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8/10/2019 Christina Morrison Mortgage Foreclosure
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IN THE CIRCUIT OF THE 15th JUDICIAL CIRCUIT
OF FLORIDA, IN AND FOR PALM BEACH COUNTY
PNC Mortgage, a Division of PNC
Bank,
N.A.,
Plaintiff,
-vs.-
Glen R. Pearce and Christina Morrison a/k/a
Christina M. Pearce a/k/a Christina Pearce,
Husband and Wife; et al.
Defendan
s
Case :
Division :
5 2 9 C 78dU
VALUE
OF
REAL PROPERTY
OR
MORTGAGE FORECLOSURE CLAIM
This fonn below has been designed to assist with the calculation requirement of F.S. 28.241(1)(a)
NB
2.a., regarding mortgage foreclosure graduate filing fees, based on the estimated value
of
the \.lot
claim and includes the required fees for mediation, education and additional defendants. (See
Chart Below)
1.
Principal Due on the Note $340,547.78
2.
Interest Owed on the Note - $8,203.88
3. Total Advances Owed on the Note Including - $0.00
Property
Truces
- $0.00
Insurance - $0.00
Other Advances - $0.00
(The total
of
these three categories provides the amount for line 3.)
4. Value
ofTrue
Certificates Relating to Mortgage - $0.00
5 TOTAL ESTIMATED VALUE OF CLAIM $348,751.66
(Add lines l-4 to get the total for line 5)
Complaint Processing Supervisor
Submitter Name: Tara Stabile Submitter Title
GRADUATE FILING FEES BASED ON THE VALUE OF THE CLAIM
$401.00
Value less than or to $50,000 with
5
defendant or less
Value greater than $50,000 but less than $250,000 with
5
$906.00 Defendants or less
$1,906.00
Value $250,000 or t r with
5
defendants or less
$2.50 Additional fee for each defendant over
5
S&F : 09-157190
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IN THE
CIRCUIT
COURT OF THE
15th JUDICIAL CIRCUIT
OF FLORIDA, IN
AND FOR PALM
BEACH
COUNTY
PNC
Mortgage, a Division
o
PNC
Banlc,
N.A.·
Case :
Plaintiff,
~ v s
{(§)
Division ·
2009 CA
0
3 78
8 0
UNC:
~ J e n
R.
Pearce n ~ h r i s t i n Morrison a/k/a
Christina M.
P e r u : _ . c ~ ~
Christina Pearce,
Husband and i ~ ~
o
America,
7 \
National Association; Robyn i a n ~
nknown Parties in Possession lQ nknown
~ r t i e s in Possession 2; I f iving, d
all
Unknown Parties claiming by, through, under
and against the above
name<;l
Defendant( s)
who are not known to
be
dead or alive,
whether said Unknown Parties
may
claim
an
interest as Spouse, Heirs, Devisees, Grantees,
or Other Claimants
Defendant s .
COMPLAINT
.....
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r
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-a : i ·
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n..,..: ..
C -
- ·
= 4 2 ~
<>c:··
<c .::.
-C:.,
· ~ · .
J - -
::< .....
-r ?:
0
l D
g
·-
< 11
;J::llD
-
t.
c.n
Comes Now, Plaintiff, PNC Mortgage, a Division
o
PNC
Bank, N.A. by and through its
-
fT\
0
undersigned counsel, and files this foreclosure action against the above named Defendant(s},
Glen R. Pearce
and
Christina Morrison a/k/a Christina
M.
Pearce a/k/a Christina Pearce,
Husband and Wife; Bank o America, National Association;
Robyn
Monahan; Unknown Parties
in Possession I; Unknown Parties in Possession 2; I f iving, and
all
Unknown Parties claiming
by,
through, under and against the above named Defendant(s) who are not known
to
be dead or
alive, whether said Unknown Parties may claim
an
interest as Spouse, Heirs, Devisees, Grantees,
or Other Claimants, and states:
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GENER L LLEG TIONS
I This is an action at law and in equity to enforce a promissory note (''the Note )
and to foreclose a mortgage (''the Mortgage ) on real property located in Palm Beach County,
Florida.
2 This Court has jurisdiction based on Florida Statute §26.012.
3. Venue is proper because the property is located in Palm Beach County, Florida.
4 On May 22, 2006, there was executed and delivered a Promissory Note and a
Mortgage securing payment of said Note to the payee named thereon.
5 The Mortgage was recorded in Official Records Book 20448, Page 1328, of the
Public Records of Palm Beach County, Florida, then owned by and in possession of mortgagee, a
copy of the Note and Mortgage is attached hereto as composite Exhibit A , and any subsequent
re-recordings, modifications, and/or assignments thereof, if any.
6 National City Mortgage, a Division
of
National City Bank
of
Indiana is the
original mortgagee on the subject mortgage.
7
Prior to the filing
of
this action, Plaintiff acquired the right to enforce the Note and
Mortgage from the party entitled to enforce the Note and Mortgage.
8 The Plaintiff is the owner and holder of the Note and Mortgage or is the party
entitled to enforce the subject Note consistent with Chapter 673 of the Florida Statutes.
9
The Mortgage of the Plaintiff is a purchase money mortgage being 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.
2
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10.
There has been a default under the covenants, terms and agreements
o
the Note
and Mortgage in that the monthly installment due July I, 2009, and all subsequent installments,
remain due and owing.
11.
Plaint iff declares the full amount payable under the Note and Mortgage to be due.
12. A principal balance o 340,547.78 is due and owing to the Plaintiff, with interest
from and after June
1
2009, and title search expense for ascertaining necessary parties to this
action.
13.
In order to protect its security, the Plaintiff may have advanced and paid Ad
V alorem taxes, premiums
on
insurance required by the Mortgage and other necessary costs, or
may be required to make such advances during the pendency o this action. Any such sum so
paid will be due and owing Plaintiff.
14.
All conditions precedent to the acceleration
o
this Mortgage Note and to
foreclosure
o
the Mortgage have been fulfilled or have occurred.
15.
The record legal title to the property secured by the Mortgage is now vested in
Defendant(s), Glen
R.
Pearce and Christina Morrison a/k/a Christina M. Pearce a/k/a Christina
Pearce, Husband and Wife.
16.
The Defendant(s) Glen R. Pearce and Christina Morrison, is/are the makers
o
the
subject Note and is/are personally liable for the debt owed thereunder, i not discharged in
bankruptcy.
17.
The Defendant(s) Glen
R.
Pearce and Christina Morrison, His Wife, executed the
Mortgage.
3
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18
The rights o the mortgagor(s), note makers(s), current titleholders, and any parties
in possession are inferior to the rights
o
the Plaintiff in regards to the real property secured by
said Note and Mortgage.
19
For purposes o collection and foreclosure, the Plaintiff has retained the
undersigned attorney and is obligated to pay said attorney a reasonable fee for his services.
COUNT
I
MORTGAGE
FORECLOSURE
20.
Plaintiff hereby realleges and incorporates herein all the allegations contained in
the section titled General Allegations, set forth above.
21 That the Defendant, Bank
o
America, National Association, might have some
claim or demand n the subject property by virtue o a Subordination Agreement, filed in Official
Records Book 20448, Page 1325, and by virtue
o
a Mortgage in the amount
o
600,000.00,
dated on October 12, 2005, filed in Official Records Book 19752, Page 992,
o
the Public
Records o Palm Beach County, Florida and all other rights, claims, liens, interest, encumbrances
and equities, either recorded or unrecorded,
i
any in the subject real property. The above-
described interest o said Defendant(s) in the subject property is inferior to the interest o the
Plaintiff in said property.
22.
That the Defendant, Robyn Monahan, might have some claim or demand in the
subject property by virtue o a Final Judgment, filed n Official Records Book 13980, Page 1395,
o the Public Records o Palm Beach County, Florida and all other rights, claims, liens, interest,
encumbrances and equities, either recorded or unrecorded, i any in the subject real property.
The above-described interest o said Defendant(s) in the subject property is inferior to the
interest o the Plaintiff in said property.
4
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23.
That the Defendants, UNKNOWN PARTIES IN POSSESSION
I;
UNKNOWN
PARTIES IN POSSESSION 2, might have some claim or demand n the subject real property
by virtue
of
possession, whether by tenancy from the record title holder or mere possession only.
WHEREFORE,
the Plaint iff respectfully requests that this Honorable Court enter
a judgment
of
foreclosure against the Defendants herein, foreclosing any and all interest in the
subject Mortgage and any interest recorded after the Plaintiff's lis pendens, except for all real
property taxes or special assessments in favor ofMunicipalities and Counties, and any interest
subject to Florida Statutes §718.116 and §720.3085,
if
applicable; and
if
the proceeds
of
the sale
are insufficient to pay Plaintiff's claim, a deficiency judgment, unless any defendant personally
liable shall have been discharged from liability under the subject Note pursuant to the provisions
of
the Bankruptcy Code
11
U.S.C. Section 101, et seq.; and award attorney fees, costs, interest,
advances, and for such other and further rel ief as this court deems just and proper.
COUNT II
REESTABLISHMENT
OF
LOST
NOTE
24
Plaintiff hereby realleges and incorporates herein all the allegations contained in
the section titled General Allegations, set forth above.
25.
This is an action to reestablish a Promissory Note under Florida Statute
§673.3091.
26 On
May 22, 2006, at Palm Beach County, Florida, there was executed and
delivered to National City Mortgage, a Division
of
National City Bank
of
Indiana a Promissory
Note and Mortgage in favor
of
National City Mortgage, a Division
of
National City Bank
of
Indiana, in the principal amount of $399,000.00.
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27 Plaintiff is not in possession
of
the subject Promissory Note and Plaintiff cannot
reasonably obtain possession of said Note because it is lost, stolen, or destroyed.
28 Plaint iff has the right to enforce the subject Note when lost or destroyed or
Plaintiff has acquired the right to enforce the subject Note from the party who had the right to
enforce
it
when it was lost or destroyed.
29 The loss
of
possession
of
the subject Note was not the result
of
a lawful transfer or
due to lawful seizure.
30. Plaint iff will prove the terms and conditions
of
the subject Note.
31. Plaintiff will indemnify third parties against future unlawful enforcement of the
subject Note.
WHEREFORE Plaintiff respectfully requests that this Honorable Court enter
judgment foreclosing the Mortgage; and enter an order reestablishing said lost document; and if
the proceeds
of
the sale are insufficient to pay Plaintiff s claim, a deficiency judgment, unless
any defendant personally liable shall have been discharged from liability under the subject Note
pursuant to the provisions of the Bankruptcy Code 11 U.S.C. Section 101, et seq., and award
attorney fees, costs, interest, advances, and for such other and further relief as this court deems
just
and proper.
