Document for VISION CAPITAL ENTERPRISES INC A FLORIDA CORPORATI vs GULFSTREAM DEVELOPMENT GROUP LLC A FLORIDA LIMITED et al

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James Simas
3537 Telegraph Drive
San Jose, CA 95132

408 259-1299

September 11, 2007

Via Federal Express

 

Honorable Robert W. McDonald, Jr.

Sarasota County Clerk of the Court
2000 Main Street

Sarasota, FL 34237

Re: Vision Capital v James Simas — Case No. 07-Ca-8036-NC

Dear Judge McDonald:

I am responding to the case before you. I have no funds available to hire a proper
attorney. My attempts to find legal help have not been successful. I believe I have valid
defenses against this suit. Florida has a long history of abusive real estate transactions
and I know the courts don’t take kindly to deceptive real estate practices.

J have attempted to answer the complaint but I know the form and style of my answer

are not in the best format. Any help the court can provide in the way of advise would be
greatly appreciated.

Thank you for your attention in this matter.

Respectfully submitted, one a
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ionIN THE CIRCUIT COURT OF THE TWLFTH JUDICIAL CIRCUIT IN AND FOR
SARASOTA COUNTY, FLORIDA CIVIL ACTION

VISION CAPITAL ENTERPRISES, INC.
a Minnesota Corporation,

Plaintiff
V. CASE NO. 07-CA-8036NC

JAMES C. SIMAS, individual

DALE M. SIMAS, GULFSTREAM
DEVELOPMENT GROUP,

L.L.C.,a florida limited liability company,
UNKNOWN TENANT #1 and
UNKNOWN TENANT #2

COUNT 1
PROMISSORY NOTE

SIMAS alleges that the promissory note is invalid. United Mortgage along with
Gulfstream Development coerced the defendant by way of advertisement and marketing
materials that did not truly disclose the market value of the proposed completed house.
All parties, VISION CAPITAL ENTERPRESES, UNITED MORTGAGE, AND
GULFSTREAM DEVELOPMENT GROUP knew the estimated market price would not
meet the contract price. The default rests with these parties.

COUNT I
FORECLOSURE OF MORTGAGE

SIMAS alleges he has never taken possession of subject property. When notified of the
completion of the subject property the required payment from SIMAS was $55,63887
(Exhibit 1 Good Faith Estimate dated May 10, 2007). The original agreement was for
$5,866.75 (Exhibit 2 Good Faith Estimate - RESPA dated 07/27/06). This represents
almost a 1,000% increase. Simas alleges this exceeds any rational expectation of
completing the contract. Good faith should mean Good Faith.

UNITED MORTGAGE shopped for an appraiser that would bring in the required market
value for the loan. A verified independent appraisal would not have met the lenders
requirements.

Florida Mortgage Brokerage Contract page 1 (Exhibit 3) lists the appraised fair market
value in July of 2006 as $367,000. Comparable homes in that area have never reacheda

 

that number. Marketing materials for the project, project 30%-50% possible return on
investment (Exhibit 4). Investors were led to this investment by a bus tour affiliated with

Russ Whitney Wealth Intelligence Academy. A real estate seminar, followed by a bus
tour, and teaser entry costs.

UNITED MORTGAGE, VISION CAPITAL, GULFSTREAM DEVELOPMENT, and
THE WHITNEY ACADEMY were partners in this venture from the beginning. The

defendant believes these parties should be held equally responsible for any default
proceedings.

WHEREFORE, SIMAS demands the following:
GULFSTREAM DEVELOPMENT AND VISION be held solely responsible for any

insufficiency judgment. SIMAS to be relieved of $293,600 obligation due on note and
any related additional interest charges, attorney fees, or related expenses.

GULFSTREAM DEVELOPMENT to return $4,000 in earnest money deposits.From: "Jane Hernandez" 
Subjec?: Jane-from United Mortgage Corp.
Date: May 10, 2007 10:10:21 AM PDT
To:  |
“. 2 Attachments, 49.0 KB : Save = °

Good afternoon Mr. Simas,

Please see attached good faith estimates on your property located in North Port, Florida. Give me a call back to make sure you receive them and also
to go over the numbers and program.

