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Filing # 135763226 E-Filed 10/01/2021 03:11:21 PM
IN THE CIRCUIT COURT OF THE ELEVENTH JUDICIAL CIRCUIT
IN AND FOR MIAMI-DADE COUNTY, FLORIDA
CIVIL DIVISION
WILMINGTON SAVINGS FUND SOCIETY, FSB, CASE NO.
NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY
AS TRUSTEE FOR VERUS SECURITIZATION Division No.
TRUST 2020-1,
Plaintiff,
VS.
NINE 2112 LLC; MIGUEL LOOR a/k/a MIGUEL
ANGEL LOOR; PARAMOUNT MIAMI
WORLDCENTER CONDOMINIUM ASSOCIATION,
INC.; UNKNOWN TENANT #1; UNKNOWN
TENANT #2;
Defendants. -/
COMPLAINT FOR FORECLOSURE OF MORTGAGE, SUIT ON GUARANTY AND
ASSIGNMENT OF RENTS AND LEASES
Plaintiff, WILMINGTON SAVINGS FUND SOCIETY, FSB, NOT IN ITS
INDIVIDUAL CAPACITY BUT SOLELY AS TRUSTEE FOR VERUS SECURITIZATION
TRUST 2020-1, sues the Defendants and alleges:
GENERAL ALLEGATIONS
1 Plaintiff, WILMINGTON SAVINGS FUND SOCIETY, FSB, NOT IN ITS
INDIVIDUAL CAPACITY BUT SOLELY AS TRUSTEE FOR VERUS SECURITIZATION
TRUST 2020-1, is the holder of the Note and Mortgage which are the subject of this action.
2, On or about October 24, 2019, Defendant NINE 2112 LLC, through MIGUEL
LOOR a/k/a MIGUEL ANGEL LOOR as Manager, executed and delivered a Promissory Note
and Mortgage to Recovco Mortgage Management, LLC d/b/a Sprout Mortgage (“Recovco”) in
the amount of $656,000.00 (the “Loan”). The Note is endorsed to BLANK. The Mortgage was
recorded on November 5, 2019, in Official Records Book 31676, at Page 4245 of the Public
Records of Miami-Dade County, Florida, and the property described in the Mortgage was then
owned by and in possession of the mortgagors. A copy of Note and Mortgage are attached
hereto and incorporated herein as Composite Exhibit "A".
3 In order to induce Recoveo to make the Loan to Defendant, NINE 2112 LLC,
MIGUEL LOOR a/k/a MIGUEL ANGEL LOOR executed and delivered a Guaranty. A true and
correct copy of said Guaranty is attached hereto as Exhibit “B”.
4 Collectively, the Note, Mortgage, Loan Agreement and Guaranty shall be referred
to herein as “Loan Documents”.
5 Defendants, NINE 2112 LLC and MIGUEL LOOR a/k/a MIGUEL ANGEL
LOOR as guarantor, have defaulted under the covenants, terms and agreements of the Loan
Documents in that the payment due January 1, 2020, and all subsequent payments have not been
paid.
6 The Mortgage of the Plaintiff is a lien superior in dignity to any prior or
subsequent right, title, claim, lien or interest arising out of mortgagor or the mortgagor's
predecessors in interest.
COUNT I MORTGAGE FORECLOSURE
7. Plaintiff re-alleges and incorporates Paragraphs 1-6 of this Complaint.
8 This is an action to foreclose a commercial Mortgage on real property in Miami-
Dade County having a legal description as follows:
Condominium Parcel No. 2607 of Paramount Miami Worldcenter Condominium,
according to the Declaration of Condominium thereof, Recorded August 13, 2019
in Official Records Book 31567, Page 71, of the Public Records of Miami-Dade
County, Florida, as amended and/or supplemented from time to time, together
with an undivided interest in the common elements appurtenant thereto.
