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IN THE CIRCUIT COURT FOR SARASOTA
COUNTY, FLORIDA. CIVIL DIVISION
CASE NO. 582007CA008583XXXXXX
SOUTH POINT INC.,
Plaintiff,
VS.
NEISSA W. JUAN; et al
Defendants.
/
NOTICE OF FILING ORIGINAL
NOTE, ASSIGNMENT OF MORTGAGE AND MORTGAGE
Plaintiff, SOUTH POINT INC., by and through its undersigned counsel, files the following documents
with the Court:
Original Note
Assignment of Mortgage
Original Mortgage
CERTIFICATE OF SERVICE
SMITH, HIATT & DIAZ, P.A.
Attorneys for Plaintiff
PO BOX 11438
eee Fort Lauderdale, FL 33339-1438
Telephone: (954) 564-0071
KAREN E OF COURT Facsirfiile: (954) 564-9252
ay _X ~_ DEPUTY CLERK |
vgn T.
Florida Bar No. 0032686
6029-38588
| Te— 42633]
ADJUSTABLE RATE BALLOON NOTE
30-YEAR TERM / 40-YEAR AMORTIZATION
(Assumable during Life of Loan)
THIS LOAN IS PAYABLE IN FULL AT MATURITY. YOU MUST REPAY THE ENTIRE
PRINCIPAL BALANCE OF THE LOAN AND UNPAID INTEREST THEN DUE. THE
LENDER IS UNDER NO OBLIGATION TO REFINANCE THE LOAN AT THAT TIME.
YOU WILL, THEREFORE, BE REQUIRED TO MAKE PAYMENT OUT OF OTHER
ASSETS THAT YOU MAY OWN, OR YOU WILL HAVE TO FIND A LENDER, WHICH
MAY BE THE LENDER YOU HAVE THIS LOAN WITH, WILLING TO LEND YOU THE
MONEY. IF YOU REFINANCE THIS LOAN AT MATURITY, YOU MAY HAVE TO PAY
SOME OR ALL OF THE CLOSING COSTS NORMALLY ASSOCIATED WITH A NEW
LOAN EVEN IF YOU OBTAIN REFINANCING FROM THE SAME LENDER.
THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST
RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT MY
INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE I
MUST PAY.
October 24, 2006 FT. MYERS Florida
[Date] [City] [State]
9250 ANDRIS STREET , NORTH PORT, FL 34288
[Property Address]
1. BORROWER'S PROMISE TO PAY
In return for a loan that ] have received, I promise to pay U.S. $ 275,000.00 (this is
called "Principal"), plus interest, to the order of the Lender. The Lender is
MORTGAGE LENDERS NETWORK USA, INC. . I will make all payments under this Note in
the form of cash, check or money order.
I understand that the Lender may transfer this Note. The Lender or anyone who takes this Note by
transfcr and who 1s entitled to reccive payments under this Note is called the "Note Holder."
2. INTEREST
Interest will be charged on unpaid Principal until the full amount of Principal has been paid. I will pay
interest at a yearly rateof 9.5900 %. The interest rate | will pay may change in accordance with Section 4
of this Note.
The interest rate required by this Section 2 and Section 4 of this Note is the rate I will pay both before
and after any default described in Section 7(B) of this Note.
40/30 MULTISTATE ADJUSTABLE BALLOON NOTE (ADJUSTABLE RATE) (Assumable)
4030N1FL 4406 Page | of 4 Initigls:3. PAYMENTS
(A) Time and Place of Payments
I will pay Principal and interest by making a payment every month.
I will make my monthly payments onthe 1st day of each month beginning on December 1, 2006
I will make these payments every month until T have paid all of the Principal and intcrest and any other charges
that I may owe under this Note. Each monthly payment will be applied as of its scheduled due date and will be
applied to interest before Principal. If, onNovember 1, 2036 , I still owe amounts under this
Note, I will pay those amounts in full on that datc, which is called the “Maturity Datc."
I will make my monthly payments at 10 RESEARCH PARKWAY, WALLINGFORD, CT 06492
or at a different place if required by the Note Holdcr.
(B) Amount of My Initial Monthly Payments
Each of my initial monthly payments will be in the amount of U.S.$ 2,227.67 . This amount
may change.
(C) Monthly Payment Changes
Changes in my monthly payment will reflect changes in the unpaid Principal of my loan and in the interest rate that [ must
pay. The Note Holder will determine my new interest rate and the changed amount of my monthly payment in accordance with
Section 4 of this Notc.
4. INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Change Dates
The interest rate I will pay may change on November 1, 2008 , and may change on that day every
6th month thereafter. Each date on which my interest rate could change is called a "Change Date."
(B) The Index
Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the six month London
Interbank Offered Rate ("“LIBOR") which is the average of interbank offered rates for six-month U.S. dollar-denominated
deposits in the London market, as published in The Wall Street Journal. The most recent Index figure available as of the first
business day of the month immediately preceding the month in which the Change Date occurs 1s called the "Current Index."
If the Index is no longer available, the Note Holder will choose a new index that is based upon comparable information.
The Note Holder will give me notice of this choice.
(C) Calculation of Changes
Before each Change Date, the Note Holder will calculate my new interest rate by adding Five and Ninety-Nine
Hundredths percentage points ( 5.99000 %) to the Current
Index. The Note Holder will then round the result of this addition to the nearest one-eighth of onc percentage point (0.125%).
Subject to the limits stated in Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date.
The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid
Principal that I am expected to owe at the Change Date in full oNovember 1, 2O/l4i8h is called the “Amortization Date”) in
substantially equal installments at my new interest rate. The result of this calculation will be the new amount of my monthly
payment.
Notwithstanding the 40-year amortization period used to calculate my monthly payments, I understand that I
must pay all amounts that I owe under this Note in full or on the Maturity Date, which is approximately 30 years from the
date of this Note.
(D) Limits on Interest Rate Changes
The interest rate I am required to pay at the first Change Date will not be greater than 12.5000 %
or less than 9.5000 %. Thereafter, my interest rate will never be increased or decreased on any single
Change Date by more than One percentage point(s)( 1.0000 %)
from the rate of interest I have been paying for the preceding 6 months.