6
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_Kelly Victoria Chase, Esq
FL Bar 65879
_Amy
Weaver,
Esq
FL Bar PENDING
SHAPIRO FISHMAN,
LLP
Attorneys
for
Plaintiff
2424 North Federal Highway, Suite
360
Boca Raton, Florida 33431
Telephone: (561) 998-6700
Fax: (561) 998-6707
This is an attempt to collect a debt and any information obtained will
be
used for that
purpose.
09-157190
7
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Integrity .tie
Inc:
1336 N. Federal Highway
Pompano Beach FL 33062
ReturD; To: cu_1?nn F ~ x :
954-784-1204
Nat1onaJ0:21
~ 6 f
_nrdiaa.a
::P<-ow-\ ~
P.
Box
8800
yton,
OR 45401-8800
This
d o c u m e n t ~ preoored by:
DATHBR. lmlUll:oTr
National
Ci ty
Ban.Jc o f Indiana
P.O.
Box
8800
Dayton, OB
45401-8800
r· 1 o ~ m u m n m 1 m 1 ~ a n o m 1 1
CFN 2 0 0 6 0 3 3 9 2 6 3
OR BK 2 0 4 4 8 PG 1 3 2 8
RECORDED
618812 6 U
:15:15
Pa.ha
Beach County. Florida
An 399,889.00
Deed Doc 1t396. 50
b tang
798.01
Sharon I. Bock.CLERK &
tmlPTROlJ.n
Pge
328
- 13-14; C17pgs>
PLAINTIFF S
COMPOSITE EXHI IT
t
- - - -- - - -- Sp ece
bove This
LiDe For
Recording
Da.t.a) ----0 '0,...,0' 4' ' 55 ' 4 3 9...,..9-
MORTGAGE
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 in this
document
are also provided
in Section 16.
(A)
S e c u r i t y ~
means
this document,
which
is
dared May 22, 2006
together with
all
Riders
to this document.
(B)
''Borrower
s
Borrower is
the mortgagor
under this Security
lnstrumeol.
(C)
11
1.ender is
National Ci ty
Mortgage
a
div i s ion
o f
National
City Ban.k o f J:ndiana
Lend.er is a
National
mld.ng Alllaoeiation
organiz.ed and existing under
the
laws of
United
Sta tes
R.ORIDA
-Single
fami'ly· Fannie a ~ Mae UHlRlRM INSTRUMENT
- oCi FI..)
(0005).01
P 1 o l l 8
VMI'
MOFITOAGS
FORMS· (800)$21·'1291
Book20448/Page1328
Page 1
of
17
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Lender's address
is
3232
Nem11ark
Drive, Miamisburg, OB 45342
Lender
is the
mortgagee under t is Security Imtrument.
(D)
''Note
means
the promissory
note signed by Borrower
and
dated Hay 2 2 , 2 OO6
The
Note states that Borrower owes
Lender
'1'DBB BUHDUD NDmTr NDm nous.AND ii 00/100 Dollars
(U.S. $
3u ooo. oo) plw interest. Borrower bas promised to pay t is debt in regular Periodic
Payments and
to pay lhe debt
in full
not later
than
June
1
2021
(E) Property means the property that is described
below
under the heading RTransfer of
ights
in the
Property •
(F)
Loan
means
the
debt evidenced
by
the
Note, plus
interest. any
prepayment
charges and Late charges
due under the
Note,
and all
lllDS
due under t is Security lmtrument, plus interest.
(G) ''Riders means all Riders to t is Security Instrument that a re executed by
Borrower.
The following
Riders
a re to be executed by Borrower [check
box
as
applicable]:
D d ~ t a b l e
Rate
Rider D Comk>minium Rider D Second Home Rider
E
Balloon Rider
D
Planned Unit Developmem Rider
D
1-4 Family Rider
VA Rider
D
Biweekly Payment
Rider D
Other(s)
(specify]
(H)
Applicable
Law'' means
all conttolling applicable
federal,
state and local statutes,
regulations,
ordi.nam:es and administrative rules and orders
(that have the
effect of law) as
well
as all applicable
final,
non-appealable judicial
opinlom.
I) Comnumity ~ o Dues,
Fees,
and ~
means
all dues, fees, assessments
and
other
charges
that
are
imposed
on
Borrower
or
the
Property
by
a
condominium
association.
homeowners
association
or similar
organization.
(J) Eledronlc Funds Transfer
means
any
transfer of funds, other
than a
tran.saction
originated
by check.
draft, or similar paper instrument. which is
initiated
through
an electronic
temllnal,
telephonic
instrument,
computer, or magnetic tape so as to order, instruct, or
authorize
a
financial
institution to debit or credit an
acooum. Such tetm includes,
but is
not limited to, point-of-sale
transfers,
a1rtnmated
teller machiml
transactions, transfers initiated by telephone, wire transfers, and automated
clearinghouse
transfers.
(IQ
Escrow Items
means those items that
are
described
in
Section
3.
L)
Mmllaneom
Proceeds means any compensation, settlement, award of damages, or proceeds paid by
any
third
pany (other
than insurance
proceeds paid under the
coverages
described
in Section
S)
for:
(l)
damage to,
or destruction
of, the Property; (u) condemnation
or other.taking of
all
or
any part
of
the Property;
(ill)
conveyance
in lieu of
condemnation;
or (iv) misrepresentatiom of, or omissions s to, the
value
and/or
condition
of the Property.
M)
Mortgage
Insurance
means
insurance protecting
Lender against
the
nonpayment of, or
default
on,
the
Loan.
(N) Periodic Payment means the regularly scheduled
amount due
for (l) principal
and
lntelest under the
Note,
plus (ti) any amounts uruier Section 3 of this Security lmtrument.
P IJ82ol16
Book20448/Page1329
Page 2of17
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0) ''RESPA
means the Real
&tate
Settlement Procedures
Act (12 U.S.C.
Section 2601
et
seq.) and
its
Implementing regul.atlon, Regulation
X
(24
C.F.R..
Part
3500), as they
might be
amended
from time to time,
or any additional or successor Iegislalion or regulation
that
governs the same subject matter. As used
in
this
Security Instrument,
RP.SPA refers
to
all
requirements
and restrictions
that
are imposed in
regard to
a
federally related mortgage
loan
even
i f the Loan does not qualify as a federally related mortgage loan
under RBSPA.
P) Sua:essor
In of
Borrower means any
party
that
has
taken title
to the
Property, whether or not
that
party has assumed
Borrower's obligations under
the Note
and/or this
Security
Inmument.
TRANSFER OF RIGHTS IN
TIIE PROPERTY
This
Security
lnsmnnem secures
to
Lender: (i)
the
repayment of
the
Loan. and
all
renewals, extensions and
modifications
of
the
Note; and
Ii)
the performance of Borrower's covenants and
geements
under this
Security Instrument
and the
Note.
For this
pmpose,
Borrower does hereby mortgage, grant and
convey
to
Lender,
the
following
described
property
located
in the County Type ofRJ:wrding Jurisdiction)
of
Palm Beach Name of Recording Jurisdiction):
Pan:e1 ID Number: 09099
525 S COUNTRY CLUB DRIVE,
.l\TLJWTXS
( Property Addressj:
which currently
has the ddress
of
ISCre I
Cay),
Florida
3346 Zip
Code)
TOGETHER WITH all the
improvemems now or
here fter
erected on
the
property, and all easements,
appm1enances, and
fixtures
now or
htreafu:r
a
part
of the
property. All repJacemems and additions shall
also
be
covered
by this Security Ins1roment. All of the
foregoing
is referred to in
this
Security
Instrument as
the
Property.
Book20448/Page1330
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BORROWER COVENANTS
that
Borrower is lawfully seised
of the
estate hereby conveyed and
lw
the
right to
mortgage,
grant
and
convey
the Property and that
the
Property is
uneru:umbered except
for
encumbrances
of n:cord. 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 unifom covenants for national use and non-unifonn
covenants with limited
variations by jurisdiction
to
conrntute a
uni.form
security
imtrument
covering
real
property.
UNIFORM COVENANTS.
Borrower
and
Lender
covenant and agree
as follows:
1. Payment of Prindpal, hneres4 crow Iteuw Prepayment Oiarges. and Late
Borrower
shall
pay when
due
the
principal of,
and
interest
on, the debt
evidenced
by
the
Note
and
any
prepayment
charges
and
late charges
due
under
the
Note. Borrower shall also
pay
funds
for ~ Items
pursuam
to Section
3. Payments due
under the
Note
and this Security Imtrument shall
be ma.de in
U.S.
currency.
However, i f any check or other
instrument
received by Lender as payment under the Note or this
Security
Instrument is returned to Lender unpaid, Lender may .require
that
any or all subsequent payments
due under
the
Note and this Security Instrument be
ma.de
in one or more of the following fonns, as
selected
by Lender: (a) cash; (b) money order,
c)
certified check, bank
check,
treasurer's check or cashier's check.
provided
any
such
check is drawn
upon
an instilulion
whose
deposits are insured by a
federal
agency,
instruuHmlality,
or entity; or
(d)
Electronic
unds
Transfer.
Payments are deemed received by
Lender
when received at the location designated in the Note or at
such other location as
may be
designated
by
Lender in accordance
with the
notice provisions
in
Section ts.
Lender
may return any payment
or partial
payment i f he payment
or
partial payments
are insufficient to bring
the
Loan
current. Lender may accept any payment or partial
payment
insufficient to bring the
Loan
current,
without
waiver of any rights hereunder or
prejudice
to
its
rights to refuse such
payment
or partial payments in
the future, but
Lender is not obligated to apply
such
payments at
the
time such payments are accepted. If
e ch
Periodic
Payment
is
applied
s
of
its
scheduled due
date, then Lender
need
not
pay
interest on
unapplied
funds. Lender may hold
such
unapplied funds until Borrower makes payment to bring
the
Loan cum:m. f
Borrower does
oot
do so within a reasonable period of
time,
Lender shall either apply such funds or return
hem
to Borrower. f
oot applied
earlier, such funds will
be applied
to
the
outstanding principal balance under
the Note Immediately prior to foreclosure. No otrset or
claim which
Borrower might have now or in the
future against
Lender
shall
relieve Borrower from
making payments
due under
the
Note
and this
Security
Instrument
or pc:rfomtlng
the
covenants and
agreements secured
by
this Security
Instrument.
2. Applkation r Payments or Proceeds. Except as otherwise described in this
Section 2,
all payments
accepted
nd applied by Lender
shall be
applied in the fullowing order of priority: a) interest due under the
Note; (b) principal due under
the
Note;
c)
amounts due under Section 3. Such paymems shall be applied to
each
Periodic Payment in the order in
which
it became
due.
