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IN THE CIRCUIT COURT OF THE 12TH JUDICIAL
" CIRCUIT, IN AND FOR SARASOTA COUNTY, FLORIDA
GENERAL JURISDICTION DIVISION
CASE NO:
a
TRUSTEE FOR SOUNDVIEW HOME LOAN TRUST ASSET-
BACKED CERTIFICATES SERIES 2006-2
DEUTSCHE BANK NATIONAL TRUST COMPANY, AS o : OT re x0 5) 5 SC
PLAINTIFF
VS.
@ ARQUELIO RUIZgIVONNE RUIZ; ANY AND ALL o [6h 6SBlUD
UNKNOWN PARTIES CLAIMING BY, THROUGH, UNDER, Or = TH
AND AGAINST THE HEREIN NAMED INDIVIDUAL 257 Ee oO
DEFENDANT(S) WHO ARE NOT KNOWN TO BE DEAD OR worm = om
ALIVE , WHETHER SAID UNKNOWN PARTIES MAY CLAIM Si, OD
AN INTEREST AS SPOUSES, HEIRS, DEVISEES, GRANTEES ae 3)
OR OTHER CLAIMANTS#ACCREDITED HOME LENDERS, eco 2 S
INC. F/K/A AAMES FUNDING CORPORATION D/B/A Fr-E wy 2
AAMES HOME LOAN;@OHN DOE AND#JANE DOE AS “25 7, 3
UNKNOWN TENANTS IN POSSESSION. aS ©
DEPENDANT S
COMPLAINT TO FORECLOSE MORTGAGE
AND TO ENFORCE LOST LOAN DOCUMENTS
Plaintiff, sues the Defendant(s) and alleges:
COUNT I
1, THIS IS AN ACTION to foreclose a Mortgage on real property in SARASOTA County, Florida.
2. This Court has jurisdiction over the subject matter herein.
3. On DECEMBER 22, 2005 ARQUELIO RUIZ executed and delivered a Promissory Note and
ARQUELIO RUIZ AND IVONNE RUIZ executed and delivered a PURCHASE MONEY Mortgage
securing payment of the Note to the Payee named thereon.
4. The Mortgage was recorded on DECEMBER 30, 2005 in Official Records as INSTRUMENT #
2005286135, of the Public Records of SARASOTA County, Florida, and mortgaged the property described
in it, then owned by and possessed by the Mortgagors, a copy of the Mortgage AND NOTE ARE attached
hereto as "Exhibit "A". Said mortgage was subsequently assigned to DEUTSCHE BANK NATIONAL
TRUST COMPANY, AS TRUSTEE FOR SOUNDVIEW HOME LOAN TRUST ASSET-BACKED
CERTIFICATES SERIES 2006-2 by virtue of an assignment to be recorded.
5. The Plaintiff owns and holds the Note and Mortgage.
6. The property is now owned by the Defendant(s), ARQUELIO RUIZ AND IVONNE RUIZ, if living and if
dead, the unknown spouses, heirs and beneficiaries of ARQUELIO RUIZ AND IVONNE RUIZ who
hold(s) possession.
7. There is a default under the terms of the note and mortgage for the AUGUST 1, 2006 payment and all
payments due thereafter.
8. All conditions precedent to the acceleration of this Mortgage Note and to foreclosure of the Mortgage have
been fulfilled or have occurred.
1 emenreecacaamameeneonsrsornewse git10. The borrowers owe Plaintiff $239,578.14 that is due in principal on the Mortgage Note and Mortgage,
together with interest from JULY 1, 2006, late charges, and all costs of collection including title search
expenses for ascertaining necessary parties to this action and reasonable attorney's fees.
11. Plaintiff is obligated to pay its attorney a reasonable fee for his services rendered.
12. Defendants, John Doe and Jane Doe, may claim an interest in the property described in the Mortgage as
| tenants 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.
13. In addition to all other named defendants, the unknown spouses, heirs, devisees, grantees, assignees,
creditors, trustees, successors in interest or other parties claiming an interest in the subject property by,
through under or against any of said defendants, whether natural or corporate, who are not known to be
alive or dead, dissolved or existing, are joined as defendants herein. The claims of any of said parties are
subject, subordinate, and inferior to the interest of Plaintiff.
14. The Defendant(s) ACCREDITED HOME LENDERS, INC. F/K/A AAMES FUNDING
CORPORATION D/B/A AMMES HOME LOAN is joined because they may claim some interest
in or lien upon the subject property by virtue of aMORTGAGE recorded in Official Records as
INSTRUMENT # 2005286136 in SARASOTA COUNTY which is inferior to Plaintiffs Mortgage
described herein.
WHEREFORE, Plaintiff prays: That an accounting may be had and taken under the direction of this Court
of what is due the Plaintiff for principal and interest on said Mortgage and Mortgage Note, and for the costs, charges
and expenses, including attorney's fees and title search costs, and advancements which Plaintiff may be put to or
incur in and about this suit, and that the Defendants found responsible for same be ordered to pay the Plaintiff herein
the amounts so found to be due it; that in default of such payments, all right, title, interest, claim, demand, or equity
of redemption of the Defendants and all other persons claiming by, through, under or against said Defendants since
the filing of the Lis Pendens herein be absolutely barred and foreclosed and that said mortgage property be sold
under the direction of this Court; that out of the proceeds of said sale, the amounts due the Plaintiff may be paid so
far as same will suffice; and that a deficiency judgment be entered if applicable and only in the event no Order of
Discharge of Personal Liability in Bankruptcy has been entered as to any of the Defendants who signed the subject
Note and Mortgage and a Writ of Possession be issued.
COUNT I
15. This is an action to enforce a lost, destroyed or stolen promissory note and Mortgage under
Fla.Stat.§673.3091.
16. On DECEMBER 22, 2005 ARQUELIO RUIZ executed and delivered a Promissory Note and
ARQUELIO RUIZ AND IVONNE RUIZ executed and delivered a PURCHASE MONEY Mortgage
securing payment of the Note to the Payee named thereon.