My interest rate will never be greater than 15.5000 %. My interest rate will never be less than
§.5000 “%.
(E) Effective Date of Changes
My new interest rate will become effective on cach Change Date. I will pay the amount of my ncw monthly payment
beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again.
(F) Notice of Changes
The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly
payment before the effective date of any change. The notice will include information required by law to be given to me and also
the title and telephone number of a person who will answer any question I may have regarding the notice.
40/30 MULTISTATE BALLOON NOTE (ADJUSTABLE RATE) (Assumable)
4030N2FL 4/06 Page 2 of 4 Initi5. BORROWER'S RIGHT TO PREPAY
I have the right to make payments of Principal at any time before they are due. A payment of Principal only ts known as a
"Prepayment." When I make a Prepayment, I will tell the Note Holder in writing that I am doing so. I may not designate a
payment as a Prepayment if I have not made all the monthly payments duc under this Note. *
I may make a full Prepayment or partial Prepayment without paying a Prepayment charge. The Note Holder will use
my Prepayments to reduce the amount of Principal that I owe under this Note. However, the Note Holder may apply my
Prepayment to the accrucd and unpaid interest on the Prepayment amount before applying my Prepayment to reducc the
Principal amount of this Note. If I make a partial Prepayment, there will be no changes in the due dates of my monthly
payments unless the Note Holder agrees in writing to those changes. My partial Prepayment may reduce the amount of my
monthly payments after the first Change Date following my partial Prepayment. However, any reduction duc to my partial
Prepayment may be offset by an interest rate increase.
* Except as set forth in the attached Prepayment Penalty Addendum.
6. LOAN CHARGES
If a law, which applies to this loan and which sets maximum loan charges, is finally interpreted so that the interest or other
loan charges collected or to be collected in connection with this loan exceed the permitted limits, then: (a) any such loan charge
shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from
me that exceeded permitted limits will be refunded to me. The Note Holder may choose to make this refund by reducing the
Principal [ owe under this Note or by making a direct payment to me. If a refund reduces Principal, the reduction will be treated
as a partial Prepayment.
7. BORROWER'S FAILURE TO PAY AS REQUIRED
(A) Late Charges for Overdue Payments
If the Note Holder has not received the full amount of any monthly payment by the end of 10
calendar days after the date it is due, I will pay a late charge to the Note Holder. The amount of the charge will be
10.0000 % of my overdue payment of Principal and interest. I will pay this late charge promptly but
only once on each late payment.
(B) Default
If I do not pay the full amount of each monthly payment on the date it is due, I will be in default.
(C) Notice of Default
If] am in default, the Note Holder may send me a written notice telling me that if I do not pay the overduc amount by a
certain date, the Note Holder may require me to pay immediately the full amount of Principal that has not been paid and all the
interest that I owe on that amount. That date must be at least 30 days after the date on which the notice is mailed to me or
delivercd by othcr means.
(D) No Waiver By Note Holder
Even if, at a time when I am in default, the Note Holder does not require me to pay immediately in full as described
above, the Note Holder will still have the right to do so if I am in default at a later time.
(E) Payment of Note Holder's Cost and Expenses
If the Note Holder has required me to pay immediately in full as described above, the Note Holder will have the right to
be paid back by me for all of its costs and expenses in enforcing this Note to the extent not prohibited by applicable law. Those
expenscs include, for example, rcasonable attorneys’ fees.
8. GIVING OF NOTICES
Unless applicable law requires a different method, any noticc that must be given to me under this Note will be given by
delivering it or by mailing it by first class mail to me at the Property Address above or at a different address if I give the Note
Holder a notice of my different address.
Unless the Note Holder requires a different method, any notice that must be given to the Note Holder under this Note will
be given by mailing it by first class mail to the Note Holder at the address stated in Section 3(A) above or at a different
address if I am given a notice of that different address.
9. OBLIGATIONS OF THE PERSONS UNDER THIS NOTE
If more than one person signs this Note, each person is fully and personally obligated to keep all of the promiscs made in
this Note, including the promise to pay the full amount owed. Any person who is the guarantor, surety or endorser of this Note
is also obligated to do these things. Any person who takes over these obligations, including the obligations of a guarantor,
surety or endorser of this Note, is also obligated to keep all of the promises made in this Note. The Note Holder may enforce its
rights under this Note against each person individually or against all of us together. This means that any one of us may be
required to pay all of the amounts owed under this Note.
40/30 MULTISTATE BALLOON NOTE (ADJUSTABLE RATE) (Assumable)
4030N3FL 4/06 Page 3 of 4 Initials:10. WAIVERS
I and any other person who has obligations under this Note waive the rights of Presentment and Notice of Dishonor.
“Presentment” means the right to require the Note Holder to demand payment of amounts due. "Notice of Dishonor" means the
right to require the Note Holdcr to give notice to other persons that amounts due have not been paid.
11. SECURED NOTE
In addition to the protections given to the Note Holder under this Notc, a Mortgage, Deed of Trust, or Sccurity Deed (the
"Security Instrument"), dated the same date as this Note, protects the Note Holder from possible losses that might result 1f I do
not keep the promises that | make in this Note. That Security Instrument describes how and under what conditions I may be
required to make immediate payment in full of all amounts I owe under this Note. Some of the conditions read as follows:
Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the
Property” means any legal or beneficial interest in the Property, mcluding, but not limited to, those beneficial
interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent
of which Is the transfer of title by Borrower at a future date to a purchaser.
If all or any part of the Property or any Interest in the Propcrty 1s sold or transferred (or if Borrower 1s not a
natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent,
Lender may require immediate payment in full of all sums secured by this Secunty Instrument. However, this option
shall not be exercised by Lender tf such exercise is prohibited by Applicable Law. Lender also shall not exercise this
option if: (a) Borrower causes to be submitted to Lender information required by Lender to evaluate the intended
transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines that Lender's
security will not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in
this Security Instrument 1s acceptable to Lender.