Any
remaining
anwunts shall be applied first to
late charges,
second to
any other amounts due
under this
Security Instrument, and then to reduce
the
principal
balance
of
the Note.
f
Lender receives a payment from Borrower
for
a
delinquem
Periodic Payment which
includes
a
sufficient
amount
to
pay any
late
charge
due,
the
payment
may
be
applied
to
the
delinquent
payment
and
the
late
charge. f
more
than one Periodic
Payment
is outstanrling, Lender may apply any payment received from
Borrower
to
the
repayment
of
the
Periodic Payments if
and
to
the
extent
that, each
payment can be paid in
Book20448/Page1331
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full. To the
extent
that any
excess exists after
the payment is applied
to
the full
payment of one or
more
Periodic
Payments,
such
exress may be
applied to
any late
charges due. Voluntary prepayments
shall
be
applied first to any prepayment charges and then as <b cribed
in the
Note.
Any
application of payments, lmurance
p ~ or
Miscellanoous
Proceeds
to principal
due
under
the
Note shall
not
extend or
postpone the due
date, or change
the
amouni, of
the Periodic
Payments.
3. Funm for crow Items. Borrower shall pay to
Lender
on the day
Periodic
Payments are due
under
the Note, until the Note
is
paid in full, a sum (the • undsj
to
provide
for
payment of amounts due for: (a)
taxes
and
assessments and
other items
which can attain
priority over
this
Security Instrument as
a
lien
or
encumbrance
on
the
Property;
(b)
leasehold
payments
or ground rents on the Property,
i f any; (c) premiums
for any and all insurance required by
Lender
uodec Section S; and (d) Mortgage Insurance premiums i f
any,
or any
sums payable by Borrower to Lender
in lieu
of
the
payment of Mortgage
Insurance
premiums in
accordance with the provisions of Section 10.
These
items are
called
&crow Items. At
origination or
t
any
time
during
the
tenn of
the Loan,
Lender may
require that
Community Association Dues,
Fees,
and
ABsessments, i f
any, be
escrowed by
Borrower, and such dues,
fees and assessments
shall be an
Escrow Item.
Borrower shall
promptly furnish
to Lender
all
notices of
amounts to
be
paid under this Section. Borrower
shall pay Lender
the
Funds
for
Escrow Items unless Lender waives Borrower s obligation to pay the
funds
for any or all Escrow
Items.
Lender
may
waive Borrower's obligation to pay to Lender Funds for any or all
Escrow
Items
at
any lime.
Any
such
waiver may only be in writing. In
the
event of such waiver, Borrower
shall pay directly, when
and
where payable, the amounts
due for
any Escrow
Items for which
payment of
funds has been waived by Lender and, i f Lender requires, shall furnish to Lender
receipts
evi<iencin
such
payment within such time
period as
Lender may require.
Borrower's obligation
to
make such
payments
and
to
provide
receipts
shall
for all
purposes be deemed to be a covenant and agreement contained in
this
Security
J ostrument as the
phrase
•covenant and agreement is
used
in
Section
9. f Borrower is obligated to
pay
Escrow Items directly, pursuant
to
a waiver, and Borrower fails
to
pay
the
amount due
for
an Escrow Item.
Lender
may
exercise
its
rights
under Section 9
and
pay
such
amoun1
and Borrower shall
then be obligated
under
Section 9 to
repay to
Lender
any such amount.
Lender
may
revoke the
waivec as to
any or
all Escrow
Items at any time by a D01ice
given
in
accordance
with
Section
IS
and,
upon such
revocation..
Borrower
shall
pay
to
Lender
all Punds, and in such
amounts,
that are then required
under
this Section 3.
Lender may, at any time,
collect
and hold Funds in
an amount
(a) sufficient to pemlit Lender to apply
the
funds t
the
ti.me specified
under
RESPA, and (b) not to exceed
the maximum
amount a lender can
require under
RESPA. Lender
shall estimate
the amount of funds due on the basis of cu.rrenl data
and
reasonable estimates of expenditures of future Escrow
Items
or otherwise in accordance with
Applicable Law.
The unds shall be held in an i.nsfiluJion whose deposits are insured
by
a federal asency, imtrumen1ality.
or
entity
(lncludiDg Lender, i f
Lender
is an institution
whose
deposits are so
insured)
or in any Pedenl
Home
Loan Bank. Lender shall apply the Funds
to
pay the Escrow
Items no
later
than
the time specified under
RESPA. Lender shall not charge Borrower
fur
holding
and
applying the Funds, annually analyzing the
escrow account. or
verifying
the Escrow Items, unless Lender pays Borrower interest on the Funds and
Applicable
Law pennits Lender
to
make
such a charge.
Unless
an
agreement is made in
writing or
Applicable
Law
requires
interest
to
be
paid
on
the
Funds, Lender
shall
not
be
required to
pay
Borrower any
interest
or
earnings
on
the funds. Borrower and
Lender can agree
in
writing, however,
that
interest shall
be
paid on
the
Funds.
Lender shall give
to
Borrower, without charge, an ammal accounting of the Funds as required by
RESPA.
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f there
is
a
surplus
of
Funds held
in escrow,
as
defined under
RESPA,
Lender shall account
to
Borrower
for
the
ex ess funds
in
accordance with
~ A
f here is
a shortage of
Punds held in
escrow,
as
defined under RESPA,
Lender shall
nntify Borrower as
required
by RESPA. and Borrower shall pay
to
Lender the
amount necessary
to
make up
the
shortage
in
accordance
wilh RESPA, but in DD more than 12
monthly
payments.
f
there is a deficiency of Funds held in escrow, as
defined
under
RESPA,
Lender shall
notify
Borrower
as required
by
RESPA, and
Borrower shall pay
to Lender
the
amount necessary to
make up
the deficiency in
accordance
with RESPA,
but
in no more than 12 momhly payments.
Upon payment in full of all swm secured
by
this
Security lnstrumellt,
Lender shall promptly refund
to
Borrower any Funds held by Lender.
4.
0i.arges;
Liens.
Borrower
shall pay all taxes, assessments, charges, fines, and impositions
attributable
to
the
Property
which can
attain priority
over
this Security Instrument.
~ l d
paymentS or
ground
rems on the
Property,
i f any, and
c.onmnmity
Association Dues,
Pees,
and Assessmenl8, i f any. To the
extent
th.at
these items are Escrow
Items,
Borrower
shall
pay them
in
the
manner
provided
in
Section
3.
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,
but only
so
long as
Borrower is
performing
such
agreement; (b)
contests the lien
in
good
faith
by, or
defends
against
enforcement
of
the
lien
in, legal proceedings which in
Lender's
opinion operate to prevent the
enforcement
of
the lien while those pfOC1 .Cdings are
pending, but
only until such
proceedings
are concluded;
or
(c) secures
from the
holdef
of
the
lien an agreement
satisfactory
to Lender suborrlinating
the
lien to this
Security Instrument. f Lender c:letermines
that
any part
of the Property is
subject to
a lien
which
can
attain
priority over
this
Security
Instrument, Lender
may give Borrower a nntlce identifying
the
lien. Within
10
days
of
the
date
on which that
notice is
given,
Borrower
shall satisfy the lien
or take one or
more
of
the
actions
set forth above
in
this
Section
4.
Lender may require
Borrower
to pay
a one-time
charge for
a
real estate tax verification
and/or
reporting
service
used
by
Lender
in
connection
with
this
Loan.
S. Property lmuram:e.
Borrower
shall
keep
the improvements now
existing
or
hereafter erected on the
Property insured against
loss
by
fire, hazards
included
within the term •extended coverage,
and any
other
hazards
including,
but not
limited
to, earthquakes and
floods, for
which Lender requires insuranre. Ibis
insurance shall
be
mainrained in
the
amounts
(including
deducdble levels)
and for
the periods
that Lender
What
Lender requires pursuant
to
the preceding sentences can
change during
the term
of
the Loan.
The
insuranoc carrier
providing
tile insuranoc shall be
chosen
by
Borrower
subject
to Lender's right to
disapprove Borrower's choice, which
right
shall
oot be
exerrued
unreasonably. Lender may
require
Borrower to
pay, in connection
with
this Loan. either: (a) a one-time charge
for
flood mne determinalion.
certification and
tracking services; or
(b)
a one-time charge for
flood zone
detennination
and
certification
services and
subsequeut charges
each
time
n mappings
or
similar changes
occur
which reasonably
might
affect such detemtination
or certification. Borrower
shall
also be
responsible for
the
payment of
any
fees
imposed by the Fed.eraJ Emergency Management
Agency
in connection with the review
of
any
flood
zone
detenninali.on resulting from an
objection
by Borrower.
f
Borrower
fails
to
maimain
any
of
the
coverages described above, Lender may
obtain
insurance
coverage,
at I.ender's
option and Borrower's expeme. Lender is under
no obligation
to
pun:hase
any
particular
type
or
amount
of
coverage.
Therefore,
such
coverage shall cover Lender, but might or might
not
protect
Borrower, Borrower's
equity in the Property,
or the
contents
of
the Property, against
any
risk, hazard
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or
liability
and might
provide
greater or lesser
coverage than was previously
in
effect. Borrower
acknowledges that the cost of the
insurance
coverage so obtained might significantly exceed the cost of
insurance that
Bonower could
have obtained.
Any
amounts disbursed by
Lender under this
Section
shall
become additional debt
of
Borrower
secured
by
this Security lnstnnnen1. These amowtts
shall
bear
interest
at
the
Note rate
from the date of
disbursement
and
shall be payable,
wilh such
interest, upon
notice
from
Lender
to Borrower requesting payment.
ll insmance
policies
requin:d by endez
and
renew ls
of such policies
shall be subject to
Lender s
right to disapprove
such
policies, shall include
a
standard mortgage clause, and
shall
name Lender as
mortgagee and/or as an additional loss
payee. Lender
shall
have the right to
hold the policies and renewal
certificates. Lender
iequires, Borrower
shall promptly
give to Lender
all .receipts
o
paid premiums
and
renewal
notices. f
Borrower obtains
any
fmm
of imurance coverage,
not
otherwise required
by Lender, for
damage to,
or
destruction of, the
Property,
such policy
shall
include a standard mortgage
clause
and
shall
name Lender
as
mortgagee
and/or as
an additional loss payee.
In the
event of loss, Borrower
shall
give
prompt
notice
to the
insurance
carrier and
Lender.
Lender
may
malce
proof
o loss
i f not
made
promptly
by Borrower. Unless Lender
and Borrower otherwise agree
in
writing,
any
imurance
proceeds,
whether
or not
the underlying insurance w s requin:d by
Lender,
shall be
applied
to
restoration or repair of
the
Property,
i f the
restoration or
repair
is economically feasible and
Lender s security
is
not
lessened..
During such
repair and
restoration
period,
Lender shall have
the right to
hold
such insurance proceeds until Lender
bas bad an opportunity
to inspect
such Property
to
enmre
the work
has
been completed to
Lender s satisfaction, provided
that
such inspection
shall
be
undertaken
promptly.
Lender may
disbune
proceeds for
the
repairs
and restoration
in
a
single payment
or
in
a
series
of progress
paymen S as
the
work is completed. Unless
an
agreement
is
made
in writing
or
Applicable
Law
requires
interest to
be
paid on
such
insmance proceeds,
Lender shall not be
required to
pay Borrower
any interest
or
earnings
on
such
proceeds.
