Preview
Filing # 140016045 E-Filed 12/09/2021 09:52:37 AM
IN THE CIRCUIT COURT OF THE ELEVENTH
JUDICIAL CIRCUIT IN AND FOR MIAMI-
DADE COUNTY, FLORIDA
GENERAL JURISDICTION DIVISION
CASE NO.
NATIONSTAR MORTGAGE LLC D/B/A
CHAMPION MORTGAGE COMPANY,
Plaintiff,
vs.
ALICE M. JONES; UNKNOWN SPOUSE
OF ALICE M. JONES; UNITED STATES
OF AMERICA, ACTING ON BEHALF OF
THE SECRETARY OF HOUSING AND
URBAN DEVELOPMENT; FLORIDA
HOUSING FINANCE CORPORATION,
Defendant(s).
/
VERIFIED COMPLAINT FOR FORECLOSURE OF MORTGAGE
Plaintiff, NATIONSTAR MORTGAGE LLC D/B/A CHAMPION MORTGAGE
COMPANY, sues the Defendants and alleges:
COUNT I—~MORTGAGE FORECLOSURE
1 This is an action to foreclose a reverse mortgage on real property in MIAMI-DADE
County, Florida.
2. The Court has jurisdiction over the subject matter.
3 ALICE M. JONES, executed and delivered a promissory note, dated July 27, 2007,
securing payment to COUNTRYWIDE BANK, FSB. A copy of the note is attached hereto as
Exhibit "A".
4. ALICE M. JONES, executed and delivered the Home Equity Conversion Mortgage,
dated July 27, 2007. A copy of the Home Equity Conversion Mortgage is attached hereto as
Exhibit "B". The mortgage was recorded on August 9, 2007, in Official Records Book 25845,
PAGE 1
21-012729
Page 3552, of the Public Records of Miami-Dade County, Florida, and encumbered the property
described in the mortgage then owned by and in possession of the mortgagor and note being
attached.
5 The Plaintiff's Mortgage is a lien superior in dignity to any prior or subsequent right, title,
claim, lien, or interest of any defendant in this action, including but not limited to, any interest
arising out of Mortgagor(s) or Mortgagor(s)' predecessor(s) and/or successors in interest.
6 Plaintiff is the holder of the original note secured by the mortgage.
7 ALICE M. JONES failed to perform an obligation under the terms of the loan by failing
to maintain taxes, or insurance, or both on the subject property. The Secretary of Housing and
Urban Development approved this occurrence as grounds for acceleration of the debt on or about
September 17, 2020.
8 Plaintiff declares the full amount to be due and payable pursuant to the Note and
Mortgage.
9 Defendant(s) owe Plaintiff $136,776.34 that is due and owing on principal on the note
and mortgage plus interest, and title search expenses for ascertaining necessary parties to this
action.
10. In order to protect its security, the Plaintiff may have advanced and paid Ad Valorem
Taxes, premiums on insurance required by the mortgage and other necessary costs, or may be
required to make such advances during the pendency of this action. Any such sum so paid will
be due and owing Plaintiff.
11. The property is now owned by Defendant(s) ALICE M. JONES and the record legal title
to said mortgaged property is now vested in Defendants(s), ALICE M. JONES, if living and if
PAGE 2
21-012729
dead, the unknown spouses, heirs and beneficiaries of ALICE M. JONES who hold or holds
possession.
12. All conditions precedent to the acceleration of this mortgage note and to foreclosure of
the mortgage have been fulfilled and have occurred.
13. Plaintiff is obligated to pay plaintiff's attorneys a reasonable fee for their services.
Plaintiff is entitled to recover its attorneys' fees pursuant to the express terms of the note and
mortgage.
14. Plaintiff alleges that the claims of the remaining Defendants are secondary, junior,
inferior and subject to the prior claim of Plaintiff.
15. Any interest in the property inuring to the Defendant, FLORIDA HOUSING FINANCE
CORPORATION, is subordinate and inferior to the lien of Plaintiff's mortgage, including, but
not limited to, SUBORDINATE MORTGAGE recorded October 2, 2019, in Official Record
Book 31629 at Page 1793 of the Public Records of Miami-Dade County, Florida.
16. Any interest in the property inuring to the Defendant, UNITED STATES OF AMERICA,
ACTING ON BEHALF OF THE SECRETARY OF HOUSING AND URBAN
DEVELOPMENT, is subordinate and inferior to the lien of Plaintiff's mortgage, including, but
not limited to, HOME EQUITY CONVERSION SECOND MORTGAGE recorded August 9,
2007, in Official Record Book 25845 at Page 3563 of the Public Records of Miami-Dade
County, Florida. A copy is attached hereto as Exhibit "C".
17. Defendant, UNKNOWN SPOUSE OF ALICE M. JONES, may claim some right, title, or
interest in the property herein sought to be foreclosed by virtue of homestead rights, possession
or some other unknown interest, the exact nature of which is unknown to Plaintiff and not a
PAGE 3
21-012729
matter of public record. However, said interest, if any, is subordinate, junior, and inferior to the
lien of Plaintiffs mortgage.
WHEREFORE, Plaintiff demands judgment foreclosing the mortgage, for costs (and,
when applicable, for attorney's fees). Requests that the Court ascertain the amount due to
Plaintiff for principal and interest on the Mortgage and Note and for abstracting, taxes, expenses
and costs, including attorney's fees, plus interest thereon; that if the sums due Plaintiff under the
Mortgage and Note are not paid immediately, the Court foreclose the Mortgage and direct the
Clerk of the Court sell the Property securing the indebtedness to satisfy the Plaintiff's mortgage
lien in accordance with the provisions of Florida Statutes §45.031 (2006); that the rights, title
and interest of any Defendant, or any party claiming by, through, under or against any Defendant
named herein or hereinafter made a Defendant be forever barred and foreclosed; that the Court
appoint a receiver of the Property and of the rents, issues, income and profits thereof, or in the
alternative, order sequestration of rents, issues, income and profits pursuant to Florida Statutes
§697.07 (2006);
[THIS SPACE IS INTENTIONALLY LEFT BLANK]
PAGE 4
21-012729
and that the Court retain jurisdiction of this action to make any and all further orders and
judgments as may be necessary and proper, including the issuance of a writ of possession.
VERIFICATION
Under penalty of perjury, I declare that I have read the foregoing, and the facts alleged
therein are true and correct to the best of my _ knowledge and belief.
Executed on this 5th day of December » 20.21.
By: “tf beri Hr~
Pri int Name: elanie Harris
Title: Assistant Secretary
Company: NATIONSTAR MORTGAGE LLC
D/B/A CHAMPION MORTGAGE COMPANY
Robertson, Anschutz, Schneid, Crane & Partners, PLLC
Attorney for Plaintiff
6409 Congress Ave., Suite 100
Boca Raton, FL 33487
Telephone: 561-241-6901
Facsimile: 561-997-6909
Service Email: FLmail@raslg.com
/s/ Tracy Starasoler
Tracy Starasoler, Esq.,
FL Bar No. 0766046
Email: tstarasoler@raslg.com
PAGE 5
21-012729
e.
ADJUSTABLE RATE NOTE
(HOME EQUITY CONVERSION)
STATE OF FLORIDA
July 27, 2007
PROPERTY ADDRESS.
1219 N.W,. 40th Street
Miami, FL 33142
MIAMI;DADE COUNTY
1 DEFINITIONS
“Borrower" means each person signing at the end of this Note. "Lender" means COUNTRYWIDE BANK, FSB and its
successors and assigns. "Secretary" means the Secretary of Housing and Urban Development or his or her authorized
representatives.
2, BORROWER'S PROMISE TO PAY; INTEREST
In return for amounts to be advanced by Lender to or for the benefit of Borrower under the terms ofa Home Equity Conversion
Loan Agreement dated July 27, 2007 ("Loan Agreement"), Borrower promises to pay to the order of Lender a principal amount
equal to the sum of all Loan Advances made under the Loan Agreement with interest. All amounts advanced by Lender, plus
terest, if not paid earlier, are due and payable on February 27, 2092. Interest will be charged on unpaid principal at the rate of
six percent (6.000%) per year until the full amount of principal has been paid. The interest rate may change in accordance with
Paragraph 5 of this Note. Accrued interest shall be added to the principal balance as a Loan Advance at the end of each month.
3. PROMISE TO PAY SECURED
Borrower's promise to pay is secured by a mortgage, deed of trust or similar security instrument that is dated the same date as
this Note and called the "Security Instrument." The Security Instrument protects the Lender from losses which might result if
Borrower defaults under this Note.
4. MANNER OF PAYMENT
(A) Time
Borrower shall pay all outstanding principal and accrued interest to Lender upon receipt of a notice by Lender requiring
immediate payment in full, as provided in Paragraph 7 of this Note.
