Preview
Filing # 128122279 E-Filed 06/04/2021 12:48:24 PM
IN THE CIRCUIT COURT OF THE FIFTH JUDICIAL CIRCUIT,
IN AND FOR LAKE COUNTY, FLORIDA
CIVIL DIVISION
MADISON ALAMOSA HECM, LLC,
Plaintiff,
-Vs- Case No: 35-2021-CA-000093-AXXX-XX
THE UNKNOWN HEIRS, DEVISEES, GRANTEES, ASSIGNEES, LIENORS,
CREDITORS, TRUSTEES OR OTHER CLAIMANTS CLAIMING BY, THROUGH,
UNDER OR AGAINST LORETTA F. COOK, DECEASED; LYNN BROADWAY
AND UNKNOWN SPOUSE OF LYNN BROADWAY; TAMMY DELONG AND
UNKNOWN SPOUSE OF TAMMY DELONG; SHANNON COOK AND UNKNOWN
SPOUSE OF SHANNON COOK; JOHN A COOK, JR. AND UNKNOWN SPOUSE OF
JOHN A COOK, JR.; THE SECRETARY OF HOUSING AND URBAN
DEVELOPMENT; UNKNOWN TENANT 1; UNKNOWN TENANT 2,
Defendants. /
PLAINTIFF’S NOTICE OF FILING ORIGINAL LOAN DOCUMENTS
PLEASE TAKE NOTICE that the Plaintiff, MADISON ALAMOSA HECM, LLC, by
and through the undersigned counsel and gives Notice of Filing of the following:
1 Original Adjustable Rate Note (Home Equity Conversion) listed under FHA Case
Number 094-5899976-951, dated November 13, 2009 executed by John Albert Cook and Loretta
Faye Cook in favor of Van Dyk Mortgage Corporation.
2 Original Recorded Adjustable Rate Mortgage Home Equity Conversion Mortgage
under FHA Case Number 094-5899976-951, dated November 13, 2009 executed by John Albert
Cook and Loretta Faye Cook in favor of Van Dyk Mortgage Corporation and recorded Official
Records Book 03843, Page 2454, on November 20, 2009 of the Public Records of Lake County,
Florida.
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CERTIFICATE OF SERVICE
I HEREBY CERTIFY that a true and correct copy of the foregoing has been furnished to
all counsel of record through the Florida E-Portal to all counsel of record and by regular U.S.
Mail to all Defendants on the attached Service List, on this 4" day of June, 2021.
/s/ Jeffrey C. Hakanson
JEFFREY C. HAKANSON, ESQUIRE
Florida Bar No. 0061328
Primary E-mail: Jeff@mcintyrefirm.com
Secondary E-mail: JCHservice@mcintyrefirm.com
MclIntyre Thanasides Bringgold Elliott
Grimaldi Guito & Matthews, P.A.
500 E. Kennedy Blvd., Suite 200
Tampa, Florida 33602
813-223-0000 Tel.; 813-899-6069 Fax
Attorneys for Plaintiff
SERVICE LIST
JEFFREY C. HAKANSON, ESQ.
ATTORNEY FOR PLAINTIFF
MCINTYRE | THANASIDES
500 E. KENNEDY BLVD, SUITE 200
TAMPA, FL 33602
jchservice@mcintyrefirm.com
jeff@mcintyrefirm.com
JOHN A COOK, JR
15621 TANGERINE AVE
TAVARES, FL 32778
UNKNOWN SPOUSE OF JOHN A COOK, JR N/K/A THERESA COOK
15621 TANGERINE AVE
TAVARES, FL 32778
LYNN BROADWAY
1026 HILLCREST CT
EUSTIS, FL 32726
SHANNON COOK
456 E ATWATER AVE
EUSTIS, FL 32726
~
TAMMY DELONG
76 ABERDEEN CIR
LEESBURG, FL 34788
THE SECRETARY OF HOUSING AND URBAN DEVELOPMENT
C/O JOHN F. RUDY, III, ESQ.
U.S. ATTORNEY'S OFFICE
400 N TAMPA ST, SUITE 3200
TAMPA, FL 33602
Usaflm.hud.disclaimers@usdoj.gov
jaxsfforeclosures@hud.gov
THE UNKNOWN HEIRS, DEVISEES, GRANTEES, ASSIGNEES, LIENORS, CREDITORS,
TRUSTEES OR OTHER CLAIMANTS CLAIMING BY, THROUGH, UNDER OR AGAINST
LORETTA F. COOK, DECEASED
510 OAK HILLCT
EUSTIS, FL 32726
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FIXED-RATE NOTE
(Home Equity Conversion)
I in an
FHA Case No. 094-5899976-951
of
3000217257
NOVEMBER 13 5 2009 MERS MIN 100854930002172578
$10 OAK HILL COURT, EUSTIS, FLORIDA 32726
[Property Address]
1. DEFINITIONS:
"Borrower" means each person signingat the end of this Note. "Lender means
VAN DYK MORTGAGE CORPORATION
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 retum for amounts to be advanced by Lender to or for the benefit of Borrower under the terms of a Home Equity Conversion
Loan Agreement dated NOVEMBER 13, 2009 ("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 interest, if not paid earlier, are due and payable on MARCH 14 , 2089. Interest will be charged on unpaid
principal at the rate of FIVE AND 560/1000 ent ( 5.5600 %) per year until the full amount of principal has been
paid. 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." That 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 6 of this Note.