Address: 851 NE 1* Avenue, #2607, Miami, FL 33132
9 Plaintiff holds and is entitled to enforce the Loan Documents. Plaintiff possesses
both the legal and beneficial interest in the subject Promissory Note and Mortgage, as it has at all
material times since prior to the filing of this action. Therefore, Plaintiff has standing to file this
action and pursue foreclosure of the Mortgage. Pursuant to Florida Statute 702.015(4) attached
hereto as Exhibit “C” is a Possession Certificate dated September 2, 2021. This certification on
behalf of the Plaintiff herein by NEWREZ LLC FKA NEW PENN FINANCIAL, LLC DBA
SHELLPOINT MORTGAGE SERVICING which is authorized to initiate and pursue this
foreclosure action as authorized servicing agent of Plaintiff.
10. Under the terms of the Mortgage and in accordance with Florida law, Plaintiff is
entitled to foreclosure of its Mortgage upon a default in payment.
11. Defendants, NINE 2112 LLC and MIGUEL LOOR a/k/a MIGUEL ANGEL
LOOR as guarantor, have defaulted under the covenants, terms and agreements of the Loan
Documents in that the payment due January 1, 2020, and all subsequent payments have not been
paid.
12. Plaintiff declares the full amount payable under the Loan Documents to be due.
13. Defendant owes Plaintiff $655,366.69 that is due and owing on principal on the
Loan Documents, plus interest from December 1, 2019, title search expenses for ascertaining
necessary parties to this action, costs and expenses.
14. 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.
1S. The record legal title to said mortgaged property is now vested in Defendant, Nine
2112 LLC, and upon information and belief Defendant holds possession.
16. All conditions precedent to the acceleration of this Promissory Note and to
foreclosure of the Mortgage have been fulfilled and have occurred. Specifically attached hereto
as Exhibit “D” is a copy of Notice of Default and Proof of Mailing and Signed Green Card.
17. Plaintiff has retained the undersigned to represent it in this cause, has agreed to
pay a reasonable fee for such representation, and is entitled to recover the fee pursuant to the
terms of the Loan Documents.
18. Plaintiff alleges that the claims of the remaining Defendants are secondary, junior,
inferior and subject to the prior claim of Plaintiff, and more particularly the remaining
Defendants claim some right, title and interest in and to the mortgaged premises in the following
manner:
a. The Defendant, Unknown Tenant #1, may claim some right, title or
interest in the property herein sought to be foreclosed by virtue of possession
or some other unknown interest, the exact nature of which is unknown to
Plaintiff and not a matter of public record; however, said interest, if any, is
subordinate, junior, and inferior to the lien of Plaintiff's Mortgage.
The Defendant, Unknown Tenant #2, may claim some right, title or
interest in the property herein sought to be foreclosed by virtue of possession
or some other unknown interest, the exact nature of which is unknown to
Plaintiff and not a matter of public record; however, said interest, if any, is
subordinate, junior, and inferior to the lien of Plaintiff's Mortgage.
The Defendant, Paramount Miami Worldcenter Condominium
Association, Inc., may claim some right, title or interest in the property herein
sought to be foreclosed by virtue of homeowners association dues or
assessments or some other interests, the exact nature of which is unknown to
Plaintiff and not a matter of public record; however, said interest, if any, is
subordinate, junior, and inferior to the lien of Plaintiff's Mortgage.
WHEREFORE, Plaintiff prays the Court as follows:
1 Plaintiff demands an accounting of the sums due under the terms of the Loan
Documents, and if the sum is not paid within the time set by the Court, that the property be sold
to satisfy Plaintiff's claim.
2. That the estate of the Defendants and all persons claiming under or against
Defendants since the filing of the Lis Pendens be foreclosed.
3 That the Court reserve jurisdiction to enter a deficiency judgment for any portion
of a deficiency, should one exist against any maker of the Promissory Note all in accordance
with Chapter 702, Florida Statutes Annotated, unless any Defendant personally liable shall have
been discharged from liability under the subject Promissory Note pursuant to the provisions of
the Bankruptcy Code 11 U.S.C. Section 101, et.seq.
4 That this Court reserve jurisdiction to enter any required supplemental
complaint(s) such as re-foreclosure to add/or omitted party without the necessity of filling a
separate action.