17. The Mortgage was recorded on DECEMBER 30, 2005 in Official Records as INSTRUMENT #
2005286135, of the Public Records of SARASOTA County, Florida, a substantial copy of the Mortgage
being attached hereto as composite Exhibit “A” to the Plaintiff's original Complaint herein.
f '"18. The Plaintiff is not presently in possession of the original Note and Mortgage. However,
a) the Plaintiff was in possession of the Note and Mortgage and was entitled to enforce them when
the loss of possession occurred;
b) the loss of possession was not the result of a transfer by Plaintiff or lawful seizure; and
) the Plaintiff cannot reasonably obtain possession of the Note and Mortgage because their
whereabouts cannot be determined.
19. A copy of the Note is attached hereto as Exhibit “A“,
20. The Plaintiff will agree to entry of a Final Judgment of Foreclosure wherein it will be required to indemnify
and hold harmless Defendant(s) ARQUELIO RUIZ from any loss they may incur by reason of a claim by
another person to enforce the lost Note and Mortgage.
WHEREFORE, Plaintiff requests entry of judgment confirming its right to enforce the lost Note and
Mortgage under Fla. Stat.§673.3091.
TO ALL DEFENDANTS: PLEASE NOTE EFFECTIVE OCTOBER 13, 2006, 15 U.S.C, §1692G OF THE
FAIR DEBT COLLECTION PRACTICES ACT HAS BEEN AMENDED AS FOLLOWS:
(a) LEGAL PLEADINGS -- Section 809 of the Fair Debt Collection Practices Act (15 U.S.C. 1692) is
amended by adding at the end the following new subsection:
""(d) Legal Pleadings -- A communication in the form of a formal pleading in a civil action shall not
be treated as an initial communication for purposes of subsection (a)."
aac
MAWRICIO GARCIA BDO]
Law Offices of David J. Stern, P.A.
Attorney for Plaintiff
801 S. University Drive Suite 500
Plantation, FL 33324
(954) 233-8000
07-90745 ( ASCF ) Bar #: 26092
F:\GROUPS\FCDOCS\COMPLAIN\07\07-90745,CMP
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RECORDED IN CFFICIAL RECORDS
tum To. INSTRUMENT & 2008286135 19 PAS
ansUnion Settlement Solutions, Inc. .
Attn: Aames Processing 2005 DEC 30 05:22 PM
1421 Wells Branch Parkway e ERK Gey E+ RUSHING T
Or ticen. SARASOTA COUNTY FLORIDA
ZG Pflugerville, 1% 78660 MTAYLOR Receiett730885
v " This Line F .
“4 «© > OF {Space Above This Line For Recording Data}
Ww
z= 5 MORTGAGE 2005286135
DEFINITIONS
Words uscd in multiple sections of this document are defined below and other words arc defined in Sections
3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words uscd in this document arc also provided
in Section 16.
(A) “Security Instrument” means this document, which is dated December 22, 2005
together with all Riders to this document.
(B) “Borrower” is Arquelio Ruiz and Ivonne Ruiz , Husband and Wife
Borrower is the mortgagor under this Security Instrument.
(C) “Lender” is Aames Funding Corporation DBA Aames Home Loan
Lender isa Corporation
organized and existing under the laws of The State of California
DOC #:317031 . APPL #:0005922901
FLORIDA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3010 1/01
&D. -6(FL) (0005).01
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VMP MORTGAGE FOAMS - {800)521-7291
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Lender’s address is 350 South Grand Avenue, 42nd Floor, Los Angeles, CA
90071
Lender is the mortgagee under this Security Instrument.
(D) "Note" means the promissory note signed by Borrower and dated December 22, 2005
The Note states that Borrower owes Lender Two Hundred Forty Thousand and No/100
Dollars
(U.S.$ 240,000.00 ) plus interest. Borrower has promised to pay this debt in regular Pcriodic
Payments and to pay the debt in full not tater than January 1, 2036 .
(E) "Property" means the property that is described below under the heading “Transfer of Rights in the
Property.”
(F) “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 Sccurity Instrument, plus interest.
(G) “Riders” means all Riders to this Security Instrument that are executed by Borrower. The following
Riders are to be executed by Borrower {check box as applicable):
(x_] Adjustable Rate Rider _[_] Condominium Rider (_] Second Home Rider
Balloon Rider [| Planned Unit Devclopment Rider [di Family Rider
[VA Rider (_] Biweekly Payment Rider Other(s) [specify]
(H) "Applicable Law" means all conwolling applicable federal, state and local Statutes, regulations,
ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final,
non-appealable judicial opinions.
(1) “Community Association Dues, Fees, and Assessments” means all dues, fees, assessments and other
charges that are imposed on Borrower or the Property by a condominium association, homeowners
association or similar organization.
(J) "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 instintion 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 automated cicaringhouse transfers.
(K) “Escrow Items" mcans those items that are described in Section 3.
(L) "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, the Property; (ii) condemnation or other taking of all or any part of the Property;
(uit) Conveyance in lieu of condemnation: or (iv) mistepresentations of, or omissions as to, the value and/or
condition of the Property.
(M) "Mortgage Insurance” means insurance protecting Lender against the nonpayment of, or default on,
the Loan.
(N) "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.
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(O) "RESPA” means the Real Estate Setilement Procedures Act (12 U.S.C. Scction 2601 et seq.) and its
implementing regulation, Regulation X (24 CFR. Pant 3500), as they might be amendcd from time to time,
os any additional or successor legislation or regulation that governs the samc 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 “fedcrally related mortgage Ioan”
under RESPA.
(P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not
that party has 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 (ii) the performance of Borrower’s covenants and agreements under this
Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to
Lender, the following described property located in the County [Type of Recording Jurisdiction]
of SARASOTA {Name uf Recording furisdiction]:
Lots 15 & 16, Block 585, 18th Addition to Port Charlotte Subdivision,
according to the plat thereof recorded in Plat Book 14 , Page 6, of the
Public Records of Sarasota County, Florida.
Parcel ID Nember: 0968-05-8515 which currently has the address of
2723 TRIANNA STREET {Street}
North Port {City], Florida 342986 {Zip Code}
("Property Address”):
TOGETHER WITH all the improvements now or hercafter erected on the property, and all easements,
appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also
be covered by this Security Instrument All of the foregoing is referred to in this Security Instrument as the
“Property.”