(B) Place
Payment shall be made at
VAN DYK MORTGAGE CORPORATION
314 E ALFRED STREET
TAVARES, FLORIDA 32778-3242 or at such other place as Lender
may designate in writing by notice to Borrower.
(C) Limitation of Liability
Borrower shall have no personal liability for payment of this Note. 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 ofthe assignment.
-
5. 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 on the first day of any month. Otherwise, a Borrower has the right to pay the debt
evidenced by this Note, in whole or in part, without charge or penalty after giving Lender two weeks notice. Any amount of debt
prepaid will first be applied to reduce the principal balance of the Second Note described in Paragraph 10 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:
First, 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 ofthe principal balance.
To the extent Borrower prepays any outstanding balance under this Note, such amounts will no longer be available to be
advanced under this Note.
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6, IMMEDIATE PAYMENT-IN-FULL
(A) Death or Sale
Lender may require immediate payment in full ofall outstanding principal and accrued interest, if:
(i) A Borrower dies and the Property is not the principal residence of at least one surviving Borrower, or
(ii) A Borrower conveys all of his or her title to the Property and no other Borrower retains title to the Property in fee
simple or on a leasehold interest as set forth in 24 CFR 206.45(a).
(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 of at least one other Borrower;
(ii) For a period of longer than 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 ofat least one other Borrower, or
An obligation of the Borrower under the Security Instrument is not performed.
(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 for enforcing this Note. 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
conveyances 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,
7. WAIVERS,
Borrower waives the rights of presentment and notice of dishonor. “Presentment” means the right to require Lender to demand
ayment of amounts due. ‘Notice of dishonor" means the right to require Lender to give notice to other persons that amounts due
have not been paid.
8. 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
delivering it or by mailing it by first class mail to Borrower at the Property Address above or at a different address if Borrower has
given Lender a notice of Borrower's different address.
Al notice that must be given to Lender under this 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.
9. 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 ofthe Property
10, RELATIONSHIP TO SECOND NOTE,
(A) Second Note
Because Borrower will be required to repay amounts which the Secretary may make to or on behalfof 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 reimbursement by the Lender for all payments made by the Secretary
If the circumstances described in (i) or (ii) occur, then all payments by the Secretary, including interest on the payments,
shall be included in the debt.
(C) Effect on Borrower
Where there is no assignment or reimbursement as described in (B)(i) or (i) and the Secretary makes payments to Borrower,
then Borrower shall not:
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(i) 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 Secretary, notwithstanding anything to the contrary in
Paragraph 6 of this Note; or
(ii) Be obligated to pay interest or shared appreciation 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 Paragraph 2 of this Note or any Allonge to this Note.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Note.
The state documentary tax due on this Note has been paid on
the mortgage securing the indebtedness.
(Seal)
= Borrower
Thee acy, (Seal)
LORETTA FAYE COOK oF Borrower
(Seal)
~ Borrower
All right, title and interest of the undersigned to the
within credit instrument Is hereby assigned to the
secretary of Housing and Urban Development of
Washington, D.C., his/her successor and assigns. (Seal)
7 nie NP = Borrower
TY FLD Vice President
(Seal)
= Borrower
(Seal)
= Borrower
(Seal)
~ Borrower
(Seal)
= Borrower
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PAY TO THE ORDER OF
Bank of America, NA
WITHOUT RECOURSE
Flags Feseda ni Aeguisition LLC,
of
A id) ry of £ wweWest Bank, FS!
pars
Brian P. Brouiliard, F.V.P.