(B) Place
Payment shall be made at Payoff Department, 7105 Corporate Drive, PTX-B346, Plano, TX 75024 or any such other place as
Lender may designate in writing by notice to Borrower.
* MULTISTATE HOME EQUITY CONVERSION ADJUSTABLE RATE NOTE
IRI15-MU (02/07) UNTRY WIDE BANK, FSB
Page | of S
EXHIBIT A
® @
(C) Limitation of Liability
Borrower shall have no personal liability for payment of the debt. Lender shall enforce the debt only through sale of the
Property covered by the Security Instrument ("Property"). If this Note is assigned to the Secretary, the Borrower shall not be
liable for any difference between the mortgage insurance benefits paid to Lender and the outstanding indebtedness, including
accrued interest, owed by Borrower at the time of assignment.
5. INTEREST RATE CHANGES
(A) Change Date
The interest rate may change on the first day of September 2007, and on [1 that day of each succeeding year MJ the first day of
each succeeding month. “Change Date” means each date on which the interest rate could change.
(B) The Index
Beginning with the first Change Date, the interest rate will be based on an Index. "Index" means the weekly average yield on
United States Treasury Securities adjusted to a constant maturity of one year, as made available by the Federal Reserve Board.
"Current Index" means the most recent Index figure available 30 days before the Change Date. If the Index (as defined above) is
no longer available, Lender wi use as a new Index any index prescribed by the Secretary. Lender will give Borrower notice of
the new Index.
(C) Calculation of Interest Rate Changes
Before each Change Date, Lender will calculate a new interest rate by adding a margin of one percentage points (1.000%) to the
Current Index and rounding this amount to the nearest one-eighth of one percent. Subject to the limit(s) stated in Paragraph
5(D) of this Note, this amount will be the new interest rate until the next Change Date.
(D) Limits on Interest Rate Changes
OC Annual Rate Adjustment: The interest rate will never increase or decrease by more than two percentage points (2.0%) on
any single Change Date. The interest rate will never be more than five percentage points (5.0%) higher or lower than the initial
interest rate stated in Paragraph 2 of this Note.
{ Monthly Rate Adjustment: The interest rate will never increase above sixteen percent (16.000%).
(©) Notice of Changes
Lender will give notice to Borrower of any change in the interest rate. The notice must be given at least 25 days before the new
interest rate takes effect, and must set forth (i) the date of the notice, (ji) the Change Date, (iii) the old interest rate, (iv) the new
interest rate, (v) the Current Index and the date it was published, (vi) the method of calculating the adjusted interest rate, and
(vii) any other information which may be required by law from time to time.
F) Effective Date of Changes
A new interest rate calculated in accordance with Paragraphs 5(C) and 5(D) of this Note will become effective on the Change
Date, unless the Change Date occurs less than 25 days after Lender has given the required notice. If the interest rate calculated
in accordance with Paragraphs 5(C) and 5(D) of this Note decreased, but Lender failed to give timely notice of the decrease and
applied a higher rate than the rate which should have been stated in a timely notice, then Lender shall recalculate the principal
balance owed under this Note so it does not reflect any excessive interest.
* MULTISTATE HOME EQUITY CONVERSION ADJUSTABLE RATE NOTE
IR115-MU (02/07) UNTRY WIDE BANK, FSB
Page 2 of 5
@ @
6. BORROWER'S RIGHT TO PREPAY
A Borrower receiving monthly payments under the Loan Agreement has the right to pay the debt evidenced by this Note, in
whole or in part, without charge or penalty. Any amount of debt prepaid will first be applied to reduce the principal balance of
the Second Note described in Paragraph 11 of this Note and then to reduce the principal balance of this Note.
All prepayments of the principal balance shall be applied by Lender as follows:
Eirst, to that portion of the principal balance representing aggregate payments for mortgage insurance premiums;
Second, to that portion of the principal balance representing aggregate payments for servicing fees;
Third, to that portion of the principal balance representing accrued interest due under the Note; and
Fourth, to the remaining portion of the principal balance. A Borrower may specify whether a prepayment is to be credited to
that portion of the principal balance representing monthly payments or the line of credit. If Borrower does not designate which
portion of the principal balance is to be prepaid, Lender shall apply any partial prepayments to an existing line of credit or create
a new line of credit. Any partial prepayments will be made available to Borrower by increasing the amount of Borrower's
monthly payments and/or increasing the amount available to Borrower for Loan Advances under a line of credit.
2 IMMEDIATE PAYMENT IN FULL
(A) Death or Sale
Lender may require immediate payment in full of all outstanding principal and accrued interest if:
()_ A Borrower dies and the Property is not the principal residence of at least one surviving Borrower; or
(ii) All of a Borrower's title in the Property (or his or her beneficial interest in a trust owning all or part of the Property) is sold
or otherwise transferred and no other Borrower retains (a) title to the Property in fee simple, (b) a leasehold under a lease for
less than 99 years which is renewable or a lease having a remaining period of not less than 50 years beyond the date of the
100th birthday of the youngest Borrower (or retaining a beneficial interest in a trust with such an interest in the Property),
or (c) a life estate in the Property.
(B) Other Grounds
Lender may require immediate payment in full of all outstanding principal and accrued interest, upon approval by an authorized
representative of the Secretary, if:
(i) The Property ceases to be the principal residence of a Borrower for reasons other than death and the Property is not the
principal residence ofa least one other Borrower;
Gi) For a period of longer than twelve (12) consecutive months, a Borrower fails to physically occupy the Property because of
physical or mental illness and the Property is not the principal residence of at least one other Borrower; or
(iii) An obligation of the Borrower under the Security Instrument is not performed,
* MULTISTATE HOME EQUITY CONVERSION ADJUSTABLE RATE NOTE
1R115-MU (02/07) INTRY WIDE BANK, FSB
Page 3 of S
@ @
(C) Payment of Costs and Expenses
If Lender has required immediate payment in full, as described above, the debt enforced through sale of the Property may
include costs and expenses, including reasonable and customary attorneys’ fees, associated with enforcement of this Note to
the extent not prohibited by applicable law. Such fees and costs shall bear interest from the date of disbursement at the same
rate as the principal of this Note.
(D) Trusts
Conveyance of a Borrower's interest in the Property to a trust which meets the requirements of the Secretary, or conveyance of
a trust's interest in the Property to a Borrower, shall not be considered a conveyance for purposes of this Paragraph. A trust
shall not be considered an occupant or be considered as having a principal residence for purposes of this Paragraph.
8. WAIVERS
Borrower waives the rights of presentment and notice of dishonor. "Presentment" means the right to require Lender to demand
payment of amounts due. "Notice of dishonor" means the right to require Lender to give notice to other persons that amounts
due have not been pai
% GIVING OF NOTICES
Unless applicable law requires a different method, any notice that must be given to Borrower under this Note will be given’ by
deliver ig it or by mailing it by first class mail to Borrower at the property address above or at a different address if Borrower
has en Lender a notice of Borrower's different address.
Any notice that must be given to Lender under t Note will be given by first class mail to Lender at the address stated in
Paragraph 4(B) or at a different address if Borrower is given a notice of that different address.
19. OBLIGATIONS OF PERSONS UNDER THIS NOTE
If more than one person signs this Note, each person is fully obligated to keep all of the promises made in this Note. Lender
may enforce its rights under this Note only through sale of the Property.
11, RELATIONSHIP TQ SECOND NOTE
(A) Second Note
Because Borrower be required to repay amounts which the Secretary may make to or on behalf of Borrower pursuant to
Section 255(i)(1)(A) of the National Housing Act and the Loan Agreement, the Secretary has required Borrower to grant a
Second Note to the Secretary.
(B) Relationship of Secretary Payments to this Note
Payments made by the Secretary shall not be included in the debt due under this Note unless:
(i) This Note is assigned to the Secretary; or
(ii) The Secretary accepts reimbursements by the Lender for all payments made by the Secretary.
If the circumstances described in (i) or (ii) occur, then all payments made by the Secretary, including interest on the payments,
shall be included in the debt.
* MULTISTATE HOME EQUITY CONVERSION ADJUSTABLE RATE NOTE
IR115-MU (02/07) ‘OUNTRY WIDE BANK, FSB
Page 4 of 5
@ @
(C) Effect on Borrower
Where there is no assignment or reimbursement as described in (B)(i) or (ii), and the Secretary makes payments to Borrower,
then Borrower shall not:
(Be required to pay amounts owed under this Note until the Secretary has required payment in full of all outstanding
principal and accrued interest under the Second Note held by the Secretary, notwithstanding anything to the contrary in
Paragraph 7 of this Note; or
Gi) Be obligated to pay interest or shared apprecii ‘ion under this Note at any time, whether accrued before or after the
payments by the Secretary, and whether or not accrued interest has been included in the principal balance of this Note,
notwithstanding anything to the contrary in Paragraphs 2 or 5 of this Note or any Allonge to this Note.