COUNT II - SUIT ON GUARANTY AGAINST MIGUEL LOOR
19. Plaintiff re-alleges and incorporates Paragraphs 1-18 of this Complaint.
20. This is an action for damages which exceeds $15,000.00 exclusive of costs,
Interest and attorney’s fees.
21. Under the Guaranty executed by Defendant MIGUEL LOOR a/k/a MIGUEL
ANGEL LOOR, said Defendant guaranteed the prompt performance and payment of all
obligations of NINE 2112 LLC, under the Note and Mortgage. (Exhibit B - Guaranty, Section
1.1(a)-(c) and Section 1.2).
22. The Loan is in default and the amounts due and owing thereon are as set forth in
the incorporated paragraphs hereinabove.
23. Defendant MIGUEL LOOR a/k/a MIGUEL ANGEL LOOR expressly agreed to
pay all of Plaintiff's cost of collection, including reasonable attorney’s fees, incurred by the
Plaintiff.
24. All conditions precedent to the filing of this complaint have been complied with
by the Plaintiff, or, as here, have been waived. (Exhibit B - Guaranty, Section 1.3, ef. seq.).
WHEREFORE, Plaintiff demands judgment against the Defendant MIGUEL LOOR
a/k/a MIGUEL ANGEL LOOR in the amount as set forth in the incorporated paragraphs
hereinabove, together with interest, fees, cost, attorney’s fees and court costs.
COUNT IL - ASSIGNMENT OR RENTS AND LEASES
25. Plaintiff re-alleges and incorporates Paragraphs 1-18 of this Complaint.
26. Pursuant to the 1-4 Family Rider (Assignment of Rents) attached to the Mortgage,
Defendant NINE 2112, LLC, upon request, assigns all leases to Plaintiff with the right to receive
same. (Exhibit A — Mortgage, 1-4 Family Rider, § G). Plaintiff hereby requests assignment of
same. Pursuant to the 1-4 Family Rider (Assignment of Rents) attached to the Mortgage,
Defendant NINE 2112, LLC also assigned all rents to Plaintiff in support of its obligations under
the Loan Documents, with Plaintiff, as the holder of the Loan, acquiring the right to receive
same. (Exhibit A — Mortgage, 1-4 Family Rider, § H).
27. The Loan is in default and the amounts due and owing thereon are as set forth in
the incorporated paragraphs hereinabove.
28. In foreclosure proceedings where the mortgage provides for assignment of the
rents and profits, rents should be assigned where it is reasonably necessary to enforcement of the
mortgage. Carolina Portland Cement Co. v. Baumgartner, 128 So. 2741 (Fla. 1930). Based upon
payment of any past due rental payments to Plaintiff; and to provide and accounting of all rental
payments made to the Plaintiff.
VERIFICATION OF FORECLOSURE COMPLAINT
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 knowledgg,and belief.
BY:
Print Name: Jolm S pee is
Title: EC Specialigt
Date: 04 3 Zor
NEWREZ LLC F) NEW PENN
FINANCIAL, LLC DBA SHELLPOINT
MORTGAGE SERVICING as servicer for
WILMINGTON SAVINGS FUND SOCIETY,
FSB, NOT IN ITS INDIVIDUAL CAPACITY
BUT SOLELY AS TRUSTEE FOR VERUS
SECURITIZATION TRUST 2020-1
Respectful! jubmittes!
By: 7
O Michelle Garcia Gilbert, Esq./Florida Bar #549452
O Amy M. Kiser, Esq./Florida Bar #46196
O Albert A. Zakarian, Esq./Florida Bar #395218
GILBERT GARCIA GROUP, P.A.,
Attorney for Plaintiff(s)
2313 W. Violet St.
TAMPA, FL 33603
Phone: (813) 443-5087
Fax: (813) 443-5089
emailservice@gilbertgrouplaw.com.
832775.28903/tas
EXHIBIT A"
—————-e
FIXED/ADJUSTABLE RATE NOTE
(LIBOR One-Year Index (As Published tn The Wall Street Journal)-Rate Caps)
THIS NOTE PROVIDES FOR A CHANGE IN MY FIXED INTEREST RATE TO AN ADJUSTABLE INTEREST
RATE. THIS NOTE LIMITS THE AMOUNT MY ADJUSTABLE INTEREST RATE CAN CHANGE
AT ANY ONE
TIME AND THE MINIMUM AND MAXIMUM RATES I MUST PAY.