Fees
for public
adjusters,
or other
third parties, retained by
Borrower
shall
not
be
paid
out
of
the
insurance
proceeds and
shall
be
the sole
oblisation of
Borrower.
f
he
restoration or
repair
is
not
economlcally feasible
or Lender s
security would be
lessened, the
insurance
proceeds shall be applied
to
the sums
secured
by
this
Security Instrument. whether
or
not
then
due, wilh the excess, i f
any, paid
to
B<>rrower. Such
insurance
proceeds shall be applied
in the
Older provided for
in
Section 2.
f
Borrower
abandons
the
Property, Lender may
file,
negotiate and settle any
available
insurance claim
and related
matters.
Borrower does not
respond
within 30
days
to
a
notire
from Lender that the
insurance
carrier
bas offered to
settle a
claim.,
then
Lender may
negotiate and settle
the claim.
The
30-day
period will
begin when the
notice is
given. In either event, or i f Lender
acquires
the Property under Section 22 or
otherwise,
Borrower hereby assigns to
Lender (a) Borrower s rights
to
any
insurance
proceeds in an amount
not to
exceed
the amounts unpaid
under
the
Note or
this Security
Instrumem,
and (b) any
other
o
Borrower s
rights
(other than the
right
to any
refund of
unearned premiums paid by Borrower) under
all insurance
policies
covering
the
Propeny,
insof.ar
as such
rights
are
applicable to
the
coverage
o
the
Property.
Lender
may use
the insurance
proceeds
either
to
repair or restore
the
Property
or
to
pay amounts
unpaid
under the
Nole
or
this
Security Instrument, whether or
not then due.
6.
Occupancy.
Bonowcr shall
occupy,
establish,
n d ~
the Property as
Borrower s principal
residence
within
60 days after the
execution
of
this
Security
Instrument and hall conlimJe to
occupy the
Property
as
B<>rrower's
principal .residence for at
least
one
year
after the
date
of
OCQlj>3JICY unless Lender
otherwise
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agrees
in wriling,
which coment shall not be U11reaSOnably
withheld,
or unless extenuating circumstances
exist
which
are
beyond
Borrower s
control.
7.
Presenatton
Maintenance
and Protection
of the
Property;
Imped.Ions. Borrower shall not
destroy,
damage or Impair
the
Property, allow the Property
to
deteriorate or commit
waste
on the Property.
Whether or
not
Borrower is
residing in the Property,
Borrower shall
maintain
the Property
in
order
to prevent
the Property
from detJ:riorating or
decreasiDg in value
due
to Its
condition.
Unless it is determined
pursuam
to
Section
that
repair
or restoration is not
economically
feasible, Borrower shall
promptly
repair the
Property
i f
damaged
to
avoid further deterioration or damage. f insuranre or condemnation proceeds are paid
In
connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or
restoring the Property
only
i f
Lender
bas released
proceeds
fur
such
purposes.
Lender may disburse
proceeds
fur the
repairs and
restoration in a
single payment
or
in
a
series of
progress
payments as the work
is
completed.
f the insurance or
condemnation
proceeds
are not
sufficient
to repair or restore the Property,
Borrower is not relieved of Borrower s obligation for the completion of such
repair
or restoration.
Lender or its agent may make reasonable
entries
upon
and impecti.ons
of the Property. f
it
bas
reasonable cause, Lender may
Inspect
the interior of
the improvements
on
the
Property. Lender shall give
Borrower notice
at the
time of or
prior to such an
interior inspection
specifying such
reasonable cause.
8.
Borrower s
Loan
Application. Borrower shall be in default if, during
the
Loan application process,
Borrower or
any
persons or entities acting
at the
direction of Borrower or
with
Borrower s
knowledge
or
consent
gave materially
false,
misleading, or
inaccurate
information or
statements to
Lender (or
failed to
provide
Lender
with
material information) in
connection
wilh
the Loan. Material representations include, but
are not limited to, representations
com:emlng
Borrower s occupancy
of the
Property
as
Borrower s principal
residence.
9
Protection
of Lender s
Interest In the
Property and
Rights
Under Uds
Seauity IM1rumem
f
(a) Borrower
f.ails to perform the covenants and agreements
contained
In this Security Instrument. (b) there is
a
legal proceeding
that
might
significantly
affect
Lender s
interest
in
the
Property
and/or rights
under
this
Security Imtrument (such as
a proceeding
in
bankruptcy, probate, fur condemnation or furreiture, for
enforcement
of a lien
which may attain priority
over this
Security
Instrument or to enforce
laws
or
regulations), or (c) Borrower bas abandoned the Property, then Lender may
do and
pay for whatever is
reasonable or appropriate
to
protect Lender s interest in the Property and rights
under
this
Security
Instrumen1.
including
protecting and/or assessing the
value
of
the
Property,
and
securing and/or
repairing
the
Property. Lender s
actions
can
include,
but are not limited to:
(a)
paying
any
sums
secured
by a lien which
bas
priority
over this
Security Instrumem; (b) appearing in
court;
and (c)
paying reasonable attorneys fees to
protect
its interest In the Property
and/or
rights
under
this Security
Instrument,
including ts secured position
in a bankruptcy
proceeding.
Securing the Property includes,
but
is not limited
to,
emering
the
Property to
mab: repairs,
change
locks, replace or
board up doors and windows,
drain
water
from pipes,
eliminate
building
or other
code
vinlations
or
dangerous
conditions,
and
have utilities turned on or
off.
Afthou h
Lender
may take
action under
this
Section
9,
Lender
does
not have
to do so and
is not
under any duty
or
obligation
to
do so. t is
agreed
lhat
Lender incurs
no
liability for not taking any
or
all
actions
authorized
under this Section 9.
Any amounts
disbursed by
Lender under
this
Section
9
shall
become
additional
debt
of Borrower
secured by this
Security
Instrwnent. These
amounts
shall bear interest at the
Note
rate from the
date
of
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disbursement
and shall
be
payable,
with such interest,
upon notice
from
Lender
to
Borrower
requesting
payment.
I f his
Security
Imtrument is on a leasehold, Borrower
shall
comply with all the provisions of the
lease.
If
Borrower
acquires
fee
title
to the Property, the
leasehold and the fee
title
shall not merge
unless
Lender
agrees to th merger
in
writing.
10. Mol tgqe Insurance. I f
Lender required
Mortgage
Insurance
as a
condition of making
the
Loan,
Borrower
shall pay
the premiums required to
maintain
the Mortsage
Insurance
in effect. If for any
the Mortgage Insurance coverage
required
by Lender
to
be available
from
the
mortgage imurer
that
p r v i ~ l y provided such
imurance and
Borrower w s required to make separately designated payments
toward the premiums
for
Mortgage
lmurance,
Borrower shall pay the premiums required
to
obtiln coverage
substantially equivalent to
the
Mortgage Insurance previou&y in effect, at
a cost substantially equivalent to
the
cost
to
Borrower
of
the
Mortgage
Insurance
previotWy
in
effect,
from
an
alternate
mortgage insurer
selected
by
Lender. If substantially
equivalent Mortgage Insurance
coverage is not available, Borrower shall
continue to
pay
to
Lender the amount of the
separately
designated payments that were due when the
imurance
coverage ceased to be in
effect. Lender
will accept. use and
retain
these
payments
s a non-refundable loss
reserve in lieu of
Mortgage
Insurance.
Such
loss reserve shall be non-refundable,
notwithstanding
the fact
that
the Loan is ultimately paid in full, and Lender shall not be required
to
pay Borrower any interest or earnings
on such loss reserve.
Lender
can no longer require loss reserve payments if Mortgage Insurance coverage (in
the amount
and
for the period that Lender requires) provided by an insurer selected by Lender again bealmes
available,
is obtained,
and Lend.er
requires separately
designated payments toward the premiums for Mortgage
Insurance. If Lender required Mortgage
lmurance
as a condition of making the Loan and
Borrower was
required to make
separately
designated payments toward the premiums for
Mortgage
Imurance,
Borrower
shall pay
the
praniums required to maintain Mortgage
Insurance
in
effect, or to provide a non-refundable loss
reserve, until Lender's requirement for Mortgage lmuraDce ends in accordance with any written agreement
between Borrower and Lender
providing
for such tennination or until termination
is
required
by
Applicable
Law. Nothing
in
this Section
10
affects
Borrower's
obligation to pay in erest at the rate provided
in
the
Note.
Mortgage
Insurance reimburses
Lend.er (or any enlity
that
purchases
the
Note) for
certain
losses it may
incur
i
Borrower
does
not
repay
the
Loan
as
agreed.
Borrower
is
not
a
party
to
the
Mortgage Insurance.
Mortgage imurers evaluate
their
total
risk
on all such imunmce in force from time
to
time, and
may
enter into agreemerus with other parties that share or modify their
risk,
or reduce
losses.
These
agreements are
on
tmns and condiliom that are satisfactory to the mortgage insurer
and
the
other
party (or parties
to these
agreements, These agreemems may require the mortgage insurer to make payments using any source of funds
that
the lll1Jlt8age insurer may
have available (which
may include funds obtained
from Mortgage
Insurance
premiums).
s a
result
of
these
agreemenls, Lender, n y ~ of
the
Note,
another insurer,
any
reimurer,
any
other
entity,
or any affiliate of any of
the
foregoing,
may
receive (directly or
l.ndirectly) amounts
that derive
from
(or
might be c.baracterized
as) a portion of Borrower's
payments for
Mortgage
Imurance,
in
excbange
for sharing or modifying
the
mortgage insurer's risk or reducing losses.
I f
such agreement provides that an
affiliate
of Lender
takes
a share of
the
insurer's
risk
In excbange for a share of the
premiums
paid to
the
insurer, the arrangement is often termed
•captive
reinmrance. • Further:
(a) Any such
will
not
affect the amounts
that
Borrower has
agreed to pay
ror
Mortgage
Insurance, or
any other tenns of the Loan.
Such
agreement.s
will
not the amowJt
orrower
will owe
for
Mortgage Insurance,
and they
will not
entitle
.Borrower
to any
refund.
(b)
Any such agreemenls will not affect the rights orrower Im -
i
any - with respect to
the
Mortga&e
Insurance under
the
Homeowners
Protection
Act
r
1998
or
any
other
law.
These
rights
may
include the right to receive certaln disclosures, to request and obtain cena:Uathm of the Mol tgqe
Insurance. to
have the Mortgage l.n.sura.nce
terminated
automatically, and/or
to
receive a relWld
of
any
Mortgage
lmurance premiwns
that were wieamed
at
the
time of
sucll
cancellat1on
or · . . . . . . ~ I n o r t i
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11. Amgrunmt of Mlscellaneous Forfeiture. All Miscellaneous
Proceeds
are hereby
assigned
to and shall
be
paid
to
Lender.