To the extend permitted by Applicable Law, Lender may charge a reasonable fee as a condition to Lender's
consent to the loan assumption. Lender also may require the transferee to sign an assumption agreement that 1s
acceptable to Lender and that obligates the transferee to keep all the promises and agrecmcnts made In the Note and
in this Security Instrument. Borrower will continue to be obligated under the Note and this Security Instrument
unless Lender releases Borrower in writing.
If Lender exercises the option to require immediate payment in full, Lender shall give Borrower notice of
acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in
accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If
Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedics permitted by
this Security Instrument without further notice or demand on Borrower.
12. DOCUMENTARY TAX
The state documentary tax due on this Note has been paid on the mortgage securing this indebtedness.
ee
Cc oe
—_— __{Seal) MORTGAGE | ENDERS Nel (Seal)
J UAN “Bottower . -Bortower
=
mi
—
~”
“A”
_
or
{Seal)
-Borrower ,
-Borrower
[Sign Original Only]
40/30 MULTISTATE BALLOON NOTE (ADJUSTABLE RATE) (Assumable)
4030N4FL 4/06 Page 4 of 4PREPAYMENT PENALTY NOTE ADDENDUM — 7280074808
For a valuable consideration, receipt of which is hereby acknowledged the undersigned agree
that certain Promissory Note of even date to which this Addendum is attached, shall be subject
to the following provisions, notwithstanding any provisions to the contrary contained in said
promissory note or the Deed of Trust, Mortgage, Real Estate Mortgage, Security Deed
(Security Instrument) securing same.
This Addendum is attached to and made a part of that certain Promissory Note given by
NEISSA W JUAN
(Borrower) to
MORTGAGE LENDERS NETWORK USA, INC.
(Lender), dated Qetober 24, 2006, which Note is in the principal amount of
$ 275,000.00 ,
PREPAYMENT PENALTY
After Two 2 full year(s) — from the date hereof, maker may pre-pay,
without penalty, the outstanding principal balance. In the event maker prepays in full the
oulstanding principal balance and accrucd interest during the first Two
2 full year(s) from the date hereof, maker shall pay in addition to such prepayment
a penalty in an amount equal to a percentage of the principal portion of the amount so pre-paid
in accordance with the following:
If paid during the first year from the date hereof, Five percent
( 9.0000 %) of the portion of such prepayment equal to the principal
amount so prepaid.
If paid during the second year from the date hereof, Five percent
( 5.0000 %) of the portion of such prepayment equal to the principal
amount so prepaid.
The prepayment fee shall be payable upon full payment, voluntary or
involuntary; including but not limited to a prepayment resulting from
Note pod r’s permitted acceleration of the balance due on the Note.
Holder shall apply any prepayment first to reduce any interest and charges owing at the time of
such prepayment and then to reduce the amount of principal owed under this Note, provided
that such balance shall be applied to the principal in reverse order of the due date of each
payment and shall not otherwise affect or delay the due date of the next payment under the
Note.
10/24/2006 10/24/2006
Borrower Date Borrower Date
NEIS W JUAN
10/24/2006 10/24/2006
Borrowcr Date Borrower Date
prepypn 4/2/97 rev 7/99 10/99OP ency TE en mer
RECORDED EN Gee EOTAL REGU
. INSTRUM & SAAC TEPL OR |
LNGIMUICR | 4 a iu
KAREN E. RUSHING
3030074806 CLERK OF THE CIRCUIT COURT
SORAGOTA COUNTY 5! FLUR IDA
Return To: AE AME Roce pried? Mea
— AaRTaGe LENDERS NETWORK USA, INC. Roc Stame-Mort: 60 BG
213 COURT ST. MIDDLETOWN, CT 06457 Tatang Tays REM Fit
Tatang. Tax: 55000
This document was prepared by:
MORTGAGE LENDERS NETWORK USA, INC.
213 Court St.
Middletown CT 06457
2026193924 ‘
{Space Above This Line For Recording Data] — —
MORTGAGE
MIN 1002610-3030074806-7
DEFINITIONS
Words used in multiple sections of this document are defined below and other words are defined in Sections
3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words uscd in this document are also provided
in Section 16.
(A) "Security Instrument" means this document, which is daicd October 24, 2006 ,
together with all Riders to this document.
(B) "Borrower" ts
NEISSA W JUAN
Borrower is the mortgagor under this Security Instrument.
(C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is
acting solely as a nominee for Lender and Lender’s successors and assigns. MERS is the mortgagee under
this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address
and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS.
(D) "Lender" is MORTGAGE LENDERS NETWORK USA, INC.
3010 1/01
FLORIDA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS F
CBD, -6A(FL) (0005).01
oe ap vows I | lI | I ll
VMP MORTGAGE FORMS - (800)521-72913030074806
Lender isa corporation or association
organized and existing under the laws of Delaware
Lender’s address is 213 Court St. Middletown CT 06457
(E) "Note" mcans the promissory note signed by Borrower and dated October 24, 2006
The Note states that Borrower owes Lender Two Hundred Seventy~-Five Thousand and
NO/100 --n nn nnn nnn ner rn ne en een e en essesses=-- Dollars
(U.S.$ 275,000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic
Payments and to pay the debt in full not latcr than November 1, 2036
(F) "Property" means the property that is described below under the heading "Transfer of Rights in the
Property."
(G) "Loan" means the debt evidenced by the Note, plus intercst, any prepayment charges and late charges
due under the Note, and all sums due under this Security Instrument, plus interest.
(H) "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 applicablc]:
[ ] Adjustable Rate Rider [| Condominium Rider [__] Second Home Rider
[| Balloon Rider Planned Unit Development Ridcr [| 1-4 Family Rider
L_} VA Rider |_J Biweekly Payment Rider Lx Other(s) [specify]
Adjustable Rate Balloon
Rider
(I) “Applicable Law" means all controlling 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.
(J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other
charges that arc imposcd on Borrower or the Property by a condominium association, homecowncrs
association or similar organization.