October 24, 2019 Irving, Texas
[Date] [city] [State]
851 NE 1st Avenue #2607, Miami, FL 33132
[Property Address}
1 BORROWER'S PROMISE TO PAY
In return for a loan that ! have received, | promise to pay U.S. $656,000.00 (this amount is called
Principal’), plus interest, to the order of Lender. Lender is Recovco Mortgage Management, LLC d/b/a Sprout
Mortgage, A Limited Liability Company,
| will make all payments under this Note in the form of cash, check or money order.
J understand that Lender may transfer this Note. Lender or anyone who takes this Note by transfer and whois entitled
to receive payments under this Note is called the “Note Holder.”
2, INTEREST
Interest will be charged on unpaid principal until the full amount of Principal has been paid. |will pay interest at a
yearly rate of 6.160 %. 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 ! will pay both before and after any
default described in Section 7(8) of this Note,
3. PAYMENTS
(A) Time and Place of Payments
| will pay principal and interest by making a payment every month.
{will make my monthly payments on the 1st day of each month beginning on December 1, 2019.
J will make these payments every month until | have paid all of the principal and interest and any other charges described
below that | 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, on November 1, 2049, I still owe amounts under this Note, | will
pay those amounts in full on that date, which is called the “Maturity Date.”
| will make my monthly payments at 4600 Fuller Drive, Suite 300
Irving, TX 75038
or at a different place if required by the Note Holder.
(8) Amount of My Initial Monthly Payments
Each of my initial monthly payments will be in the amount of U.S. $4,000.78. 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 Note.
4. ADJUSTABLE INTEREST RATE AND MONTHLY PAYMENT CHANGES
{A} Change Dates
The initial fixed interest rate f will pay will change to an adjustable interest rate on the 1st day of
November, 2024, and the adjustable interest rate | will pay may change on that day every 12th month
thereafter, The date on which my initial fixed interest rate changes to an adjustable interest rate, and each date on which
my adjustable interest rate could change, is called a “Change Date.”
(B) The Index
Beginning with the first Change Date, my adjustable interest rate will be based on an Index. The “Index" is the average
of interbank offered rates for one-year U.S. dollar-denominated deposits in the London market (‘LIBOR’), as published
in The Wall Street Journal, The most recent Index value available as of the date 45 days before each Change Date is
called the “Current Index," provided that if the Current Index is less than zero, then the Current Index will be deemed to
be zero for purposes of calculating my interest rate.
MULTISTATE FIXEDIADJUSTABLE RATE NOTE -WSJ One-Year LIBOR — Single Family — Fannie Mae Uniform Instrument
Form 3528 6/04 (rev. 6/16) (FL) Initials:
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Ellie Mae, Inc. Page 1 of 4 F3528FLN 0816
F3528FLN (CLS)
yey oy 10/23/2049 03:22 PM PST
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Ifthe Index is no longer available, the Note Holder will choose a new index that is based upor n
The Note Hoider 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 ONE-
FOURTH percentage point(s) { 5.250% ) (the “Margin") to the Current ind
‘The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%
Subject to the limits stated in Section 4(D) below, this rounded amount will be my new interest rate until the next
Change Date.
The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid
principal that | am expected to owe at the Change Date in full on the Maturity Date at my new interest rate in substantially
equal payments. The result of this calculation will be the new amount of my monthly payment.
(D) Limits on Interest Rate Changes
The interest rate | am required to pay at the first Change Date will not be greater than 8.160 % or less than
6.160 %. ‘Thereafter, my adjustable interest rate will never be increased or decreased on any single Change Date
by hore than TWO percentage point(s) ( 2.000 % ) from the rate of interest |
have been paying for the preceding 12 month(s). My interest rate will never be greater than 11.160 % or less
than 6.160 %.