Thank you very much for your business and prompt response to this matter,

Jane Hernandez

Loan Processor
United Mortgage Corp.
239-541-5145
239-541-5183 (efax)
janeh@umc.cc

GOOD FAITH ESTIMATE
Borrower(s): JAMES C. SIMAS Loan Number: 20071287
Property Address: 3031 THURSTON AVENUE, NORTH PORT, FL 34268 Date Prepared:
Prepared By: Loan Program:
1505 SE 40TH STREET 30 YEARS ALT-A 2ND UMC002

CAPE CORAL, FL 33904
The information provided below reflects estimates of the charges which you are likely to incur at the settlement of your loan. The fees listed are estimates - actual charges may be more or less. Your
transaction may not involve a fee for every item listed. The numbers listed beside the estimates generally correspond to the numbered lines contained in the HUD-1 or HUD-1A settlement statement
which you will be receiving at settlement The HUD-1 or HUD-1A settlement statement will chow you the actual cost for items paid ut settlement.

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Loan Amonnt $ 00,00 Interest Rate: 50 % Term: 260/360 mth A-.APR S/B - Selier/Broker Pale
Loan Origination Fee $ A.
Loan Discount $ pecan eeee he —
_AppraisalFee $ __
Credit Report $
Lender’s Inspection Fee $ A _
Mortgage Broker Fee $ A
Tax Related Service Fee $ AL neem
Processing Fee $0 A
811 Underwriting Fee _ ft § A
812 _Wire Transfer Fee _. _ $ A ___
BY OURIER 5 On $ A
814 DOCUMENT PREPARATION __ _ _ $ 45.00 __.
: p i —_. een
1100 TITLE CHARGES _ = a
1101 Closing or Escrow Fee _. _ ______A
1105 Document Preparation Fee eee $

 

1106 Notary Fees ZZ $
1107 Attorney Fees
1108 Title Insurance

ee — - —

 

 

1201 Recording Fees
1202 City/County Tax/Stamps
1203 State Tax/Stamps

| 4204 DOC STAMPS ON DEED

 

 

 

1302 Pest Inspection _

| 1303 FLOOD CERTIFICATION FEE
[1304 PACKAGE / WIRE FEE _
| 1305 TRANSACTION FEE
/

— a ET — _—

 

 

 

 

 

 

CE timated Closing Costs
900 FTEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE

— ; ae
| 901 Interest for __ 15__days @$_ 11.65 per day $174 74
| 902 Mortgage Insurance Premium | __ ee __ $ .

903__ Hazard Insurance Premium $

904 $e
|_905_ VA Funding Fee VA Rindina Fee $

Te - - ae

1000 RESERVES DEPOSITED WITH LENDER
1001 Hazard Insurance Premiu months

$
1002 Mortgage Ins. Premium Reserves months @ $ per month $

tAAN Om... WM...GOOD FAITH ESTIMATE

Borrower(s): JAMES C. SIMAS Loan Number: 20071287
Property Address: 3031 THURSTON AVENUE, NORTH PORT, FL 34288 Date Prepared:
Prepared By: Loan Program:

1805 SE 40TH STREET 30 YEARS ALT-A 2ND UMCO002

CAPE CORAL, FL 33904
The information provided below reflects estimates of the changes which you are likely to incur at the settlement of your loan. The fees listed are estimates - actual charges may be more or less. Your
transaction may not involve a fee for every item listed. The numbers listed beside the estimates generally correspond to the numbered tines contained in the HUD-1 or HUD-1A settlement statement
which you will be receiving at settlement. The HUD-1 or HUD-1A settlement statement will show you the actual cost for items paid at settlement.

Total Loan Amount $ 500.00 Interest Rate: 5250 % Term: 860/260 mths A- APR S/B - Selle

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

rst TOR €
800. ITEMS PAYABLE IN CONNECTION WITH LOAN: _
801 _ Loan Origination Fee _ _ $s . __A
802__ Loan Discount a A
803 Appraisal Fee _. $ _
804 Credit Report _ $
805 _ Lender’s Inspection Fee $ cc ea
808 _ Mortgage Broker Fee _ $ _ __A
809 _ Tax Related Service Fee . ; _ $ A
810 Processing Fee =  ——ss—“‘“‘;C _ _ $ A
811 Underwriting Fee _ $ A
812 Wire Transfer Fee __ _ _ S$ _ A
E QURIER rs ALISON ~ — — s A
814 DOCUMENT PREPARATION $ 45.00