(K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check,
draft, or similar paper instrument, which is mitiated through an electronic tcrminal, tclephonic mstrumcnt,
computer, Or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an
account. Such term includes, but is not limited to, point-of-sale wansfers, automated teller machine
transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers.
(L) "Escrow Items” means those items that arc described in Section 3.
(M) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by
any third party (other than insurance procecds paid under the coverages described in Scction 5) for: (i)
damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property;
(iit) conveyance in licu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or
condition of the Property.
(N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the
Loan,
(O) "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.
initials:
CD -6A(FL) (0005).01 Page 20! 16 Form 3010 1/013030074806
(P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 ct seq.) and its
implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from timc to time,
or any addiuonal or successor legislation or regulaion that governs the same subject matter. As used in this
Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a
‘federally related mortgage loan" even if the Loan does not qualify as a “federally related mortgage loan"
under RESPA.
(Q) “Successor in Interest of Borrower" means any party that has taken tile to the Properly, whether or not
that party has assumed Borrower’s obligations under the Note and/or this Sccurity Instrument.
TRANSFER OF RIGHTS IN THE PROPERTY
This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and
modificauons of the Note; and (ii) the performance of Borrower's covenants and agreements under this
Security Instrument and the Note. For this purposc, Borrower docs hercby mortgage, grant and convey to
MERS (solely as nominee for Lender and Lender’s successors and assigns) and to the successors and assigns
of MERS, the following described property located in the COUNTY Ilype of Recording Jurisdiction|
of SARASOTA {Name of Recording Jurisdiction]:
Lot 3, Block 2573, FIFTY-FIRST ADDITION TO PORT CHARLOTTE SUBDIVISON, as per plat thereof recorded in Plat
Book 21, Pages 8, 8A through 8GG, of the Public Records of Sarasota County, Florida.
Parcel ID Number: which currently has the address of
9250 ANDRIS STREET [Street]
NORTH PORT ICuyl, Florida 34288 (Zip Codc|
(“Property Address"):
TOGETHER WITH all the improvements now or hereafter 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 Securily Insuument as the
“Property.” Borrower understands and agrees that MERS holds only legal ttle to the interests granted by
Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for
Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including,
but not limited to, the right to foreclose and sell the Property: and to take any action required of Lender
including, but not limited to, releasing and canceling this Security Instrument.
Initia's:
CaD,-6A(FL) (0005).01 Page Jo! 16 Form 3010 1/013030074806
BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has
the nght to mortgage, grant and convey the Property and that the Property is uncncumbcred, except for
encumbrances of record. Borrower warrants and will defend generally the title to the Property against all
claims and demands, subject to any encumbrances of record.
THIS SECURITY INSTRUMENT combines uniform covenants for national usc and non-uniform
covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real
property.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges.
Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any
prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items
pursuant to Scction 3. Payments duc 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
duc under the Note and this Sccurity Instrument be madc in onc or morc of the following forms, as sclected
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 deemed received by Lender when received at the location designated in the Note or at
such other location as may be designated by Lender in accordance with the notice provisions in Section 15.
Lender may return 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 insufficicnt to bring the Loan current,
without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in
the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each
Periodic Payment is applied as of its scheduled duc datc, then Lender need not pay interest on unapplicd
funds. Lender may hold such unapplied funds until Borrower 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 applicd carlicr, such funds will be applicd 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 due 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 otherwise 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 duc. Any remaining amounts shall be applicd 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
Initials’
CUD -6A(FL) (0005).01 Page 4 of 16 Form 3010 1/013030074806
full. To the extent that any excess exists after the payment is applied to the full payment of one or more
Periodic Payments, such excess may be applicd to any late charges duc. 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 principal due under the
Note shall not extend or postpone the duc date, or change the amount, of the Periodic Payments.
3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under
the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a)
taxes and assessments and other items which can attain priority over this Security Instrument as a lien or
encumbrance on the Property; (b) Icaschold payments or ground rents on the Property, if any; (c) premiums
for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, tf any,
or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in
accordance with the provisions of Section 10. Thesc items arc called "Escrow Items.” At origination or at any
lime 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 shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower
shall pay Lender the Funds for Escrow Items unless Lender 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 bce in writing. In the event of such waiver, Borrower
shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of
Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such
payment within such time period as Lender may require. Borrower’s obligation to make such payments and
to provide receipts shall for all purposes be deemed to be a covenant and agreement containcd 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 excercise its rights under Section 9 and pay such amount and Borrowcr 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 all Funds, and in such amounts, that arc then required under this Section 3.
Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply
the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can
require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and
reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law.
The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality,
or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home
Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the me 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 interest or
earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the
Funds. Lender shal! 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
Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as
defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to
Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12
monthly payments. If there is a deficicncy of Funds held in escrow, as defined under RESPA, Lender shall
noufy 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. Borrowcr shall pay all taxcs, assessments, charges, fines, and impositions
aliributable 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 items are Escrow Items, Borrower shall pay them in the manner provided in Scction 3.
Borrower shall promptly discharge any lien which has priority over this Security Instrument unless
Borrower: (a) agrecs 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 lien in good faith by, or
defends against enforcement of the lien in, legal proceedings which in Lender’s opinion operate to prevent the
enforcement of the licn whilc those procecdings are pending, but only until such proceedings arc 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 Security 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 licn or take one or more of the
aclions set forth above in this Section 4.
Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting
service used by Lender in connection with this Loan.
5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the
Property insured against loss by fire, hazards included within the term “extended coverage," and any other
hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This
insurance shall be maintained in the amounts (including deductible levels) and for the periods 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 shall be chosen by Borrower subject to Lender’s right to
disapprove Borrowcr’s choice, which right shall not be exercised unrcasonably. Lender may requirc
Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination,
certification and tracking services; or (b) a one-time charge for flood zone determination and certification
services and subscquent charges cach ume 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 fatls 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, Borrowcr’s cquity in the Property, or the contents of the Property, against any risk, hazard
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or liability and might provide greater or lesser coverage than was previously in effect. Borrower
acknowledges that the cost of the insurance coverage so obtained might significantly exceed 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 Instrument. 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 payce. Lender shall have the right to hold the policies and renewal
certificates. If Lender requires, Borrower shall promptly give to Lender all 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 additional 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 Lender 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 Icssencd. 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 prompuy.
Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress
payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires
interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or
camings on such proceeds, Fees for public adjusters, or other third parties, retained by Borrower shall not be
paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is
not economically feasible or Lender’s security would be lessened, the insurance proceeds shall be applied to
the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to
Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2.
If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim
and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance
carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will
begin when the notice is given. In either 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 uncarned premiums paid by Borrower) under all insurance
policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender
may use 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, establish, and use the Property as Borrower’s principal residence
within 60 days after the execution of this Security Instrument and shall 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 Borrowcr’s control.
7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not
destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property.
Whether or not Borrowcr is residing in the Property, Borrower shall maintain the Property in order to prevent
the Property from deteriorating or decreasing in value 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 Property 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 restoration in a single payment or in a series of progress payments as the work is
completed. If the insurance or condemnation proceeds are not sufficicnt to repair or restore the Propcrty,
Borrower is not relieved of Borrower’s obligation for the completion of such repair or restoration.
Lender or its agent may make reasonable entries upon and inspections of the Property. If it has
reasonable causc, Lender may inspect the intcrior of the improvements on the Property. Lender shall give
Borrower nolice 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 entitics 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 Lendcr’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 priority 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 over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorncys’ 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 to, entering the Property to
make repairs, change locks, replace or board up doors and windows, drain water from pipes, climinatc
building or other code violations or dangerous condilions, and have utilities turned on or off. Although
Lender may take action under this Section 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 become 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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CD -6A(FL) (0005).01 Page 8 of 16 Form 3010 1/013030074806
disburscment and shall be payable, with such intercst, upon notice from Lender to Borrower requesting
payment.
If this Sccurity Instrument is on a Icaschold, Borrower shall comply with all the provisions of the lease.
If Borrower acquires fee title to the Property, the leasehold and the fee title 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,
Borrowcr shall pay the premiums required to maintain the Mortgage Insurancc in effect. If, for any rcason,
the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that
previously provided such insurance and Borrower was required to make scparatcly 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 lo pay to Lender the amount of the separately designated payments that were due when the insurance
coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss
reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that
the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any imterest or earnings
on such loss reserve. 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 sclected by Lender again becomes
available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage
Insurance. If Lender requircd Mortgage Insurance as a condition of making the Loan and Borrower was
required to make scparately 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 requircd 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 docs not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance.
Mortgage insurcrs evaluate their total risk on all such insurance in force from time to timc, 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, Lendcr, any purchascr of the Note, another msurcr, any reinsurer, any
other entity, or any affiliate of any of the foregoing, may receive (dircctly or indirectly) 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 insurcr’s risk, or reductng losses. If such agreement provides that an
affiliate of
Preview
IN THE CIRCUIT COURT FOR SARASOTA COUNTY, FLORIDA. CIVIL DIVISION CASE NO. 582007CA008583XXXXXX SOUTH POINT INC., Plaintiff, VS. NEISSA W. JUAN; et al Defendants. / NOTICE OF FILING ORIGINAL NOTE, ASSIGNMENT OF MORTGAGE AND MORTGAGE Plaintiff, SOUTH POINT INC., by and through its undersigned counsel, files the following documents with the Court: Original Note Assignment of Mortgage Original Mortgage CERTIFICATE OF SERVICE SMITH, HIATT & DIAZ, P.A. Attorneys for Plaintiff PO BOX 11438 eee Fort Lauderdale, FL 33339-1438 Telephone: (954) 564-0071 KAREN E OF COURT Facsirfiile: (954) 564-9252 ay _X ~_ DEPUTY CLERK | vgn T. Florida Bar No. 0032686 6029-38588 | Te— 42633] ADJUSTABLE RATE BALLOON NOTE 30-YEAR TERM / 40-YEAR AMORTIZATION (Assumable during Life of Loan) THIS LOAN IS PAYABLE IN FULL AT MATURITY. YOU MUST REPAY THE ENTIRE PRINCIPAL BALANCE OF THE LOAN AND UNPAID INTEREST THEN DUE. THE LENDER IS UNDER NO OBLIGATION TO REFINANCE THE LOAN AT THAT TIME. YOU WILL, THEREFORE, BE REQUIRED TO MAKE PAYMENT OUT OF OTHER ASSETS THAT YOU MAY OWN, OR YOU WILL HAVE TO FIND A LENDER, WHICH MAY BE THE LENDER YOU HAVE THIS LOAN WITH, WILLING TO LEND YOU THE MONEY. IF YOU REFINANCE THIS LOAN AT MATURITY, YOU MAY HAVE TO PAY SOME OR ALL OF THE CLOSING COSTS NORMALLY ASSOCIATED WITH A NEW LOAN EVEN IF YOU OBTAIN REFINANCING FROM THE SAME LENDER. THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT MY INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE I MUST PAY. October 24, 2006 FT. MYERS Florida [Date] [City] [State] 9250 ANDRIS STREET , NORTH PORT, FL 34288 [Property Address] 1. BORROWER'S PROMISE TO PAY In return for a loan that ] have received, I promise to pay U.S. $ 275,000.00 (this is called "Principal"), plus interest, to the order of the Lender. The Lender is MORTGAGE LENDERS NETWORK USA, INC. . I will make all payments under this Note in the form of cash, check or money order. I understand that the Lender may transfer this Note. The Lender or anyone who takes this Note by transfcr and who 1s entitled to reccive payments under this Note is called the "Note Holder." 2. INTEREST Interest will be charged on unpaid Principal until the full amount of Principal has been paid. I will pay interest at a yearly rateof 9.5900 %. The interest rate | will pay may change in accordance with Section 4 of this Note. The interest rate required by this Section 2 and Section 4 of this Note is the rate I will pay both before and after any default described in Section 7(B) of this Note. 40/30 MULTISTATE ADJUSTABLE BALLOON NOTE (ADJUSTABLE RATE) (Assumable) 4030N1FL 4406 Page | of 4 Initigls:3. PAYMENTS (A) Time and Place of Payments I will pay Principal and interest by making a payment every month. I will make my monthly payments onthe 1st day of each month beginning on December 1, 2006 I will make these payments every month until T have paid all of the Principal and intcrest and any other charges that I may owe under this Note. Each monthly payment will be applied as of its scheduled due date and will be applied to interest before Principal. If, onNovember 1, 2036 , I still owe amounts under this Note, I will pay those amounts in full on that datc, which is called the “Maturity Datc." I will make my monthly payments at 10 RESEARCH PARKWAY, WALLINGFORD, CT 06492 or at a different place if required by the Note Holdcr. (B) Amount of My Initial Monthly Payments Each of my initial monthly payments will be in the amount of U.S.