ALLONGE
LOAN NUMBER: 3000217257
FHA CASE NUMBER: 094-5899976-951
BORROWER(S): JOHN ALBERT COOK AND LORETTA FAYE COOK
PROPERTY ADDRESS: 510 OAK HILL COURT
EUSTIS, FLORIDA 32726
NOTE/LOAN AMOUNT: $130,500.00
NOTE/LOAN DATE: NOVEMBER 13, 2009
\
PAY TO THE ORDER OF:
Financial Freedom Acquisition LLC, a Subsidiary of OneWest Bank, FSB
WITHOUT RECOURSE
VAN DYK MORTGAGE CORPORATION
By: ac
Printed Name: 4 ve Nut
Title: CF
*F Form 580-3
Version 004-2/2009
AN
FFA 27QW : 03/09
ALLONGE
LOAN NUMBER: 3000217257
BORROWER(S): JOHN COOK
PROPERTY ADDRESS: 510 OAK HILL COURT
EUSTIS, FL 32726
NOTE /LOAN DATE: NOVEMBER 13, 2009
PAY TO THE ORDER OF:
WITHOUT RECOURSE
COMPANY NAME: BANK OF AMERICA, NATIONAL ASSOCIATION
SIGNATURE: fon & Madea
NAME AND TITLE: Jonathan J Hartwig, Vice President
eit PAR LAAN
Bk D384 Pos 2454 - 24637 (pgs)
DATE? 11/20/2009 032445
NEIL KELLY» CLERK OF COURT
LAKE COUNTY
This Document Prepared RECORDING FEES 86.50
Individual’s Title/Name: Mire Seay ~ Clow fITG DOC 456.75
INTANGIBLE 261.00
Post Office Address:
314 E ALFRED STREET
TAVARES, FLORIDA 32778-3242
When Recorded Mail To:
FINANCIAL FREEDOM {QUISITION LLC, MERGURY TITLE COMPANY
4019 W. 1 Street
SUBSIDIARY OF O| ST BANK, FSB Sanford, FL 32774
190 TECHNOLO‘
NORCROSS, GEORGIA 30092
[Space Above This Line For Recording Data]
State of Florida FHA Case No. 094-5899976-951
Loan No. 3000217257
MERS MIN 100854930002172578
CLOSED-END FIXED RATE
HOME EQUITY CONVERSION MORTGAGE
THIS MORTGAGE ("Security Instrument") is given on NOVEMBER 13, 2009 . The mortgagor is
John Albert Cook and Loretta Faye Cook his wife
>
whose address is 510 OAK HILL COURT,
EUSTIS, FLORIDA 32726 ("Borrower"). This Security Instrument is given
to Mortgage Electronic Registration Systems, Inc. ("MERS") as mortgagee, which is organized and existing
under the laws of Delaware, and whose address is P.O. Box 2026, Flint, MI, 48501-2026, TEL (888) 679-MERS.
VAN DYK MORTGAGE CORPORATION
which is organized and existing under the laws of MICHIGAN , and whose address is
314 E ALFRED STREET, TAVARES, FLORIDA 32778-3242 (“Lender”).
Borrower has agreed to repay to Lender amounts which Lender is obligated to advance, including future advances,
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 and all renewals, extensions and modifications of the Note, up to a maximum principal amount of
ONE HUNDRED THIRTY THOUSAND FIVE HUNDRED AND 00/100 - -
wee ee nn ene ee ee eee
(U.S.$ 130,500.00 ); (b) the payment of all other sums, with interest, advanced under Paragraph 5 to
protect the security of this Security Instrument or otherwise due under the terms of this Security Instrument; and (c)
the performance of Borrower's covenants and agreements under this Security Instrument and the Note. The full debt,
including amounts described in (a), (b), and (c) above, if not due earlier, is due and payable on
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MMM MN
© 2008 First American Real Estate Solutions
FALPS# 76ET : 04/08
ws
MARCH 14 > 2089 For this purpose, Borrower does hereby mortgage, grant and convey to
Lender the following described property located in LAKE County, Florida:
See Attached Legal Description
which has the address of 510 OAK HILL COURT >
[Street]
EUSTIS > FLORIDA 32726 ("Property Address");
[City] [State] [Zip Code]
TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, rights,
appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be
covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property."
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.
THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants
with limited variations by jurisdiction to constitute a uniform security instrument covering real property.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal 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 shall 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 all 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 proofof loss if
not made promptly by Borrower. Each insurance company concerned is hereby authorized and directed to make
payment for such loss to Lender instead of to Borrower and to Lender jointly. Insurance proceeds shall be applied to
restoration or repair of the damaged Property, if the restoration 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
First American Loan Production Services Florida HECM Security Instrument
© 2008 First American Real Estate Solutions LLC
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FALPS# EF27 : 04/08
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 Borrower in and to insurance policies in force shall pass to the
purchaser.
4. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan
Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence
after the execution of this Security Instrument, and Borrower (or at least one Borrower, if initially more than one
person are Borrowers) 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.
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
Joan application process, gave materially false or inaccurate information or statements to Lender (or failed to
provide Lender 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 leasehold, Borrower shall comply with the provisions of the lease. If Borrower acquires
fee title to the Property, the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing.
5. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all
governmental or municipal charges, fines and impositions that are not included in Paragraph 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 Paragraph 12(c).
If Borrower fails to make these payments or the property charges required by Paragraph 2, or fails to perform
any other covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may
significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, for condemnation or to
enforce laws or regulations), then Lender may do and pay whatever is necessary to protect the value of the Property
and Lender's rights in the Property, including payment 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 as defined in the Loan Agreement as well as all sums due to the
loan servicer for servicing activities as defined in the Loan Agreement. Any amounts disbursed by Lender under
this Paragraph shall become an additional debt of Borrower as provided for in the Loan Agreement and shall be
secured by this Security Instrument.
6. Inspection. Lender or its agent may enter on, inspect or make appraisals of the Property in a reasonable
manner and at reasonable times provided that Lender shall give the Borrower notice prior to 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 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 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.