If
lhe
Property
is
damaged. such M.i.scellaneous Proceeds
shall
be applied to
restoration or
repair
o
the
Property, i f
the
restoration or
repair is economically
feasible and Lender's
security is
not lessened. During
such
repair
and restoration period Lender shall
have
the
right to
hold such Miscellaneous
Proceeds unJil
Lender has had
an
opportunity to inspect such
Property
to
emure
the work
has been completed to Lender's
saiisfaction,
provided
that such impeciion shall be undertaken
promptly.
Lender may pay for
the
repairs
and
restoration
in
a
single disbursement
or
in
a
series
o
progress
payments as
the work. is completed. Unless
an
agreemeot
is made in
writing
or Applicable
Law
requires interest
to
be
paid
on
such
iscellaneous Proceeds,
Lender
shall not be .required to
pay
Borrower any
interest or
earnings
on such
Miscellaneous Proceeds. f he
restoration
or
repair is
oot economically
fuasible
or Lender's
security
would be
lessened,
the Miscellaneous
Proceeds shall
be
applied
to
the
8UIIlS
secured
by
this
Security
Instrument,
whether
or
not
then due,
with
the
e:ia:ess,
i f any, paid to Borrower. Such iscellaneous
Proceeds shall
be applied in the
order
provided for in
Section2.
In
the
event
of a
total taking,
destruction,
or
loss
in
value
of
the
Property, the
Miscellaneous Proceeds
shall
be applied to the sums secured by this
Security
Instrument,
whether
or
not
th.en due, with the
excess,
i f
any,
paid
to Borrower.
ln the event of a partial
taking,
des1ruction, or
loss
in
value
of the Property in which
the
fair market
value
of the Property
Immediately
before
the partial taking,
destruction, or loss in
value is equal
to or
greater
than the
amount of
the sums
secured
by this
Security
Instrument immediately before the partial
laking,
destruction,
or
loss
in
value, unless
Borrower
and Lender
ot.beJwise agree
in
writing,
the
sums
secured
by this
Security
Imtrumen1
shall
be reduc.ed by the
amount of the
Miscellanoous Proceeds multiplied by
the
following ftaction: a) lhe total
amount of
the
sums
secured
immediately before
the partial
taking,
destruction,
or
loss in value divided by
(b)
the fair
market
value
of
the Property
immediately before
the
partial
taking,
destruction,
or
loss in
value. Any balam:e
shall
be paid to Borrower.
In
the event
of a partial
rilki.ng, desiruction,
or
loss in value
of
the
Property
in
which
the fair market
value
of
the
Property
immediately before
the
partial
taking,
destruction, or loss
in value
is
less than
the
amount
of
the
sums
secured immediately
before
the
partial
taking,
destruction, or
loss
in
value, unless
Borrower and Lender otherwise agree in
writing,
the Miscellaneous Proceeds
shall be
applied
to the
sums
secured by this
Secutjty Instrument whether or
not
the sums are
th.en due.
If
he Property is
abandoned
by Borrower, or if,
after
notice by Lender to Borrower that the
Opposing
Party
as defined in the next
sentence)
offers to make an award to
settle a
claim for
damages, Borrower
falls
to
respond
to Lender
within
30
days
after the date
the
notice is given. Lender is audwrized
to
collect
and
apply the
Miscellaneous
Proceeds either to
restoration or repair of
the
Property
or
to the
sums
secured
by
this
Security Imtrument. whether
or
not
th.en
due. •opposing
Party
means the third
party
that
owes Borrower
Miscellam:ous Proceeds
or
the party
against
whom
Borrower has
a
right
of action
in regard
ro Miscellaneous
Proceeds.
Borrower
shall be
in
default i f
any
action or proceeding,
whether civil
or
criminal. is
begun
that. in
Lender's
judgment, could result in forfeiture
of
the Property or other
material impairmeru
o
Lender's
interest
in the
Property or
rights
under
this Security Imtrument. Borrower
can cure such a definllt and, i f acceleration
has occurred. reinstate as
provided
in
Section 19,
by causing the
action or
proceeding to
be
dismissed with
a
ruling that. in Lender s judgment. precludes
forfeiture of
the Property
or
other material impainnenl
of
Lender's
interest in the Property
or
rights
under
this Security
Instrument.
The proceeds
of any
award
or claim
for damages that
are attnlJUtable
to the impairment
of Lender's interest in
the
Property are hereby assigned
and
shall
be
paid
to
Lender.
All MiScellaneous Proceeds that
are not
applied to restoration
or
repair
of
the Property
shall
be applied
in
the
order
provided
for in Section 2.
12. Borrower Not
Released;
Forbearance By
Lender
Not a Walver. Extension
of
the
time
for
payment
or modification of amortization of the sums secured by this ty
lnsirument granted
by Lender
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to Borrower or any
Successor
in
Interest of Borrower shall
not
operate
to
release the
liability
of Borrower or
any Successors
in
nterest of Borrower. Lender shall not be
required
to
commence
pmcttdings against any
Successor
in Interest
of
Borrower
or
to
refuse
to
extend time
for
payment or otherwise
modify
amortization
of
the
sums secured by
this
Security Jnstrument by reason of any demand made by the original Borrower or
any Successors
in
Interest of Borrower. Any forbearance by Lender
in
exereising any right or remedy
including,
without
limitation,
Lender's acceptmce of payments from
thin1
persons, entities or Successors in
Interest of Borrower or
in
amounlS less than the amount then due, shall
not be
a waiver of or
preclude the
exercise
of any right or remedy.
1.1. Joint and
Several
Uabllity
Co Qgners; Successors
and
~ m Bound. Borrower covenants and
agrees
that Borrower's obligations and
liability
shall
be joint and
severnl. However,
any Borrower
who
co-signs this Security Instrument
but
does not
execute
the Note
(a co-signerj: (a)
is co-signing this
Security
J.nstrument
only
to
mortgage,
grant
and
convey
the
co-signer s
interest
in
the
Property
under
the
tenns
of
this
Security Instnonent;
(b) is not personally obligated
to
pay the sums secured by
this
Security lmtrument; and
(c) agrees that Lender and
any other
Borrower
can agree
to
extend,
modify,
forbear
or make
any
accmnmodations
with
regard
to
the terms of this
Security
lmlrumellt
or the
Note
without
the co-signer's
coment.
Subject to the provisions
of Section 18,
any Successor
in Interest of
Borrower who assumes Borrower's
obligations
under
this Security Instrument in writing,
and
is
approved by Lender,
shall
obtain all
of
Borrower's
rights
and benefits
under
this Security Instrument. Borrower shall not be released
from
Borrower's
obligations and liability
under
this Security Instrument unless Lender agrees
to
such release in
writing.
The covenants
and
agreemerus of this Security Instrument shall
bind
(except
as
provided in Section
20)
and
benefit
the successors and assigns
of
Lender.
14. Loan
Cha.rges.
Lender may
charge
Borrower fees for
services
perfonned
in connection
with
Borrower's default, for the
pmpose
of protecting Lender's
interest in
the
Property
and
rights under this
Security Instrument, including, but
not
limited to,
attorneys'
fees, property
inspection
and valuation fees. In
regard
to any other fees,
the
absence of express authority
in
this Security Instrument to charge a specific fee
to Borrower shall not be
comtrued
as a
prohibition on
the
charging
of
such fee. Lender
may not
charge
.fees
that are expressly
prohlbited by
this
Security
lmtrument or
by
Applicable
Law.
f he Loan is subject
to a law which
sets
maximum
loan charges, and that law is
finally
interpreted
so
that
the interest or
other loan charges
collected or
to be collected in connoction with
the Loan
exceed the
pemtltted
limits,
then:
(a) any
such loan
charge shall
be
reduced
by the
amount necessary
lo reduce
the
charge
to the permitted
1 1 mit;
and
(b)
any sums
a1rtady
collected
from
Borrower
wbich exceeded
permitted limits
will be refunded to BorroWet .
Lender may
choose to make
this refund
by reducing
the principal owed
under
the
Note
or by
making
a
direct payment to
Borrower.
If
a
refund reduces prlncipal, the
reduction will
be
treated
as
a
partial
prepayment
without
any prepayment charge
(wbeiher
or not a prepaymeDt charge
is
provided fur
under
the
Note). Borrower's
acceptance
of
any such
refund
ma.de by
direct payment
to Borrower
will
constitute
a
waiver
of any right of action
Borrower
might
have arising out of such
oven:harge.
IS.
Notices.
All
notices given
by
Borrower
or Lender
in
connection
with
this
Security Imtmment
must
be in
writing.
Any notice to Borrower in connection with this Security Instrument shall be deemed to have
been
given
to
Borrower
when
mailed by
first cl ss mail
or
when
actually
delivered
to Borrower's notice
address i f
seru by
other means. Notice
to
any one Borrower shall constitute notice
to
all Borrowers
unless
Applicable Law
expressly
requires otherwise. The notice address
shall
be the Property Address unless
Borrower
has
designated
a substitute notice
address
by notice to
Lender. Borrower
shall
promptly notify
Lend.er
of Borrower's
dlange
of address.
I f
Lender specifies
a
procedW'e
for
reporting
Borrower's
change
of
address,
then BoITOWU
shall only report a
change
of address
through
that specified procedure. There
may be
only
one
designated
notice
address
under this Security lnstrumem at any
one
time. Any
notice
to
Lender
shall
be given
by
delivering
it
or by
mailing it
by
first
class mail
to
Lender's
address
stated herein
unless
Lender
has
designated
another
address
by
ootice lo Borrower. Any
notice in connection
with this Security lnsUument
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shall not be deemed to have
been
given to Lender until actually received
by
Lendet f any notice
required
by
this Security
Instrument is also
required
under Applicable Law, the
Applicable
Law requirement will satisfy
the corresponding .requirement under this
Security
lnstrumenL
16. Govemlng Law; Severablllty; Rules
of Construdlon.
This Security Instrument shall be governed
by
federal
law
and
the law
of
the
jurisdiction in
which the
Property
is
located.
All rights and
obligations
contained in this
Security
Instrument
are
subject to any requirements and
limitatiom
of
Applicable Law.
Applicable Law might
explicitly or
implicitly
allow
the parties
to agree
by contraet
or it
might be silent.
but
such
silem:e
shall not be constmed
as a
prohibition against
agreement
by
contract.
In
the
event
that any
provision
or clause of
this Security
lnstrumen1
or
the
Note
conflicts
with
Applicable Law, such
conflict
shall
not
affect
other
provisions
of this
Security lmtrument
or
the
Note which can
be
given effect wiJhout the
conflicting provision.
u used
in
t is Security
lmtrument:
(a)
words of
the masculine gender
shall
mean and
include
corresponding
neuter words or words of
the feminine gender; (b) words in
the
singular
shall ottan and
include
the
plural
and vice
versa;
and (c)
the
word •may gives sole
discretion
without
any obligation to
take
any
action.
