Item P14BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: May 21 2008 Division: Mario _DiGen ro
Bulk Item: Yes _ No X Department —
Staff Contact Person: Suza:
AGENDA ITEM WORDING: Approval of two resolutions related to the affordable housing project at
Woods Comer, Islamorada, as follows:
1) Resolution extending the due date of the $315,000 construction SHIP mortgage from April 30, 2008, to
June 30, 2008, and authorizing the County Administrator to execute partial releases or satisfactions of
mortgage as payments are received thereon; and
2) Resolution transferring SHIP funds from one line item to another to allow checks to be issued for
individual purchase SHIP mortgages pending deposit in bank and clearing of check issued by MKCLT
at each closing for portions of the construction loan.
ITEM BACKGROUND: MKCLT requested a paper transfer from one construction SHIP mortgage to
sixteen purchase SHIP mortgages, but this does not provide proper documentation for the satisfaction or a
proper audit trail for use of the State monies. Since the project was expected to be finished and closings to
occur by the April due date and not all sixteen units have received certificates of occupancy, the matter was
brought to the attention of County officials and staff after the deadline for the May agenda, and after it was too
late to advertise for a budget amendment public hearing needed to fund the individual mortgages due to non-
payment of the construction mortgage. A public hearing is scheduled for and being advertised for the June
meeting to finalize this process. At that time or upon payment in full of the construction loan, a transfer
resolution will be provided to the BOCC to return the monies to their original budget item.
PREVIOUS RELEVANT BOCC ACTION: Approval of the SHIP protocols and procedures, budget for
Woods Corner project.
CONTRACT/AGREEMENT CHANGES: N/A
STAFF RECOMMENDATIONS: Approval.
TOTAL COST: $315,000 BUDGETED: Yes X No _
COST TO COUNTY: $315,000 SOURCE OF FUNDS: SHIP funds
REVENUE PRODUCING: Yes _ No _ AMOUNT PER MONTH_ Year
APPROVED BY: County Atty�7-" OMB/Purchasing Risk Management
DIVISION DIRECTOR APPROVAL:
(TYPE NAME HERE)
DOCUMENTATION: Included X, Not Required_ (�
DISPOSITION:_ AGENDA ITEM # U
Revised 2/05
-��/ dr
RESOLUTION NO. •2009
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, EXTENDING THE DEFAULT DATE FOR
THE SHIP MORTGAGE ISSUED FOR WOODS CORNER, AND
AUTHORIZING THE EXECUTION OF PARTIAL SATISFACTIONS FOR
PARTIAL PAYMENTS MADE THEREON.
WHEREAS, on July 23, 2007, the Board of County Commissioners of Monroe County
(County), Florida, executed a SHIP construction mortgage in the amount of $315,000 with the
Middle Keys Community Land Trust (MKCLT) for affordable housing at Woods Comer,
Islamorada, Florida; and
WHEREAS, the mortgage was due and payable on April 30, 2008; and
WHEREAS, MKCLT has obtained certificates 8f occupancy on some of the units but is not
prepared to write a check to the County for the amount of the construction loan; and
WHEREAS, it is anticipated that SHIP mortgages will be executed for each unit purchase;
and
WHEREAS, the SHIP budget has some administrative monies budgeted which could be
transferred through a companion resolution to cover the issuance of the individual purchase
mortgages until the construction mortgage is satisfied through checks to be issued by MKCLT at
each closing; and
WHEREAS, it is necessary to extend the due date on the construction loan mortgage in the
amount of $315,000 and recorded at OR Book 2310, Pages 1991 through 1995, or to find the
mortgagor in default; and
WHEREAS, if the mortgagor is to pay off the mortgage amount in increments, it will be
necessary to authorize the County Administrator to execute a partial release or satisfaction in lieu
of a full satisfaction which would be purely administrative if the mortgage were satisfied in the
normal course of business; and
WHEREAS, time is of the essence for MKCLT to complete the project and close on all 16
units prior to July 1, 2008, when the SHIP statutory spending requirements change;
t'
NOW THEREF6RE BE IT RESOLVED by the Board of County Commissioners of
Monroe County, Florida that:
Section 1. The due date of April 30, 2008, of the $315,000 SHIP mortgage between the
mortgagor Middle Keys Community Land Trust (MKCLT) and the mortgagee Monroe County
(County) is hereby extended to June 30, 2008.