First American Loan Production Services Florida HECM Security Instrument
© 2008 First American Real Estate Solutions LLC
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FALPS# EF28 : 04/(
8. Fees. Lender may collect fees and charges authorized by the Secretary.
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:
(i) 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 title to the Property in fee
simple or retains a leasehold under a lease for not 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 retains a life estate (or retaining a beneficial interest in a trust 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 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 of at least one other Borrower; or
(ii) For a period of longer than twelve (12) consecutive months, a Borrower fails to 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 this Security Instrument is not performed.
(c) Notice to Lender. Borrower shall notify Lender whenever any of the events listed in this Paragraph
(a) (ii) or (b) occur.
(d) Notice to Secretary and Borrower. Lender shall notify the Secretary and Borrower whenever the
loan becomes due and payable under Paragraph 9 (a) (ii) or (b). Lender shall not have the right to
commence foreclosure until Borrower has had thirty (30) days after notice to either:
(i) Correct the matter which resulted in the Security Instrument coming due and payable; or
(ii) Pay the balance in full; or
(iii) 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.
(e) 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 interests in the Property to a Borrower, shall not be considered a
conveyance for purposes of this Paragraph 9. A trust shall not be considered an occupant or be considered
as having a principal residence for purposes of this Paragraph 9.
(f) Mortgage Not Insured. Borrower agrees that should this Security Instrument and the Note not be
eligible for insurance under the National Housing Act within SIXTY DAYS from the
date hereof, if permitted by Applicable Law Lender may, at its option, require immediate payment in full of
all sums secured by this Security Instrument. A written statement of any authorized agent of the Secretary
dated subsequent to SIXTY DAYS 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 is 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.
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© 2008 First American Real Estate Solutions LLC
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11. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full.
This right applies even after foreclosure proceedings are instituted. To reinstate this Security Instrument, Borrower
shall correct the condition which resulted in the requirement for immediate payment in full. Foreclosure costs and
reasonable and customary attorneys! fees and expenses properly associated with the foreclosure proceeding shall be
added to the principal balance. Upon reinstatement by Borrower, this Security Instrument and the obligations that it
secures shall remain in effect as if Lender had not required immediate payment in full. However, Lender is not
required to permit reinstatement if: (i) Lender has accepted reinstatement after the commencement of foreclosure
proceedings within two years immediately preceding the commencement of a current foreclosure proceeding, (ii)
reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect
the priority of the Security Instrument.
12. 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 initially granted to loan 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 loan advances), Lender shall request the Borrower to execute any documents
necessary to protect the lien status of future loan advances. Borrower agrees to execute such documents. If
state law does not permit the original lien status to 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 subordinate to this Security Instrument.
(c) Prior Liens. Borrower shall promptly discharge any lien which has priority over this Security
Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a
manner acceptable to Lender; (b) contests in good 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 Security Instrument. If Lender determines that
any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender
may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the
actions set forth above within 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(i)(1)(A) of the National Housing Act and the Loan Agreement,
the Secretary has required Borrower to execute a Second Note and a 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 assigned to the Secretary; or
(ii) The Secretary accepts reimbursement by the Lender for all payments made by the Secretary.
If the circumstances described in (i) or (ii) 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.
First American Loan Production Services Florida HECM Security Instrument
© 2008 First American Real Estate Solutions LLC
FALPS# EF30: 04/05
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(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:
(i) Be required to pay amounts owed under the Note, or pay any rents and revenues of the Property
under Paragraph 19 to 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 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.
(d) No Duty of the Secretary. The Secretary has no duty to Lender to enforce covenants of the Second
Security Instrument or 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 Not a Waiver. 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.
15. 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 delivering it
or by mailing it by first class mail unless Applicable Law requires use of another method. The notice shall be
directed to the Property Address or any other address all Borrowers jointly designate. Any notice to Lender shall be
given by first class mail to Lender's 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 Borrower or 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 with Applicable Law, such conflict shall not affect other provisions of this Security Instrument
or the Note which can be given effect without the conflicting provision. 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 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 to pay the rents to Lender or Lender's agents. However, prior to Lender's
notice to Borrower of Borrower's breach of any covenant or 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. This
assignment of rents constitutes an absolute assignment and not an assignment for additional security only.
If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by Borrower as
trustee for benefit of Lender only, to be applied to the sums secured by this Security Instrument; (b) Lender shall be
entitled to collect and receive all of the rents of the Property; and (c) each tenant of the Property shall pay all rents
due and unpaid to Lender or Lender's agent on Lender's written demand to the tenant.
Borrower has not executed any prior assignment of the rents and has not and will not perform any act that
would prevent Lender from exercising its rights under this Paragraph 19.
Lender shall not be required to enter upon, take control of or maintain the Property before or after giving
notice of breach to Borrower. However, Lender or a judicially appointed receiver may do so at any time there is a
breach. Any application of rents shall not cure or waive any default or invalidate any other right or remedy of
Lender. This assignment of rents of the Property shall terminate when the debt secured by this Security Instrument is
paid in full.