17.
Borrower s
Copy.
Borrower shall be given ooe copy
of
the Note and
of
this Security Instrumen1.
18. Transfer
of
the Property or a Beneficial
Interest
in
Borrower u
used in this Section 18,
Interest in
the Property• means
any
legal
or
beneficial interest
in the Property,
including,
but
not limited ID,
those beneficial in1erests
transferred
in a bond for deed,
contract
for deed, installment
sales contract or escrow
agreement, the
intent
of
which is
the
transfer of
title
by
Borrower
at a future
date
to a purchaser.
I f
all or any
part
of
the
Property or
any Interest in the
Property
is sold or
transferred (or
i f Borrower is
not
a
natura1
person and a beneficial interest
in
Borrower is sold or
transferred) without
Lender's prior written
coment, Lender
may
require
immediate
payment
in full
of
all Sl.IIDll
secured by
this
Security Imtn.unem.
However, this option shall not be exercised
by
Lender i f such exercise is
prohibited by
Applicable Law.
f
Lender
exereises t is option,
Lender
shall give
Borrower
notice
of acceleration.
The notice
shall
provide a
period
of
not less than
30
days from the date the notice is given
in
accordance
with Section
l S
within whk:h
Borrower
must pay all sums
secured
by this Security InsttumeD1. f Borrower
fails
to pay these
sums prior to the expimion
of
this
period, I.ender
may
invoke
any ttme.dies penni1ted
by
this
Security
Imt.rument
without
further notice or
demand
on Borrower.
19.
Borrower's Ridt1
to
Relnsta1e After Aa:deratfon. f Borrower
m.eets
certain conditions,
Borrower shall have
the
righ1 to have en.foicelllen1
of
this Security
Instrwnem discontinued
at any time
prior
to
the earliest of: (a)
five
days before
sale
of
the Property
pursuant to any power of sale
contained
in
this
Security
lnstrumen1; (b)
such
other
period
as
Applicable Law
might
specify for the
termination
of
Borrower's
right
to reimtate;
or
(c) entty
of a
judgment enforcing t is
Security lnstrumenL
Those
conditions are
that
Borrower. (a)
pays Lender all
which
then would
be due
under this
Security Instrument
and
the Note
as
i f no
acceleration
had occurred; (b) cures any default
of
any other covenants
or
agreemems; (c) pays all
expenses incurred in
enforci.llg
this Security Instrument, including, but
not limited
to, reasonable attorneys
fees, property
inspection and valuation
fees, and
other fees lllcum:d for
the
pmpose of protecting Lender's
interest
in
the Property and
rights under
this
Security
Instrument; and
(d)
tab:s
such
action
as
Lender
may
reasonably require to assure that Lender s interest in
the Property
and rights under this
Security
Instrumem,
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and Borrower's obligation to
pay
the sums secured by this
Security
Instrument, shall continue
unchanged.
Lender
may
require that Borrower pay such reinstatement
sums
and expemes in
one or more
o the following
forms,
as selected by Lew1er. a ) ~ (b)
money order;
(c)
certified
check, bank check.
treasurer's
check
or
cashier's
check,
provided
any
such check is drawn
upon an institution
whose
deposits
are
imured
by
a
federal
agency,
instromentality
or
ennty;
or
(d)
Flectronic Funds Transfer. Upon reinstatement by Borrower, this
Security Instrument
and obligations
secured hereby
shall
remain
fully
effective as i f
no
accclerati.on had
occurred. However,
this right to
reinstate
shall not
apply
in the
case
o aa:eleration
under
Section
18.
20. Sale
o Note; Change o Loan
Servicer, Notice
r
Grievance. The
Note or
a
partial interest in the
Note
(together
with
this
Security Instrument) can
be
sold one or
mo.re times without
prior notice
to Borrower.
A
sale
might result
in
a
change
in
the
entity
(known
as
the
•1..oan
Servicer
that
collects Periodic
Payments
due
under the
Note and
this
Security
J.mtrument
and
perlonns
other
mortgage loan servicing
obligations
under the Note, this Security
lnstrumem,
and Applicable Law.
There
also might be one
or more
ch nges o
the Loan
Servicer
llllrelated to
a sale of
the Note. If
there
is
a
change
of
the
Loan
Servicer,
Borrower will
be
given
written
ooti.ce
of
the
change
which will
state
the name and address
of
the new Loan
Servicer,
the
address to
which payments
should
be made
and any
other
information RF.SPA requires in connection
with
a
notice
of transfer of
servicing.
If
the
Note
is
sold
and
thereafter
the Loan is
serviced
by
a
Loan
Servicer other
than
the purchaser
o the Note, the mortgage loan
servicing
obligatiom to Borrower will
remain with
the
Loan Servicer or
be
transferred
to
a successor Loan Servicer
and
are not assumed
by
the Note purchaser
unless otherwise
provided by
the Note purchaser.
Neither
Borrower
nor
Lender
may contDJellCC,
join,
or be
joined to
any judicial
action (as either
an
individual
litigant
or
the member
of a
class) that
arises from
the
other
party's actions pursuant
to
this
Security
Instrument or
that
alleges
that
the other
party
has breached any
provision
of, or any
duty
owed
by
reason of,
this
Security
Instrument. until such
Borrower
or
Lender has
notified the other party
(with such
notice given
in
compliance
with
the requirements o Section 15) of such
alleged
breacll and
afforded
the other
party
hereto
a
reasonable
period after
the
giving o
such
notice
to
take corrective action.
f
Applicable
Law
provides a
time
period wbicb.
must
elapse before
certain action
can
be taken,
that
time
period
will be
deemed to
be
reasonable
for purposes
of
this
paragraph.
The notice
of
acceleration and
opportunity
to
cure
given to
Borrower
pursuant
to
Section 22
and the notice o acceleration given
to
Borrower pursuant
to
Seciion
18
shall be
deemed to
satisfy
the
notice and
oppommity to take
oorreclive action provisions of
this
Section
2.0.
21. Hazardom
Substances.
s
used in
this Section 21: (a) "Hazardous Substruu::es•
are
thme
subslalll:eS
defined
as
toxic
or
haz.ardous
substances, pollutanls, or
wastes by Environmemal
Law and
the
following
substam:es:
gasoline,
kerosene, other
flammable
or
toxic petroleum products,
toxic pesticides
and
herbicides,
volatile solvents, m teri ls conmining asbestos
or
fonnaldehyde,
and
radioactive
materials;
(b)
Environmental
Law
means
federal
laws and
laws of
the
jurisdiction where the
Property is
located
that relate
to health, safety
or environmental.
protection;
(c) Environmental
Cleanup
includes
any respome action,
rc:medi.al action,
or
removal
action,
as
defint:d in
&viromnental
Law; and
(d)
an &viromnental
Condition
means
a condition
that
can cause, conlribute
to,
or otherwise
trigger
an Environmental.
Cleanup.
Borrower shall not cause or
permit
the
presence, use,
disposal,
storage, or release o any Hazardous
SubslaJ ceS,
or threaten
to
release any
Hazardous
Substam:es, on or
in
the
Property.
Borrowec shall not
do,
nor
allow anyone else
to do, anything affecting the
Property
(a) that is
in violation of any Environmental.
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Law,
b) which creates an Environment.al Condition., or c) which, due to the presence, use, or release of a
Hazardous Substance,
creates
a
condition that
adversely
affects
the value
of
the Property. The
preceding
two
sentences shall
not
apply t o the presence, use, or storage on
the
Property
of small
quantities of Huardoos
Substances that
are
generally
recognized
t o
be
appropriate to
normal
residential
mes
and
to maintenance
of
the Property including,
but not
limited to, ha1 ardous subst nces
in
consumer products).
Borrower shall
promptly give Lender written
notice of
a) any
investigation.,
cl aim
demand, lawsuit or
other
action
by any
governmental or
regulatmy agency
or
private
party involving the
Property
and
any
Hazardous Substance or Enviromnental
Law of
which Borrower
has
actual
knowledge,
b)
any
Environmental Condition.,
including
but not limited to, any spilling, leaking, discharge, release or threat of
release of
any
Hazardous Substance,
and c) any
condition
caused
by
the
presence, use or release of a
Hazardous Substance which adversely
affecis the
value
of
the Property. If Borrower learns,
or
is notified by
any govermnent.al
or regulatory authority, or
any private
party, that any removal or other remediation of any
Hazardous Substance affecting the Property is
neces.ruy,
Borrower shall
promptly
take
all
necessary remedla1
actions
in
accordance
with
Environmental
Law.
Nothing
herein
shall
create
any obligation on Lender fur an
Environmental
Cleanup.
NON-UNIFORM COVENANTS. Borrower
and Lender
further
covenant
and
agree
as
follows:
22.
Acxelerailon; Remedies.
Lender
shall give
notice
to
Bommer
prior
to
acceleration
following
Borrower's
breach
of
any covenant or agreement
In this
Security
Imtrument but not
prior
to
aa::derailon under Section
18
unless Applkable Law provides
otherwise).
The notice shall specify: (a)
the
default;
(b) the
action
required
to
c:me the default;
c)
a
date, not
less
than 30 days
from
the
date
the notice Is given
to Borrower, by
which the default • be cured;
and
(d) that
failure
to
cure the
default
on
or
before
the
date
f>1Jedfted In the
notice
may result In
acceleration
of
the sums secured by
this
Security
lmtrument, foredowre by judidal proceeding and sale
of
the
Property.
The
notice
shall
furtht r
Inform
Borrower of the right
to
reinstate
after acceleration and
the
right to
asser1
In
the
foredosure proceeding the non-existence of a default or any other defense of Borrower
to
acceleration
and
fored06l J'e,
the default Is not cured
on
or
before
the
date
specified In the notice, Lender al its
option
may require immediate
payment In full of
all
sums secured
by this
Security
Instrument without
furtht r demand
and may
foreclose
this
Security lm1rument
by
JudJdal proceeding.
Lender
shall
be
entitled
to collect all
expenses
Incurred
In pursuing the remedies
provided
In this Sedion
22,
lndudlng.
but not
llm1ted
to,
reasonable
attorneys
fees and
exists
of title mdmc:ie.
23. Releaw. Upon payment
of all
sums secured by this
Security
Lender
shall
releare
this
Security
Imtrument.
Borrower
s.hall pay any
recordation
costs. Lender may charge
Borrower a
fee for
releasing
this Security Imtrument, but
only i f the
fee
is paid to a third
party fur
services
rendered
and the
charging
of
the fee is permitted
under
Appllcable Law.
24. Attorneys' Fees. JJ
used
in this Security Imtrumem and the
Note, attorneys
fees
s.hall
include
those awarded by an appellate court
and any
attorneys
fees
incurred
in
abankruptcy
proceeding.
25
•
.Jury Trial
Waiver.