(E) Effective Date of Changes
My new interest rate will become effective on each Change Date. | will pay the amount of my new 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 initial fixed interest rate to an adjustable
interest rate and of any changes in my adjustable interest rate before the effective date of any change. The notice will
include the amount of my monthly payment, any information required by law to be given to me and also the title and
telephone number of a person who will answer any question | may have regarding the notice.
§. BORROWER'S RIGHT TO PREPAY
Ihave the right to make payments of Principal at any time before they are due. A payment of Principal only is known
as a*Prepayment.” When I make a Prepayment, will tll the Note Holder in writing that am doing so. | may not designate
a payment as a Prepayment if| have not made all the monthly payments due under this Note.
I may make a full Prepayment or partial Prepayments without paying any Prepayment charge. The Note Holder
will use my Prepayments to reduce the amount of Principal that | owe under this Note.. However, the Note Holder may
apply my Prepayment to the accrued and unpaid interest on the Prepayment amount before applying my Prepayment
to reduce the Principal amount of this Note. If| 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
due to my partial Prepayment may be offset by an interest rate increase.
6. LOAN CHARGES
if a law, which applies to this loan and which sets maximum loan charges, is finally interpreted so that the interest
or other loan charges collected or to be collected in connection with this loan exceed the permitted limits, then: (a) any
such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any
sums already collected from me that exceeded permitted limits will be refunded to me. The Note Holder may choose
to make this refund by reducing the Principal | owe under this Note or by making a direct payment to me. Ifa 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 15 calendar
days after the date it is due, | will pay a late charge to the Note Holder. The amount of the charge will be 5.000 %
of my overdue payment of principal and interest. |will pay this late charge promptly but only once on each late payment.
(B) Default
If (do not pay the full amount of each monthly payment on the date it is due, | 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 | do not pay the overdue amount
by a certain date, the Note Holder may require me to pay immediately the full amountof Principal that has not been paid
and all the interest that | owe on that amount. That date must be at least 30 days after the date on which the notice is
mailed to me or delivered by other means.
(D) No Waiver By Note Holder
Even if, at a time when | am in default, the Note Holder does not require me to pay immediately in full as described
above, the Note Hoider will still have the right to do so if! am in default at a later time.
MULTISTATE FIXED/ADJUSTABLE RATE NOTE ~ WSJ One-Year LIBOR ~ Single Family — Fannie Mae Uniform instrument
Form 3528 6/04 (rev. 6/16) (FL)
Ete Mae, inc. Page 2 of4
Initials: _yh
F3628FLN 0816
F3528FLN (CLS)
eyes 10/23/2018 03:22 PM PST
.
ee
LOAN #
(E) Payment of Note Holder's Costs and Expenses
Ifthe 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 enforcingfees.this Note t (0 the extent not prohibited by applicable
law. Those expenses include, for example, reasonable attorneys’
8. GIVING OF NOTICES
given
Unless applicable law requires a different me! thod, any notice that must be given to me under this Note will be
mail to me at the Property Address above or at a different address if | give
by delivering it or by mailing it by first class
the Note Holder a notice of my different address. Note Holder under this
Unless the Note Holder requires a different metho .d, any notice that must be given to the
in Section 3(A) above or ata
Note will be given by mailing it by first class mail to the Note Hol Ider at the address stated
different address if | am given a notice of that different address.
9. OBLIGATIONS OF PERSONS UNDER THIS NOTE
to keep all of the promises
If more than one person signs this Note, each person is fully and personally obligated
made in this Note, including the promise ’to pay the full amount owed.. ‘Any person who
is a guarantor, surety or endorser
obligations, including the obligations
of this Note is also obligated to do these things. Any person who takes ‘over these this Note. The Note
of a guarantor, surety or endorser of this Note, is also obligated to keep all of the promises made in
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.