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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 unéncumbered, except for
encumbrances of record. Borrower warrants and will defend generally the ttle to the Property against all
claims and demands, subject to any encumbrances of record.
THIS SECURITY INSTRUMENT combines uniform covenants for national usc and non-uniform
covenants with limited variations by jurisdiction tw constitute a uniform security instrument covering real
property.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges.
Borrowcr shall pay when due the principal of, and interest on, the debt evidenced by the Note and any
prepayment charges and late charges due under the Notc. Borrower shall also pay funds 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 instrument 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) cash; (b) money order; (c) certified check, bank 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 deemcd received by Lender when reccived at the location designated in the Note or at
such other location as may be designated by Lender in accordance with the notice provisions in Section 15.
Lender may retum any payment 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 current,
without waiver of any rights hereunder or prejudice to its rights to rcfuse 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 duc date, then Lender need ROL pay interest on unapplied
funds. Lender may hold such unapplied funds until Borrowex makes payment to bring the Loan current. If
Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return
them to Borrower. If not applied eartier, 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
future against Lender shall relieve Borrower from making payments duc under the Note and this Security
Instrument or performing the covenants and agreements secured by this Security Instrument.
2. Application of Payments or Proceeds. Except as otherwisc described in this Section 2, all Payments
accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the
Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to
each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to
late charges, second to any other amounts 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 repayment of the Periodic Payments if, and to the extent that, each payment can be paid in
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full. To the cxtent that any exccss exists after the Payment is applied to the full payment of onc or more
Penodic Payments, such cxcess may be applicd to any late charges due. Voluntary prepayments 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 pnncipal due under the
Note shall not extcnd 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)
taxcs and assessments and other items which can attain priority over this Security Instrument as a lien or
encumbrance on the Property; (b) leasehold Payments or ground rents on the Property, if any; (c) premiums
for any and ail 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 Scction 10. These items ase called "Escrow Items.” At ongination or at any
time during the term of the Loan, Lender may require that Community Association Dues, Fees, and
Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item.
Borrower shalt 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 waives 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 reccipts evidencing such
Payment within such time period as Lender may require. Borrower’s obligation to make such payments and
to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security
Instrument, 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 cxercise 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
Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall
pay to Lender ali Funds, and im such amounts, 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 specificd under RESPA, and {b) not to exceed the maximum amount a lender can
require under RESPA. Lender shal} estimate the amount of Funds due on the basis of current data and
reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law.
The Funds shail be held in an institution whose deposits are insured by a federal agency, instumentality,
or enbty (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 make such a charge. Unless an agreement is made in writing or Applicable
Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any intcrest or
earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shali be paid on the
Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by
RESPA.
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If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to
Borrowcr for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as
defined undes 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.
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, fincs, und impositions
attributable to the Property which can attain priority over this Security Instrument, leasehold payments or
ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the
extent that these itcms are Escrow Items, Borrower shall pay them in the manner provided in Section 3.
Borrower shall promptly discharge any licn which has priority over this Security Instrument unless
Borrower: (a) agrces 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) contests the fien 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 such proceedings are concluded:
or (c) secures from the holder of the 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 Secunty Instrument, Lender may give Borrower a notice identifying the lien. Within 10
days of the date on which that notice is given, Borrower shall Satisfy the lien or take onc 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 cstate 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 inctuded within the term “extended coverage,” and any other
hazards including, but not limited to, carthquakes and floods, for which Lender requires insurance. This
insurance shall be maintaincd in the amounts (including deductible levels) and for the penods that Lender
requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan.
The insurance carrier providing the insurance shail 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) a one-time charge for flood zone determination,
certification and wacking services; or (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 Federal Emergency Management Agency in connection with the review of any flood zone
determination resulting from an objection by Borrower.
If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance
coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any
particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not
protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard
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or liability and might provide greater or lesscr coverage than was previously in effect. Borrower
acknowledges that the cost of the insurance coverage so oblained might significantly excecd the cost of
insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall
become additional debt of Borrower secured by this Security Insuument. These amounts shall bear interest at
the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender
to Borrower requesting payment
All insurance policies required by Lender and renewals of such policies shall be subject to Lender's
right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as
mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal
certificates. If Lender requires, Borrower shall promptly give to Lender alf receipts of paid premiums and
renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for
damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall
name Lender as mortgagee and/or as an additiona! loss payee.
In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may
make proof of loss if not made Promptly by Borrower. Unless Lendcr and Borrower otherwise agree in
writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be
applied to restoration or repair of the Property, if the restoration or repair is economically feasible and
Lender’s security is not lessened, During such repair and restoration period, Lender shall have the right to
hold such insurance proceeds until Lender has had an Opportunity to inspect such Property to ensure the work
has been completed to Lender’s satisfaction, provided that such inspection shall be undertaken promptly.
not economically feasible or Lender’s security would be lessened, the insurance proceeds shall be applied to
the sums secured by this Sccurity Instrument, whether or not then duc, with the excess, if any, paid to
Borrower. Such insurance proceeds shal be applied in the order provided for in Section 2.
If Borrower abandons the Property, Lender may file, negotiate and scttle any available insurance claim
and related matters. If Borrower does not respond within 30 days tw a notice from Lender that the insurance
carrier has offered to settlc a claim, then Lender may negowate and settle the claim. The 30-day period will
begin when the notice is given. In cither event, or if Lender acquires the Property under Section 22 or
otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount
not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower’s
rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance
policies covering the Property, insofar as such fights are applicable to the coverage of the Property. Lender
may usc the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the
Note or this Security Instrument, whether or not then due.
6. Occupancy. Borrower shall occupy, cstablish, and use the Property as Borrower's principal residence
within 60 days after the execution of this Security Instrument and shail continue to occupy the Property as
Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise
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agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances
exist which are beyond Borrower’s control
7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shail not
destroy, damage or impair the Property, allow the Property to detcriorate or commit waste on the Property.