The
Borrower hereby waives any right to
a
trial
by
jury
in any action.,
~
claim.,
or
counlen:lairn.
whether
in
contract
or
tort,
at
I aw
or in equity,
arising
out of or in any
way
related
to this Security
lmtmment or
the Note.
._
4ol 18
Book20448/Page1341
Page
4of 7
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BY SIGNING BELOW
Borrower
accepts and agrees to
the
tenns and
covenarus
contained in this
Security lmtrument and in any Rider executed
by
Borrower
and
recorded
with
iL
Signed, sealed and delivered in
the
presence of:
9 o1111,
- ~ - - = . . . , , , . - - - - - - - - S e a l )
~ r
~ -
Address)
(Addms)
~ ~ ~ ~ - - ~ - - - ~ < S e a l ) ~ - ~ - ~ ~ ~ - - ~ ~ ~ S e a l )
Bomiwer
Borrower
Addms)
Address)
~ - ~ ~ ~ - - ~ ~ - ~ < S e a l ) ~ ~ - - ~ ~ ~ - ~ - - ~ S e a l )
·Bom:iwer
· orrower
Addn:ss)
(Addms)
~ - ~ ~ - ~ - - ~ ~ ~ S e a l )
- - ~ - - - - ~ - - ~ ~ S e a l )
Borrower
-llonower
Addms) Addlas)
Paoa 5ol 6
Book20448/Page1342
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STATEOFFLORIDA
~ ) f ) C o u n t y ~
The
foregoing lmtrumem w s
acknowledged
before me
this m <hob
by
G \e:f \ ch ~ ~ ~ ~
•
who s
personally
known
to me or who
h s
produced
as identification
Noouy Public
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L..1ibit A
lot 12
Block
18
of Pl T
NO. 11
CITY
OF
ATLANTIS,
FLORIDA.
according to the plat thereof
on
file in
the
Office of the
Cleric
of the
Circuit Court in
and
for
Palm Beach County
Florida, recorded in Plat
Book 30
Page
66.
Book20448 Page1344
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0004654399
NOTE
PLAINTIFF S
COMPOSITE EXHIBITA
May 22, 2006
fDa eJ
[CityJ
525 S COUNTRY CLUB DRXVB, ATLANTIS, Florida 33462
t. BORROWER S PROMJSE
TO PAY
FLORD::rA
[SI.ate)
In return for
a
loan lhat
I
have received,
I
promJse to pay
U.S.$
l 99, ooo.
00 (this amount
is called
Prlncipalj,
plus
interest, to
the
order oflhe
Lender. The Lender
is
National
City
Mortgage a division of National
City
Bank of Indiana
I
will
rna ce
all paymelllS under this Note in the
form
of
cash, check
or
money
order.
I
understand that
the
Lender
may
transrer
this
Nott.
::
Lender
t
anyone
who
takes
this
Note
by
trarnfer
and
who
Is
entitled
to
reteive
paymerus under lh.is Nore is called the "Note
Holder.•
2.
INTEREST
Interest
will
be charged on unpaid principal until
the
full amowu
of
Principa.I has been paid.
I
will
pay
imerest
at a
yearly rate
of 5.875
.
The interest rate required by this Section
2
is the rate
I
will pay
both
before
and
after any def.wl1 described in Section 6(8)
of
this Note.
3.
PAYMENTS
A)
Time
and Place of Payments
I will pay principal and interest by making
a
payment
every month.
I will make my
monthly payment
on
the l a t day
of each month
beginning on July l a t
2006 . I will
rna1ce these
paymenlS
every month until I have paid all
of
lite principal and
int.crest and
any
other
charges described below that I
may owe under this
Note. Each monthly payment
will
be
applied
as
of Is scheduled
due
daie and will be applied
IO
imerest before
Principal.
If,
on
June
l 20:11 , I still
owe amounts under this Note,
I
will pay
those
amounts
ln
full
on
that date, which
is
called
the "Marurlly
Date. .
I will
make my
monthly
paym.c:rus at National City Mortgage
Co.
P o ox 176 17,
Baltimore, MD 2129 1·16 17 oratadifferentplacelfrequiredbytheNoteHolder.
(B)
Amaunt ot Monthly Paymems
My monthly payment will be in the
amount of U.S.$
3 3 4 0 U
.
4. BORROWER S
RIGHT TO PREPAY
I
have
the
right to make
paymerus
of Prlrn;lpal
at
any
lime
before they
are
due.
A
payment
of Principal only
is known as
a
Prepayment•
When
I
make
a
Prepayment,
I
will tell the Note Holder in writing that
I
am doing so
I
may not designate
a
paymem
as
a
Prepayment if
I have not made
all the monthly
paymentS due
under the Note.
I may make a full Prepayment or partial
Prepayments
withom
paying
a Prepayment charge. The Note Holder
will
use my
Prepayments to reduce
the
amowtt
of Principal that I
owe under this Note. However, the Note Holder may apply
my
Prepayment
to
the a«rutd and
unpaid
interest on the
Prepaymeru
amouru, before applying my Prepayment to
reduce
die Principal amount of the
Note. If I make a parliaJ Prepayment,
there
will
be no changes in
the
due
dare or
in the amount
of my
monthly payment
unless
the
Note Holder
agrees
in writing to those changes.
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S. LOAN CHARGES
If
a
law, which applies to this loan and which sets max.immn loan
charges, is finally interpreted
so
that lhe interest or olher
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 lhe
pennitted
limit;
and
(b) any sums already collected from me
which exceeded
pennitted
limits will
be
refunded to
me.
The Note Holder may choose to roaJre this
refund
by reducing the
Principal I owe
under
this
Note or by
making
a direct
payment
to
me. If
a
refund
redu es Principal,
lhe reduction will
be treated
as
a partial Prepayment
6. BORROWER S FAILURE TO PAY AS REQUIRED
(A) Late Charge ror Overdue
Payments
If
lhe
Note
Holder has not
received
the full amount of any
monthly payment by the end
of
5
calendar
days
aft.er the date
it
is
due, I
will pay
a late charge
to the Note Holder. The amouru
of
the charge
will
be S
00 of
my
overdue payment
of
principal and
interest. I
will
pay
this
late charge
promptly
but only
once
on each
late payment.
(B) Default
If
I do not pay the full amount
or
each monthly payment on the date
It is
due, I will be in default.
(C)
Notice of
Default
If I
am in
default,
the Note Holder may send me a
written
notice telling me that
If I
do
not
pay the overdue
amount
by a
certain
date,
the Note Holder may require me to pay immediately the full
amount of
Principal which has not
been
paid and all the
interest that I
owe
on that amount.
That
date must be at least 30
days
aft.er the date on which the notice Is mailed
to
me
or
delivered
by o t h e r ~
(D) No Waiver By Note Holder
Even
If, at a time when I
am in
default,
the Note
Holder
<Ines
not require
me
to pay
immediately In full as described above,
the
Note
Holder will
still
have
the right to
do
so If
I
am in default at
a later
time.
(E)
Payment
of
Note
Holder s Costs
and
Expenses
If
I he
Note Holder has required me
to pay immediately in full as ~ c r i e d
above,
the Note
Holder
will
have the right to be
paid back by me for all
of
its costs and expenses in enforcing this
Note
to the extent not prohibited by applicable law. Those
expenses
include,
for example, reasonable
attorneys
fees.
7. GIVING
OF
NOTICES
Unless
applicable law
requires
a
di ffereni method
any
notice
that
must be
given
to me
Wider this
Note
will
be
given by
delivering it or
by
mailing it
by first
class
to
me at lhe Property Address above
or at
a
different
address if
I give the Note
Holder a
notice
of
my dlfferem
address.
Any
notice that must
be
given lo the Note
Holder
under this Note will
be
given by delivering It
or
by mailing it by first class
to lhe
Note
Holder at the
address stated
in Section
3(A)
above or
at
a different address if I am given a notice of
that
different
address
8.
OBLIGATIONS
OF PERSONS UNDER
THIS
NOTE
If more than
one
person
signs this
Noie,
each
person is fully and personally obligated
to
keep all of the promises made in this
Note, including the promise to pay the
full
amoum owed. Any person who is
a
guarantor, surety
or endorser of
this Note is also
obligated to do these dtllliS. Any person
who takes
over these obligatlons, including
the
obligations
of
a
guararuor, surety
or
endorser of
this
Note,
is
also
obligated to keep all
of the promises made
in
this Note.
The Note Holder may
enforce
its
rights Wider
this Note against
each person
individually
or
agaimt
all
or
us together. This means that any one
of
us may be required to pay all
or
the amounts owed under this Note.
9
WAIVERS
I and
any
other person
who has obligations under this Note waive the rights
of
Presentment and
Notice
of
Dishonor.
Presentrneru
means
the right to require die Note Holder to demand
payment
of
amoums
due. Notice
of
Dishonor m eans I he
right
to require
the Note
Holder to
give notice
to
other
persons that
amounts
due
have
not
been
paid
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0004654399
NOTE
Kay
22.
2006
ll>al£J
A'l'LIUITIS l'LOIU>V\
(CCyJ
S 2 S COt7llT'll1'
CLUB
Z>IUW, ATLllll'fXS,
Pl
oriel.a 6 2
I. BORROWER'S PROMISE TO PAY
V
.
P.TIFIED
O ~ t
I c, ·
this to be
a
e
py
of
the
· n maJ
lo
relUlll ror a oan tliat I have
received.
I promise
to
pay U.S.$ )99, ooo. 00 (this lll10llJ1l 15
called
"Pnncipal").
plus
inrerest, to the
ordu of
he
lendet Tile I.ender
b
National
City Mort:gage a divi9iO l
of
Rati01Ull City Bank of
Indiana
I will mate all
paymf211S
lhls
Note
in
the
limn
of
cam, cl fck or l l llll:Y
order.
I Ullderstand
lb.ti the l..mkr may
inmrer
lhl.I Note. The l..mler
or
anyone
who
lakes lhil Note by transfu and
who
Is
eruilled
to
receivi:
paymaus
under this NO ll Is
calltd dle "NOil:
Holder.·
l
INTER.l 'Sr
lnletest
will
be
charged
on unpaid principal
until the
full 8100lllll of PriDdpal has been
paid.
I will pay
intemt
at a yearly rue
or
s.&75
1111
The
llilmst ale teqll1ml by
lhls
S«Uon
2 s
dle
rue I will
pay
bath before
ml llftes' any dtfaull In
Section 6(11) of
this Note.
J. PAYMENTS
(A) Time
and Place o Payments
I will pay principal
and
Interest by makilJ8 a paymem every mandl.
I
will
make my momhly paymem on he lat: clay ofeadl ll10lllh beginnin,g on July
1111t
200&
. I
will
make ll: ae pa)1111:111S every
IDOlllb
until I have
paid
all of
he
principal
and
lll m:$I
and any oilier charges
c csaibed below thal I
may
owe
under lhls Note. Bach momhly
pa)'l Wll will be
applied
as of
U sdlt:dul.ed due
dare
and
will be applied
to interest
belim:
J>rilldpal.