BY SIGNING UNDER SEAL BELOW , THE PARTIES ACCEPT AND AGREE TO THE TERMS AND COVENANTS CONTAINED IN THIS
NOTE.
4
Alice
M Jones -Borrower
PAY TO THE ORDSR OF -
Wmsour recourse
‘BANK, FSB
+ tgs
* MULTISTATE HOME EQUITY CONVERSION ADJUSTABLE RATE NOTE
1R115-MU (02/07) INTRY WIDE BANK, FSB
Page
5 of 5
CEN 2007RO0790S560
OR Bk 25845 Pas 3552 - 35627 {1pes)
RECORDED 08/09/2007 11
ATG DOC TAK 1207.50
INTARG TAX 690.00
HARVEY RUVIN® CLERK OF COURT
MIAMI-DADE COUNTY? FLORIDA
After Recording Retum To:
Countrywide Home Loans, INC.
MS SV-79 Document Processing
P.O. Box 10423
Van Nuys, CA 91410-0423
Prepared by:
Louise Spencer
MS TPSA-281
1330 West Southern Avenue
‘Tempe, AZ 85282-4545
(800) 960-4219
ee
State of Florida ‘ADJUSTABLE RATE
HOME EQUITY CONVERSION MORTGAGE
THIS MORTGAGE ("Security Instrument’) is given on July 27, 2007. The mortgagor is Alice M Jones, A Single Woman
whose address is 1219 N.W. 40th Street, Miami, FL 33142 ("Borrower"). This Security Instrument is given to
COUNTRY WIDE BANK, FSB, which is organized and existing under the laws of the United States, and whose address is 1
North Fairfax Street, Ste 500, Alexandria, VA 22314- 1483 (“Lender”). Borrower has agreed to repay to Lender amounts
which Leni obligated to advance, including future advan« ces, under the terms of a Home Equity Conversion Loan Agreement
dated the same date as this Security Instrument ("Loan Agreement"). The agreement to repay is evidenced by Borrower's Note dated
the same date as this Security Instrument ("Note"). This Security Instrument secures to Lender: (a) the repayment of the debt
evidenced by the Note, with interest at a rate subject to adjustment, and all renewals, extensions and modifications of the Note, up to
a maximum principal amount of $345,000.00; (b) the payment of all other sums, with interest, advanced under Sto
protect the security of this Security Instrument or otherwise due under the terms of this Security Instrument; and (c) theParag
performance
of Borrower's covenants and agreements under this Security Instrument and the Note, The full debt, including all amounts described
in @), (&), and (e) above, if not paid earlier, is due and payable on February 27, 2092. For this purpose, Borrower does hereby
mortgage, grant and convey to Lender, the following described Property located in MIAMI-DADE County, Florida, which has the
address of 1219 N.W. 40th Street, Miami, FL 33142 ("Property Address"), and is more fully described on Exhibit A attached
to this Security Instrument and incorporated herein.
TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances, and
fixturesnow 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 Secur Instrument as the "Property."
BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and
‘convey the Property and that the Property is unencumbered. Borrower warrants and will defend generally the title to the Property
against all claims and demands, subject to any encumbrances of record.
+ FLORIDA (HOME EQUITY CONVERSION) ADJUSTABLE RATE MORTGAGE
IR1I3-FL (0207) COUNTRY WIDE BANK, FSB
Page
| of 11
EXHIBIT B
ul
Book25845/Page3552 CFN#20070790560 Page 1 of 11
THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by
jurisdiction to constitutea uniform security instrument covering real property.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal and Interest. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the
Note.
2, Payment of Property Charges. Borrower shall pay all Property charges consisting of taxes, ground rents, flood and hazard
insurance premiums, and special assessments in a timely manner, and shalt provide evidence of payment to Lender, unless Lender
pays Property charges by withholding funds from monthly payments due to the Borrower or by charging such payments to a line of
credit as provided for in the Loan Agreement,
3. Fire, Flood and Other Hazard Insurance. Borrower shall insure all improvements on the Property, whether now in existence or
subsequently erected, against any hazards, casualties, and contingencies, including fire. This insurance shall be maintained in the
amounts, to the extent and for the periods required by Lender or the Secretary of Housing and Urban Development ("Secretary"),
Borrower shall also insure al improvements on the Property, whether now in existence or subsequently erected, against loss by
floods to the extent required by the Secretary. All insurance shall be carried with companies approved by Lender. ‘The insurance
policies and any renewals shall be held by Lender and shall include loss payable clauses in favor of, and in a form acceptable to,
Lender.
In the event of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof of loss if not made promptly by
Borrower. Each insurance company concemed is hereby authorized and directed to make payment for such loss to Lender, instead
to Borrower and Lender jointly. Insurance proceeds shall be applied to restoration or repair of the damaged Property, if theof
estoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically
feasible or Lender's security would be lessened, the insurance proceeds shall be applied first to the reduction of any indebtedness
under a Second Note and Second Security Instrument held by the Secretary on the Property and then to the reduction of the
indebtedness under the Note and this Security Instrument. Any excess insurance proceeds over an amount required to pay all
outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto.
In the event of foreclosure of this Security Instrument or other transfer of title to the Property that extinguishes the indebtedness, all
right, title and interest of Borrowerin and to insurance policies in force shall pass to the purchaser.
4. Ocet Pi , Maintenance and Pri of the Property; Bor Loan Aj
shall occupy, establish, and use the Property es Borrower's principal residence after the execution of ication;L Ids. Borrower
this Security Instrument and
Borrower (or at least one Borrower, if ially more than one person are Borrowers) and shall continue to occupy the Property as
Borrower's principal residence for the term of the Security Instrument. "Principal residence” shall have the same meaning as in the
Loan Agreement.
+ FLORIDA (HOME EQUITY CONVERSION) ADJUSTABLE RATE MORTGAGE
IRUI3-FL @207) COUNTRYWIDE BANK, FSB
Page 20f 11
Book25845/Page3553_ CFN#20070790560 Page
2 of 11
Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the Property to deteriorate,
reasonable wear and tear excepted. Borrower shall also be in default if Borrower, during the loan application process, gave materially
false or inaccurate informationor statements to Lender (or failed to provideLender with any material information) in connection with
‘the Loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy of the Property as a
principal residence. If this Security Instrument is on a leaschold, Borrower shall comply with the provisio of the lease,
ns If Borrower
acquires fee ttle to the Property, the leasehold and fee ttle shall not be merged unless Lender agrees to merger in writing.
5. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all govemmental or municipal
charges, fines and impositions that are not included in Para graph 2. Borrower shall pay these obligations on time directly to the
entity which is owed the payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's request
Borrower shall promptly furnish to Lender receipts evidencing these payments. Borrower shall promptly discharge any lien which
has priority over this Security Instrument in the manner provided in P 'aragraph 12(c).
If Borrower fails to make these payments or the property charges required by Paragraph 2, or to perform any other covenants
‘and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's tights in the
Property (such as a proceeding in bankruptcy, for condemnation or to enforce laws or regulations), then Lender
‘whatever is necessary to protect the value of the Property and Lender's rights in the Property, including payment may do and pay
of taxes, hazard
insurance
and other items mentioned in Paragraph 2,
To protect Lender's security in the Property, Lender shall advance and charge to Borrower all amounts due to the Secretary for the
Mortgage Insurance Premium ("MIP") as defined in the Loan Agreement as well as all sums due to the
activities ("Servicing Fee") as defined in the Loan Agreement. Any amounts disbursed by Lender loan under
servicer for servicing,
are
obligatory and shall become an additional debt of Borrower as provided for in the Loan Agreement and shall this be secured by this
‘Security Instrument.
6. Inspection, Lender or its agent may enter on, inspect or make appraisals of the Property @ reasonable manner and at
reasonable times provided that Lender shall give the Borrower notice priorto any inspection or appraisal specifying a purpose for the
inspection or appraisal which must be related to Lender's interest in the Property. If the Property is vacant or abandoned or the loan
is in default, Lender may take reasonable action to protect and preserve such vacant or abandoned Property without notice to the
Borrower.
7. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation,
or other taking of any part of the Property, or for conveyance in place of condemnation shall be paid to Lender. The proceeds shall
bbe applied first to the reduction of any indebtedness undera Second Note and Second Security Instrument held by the Secretary on
the Property, and then to the reduction of the indebtedness under the Note and this Security Instrument. Any excess proceeds over
‘an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity
legally entitled thereto.