Whether or not Borrower is residing in the Property, Borrowcr shall maintain the Property in order to prevent
the Property from deteriorating or decreasing in valuc due to its condition. Unless it is determined pursuant to
Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Propcrty if
damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in
connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or
restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds
for the repairs and sestoration in a single payment or in a series of progress payments as the work is
completcd. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property,
Borrower is not relieved of Borrower's obligation for the completon of such repair or restoration.
Lender or its agent may make reasonable entrics upon and inspections of the Property. If it has
reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give
Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause.
8. Borrower’s Loan Application. Borrower shall be in default if. during the Loan application process,
Borrower or any persons or entities acting at the direction of Borrower or with Borrower’s knowledge or
consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to
provide Lender with material information) in connection with the Loan. Material representations include, but
are not limited to, representations concerning Borrower's occupancy of the Property as Borrower’s principal
residence.
9. Protection of Lender’s Interest in the Property and Rights Under this Security Instrument. If
(a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is
a legal proceeding that might significantly affect Lender’s interest in the Property and/or rights under this
Security Instrument. (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for
enforcement of a lien which may attain Prionty over this Security Instrument or to enforce laws or
regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is
reasonable or appropriate to protect Lender's interest in the Property and rights under this Security
Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing
the Property. Lender’s actions can include, but are not limited to: (a) paying any sums secured by a lien which
has priority overs this Security Instrument; (b) appearing in court; and (c) paying reasonable attomeys’ fees to
protect its interest in the Property and/or rights under this Security Instrument, including its secured position
in a bankruptcy proceeding. Securing the Property includes, but is not limited 1o, entening the Property to
make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminatc
building or other code violations or dangerous conditions, and have utilities fumed on or off. Although
Lender may take action under this Scction 9, Lender does not have to do so and is not under any duty or
obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized
under this Section 9.
Any amounts disbursed by Lender under this Section 9 shall becomc additional debt of Borrower
Secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of
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disburscment and shall be payable, with such intercst, upon notice from Lender to Borrower requesting
payment.
If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease.
If Borrower acquires fee tide to the Property, the Icasehold and the fee tide shall not merge unless Lender
agrees to the merger in writing.
10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan,
Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason,
the Mortgage Insurance coverage required by Lender ceases to be available from the morigage insurer that
previously provided such insurance and Borrower was required to make separately designated payments
toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage
substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to
the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer
selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall
continue to pay to Lendcr the amount of the scparately designated payments that were due when the insurance
coverage ccased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss
reserve in liew of Mortgage Insurance. Such loss reserve shall be non-rcfundable, notwithstanding the fact that
the Loan is ultimately paid in full, and Lender shall not be required to pay Borrowers any interest or earnings
on such loss rescrve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in
the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes
available, is obtained, and Lendcr requires Separately designated payments toward the premiums for Mortgage
Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was
required to make separatcly designated payments toward the premiums for Mortgage Insurance, Borrower
shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss
reserve, until Lender’s requirement for Mortgage Insurance ends in accordance with any written agreement
between Borrower and Lender providing for such termination or until termination is required by Applicable
Law. Nothing in this Section 10 affects Borrower’s obligation to pay interest at the rate provided in the Note.
Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may
incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance.
_ Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may
enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are
On terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these
agreements. These agreements may require the mortgage insurer to make payments using any source of funds
that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance
premiums).
As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any
other entity, or any affiliate of any of the foregoing, may receive (directly or indircctly) amounts that derive
from (or might be characterized as) a portion of Borrower’s payments for Mortgage Insurance, in exchange
for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an
affiliate of Lender takes a share of the insurer’s risk in exchange for a share of the premiums paid to the
insurer, the arrangement is often termed “captive reinsurance.” Further:
(a) Any such agreements will not affect the amounts that Borrower has agreed to pay for
Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount
Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund.
(b) Any such agreements wil not affect the rights Borrower has - if any - with respect to the
Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may
include the right to receive certain disclosures, to request and obtain cancellatiun of the Mortgage
Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any
Mortgage Insurance premiums that were unearned at the time of such cancellation or termination.
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11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby
assigned to and shall be paid to Lender.
If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the
Property, if the restoration or repair is economically feasible and Lender’s secunty is not lessencd. During
such repair and restoration period, Lender shall have the right to hold such Miscclianeous Proceeds until
Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender’s
Satisfaction, provided that such inspection shall be undertaken promptly. Lendcr may pay for the repairs and
restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an
agreement is madc in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds,
Lender shall not be required to pay Borrower any inicrcst or earnings on such Miscellaneous Proceeds. If the
restoration of repair is not economically feasible or Lender’s security would be lessened, the Miscellaneous
Proceeds shall be applied to the sums secured by this Security Instrument, whcther or not then due, with the
excess, if any, paid to Borrowcr. Such Miscellaneous Proceeds shall be apphed in the order provided for in
Section 2.
In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds
shail be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if
any, paid to Borrower.
n the event of a partial taking, destruction, or Joss in value of the Property in which the fair market
valuc of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater
than the amount of the sums secured by this Security Instrument immediately before the partial taking,
destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this
Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the
following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction,
or loss in value divided by (b) the fair market value of the Property immediately before the partial taking,
destruction, or loss in value. Any balance shall be paid to Barrower.
the event of a partial taking, destruction, or loss in value of the Property in which the fair market
value of the Property immediatcly before the partial taking, destruction, or loss in value is less than the
amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless
Borrower and Lender otherwise agree in writing, the Miscellaneous Procecds shall be applied to the sums
secured by this Sccurity Inswument whether or not the sums are then due.
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing
Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails
Borrower shalf be in default if any action or proceeding, whether civil or criminal, is begun that, in
Lender's judgment, could result in forfeiture of the Property or other material impairment of Lendcr’s interest
in the Propesty or nights under this Security Instrument. Borrower can cure such a default and, if acceleration
has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a
ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of
Lender's interest in the Property or rights under this Secunty Instrument. The proceeds of any award or claim
for damages that are attributable to the impairment of Lender’s interest in the Property are hereby assigned
and shall be paid to Lender.