Res Extend Due Date MKCLT SHIP
Mtg an Woods Corner
Section 2. The County Administrator is hereby authorized to execute partial releases or
satisfactions of mortgage on the MKCLT mortgage recorded at OR 2310/1991-1995 which partial
releases have been approved by the County Attorney for signature for each payment made on the
mortgage.
Section 3. This resolution shall be effective on May 21, 2008.
PASSED AND ADOPTED by the Board of County Commissioners of Monroe County,
Florida, at a regular meeting of said Board held on the 21st day of May, AD, 2008.
Mayor Charles "Sonny" McCoy
Mayor Pro Tern Mario DiGennaro
Commissioner Sylvia Murphy
Commissioner George Neugent
Commissioner Dixie Spehar
(SEAL)
Attest: DANNY L. KOLHAGE, Clerk
LE
Deputy Clerk
Res Extend Due Date MKCLT SHIP
Mtg on Woods Comer
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
LE
Mayor/Chairman
EV
M NROE COUNTY APPHOVED AS TO FORN
2ANNE A. H T N
GDUN
Date
2
CAN Woods Corner SHIP
Resolution No. • 2008
A RESOLUTION CONCERNING THE TRANSFER OF FUNDS
WHEREAS, it is necessary for the Board of County Commissioners of Monroe County, Florida, to make budgeted
transfers in the Monroe County Budget for the Fiscal Year 2008, now therefore,
BE 17 RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY,
FLORIDA, that there shall be transfers of amounts previously set up in the Monroe County Budget for the Fiscal Year
2008 as, hereinafter set forth to and from the following accounts:
Fund 6153 Local Housing Assistance
From: 153-5540-0100607-5304%
Miscellaneous
Cost Center 00100607 SHIP Shelter
For the Amount: $16,427
To: 153-5540-0100607-530492
Shelter
Cost Center #0100607 SHIP Shelter
From: 153-5540-0101107-5304"
Miscellaneous
Cost Center 50101107 SHIP Admin 07
For the Amount: S208,526
To: ISM540-0100607-530492
Shelter
Cost Center 00100607 SHIP Shelter
From: 153-5540-0101108-530490
Miscellaneous
Cost Center 00101108 SHIP Admin 08
For the Amount: S90,047
To: 153.5540-0100608-530492
Shelter
Cost Center t101W608 SHIP Shelter
BE IT FURTHER RESOLVED BY SAID BOARD, that the Clerk of said Board, upon receipt of the above, is
hereby authorized and directed to make necessary changes of said items, as set forth above.
PASSED AND ADOPTED by the Board of County Commissioners of Monroe County, Florida, at a regular mating
of said Board held on the 21st day of May, AD 2008.
Mayor McCoy
Mayor Pro Tem Di Oennaro
Commissioner Spebar
Commissioner Neugent
Commissioner Murphy
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
By:
Mayor/Chairman
(Seat) MONROE COUNTY ATTORN
Attest: DANNYL.KOLHAOE,Clerk APrROVEDAST R
cANM A. H TTON
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Odell 1654015 07/26/2607 11:22AM
Filed L Recorded An Official Records of
This instmncot was prepared by. MONROE COUNTY DANNY L , KOLHRDE
MOaroe'COanry ff0asdhg AotAority 07125/2107 11:22AM
1400 Kennedy Dries ACRTDnGg COC STOW CL: LINA61,112.E41i
Key West, FL 33040
TNS MORTOAM is gram TO MONROE COUNTY AND IS SUBJECT TO PAYMENT OF
DOCUMENTARY STAMP TAXATION PURSUANT TO PLOINDA STATU1420.6111
THIS IS A BALLOON MORTGAGE WHERE THE PRINCIPAL BALANCE DUE
UPON MATURITY IS $3MWO^ TOGETHER WITH ACCRUED INTEREST, IF
ANY, AND ALL ADVANCEMENTS MADE BY THE MORTGAGE UNDER THE
TERMS OF THU f[ECOND MORTGAGE.