$ 2,227.67 . This amount may change. (C) Monthly Payment Changes Changes in my monthly payment will reflect changes in the unpaid Principal of my loan and in the interest rate that [ must pay. The Note Holder will determine my new interest rate and the changed amount of my monthly payment in accordance with Section 4 of this Notc. 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The interest rate I will pay may change on November 1, 2008 , and may change on that day every 6th month thereafter. Each date on which my interest rate could change is called a "Change Date." (B) The Index Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the six month London Interbank Offered Rate ("“LIBOR") which is the average of interbank offered rates for six-month U.S. dollar-denominated deposits in the London market, as published in The Wall Street Journal. The most recent Index figure available as of the first business day of the month immediately preceding the month in which the Change Date occurs 1s called the "Current Index." If the Index is no longer available, the Note Holder will choose a new index that is based upon comparable information. The Note Holder will give me notice of this choice. (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding Five and Ninety-Nine Hundredths percentage points ( 5.99000 %) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of onc percentage point (0.125%). Subject to the limits stated in Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid Principal that I am expected to owe at the Change Date in full oNovember 1, 2O/l4i8h is called the “Amortization Date”) in substantially equal installments at my new interest rate. The result of this calculation will be the new amount of my monthly payment. Notwithstanding the 40-year amortization period used to calculate my monthly payments, I understand that I must pay all amounts that I owe under this Note in full or on the Maturity Date, which is approximately 30 years from the date of this Note. (D) Limits on Interest Rate Changes The interest rate I am required to pay at the first Change Date will not be greater than 12.5000 % or less than 9.5000 %. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more than One percentage point(s)( 1.0000 %) from the rate of interest I have been paying for the preceding 6 months. My interest rate will never be greater than 15.5000 %. My interest rate will never be less than §.5000 “%. (E) Effective Date of Changes My new interest rate will become effective on cach Change Date. I will pay the amount of my ncw monthly payment beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again. (F) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly payment before the effective date of any change. The notice will include information required by law to be given to me and also the title and telephone number of a person who will answer any question I may have regarding the notice. 40/30 MULTISTATE BALLOON NOTE (ADJUSTABLE RATE) (Assumable) 4030N2FL 4/06 Page 2 of 4 Initi5. BORROWER'S RIGHT TO PREPAY I have the right to make payments of Principal at any time before they are due. A payment of Principal only ts known as a "Prepayment." When I make a Prepayment, I will tell the Note Holder in writing that I am doing so. I may not designate a payment as a Prepayment if I have not made all the monthly payments duc under this Note. * I may make a full Prepayment or partial Prepayment without paying a Prepayment charge. The Note Holder will use my Prepayments to reduce the amount of Principal that I owe under this Note. However, the Note Holder may apply my Prepayment to the accrucd and unpaid interest on the Prepayment amount before applying my Prepayment to reducc the Principal amount of this Note. If I make a partial Prepayment, there will be no changes in the due dates of my monthly payments unless the Note Holder agrees in writing to those changes. My partial Prepayment may reduce the amount of my monthly payments after the first Change Date following my partial Prepayment. However, any reduction duc to my partial Prepayment may be offset by an interest rate increase. * Except as set forth in the attached Prepayment Penalty Addendum. 6. LOAN CHARGES If a law, which applies to this loan and which sets maximum loan charges, is finally interpreted so that the interest or other loan charges collected or to be collected in connection with this loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from me that exceeded permitted limits will be refunded to me. The Note Holder may choose to make this refund by reducing the Principal [ owe under this Note or by making a direct payment to me. If a refund reduces Principal, the reduction will be treated as a partial Prepayment. 7. BORROWER'S FAILURE TO PAY AS REQUIRED (A) Late Charges for Overdue Payments If the Note Holder has not received the full amount of any monthly payment by the end of 10 calendar days after the date it is due, I will pay a late charge to the Note Holder. The amount of the charge will be 10.0000 % of my overdue payment of Principal and interest. I will pay this late charge promptly but only once on each late payment. (B) Default If I do not pay the full amount of each monthly payment on the date it is due, I will be in default. (C) Notice of Default If] am in default, the Note Holder may send me a written notice telling me that if I do not pay the overduc amount by a certain date, the Note Holder may require me to pay immediately the full amount of Principal that has not been paid and all the interest that I owe on that amount. That date must be at least 30 days after the date on which the notice is mailed to me or delivercd by othcr means. (D) No Waiver By Note Holder Even if, at a time when I am in default, the Note Holder does not require me to pay immediately in full as described above, the Note Holder will still have the right to do so if I am in default at a later time. (E) Payment of Note Holder's Cost and Expenses If the Note Holder has required me to pay immediately in full as described above, the Note Holder will have the right to be paid back by me for all of its costs and expenses in enforcing this Note to the extent not prohibited by applicable law. Those expenscs include, for example, rcasonable attorneys’ fees. 8. GIVING OF NOTICES Unless applicable law requires a different method, any noticc that must be given to me under this Note will be given by delivering it or by mailing it by first class mail to me at the Property Address above or at a different address if I give the Note Holder a notice of my different address. Unless the Note Holder requires a different method, any notice that must be given to the Note Holder under this Note will be given by mailing it by first class mail to the Note Holder at the address stated in Section 3(A) above or at a different address if I am given a notice of that different address. 9. OBLIGATIONS OF THE PERSONS UNDER THIS NOTE If more than one person signs this Note, each person is fully and personally obligated to keep all of the promiscs made in this Note, including the promise to pay the full amount owed. Any person who is the guarantor, surety or endorser of this Note is also obligated to do these things. Any person who takes over these obligations, including the obligations of a guarantor, surety or endorser of this Note, is also obligated to keep all of the promises made in this Note. The Note Holder may enforce its rights under this Note against each person individually or against all of us together. This means that any one of us may be required to pay all of the amounts owed under this Note. 40/30 MULTISTATE BALLOON NOTE (ADJUSTABLE RATE) (Assumable) 4030N3FL 4/06 Page 3 of 4 Initials:10. WAIVERS I and any other person who has obligations under this Note waive the rights of Presentment and Notice of Dishonor. “Presentment” means the right to require the Note Holder to demand payment of amounts due. "Notice of Dishonor" means the right to require the Note Holdcr to give notice to other persons that amounts due have not been paid. 11. SECURED NOTE In addition to the protections given to the Note Holder under this Notc, a Mortgage, Deed of Trust, or Sccurity Deed (the "Security Instrument"), dated the same date as this Note, protects the Note Holder from possible losses that might result 1f I do not keep the promises that | make in this Note. That Security Instrument describes how and under what conditions I may be required to make immediate payment in full of all amounts I owe under this Note. Some of the conditions read as follows: Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property” means any legal or beneficial interest in the Property, mcluding, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which Is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Propcrty 1s sold or transferred (or if Borrower 1s not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Secunty Instrument. However, this option shall not be exercised by Lender tf such exercise is prohibited by Applicable Law. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in this Security Instrument 1s acceptable to Lender. To the extend permitted by Applicable Law, Lender may charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender also may require the transferee to sign an assumption agreement that 1s acceptable to Lender and that obligates the transferee to keep all the promises and agrecmcnts made In the Note and in this Security Instrument. Borrower will continue to be obligated under the Note and this Security Instrument unless Lender releases Borrower in writing. If Lender exercises the option to require immediate payment in full, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedics permitted by this Security Instrument without further notice or demand on Borrower. 12. DOCUMENTARY TAX The state documentary tax due on this Note has been paid on the mortgage securing this indebtedness. ee Cc oe —_— __{Seal) MORTGAGE | ENDERS Nel (Seal) J UAN “Bottower . -Bortower = mi — ~” “A” _ or {Seal) -Borrower , -Borrower [Sign Original Only] 40/30 MULTISTATE BALLOON NOTE (ADJUSTABLE RATE) (Assumable) 4030N4FL 4/06 Page 4 of 4PREPAYMENT PENALTY NOTE ADDENDUM — 7280074808 For a valuable consideration, receipt of which is hereby acknowledged the undersigned agree that certain Promissory Note of even date to which this Addendum is attached, shall be subject to the following provisions, notwithstanding any provisions to the contrary contained in said promissory note or the Deed of Trust, Mortgage, Real Estate Mortgage, Security Deed (Security Instrument) securing same. This Addendum is attached to and made a part of that certain Promissory Note given by NEISSA W JUAN (Borrower) to MORTGAGE LENDERS NETWORK USA, INC. (Lender), dated Qetober 24, 2006, which Note is in the principal amount of $ 275,000.00 , PREPAYMENT PENALTY After Two 2 full year(s) — from the date hereof, maker may pre-pay, without penalty, the outstanding principal balance. In the event maker prepays in full the oulstanding principal balance and accrucd interest during the first Two 2 full year(s) from the date hereof, maker shall pay in addition to such prepayment a penalty in an amount equal to a percentage of the principal portion of the amount so pre-paid in accordance with the following: If paid during the first year from the date hereof, Five percent ( 9.0000 %) of the portion of such prepayment equal to the principal amount so prepaid. If paid during the second year from the date hereof, Five percent ( 5.0000 %) of the portion of such prepayment equal to the principal amount so prepaid. The prepayment fee shall be payable upon full payment, voluntary or involuntary; including but not limited to a prepayment resulting from Note pod r’s permitted acceleration of the balance due on the Note. Holder shall apply any prepayment first to reduce any interest and charges owing at the time of such prepayment and then to reduce the amount of principal owed under this Note, provided that such balance shall be applied to the principal in reverse order of the due date of each payment and shall not otherwise affect or delay the due date of the next payment under the Note. 10/24/2006 10/24/2006 Borrower Date Borrower Date NEIS W JUAN 10/24/2006 10/24/2006 Borrowcr Date Borrower Date prepypn 4/2/97 rev 7/99 10/99OP ency TE en mer RECORDED EN Gee EOTAL REGU . INSTRUM & SAAC TEPL OR | LNGIMUICR | 4 a iu KAREN E. RUSHING 3030074806 CLERK OF THE CIRCUIT COURT SORAGOTA COUNTY 5! FLUR IDA Return To: AE AME Roce pried? Mea — AaRTaGe LENDERS NETWORK USA, INC. Roc Stame-Mort: 60 BG 213 COURT ST. MIDDLETOWN, CT 06457 Tatang Tays REM Fit Tatang. Tax: 55000 This document was prepared by: MORTGAGE LENDERS NETWORK USA, INC. 213 Court St. Middletown CT 06457 2026193924 ‘ {Space Above This Line For Recording Data] — — MORTGAGE MIN 1002610-3030074806-7 DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words uscd in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is daicd October 24, 2006 , together with all Riders to this document. (B) "Borrower" ts NEISSA W JUAN Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender’s successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. (D) "Lender" is MORTGAGE LENDERS NETWORK USA, INC. 3010 1/01 FLORIDA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS F CBD, -6A(FL) (0005).01 oe ap vows I | lI | I ll VMP MORTGAGE FORMS - (800)521-72913030074806 Lender isa corporation or association organized and existing under the laws of Delaware Lender’s address is 213 Court St. Middletown CT 06457 (E) "Note" mcans the promissory note signed by Borrower and dated October 24, 2006 The Note states that Borrower owes Lender Two Hundred Seventy~-Five Thousand and NO/100 --n nn nnn nnn ner rn ne en een e en essesses=-- Dollars (U.S.$ 275,000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not latcr than November 1, 2036 (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, plus intercst, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (H) "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 applicablc]: [ ] Adjustable Rate Rider [| Condominium Rider [__] Second Home Rider [| Balloon Rider Planned Unit Development Ridcr [| 1-4 Family Rider L_} VA Rider |_J Biweekly Payment Rider Lx Other(s) [specify] Adjustable Rate Balloon Rider (I) “Applicable Law" means all controlling 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. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that arc imposcd on Borrower or the Property by a condominium association, homecowncrs association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is mitiated through an electronic tcrminal, tclephonic mstrumcnt, computer, Or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale wansfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items” means those items that arc described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance procecds paid under the coverages described in Scction 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iit) conveyance in licu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan, (O) "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. initials: CD -6A(FL) (0005).01 Page 20! 16 Form 3010 1/013030074806 (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 ct seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from timc to time, or any addiuonal or successor legislation or regulaion that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a ‘federally related mortgage loan" even if the Loan does not qualify as a “federally related mortgage loan" under RESPA. (Q) “Successor in Interest of Borrower" means any party that has taken tile to the Properly, whether or not that party has assumed Borrower’s obligations under the Note and/or this Sccurity Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modificauons of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purposc, Borrower docs hercby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender’s successors and assigns) and to the successors and assigns of MERS, the following described property located in the COUNTY Ilype of Recording Jurisdiction| of SARASOTA {Name of Recording Jurisdiction]: Lot 3, Block 2573, FIFTY-FIRST ADDITION TO PORT CHARLOTTE SUBDIVISON, as per plat thereof recorded in Plat Book 21, Pages 8, 8A through 8GG, of the Public Records of Sarasota County, Florida. Parcel ID Number: which currently has the address of 9250 ANDRIS STREET [Street] NORTH PORT ICuyl, Florida 34288 (Zip Codc| (“Property Address"): TOGETHER WITH all the