All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied
in the order provided for in Section 2.
12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for
payment or modification of amortization of the sums secured by this Security Instrument granted by Lender
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to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or
any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any
Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization
of the sums secured by this Sccurity Instrument by reason of any demand made by the original Borrower or
any Successors in Interest of Borrower. Any forbearance by Lender in exercising any night or remedy
including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in
Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the
exercise of any right or remedy.
13. Joint and Severai Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and
agrees that Borrowcr's obligations and liability shall be joint and several. However, any Borrower who
co-signs this Security Instrument but does not execute the Note (a "co-signer”): (a) is co-signing this Security
Instrument only to mortgage, grant and convey the co-signer’s interest in the Property under the terms of this
Security Instrument; (b) is not personally obligated to pay the sums secured by this Sccurity Instrument; and
(c) agrees that Lender and any other Borrower can agree to extend, modify, forbcar or make any
accommodations with regard to the terms of this Security Instrument or the Note without the cO-sipner’s
conscnl.
Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's
obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of
Borrower's rights and benefits under this Security Insgument. Borrower shall not be releascd from
Borrower’s obligations and liability under this Security Instrument untess Lender agrees to such release in
writing. The covenants and agreements of this Scecunty Instrument shall bind (except as provided in Section
20) and benefit the successors and assigns of Lender.
14. Loan Charges. Lender may charge Borrower fees for Services performed in connection with
Borrower’s default, for the purpose of Protecting Lender’s interest in the Property and rights under this
Security Instrument, including, but not limited to, attorneys’ fees, property inspection and valuation fees. In
regard to any other fecs, the absence of express authority in this Security Instrument to charge a specific fee
to Borrower shall not be construed as a prohibition on the charging of such fec. Lender may not charge fees
that are expressly prohibited by this Security Instrument or by Applicable Law.
If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so
that the interest or other loan charges collected or to be collected in connection with the Loan exceed the
permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge
15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must
be in writing. Any notice to Borrower in connection with this Sccurity Instrument shall be deemed to have
becn given to Borrower when mailed by first class mail or when actually delivered to Borrower’s notice
address if sent by other means. Notice to any one Borrower shail constitute notice to all Borrowers unless
Applicable Law expressly requires othcrwise. The notice address shall be the Property Address unless
Borrower has designated a substitute notice address by notice to Lender. Borrower shall prompuy notify
Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of
address, then Borrower shall only report a change of address through that Specified procedure. There may be
be given by delivering it or by mailing it by first class mail to Lender’s address stated herein unless Lender
has designated another address by notice to Borrower. Any notice in connection with this Security Instrument
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shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by
this Security Instrument is also required undcr Applicable Law, the Applicable Law requirement will satisfy
the corresponding requirement undcr this Security Instrument
16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed
by federaJ law and the law of the jurisdiction in which the Property is located. All rights and obligations
contained in this Security Instrument are subject to any requirements and limitations of Applicable Law.
Applicable Law might explicitly or implicitly allow the parlies to agree by contract or it might be silent, but
such silence shall not be construed as a prohibition against agreement by contract. In the event that any
provision or Clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall
not affect other provisions of this Security Instrument or the Note which can be given effect without the
conflicting provision.
As used in this Security Instrument: (a) words of the masculine gender shall mean and include
corresponding neuter words or words of the feminine gender: (b) words in the
Preview
IN THE CIRCUIT COURT OF THE 12TH JUDICIAL " CIRCUIT, IN AND FOR SARASOTA COUNTY, FLORIDA GENERAL JURISDICTION DIVISION CASE NO: a TRUSTEE FOR SOUNDVIEW HOME LOAN TRUST ASSET- BACKED CERTIFICATES SERIES 2006-2 DEUTSCHE BANK NATIONAL TRUST COMPANY, AS o : OT re x0 5) 5 SC PLAINTIFF VS. @ ARQUELIO RUIZgIVONNE RUIZ; ANY AND ALL o [6h 6SBlUD UNKNOWN PARTIES CLAIMING BY, THROUGH, UNDER, Or = TH AND AGAINST THE HEREIN NAMED INDIVIDUAL 257 Ee oO DEFENDANT(S) WHO ARE NOT KNOWN TO BE DEAD OR worm = om ALIVE , WHETHER SAID UNKNOWN PARTIES MAY CLAIM Si, OD AN INTEREST AS SPOUSES, HEIRS, DEVISEES, GRANTEES ae 3) OR OTHER CLAIMANTS#ACCREDITED HOME LENDERS, eco 2 S INC. F/K/A AAMES FUNDING CORPORATION D/B/A Fr-E wy 2 AAMES HOME LOAN;@OHN DOE AND#JANE DOE AS “25 7, 3 UNKNOWN TENANTS IN POSSESSION. aS © DEPENDANT S COMPLAINT TO FORECLOSE MORTGAGE AND TO ENFORCE LOST LOAN DOCUMENTS Plaintiff, sues the Defendant(s) and alleges: COUNT I 1, THIS IS AN ACTION to foreclose a Mortgage on real property in SARASOTA County, Florida. 2. This Court has jurisdiction over the subject matter herein. 3. On DECEMBER 22, 2005 ARQUELIO RUIZ executed and delivered a Promissory Note and ARQUELIO RUIZ AND IVONNE RUIZ executed and delivered a PURCHASE MONEY Mortgage securing payment of the Note to the Payee named thereon. 4. The Mortgage was recorded on DECEMBER 30, 2005 in Official Records as INSTRUMENT # 2005286135, of the Public Records of SARASOTA County, Florida, and mortgaged the property described in it, then owned by and possessed by the Mortgagors, a copy of the Mortgage AND NOTE ARE attached hereto as "Exhibit "A". Said mortgage was subsequently assigned to DEUTSCHE BANK NATIONAL TRUST COMPANY, AS TRUSTEE FOR SOUNDVIEW HOME LOAN TRUST ASSET-BACKED CERTIFICATES SERIES 2006-2 by virtue of an assignment to be recorded. 5. The Plaintiff owns and holds the Note and Mortgage. 6. The property is now owned by the Defendant(s), ARQUELIO RUIZ AND IVONNE RUIZ, if living and if dead, the unknown spouses, heirs and beneficiaries of ARQUELIO RUIZ AND IVONNE RUIZ who hold(s) possession. 7. There is a default under the terms of the note and mortgage for the AUGUST 1, 2006 payment and all payments due thereafter. 8. All conditions precedent to the acceleration of this Mortgage Note and to foreclosure of the Mortgage have been fulfilled or have occurred. 1 emenreecacaamameeneonsrsornewse git10. The borrowers owe Plaintiff $239,578.14 that is due in principal on the Mortgage Note and Mortgage, together with interest from JULY 1, 2006, late charges, and all costs of collection including title search expenses for ascertaining necessary parties to this action and reasonable attorney's fees. 11. Plaintiff is obligated to pay its attorney a reasonable fee for his services rendered. 12. Defendants, John Doe and Jane Doe, may claim an interest in the property described in the Mortgage as | tenants 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. 