8 Fees. Lender may collect fees and charges authorized by the Secretary.
+ FLORIDA (HOME EQUITY CONVERSION) ADJUSTABLE RATE MORTGAGE
IRII3-FL (0207) COUNTRY WIDE BANK, FSB
Page:
Book25845/Page3554 | CFN#20070790560 Page
3 of 11
9. Grounds for Acceleration of Debt.
(a) Due and Payable. Lender may require immediate payment in full of all sums secured by this Security Instrument if
(@_A Borrower dies and the Property is not the principal residence of at least one surviving Borrower; or
(i) All of a Borrower's title in the Property (or his or her beneficial interest in a tru:ist owning all or part of the Property) is
sold or otherwise transferred and no other Borrower retains (a) title to the Property in fee simple, (b)a leasehold undera
lease for less than 99 years which is renewable or a lease having a remaining period of not less than 50 years beyond
the date of the 100th birthday of the youngest Borrower, or (c) a life estate in the Property (or a beneficial interest in a
‘rust with such an interest in the Property),
(b) Due and Payable with Secretary Approval Lender may require immediate payment in full of all sums secured by this
Security Instrument, upon approval by an authorized representative of the Secretary, if:
(@ The Property ceases to be the principal residenc of a Borrower
e for reasons other than death and the Property is not the
principal residence of at least one other Borrower;or
Gi) For a period of longer than twelve (12) consecutive months, a Borrower fails to physically occupy the Property because
of physical or mental iliness and the Property is not the principal residence of at least one other Borrower; or
(iii)An obligation of the Borrower under this Security Instrument is not performed.
© Notice to Lender. Borrower shall notify Lender whenever any of the events listed in subparagraphs (a) and (b) of this
Paragraph 9(a)(ii) or (b) occur.
@ Notice to Secretary and Borrower. Lender shall notify the Secretary and Borrower whenever the loan becomes due and
payable under this Paragraph 9 i) and (b). Lender shall not have the right to commence foreclosure until Borrower has
thirty (30) days after notice to either:
(Correct the matter which resulted in the Security Instrument coming due and payable; or
ii) Pay the balance in full; or
Gii) Sell the Property for the lesser of the balance or 95% of the appraised value and apply the net proceeds of the sale
toward the balance; or
(iv) Provide the Lender with a deed in lieu of foreclosure,
© Trusts. Conveyance of a Borrower's interest in the Property to a trust which meets the requirements of the Secretary, o
conveyance of a trust's interests in the Property to a Borrower, shall not be considered a conveyance for purposes of this
Paragraph. A trust shall not be considered an occupant or be considered as having a principal residence for purposes of this
Paragraph 9.
+ FLORIDA (HOME EQUITY CONVERSION) ADJUSTABLE RATE MORTGAGE
IRII3-FL (0207) COUNTRY WIDE BANK, FSB
Page
4 oF 1
Book25845/Page3555 | CFN#20070790560 Page
4 of 11
(O Mortgage Not Insured. Borrower agrees that should this Security Instrument and the Note not be eligible for insurance
under the National Housing Act within eight (8) months from the date hereof, Lender may, at its option, require immediate
payment in full of all sums secured is Security Instrument. A written statement of any authorized agent of the
Secretary dated subsequent to eight (8) months from the date hereof, declining to insure this Security Instrument and the
Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option may not be
exercised by Lender when the unavailability of insurance solely due to Lender's failure to remit a mortgage insurance
premium
to the Secretary.
10. No Deficiency Judgments. Borrower shall have no personal liability for payment of the debt secured by this Security
Instrument. Lender may enforce the debt only through sale of the Property. Lender shall not be permitted to obtain a deficiency
judgment against Borrower if the Security Instrument is foreclosed. If this Security Instrument is assigned to the Secretary upon
‘demand by the Secretary, Borrower shall not be liable
for any difference between the mortgage insurance benefits paid to Lender and
the outstanding indebtedness, including accrued interest, owed by Borrower at the time of the assignment.
11. Reinstatement, Borrower hasa right to be reinstated if Lender has required immediate payment in full.
after foreclosure proceedings are instituted. To reinstate this Security Instrument, Borrower shall correct This right applies even
the condition which
resulted in the requirement for immediate payment in full. Foreclosure costs and reasonable and customary attomeys' fees and
expenses properly associated with a foreclosure proceeding shall be added to the principal balance. Upon reinstatement
Borrower, this Security Instrument and the obligations that it secures shall remain in effect as if Lender had not required immediateby
xyment in full. However, Lender is not required to permit reinstatement i Lender has accepted reinstatement after the
commencement of foreclosure proceedings within eighteen (18) months immediately preceding the commencement of a current
foreclosure proceeding, (ji) reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will
adversely affect the priority of the Security Instrument,
12. First Lien Status,
(a) Modification, Borrower agrees to extend this Security Instrument in accordance with this Paragraph 12(a). If Lender
‘determines that the original lien status of the Security Instrument is jeopardized under state law (including but not limited to
situations where the amount secured by the Security Instrument equals or exceeds the maximum principal amount stated or
the maximum period under which loan advances retain the same lien priority ially granted to Joan advances has expired)
and state law permits the original lien status to be maintained for future loan advances through the execution and
recordation of one or more documents, then Lender shall obtain title evidence at Borrower's expense. If the title evidence
indicates that the Property is not encumbered by any liens (except this Security Instrument, the Second Security Instrument
described in Paragraph 13(a) and any subordinate liens that the Lender determines will also be subordinate to any future
Joan advances), Lender shall request the Borrowerto execute such documents. If state law does not permit the original lien
‘statusto be extended to future loan advances, Borrower will be deemed to have failed to have performed an obligation under
this Security Instrument.
(b) Tax Deferral Programs. Borrower shall not participate in a real estate tax deferral program, if any liens created by the tax
deferral are not subordinateto this Security Instrument,
+ FLORIDA (HOME EQUITY CONVERSION) ADJUSTABLE RATE MORTGAGE
IRII3-FL 207) COUNTRYWIDE BANK, FSB
Page Sof 11
Book25845/Page3556_ CFN#20070790560 Page 5 of 11
(©) Prior Liens. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower:
(@) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in
00d faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate
to prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an
agreement satisfactory to Lender subordinating the lien to all amounts secured by this
determines that any part of the Property is subject to a lien which may attain priority over thisSecurity Instrument. If Lender
Security Instrument, Lender
may give Borrowera notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth
above within ten (10) days of the giving of notice.
13, Relationship to Second Security Instrument,
(a) Second Security Instrument. In order to secure payments which the Secretary may make to or on behalf of Borrower
Pursuant to Section 255(3)(1)(A) of the National Housing Act and the Loan Agreement, unless otherwise provided by the
Secretary, the Secretary has required Borrower to execute a Second Note and Second Security Instrument
on the Property.
(b) Relationship of First and Second Security Instruments, Payments made by the Secretary shall not be included in the debt
under the Note unless:
(i) This Security Instrument is assignedto the Secretary;or
Gi). The Secretary accepts reimbursement by the Lender for all payments made by the Secretary.
If the circumstances described in (i) or (i) occur, then all payments by the Secretary, including interest on the payments but
excluding late charges paid by the Secretary, shall be included in the debt under the Note.
(©) Effect on Borrower. Where there is no assignment or reimbursementas described in (b)(i) of (ii) and the Secretary makes
paymentsto Borrower, then Borrower shall not:
(Be required to pay amounts owed under the Note, or pay any rents and revenues of the Property under Paragraph 19 10
Lender or a receiver of the Property, until the Secretary has required payment in full of all outstanding principal and
accrued interest under the Second Note; or
ii) Be obligated to pay interest or shared appreciation under the Note at any time, whether accrued before or after the
payments by the Secretary, and whether or not accrued interest has been included in the principal balance under the
Note.
(@) No Duty of the Secretary. The Secretary has no duty to Lender to enforce covenants of the Second Security Instrumentor
to take actions to preserve the value of the Property, even though Lender may be unable to collect amounts owed under the
Note because of restrictions in this Paragraph 13.
14. Forbearance by Lender Nota Wal ‘Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or
preclude the exercise of any right or remedy.
+ FLORIDA (HOME EQUITY CONVERSION) ADJUSTABLE RATE MORTGAGE
IRLIS-FL (0207) COUNTRYWIDE BANK, FSB
Page
6 of 1
Book25845/Page3557 CFN#20070790560 Page
6 of 11
18. Successors and Assigns Bound; Joint and Several Liability. The covenants and agreements of this Security Instrument shall
bind and benefit the successors and assigns of Lender. Borrower may not assign any rights or obligations under this Security
Instrument or under the Note, except to a trust that meets the requirements of the Secretary. Borrower's covenants and agreements
shall be joint and several.
16. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by
lass mail unless applicable law requires use of another method. ‘The notice shall be directed todelivering it or by mailing it by first
address all Borrowers jointly designate. Any notice to Lender shall be given by first class mail to theLender's
Property Address or any other
address stated herein or
any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have
been given to Borroweror Lender when given as provided in this Paragraph 16,
17. Governing Law; Severability. This Security Instrument shall be governed by Federal law and the law of the jurisdiction in which
the Property is located. In the event that any provision or clause of this Security Instrument
or the Note conflicts
such conflict shall not affect other provisions of this Security Instrument or the Note which can be given with applicable law,
effect without the
conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable.
18. Borrower's Copy. Borrower shall be given one conformed copy of the Note and this Security Instrument.
NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
19. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property.
Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property
ay the rents to Lender or Lender's agents. However, prior to Lender's Notice to Borrower of Borrower's breach of any covenant toor
agreement in the Security Instrument, Borrower shall collect and receive all rents and revenues of the Property as trustee for the
benefit of Lender and Borrower.
Preview
Filing # 140016045 E-Filed 12/09/2021 09:52:37 AM IN THE CIRCUIT COURT OF THE ELEVENTH JUDICIAL CIRCUIT IN AND FOR MIAMI- DADE COUNTY, FLORIDA GENERAL JURISDICTION DIVISION CASE NO. NATIONSTAR MORTGAGE LLC D/B/A CHAMPION MORTGAGE COMPANY, Plaintiff, vs. ALICE M. JONES; UNKNOWN SPOUSE OF ALICE M. JONES; UNITED STATES OF AMERICA, ACTING ON BEHALF OF THE SECRETARY OF HOUSING AND URBAN DEVELOPMENT; FLORIDA HOUSING FINANCE CORPORATION, Defendant(s). / VERIFIED COMPLAINT FOR FORECLOSURE OF MORTGAGE Plaintiff, NATIONSTAR MORTGAGE LLC D/B/A CHAMPION MORTGAGE COMPANY, sues the Defendants and alleges: COUNT I—~MORTGAGE FORECLOSURE 1 This is an action to foreclose a reverse mortgage on real property in MIAMI-DADE County, Florida. 2. The Court has jurisdiction over the subject matter. 3 ALICE M. JONES, executed and delivered a promissory note, dated July 27, 2007, securing payment to COUNTRYWIDE BANK, FSB. A copy of the note is attached hereto as Exhibit "A". 4. ALICE M. JONES, executed and delivered the Home Equity Conversion Mortgage, dated July 27, 2007. A copy of the Home Equity Conversion Mortgage is attached hereto as Exhibit "B". The mortgage was recorded on August 9, 2007, in Official Records Book 25845, PAGE 1 21-012729 Page 3552, of the Public Records of Miami-Dade County, Florida, and encumbered the property described in the mortgage then owned by and in possession of the mortgagor and note being attached. 5 The Plaintiff's Mortgage is a lien superior in dignity to any prior or subsequent right, title, claim, lien, or interest of any defendant in this action, including but not limited to, any interest arising out of Mortgagor(s) or Mortgagor(s)' predecessor(s) and/or successors in interest. 6 Plaintiff is the holder of the original note secured by the mortgage. 7 ALICE M. JONES failed to perform an obligation under the terms of the loan by failing to maintain taxes, or insurance, or both on the subject property. The Secretary of Housing and Urban Development approved this occurrence as grounds for acceleration of the debt on or about September 17, 2020. 8 Plaintiff declares the full amount to be due and payable pursuant to the Note and Mortgage. 9 Defendant(s) owe Plaintiff $136,776.34 that is due and owing on principal on the note and mortgage plus interest, and title search expenses for ascertaining necessary parties to this action. 10. In order to protect its security, the Plaintiff may have advanced and paid Ad Valorem Taxes, premiums on insurance required by the mortgage and other necessary costs, or may be required to make such advances during the pendency of this action. Any such sum so paid will be due and owing Plaintiff. 11. The property is now owned by Defendant(s) ALICE M. JONES and the record legal title to said mortgaged property is now vested in Defendants(s), ALICE M. JONES, if living and if PAGE 2 21-012729 dead, the unknown spouses, heirs and beneficiaries of ALICE M. JONES who hold or holds possession. 12. All conditions precedent to the acceleration of this mortgage note and to foreclosure of the mortgage have been fulfilled and have occurred. 13. Plaintiff is obligated to pay plaintiff's attorneys a reasonable fee for their services. Plaintiff is entitled to recover its attorneys' fees pursuant to the express terms of the note and mortgage. 14. Plaintiff alleges that the claims of the remaining Defendants are secondary, junior, inferior and subject to the prior claim of Plaintiff. 15. Any interest in the property inuring to the Defendant, FLORIDA HOUSING FINANCE CORPORATION, is subordinate and inferior to the lien of Plaintiff's mortgage, including, but not limited to, SUBORDINATE MORTGAGE recorded October 2, 2019, in Official Record Book 31629 at Page 1793 of the Public Records of Miami-Dade County, Florida. 16. Any interest in the property inuring to the Defendant, UNITED STATES OF AMERICA, ACTING ON BEHALF OF THE SECRETARY OF HOUSING AND URBAN DEVELOPMENT, is subordinate and inferior to the lien of Plaintiff's mortgage, including, but not limited to, HOME EQUITY CONVERSION SECOND MORTGAGE recorded August 9, 2007, in Official Record Book 25845 at Page 3563 of the Public Records of Miami-Dade County, Florida. A copy is attached hereto as Exhibit "C". 17. Defendant, UNKNOWN SPOUSE OF ALICE M. JONES, may claim some right, title, or interest in the property herein sought to be foreclosed by virtue of homestead rights, possession or some other unknown interest, the exact nature of which is unknown to Plaintiff and not a PAGE 3 21-012729 matter of public record. However, said interest, if any, is subordinate, junior, and inferior to the lien of Plaintiffs mortgage. WHEREFORE, Plaintiff demands judgment foreclosing the mortgage, for costs (and, when applicable, for attorney's fees). Requests that the Court ascertain the amount due to Plaintiff for principal and interest on the Mortgage and Note and for abstracting, taxes, expenses and costs, including attorney's fees, plus interest thereon; that if the sums due Plaintiff under the Mortgage and Note are not paid immediately, the Court foreclose the Mortgage and direct the Clerk of the Court sell the Property securing the indebtedness to satisfy the Plaintiff's mortgage lien in accordance with the provisions of Florida Statutes §45.031 (2006); that the rights, title and interest of any Defendant, or any party claiming by, through, under or against any Defendant named herein or hereinafter made a Defendant be forever barred and foreclosed; that the Court appoint a receiver of the Property and of the rents, issues, income and profits thereof, or in the alternative, order sequestration of rents, issues, income and profits pursuant to Florida Statutes §697.07 (2006); [THIS SPACE IS INTENTIONALLY LEFT BLANK] PAGE 4 21-012729 and that the Court retain jurisdiction of this action to make any and all further orders and judgments as may be necessary and proper, including the issuance of a writ of possession. VERIFICATION Under penalty of perjury, I declare that I have read the foregoing, and the facts alleged therein are true and correct to the best of my _ knowledge and belief. Executed on this 5th day of December » 20.21. By: “tf beri Hr~ Pri int Name: elanie Harris Title: Assistant Secretary Company: NATIONSTAR MORTGAGE LLC D/B/A CHAMPION MORTGAGE COMPANY Robertson, Anschutz, Schneid, Crane & Partners, PLLC Attorney for Plaintiff 6409 Congress Ave., Suite 100 Boca Raton, FL 33487 Telephone: 561-241-6901 Facsimile: 561-997-6909 Service Email: FLmail@raslg.com /s/ Tracy Starasoler Tracy Starasoler, Esq., FL Bar No. 0766046 Email: tstarasoler@raslg.com PAGE 5 21-012729 e. ADJUSTABLE RATE NOTE (HOME EQUITY CONVERSION) STATE OF FLORIDA July 27, 2007 PROPERTY ADDRESS. 1219 N.W,. 40th Street Miami, FL 33142 MIAMI;DADE COUNTY 1 DEFINITIONS “Borrower" means each person signing at the end of this Note. "Lender" means COUNTRYWIDE BANK, FSB and its successors and assigns. "Secretary" means the Secretary of Housing and Urban Development or his or her authorized representatives. 2, BORROWER'S PROMISE TO PAY; INTEREST In return for amounts to be advanced by Lender to or for the benefit of Borrower under the terms ofa Home Equity Conversion Loan Agreement dated July 27, 2007 ("Loan Agreement"), Borrower promises to pay to the order of Lender a principal amount equal to the sum of all Loan Advances made under the Loan Agreement with interest. All amounts advanced by Lender, plus terest, if not paid earlier, are due and payable on February 27, 2092. Interest will be charged on unpaid principal at the rate of six percent (6.000%) per year until the full amount of principal has been paid. The interest rate may change in accordance with Paragraph 5 of this Note. Accrued interest shall be added to the principal balance as a Loan Advance at the end of each month. 3. PROMISE TO PAY SECURED Borrower's promise to pay is secured by a mortgage, deed of trust or similar security instrument that is dated the same date as this Note and called the "Security Instrument." The Security Instrument protects the Lender from losses which might result if Borrower defaults under this Note. 4. MANNER OF PAYMENT (A) Time Borrower shall pay all outstanding principal and accrued interest to Lender upon receipt of a notice by Lender requiring immediate payment in full, as provided in Paragraph 7 of this Note. (B) Place Payment shall be made at Payoff Department, 7105 Corporate Drive, PTX-B346, Plano, TX 75024 or any such other place as Lender may designate in writing by notice to Borrower. * MULTISTATE HOME EQUITY CONVERSION ADJUSTABLE RATE NOTE IRI15-MU (02/07) UNTRY WIDE BANK, FSB Page | of S EXHIBIT A ® @ (C) Limitation of Liability Borrower shall have no personal liability for payment of the debt. Lender shall enforce the debt only through sale of the Property covered by the Security Instrument ("Property"). If this Note is assigned to the Secretary, the Borrower shall not be liable for any difference between the mortgage insurance benefits paid to Lender and the outstanding indebtedness, including accrued interest, owed by Borrower at the time of assignment. 