improvements now or hereafter 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 Securily Insuument as the “Property.” Borrower understands and agrees that MERS holds only legal ttle to the interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property: and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. Initia's: CaD,-6A(FL) (0005).01 Page Jo! 16 Form 3010 1/013030074806 BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the nght to mortgage, grant and convey the Property and that the Property is uncncumbcred, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national usc and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Scction 3. Payments duc 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 duc under the Note and this Sccurity Instrument be madc in onc or morc of the following forms, as sclected 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 deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return 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 insufficicnt to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled duc datc, then Lender need not pay interest on unapplicd funds. Lender may hold such unapplied funds until Borrower 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 applicd carlicr, such funds will be applicd 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 due 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 otherwise 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 duc. Any remaining amounts shall be applicd 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 Initials’ CUD -6A(FL) (0005).01 Page 4 of 16 Form 3010 1/013030074806 full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applicd to any late charges duc. 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 principal due under the Note shall not extend or postpone the duc date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) Icaschold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, tf any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. Thesc items arc called "Escrow Items.” At origination or at any lime 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 shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender 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 bce in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower’s obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement containcd 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 excercise its rights under Section 9 and pay such amount and Borrowcr 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 all Funds, and in such amounts, that arc then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the me 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 interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shal! give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. Initials? GD -6A(FL) (0005).01 Page 5 of 16 \ Form 3010 1/01 ®3030074806 If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficicncy of Funds held in escrow, as defined under RESPA, Lender shall noufy 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. Borrowcr shall pay all taxcs, assessments, charges, fines, and impositions aliributable 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 items are Escrow Items, Borrower shall pay them in the manner provided in Scction 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrecs 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 lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender’s opinion operate to prevent the enforcement of the licn whilc those procecdings are pending, but only until such proceedings arc 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 Security 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 licn or take one or more of the aclions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term “extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods 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 shall be chosen by Borrower subject to Lender’s right to disapprove Borrowcr’s choice, which right shall not be exercised unrcasonably. Lender may requirc Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subscquent charges cach ume 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 fatls 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, Borrowcr’s cquity in the Property, or the contents of the Property, against any risk, hazard Initials: GD -6A(FL) (0005).01 Page 6 of 16 2 Form 3010 1/01 ©3030074806 or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed 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 Instrument. 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 payce. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all 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 additional 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 Lender 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 Icssencd. 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 prompuy. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or camings on such proceeds, Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender’s security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either 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 uncarned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use 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, establish, and use the Property as Borrower’s principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise ~ Initialds GD -6A(FL) (0005).01 Page 7 of 16 Form 3010 1/01 ©3030074806 agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrowcr’s control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrowcr is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value 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 Property 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 restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficicnt to repair or restore the Propcrty, Borrower is not relieved of Borrower’s obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable causc, Lender may inspect the intcrior of the improvements on the Property. Lender shall give Borrower nolice 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 entitics 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 Lendcr’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 priority 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 over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorncys’ 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 to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, climinatc building or other code violations or dangerous condilions, and have utilities turned on or off. Although Lender may take action under this Section 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 become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of initials: CD -6A(FL) (0005).01 Page 8 of 16 Form 3010 1/013030074806 disburscment and shall be payable, with such intercst, upon notice from Lender to Borrower requesting payment. If this Sccurity Instrument is on a Icaschold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title 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, Borrowcr shall pay the premiums required to maintain the Mortgage Insurancc in effect. If, for any rcason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make scparatcly 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 lo pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any imterest or earnings on such loss reserve. 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 sclected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender requircd Mortgage Insurance as a condition of making the Loan and Borrower was required to make scparately 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 requircd 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 docs not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurcrs evaluate their total risk on all such insurance in force from time to timc, 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, Lendcr, any purchascr of the Note, another msurcr, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (dircctly or indirectly) 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 insurcr’s risk, or reductng losses. If such agreement provides that an affiliate of