410. WAIVERS
ent and Notice of Dishonor,
land any other person who has obli ligations under thi is Note waive the rights ofofPresentm
amounts due. “Notice of Dishonor”
“Presentment means the right fo requl ire the Note Holder to demand payment that amounts due have not been paid.
persons
means the right to require the Note Holder to give noti ice to other
414. UNIFORM SECURED NOTE
ons. In addition to the protections
This Note is a uniform instrument with limite .d variations In some jurisdicti
a Mortgage, Deed of Trust, or Security Deed (the “Security Instrument’),
given to the Note Holder under this Note, losses that might result if ! do not keep
dated the same date as this Note, protects the Note Holder from possible
how and under what conditions | may be
the promises that | make in this Note. . That Secur rity Instrumen| towedescribes under this Note. Some of those conditions read
required to make immediate payment it in full of all amounts
as follows:
unc ider the terms stated in Section 4 above,
(A) Until my initial fixed interest rate changes to an adjustable interest rate
Uniform Covenant 18 of the Security Instrument shall read as follows:
. As used in this Section 18, “Interest in the
Transfer of the Property or a Beneficial Interest in Borrower
Property” means any legal or beneficial contract interest in the Property, ‘including, but not limited to, those beneficial
interests transferred in a bond for deed, for deed, installment sal Jes contract or escrow agreement, the
a purchaser.
intent of which is the transfer of title by Borr rower at a future date to
Ifall or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is nota
natural person and a beneficial interes tin Borrower'ssolId or transferrbyed)thiswithout Lender’s priorwritten consent,
Security Instrument, However, this
Lender may requi ire Immediate payment {tin full of all sums secured
Law.
option shall not be exercised by Let nder if such exercise is prohibited by Applicable
of acceleration. The notice shall provide
If Lender exercises this option, Lender shall give Bot rower notice
a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which
fails to pay these sums priorto the
Borrower must pay all sums secured by this Secu rity Instrument. If Borrower
period, Lender may invoke any remedies permi itted by this Security Instrument without further
expiration of this
notice or demand on Borrower.
terms stated in Section 4
(B) When my initial fixed interest rate changes to an adjustable interest rate under the
t describe d in Section 11(A) above shall then cease to bein effect,
above, Uniform Covenant 18 of the Security Instrumen
asis follows:
and Uniform Covenant 18 of the Security Instrument shall instead read Section 18, “interest in the
Transfer of the Property or ‘a Benoficial Interest in Borrower. ‘As used in this
Property” means any legal or beneficial interest in the Property, including, but not limited to, those beneficial
or escrow agreement, the
interests transferred in a bons .d for deed, contract for deed, installment sales contract
intent of which is the transfer of title by Be jorrower at a future date to a purchaser .
Is nota
If all or any part of the Property or any yy Interest in the Property is sold or transferred (or if Borrower consent,
is sold or transferred) without Lender's prior written
natural person and a beneficial interest in Borrower Security Instrument. However, this
Lender may require immediate pay! ment in full of all sums secure ‘ed bybythis Applicable Law. Lender also ‘shall not
option shall not be exercised by Lenderif ‘such exercise is prohibited
exercise this option if: (a) Borrower causes tobellbe ingsubmitted fo Lender information required by Lenderto evaluate
the intended transfer ee
as if a new loan were made to the transferee; and (b) Lender reasonably determines
that Lender's security will not be impaired by th .e loan assumpti on and that the risk of a breach of any covenant
or agreement in this Security Instrum: jent is acceptable to Lender.
“To the extent permitted by Applicable Law, Lender may ‘charge a reasonable feeasstas sumption a condition to Lender's
agreement that
consent to the loan assumption. Lender also may require the transferee to sign an and agreements made in the
is acceptable to Lender and that obligates the trai ns sferee to keep
all the promises
under the Note and this Security.
Note and in this Security Instrument. Borrower wi ill continue to be obligated
Instrumen t unless Lender releases Borrower in writing.
MULTISTATE FIXED/ADJUSTABLE RATE NOTE — WSJ One-Year LIBOR — Single Family ~ Fannie Mae Unifor Fm Instrument
initials:
Form 3528 6/04 (rov. 6/16) (FL) 28FLN 0816
Ellie Mae, inc. Page 3 of4 F3628FLN (CLS)
10/28/2019 03:22 PM PST
.