5. INTEREST RATE CHANGES (A) Change Date The interest rate may change on the first day of September 2007, and on [1 that day of each succeeding year MJ the first day of each succeeding month. “Change Date” means each date on which the interest rate could change. (B) The Index Beginning with the first Change Date, the interest rate will be based on an Index. "Index" means the weekly average yield on United States Treasury Securities adjusted to a constant maturity of one year, as made available by the Federal Reserve Board. "Current Index" means the most recent Index figure available 30 days before the Change Date. If the Index (as defined above) is no longer available, Lender wi use as a new Index any index prescribed by the Secretary. Lender will give Borrower notice of the new Index. (C) Calculation of Interest Rate Changes Before each Change Date, Lender will calculate a new interest rate by adding a margin of one percentage points (1.000%) to the Current Index and rounding this amount to the nearest one-eighth of one percent. Subject to the limit(s) stated in Paragraph 5(D) of this Note, this amount will be the new interest rate until the next Change Date. (D) Limits on Interest Rate Changes OC Annual Rate Adjustment: The interest rate will never increase or decrease by more than two percentage points (2.0%) on any single Change Date. The interest rate will never be more than five percentage points (5.0%) higher or lower than the initial interest rate stated in Paragraph 2 of this Note. { Monthly Rate Adjustment: The interest rate will never increase above sixteen percent (16.000%). (©) Notice of Changes Lender will give notice to Borrower of any change in the interest rate. The notice must be given at least 25 days before the new interest rate takes effect, and must set forth (i) the date of the notice, (ji) the Change Date, (iii) the old interest rate, (iv) the new interest rate, (v) the Current Index and the date it was published, (vi) the method of calculating the adjusted interest rate, and (vii) any other information which may be required by law from time to time. F) Effective Date of Changes A new interest rate calculated in accordance with Paragraphs 5(C) and 5(D) of this Note will become effective on the Change Date, unless the Change Date occurs less than 25 days after Lender has given the required notice. If the interest rate calculated in accordance with Paragraphs 5(C) and 5(D) of this Note decreased, but Lender failed to give timely notice of the decrease and applied a higher rate than the rate which should have been stated in a timely notice, then Lender shall recalculate the principal balance owed under this Note so it does not reflect any excessive interest. * MULTISTATE HOME EQUITY CONVERSION ADJUSTABLE RATE NOTE IR115-MU (02/07) UNTRY WIDE BANK, FSB Page 2 of 5 @ @ 6. BORROWER'S RIGHT TO PREPAY A Borrower receiving monthly payments under the Loan Agreement has the right to pay the debt evidenced by this Note, in whole or in part, without charge or penalty. Any amount of debt prepaid will first be applied to reduce the principal balance of the Second Note described in Paragraph 11 of this Note and then to reduce the principal balance of this Note. All prepayments of the principal balance shall be applied by Lender as follows: Eirst, to that portion of the principal balance representing aggregate payments for mortgage insurance premiums; Second, to that portion of the principal balance representing aggregate payments for servicing fees; Third, to that portion of the principal balance representing accrued interest due under the Note; and Fourth, to the remaining portion of the principal balance. A Borrower may specify whether a prepayment is to be credited to that portion of the principal balance representing monthly payments or the line of credit. If Borrower does not designate which portion of the principal balance is to be prepaid, Lender shall apply any partial prepayments to an existing line of credit or create a new line of credit. Any partial prepayments will be made available to Borrower by increasing the amount of Borrower's monthly payments and/or increasing the amount available to Borrower for Loan Advances under a line of credit. 2 IMMEDIATE PAYMENT IN FULL (A) Death or Sale Lender may require immediate payment in full of all outstanding principal and accrued interest if: ()_ A Borrower dies and the Property is not the principal residence of at least one surviving Borrower; or (ii) All of a Borrower's title in the Property (or his or her beneficial interest in a trust owning all or part of the Property) is sold or otherwise transferred and no other Borrower retains (a) title to the Property in fee simple, (b) a leasehold under a lease for less than 99 years which is renewable or a lease having a remaining period of not less than 50 years beyond the date of the 100th birthday of the youngest Borrower (or retaining a beneficial interest in a trust with such an interest in the Property), or (c) a life estate in the Property. (B) Other Grounds Lender may require immediate payment in full of all outstanding principal and accrued interest, upon approval by an authorized representative of the Secretary, if: (i) The Property ceases to be the principal residence of a Borrower for reasons other than death and the Property is not the principal residence ofa least one other Borrower; Gi) For a period of longer than twelve (12) consecutive months, a Borrower fails to physically occupy the Property because of physical or mental illness and the Property is not the principal residence of at least one other Borrower; or (iii) An obligation of the Borrower under the Security Instrument is not performed, * MULTISTATE HOME EQUITY CONVERSION ADJUSTABLE RATE NOTE 1R115-MU (02/07) INTRY WIDE BANK, FSB Page 3 of S @ @ (C) Payment of Costs and Expenses If Lender has required immediate payment in full, as described above, the debt enforced through sale of the Property may include costs and expenses, including reasonable and customary attorneys’ fees, associated with enforcement of this Note to the extent not prohibited by applicable law. Such fees and costs shall bear interest from the date of disbursement at the same rate as the principal of this Note. (D) Trusts Conveyance of a Borrower's interest in the Property to a trust which meets the requirements of the Secretary, or conveyance of a trust's interest in the Property to a Borrower, shall not be considered a conveyance for purposes of this Paragraph. A trust shall not be considered an occupant or be considered as having a principal residence for purposes of this Paragraph. 8. WAIVERS Borrower waives the rights of presentment and notice of dishonor. "Presentment" means the right to require Lender to demand payment of amounts due. "Notice of dishonor" means the right to require Lender to give notice to other persons that amounts due have not been pai % GIVING OF NOTICES Unless applicable law requires a different method, any notice that must be given to Borrower under this Note will be given’ by deliver ig it or by mailing it by first class mail to Borrower at the property address above or at a different address if Borrower has en Lender a notice of Borrower's different address. Any notice that must be given to Lender under t Note will be given by first class mail to Lender at the address stated in Paragraph 4(B) or at a different address if Borrower is given a notice of that different address. 19. OBLIGATIONS OF PERSONS UNDER THIS NOTE If more than one person signs this Note, each person is fully obligated to keep all of the promises made in this Note. Lender may enforce its rights under this Note only through sale of the Property. 11, RELATIONSHIP TQ SECOND NOTE (A) Second Note Because Borrower be required to repay amounts which the Secretary may make to or on behalf of Borrower pursuant to Section 255(i)(1)(A) of the National Housing Act and the Loan Agreement, the Secretary has required Borrower to grant a Second Note to the Secretary. (B) Relationship of Secretary Payments to this Note Payments made by the Secretary shall not be included in the debt due under this Note unless: (i) This Note is assigned to the Secretary; or (ii) The Secretary accepts reimbursements by the Lender for all payments made by the Secretary. If the circumstances described in (i) or (ii) occur, then all payments made by the Secretary, including interest on the payments, shall be included in the debt. * MULTISTATE HOME EQUITY CONVERSION ADJUSTABLE RATE NOTE IR115-MU (02/07) ‘OUNTRY WIDE BANK, FSB Page 4 of 5 @ @ (C) Effect on Borrower Where there is no assignment or reimbursement as described in (B)(i) or (ii), and the Secretary makes payments to Borrower, then Borrower shall not: (Be required to pay amounts owed under this Note until the Secretary has required payment in full of all outstanding principal and accrued interest under the Second Note held by the Secretary, notwithstanding anything to the contrary in Paragraph 7 of this Note; or Gi) Be obligated to pay interest or shared apprecii ‘ion under this Note at any time, whether accrued before or after the payments by the Secretary, and whether or not accrued interest has been included in the principal balance of this Note, notwithstanding anything to the contrary in Paragraphs 2 or 5 of this Note or any Allonge to this Note. BY SIGNING UNDER SEAL BELOW , THE PARTIES