 

815 APP ATION

 

 

    

  

1101 Closing or Escrow Fee
1105 Document Preparation Fee
1106 Notary Fees

1107 _ Attorney Fees

 

 

 

 

 

1201 Recording Fees
1202 City/County Tax/Stamps
1203__State Tax/Stamps

te bd

 

 

 

 

 

 

 

 

1300 ADDITIONAL SETTLEMENT CHARGES

 

 

 

 

 

 

 

 

 

 

1302 Pest Inspection $ —_
1303 OL ati ATION $
1304 PACKAGE/ WIF __. $ 100.00 A
oy LRAN SAC TOR eee neces $ 150.00
Estimated Closing Costs 3

900__ ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE -

901 _ Interest for __.
Mortgage Insurance Premium
Hazard Insurance Premium

 

 

 

 

 

 

 

 

 

 

1000. RESERVES DEPOSITED WITH LENDER

 

 

 

 

 

 

 

 

 

 

1001 Hazard Insurance Premiums months @ $ 7 per month
1002 Mortgage Ins. Premium Reserves ___ months @ $ _ _per month
1003 School Tax : months @ $ per month
1004 Taxes and Assessment Reserves _ months @ $ 305.31 per month _
1005__ Flood Insurance Reserves _ months @ $ ____ per month
__. _. months @ $ ____per month _
_ _ months @ $ ___permonth

 

1008 _ Aggregate Adiustmen

—w

Estimated Prepaid Items/Reserved

 

“TOTAL ESTIMATED SETTLEMENT CHARGES

 

 

TOTAL ESTIMATED FUNDS NEEDED TO CLOSE: __

a. Purchase Price ]. Subordinate financing 220,000.00} Principal & interest

b. Alterations, Improvements k. Closing Costs paid by Seller Other Financing (P & I)
c. Land J. Other Credite Hazard Insurance

d. Refl (Incl debts to be paid off) 296,862.00 Other Financing Closing Costs —_(4,956.89)} Real Estate Taxes

e. Estimated prepaid items 174.74 Mortgage Insurance

f. Estimated closing costs 1,146.25 Homeowner Assn. Dues

 

g. PMI, MIP, Funding Fee Other
h. Diecount

I. Total costes (sum a through h) 298,182.99 m. Loan amount (exclude PM!, MIP) 27,600.00

n. PMI, MIP, Funding Fee financed
o. Loan amount (add m & n) 27,500.00

Total Est Funds FROM Borrower 55,638.87} Total Monthly Payment 2,247.34

 

C Vonis Good Faith Estimate is being provided by , 8 mortgage broker, and no lender

has been obtained. A lender will provide you with an additional Good Faith Estimate within three business days of the receipt of your loan application. These estimates are provided
pursuant to the Real Estate Settlement Procedures Act of 1974, as amended (RESPA). Additional information can be found in the HUD Special Information Booklet, which is to be provided
to you by your mortgage broker or lender, if your application is to purchase residential real property and the lender will take a first lien on the property. The undersigned acknowledge(s)
receipt of the booklet “Settlement Costs,” and if epplicable the Consumer Handbook on ARM Mortgages.

 

a - ed

— —_ Date

Borrower JAMES C. SIMAS Date Borrower”

 

GOOD FAITH ESTIMATE

Borrower(s): JAMES C. SIMAS Loan Number: 20070455
Property Address: 3031 THURSTON AVENUE, NORTH PORT, FL 34288 Date Prepared:
Prepared By: Loan Program:

