 104162631, OR BK 37828 PG 5, Page 4 of 23

TOGETHER WITH all the improvements now of herzafter erected on the property, and ait eascments,
appurtenances, and fixtures now or bercafter a part of the property. All replacements and edditions shalt also be
covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the “Property.”
Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this
Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee fot Lender and Lender's
successors nnd assigns) bas the right: to exercise any or all of those interests, including, but not limited to, the right
to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing
and canceling this Security Instrument,

BORROWER COVENANTS that Borrower is lawfully scised of the estate hereby conveyed and has the
right to mortgage, grent and convey the Property and that the Property is unencumbered, except for encumbrances of
secord, Borrower warrants and will defend generally the title to the Property against all elaims and demands, subject
to any encumbrances of revord

‘THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-vniform
covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property.

UNIFORM COVENANTS. Borrower asd Lender covenant and agree as follows:

1, Payment of Principal, Interest, Escrow Items, Prepayment Charges, aud Late Charges.
Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment
charges and late chasges due under the Note, Borrower shal! also pay finds for Escrow Items pursuant to Section 3.
Payments due under the Note and this Security Instrument shall be made in U.S, currency, However, if any check or
other instrament received by Lender as payment under the Note or this Security Instrument is returned to Lender
unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be
made in one or more of the following forms, as selected by Lender: (a) easb; (b) money order; (c) certified check,
benk check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose
deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer.

Payments are deemed received by Lender when received at the location designated in the Note or at such
other location as may be designated by Lender in aceordance with the notice provisions in Section 15. Lender may
Tetum any payrnent or partial payment if the payment or partial payments are insufficient to bring the Loan current.
Lender may accept any payment or partial payment insufficient to bring the Loan curent, without waiver of any
rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not
obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of
its scheduled due date, then Lender need not pay interest on unapplied funds, Lender may hold such unapplied
funds uatil Borrower makes payment to bring the Loan current. If Borrower docs not do so within a reasonable
period of time, Lender sball either apply such funds or return them to Borrower. If not applied earlier, such funds
will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or
claim which Borrower might have now or in the funure against Lender shall relieve Borrower from making payments
due under the Note and this Security Instrument or performing the covenants and agreements secured hy this
Security Instrument,

2, Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments
accepted and applied hy Lender shall be applied in the following order of priority: (a) interest due under the Note;
(©) principal due under the Note; (c) amounts duc under Section 3. Such payments shall be applied to each Periodic
Payment in the order in which it beceme due. Any remaining amounts shall be applied first to late charges, second
to any other armounts due under this Security Instrument, and then to reduce the principal balance of the Note.

If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient
amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If
more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the

 

LOAN NUMBER: 1553392 Bath Spoke
‘Florida Mortgage Single Femily- Fannie Mac/Rreddle Mac UNIFORM INSTRUMENT MERS Modified Farm 3010 01/03
Tint COMPLIANCE SOURCE, INc— Page 4 of 15, oun om

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‘ee mgr cmtCEN # 104162631, OR BK 37828 PG 6, Page 5 of 23

repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that
any excess exists after the payment is applied to the full payment of one or more Periodie Payments, such excess
aay be applied to any late charges due. Voluntary prepayroeats shall be applied first to any prepayment charges and
then as described in the Note,

Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the
‘Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments.

3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under
the Note, until the Note is paid in full, a sum (the “Funds”) to provide for payment of amounts due for: (a) taxes and
assessments and other items which ean attain priority over this Security Instrument as a lien or encumbrance on the
Property; (b) leasebold payments or ground rents on the Property, if any; (¢) premiums for any and all insurance
required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by
Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of
Section 10. These items are called “Escrow Items.” At origination or at any time during the term of the Loan,
Lender may require that Commmmity Association Dues, Fees, and Asscssunents, if any, be escrowed by Borrower,
and suc dues, fees and assessments shall be an Escrow Item, Borrower shall promptly furnish to Lender all notices
of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender
~vnives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's
obligation to pay to Lender Funds for any or all Escrow Items at any time, Any such waiver may only be in writing.
In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow
Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender
receipts evidencing such payment within such time period as Lender may require, Borrower's obligation to make
such payments end to provide receipts shal! for all purposes he deemed to be a covenant and agreement contained in
this Security Instrament, as the phrase “covenant and agreement” is used in Section 9. If Borrower is obligated to
pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item,
Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under
Section 9 to repay to Lender any such amount, Lender may revoke the waiver as to any or all Escrow Iteras at any
time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all
Funds, and in such armounts, that are then required under this Section 3,

Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the
Funds at the time specified under RESPA, and (b) not to exceed the maximum amoant a lender can require under
RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of
‘expenditures of furure Escrow Items or otherwise in accordance with Applicable Law.

The Funds shall be held in au institution whose deposits are insured by a federal agency, instrumentality, or
entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan
Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender
shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying
the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to rake
such a charge. Unless an agreement is made in writing or Applicable Law requircs iaterest 1o be paid on tbe Funds,
Lender shall not be required to pay Borrower any interest or earnings on the Funds, Borrower and Lender can agree
in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an
annual accounting of the Funds as required by RESPA.

If there is 2 surpins of Funds heid in escrow, as defined under RESPA, Lender shall account to Borrower
for the excess funds in accordance with RESPA. If there is @ shortage of Funds held in escrow, as defined under
RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount
necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is
a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by
RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with
RESPA, but in no more than 12 monthly payments.

 

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LOAN NUMBER: 1553392 Pale Soot.
Flerlds Mortgage Single Fuply-Paosie Macfvcdde Mac UNIFORM INSTRUMENT HERS Medio Form 3010 OU01
“ive Courtcance SouRcR INC Page of 15, roan

vc
aate (NE APRA aCFN # 104162631, OR BK 37828 PG 7, Page 6 of 23

Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to
‘Borrower any Funds held by Lender.

4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fives, and impositions
attributable to the Property which can attain priority over this Security Instrument, leaschold payments or ground
rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that
these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3.

Borrower shall promptly discharge any lien which has priority over this Security Instrument unless
Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to
Lender, but only so long as Borrower is performing such agreement; (b) conlests the lien in good faith by, or
defends against enforcement of the lien in, legal proceedings which in Lender’s opinion operate to prevent the
enforcement of the lien while those proceedings are pending, but only until sucb proceedings are concluded; or (¢)
secures from the holder of tbe lien an agreement satisfactory to Lender subordinating the lien to this Security
Instrument, If Lender determines that any part of the Property is subject to a lien which can attain priority over this
Security Instrument, Lender may give Borrower a notice ideraifying the lien. Within 10 days of the date on which
that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this
Section 4,

Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting
service used by Lender in connection with this Loan.

5, Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the
Property insured against loss by fire, hazards included within the term “extended coverage,” and any other hazards
including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be
maiotained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender
Tequires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier
Providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice,
which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan,
either: (a) one-time charge for flood zone determination, certification and tracking services, ot (b) a one-time
charge for flood zone determination and certification services and subsequent charges each time remappings or
similar changes occur which reasonably might affect such determination or certification, Borrower shall also be
responsible for the payment of any fees imposed by the Fede