If Lender exercises the option to require immediate payment in full, Lender shail g)
the date the notice is given in
acceleration. The notice shall provide a period of not less than 30 days from
must pay all sums secured by this Security Instrument. If
accordance with Section 15 within which Borrower remedies permitted
Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any
by this Security Instrument without further notice or demand of Borrower.
412. DOCUMENTARY TAX
The state documentary tax due on this Note has been paid on t! the Mortgage securing this indebtedness.
WITNESS THE HAND(S) AND SEAL(S) OF THE UNDERSIGNED.
NINE 2112 LLC, A FLORIDA LIMITED LIABILITY COMPANY
(Seal)
BY MIGUELLO‘ = MANAGE}
Lender: Recovco Mortgage Management, LLC d/b/a Sprout Mortgage
NMLS ID: 1200721
Broker: Paramount Residential Mortgage Group, Inc.
NMLS ID: 75243
Loan Originator: Gaston Ezequiel Gregorio
IMLS ID: 385488
[Sign Original Only]
Uniform Instrument
MULTISTATE FIXED/ADJUSTABLE RATE NOTE ~WSJ One-Year LIBOR ~ Si ingle Family - Fannie Mae Initials:
Form 3528 6/04 (rev. 6/16) (FL) FQ528FLN 0816
Elie Mae, Inc. Page 4 of 4 F3528FLN (CLS)
10/23/2019 03:22 PM PST
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>
PREPAYMENT ADDENDUM TO NOTE
(Multi-State)
This Prepayment Addendum to Note (‘Addendum’) is made this 24th day of October, 2019
(the “Note’) given
and is incorporated into and shall be deemed to amend and supplement the Note of the same date
undersigned (the “Borrawer’) to evidence Borrower's indebtedness to Recovco Mortgage Management, LLC
by the
dibla Sprout Mortgage, A Limited Liability Company
(the *Lender’),which indebtedness is secured by a Morigage, Deed of Trust or Security Deed (the “Security Instrument’)
of the same date and covering t he property described in the Security Instrument and located at 851 NE 1st Avenue
#2607, Miami, FL 33132
(the *Property”).
Instrument,
ADDITIONAL COVENANTS. Notwithstanding anything to the contrary set forth in the Note or Security
titled BORROWER'S:
Borrower and Lender further covenant, and agree, that the provisions of the section of the Note
RIGHT TO PREPAY are amended to read as follows:
Subject to the prepaymen it charge provided below, | have the right to make payments of principal at any
time before they are due. A payment of principal only is know: n as a “prepayment.” A “full prepayment” is the
of only part of the unpaid principal is
prepayment of the entire unpaid principal due under the Note. A payment
that Jam doing
known as a “partial prepayment.’ ”" When | make a prepayment, | will tell the Note Holder in writing
so. | may not designate a payment as a prepaymentiif | have not made all the monthly payments due under the
Note.
If, within the first 36 month(s) beginning with the date | execute the Note (the “Penalty 20% Period”), |
make a full prepayment, or partial prepayment in any twelve (12)-month period that exceeds of the
original principal loan ai mount, | will pay a prepayment charge as cot sideration for the Note Holder's
acceptance of such prepa} yment, The prepayment charge will equal the amount of interest that would accrue
during a six (6)-month peri iod on the amount prepaid that exceeds 20% of the original principal balance of
the Note, calculated at the rate of interest in effect under the terms of the Note at the time of the prepayment,
unless otherwise prohibited by applicable law or regulation. No prepayment charge will be assessed for any
prepayment occurring after the Penalty Period.
Notwithstanding the foregoing, in the event of a full prepayment concurrent with a bona fide sale of the Property
to an unrelated third party, after the first 36 month(s) of the Note, no prepayment charge will be assessed.
to the Note Holder of
In the event of a bona fide sale, ! agree to provide the Note Holder with evidence acceptable
such sale.
that | owe under the Note.
The Note Holder will apply all prepayments to reduce the amount of principal
However, the Note Holder may apply my prepayment to the accrued and unpaid if| interest on the prepayment
Note. make a partial prepayment,
amount, before applying my prepayment to reduce the principal amount ofthetheNote
there will be no change in the due dates of my monthly payments unless Holder agrees in writing to those
changes.