First American Loan Production Services Florida HECM Security Instrument
‘© 2008 First American Real Estate Solutions LLC
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FALPS# EF31: 04/(
20. Foreclosure Procedure. If Lender requires immediate payment in full under Paragraph 9, Lender
at its option may require immediate payment in full of all sums secured by this Security Instrument without
further demand and may foreclose this Security Instrument by judicial proceeding. Lender shall be entitled
to collect all expenses incurred in pursuing the remedies provided in this Paragraph 20, including, but not
limited to, reasonable attorneys’ fees and costs of title evidence.
21. Lien Priority. The full amount secured by this Security Instrument shall have the same priority over
any
Preview
Filing # 128122279 E-Filed 06/04/2021 12:48:24 PM IN THE CIRCUIT COURT OF THE FIFTH JUDICIAL CIRCUIT, IN AND FOR LAKE COUNTY, FLORIDA CIVIL DIVISION MADISON ALAMOSA HECM, LLC, Plaintiff, -Vs- Case No: 35-2021-CA-000093-AXXX-XX THE UNKNOWN HEIRS, DEVISEES, GRANTEES, ASSIGNEES, LIENORS, CREDITORS, TRUSTEES OR OTHER CLAIMANTS CLAIMING BY, THROUGH, UNDER OR AGAINST LORETTA F. COOK, DECEASED; LYNN BROADWAY AND UNKNOWN SPOUSE OF LYNN BROADWAY; TAMMY DELONG AND UNKNOWN SPOUSE OF TAMMY DELONG; SHANNON COOK AND UNKNOWN SPOUSE OF SHANNON COOK; JOHN A COOK, JR. AND UNKNOWN SPOUSE OF JOHN A COOK, JR.; THE SECRETARY OF HOUSING AND URBAN DEVELOPMENT; UNKNOWN TENANT 1; UNKNOWN TENANT 2, Defendants. / PLAINTIFF’S NOTICE OF FILING ORIGINAL LOAN DOCUMENTS PLEASE TAKE NOTICE that the Plaintiff, MADISON ALAMOSA HECM, LLC, by and through the undersigned counsel and gives Notice of Filing of the following: 1 Original Adjustable Rate Note (Home Equity Conversion) listed under FHA Case Number 094-5899976-951, dated November 13, 2009 executed by John Albert Cook and Loretta Faye Cook in favor of Van Dyk Mortgage Corporation. 2 Original Recorded Adjustable Rate Mortgage Home Equity Conversion Mortgage under FHA Case Number 094-5899976-951, dated November 13, 2009 executed by John Albert Cook and Loretta Faye Cook in favor of Van Dyk Mortgage Corporation and recorded Official Records Book 03843, Page 2454, on November 20, 2009 of the Public Records of Lake County, Florida. Ri se gs BS “t CERTIFICATE OF SERVICE I HEREBY CERTIFY that a true and correct copy of the foregoing has been furnished to all counsel of record through the Florida E-Portal to all counsel of record and by regular U.S. Mail to all Defendants on the attached Service List, on this 4" day of June, 2021. /s/ Jeffrey C. Hakanson JEFFREY C. HAKANSON, ESQUIRE Florida Bar No. 0061328 Primary E-mail: Jeff@mcintyrefirm.com Secondary E-mail: JCHservice@mcintyrefirm.com MclIntyre Thanasides Bringgold Elliott Grimaldi Guito & Matthews, P.A. 500 E. Kennedy Blvd., Suite 200 Tampa, Florida 33602 813-223-0000 Tel.; 813-899-6069 Fax Attorneys for Plaintiff SERVICE LIST JEFFREY C. HAKANSON, ESQ. ATTORNEY FOR PLAINTIFF MCINTYRE | THANASIDES 500 E. KENNEDY BLVD, SUITE 200 TAMPA, FL 33602 jchservice@mcintyrefirm.com jeff@mcintyrefirm.com JOHN A COOK, JR 15621 TANGERINE AVE TAVARES, FL 32778 UNKNOWN SPOUSE OF JOHN A COOK, JR N/K/A THERESA COOK 15621 TANGERINE AVE TAVARES, FL 32778 LYNN BROADWAY 1026 HILLCREST CT EUSTIS, FL 32726 SHANNON COOK 456 E ATWATER AVE EUSTIS, FL 32726 ~ TAMMY DELONG 76 ABERDEEN CIR LEESBURG, FL 34788 THE SECRETARY OF HOUSING AND URBAN DEVELOPMENT C/O JOHN F. RUDY, III, ESQ. U.S. ATTORNEY'S OFFICE 400 N TAMPA ST, SUITE 3200 TAMPA, FL 33602 Usaflm.hud.disclaimers@usdoj.gov jaxsfforeclosures@hud.gov THE UNKNOWN HEIRS, DEVISEES, GRANTEES, ASSIGNEES, LIENORS, CREDITORS, TRUSTEES OR OTHER CLAIMANTS CLAIMING BY, THROUGH, UNDER OR AGAINST LORETTA F. COOK, DECEASED 510 OAK HILLCT EUSTIS, FL 32726 a oO FIXED-RATE NOTE (Home Equity Conversion) I in an FHA Case No. 094-5899976-951 of 3000217257 NOVEMBER 13 5 2009 MERS MIN 100854930002172578 $10 OAK HILL COURT, EUSTIS, FLORIDA 32726 [Property Address] 1. DEFINITIONS: "Borrower" means each person signingat the end of this Note. "Lender means VAN DYK MORTGAGE CORPORATION 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 retum for amounts to be advanced by Lender to or for the benefit of Borrower under the terms of a Home Equity Conversion Loan Agreement dated NOVEMBER 13, 2009 ("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 interest, if not paid earlier, are due and payable on MARCH 14 , 2089. Interest will be charged on unpaid principal at the rate of FIVE AND 560/1000 ent ( 5.5600 %) per year until the full amount of principal has been paid. 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." That 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 6 of this Note. (B) Place Payment shall be made at VAN DYK MORTGAGE CORPORATION 314 E ALFRED STREET TAVARES, FLORIDA 32778-3242 or at such other place as Lender may designate in writing by notice to Borrower. (C) Limitation of Liability Borrower shall have no personal liability for payment of this Note. 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 ofthe assignment. - 5. 