SXCONDMOMTIGAGE
w
.n. COUNTY OF MONROE
SHIP CONSTRUCTION LOAN
m �h�
.. s~•s This second maripp is tnadc this vday of July, 2007, between the MattgaOor,
Middle Keys Community Nand Troll, luc. (MKCLT), (heroin the "Borrower;') and the
Mortgagee, the COUNTY OF MONROR, an agency and instrum outhly of the Stag a
Plaids, whose address is Mourne County Courthouse, 500 Whitehead Street. Key WesL
Florida 33040 (basin the "Lender.") '
WHEREAS, the Borrower has applied to FIRST STATE BANK OF THE FLORIDA
KEYS AND THE FLORIDA HOUSING FWANCE CORPORATION, CPMUMPmts")
for loans for the ecoaitim of the property and construction (as defined heroin,) which
Motegop loan shall he accused by a Son Mortgage lion (the "Pint Matgagdl to favor of
participants. Thor Burrower has applied to the Mourne County Siam Houdna Wtistives
program (SHIP) for a Commutiodon Loan in the aigherl principal anoint of up to THREE
HUNDRED AND FIF7'ERK THOUSAND DOLLARS AND NO M TS (331SAg0.OD),
rho'9AW, The Borrower will am"Dot form, titre"[ nit, two story townhouse boildhip and
one. four unit. two story townhouse building. Units will be modtlm construction.
Development will have 37 total pfiddnS places. SHIP Construction Rending &hall be in the
amatml of NWETKEN THOUSAND EIGHT HUNDRED AND SIXTY SEVEN
DOLLARS AND FIFTY CENTS (f19,867JO) par unit and will be disbursed skier the
"Participants" loans am disbursed on a par unit basis. SHry tnnrtruetm Holding mum be
fully expended by January 3M 2008. No loan adrances will be mark after January 30e, 20M
for work not caupleted prior to Jamary 30, 2008.
WHEREAS, the Burrower is indebted to Lender in the principal sum of THREE
KINDRED AND FIFTEEN THOUSAND DOLLARS AND NO CUM (6315A0S.00),
which indebtedness is evidenced by the Bonowsr's Promissory Note dead July 913_,
ZB07 and extensions and retmwds thereof (herein "No4e:1 ptErAdiag for Payaxnt of
principal indebtedness if not sooner ptut, due and payable On AprU 30, 2M
TO SECURE to the Lander the repayment of the indebtedness evidenced by the Note: the
psynent of all otter sums, advanced in accordance herewith to protect the sanctity of this
Mortgage! and the perfarmW&es of the oowenma and agrommia of the Borrower herein
contained the Borrower dam hereby mostpge, Craig and convey to Lander the tollowing
described property located in the County of Monroe, Sues of Florida ore follows
Zoo 14 15,, 1C 21, 22, 23, 244 23, 26 and 27, Block f, PLANTATION BBY COLONY,
mccerdaelf to the Mon dareeJae nenterd in PNae Bock 3, Five 182, of dm PaMk Rsrords
ofAfesime Commam FAW6.