1505 SE 40TH STREET 6/25 ARM ALT-A UMCO002

CAPE CORAL, FL 33904
The information provided below reflects estimates of the charges which you are likely to incur at the settlement of your loan. The fees listed are estimates - actual charges may be more or less. Your

transactian may not involve a fee for every item listed, The numbers listed beside the estimates generally correspond to the numbered lines contained in the HUD-1 or HUD-1A settlement statement
which you will be receiving at settlement. The HUD-1 or HUD-1A settlement statement will show you the actual dost for items paid at settlement.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Loan Amount $ 230 000.00 Interest Rate: 8 O00 % Term: 260/360 mth A~-APR SP. Seller/Rroker Paic
800_ ITEMS PAYABLE IN CONNECTION WITH LOAN: _
801 _ Loan Origination Fee __ _ _ . 5 A _—
802___Loan Discount. ssa 49s% _ _ 2 437.60 A .
803__ Appraisal Fee _ 7 _ __ $ __350.00 _
804 __ Credit Report _ $ 25.00
805 Lender’s Inspection Fee A
808 _ Mortgage Broker Fee __ . : $ A
809s Tax Related Service Fee i . $ 78.00 A
810 Processing Fee _. _ . $ 95.00 A ~
811 Underwriting Fee $ A
812 Wire Transfer Fee $ ___A
BI; COURIER RIFICATION _. $ 66,00_
814 Ji BSN PREPAMAIION . $ 45.00

815 APP ATION

Ch fee bed Bet 3 A 5
Le - PS i

 

 

 

nid..!L|LUA MRS 2 A
1100_ TITLE CHARGES
Closing or Escrow Fee
Document Preparation Fee
Notary Fees __
Attorney Fees
___ Title Insurance

 

 

 

 

 

 

 

  
  
 

   

1200__GOVERNMENT RECORDING AND TRANSFER CHARGES

1201 Recording Fees
1202 City/County Tax/Stamps
1203 State Tax! Stamps

 

 

1300 ADDITIONAL SETTLEMENT CHARGES
1302 Pest Inspection

1303 OOD CERTIFICATION
1304 PACKA VIF

—

 

 

oY SAN AL LIGIN

 

 

 

— — - - — — —.

Estimated Closing Costs
Interest for 16 days@$
Mortgage Insurance Premium
Hazard Insurance Premium

 

  

 

 

 

 

 

1000_ RESERVES DEPOSITED WITH LENDER

 

 

 

 

 

 

 

 

 

 

 

 

1001 Hazard Insurance Premiums months @ $ 12213 per month $
1002__ Mortgage Ins. Premium Reserves months @ $ per month $
1003 School Tax _months @ $ __per month $_ _ _
1004 Taxes and Assessment Reserves months @ $ 305.31 per month $
1005__ Flood Insurance Reserves months @ $ ____per month $ _ _
7 ___._.._months @ $ per month $ :
_ ___ months @ $. per month
1008 Aggregate Adiustmer _. . eee meee $ eee nes
Z Estimated Prepaid Items/Reserved $ 2,198.89 _
TOTAL ESTIMATED SETTLEMENT CHARGES $ 6,421.44

 

 

COMPENSATION TO BROKER (Not Paid Out of Loan Proceeds

TOTAL ESTIMATED FUNDS NEEDED TO CLOSE:

a. Purchase Price |. Subordinate financing 27,500.00] Principal & Interest 466.
b. Alterations, improvements k. Closing Costs pald by Seller Other Financing (P & I) 353.23
c. Land |. Other Credits Hazard Insurance 122.13
d. Refi (incl debts to be pald off) 296,862.00 Other Financing Closing Costs —_(1,320.99)] Real Estate Taxes 305.31
e. Estimated prepaid Items 2,198.89 Mortgage Insurance

f. Estimated closing costs 1,784.85 Paid Outside of Closing 1,465.56 Homeowner Assn. Dues

g. PMI, MIP, Funding Fee “f

h. Discount 2,437.60
i. Total costs (sum a through h) 303,283.44 m. Loan amount (exclude PMi, MIP) 220,000.00
n. PMI, MIP, Funding Fee financed

o. Loan amount (add m & n) 220,000.00

    
  

  
       
 
 
   

   
  
   
    
   
    

 
  

        
  

 
 
  

  
 

Total Est. Funds FROM Borrower 55,638.87] Total Monthly Payment 2,247.34

[J onis Good Faith Estimate is being provided by , 4 mortgage broker, and no lender

has been obtained. A lender will provide you with an additional Good Faith Estimete within three business days of the receipt of your joan application. These estimates are provided
pursuant to the Real Estate Settlement Procedures Act of 1974, as amended (RESPA). Additional information can be found in the HUD Special Information Booklet, which is to be provided
to you by your mortgage broker or lender, if your application is to purchase residential real property and the lender will take a first lien on the property, The undersigned acknowledge(s)
receipt of the booklet “Settlement Costs,” and if applicable the Consumer Handbook on ARM Mortgages.