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 on the first day of any month. Otherwise, a Borrower has the right to pay the debt evidenced by this Note, in whole or in part, without charge or penalty after giving Lender two weeks notice. Any amount of debt prepaid will first be applied to reduce the principal balance of the Second Note described in Paragraph 10 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: First, 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 ofthe principal balance. To the extent Borrower prepays any outstanding balance under this Note, such amounts will no longer be available to be advanced under this Note. GTB1 : 06/09 Page 1 I A . a ry we 7 3000217257 6, IMMEDIATE PAYMENT-IN-FULL (A) Death or Sale Lender may require immediate payment in full ofall outstanding principal and accrued interest, if: (i) A Borrower dies and the Property is not the principal residence of at least one surviving Borrower, or (ii) A Borrower conveys all of his or her title to the Property and no other Borrower retains title to the Property in fee simple or on a leasehold interest as set forth in 24 CFR 206.45(a). (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 of at least one other Borrower; (ii) For a period of longer than 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 ofat least one other Borrower, or An obligation of the Borrower under the Security Instrument is not performed. (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 for enforcing this Note. 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 conveyances 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, 7. WAIVERS, Borrower waives the rights of presentment and notice of dishonor. “Presentment” means the right to require Lender to demand ayment of amounts due. ‘Notice of dishonor" means the right to require Lender to give notice to other persons that amounts due have not been paid. 8. 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 delivering it or by mailing it by first class mail to Borrower at the Property Address above or at a different address if Borrower has given Lender a notice of Borrower's different address. Al notice that must be given to Lender under this 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. 9. 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 ofthe Property 10, RELATIONSHIP TO SECOND NOTE, (A) Second Note Because Borrower will be required to repay amounts which the Secretary may make to or on behalfof 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 reimbursement by the Lender for all payments made by the Secretary If the circumstances described in (i) or (ii) occur, then all payments by the Secretary, including interest on the payments, shall be included in the debt. (C) Effect on Borrower Where there is no assignment or reimbursement as described in (B)(i) or (i) and the Secretary makes payments to Borrower, then Borrower shall not: G82: 69/07 Page 2 LN we CO ry 3000217257 (i) 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 Secretary, notwithstanding anything to the contrary in Paragraph 6 of this Note; or (ii) Be obligated to pay interest or shared appreciation 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 Paragraph 2 of this Note or any Allonge to this Note. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Note. The state documentary tax due on this Note has been paid on the mortgage securing the indebtedness. (Seal) = Borrower Thee acy, (Seal) LORETTA FAYE COOK oF Borrower (Seal) ~ Borrower All right, title and interest of the undersigned to the within credit instrument Is hereby assigned to the secretary of Housing and Urban Development of Washington, D.C., his/her successor and assigns. (Seal) 7 nie NP = Borrower TY FLD Vice President (Seal) = Borrower (Seal) = Borrower (Seal) ~ Borrower (Seal) = Borrower GT83 : 09/07 Page 3 INA Oo PAY TO THE ORDER OF Bank of America, NA WITHOUT RECOURSE Flags Feseda ni Aeguisition LLC, of A id) ry of £ wweWest Bank, FS! pars Brian P. Brouiliard, F.V.P. ALLONGE LOAN NUMBER: 3000217257 FHA CASE NUMBER: 094-5899976-951 BORROWER(S): JOHN ALBERT COOK AND LORETTA FAYE COOK PROPERTY ADDRESS: 510 OAK HILL COURT EUSTIS, FLORIDA 32726 NOTE/LOAN AMOUNT: $130,500.00 NOTE/LOAN DATE: NOVEMBER 13, 2009 \ PAY TO THE ORDER OF: Financial Freedom Acquisition LLC, a Subsidiary of OneWest Bank, FSB WITHOUT RECOURSE VAN DYK MORTGAGE CORPORATION By: ac Printed Name: 4 ve Nut Title: CF *F Form 580-3 Version 004-2/2009 AN FFA 27QW : 03/09 ALLONGE LOAN NUMBER: 3000217257 BORROWER(S): JOHN COOK PROPERTY ADDRESS: 510 OAK HILL COURT EUSTIS, FL 32726 NOTE /LOAN DATE: NOVEMBER 13, 2009 PAY TO THE ORDER OF: WITHOUT RECOURSE COMPANY NAME: BANK OF AMERICA, NATIONAL ASSOCIATION SIGNATURE: fon & Madea NAME AND TITLE: Jonathan J Hartwig, Vice President eit PAR LAAN Bk D384 Pos 2454 - 24637 (pgs) DATE? 11/20/2009 032445 NEIL KELLY» CLERK OF COURT LAKE COUNTY This Document Prepared RECORDING FEES 86.50 Individual’s Title/Name: Mire Seay ~ Clow fITG DOC 456.75 INTANGIBLE 261.00 Post Office Address: 314 E ALFRED STREET TAVARES, FLORIDA 32778-3242 When Recorded Mail To: FINANCIAL FREEDOM {QUISITION LLC, MERGURY TITLE COMPANY 4019 W. 1 Street SUBSIDIARY OF O| ST BANK, FSB Sanford, FL 32774 190 TECHNOLO‘ NORCROSS, GEORGIA 30092 [Space Above This Line For Recording Data] State of Florida FHA Case No. 094-5899976-951 Loan No. 3000217257 MERS MIN 100854930002172578 CLOSED-END FIXED RATE HOME EQUITY CONVERSION MORTGAGE THIS MORTGAGE ("Security Instrument") is given on NOVEMBER 13, 2009 . The mortgagor is John Albert Cook and Loretta Faye Cook his wife > whose address is 510 OAK HILL COURT, EUSTIS, FLORIDA 32726 ("Borrower"). This Security Instrument is given to Mortgage Electronic Registration Systems, Inc. ("MERS") as mortgagee, which is organized and existing under the laws of Delaware, and whose address is P.O. Box 2026, Flint, MI, 48501-2026, TEL (888) 679-MERS. VAN DYK MORTGAGE CORPORATION which is organized and existing under the laws of MICHIGAN , and whose address is 314 E ALFRED STREET, TAVARES, FLORIDA 32778-3242 (“Lender”). Borrower has agreed to repay to Lender amounts which Lender is obligated to advance, including future advances, 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 and all renewals, extensions and modifications of the Note, up to a maximum principal amount of ONE HUNDRED THIRTY THOUSAND FIVE HUNDRED AND 00/100 - - wee ee nn ene ee ee eee (U.S.