Which has the address of: 2111 Woods Aveune, Idameeada, Mirldo 3MM
TOGETHER with all the improvemenu now orhetsaI?- erected an the property, sod all
earn^ —rat-, rights, appwlmmces, and [onto all of which $hall be doomed to be cued mawk a
pan of the property covered by this Mlatpge; and aU of the loregoing, together with sold
property (or the lamehold estate if this Matgeye is on a leeeehold) am hereinafter refired to
as the "Property"
Jy
BORROWER COVMANfg, rep sosents and wartaats to the Lender and its successors sad
assigns thl Borrower is Iawfldly seized of the asute hereby conveyed and has the right to
moripge, gram and convey the Property, and the Property is unencumbered, except for the
mortgage lien of the Fins Mortgages In favor of Participants, and for other encumbrances of
record. Borrower aoveoanla, represents and warrants to the Lender and its successors and
assigns that Borrower will defend generally the title to the property against alh claims end
demands, subject a the map lien of the Fire Mortgagee and other encumbrances of
record
BORROWER FURTEMR COMMISIT g and agrees with the Leader as follows:
1. j�ent_ The Borrower shall promptly pay when due the indebtednzas evidenced by the
Now.
2- P)jgp Mosttaaaa and Deeds of Toad: Charim Llano, Lander and Borrower
cc acknowledge said agree that tide Mortgage is subject and subardinste in all respects to the t
cc ® liens, terms covenants and ca didtau of the Phst Mortgages and to all advances
ii 5 hetsmfom made. The Borrower shall perform all of the Darrowees obligations under the
.+
First Mdr[gap and any ttha mortgage, dead of Utmt or other security agreement with a
lien that has priority over this Mortgage, including the Borrower's covenants to Mahe
o payments when due. 1M Borrower shall pay or cause to be paid all taxes, sesesaroem
and other d a cos. ram and impositions ttltrib uwble to the Property, that may Basin a
priority over this Mortgage, and Icsaehold payments or ground rasa, if any.
3. JIMEd JAMMM The Batower shall keep the improvemeats now existing or
hereafter etectad on the Property insured against loss by An, bastards included within the
term "extended covrasge;' and such other hasaMs as the hands nay require and in such
amounts and for such period is titer Lender may require.
The insurance carrier providing the imuranoe shall be chosen by the Borrower subject to
approval by the Lender, provided that such approval shall not be unreasonably withhold
All insurance poUnics and renewals dtatsof shag be in a form acceptable to the Lender
and shall include a standard mongage clause in favor of, and in a form acceptable to the
Lander. The finder shall have the right to hold the policies and ratewals thereof, subject
to the tams of the lint Mornpge and any otha mortgage, dead of trust or other aawity
agreemmnts with a lien that her priority over this Mortgage.
In the event of loss, the Bonowar dull give prompt notice to the Insurance carder and to
the Lender. The Leader may mabe proof of toes if not made promptly by the Barrows.
N the Property is abandoned by the Borrower. or if the Borrower fails to respond re the
leader within thirty (31) days from the date notice mailed by the herder to the Borrower
that the insurance Curia offers to aeltle a clsim for insamn ce benefits, the Lender m
authorized to collect and apply the insurance proceeds at the Leadar's option tither to
restoration or repair of the Property or to the sums secured by this Mortgage.
4. Preservations and Msbdossnea of Ptroeoraar Quedu -!it Pines
Vag 2e1dgg1VA , She Borrower shalt keep do property is good repair and shall not
commit waste or permit impairment or deterioration of the Property and shall comply
with the provisions of any law if this Mortgye is on a leaanbold If this Martgap is on
a unit in a condominium or a planned unit davelopsaee, the Borrower shall perfan all of
the Boerower'a obligations under the declaratim or covenants creating or pveming such
condominium or planned unit development, the by-laws sad rsguletimns of the
mnduminl!ret or planned unit developrma, and constituent documents.
5. aorulm If Ilia Harrower fails to perform the coverratls and
agreements eonained in this Mortgage, or if any action or protecting is eommxeced that
materially affecle the Lender's interest in On Property. Than the Lander, a the Lender's
option upon notice to the Borrower, may make such appearances, disburse such sums,
including reasodable atarney's fees, and take such action as is necessary to protect the
hander's interval in the Property.