13. In addition to all other named defendants, the unknown spouses, heirs, devisees, grantees, assignees, creditors, trustees, successors in interest or other parties claiming an interest in the subject property by, through under or against any of said defendants, whether natural or corporate, who are not known to be alive or dead, dissolved or existing, are joined as defendants herein. The claims of any of said parties are subject, subordinate, and inferior to the interest of Plaintiff. 14. The Defendant(s) ACCREDITED HOME LENDERS, INC. F/K/A AAMES FUNDING CORPORATION D/B/A AMMES HOME LOAN is joined because they may claim some interest in or lien upon the subject property by virtue of aMORTGAGE recorded in Official Records as INSTRUMENT # 2005286136 in SARASOTA COUNTY which is inferior to Plaintiffs Mortgage described herein. WHEREFORE, Plaintiff prays: That an accounting may be had and taken under the direction of this Court of what is due the Plaintiff for principal and interest on said Mortgage and Mortgage Note, and for the costs, charges and expenses, including attorney's fees and title search costs, and advancements which Plaintiff may be put to or incur in and about this suit, and that the Defendants found responsible for same be ordered to pay the Plaintiff herein the amounts so found to be due it; that in default of such payments, all right, title, interest, claim, demand, or equity of redemption of the Defendants and all other persons claiming by, through, under or against said Defendants since the filing of the Lis Pendens herein be absolutely barred and foreclosed and that said mortgage property be sold under the direction of this Court; that out of the proceeds of said sale, the amounts due the Plaintiff may be paid so far as same will suffice; and that a deficiency judgment be entered if applicable and only in the event no Order of Discharge of Personal Liability in Bankruptcy has been entered as to any of the Defendants who signed the subject Note and Mortgage and a Writ of Possession be issued. COUNT I 15. This is an action to enforce a lost, destroyed or stolen promissory note and Mortgage under Fla.Stat.§673.3091. 16. On DECEMBER 22, 2005 ARQUELIO RUIZ executed and delivered a Promissory Note and ARQUELIO RUIZ AND IVONNE RUIZ executed and delivered a PURCHASE MONEY Mortgage securing payment of the Note to the Payee named thereon. 17. The Mortgage was recorded on DECEMBER 30, 2005 in Official Records as INSTRUMENT # 2005286135, of the Public Records of SARASOTA County, Florida, a substantial copy of the Mortgage being attached hereto as composite Exhibit “A” to the Plaintiff's original Complaint herein. f '"18. The Plaintiff is not presently in possession of the original Note and Mortgage. However, a) the Plaintiff was in possession of the Note and Mortgage and was entitled to enforce them when the loss of possession occurred; b) the loss of possession was not the result of a transfer by Plaintiff or lawful seizure; and ) the Plaintiff cannot reasonably obtain possession of the Note and Mortgage because their whereabouts cannot be determined. 19. A copy of the Note is attached hereto as Exhibit “A“, 20. The Plaintiff will agree to entry of a Final Judgment of Foreclosure wherein it will be required to indemnify and hold harmless Defendant(s) ARQUELIO RUIZ from any loss they may incur by reason of a claim by another person to enforce the lost Note and Mortgage. WHEREFORE, Plaintiff requests entry of judgment confirming its right to enforce the lost Note and Mortgage under Fla. Stat.§673.3091. TO ALL DEFENDANTS: PLEASE NOTE EFFECTIVE OCTOBER 13, 2006, 15 U.S.C, §1692G OF THE FAIR DEBT COLLECTION PRACTICES ACT HAS BEEN AMENDED AS FOLLOWS: (a) LEGAL PLEADINGS -- Section 809 of the Fair Debt Collection Practices Act (15 U.S.C. 1692) is amended by adding at the end the following new subsection: ""(d) Legal Pleadings -- A communication in the form of a formal pleading in a civil action shall not be treated as an initial communication for purposes of subsection (a)." aac MAWRICIO GARCIA BDO] Law Offices of David J. Stern, P.A. Attorney for Plaintiff 801 S. University Drive Suite 500 Plantation, FL 33324 (954) 233-8000 07-90745 ( ASCF ) Bar #: 26092 F:\GROUPS\FCDOCS\COMPLAIN\07\07-90745,CMP a i aIMAGE0!} : FL-07-8179-2 06/22/2007 01:17:49pm DOC: CN 2005/286135 RECORDED IN CFFICIAL RECORDS tum To. INSTRUMENT & 2008286135 19 PAS ansUnion Settlement Solutions, Inc. . Attn: Aames Processing 2005 DEC 30 05:22 PM 1421 Wells Branch Parkway e ERK Gey E+ RUSHING T Or ticen. SARASOTA COUNTY FLORIDA ZG Pflugerville, 1% 78660 MTAYLOR Receiett730885 v " This Line F . “4 «© > OF {Space Above This Line For Recording Data} Ww z= 5 MORTGAGE 2005286135 DEFINITIONS Words uscd in multiple sections of this document are defined below and other words arc defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words uscd in this document arc also provided in Section 16. (A) “Security Instrument” means this document, which is dated December 22, 2005 together with all Riders to this document. (B) “Borrower” is Arquelio Ruiz and Ivonne Ruiz , Husband and Wife Borrower is the mortgagor under this Security Instrument. (C) “Lender” is Aames Funding Corporation DBA Aames Home Loan Lender isa Corporation organized and existing under the laws of The State of California DOC #:317031 . APPL #:0005922901 FLORIDA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3010 1/01 &D. -6(FL) (0005).01 UMS CGS. cf f (i Page 1 of 16 tnitiats: fd * Ff - VMP MORTGAGE FOAMS - {800)521-7291 =e, Page | of 19¢ IMAGEOI : F L-07-8179-2 06/22/2007 01:17:49pm DOC: CN 2005/286135 Lender’s address is 350 South Grand Avenue, 42nd Floor, Los Angeles, CA 90071 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated December 22, 2005 The Note states that Borrower owes Lender Two Hundred Forty Thousand and No/100 Dollars (U.S.$ 240,000.00 ) plus interest. Borrower has promised to pay this debt in regular Pcriodic Payments and to pay the debt in full not tater than January 1, 2036 . (E) "Property" means the property that is described below under the heading “Transfer of Rights in the Property.” (F) “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 Sccurity Instrument, plus interest. (G) “Riders” means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower {check box as applicable): (x_] Adjustable Rate Rider _[_] Condominium Rider (_] Second Home Rider Balloon Rider [| Planned Unit Devclopment Rider [di Family Rider [VA Rider (_] Biweekly Payment Rider Other(s) [specify] (H) "Applicable Law" means all conwolling applicable federal, state and local Statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (1) “Community Association Dues, Fees, and Assessments” means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (J) "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 instintion 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 automated cicaringhouse transfers. (K) “Escrow Items" mcans those items that are described in Section 3. (L) "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, the Property; (ii) condemnation or other taking of all or any part of the Property; (uit) Conveyance in lieu of condemnation: or (iv) mistepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance” means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "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. DOC #:317032 APPL #:00058922901 Initials: A-< > -6(FL) {0005).01 Page 2 of t& Form 3010 1/01 rR Page 2 of 194 IMAGEO01 : FL-07-8179-2 06/22/2007 01:17:49pm DOC: CN 2005/286135 Page 3 of 19 nnn ya ae ar ene (O) "RESPA” means the Real Estate Setilement Procedures Act (12 U.S.C. Scction 2601 et seq.) and its implementing regulation, Regulation X (24 CFR. Pant 3500), as they might be amendcd from time to time, os any additional or successor legislation or regulation that governs the samc 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 “fedcrally related mortgage Ioan” under RESPA. (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has 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 (ii) the performance of Borrower’s covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender, the following described property located in the County [Type of Recording Jurisdiction] of SARASOTA {Name uf Recording furisdiction]: Lots 15 & 16, Block 585, 18th Addition to Port Charlotte Subdivision, according to the plat thereof recorded in Plat Book 14 , Page 6, of the Public Records of Sarasota County, Florida. Parcel ID Nember: 0968-05-8515 which currently has the address of 2723 TRIANNA STREET {Street} North Port {City], Florida 342986 {Zip Code} ("Property Address”): TOGETHER WITH all the improvements now or hercafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument All of the foregoing is referred to in this Security Instrument as the “Property.” DOC #:317033 APPL #:0005922901 . wiiate:A K ZZ -6(FL) {0005).01 Page 3 of 16 Form 3010 1/01 LR.