 

‘ — trai aun - DN Preeti - ie

Borrower JAMES C. SIMAS Date Borrower Date7)

GOOD FAITH ESTIMATE - RESPA

The information provided below reflects estimates of the charges which you are likely to incur at the settlement of your loan. The fees listed are estimates

- the actual charges may be more or ‘ess. Your transaction may not involve a fee far every item listed. The numbers listed beside the estimates generaily
correspand to the numbered fines contained in the HUD-1 or HUD-1A setilernent statement which you will be receiving at settiement. Tre HUD-1 or

HUD-1A settlement statement will show you the actual cost for items paid at settlement.

 

ESTIMATED CLOSING COSTS

801 Loan Origination Fee

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

07/27/2006
United Mortgage Corporation

   

 

 

 

 

 

 

 

 

  
 
  

 

1.000% $ 2,936.00
802 Loan Discount Points 1.000% $ 2,936.00 KIP MARTIN
803** Appraisal Fee 3 0.00 1505 SE 40th St.
804** Credit Report Fee > 0.00 Cape Coral, FL 33904 |
805  Lander's Inspection Fee $ 500.00 1
806 Processing Fee $ $95.00 | Phone: (239) 945-5990 Fax: (239) 945-5995
807 +Tax Service Fee > 0.00 eT
B08 Construction Loan Fee 4.500% § 4,404.00 BORROWER(S): JAMES C. SIMAS
809 Underwriting Fee > 500.00 —
B10 Administration Fee ~ § 0.00 a
811 Courier/Verification Fee $ 88,75 PROPERTY: LOT 2 BLK 1773 THURSTON AVENUE
4105 Document Preparation $ 250,00 NORTH PORT, FL 34288
1108 Title Insurance D 2,500.00 COMMENT:
1111" Application Fee > 395.00
t 4142 Eonatuction Underwriting Fee $ 0.00 Loan Program: Other
| 1113 _ Construction Mod Fee S 0.00 SY¥r/6 Mth ARM -
4201 Recording Fes S$ 200.00 BuyDowns: None
1202 Intangible Tax $ 587.00 Balloca in Months:
1203 Doc Stamps on Mortgage $ 1,028.00 Note Rate: 7.000 %
14204 Doc Stamps on Deed $ 385.00 Termin Months: 380 |
14205 Maintenance Fee S 0.00 Loan to Value: 60.00 %
| 730% Survey Fee > 0.00 Cumulative LIV. 80.00 %
1302 Pestinspection Fee $ 0.00 LT a
nner
4303 Fiood Certification Fee > 0.00 a. Purchase price § 0.00
| 1304 Package/Wire Fee S 0.00 b. Alterations, improvements, repairs == 0.00
1305 __ Transaction Fee 9 0.00 c. Land (if acquired separately) 0.00
3 d. Refinance (debts to be paid off 293,100.00
ee $_ __ - e. Estimated Prepaid {tems 0.00
_ een oo f Estimated Closing Costs 14,668.75
| ———— - oo g. PMI, MIP, Funding Fee 9.00 |
<7] Estimated Closing Costs () 3 14,668.75 | | % Discount if Borrower wil pay) = 2,836.00
= poc Discount (if Borrower pays) (h.) 3 $36.00 i. Total costs (iteras a - h) 310,704.75 }
Total Closing Costs $ 17,604.75 j. Subordinate Financing 0.00
k. Closing costs paid by Seller 6,843.00
** these fees are non-refundable |. Application Deposit 395.00
Earnest Money 4,000.00
| ESTIMATED PREPAID ITEMS 0.00
901  interestfor days @ 56.31 $ 0.00
| 902 Mortgage Insurance Premium 9.00 |
903 Hazard Insurance Premium 0.00
| 904 Flood Insurance Premium 0.00 m. Loan Amount (base) 293,600.00
1 965 VA Funding Fee/HUD MIP 0.00 n, PMI,MIP, Funding Fee Financed 00
1001 Hazard Insurance QO Mths 0.00 | o, Loan Amt. with Mortgage Insurance ~—=«293,600.00
1002 Mortgage Insurance Q. Mths 0.00 5 Gash From Wo) Bariower See
1003 0 Mths 0.00 te
1004 Froperty Taxes 0 Miths 0.00 ——— AGEN PAVMENT(DITN SY
| 1005 Association Dues 0 Mths 0.00 PROPOSED PAYMENT (PIT!)
1008 Flood Insurance 0 Mths 0.00 First Mortgage (Interest Only} $ 1,712.67 |
1007 0 Mths 0.00. | Other Financing (P&!) __ 0.00
1008 Aggregate Escrow 0.00 ” Hazard Insurance _ 122.13 |
Estimated Prepaid. ttems (e.} $ ——9 00 Real Estate Taxes 305.91 :
= poc " " Mortgage Insurance 0.00
Prepaid PMI, MIP, Funding Fee 0.00 | . eaaeamnear-ar-e |
Total Prepaid Items 5 000 Homeowner Assn. Dues 0.00 |
Oiher, Lines 1003, 1006, 1007 0,00
" (not a reserve item)
Ethie + 2. Total Payment (PIT!) $ 2,140.11 |