$ 130,500.00 ); (b) the payment of all other sums, with interest, advanced under Paragraph 5 to protect the security of this Security Instrument or otherwise due under the terms of this Security Instrument; and (c) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. The full debt, including amounts described in (a), (b), and (c) above, if not due earlier, is due and payable on First American Loan Production Services Florida HECM Security Instrument MMM MN © 2008 First American Real Estate Solutions FALPS# 76ET : 04/08 ws MARCH 14 > 2089 For this purpose, Borrower does hereby mortgage, grant and convey to Lender the following described property located in LAKE County, Florida: See Attached Legal Description which has the address of 510 OAK HILL COURT > [Street] EUSTIS > FLORIDA 32726 ("Property Address"); [City] [State] [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." 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. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal 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 shall 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 all 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 proofof loss if not made promptly by Borrower. Each insurance company concerned is hereby authorized and directed to make payment for such loss to Lender instead of to Borrower and to Lender jointly. Insurance proceeds shall be applied to restoration or repair of the damaged Property, if the restoration 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 First American Loan Production Services Florida HECM Security Instrument © 2008 First American Real Estate Solutions LLC JA FALPS# EF27 : 04/08 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 Borrower in and to insurance policies in force shall pass to the purchaser. 4. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence after the execution of this Security Instrument, and Borrower (or at least one Borrower, if initially more than one person are Borrowers) 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. 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 Joan application process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender 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 leasehold, Borrower shall comply with the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing. 5. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all governmental or municipal charges, fines and impositions that are not included in Paragraph 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 Paragraph 12(c). If Borrower fails to make these payments or the property charges required by Paragraph 2, or fails to perform any other covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, for condemnation or to enforce laws or regulations), then Lender may do and pay whatever is necessary to protect the value of the Property and Lender's rights in the Property, including payment 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 as defined in the Loan Agreement as well as all sums due to the loan servicer for servicing activities as defined in the Loan Agreement. Any amounts disbursed by Lender under this Paragraph shall become an additional debt of Borrower as provided for in the Loan Agreement and shall be secured by this Security Instrument. 6. Inspection. Lender or its agent may enter on, inspect or make appraisals of the Property in a reasonable manner and at reasonable times provided that Lender shall give the Borrower notice prior to 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 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 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. First American Loan Production Services Florida HECM Security Instrument © 2008 First American Real Estate Solutions LLC NT FALPS# EF28 : 04/( 8. Fees. Lender may collect fees and charges authorized by the Secretary. 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: (i) 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 title to the Property in fee simple or retains a leasehold under a lease for not 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 retains a life estate (or retaining a beneficial interest in a trust 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 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 of at least one other Borrower; or (ii) For a period of longer than twelve (12) consecutive months, a Borrower fails to 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 this Security Instrument is not performed. (c) Notice to Lender. Borrower shall notify Lender whenever any of the events listed in this Paragraph (a) (ii) or (b) occur. (d) Notice to Secretary and Borrower. Lender shall notify the Secretary and Borrower whenever the loan becomes due and payable under Paragraph 9 (a) (ii) or (b). Lender shall not have the right to commence foreclosure until Borrower has had thirty (30) days after notice to either: (i) Correct the matter which resulted in the Security Instrument coming due and payable; or (ii) Pay the balance in full; or (iii) 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. (e) 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 interests in the Property to a Borrower, shall not be considered a conveyance for purposes of this Paragraph 9. A trust shall not be considered an occupant or be considered as having a principal residence for purposes of this Paragraph 9. (f) Mortgage Not Insured. Borrower agrees that should this Security Instrument and the Note not be eligible for insurance under the National Housing Act within SIXTY DAYS from the date hereof, if permitted by Applicable Law Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. A written statement of any authorized agent of the Secretary dated subsequent to SIXTY DAYS 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 is 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. First American Loan Production Services Florida HECM Security Instrument © 2008 First American Real Estate Solutions LLC NMI "ALPS# EF29: 11. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full. This right applies even after foreclosure proceedings are instituted. To reinstate this Security Instrument, Borrower shall correct the condition which resulted in the requirement for immediate payment in full. Foreclosure costs and reasonable and customary attorneys! fees and expenses properly associated with the foreclosure proceeding shall be added to the principal balance. Upon reinstatement by Borrower, this Security Instrument and the obligations that it secures shall remain in effect as if Lender had not required immediate payment in full. However, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement after the commencement of foreclosure proceedings within two years immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the Security Instrument. 12. 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 initially granted to loan 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 loan advances), Lender shall request the Borrower to execute any documents necessary to protect the lien status of future loan advances. Borrower agrees to execute such documents. If state law does not permit the original lien status to 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 subordinate to this Security Instrument. (c) Prior Liens. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good 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 Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 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(i)(1)(A) of the National Housing Act and the Loan Agreement, the Secretary has required Borrower to execute a Second Note and a 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 assigned to the Secretary; or (ii) The Secretary accepts reimbursement by the Lender for all payments made by the Secretary. If the circumstances described in (i) or (ii) 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. First American Loan Production Services Florida HECM Security Instrument © 2008 First American Real Estate Solutions LLC FALPS# EF30: 04/05 ~ TAN (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: (i) Be required to pay amounts owed under the Note, or pay any rents and revenues of the Property under Paragraph 19 to 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 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. (d) No Duty of the Secretary. The Secretary has no duty to Lender to enforce covenants of the Second Security Instrument or 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 Not a Waiver. 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. 15. 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 delivering it or by mailing it by first class mail unless Applicable Law requires use of another method. The notice shall be directed to the Property Address or any other address all Borrowers jointly designate. Any notice to Lender shall be given by first class mail to Lender's 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 Borrower or 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 with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. 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 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 to pay the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breach of any covenant or 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. This assignment of rents constitutes an absolute assignment and not an assignment for additional security only. If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by Borrower as trustee for benefit of Lender only, to be applied to the sums secured by this Security Instrument; (b) Lender shall be entitled to collect and receive all of the rents of the Property; and (c) each tenant of the Property shall pay all rents due and unpaid to Lender or Lender's agent on Lender's written demand to the tenant. Borrower has not executed any prior assignment of the rents and has not and will not perform any act that would prevent Lender from exercising its rights under this Paragraph 19. Lender shall not be required to enter upon, take control of or maintain the Property before or after giving notice of breach to Borrower. However, Lender or a judicially appointed receiver may do so at any time there is a breach. Any application of rents shall not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of rents of the Property shall terminate when the debt secured by this Security Instrument is paid in full. First American Loan Production Services Florida HECM Security Instrument ‘© 2008 First American Real Estate Solutions LLC NNN FALPS# EF31: 04/( 20. Foreclosure Procedure. If Lender requires immediate payment in full under Paragraph 9, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may foreclose this Security Instrument by judicial proceeding. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Paragraph 20, including, but not limited to, reasonable attorneys’ fees and costs of title evidence. 21. Lien Priority. The full amount secured by this Security Instrument shall have the same priority over any