Ifmy Note is an Adjustable Rate Note, partial prepayments may reduce the amount of my monthly payment after
the first interest rate Change Date following the partial prepayt ment. However, any reduction due to my partial
prepayment may be offset by an interest rate increase.
not be
The Note Holder's failure to collect a prepayment charge at the time a prepayment is received shall
of such charge. Any prepayment charge not collected at the time the prepayment is teceived shall
deemed a waiver
be payable on demand.
force and effect.
All other provisions of the Note are unchanged by this Addendum and remain in full
N iultiState Prepayment Addendum to Note Initia Le
Etie Mae, Inc. Page 1 of2 a GPPADNOT 0508
4 ‘GPPADNOT (CLS)
: 10/23/2019 03:22 PM PST
NOTICE TO BORROWER
Do not sign this Addendum before you read it. This Addendum provides for the payment of a prepayment
charge if you wish to repay the loan prior to the date provided for repayment in the Note.
WITNESS THE HAND(S) AND SEAL(S) OF THE UNDERSIGNED:
NINE 2112 LLC, A ED LIABILITY COMPANY
(Seal)
BY MIGUEP-LOOR - MANAGER’
MultiState Prepayment Addendum to Note tnitats:; —A7L_
Ellie Mae, inc. GPPADNOT 0508
Page 2 of 2 a oyu ‘GPPADNOT (CLS)
40/23/2019 03:22 PM PST
ALLONGE
Loan Number: em:
Borrower Name(s): Nine 2112, LLC
Property Address: 851 NE 1st Avenue #2607, Miami, FL, 33132
Loan Amount: 656,000.00
Note Date: 10/24/2019
Pay to the order of:
Sprout Mortgage Asset Trust
Without Recourse
Recovco Mortgage Manageme
By / A a
David Akre
EVP Capital Markets
Alternative Loan # -
ALLONGE
Loan Numbe —
Borrower Name(s): Nine 2112, LLC
Property Address: 851 NE 1st Avenue #2607, Miami, FL, 33132
Loan Amount: 656,000.00
Note Date: 10/24/2019
Pay to the order of
Without Recourse
Sprout Mortgage Asset Trust
By: SPROUT MORTGAGE CORPORATION,
not in its individual capacity but solely as an
administrator for Sprout Mortgage Asset Trust
ne DeedHh QS
David Akre
EVP Capital Markets
Alternative Loan <
This instrument has been electronically recorded
we { VA in Official Records Book
—2Wol __, Page or instrument
No.. ,,of the Public Records
i i-| County, Florida
of
When recorded, return to:
Recovco Mortgage Management, LLC d/b/a Sprout Mortgage
90 Merrick. Ave
Suite #430
East Meadow, NY 11554
This document was prepared
Recovco Mortgage Management, LLC dib/a Sprout Mortgage
4600 Fuller Drive, Sulte 300
Irving,TX 75038
516-620-1086
LOAN #.
[Space Above This Line for Recording Data]
MORTGAGE
MIN
MERS PHONE #: 1-888-679-6377
DEFINITIONS
Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13,
18, 20 and 21. Certain rules regarding the usage of words used inthis document are also provided in Section 16.
{A) “Security Instrument” means this document, which is dated October 24, 2019, together with all Riders
to this document.
(B) “Borrower” is NINE 2112, LLC A Florida Limited Liability Company.
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. |
(0) “Lender” is Recovco Mortgage Management, LLC d/b/a Sprout Mortgage.
Lender is A Limited Liability Company, | organized and existing under the laws of
Detaware. Lender's address is 4600 Fuller Drive, Suite 300,
Irving, TX 75038
(E) “Note” means the promissory note signed by Borrower and dated October 24, 2019. The Note
states that Borrower owes Lender SIX HUNDRED FIFTY ‘SIX THOUSAND AND NO/100*****sttertetrereeee
AARNE Ree ER Hee ERR eH Ee HERE E een eee ERE ES Doliars (U.S. $656,000.00
I
plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not