A viale enrasad nraminm af 1 NON tan & ANNs te hatna naia hu the blandaar far thic terancartian

a e4)

Affiliated Business Arrangement - Use of a particular provider of service is required and the estimate is based on charges of the provider. See
attached Addendum.

These estimates are provided pursuant to the Real Estate Settlement Procedures Act of 1974, as amended (RESPA). Additional information
can be found in the HUD Special Information Booklet, which is to be provided to you by your mortgage broker or lender. The undersigned
acknowledges receipt to the booklet "Settlement Casts," and the Consumer Handbook on ARM Mortgages, if applicable.

 

Borrower JAMES ©. SIMAS Date ~ ~ )
Co-Borrower Bat mTmrnnnnnnernnnnnrrnnnennnenone

Syte Marigays Scltware 803-695-1008‘
‘
'

.

 

 

}-——--——-

3 e088 oe? REL EES

Sorrower: JAMES C SIMAS |

 

 

Sorrower Address: _ 3537 TELEGRAPH DRIVE _
SAN JOSE, CA 95132

eee:

 

 

 

 

ais Mortgage Brokerage Contract is being provided by United Mortgage Corp., a Mortgage Brokerage Business, and no lender has
yet been obtained.

CONSTRUCTION LOAN ONLY

Below are the terms of the loan, which will provide funds to the builder:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property Address:_ ss CLOT 2 BLK 1773 THURSTON AVENUE ___— Loan Amount $_ 293,600.00 __
NORTH PORT, FL 34288 _ Term__360 Months
Legal Description: __ __ _ O Fixed Rate & ARM (type: Prime +)

. _ ee _ __ Interest Rate _7.000 % Interest Only During Construction
Saies Price: 293,100.00 _ __ Loan: & 1" Mtg. O27 Mtg. © 3%Mtg. O Other Mtg.
Appraised Fair Market Value:____-—-»-_—« 367,000.00 _ __ &l There is a Prepayment Penaity
The Borrower agrees to pay a Mortgage Brokerage fee in the amount of $ 7,662.00 _ and actual costs incurred.

 

Brokerage Business agrees to exert their best efforts to obtain a loan commitment in accordance with provisions contained here and on
page 2 of this Agreement. Borrower will not hold the Mortgage Brokerage Business and its employees or colleagues responsible for
failure to obtain said loan commitment. The Borrower acknowledges that the Mortgage Brokerage Business, through its agent, has

advised the Borrower that the business will receive additional compensation from the lender based upon the mortgage program and
terms that the Borrower has engaged the Brokerage Business to obtain in the form of a commitment, and that said additional

compensation will be in a range of 0.00% _. _.. to$ 5.00% _with the exact amount to be disclosed to
Borrower at the time of settlement or closing. |

 

—

 

 

 

$$
United Mortgage Corp. ("Mortgage Brokerage Business”), Borrower's Agent is hereby authorized to obtain a mortgage loan |

commitment ("Commitment") within 45 days from the date a lot contract is fully executed. On behalf of the lender, the Mortgage

Brokerage Business may issue a commitment or rate lock to the Borrower for financing of the property on terms and conditions |
described on page 2.