If,
on
June
1 2021 , I
5lilJ
owe amounts undl:r lhls
Mote,
I will pay duise iUllOWllJ in
fuU
on
tbat dam, ""1lcll is c:alled
the
"Maturity Date •
I
will
make my momhly pa)'lllenll
at Naticmal.
City Nort:gage Co.
P 0
Box
17677, Baltimoz:e,
Ill>
21297 ·1677
or 81 aclif 'mm place
if equlml by dle Nou: Holdi:r.
(B) Amoun1 of Monthly l'apneots
My lllOlllhly paymem
will
be In lhe
amoum of
U.S.$
J U o .1 1 .
4
BORROWER'S RJGm' TO
PREPAY
I
have the
ri hJ
I mm pa)'llleulS of Principal
at any
time
before they a.re
clue.
A paJlllClll
or l'rtlldpal
only
u
tnown as
a
"Plqlaymttll.. •
When
I
mm
a
Prepaymatt.
I
will WI
the Holder
in
wrl 1113
Iha l
am
doing
so.
I may
lllll
dr:slgDale
a
pa}'lllelll
as
a Prepaymm U I bavo:: ll ll ID3de all the
ll10lllhly paymam;
due
tmdoi- the Note.
I may make a
fUll
l'tepajl'.Dlllll or paniJI l'tepaymenll
wilboul
paying a l'tepaymmt charge.
The
Nale Holib'
will
use my
l'tepaYiJlfllllll
to
reduce die 8IDO\llll of l'rllldpal tb&l
I
owe wmr Ibis N o t e ~ the Note Holdtt lll&Y
apply my
l'lqlaymem to
the
accrued
and
wqiaid
lmttest
on
Ille Prqiaymwi llllllWll. before applj Ds my f'rqJa)'Illl:l to
Rdul:e
die l'rllldpal amawu of the
NOCll.
If
I mali:e
a
partial PrqJaymem,
there
will be oo
c:hmges in
thc
clue
dlll: or In
he
lll1lOWJI
of
my
momhly
pa)'IIWll
unJm
the
Note Holda' 381\'Jei
In
wril1ng
ID llwse dw ges.
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S. LOAN
CHARGES
tr a bw, w h i c h ~
co
this loan and which ms maximum loan
clwges,
l.s finally ro that lhe inll:rcn OT
other
loa.o clwges C<lllcc:ud or ID be
colteCtcd in
CO lllfClioo with this loan
exreed the permlux:d Umils,
then: {a) any rucl
loan dwge
shall
be
reduced
by
die
amowu
oeussaiy
co
reduce die
charge
ro
Ille
permlux:d
llmit: and
(b)
any
S1ll1IS
already c:olltcted from
me
wltich
exceeded
pennlued llmlts
will be
refunded ID me.
The
Note Holder may choose
co
maJr.e this refund by reducing
lhe
Principal I
owe WldEr
chis Note or by
making
a direa paymem ro
me.
If a
refund n:duces
Prim:lpal,
the
redui:tlon will be
ueated
as
p m l l ~
6
BORROWER'S
FAILURll: TO
PAY
AS REQUIR.IID
(A) Late Charge ror <hwdw Paymems
tr be Note Holder has
not
rm ivfd lbe full
amoum
of any monthly p ~ by the end
or
15
calendar
days
after lhe dale 111.s due, I
will
pay
a late charge ro Ille
Note
Holder. The amowu of the dwge will
be
5 oo
%
of
my
overdue
pa)'lllenl of
principal a.ad
intt::real.
I
will
pay llW late dwge
promptly but only
once
on
each
late paymem.
(B)
Default
If
I do 110C pay the full
lllllllWll
o f ~
lllOIUhly paymt:111
on dLe dale it
s
due,
I
will be in
defau L
(C) Notice or Default
tr
I 8111 In
default,
the
NOie Holdet
may send me
a written
nofu:>e
Idling
me
Iha if
I do
llOI
pay
the ovcntue amouni by
a
cenaln dale, tbe
Noo: Holder lll3Y require me to
pay
the
fu1I
amoum of Principal lllbJdl has not been paid and
all
the
illtell:$ Iha I owe on
dm
amoum.
1bm
d3te
must be al
leasl 30
days
att.er die dare
Oii wblch
tile
oolil:e
ls
malled
t.o
me
or delivered
by otlrtt
means.
(D) No Waiver
By
Note
Holder
Even
II al a time ~ I
am In
defllllll.
lhe Note Holdu does
llDt
require me to
pay
~
in f\Jll as
demibed
above,
tile Noie
Ila
Will
llil.I
have c:be rigllt ID do
so
111 llDI
ill d :faull
at
a
later lime.
(E) P&ymalt
of
Note Hllldu's emu ond
u lle Note Holder Im me co pay immediately
in
full as cl=ribo:d above, die Nore Holda" will have
Ille
right ID
be
paid
back by
me for a.II of JU
c:osu
and c:.peo$CS
In
Cll orciD& th is Noa:
ID
lhe
ex1e111
not prohihiled
by applialbte
law.
Those
ior:lude, for example,
reasonablfl
ll tOl1leyS'
fees.
1
GIVING
OF
NOTICES
u ~ applli:ablc
law a d.iffemll llll:lhod.
8117
llOlice
lhll1
must
be
given II> me
wlda
lhl.s Nate will
be
given by
dellverin3 II
or by
maillDB
It
by llnt c:l&ss mail
ID
me at
the
Propmy Address above OT
al a
diffi:mn addres:i f I
gl\'C
lhe NOie
Holder a lOtice ormy diffi:mlt addnss.
Any
oolit:e
that
lllllSt
be given ID
die
Nore Holder umles
dlis
Note will be given by dellva ng ii
or
by malliDa
It
by 6.rst class
> d i:
Noo:
Uohlcr
21
lhl:
address l 2ttd ID
Section
l(A)
above
or ai a
di.ffmllJI address 111
am
given
a oolite of thaJ
different
ad.dress.
8.
OBUGATIONS
OF PERSONS UNDER THIS
NOTH
.
U
more
llwl
Oil :
pemm
ligm
tills Note,
e:acb
penon
ls
f\Jlly
a.nd
pemmally
obligaled
to
l:£ep
all
of
die promises
~
in
chis
Noie, lnclwll/li the promise ID pay
die
JiJlJ amoom
Ol ll d.
Any pemm who
Is a gmramor,
rumy
or mlorser
or this Note
Is also
obligated
to do lhese d lngs.
Any pen10 l
who
lak2s over
die:se obligations, Including die
obliga1lonj
of a
guaranwr,
1urety or
c:ndaner or lhlJ NO :, ls l s o ~ IO
l:£ep
all
of
Ille
promises
made
in
his
Note.
The NO : Hol<b
may
eufon:e ill rigbl3
under
dds Nm l,llllmt each JICl'SllD lndlvldually or againsl an
of
m IDgl\illler. T lis l lfallS Iha any one of
us
may be required
ID
pay all of
Che
111MU11 S
owed
Ulldl:r
Note.
ll. WAIVERS
I and any Olba' pe1S011 wllo
has obllgations
llllder this Nale waive the rigbl3 of
and
No il:e or Dishonor.
·
m
die rlgtn to require
Ille
Noa: Hlllcb' to dmwld paymem of
llJil1NJllS
due.
"tloda: of
Disbam>r"
meaas Ille
rigllt
ID
require the Nore
Holder IO
lllldte
IO om.:r pmons dial lllll01lDIS due
have
1111(
been
paid.
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10
llNIFORM
SECURED NOTE
This Note Is a
unifonn insuwnenl
wilh
limited
variadons ln some jurisdictions. In addition to the prouaions given
t
the
Note Holdu unda this'Note, a Monpge, Deed of Trust. or Security Deed (die Security lnstrumtn1"). dated the same dale
as
lhis
Note,
the
NOie
Holder from possible
losses
whidl
miglll
~
if I
do
ll01
keq>
du:
promiles
\Vhicb
I
make
in
lhis Nou:.
That ~ y lnsuuJnenl
dacribes
haw and Wider
wbal conditiom I
may be n:quired t make ilnmcdWe paymeni
in
full or all
l l1lOUlllS I owe wmr this Noa:.
Same
of dUlse (Oll( jJjons m dtscrlbed as follows:
all ar
any
part of the
Propeny
or
ni
lnr.emt ln die
Ptopaty Is sold
or rramfemd (or
if 11 0rrower i s
001 a
nalUral
pawn and
a bencficial
interest ln
llom>...u
is sold
or
tnlllSCtm:d) without
Under's prior
w r ~
mme l.I,
lender may
n:quire
imJm:dia e paymem in
run
o all swns secum by chis
Security
lnstnlmerll. However. Ibis
option shall rot
be cxen:Ued
by Leodet
f such
c:mti.se is prohibited
by Appfu;able Law.
l..elltler
emdSes this
option, Lender &ball give llorrowcJ
Mike
of
aa:elmlioa.
The
oollce
shall
provide
a
period
of rot
lea
chan
30
cl I ya from the elm the mtil:e Is given in am11dance with
Section
13 widlin
which
onowu lllllS1
pay all
IUillS Sl:Qlred by chis SeaJri.ty lnstrumenL
8om>wer
fails to
pay
1htse
sums
prior to
the
expir.uion
o
thlJ period,
ndu may 1mmb:
any iemedles by chis
Sewrity
lnslnllllall withou1 flint=
notice
1 deinaDd on Borrower.
11 DOCUMENTARY TAX
The
swe clocumemaiy 1ax
clue
on rhJs Note Im
been
paid on the
inongage
securin8 lhls ~
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ - < S e a l )
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ S e a l )
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ - < S e a J >
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ S e a l )
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ < S e a J >
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Page:
1
R E E I P T
PALM BEACH CTY CIR CT JISPROD
Receipt Number: DRMB169039
Date: 07-NOV-2009
Cashier: SINATRA
Payor:
SHAPIRO
&
FISHMAN LLP
Addr: 4505 WOODLAND
CORPORATE
BLVD
SUITE 100
TAMPA, FL
33614
Violation/Docket
Description Amount
Case: 2009CA037880 - PNC MORTGAGE V GLEN R PEARCE
Party: PNC
MORTGAGE
A DIVISION OF PNC BANK NA
FEE/LIS PENDENS
( 5.60)
CAFF - F3
>
250K
CAFF - F3 > 250K
CAFF
-
F3
> 250K
Case Total:
Case:
Party:
CAFF - F3
>
250K
Case Total:
CHECK RECEIVED
GENERAL ACCT
Total
Fees:
Total
Payment:
5.60
1,906.00
2.50
60.00
1,974.10
6.00
6.00
-1.
980 .10
1,980.10
1,980.10