Any amounts disbursed by the lender pursuant to this Paragraph 5, with interest thereon,
a the case of twelve percent (12%) per anoum, sha8 become additional indebtadsteas of
the Borrower accused by this Mortgage, unlces the Harrower and the lender agree to
other tenor of payment, such amounts shall be payable upon notice from the Gander to
Use Borrows requesting payment thereof, Nodun$ contorted In this Paragreph S "1
requue the lender to incur sty expsoae or true any action hsmmrder.
6. 120lidi h The fender may make or cause to be made reasonable entries upon the
iapeotlwta of the Property, provided that the lender Shall give Borrower notice prior to
any such inspection Specifying reasomabIc cause therefor to the fender's interest in the
Property. All irwpeetions will be at borrower'a experas.
7, 'lute proceeds of any award or claim for daaages, direct or
consequential. in connection with any coodemoadon or other airing of the Property, or
part thereof, or for conveyance in lieu of condemnation, are hereby ssaiplid end 11aB be
paid to the Leader, subject to the runts of any moetgege, deed of that or m the security
ag emmi with a hen that has priority over this Mortgage
..a, u.,.u..... by L.nd�.N !WmIyw, Extension of tbo time
@pap-`-.,_...
as for payment or modifiancra of amoruzed of the sums seared by this Mortgage
6 granted by the Lender to any successor in intcnrat of the Borrower shall not operate to
so'de"o, in a manner, the liability of the original Borrower and the Borrowers summers
O a in inetest. The Lender shall not be required m comments prxeedingt agai such
"e t socomam or refuse to externd time for payment or otherwise ise modify amen z1hon of th0
a sums secured by this Mortgage by reason of any demand made by the original Borrower
and the Bwrowe'a moonw+n in interest. Any forbmnnCe by the Leader in exercising
any sigh or remedy hereunder. or otherwise afforded by applicable law, sisals not be a
waiver, of or preclude eta exercise of my such flgKor remedy.
9, qr..MMM aed Aaalme BOWL 'fits covermntl end agteemeoa base, contained shall
bind, and the rights hereunder shall htae to, the respective saccea+an and assigns for the
Leader and the Borrower, subject to the provisions of Paragraph 14 lareaf.
10. M" Except for any naNa requited trader applicable law to be given in mother
manner; (a) any notion of the Bettower provided for in this Meatpp shall be given by
delivering it or by costing such nonce by certified or registered mall, postage prepaid,
addressed to the Borrower at the Property Address or at such other address u the
Borrower may dmipa% by entice to the Isader as provided herein. Any notice provided
for in this Mortgage shall be deemed to have been ghat to the Borrower or de Lander
when given in fM manner destpated herein.
■ r, adwve ..� This Mortgage shall be soveL. by the laws of
the Stare of 1 alyd. , sod, m the extern 0ppltcob It herein, the Law and regulations of the
United Saw of Arnedea. 1n the eveor that my provia inn or clause of this Modgaga or
the Note conflicts with applicable law, such conflict ptevislon, and to this sad the
provisions of this Mortgage or the Noe that can be given affect without de conflicting
provision, and to this and the providnas of WS Matgagn and the Nola are declared to be
severable. As used herein, "oats," `LeXpeoeee," and "am rneys' fees" include all rams to
the grant not prohibited by applicable law or limited herein.
12. Byrreera'n Corr. Botrowa shill be furnished a canfurmed copy of the ylote and of tins
Mortgage at tie time of execution or afar recordation hereof
13. Borrower Wall fulfill an of Borrower's obligations
under the conatnrcdon tam agteemmt the Borrower entere iron with the Pertidpmts.