 

Avi ee aatenyng er PPT PtP a A TC SS SP SSS SOPs nr Sr hh SP hr a PP rs rns ess ihren

 

 

 

re ey

 

 

{
The title to the above property is good and marketable subject only to the following liens/mortgages: |

Lender and/or Lien Balance Due $.

 

 

Lender and/or Lien _ | Balance Due$___ |
Borrower agrees to pay all of the above at or prior to the loan closing.

 

 

You are entering into a contract with a Mortgage Brokerage Business to obtain a bona fide |
mortgage loan commitment under the same terms and conditions as stated hereinabove or in
a separate executed good faith estimate form. If the Mortgage Brokerage Business obtains a
bona fide commitment under the same terms and conditions, you will be obligated to pay the
Mortgage Brokerage Business fees, including, but not limited to a Mortgage Brokerage fee, |
even if you choose not to complete the loan transaction. If the provisions of Section
454.00421, Florida Statutes are not met, the Mortgage Brokerage fee can only be earned upon |
the funding of the mortgage loan. The Borrower may contact the Department of Banking and
Finance, Tallahassee, Florida, regarding any complaints that the Borrower may have against |
the mortgage broker or the Mortgage Brokerage Business. The telephone number of the
department as set by rule of the department is: (800) 848-3792

 

| have read and acknowledge a copy of this Contract and agree to all Contract.terms. -

 

 

 

Borrower Date Borrower Date
Borrower - Date Borrower - - - Date
i
| Receipt of: Deposit $___ 395.00 and Third Party |
Fee $ _ is hereby acknowledged. |
Deposit: (] Refundable  &l Non-Refundable By _ _ _ ; _
Broker Date
| Mortgage Broker Business License #____~—= =—=§ MBB9903444_ |

 

 

 

 

 

 

 

?
irra ee na —_ ~ s aeimniateianen eee ,

 

Page 1 of 2 can vt, STerms

MSATIONAL CLAUSES: Any loan commitment and loan acquired by the Brokerage Business may contain additional clauses,
provisions or covenants as the lender may request, such as assumption, late fees, and prepayment penalties. This Contract may differ

from the additional clauses; provisions and covenants imposed by the lender and may be beyond the control of the Mortgage
rokerage Business.

AGcNCY; NONLIABILITY FOR LENDER’S ACTS: Borrower accepts that the Brokerage Business is acting as an “agent” on the
Borrower's behalf in obtaining a Mortgage Loan Commitment. The Brokerage Business, as agent, is not responsible for lender or

investor errors or any provisions or covenants that may contradict any state or federal law. Any nonperformance by any lender or
investor of a commitment or rate lock-in or mortgage loan shall not be the Brokerage Businesses responsibility. :

APPLICATION FEE: An application fee of $495 is charged for the initial cost of processing, verifying and preparing your loan package
to submit to a lender for commitment, and will be credited against the amount the Borrower owes if closing occurs. This document will
indicate whether the application fee is refundable or nonrefundable.

ASSIGNMENT: Borrower may not assign this Contract to any other party. Under Chapter 3D-40.088(2)(a) Department of Banking and
Finance Regulations, the Brokerage Business may assign his fees and obligations to another Licensed Mortgage Brokerage Business
or Registrant provided the assignment is made by agreement in writing and is acknowledged and executed by the borrower.

COMMITMENT: Defined as a written or oral Commitment received by the Brokerage Business from a lender or investor, unless
otherwise specified between the Borrower and the Brokerage Business in writing. The Brokerage Business is acting on the Borrower's
behalf to obtain a Mortgage Loan Commitment. The Brokerage Business cannot guarantee acceptance into any particular loan
program or promise that any specific loan terms or conditions will be obtained. The Brokerage Business obligation under this Mortgage
Brokerage Contract and Good Faith Estimate of Settlement Costs, as well as terms, is satisfied upon receipt of a Mortgage Loan
Commitment by the Brokerage Business. The Borrower may request, from the Brokerage Business, evidence of the Mortgage Loan
Commitment, which Commitment is not required to disclose the identity of the source of funding for the mortgage loan. The Brokerage

Business cannot make a mortgage loan or a Mortgage Loan Commitment. A Commitment may, however, be passed through to the
Borrower if received from a lender.