é IMAGEO1 > FL-07-8179-2 06/22/2007 01:17:49pm DOC: CN 2005/286135 Page 4 of 19 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 unéncumbered, except for encumbrances of record. Borrower warrants and will defend generally the ttle to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national usc and non-uniform covenants with limited variations by jurisdiction tw constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrowcr shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Notc. Borrower shall also pay funds 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 instrument 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) cash; (b) money order; (c) certified check, bank 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 deemcd received by Lender when reccived at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may retum any payment 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 current, without waiver of any rights hereunder or prejudice to its rights to rcfuse 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 duc date, then Lender need ROL pay interest on unapplied funds. Lender may hold such unapplied funds until Borrowex makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied eartier, 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 future against Lender shall relieve Borrower from making payments duc under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwisc described in this Section 2, all Payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts 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 repayment of the Periodic Payments if, and to the extent that, each payment can be paid in DOC #:31703¢ APPL #:0005922901 Inttials: Af A. SD. -6(FL) (0005.01 Page 4 of 16 Form 3010 1/01 TR4 IMAGEOI : FL-07-8179-2 06/22/2007 01:17:49pm DOC: CN 2005/286135 full. To the cxtent that any exccss exists after the Payment is applied to the full payment of onc or more Penodic Payments, such cxcess may be applicd to any late charges due. Voluntary prepayments 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 pnncipal due under the Note shall not extcnd 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) taxcs and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold Payments or ground rents on the Property, if any; (c) premiums for any and ail 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 Scction 10. These items ase called "Escrow Items.” At ongination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shalt 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 waives 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 reccipts evidencing such Payment within such time period as Lender may require. Borrower’s obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, 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 cxercise 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 Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender ali Funds, and im such amounts, 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 specificd under RESPA, and {b) not to exceed the maximum amount a lender can require under RESPA. Lender shal} estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shail be held in an institution whose deposits are insured by a federal agency, instumentality, or enbty (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 make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any intcrest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shali be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. DOC #:317035 ‘ APPL #-0005922901 A yo Initials: 9 ZD-e(FL) (0005).01 Page S of 16 Form 3010 1/01 oR Page 5 of 19é IMAGEO1 > FL-07-8179-2 06/22/2007 01:17:49pm DOC: CN 2005/286135 Page 6 of 19 If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrowcr for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined undes 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. 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, fincs, und impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these itcms are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any licn which has priority over this Security Instrument unless Borrower: (a) agrces 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) contests the fien 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 such proceedings are concluded: or (c) secures from the holder of the 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 Secunty Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall Satisfy the lien or take onc 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 cstate 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 inctuded within the term “extended coverage,” and any other hazards including, but not limited to, carthquakes and floods, for which Lender requires insurance. This insurance shall be maintaincd in the amounts (including deductible levels) and for the penods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shail 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) a one-time charge for flood zone determination, certification and wacking services; or (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 Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard Doc #8:317036 APPL 4:0005922901 KA-YT Initials: © * 4 NN >. ~6(FL) (0005).01 Page 6 of 16 Form 3010 1/01 OK4 IMAGEO1 > FL-07-8179-2 06/22/2007 01:17:49pm DOC: CN 2005/286135 Page 7 of 19 or liability and might provide greater or lesscr coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so oblained might significantly excecd the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Insuument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender alf receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additiona! loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made Promptly by Borrower. Unless Lendcr and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender’s security is not lessened, During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an Opportunity to inspect such Property to ensure the work has been completed to Lender’s satisfaction, provided that such inspection shall be undertaken promptly. not economically feasible or Lender’s security would be lessened, the insurance proceeds shall be applied to the sums secured by this Sccurity Instrument, whether or not then duc, with the excess, if any, paid to Borrower. Such insurance proceeds shal be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and scttle any available insurance claim and related matters. If Borrower does not respond within 30 days tw a notice from Lender that the insurance carrier has offered to settlc a claim, then Lender may negowate and settle the claim. The 30-day period will begin when the notice is given. In cither event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower’s rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such fights are applicable to the coverage of the Property. Lender may usc the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, cstablish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shail continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise DOC #:317037 APPL #:0005922901 KAA Initiats: GD -s(Ft) {0005).01 Page 7 of 16 Form 3010 1/01e IMAGEOI : FL-07-8179-2 06/22/2007 01:17:49pm DOC: CN 2005/286135 Page 8 of 19 a agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower’s control 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shail not destroy, damage or impair the Property, allow the Property to detcriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrowcr shall maintain the Property in order to prevent the Property from deteriorating or decreasing in valuc due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Propcrty if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and sestoration in a single payment or in a series of progress payments as the work is completcd. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completon of such repair or restoration. Lender or its agent may make reasonable entrics upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower’s Loan Application. Borrower shall be in default if. during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower’s knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower’s principal residence. 9. Protection of Lender’s Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender’s interest in the Property and/or rights under this Security Instrument. (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain Prionty over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender’s actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority overs this Security Instrument; (b) appearing in court; and (c) paying reasonable attomeys’ fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited 1o, entening the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminatc building or other code violations or dangerous conditions, and have utilities fumed on or off. Although Lender may take action under this Scction 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall becomc additional debt of Borrower Secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of DOC «#:317038 APPL #:000S5922901 KC initials: eee D> -6(FL) (0005).01 Page 8 of 16 Form 3010 1/01 ORIMAGEOI : FL-07-8179-2 06/22/2007 01:17:49pm DOC: CN 2005/286135 — a eee disburscment and shall be payable, with such intercst, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee tide to the Property, the Icasehold and the fee tide shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the morigage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lendcr the amount of the scparately designated payments that were due when the insurance coverage ccased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in liew of Mortgage Insurance. Such loss reserve shall be non-rcfundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrowers any interest or earnings on such loss rescrve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lendcr requires Separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separatcly designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender’s requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower’s obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. _ Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are On terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indircctly) amounts that derive from (or might be characterized as) a portion of Borrower’s payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer’s risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed “captive reinsurance.” Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements wil not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellatiun of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. DOC #:317039 APPL #:0005922901 Initials: K / ( GD -e(FL) (0005).01 Page 9 of 15 Form 3010 1/01 re Page 9 of 19IMAGEO1] : FL-07-8179-2 06/22/2007 01:17:49pm DOC: CN 2005/286135 Page 10 of 19 A ee a Sel Gee peptenseteensney weacasiasssusese 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender’s secunty is not lessencd. During such repair and restoration period, Lender shall have the right to hold such Miscclianeous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender’s Satisfaction, provided that such inspection shall be undertaken promptly. Lendcr may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is madc in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any inicrcst or earnings on such Miscellaneous Proceeds. If the restoration of repair is not economically feasible or Lender’s security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whcther or not then due, with the excess, if any, paid to Borrowcr. Such Miscellaneous Proceeds shall be apphed in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shail be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. n the event of a partial taking, destruction, or Joss in value of the Property in which the fair market valuc of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Barrower. the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediatcly before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Procecds shall be applied to the sums secured by this Sccurity Inswument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails Borrower shalf be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lendcr’s interest in the Propesty or nights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Secunty Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender’s interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender DOC #:317040 APPL #:0005922901 A Initials: > FL) {0005).01 Page 10 of 16 Form 3010 1/01 rer’a IMAGEO1 : FL-07-8179-2 06/22/2007 01:17:49pm DOC: CN 2005/286135 Page 11 of 19 eee to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Sccurity Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any night or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Severai Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrowcr's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer”): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer’s interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Sccurity Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbcar or make any accommodations with regard to the terms of this Security Instrument or the Note without the cO-sipner’s conscnl. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Insgument. Borrower shall not be releascd from Borrower’s obligations and liability under this Security Instrument untess Lender agrees to such release in writing. The covenants and agreements of this Scecunty Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for Services performed in connection with Borrower’s default, for the purpose of Protecting Lender’s interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys’ fees, property inspection and valuation fees. In regard to any other fecs, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fec. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Sccurity Instrument shall be deemed to have becn given to Borrower when mailed by first class mail or when actually delivered to Borrower’s notice address if sent by other means. Notice to any one Borrower shail constitute notice to all Borrowers unless Applicable Law expressly requires othcrwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall prompuy notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that Specified procedure. There may be be given by delivering it or by mailing it by first class mail to Lender’s address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument BOC #:317041 APPL #:0005922301 Initials: 4 " K ZB, -5(FL) (0005).01 Pago 11 of 16 Form 3010 1/01 eRIMAGEO1 > FL-07-8179-2 06/22/2007 01:17:49pm DOC: CN 2005/286135 Page 12 of 19 a shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required undcr Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement undcr this Security Instrument 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federaJ law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parlies to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or Clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender: (b) words in the