The leader. at the lender s option, may require Borrower to executer and deliver to the
Lendr. in a form acceptable tothe lender. as aneignment of any riots, claims or
defieu s tW Borrower may have ageing parties who anpply labor, maariad ar services
in counvo(iwn with keprovema its made to the Property.
14. t!e of Bea Pros eAv, if all OF my pact of the Property m my inanet in it is sold.
uartaferred, gifted w otherwiec conveyed. whetter by vohudwy act, involuntarily, by
operation of law or orbatwia, or if the Borrower is diverted of title by judicial Sale. levy
or other proceeding, Of if foreclosure actin's ha mstituad against the Property, or if the
Pint Matgltge is satisfied or refinanced, or if the Property is leseed or tented. all sums
secured by this Mortgage daft imenr hardy become due and payable m provided herein
except when a unit is conveyed to a SHIP eligible appliead. In dw evmt. site repaid
SHIP funds will be re4oenbf to elipplrle SHIP RPWOM.
15. Ali (.ender shall give Borrower notice of acceleration. "a notice shall
Provide It period of not less than thirty (30) days from the data the notice is given
provided in Paragraph 10 hereof within which the Borrower must pay all sums secured by
this Mortgage. If Bosrower We to pay then sumo prim to the expiration of this period,
the Lander may involm any remedies permitted by this Mortgage without further notice or
demand on the Burrower.
Id. $ems Except so provided in Paragraph 14 hereof, upun the Borrower's breach of
any covenant or agreement of the Borrower in this Mmtga®ew includhtg do covenants to
pay wlon due any sums seemed by this Mortgage, or in the event that the Borrower shall
have nude material misrepresentations or Material o®seions in WaTherMair Application
for a SHp Loon, the Lender, at the Lender's option, may declare all of the curs secured
by this Mortgage to be itnmedwoolly due and payable without futtha demand and may
fineerose this Mealgage by judicial proceeding. Prior to taking any defaults action
including aecderation of this Mortgage, the Landet shall give notice to the Senior Liar
in aa holder end to the Borrower as provided in Paragraph 10 hereof apeodying (1) the breech
ni (ill the breach is curable; (2) the action requited to core such bm -, (3) a date, not less
than scat (10) days form the date the notice is ranted to Borrower, by which such breach
t w most be cured; and (4) that failure to core such breath on or before the dam speeiHed in
C the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by
judicial proceeding, and sale of the Property. The notice shall further inform Borrower of
a the right to reinstate aPer acceleration and the right to eseart In the freeeldetue proceeding
the mee4somm of a default or any other defeslve of Baemwer to acceleration and
foreclosore, The Lender aholl be antiUed to collect in swrh proceeding all expenses of
fureclosare, includin& but am limited to, neaeonabl a attorneys' feat. court costa. and one's
of documentary evitbnce, abstracts and tide reports.
l7. rrosver's Rls3t b 1aeoNatr Notwithstanding the Ladex's moeleatian of Nor sums
scented by this Mortgage due to the Borrower's (reach, the Borrower shall have do right
to have any proceedings begun by the Larder to enforce this Mortgage discontinued at
any time prise to entry of a judgment enforcing this Mortgage if: (U the Borrower pays
the Lender all auma that would be then due under this Mortgage end the Note had no
acceleration occurred; (b) the Borrower come all breach" of any other covenants or
agre sloants of the Borrower contained in tlds Morrgago; (c) the Do rower pays all
reasonable expstuea incurred by the Lender in enforcing the covenants and ag eematte of
the Borrower cooWned in this Mortgage, and in etdaming the lender's remedies as
provided in Patepaph 15 hereof, including, but not limited to, MoMmAble attorneys' fees
and court coed; and (d) the Borrower takes such acdon a the Lander may reasonably
require to amse tort the lien of this Mortgage. the La lar's trustees in the Property and
the Borrower's obligation to pay the sums secured by this Mortgage shall continue
unimpaired upon such payment and cute by the Burrower, this Mortgage and the
obligations secured hereby shell remain in full force and effect as if no acceleration had
ooctured
1g. of of lociellear, As additional security hetaunder, the
Borrower hereby uaigns m the lender the recta of the Property, Provided that the
Bon"M shall, prior to ance)ention under Pstapaph 15 hereof or abadonmam of the
Property. have the right to collect and retain such rents es they becono Elm and Payable.