DECISION: In applying for this Loan the Borrower acknowledges that the Borrower has reviewed his personal and financial situation
and that it is in the Borrower's best interest to proceed with the loan. The Borrower further acknowledges that the Borrower has not
relied on the advice of the Mortgage Brokerage Business or its colleagues as to wisdom of doing so.

DF AULT: A Mortgage Brokerage Business is entitled to collect a Mortgage Brokerage fee plus fees and expenses incurred on behalf
of the Borrower should a loan not close due to “Substantial fault of the Borrower” as defined by Florida law. If a Mortgage Loan
Commitment is secured, but is not closed due to the Borrower's refusal to execute and deliver the required lender’s documents, or
unmarketable or uninsurable title is found by the attorney or Title Company acting for the lender, or in any other way fails to comply with
this Contract, or if for any other reason the loan does not close through no fault of the lender, the Borrower agrees that the full

broxerage fee has been earned by the Brokerage Business and agrees to pay the brokerage fee and all costs incurred on the
Borrower's behalf immediately.

DEPOSIT: Any deposit will be used to pay the Borrower's costs and expenses incurred by the Brokerage Business, or any third party,
necessary to secure the Mortgage Loan Commitment. Actual costs are non-refundable if incurred by the Brokerage Business, whether
or not a Mortgage Loan Commitment is obtained. Upon the Borrower's default, the Brokerage Business may immediately disburse all
sums due the Brokerage Business, or any third party from the deposit. Any disbursement of funds should not be construed as a waiver
of any other sums due the Brokerage Business by Borrower.

DiSG.LOSURE: The Brokerage Business may own an interest in the service provider and the Brokerage Business may receive
additional financial benefit. Items noted with ** are not refundable and may be collected or required to be paid at time of application,
said items may require a particular provider of service and the Brokerage Business may have a business relationship with said provider.

LITIGATION: Borrower agrees to pay all costs incurred, including attorneys’ fees, whether before trial, at trial, on appeal, or in any
other administrative or quasi-judicial proceedings, if litigation arises from this Contract. [State of Florida laws apply to any interpretation
of or litigation occurring under this Contract unless otherwise specified by the Brokerage Business.]

MOK: GAGE BROKERAGE FEE: The Mortgage Brokerage Fee shall be due and payable upon the Brokerage Business receipt of the
Mortgage Loan Commitment or upon loan being funded if no commitment is received. The Mortgage Brokerage Fee as defined by FL
Rule Section 3D-40.008(2)(a) and FL Statue Section 494.0042(3) may be in addition to the deposit. Brokerage Fee shall include: 1)
arranging commitment between lender and Borrower; 2) taking an application, gathering and preparing all paperwork and
docuinentation; 3) reviewing, analyzing and evaluating the Borrower's financial statements, income and credit history; and 4) incidental
services such as courier services, express mailings, provided that they were pre-authorized by Borrower in writing, and long distance
telephone charges. It is prohibited for a person to receive any form of compensation for acting as a mortgage broker other than a
nonrefundable application fee, a fee based on the mortgage amount being funded; or a fee, which complies with Section 494.00421 of
Florida statues, except as mortgage broker. Borrower understands that the Brokerage Business may institute a civil cause of action or
other steps authorized by law to collect the Mortgage Brokerage Fee. In the absence of an agreement, the Mortgage Brokerage Fee is
to be paid when. the Mortgage Brokerage Business receives Loan Commitment from the lender or other investor or can be paid at

closing, if agreed to by the Mortgage Brokerage Business. The Mortgage Brokerage Business does not waive any rights to the
Mortgage Brokerage Fee should the payment be postponed and the loan does not close.

SEVERABILITY: In the event that any provision or clause of this Mortgage Brokerage Contract and Good Faith Estimate of Settlement

Costs conflict with applicable law, such conflict shall not affect other provisions of this Contract which can be given effect without the
conflicting provision. To this end, the provisions of this Contract are declared to be severable.

TITLE: If this is a refinance or junior lien transaction, the Borrower agrees to pay all costs necessary to clear any defects of title. The

Borrower has specified all judgements, unpaid taxes, mortgages or liens on page 1 and represents that he is the fee simple titleholder
of the property.

Initials:

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