ACCEPT AND AGREE TO THE TERMS AND COVENANTS CONTAINED IN THIS NOTE. 4 Alice M Jones -Borrower PAY TO THE ORDSR OF - Wmsour recourse ‘BANK, FSB + tgs * MULTISTATE HOME EQUITY CONVERSION ADJUSTABLE RATE NOTE 1R115-MU (02/07) INTRY WIDE BANK, FSB Page 5 of 5 CEN 2007RO0790S560 OR Bk 25845 Pas 3552 - 35627 {1pes) RECORDED 08/09/2007 11 ATG DOC TAK 1207.50 INTARG TAX 690.00 HARVEY RUVIN® CLERK OF COURT MIAMI-DADE COUNTY? FLORIDA After Recording Retum To: Countrywide Home Loans, INC. MS SV-79 Document Processing P.O. Box 10423 Van Nuys, CA 91410-0423 Prepared by: Louise Spencer MS TPSA-281 1330 West Southern Avenue ‘Tempe, AZ 85282-4545 (800) 960-4219 ee State of Florida ‘ADJUSTABLE RATE HOME EQUITY CONVERSION MORTGAGE THIS MORTGAGE ("Security Instrument’) is given on July 27, 2007. The mortgagor is Alice M Jones, A Single Woman whose address is 1219 N.W. 40th Street, Miami, FL 33142 ("Borrower"). This Security Instrument is given to COUNTRY WIDE BANK, FSB, which is organized and existing under the laws of the United States, and whose address is 1 North Fairfax Street, Ste 500, Alexandria, VA 22314- 1483 (“Lender”). Borrower has agreed to repay to Lender amounts which Leni obligated to advance, including future advan« ces, under the terms of a Home Equity Conversion Loan Agreement dated the same date as this Security Instrument ("Loan Agreement"). The agreement to repay is evidenced by Borrower's Note dated the same date as this Security Instrument ("Note"). This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest at a rate subject to adjustment, and all renewals, extensions and modifications of the Note, up to a maximum principal amount of $345,000.00; (b) the payment of all other sums, with interest, advanced under Sto protect the security of this Security Instrument or otherwise due under the terms of this Security Instrument; and (c) theParag performance of Borrower's covenants and agreements under this Security Instrument and the Note, The full debt, including all amounts described in @), (&), and (e) above, if not paid earlier, is due and payable on February 27, 2092. For this purpose, Borrower does hereby mortgage, grant and convey to Lender, the following described Property located in MIAMI-DADE County, Florida, which has the address of 1219 N.W. 40th Street, Miami, FL 33142 ("Property Address"), and is more fully described on Exhibit A attached to this Security Instrument and incorporated herein. TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances, and fixturesnow 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 Secur Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and ‘convey the Property and that the Property is unencumbered. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. + FLORIDA (HOME EQUITY CONVERSION) ADJUSTABLE RATE MORTGAGE IR1I3-FL (0207) COUNTRY WIDE BANK, FSB Page | of 11 EXHIBIT B ul Book25845/Page3552 CFN#20070790560 Page 1 of 11 THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitutea uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note. 2, Payment of Property Charges. Borrower shall pay all Property charges consisting of taxes, ground rents, flood and hazard insurance premiums, and special assessments in a timely manner, and shalt provide evidence of payment to Lender, unless Lender pays Property charges by withholding funds from monthly payments due to the Borrower or by charging such payments to a line of credit as provided for in the Loan Agreement, 3. Fire, Flood and Other Hazard Insurance. Borrower shall insure all improvements on the Property, whether now in existence or subsequently erected, against any hazards, casualties, and contingencies, including fire. This insurance shall be maintained in the amounts, to the extent and for the periods required by Lender or the Secretary of Housing and Urban Development ("Secretary"), Borrower shall also insure al improvements on the Property, whether now in existence or subsequently erected, against loss by floods to the extent required by the Secretary. All insurance shall be carried with companies approved by Lender. ‘The insurance policies and any renewals shall be held by Lender and shall include loss payable clauses in favor of, and in a form acceptable to, Lender. In the event of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof of loss if not made promptly by Borrower. Each insurance company concemed is hereby authorized and directed to make payment for such loss to Lender, instead to Borrower and Lender jointly. Insurance proceeds shall be applied to restoration or repair of the damaged Property, if theof estoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied first to the reduction of any indebtedness under a Second Note and Second Security Instrument held by the Secretary on the Property and then to the reduction of the indebtedness under the Note and this Security Instrument. Any excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. In the event of foreclosure of this Security Instrument or other transfer of title to the Property that extinguishes the indebtedness, all right, title and interest of Borrowerin and to insurance policies in force shall pass to the purchaser. 4. Ocet Pi , Maintenance and Pri of the Property; Bor Loan Aj shall occupy, establish, and use the Property es Borrower's principal residence after the execution of ication;L Ids. Borrower this Security Instrument and Borrower (or at least one Borrower, if ially more than one person are Borrowers) and shall continue to occupy the Property as Borrower's principal residence for the term of the Security Instrument. "Principal residence” shall have the same meaning as in the Loan Agreement. + FLORIDA (HOME EQUITY CONVERSION) ADJUSTABLE RATE MORTGAGE IRUI3-FL @207) COUNTRYWIDE BANK, FSB Page 20f 11 Book25845/Page3553_ CFN#20070790560 Page 2 of 11 Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate informationor statements to Lender (or failed to provideLender with any material information) in connection with ‘the Loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a leaschold, Borrower shall comply with the provisio of the lease, ns If Borrower acquires fee ttle to the Property, the leasehold and fee ttle shall not be merged unless Lender agrees to merger in writing. 5. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all govemmental or municipal charges, fines and impositions that are not included in Para graph 2. Borrower shall pay these obligations on time directly to the entity which is owed the payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's request Borrower shall promptly furnish to Lender receipts evidencing these payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument in the manner provided in P 'aragraph 12(c). If Borrower fails to make these payments or the property charges required by Paragraph 2, or to perform any other covenants ‘and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's tights in the Property (such as a proceeding in bankruptcy, for condemnation or to enforce laws or regulations), then Lender ‘whatever is necessary to protect the value of the Property and Lender's rights in the Property, including payment may do and pay of taxes, hazard insurance and other items mentioned in Paragraph 2, To protect Lender's security in the Property, Lender shall advance and charge to Borrower all amounts due to the Secretary for the Mortgage Insurance Premium ("MIP") as defined in the Loan Agreement as well as all sums due to the activities ("Servicing Fee") as defined in the Loan Agreement. Any amounts disbursed by Lender loan under servicer for servicing, are obligatory and shall become an additional debt of Borrower as provided for in the Loan Agreement and shall this be secured by this ‘Security Instrument. 6. Inspection, Lender or its agent may enter on, inspect or make appraisals of the Property @ reasonable manner and at reasonable times provided that Lender shall give the Borrower notice priorto any inspection or appraisal specifying a purpose for the inspection or appraisal which must be related to Lender's interest in the Property. If the Property is vacant or abandoned or the loan is in default, Lender may take reasonable action to protect and preserve such vacant or abandoned Property without notice to the Borrower. 7. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation, or other taking of any part of the Property, or for conveyance in place of condemnation shall be paid to Lender. The proceeds shall bbe applied first to the reduction of any indebtedness undera Second Note and Second Security Instrument held by the Secretary on the Property, and then to the reduction of the indebtedness under the Note and this Security Instrument. Any excess proceeds over ‘an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. 8 Fees. Lender may collect fees and charges authorized by the Secretary. + FLORIDA (HOME EQUITY CONVERSION) ADJUSTABLE RATE MORTGAGE IRII3-FL (0207) COUNTRY WIDE BANK, FSB Page: Book25845/Page3554 | CFN#20070790560 Page 3 of 11 9. Grounds for Acceleration of Debt. (a) Due and Payable. Lender may require immediate payment in full of all sums secured by this Security Instrument if (@_A Borrower dies and the Property is not the principal residence of at least one surviving Borrower; or (i) All of a Borrower's title in the Property (or his or her beneficial interest in a tru:ist owning all or part of the Property) is sold or otherwise transferred and no other Borrower retains (a) title to the Property in fee simple, (b)a leasehold undera lease for less than 99 years which is renewable or a lease having a remaining period of not less than 50 years beyond the date of the 100th birthday of the youngest Borrower, or (c) a life estate in the Property (or a beneficial interest in a ‘rust with such an interest in the Property), (b) Due and Payable with Secretary Approval Lender may require immediate payment in full of all sums secured by this Security Instrument, upon approval by an authorized representative of the Secretary, if: (@ The Property ceases to be the principal residenc of a Borrower e for reasons other than death and the Property is not the principal residence of at least one other Borrower;or Gi) For a period of longer than twelve (12) consecutive months, a Borrower fails to physically occupy the Property because of physical or mental iliness and the Property is not the principal residence of at least one other Borrower; or (iii)An obligation of the Borrower under this Security Instrument is not performed. © Notice to Lender. Borrower shall notify Lender whenever any of the events listed in subparagraphs (a) and (b) of this Paragraph 9(a)(ii) or (b) occur. @ Notice to Secretary and Borrower. Lender shall notify the Secretary and Borrower whenever the loan becomes due and payable under this Paragraph 9 i) and (b). Lender shall not have the right to commence foreclosure until Borrower has thirty (30) days after notice to either: (Correct the matter which resulted in the Security Instrument coming due and payable; or ii) Pay the balance in full; or Gii) Sell the Property for the lesser of the balance or 95% of the appraised value and apply the net proceeds of the sale toward the balance; or (iv) Provide the Lender with a deed in lieu of foreclosure, © Trusts. Conveyance of a Borrower's interest in the Property to a trust which meets the requirements of the Secretary, o conveyance of a trust's interests in the Property to a Borrower, shall not be considered a conveyance for purposes of this Paragraph. A trust shall not be considered an occupant or be considered as having a principal residence for purposes of this Paragraph 9. + FLORIDA (HOME EQUITY CONVERSION) ADJUSTABLE RATE MORTGAGE IRII3-FL (0207) COUNTRY WIDE BANK, FSB Page 4 oF 1 Book25845/Page3555 | CFN#20070790560 Page 4 of 11 (O Mortgage Not Insured. Borrower agrees that should this Security Instrument and the Note not be eligible for insurance under the National Housing Act within eight (8) months from the date hereof, Lender may, at its option, require immediate payment in full of all sums secured is Security Instrument. A written statement of any authorized agent of the Secretary dated subsequent to eight (8) months from the date hereof, declining to insure this Security Instrument and the Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option may not be exercised by Lender when the unavailability of insurance solely due to Lender's failure to remit a mortgage insurance premium to the Secretary. 10. No Deficiency Judgments. Borrower shall have no personal liability for payment of the debt secured by this Security Instrument. Lender may enforce the debt only through sale of the Property. Lender shall not be permitted to obtain a deficiency judgment against Borrower if the Security Instrument is foreclosed. If this Security Instrument is assigned to the Secretary upon ‘demand by the Secretary, Borrower shall not be liable for any difference between the mortgage insurance benefits paid to Lender and the outstanding indebtedness, including accrued interest, owed by Borrower at the time of the assignment. 11. Reinstatement, Borrower hasa right to be reinstated if Lender has required immediate payment in full. after foreclosure proceedings are instituted. To reinstate this Security Instrument, Borrower shall correct This right applies even the condition which resulted in the requirement for immediate payment in full. Foreclosure costs and reasonable and customary attomeys' fees and expenses properly associated with a foreclosure proceeding shall be added to the principal balance. Upon reinstatement Borrower, this Security Instrument and the obligations that it secures shall remain in effect as if Lender had not required immediateby xyment in full. However, Lender is not required to permit reinstatement i Lender has accepted reinstatement after the commencement of foreclosure proceedings within eighteen (18) months immediately preceding the commencement of a current foreclosure proceeding, (ji) reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the Security Instrument, 12. First Lien Status, (a) Modification, Borrower agrees to extend this Security Instrument in accordance with this Paragraph 12(a). If Lender ‘determines that the original lien status of the Security Instrument is jeopardized under state law (including but not limited to situations where the amount secured by the Security Instrument equals or exceeds the maximum principal amount stated or the maximum period under which loan advances retain the same lien priority ially granted to Joan advances has expired) and state law permits the original lien status to be maintained for future loan advances through the execution and recordation of one or more documents, then Lender shall obtain title evidence at Borrower's expense. If the title evidence indicates that the Property is not encumbered by any liens (except this Security Instrument, the Second Security Instrument described in Paragraph 13(a) and any subordinate liens that the Lender determines will also be subordinate to any future Joan advances), Lender shall request the Borrowerto execute such documents. If state law does not permit the original lien ‘statusto be extended to future loan advances, Borrower will be deemed to have failed to have performed an obligation under this Security Instrument. (b) Tax Deferral Programs. Borrower shall not participate in a real estate tax deferral program, if any liens created by the tax deferral are not subordinateto this Security Instrument, + FLORIDA (HOME EQUITY CONVERSION) ADJUSTABLE RATE MORTGAGE IRII3-FL 207) COUNTRYWIDE BANK, FSB Page Sof 11 Book25845/Page3556_ CFN#20070790560 Page 5 of 11 (©) Prior Liens. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (@) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in 00d faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to all amounts secured by this determines that any part of the Property is subject to a lien which may attain priority over thisSecurity Instrument. If Lender Security Instrument, Lender may give Borrowera notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within ten (10) days of the giving of notice. 13, Relationship to Second Security Instrument, (a) Second Security Instrument. In order to secure payments which the Secretary may make to or on behalf of Borrower Pursuant to Section 255(3)(1)(A) of the National Housing Act and the Loan Agreement, unless otherwise provided by the Secretary, the Secretary has required Borrower to execute a Second Note and Second Security Instrument on the Property. (b) Relationship of First and Second Security Instruments, Payments made by the Secretary shall not be included in the debt under the Note unless: (i) This Security Instrument is assignedto the Secretary;or Gi). The Secretary accepts reimbursement by the Lender for all payments made by the Secretary. If the circumstances described in (i) or (i) occur, then all payments by the Secretary, including interest on the payments but excluding late charges paid by the Secretary, shall be included in the debt under the Note. (©) Effect on Borrower. Where there is no assignment or reimbursementas described in (b)(i) of (ii) and the Secretary makes paymentsto Borrower, then Borrower shall not: (Be required to pay amounts owed under the Note, or pay any rents and revenues of the Property under Paragraph 19 10 Lender or a receiver of the Property, until the Secretary has required payment in full of all outstanding principal and accrued interest under the Second Note; or ii) Be obligated to pay interest or shared appreciation under the Note at any time, whether accrued before or after the payments by the Secretary, and whether or not accrued interest has been included in the principal balance under the Note. (@) No Duty of the Secretary. The Secretary has no duty to Lender to enforce covenants of the Second Security Instrumentor to take actions to preserve the value of the Property, even though Lender may be unable to collect amounts owed under the Note because of restrictions in this Paragraph 13. 14. Forbearance by Lender Nota Wal ‘Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. + FLORIDA (HOME EQUITY CONVERSION) ADJUSTABLE RATE MORTGAGE IRLIS-FL (0207) COUNTRYWIDE BANK, FSB Page 6 of 1 Book25845/Page3557 CFN#20070790560 Page 6 of 11 18. Successors and Assigns Bound; Joint and Several Liability. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender. Borrower may not assign any rights or obligations under this Security Instrument or under the Note, except to a trust that meets the requirements of the Secretary. Borrower's covenants and agreements shall be joint and several. 16. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by lass mail unless applicable law requires use of another method. ‘The notice shall be directed todelivering it or by mailing it by first address all Borrowers jointly designate. Any notice to Lender shall be given by first class mail to theLender's Property Address or any other address stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borroweror Lender when given as provided in this Paragraph 16, 17. Governing Law; Severability. This Security Instrument shall be governed by Federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts such conflict shall not affect other provisions of this Security Instrument or the Note which can be given with applicable law, effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 18. Borrower's Copy. Borrower shall be given one conformed copy of the Note and this Security Instrument. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 19. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property. Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property ay the rents to Lender or Lender's agents. However, prior to Lender's Notice to Borrower of Borrower's breach of any covenant toor agreement in the Security Instrument, Borrower shall collect and receive all rents and revenues of the Property as trustee for the benefit of Lender and Borrower.