Upon =elrttion trader Paragraph 15 hereof or abandontrcnt of the Property, the lender
shell be entitled to hove a tuceiver appointed by a court to enter upon, tske poteeasim of
and ramalp the Property and to collect the tents of the PmPctY including dicat pat due.
All tents collected by the receiver shall be applied first to the payment of the costs of
monagmnimi of the Property and collection of some, including, but act limited to.
receivers ldhe. premiums oar reeelver's bonds and reasonable Utemys' fees, and then to
the sum sdtuced by this Mortgage. I%e receiver shall be liable to account only for those
rents actually received.
19. IAJ� Upon psymmt of all sums secured by this Martgegh lender shall release this
Marinelli, without charge m Borrows. Borrower shall pay all costs of reeordadon, if say.
20. Anonmrs;"Poss. As used in chic Mortgage and in the Nate, "attorneys' fees" shall
Include: stlormhsys' fees, if any, inctrued in connection with the coI*tum or eafortnemant
of this Mortgage m of the Note, whether m not suit is bmtrgbt and whether incurred err
trial, on appeal, in bsnl ruptey proceedings or otherwise.
21. The Borrower covenants,
ropnm% and wtmants to the Leader that; (a) the Baeower intends to OR these units to
SHIP eligible howehW&; (b) the Property is a rownhouse hammwnull ip teaideaco: (e)
the Puech•er'e Baal aomW family income at the time of purchase fix M+e loan did not
exceed the imume limit by femur size fbr OWbiuty to paNeipaie ie the SHIP Program,
(d) at lent throe penxnt (356) of dw requited down payment mmt be paid by the
Puroh•rr from his or her own eewirces.
22. Borrows will ropey this cautmetioo loan upon each sale of units
in the ==a of NINETICEN THOUSAND SIX HUNDRED AND L'IGNTY SEVEN
DOLLARS AND FRrrY CB.NTB (:19,WJM per unit
•
IN WITNESS WHEREOF, fie Borrower hu executed tMe Matgege.
NOTICE TO BORROWER
DO NOT SIGN THIS MORTGAGE IF TT CONTAINS BLANK SPACE&
o a'6 ALL SPACER SHOULD a$ COMPLETED BEIOAE YOU SIGN,
THI81S A BALLOON MORTGAGE WHERE THE PRINCIPAL BALANCE DUE
UPON MATMW IB i31111PLO%TOGETHER WITH ACCRUED DPrBR W-
IF ANY, AND ALL ADVANCEMENTS MADE BY THE MORTGAGEE UNDER
THE TERMS OF THIS SECOND MORTGAGL
Si�md. raise and ttelivared in tlto preamceoF
1- CAA_
W as swm"M
PAnwd Name: )21CMWD C y +t, A .
witn0 SI anus
Printed Name: n)i A.• .�l,Tel�itrJ
STATE OF FLORIDA
COUNTY OF MONROE
A
P.~Morgan Hill, Vice Pres.
�16'vw a Methow Tmamuff
Addnw:
'TY� Ex�Ojn6 9�'+v aalmowJpdgad before ve tlda oZ.3 day of
2007 who to peapaux
(mown to me ot wW h• proftad a va8d driver Hearse as ident5ci lon and who did not td►m an
aw.—
SEAL
IURYL KH"
MYGOE188I NIDD514W
��?,� 'eAr rwatartMMr
IAL RECORDS
Notary kEo
Prnted Name:
Cmrtmiation Numbw
My Comma us Eapitta: