Item C27 C27
BOARD OF COUNTY COMMISSIONERS
COUNTY of MONROE �� i Mayor Holly Merrill Raschein,District 5
The Florida Keys Mayor Pro Tern James K.Scholl,District 3
Craig Cates,District 1
Michelle Lincoln,District 2
' David Rice,District 4
Board of County Commissioners Meeting
February 21, 2024
Agenda Item Number: C27
2023-2123
BULK ITEM: Yes DEPARTMENT: Social Services
TIME APPROXIMATE: STAFF CONTACT: Sheryl Graham
AGENDA ITEM WORDING: Approval of a Resolution and Release of State Housing Initiative
Partnership (SHIP)Program Mortgage Lien executed by Eric and Nicole DeFilippo, to write-off a SHIP
Second Leasehold Mortgage in the amount of$45,000.00 due to foreclosure.
ITEM BACKGROUND:
Approval of a Resolution and Release of State Housing Initiative Partnership (SHIP)Program
Mortgage Lien executed by ERIC AND NICOLE DEFILIPPO, to write-off a SHIP Second
LEASEHOLD Mortgage in the amount of$45,000.00 due to foreclosure. The SHIP Mortgage position
was not protected as there was not sufficient equity to allow for a recovery.
PREVIOUS RELEVANT BOCC ACTION:
N/A
INSURANCE REQUIRED:
No
CONTRACT/AGREEMENT CHANGES:
N/A
STAFF RECOMMENDATION: Recommend Approval
DOCUMENTATION:
NOTICE OF ASSIGNMENT OF BID.pdf
DEFILIPPO FINAL JUDGEMENT OF FORECLOSURE 3.19.2009.pdf
DEFILIPPO E &N LIS PENDENS 8.11.08.pdf
FILIAL JUDGEMENT OF FORECLOSURE 3.24.09.pdf
DEFILIPPO E &N RECD MORTG.pdf
Defilippo E &N certificate of title.pdf
1595
Complaint and Notice of Lis Pendens 2008-CA 1264 K 8 22 08.pdf
DEFILIPPO CERTIFICATE OF SALE $1 OO.pdf
DEFILIPPO—E—N—FORECLOSURE—RESOLUTION—final_approved.pdf
DEFILIPPO E N RELEASE OF MORTGAGE (003).pdf
FINANCIAL IMPACT:
N/A
1596
IN THE CIRCUIT COURT OF THE SIXTEENTH JUDICIAL CIRCUIT IN AND
FOR MONROE COUNTY, FLORIDA
ORION BANK, a Florida Corporation, Doc# 1738474 04/17/2009 9:41AM
Filed & Recorded in Official Records of
Plaintiff, MONROE COUNTY DANNY L. KOLNAGE
CASE NO. 08-CA-1264-K
-vs-
ERIC DEFILIPPO and NICOLE L. DEFILIPPO, Doc# 1738474
his Wife, MONROE COUNTY, JOHN DOE and Bko 2408 Pop 1928
JANE DOE, as unknown tenants in possession.
NOTICE OF ASSIGNMENT OF BID
COMES NOW, the Plaintiff, by and throuh the undersigned counsel, and as
winning bidder at the clerk's sale held on April 15t , 2009, hereby assigns the winning
bid to OB Keys, LLC, whose EIN # is and whose mailing address is PO Box
413040, Naples, Florida, 34101.
DATED this 151h day of April, 2009
Respectfully submitted,
CUNNINGHAM, MILLER P.A.
Attorneys for Plaintiff
Post Office Box 500938
Marathon, Florida 33050
Tel (305) 743-9428
Fax (305) 743-8800
BY:
CHRISTOPHER S. NELSON, ESQ. :;0 a
Fla. Bar No. 10704 tY; -n
cnelson@floridakeyslaw.com � r- ON �
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C-)
CD
v �
MONROE COUNTY
OFFICIAL RECORDS
1597
IN THE CIRCUIT COURT OF THE SIXTEENTH JUDICIAL CIRCUIT IN AND
FOR MONROE COUNTY, FLORIDA
ORION BANK, a Florida Corporation, Docp 1735485 03/24/2009 12:23PM
Plaintiff, Filed & Recorded in Official Records of
MONROE COUNTY DANNY L. KOLHAGE
Doca 1735486 CASE NO. 08 CA 1264-KW
Bko 2405 Pg# 1085
ERIC DEFILIPPO and NICOLE L. DEFILIPPO, o
his Wife, MONROE COUNTY, JOHN DOE and ZnZ
JANE DOE, as unknown tenants in possession. :or—
FINAL JUDGMENT OF FORECLOSURE o
This action was brought before the court on the Plaintiff's Motion'er A&ry
t7
Final Judgment of Foreclosure. On the evidence presented,
IT 1S HEREBY ORDERED ADJUDGED THAT:
1. Service of process was properly effected on all named Defendants herein, and the
court is properly vested with jurisdiction of the subject matter and personal
jurisdiction over the Defendants.
2. The Plaintiff, ORION BANK's address is 12640 Overseas Highway, Marathon,
Florida, 33050. The Law Firm of Cunningham, Miller, and Williams, P.A.,
counsel for Plaintiff, maintains an office at 2975 Overseas Highway, Marathon,
Florida, 33050.
3 Plaintiff, ORION BANK, is due $240,261.84 as principal, $10,790.47 as interest
to date of this judgment, $300.00 for title search expense, $1,897.50 for attorney
fees with $485.00 for court costs now taxed under the note and mortgage sued on
in this action making a total sum of S253,781.34 , to bear interest at the rate of 8
percent a year.
4. Plaintiff holds a lien for the total sum superior to any claim or estate of
defendants, on the following described property in County, Florida:
BLK 2 PT LTS 11 & 12AMD PLAT LINCOLN MANOR EST
P115-62 (A/K/A UNIT 29 PARK VILLAGE HOMEOWNERS
ASSOC) OR2287-1748DEC OR2314-1993/98
1598
�. If the total sum with interest at the rate described in paragraph 1 above and all
costs accrued subsequent to this judgment are not paid, the clerk of this court will
sell the property at public sale on ,--- bo"'eetr
-- ; 1 l5, appq__ *9T& CL+ W06 P! A to the
highest bidder for cash, except as prescribed in paragraph 4 below, at the door of
the courthouse in Monroe County in Marathon, Florida, in accordance with
Section 45.031 of the Florida Statutes.
6. Plaintiff will advance all subsequent costs of this action and be reimbursed for
them by the clerk of this court if plaintiff is not the purchaser of the property for
sale. If plaintiff is the purchaser, the clerk will credit plaintiffs bid with the total
sum with interest and cost accruing subsequent to this judgment, or such part of
it, as is necessary to pay the bid in full.
7. On filing the certificate of title the clerk will distribute the proceeds of the sale,
so far as they are sufficient by paying: first, all of plaintiffs costs; second,
documentary stamps affixed to the certificate; third, plaintiffs attorney fees;
fourth, the total sum due to plaintiff, less the items paid plus interest at the rate
prescribed in paragraph 1 from this date to the date of the sale; and by retaining
any remaining amount pending the further order of this court.
8. On filing the certificate of title, defendant and all persons claiming under or
against defendant since the filing of the notice of lis pendens will be foreclosed of
all estate or claim in the property and the purchaser at the sale will be let into
possession of the property.
9. IF THIS PROPERTY IS SOLD AT PUBLIC AUCTION, THERE MAY BE
ADDITIONAL MONEY FROM THE SALE AFTER PAYMENT OF
PERSONS WHO ARE ENTITLED TO BE PAID FROM THE SALE
PROCEEDS PURSUANT TO THIS FINAL JUDGMENT.
10. IF YOU ARE A SUBORDINATE LIENHOLDER CLAIMING A RIGHT TO
FUNDS REMAINING AFTER THE SALE, YOU MUST FILE A CLAIM
WITH THE CLERK NO LATER THAN 60 DAYS AFTER THE SALE. IF
YOU FAIL TO FILE A CLAIM, YOU WILL NOT BE ENTITLED TO ANY
REMAINING FUNDS.
11. IF YOU ARE THE PROPERTY OWNER, YOU MAY CLAIM THESE FUNDS
YOURSELF. YOU ARE NOT REQUIRED TO HAVE A LAWYER OR ANY
OTHER REPRESENTATION AND YOU DO NOT HAVE TO ASSIGN YOUR
RIGHTS TO ANYONE ELSE IN ORDER FOR YOU TO CLAIM ANY
MONEY TO WHICH YOU ARE ENTITLED. PLEASE CHECK WITH THE
CLERK OF THE COURT, [INSERT INFORMATION FOR APPLICABLE
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COURT] WITHIN 10 (10) DAYS AFTER THE SALE TO SEE IF THERE IS
ADDITIONAL MONEY FROM THE FORECLOSURE SALE THAT THE
CLERK HAS IN THE REGISTRY OF THE COURT.
t 2. IF YOU DECIDE TO SELL YOUR HOME OR HIRE SOMEONE TO HELP
YOU CLAIM THE ADDITIONAL MONEY, YOU SHOULD READ VERY
CAREFULLY ALL PAPERS YOU ARE REQUIRED TO SIGN, ASK
SOMEONE ELSE, PREFERABLY AN ATTORNEY WHO IS NOT RELATED
TO THE PERSON OFFERING TO HELP YOU, TO MAKE SURE THAT YOU
UNDERSTAND WHAT YOU ARE SIGNING AND THAT YOU ARE NOT
TRANSFERRING YOUR PROPERTY OR THE EQUITY IN YOUR
PROPERTY WITHOUT THE PROPER INFORMATION. IF YOU CANNOT
AFFORD TO PAY AN ATTORNEY, YOU MAY CONTACT (INSERT
LOCAL OR NEAREST LEGAL AID OFFICE AND TELEPHONE PHONE
NUMBER) TO SEE IF YOU QUALIFY FINANCIALLY FOR THEIR
SERVICES. IF THEY CANNOT ASSIST YOU, THEY MAY BE ABLE TO
REFER YOU TO A LOCAL BAR REFERRAL AGENCY OR SUGGEST
OTHER OPTIONS. IF YOU CHOOSE TO CONTACT (NAME OF LOCAL OR
NEAREST LEGAL AID OFFICE) FOR ASSISTANCE, YOU SHOULD DO SO
AS SOON AS POSSIBLE AFTER RECEIPT OF THIS NOTICE.
13. Jurisdiction of this action is retained to enter further orders that are proper
including, without limitation, writs of possession and deficiency judgment.
ORDERED in _in Monroe County, Florida on /XVCA (O , 2009
The HonornJudge
ark ones
Circuit Co
Copies furnished to:
Christopher S. Nelson, Esq., Attorney for Plaintiff
All Named Defendants
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Return To:
FIRST AMERICAN TITLE
Docq 1527470 07/11/2005 1:10P19
2409 N. ROOSEVELT, KEY Filed 8 Recorded in Official Records of
WEST, FL 33040 MONROE COUNTY DANNY L. KOLHAGE
"(his document was prepared by: INTANGIBLE
1:1CL: 296.00
INTANGIBLE TAX CL: PW $
Naomi Stockley MORTGAGE DOC STAMP CL: P14 $516.00
ORION BANK, 3838 Tamiami Tr, Doc# 1527470
N. , Naples, FL 34103 Bkq 2131 Pgq 203
- (Space Above This Line For Recording Data)
MORTGAGE
,l DEFrNITIONS
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) "Security Instrument"means this document, which is dated June 28th, 2005
together with all Riders to this document.
(B) 'Borrower"is
John R Jop, a single man,
Borrower is the mortgagor under this Security Instrument.
(C) 'Lender"is ORION BANK
Lender is astate member bank
organized and existing under the laws of the State of Florida
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FLORIDA-Single Family-Fannie MaelFreddie Mac UNIFORM INSTRUMENT Form 3010 1101
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Lender's address is 3838 Tamiami Tr. N. , Naples, FL 34103
Lender is the mortgagee under this Security Instrument.
(D) "Note"means the promissory note signed by Borrower and dated June 28th, 2005
The Note states that Borrower owes Lender
One Hundred Forty Eight Thousand and 00/100 Dollars
(U.S. $148,000.00 )plus interest. Borrower has promised to pay this debt in regular Periodic
Payments and to pay the debt in full not later than July 1st, 2035
(E) 'Property"means the property that is described below under the heading "Transfer of Rights 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 sums due under this Security Instrument, plus interest.
(G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following
Riders are to be executed by Borrower[check box as applicable]:
f Xn. Adjustable Rate Rider Condominium Rider Second Home Rider
1 Balloon Rider 0 Planned Unit Development Rider 0 1-4 Family Rider
VA Rider 0 Biweekly Payment Rider Other(s)[specify)
I
(H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations,
ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final,
non-appealable judicial opinions.
(1) "Community Association Dues, Fees, and Assessments"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.
(.i) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by
check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic
instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit
or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller
machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse
transfers.
(I) "Escrow Items"means those items that are described in Section I
(L) "Miscellaneous Proceeds"means any compensation, settlement, award of damages, or proceeds paid
by any third party (other than insurance proceeds paid under the coverages described in Section 5)for: (i)
damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the
Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as 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(i) principal and interest under the-.
Note, plus(ii)any amounts under Section 3 of this Security Instrument.
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(0) "RESPA"means the Real Estate Settlement Procedures Act(12 U.S.C. Section 2601 et seq.) and its
implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to
time, or any additional or successor legislation or regulation that governs the same subject matter. As used
in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard
' to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage
loan" under RESPA.
(P) "Successor in Interest 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 Instrument.
TRANSFER OF RIGHTS IN THE PROPERTY
f
This Security Instrument 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 agreements under this
Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to
Lender, the following described property located in theCounty [Type of Recording Jurisdiction]
of Monroe [Name of Recording Jurisdiction]:
Condominium Parcel: Loft. 51, SEASIDE RESORTS, INC. , A Condominium together
with an undivided interest in the common elements, according to the
Declaration of Condominium thereof recorded in Official Record Book 806,
j Page 166, as amended from time to time, of the Public Records of Monroe
County, Florida.
Parcel ID Number: 00121762-00510 which currently has the address of
55 Boca Chica Rd (Sweet]
Key West [Cityl, Florida 33040 [Zip Code] .
("Property Address"):
TOGETHER WITH all the improvements now or hereafter erected on the property, and all
easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and
additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this
Security Instrument as the"Property.".
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BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has
the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for
encumbrances of record. Borrower warrants and will defend generally the title to the Property against all
claims and demands, subject to any encumbrances of record.
THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform
covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real
property.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges.
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 Escrow Items
pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U,S.
icurrency. However, if 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 made in one or more of the following forms, 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 institution whose deposits are insured by a
federal agency, instrumentality, or entity; or(d)Electronic Funds 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 15.
Lender may return any payment or partial payment if the 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 each Periodic Payment is applied as 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 current. If Borrower does not do so within a reasonable period of time, Lender shall either apply
such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding
principal balance under the Note immediately prior to foreclosure. No offset 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 performing the.covenants and agreements secured by this Security
Instrument.
2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all
payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest
due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments
shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts
shall be applied first to late charges, second to any other amounts due under this Security Instrument, and
(hen to reduce the principal balance of the Note.
If Lender receives a payment from Borrower for a delinquent 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. If more than one Periodic Payment is outstanding, Lender may apply any payment received
Groin Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment
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can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of
one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary
prepayments shall be applied first to any prepayment charges and then as described in the Note.
Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under
the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments.
3. Funds for Escrow 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 "Funds")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, if any; (c)
premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance
premiums, if 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 "Escrow
Items." At origination or at any time during the term of the Loan, Lender may require that Community
Association Dues, Fees, and Assessments, if 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 Tender 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
j obligation to pay to Lender Funds for any or all Escrow Items at any time. 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, if Lender requires,
shall furnish to Lender receipts evidencing 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 Instrument, as the phrase "covenant and agreement"
is used in Section 9. If 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 amount and Borrower shall then be obligated under Section 9 to repay to Lender any such
amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in
accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, 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 permit Lender to apply
the Funds at the time 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 current data and
reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable
Law.
The Funds shall be held in an institution whose deposits are insured by a federal agency,
instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured)or in
any Federal 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 for 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 permits 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
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shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the
Funds as required by RESPA.
If there is a surplus of Funds held in escrow, as defined under RESPA' Lender shall account to
Borrower for the excess funds in accordance with RESPA. If there is a shortage 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 shortage in accordance with RESPA, but in no more than 12
monthly payments. If 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 monthly payments.
Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund
to Borrower any Funds held by Lender.
4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions
attributable to the Property which can attain priority over this Security Instrument, leasehold payments or
ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To
the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3.
Borrower shalt 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 proceedings are pending, but only until such proceedings
are concluded; or(c) secures from the holder of the lien an agreement satisfactory to Lender subordinating
the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien
which can attain priority over this Security Instrument, Lender may give Borrower a notice 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.
5. Property Insurance. 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 insurance.
This insurance shall be maintained in the amounts (including deductible levels) and for the periods that
Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of
the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's
right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may
require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for,flood zone
determination, certification and tracking services; or (b) a one-time charge for flood zone determination
and certification services and subsequent charges each time remappings or similar changes occur which
reasonably might affect such determination or certification. Borrower shall also be responsible for the
payment of any fees imposed by the Federal Emergency Management Agency in connection with the
review of any flood zone determination resulting from an objection by Borrower.
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If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance
coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase 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 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 Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall
become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest
at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from
Lender to Borrower requesting payment.
All insurance policies required by Lender and renewals 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. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and
renewal notices. If Borrower obtains any form of insurance 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 shalt give prompt notice to the insurance carrier and Lender. Lender
may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree
in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall
be applied to restoration or repair of the Property, if 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 has had an opportunity to inspect such Property to ensure the
work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken
promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series
of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law
requires interest to be paid on such insurance 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 obligation of Borrower. If
the restoration or repair is not economically 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, with
the excess, if any, paid to Borrower, Such insurance proceeds shall be applied in the order provided for in
Section 2.
If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance
claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the
insurance carrier has 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 if 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 Instrument, and
i;b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by
Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the
coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or
to pay amounts unpaid under the Note or this Security Instrument, whether or not then due.
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j6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal
residence within 60 days after the execution of this Security Instrument and shall continue to occupy the
Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender
otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating
circumstances exist which are beyond Borrower's control.
7. Preservation, Maintenance and Protection of the Property; Inspections. 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 deteriorating or decreasing in value due to its condition. Unless it is
determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall
promptly repair the Property if damaged to avoid further deterioration or damage. If insurance 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 if Lender has released proceeds for such
purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of
progress payments as the work is completed. If 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 inspections of the Property. If it has
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 with the Loan. Material
representations include, but are not limited to, representations concerning Borrower's occupancy of the
Property as Borrower's principal residence.
9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If
(a)Borrower fails 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 Instrument(such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for
enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or
regulations), or (c) Borrower has 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
Instrument, 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 has priority over this Security Instrument; (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
its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to,
entering the Property to make repairs,change locks, replace or board up doors and windows, drain water
Crom pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned
on or off. Although 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. It is agreed that Lender incurs no liability for not taking any or all
actions authorized under this Section 9.
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Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower
secured by this Security Instrument, These amounts shall bear interest at the Note rate from the date of
disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting
payment.
If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the
1 lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless
Lender agrees to the merger in writing.
10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan,
Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason,
the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that
previously provided such insurance and Borrower was required to make separately designated payments
toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain
coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially
equivalent to the cost to Borrower of the Mortgage Insurance previously 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 insurance coverage ceased to be in effect. Lender will accept, use and retain these
payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such toss 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 becomes available, is obtained, and Lender requires
separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage
Insurance as a condition of making the Loan and Borrower was required to make separately designated
payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to
maintain Mortgage .Insurance in effect, or to provide a non-refundable loss reserve, until Lender's
requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and
Lender providing for such termination or until termination is required by Applicable Law. Nothing in this
Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note.
Mortgage Insurance reimburses Lender (or any entity that purchases.the Note) for certain losses it
may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage
Insurance.
Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may
enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements
are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties)to
these agreements. These agreements may require the mortgage insurer to make payments using any source
of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage.
Insurance premiums),
As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer,
any other entity, or any affiliate of any of the foregoing, may receive(directly or indirectly) amounts that
derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in
exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement
provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the
premiums paid to the insurer,the arrangement is often termed "captive reinsurance."Further:
(a) Any such agreements will not affect the amounts that Borrower has agreed to pay for
Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount
Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund.
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(b) Any such agreements will not affect the rights Borrower has - if any - with respect to the
Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights
may include the right to receive certain disclosures, to request and obtain cancellation of the
Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a
refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or
termination.
11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby
assigned to and shall be paid to Lender.
If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of
the Property, if 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
until Lender has had an opportunity to inspect such Property to ensure the work has been completed to.
Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the
repairs and restoration in a single disbursement or in a series of progress payments as the work is
completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such
Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such
Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would
be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument,
whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be
applied in the order provided for in Section 2.
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 then due, with
the excess, if any, paid to Borrower.
In the event of a partial taking, destruction, 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
taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums
secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds
multiplied by the following fraction: (a) the 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 balance shall be.paid to Borrower.
In the event of a partial taking, destruction, 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 Security Instrument whether or not the sums are then due.
If the 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 fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized
to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the
sums secured by this Security Instrument, whether or not then due. "Opposing Party"means the third party
that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in
regard to Miscellaneous Proceeds.
Borrower shall be in default if 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 impairment of Lender's
interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if
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
impairment of Lender's interest in the Property or rights under this Securi trument. The proceeds of
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any award or claim for damages that are attributable 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 Waiver. Extension of the time for
payment or modification of amortization of the sums secured by this Security Instrument granted by Lender
to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower
or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings 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 Instrument by reason of any demand made by the original
Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or
remedy including, without limitation, Lender's acceptance of payments from third persons, entities or
Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or
preclude the exercise of any right or remedy.
13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants
and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who
co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this
Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the
terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security
Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or
make any accommodations with regard to the terms of this Security Instrument or the Note without the
co-signer's consent.
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 hi
writing. The covenants and agreements of this Security Instrument shall bind (except as provided in
Section 20) and benefit the successors and assigns of Lender.
14. Loan Charges. Lender may charge Borrower fees for services performed in connection with
Borrower's default, for the.purpose 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 construed as a prohibition on the charging of such fee. Lender may not charge
fees that are expressly prohibited by this Security Instrument or by Applicable Law.
If the Loan is subject to a Iaw 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 connection with the Loan exceed the
permitted. limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the
charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted
limits will be refunded to Borrower. 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 principal, the
reduction will be treated as a partial prepayment without any prepayment charge (whether or not a
prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by
direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out
of such overcharge.
15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument
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 class mail or when actually delivered to Borrower's
notice address if sent by other means. Notice to any one Borrower shall constitute notice t4 all Borrowers
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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 Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's
l change of address, then Borrower shall only report a change of address through that specified procedure.
There may be only one designated notice address under this Security Instrument 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 notice to Borrower. Any notice in
connection with this Security Instrument shall not be deemed to have been given to Lender until actually
received by Lender. If 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
Instrument.
16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be
i 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 limitations of
Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it
might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In
the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable
Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be
given effect without the conflicting provision.
As used in this Security Instrument: (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 mean 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 one copy of the Note and of this Security Instrument.
18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18,
"Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited
to, those beneficial interests 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.
If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower
Is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior
written consent, Lender may require immediate payment in full of all sums secured by this Security
Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by
Applicable Law.
If Lender exercises this 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 15
within which Borrower must pay all surns secured by this Security Instrument. If Borrower fails to pay
these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this
Security Instrument without further notice or demand on Borrower.
19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions,
Borrower shall have the right to have enforcement of this Security Instrument 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 Instrument; (b) such other period as Applicable Law might specify for the termination of
Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those
conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security
Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or
agreements; (c) pays all expenses.incurred in enforcing this Security Instrument, including, but not limited
to, reasonable attorneys' fees, 'property inspection and valuation fees, and other fees incurred for the
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purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d)
takes such action as Lender may reasonably require to assure that Lender's interest in the Property and
rights under this Security Instrument, 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
expenses in one or more of the following forms, 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 institution whose deposits are insured by a federal agency, instrumentality or entity; or (d)Electronic
Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby
shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not
apply in the case of acceleration under Section 18.
20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in
the Note (together with this Security Instrument) can be sold one or more times without prior notice to
Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects
Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan
servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be
one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan
Servicer, Borrower will be given written notice 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 RESPA
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 of the Note, the mortgage loan servicing obligations
o 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 commence, 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 of Section 15) of such alleged breach and afforded the
other party hereto a reasonable period after the giving of such notice to take corrective action. If
Applicable Law provides a time period which 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 of acceleration given to
Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective
action provisions of this Section 20.
21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those
substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the
following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides
and herbicides, volatile solvents, materials containing asbestos or formaldehyde, 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 response
action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental
Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental
Cleanup.
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Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous
Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do,
nor allow anyone else to do, anything affecting the Property(a) that is in violation of any Environmental
j Law, (b)which creates an Environmental 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 to the presence, use, or storage on the Property of small quantities of
Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to
maintenance of the Property(including, but not limited to, hazardous substances in consumer products).
Borrower shall promptly give Lender written notice of(a) any investigation, claim, demand, lawsuit
or other action by any governmental or regulatory agency or private party involving the Property and any
Hazardous Substance or Environmental 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 affects the value of the Property. If Borrower learns, or is notified
by any governmental or regulatory authority, or any private party, that any removal or other remediation
of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary
remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on
Lender for an Environmental Cleanup.
NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following
Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to
acceleration under Section IS unless Applicable Law provides otherwise). The notice shall specify:
(a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the
date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure
the default on or before the date specified in the notice may result in acceleration of the sums secured
by this Security Instrument, foreclosure by judicial proceeding and sale of the Property. The notice
shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the
foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration
and foreclosure. If the default is not cured on or before the date specified in the notice, Lender at its
option may require immediate payment in full of all sums secured by this Security Instrument
without further demand and may foreclose this Security Instrument by judicial proceeding. Lender
shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22,
including, but not limited to, reasonable attorneys' fees and costs of title evidence.
23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this
Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for
releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the
charging of the fee is permitted under Applicable Law_
24. Attorneys' Fees. As used in this Security Instrument and the Note, attorneys' fees shall include
those awarded by an appellate court and any attorneys' fees incurred in a bankruptcy proceeding.
25. Jury Trial Waiver. The Borrower hereby waives any right to a trial by jury in any action,
proceeding, claim,.or counterclaim, whether in contract or tort, at law or in equity, arising out of or in any
way related to this Security Instrument or the Note.
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BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this
Security Instrument and in a Rider executed by Borrower and recorded with it.
Si a led and deliver d in a presence of:
1
(Seal)
LO��/� �, c ,Q G✓V John Jop -Borrower
- 1409 Flagler Ave, Key West,FL
33040 (Address)
(seal)
-Borrower
(Address)
(Seal) (Seal)
-Dorrowar -Borrower
(Address) (Address)
(Seal) (Seal)
-Borrower -Borrower
(Address) (Address)
(Seal) (Seal)
-Borrower -Borrower
, F
(Address) (Address)
13930
F . -6(FL)f000q.oi Page 15 of 16 Form 3010 1101
Doctl 1735486
Bka 2405 Pgp 1102
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Doc# 1527470
Bku 2131 Pgl<t 218
STATE OF.FLORIDA, Monroe County ss:
The foregoing instrument was acknowledged before me this June 28th, 2005 by
John R Jop, a single man
who is personally known to me or who has produced ]J f:
+ f S Z.' -e,'�S Z' identif ation
MELINDA A.WA!DEN
My COMMISSION#DO 02BD69 Notary Pub c
EXPIRES:August23,20 5
"'•','e ud o;;'� Bonded Thru Notary PUW urldeMila+s
Initials;
-6(FL)poo5yo l Page 16 of 16 Form 3 01 0 1101
Doen 1735486
Bkp 2405 Pga 1103
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ADJUSTABLE RATE NOTE
(I Year Treasury Index-Rate Caps)
THIS NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN MY INTEREST RATE AND
MY MONTHLY PAYMENT. THIS NOTE LIMITS THE AMOUNT MY INTEREST RATE CAN
CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE I MUST PAY.
June 28th, 2005 Naples Florida
[Date] [City] [State]
55 Boca Chica Rd, Key West, FL 33040
[Property Address]
1. BORROWER'S PROMISE TO PAY
In return for a loan that I have received, I promise to pay U.S. $148,040..00 (this amount is called"Principal"),
plus interest, to the order of the Lender. The Lender is ORION BANK
I will make all payments under this Note in the form of cash, check or money order.
I understand that the Lender may transfer this Note. The Lender or anyone who takes this Note by transfer and who is
entitled to receive payments under this Note is called the "Note Holder."
2. INTEREST
Interest will be charged on unpaid principal until the full amount of Principal has been paid. I will pay interest at a yearly
rate.of 5.875 %. The interest rate I will pay will change in accordance with Section 4 of this Note.
The interest rate required by this Section 2 and Section 4 of this Note is the rate I will pay both before and after any
default described in Section 7(B)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 first day_of each month beginning�pn% August, 2005 '
I will make these payments every month until I have paid all of the principal and interest and any other charges described below
that I may owe under this Note. Each monthly payment will be applied as of its scheduled due date and will be applied to
interest before Principal. If, on July 1st., 2035 , I still owe amounts under this Note, I will pay those amounts in
full on that date, which is called the "Maturity Date."
I will make my monthly payments at ORION SANK,
3838 Tamiami Tr. N. , Naples, FL 34103
or at a different place if required by the Note Holder.
(B) Amount of My Initial Monthly Payments
Each of my initial monthly payments will be in the amount of U S $.875 48 This amount may change.
(C) Monthly Payment Changes
Changes in my monthly payment will reflect changes in the unpaid principal of my loan and in the interest rate that I must
pay. The Note Holder will determine my new interest rate and the changed amount of my monthly payment in accordance with
Section 4 of this Note.
13930
FLORIDA ADJUSTABLE RATE NOTE-ARM 5.2 -Single Family-Fannie MaelFreddie Mac UNIFORM INSTRUMENT
Fannie Mae 4-215-216.2 ARM Form 3602.10 1.101
(M-822N(FL)(toes)
VMP MORTGAGE FOR61S-1600)521-7291
P.q.1 of 4 Initials:
Doc# 1735486
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4. INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Change Dates
The interest rate I will pay may change on the first day of July, 2010 and on that day every 12th month
thereafter. Each date on which my interest rate could change is called a"Change Date."
(B) The Index
Beginning with the first Change Date, my interest rate will be based on an Index. The"Index" is the weekly average yield
on United States Treasury securities adjusted to a constant maturity of one year,:as made available by the Federal Reserve
Board. The most recent Index figure available as of the date 45 days before each Change Date is called the"Current Index."
If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable information,
The Note Holder will give me notice of this choice.
(C) Calculation of Changes
Before each Change Date, the Note Holder will calculate my new,interest rate by adding Three and 25/100
percentage points(3.250 %)to the Current Index. The
Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point.{O.I25%).'Subject to
the limits stated in Section 4(D)below, this rounded amount will be my new interest rate until the next Change Date.
The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid
principal that I am expected to owe at the Change Date in full on the Maturity Date at my new interest rate in substantially equal
payments. The result of this calculation will be the new amount of my monthly payment.
(D) Limits on Interest Rate Changes
The interest rate I am required to pay at the first Change Date will not be.greater_than 7.875 %or less
: than 3.875 %. Thereafter, my interest rate will never be increased or decreased on any single Change Date by
more than two percentage points. (10%) from the rate of interest I have been paying for the preceding 12 months. My
interest rate will never be greater than 12.875 %.
(E) Effective Date of Changes
My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment
beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again.
(I) Notice of Changes
The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly
payment before the effective date of any change. The notice will include information required by law to be given to me and also
the title and telephone number of a person who will answer any question I may have regarding the notice.
5. BORROWER'S RIGHT TO PREPAY
I have the right to make payments of Principal at any time before they are due. A payment of Principal only is known as a
"Prepayment." When I make a Prepayment, I will tell the Note Holder in writing that I am doing so. I may not designate a
payment 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 without paying a Prepayment charge. The Note Holder will use my
Prepayments to reduce the amount of Principal that I owe under this Note. However, the Note Holder may apply my
Prepayment to the accrued and unpaid interest on the Prepayment amount, before.applying my Prepayment to reduce the
Principal amount of the Note. If I make a partial Prepayment, there will be no changes in the due dates of my monthly payment
unless the Note Holder agrees in writing to those changes. My partial Prepayment may reduce the amount of my monthly
payments after the first Change Date following my partial Prepayment. However, any reduction due to my partial Prepayment
may be offset by an interest rate increase.
G. LOAN CHARGES
If a law, which applies to this loan and which sets maximum loan charges, is finally interpreted so that the interest or other
loan charges collected or to be collected in connection with this loan exceed the permitted limits, then; (a)any such loan charge
shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from
13930
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(M 822N(FL)(000s) Paget of a initials:
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me which exceeded permitted limits will be refunded to me. The Note Holder may choose to make this refund by reducing the
Principal I owe under this Note or by making a direct payment to me. If a refund reduces Principal, the reduction will be treated
as a partial Prepayment.
7. BORROWER'S FAILURE TO PAY AS REQUIRED
(A) Late Charges for Overdue Payments
If the Note Holder has not received the full amount of any monthly payment by the end of 10 calendar days
after the date it is due, I will pay a late charge to the Note Holder. The amount of the charge will be 5:00 %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 of 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 after the date on which the notice is mailed to me or
delivered by other means.
(D)No Waiver By Note Holder
Even if, at a time when I am in default, the Note Holder does 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 the Note Holder has required me to pay immediately in full as described above, the Note Holder will have the right to be
paid back by me for all of its costs and expenses in enforcing this Note to the extent not prohibited by applicable law. Those
expenses include;for example, reasonable attorneys' fees.
S. GIVING OF NOTICES
Unless applicable law requires a different method, any notice that must be given to me under this Note will be given by
delivering it or by mailing it by first class mail to me at the Property Address above or at a different address if I give the Note
Holder a notice of my different address.
Any notice that must be given to the Note Holder under this Note will be given by delivering it or by mailing it by first
class mail to the 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-
9. OBLIGATIONS OF PERSONS UNDER THIS NOTE
If more than one person signs this Note, each person is fully and personally obligated to keep all of the promises made in
this Note, including the promise to pay the foil amount owed. Any person who is a guarantor, surety or endorser of this Note is
also obligated to do these things. Any person who takes over these obligations, including the obligations of a guarantor, 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
under this Note against each person individually or against all of us together. This means that any one of us may be required to
pay all of the amounts owed under this Note.
10. WAIVERS
I and any other person who has obligations under this Note waive the rights of Presentment and Notice of Dishonor.
"Presentment" means the right to require the Note Holder to demand payment of amounts due. "Notice of Dishonor" means the
right to require the Note Holder to give notice to other persons that amounts due have not been paid..
11. UNIFORM SECURED NOTE
This Note is a uniform instrument with limited variations in some jurisdictions. In addition to the protections given to the
Note Holder under this Note, a Mortgage, Deed of Trust, or Security Deed(the "Security Instrument"), dated the same date as
13930
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1Mo822NIFL) poo9) Page3 of Initialc:
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. l
this Note, protects the Note Holder fi-om possible losses which might result if I do not keep the promises which I make in this
Note. That Security Instrument describes how and under what conditions I may be required to make immediate payment in full
of all amounts I owe under this Note. Some of those conditions are described as follows:
If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is
not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior
written consent, Lender may require immediate payment in full of all sums secured by this Security
Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by
Applicable Law. Lender also shall not exercise this option if: (a)Borrower causes to be submitted to Lender
information required by Lender to evaluate the intended transferee as if a new loan were being made to the
transferee;and (b) Lender reasonably determines that Lender's security will not be impaired by the loan
assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is
acceptable to Lender.
To the extent permitted by Applicable Law, Lender may charge a reasonable fee as a condition to
Lender's consent to the loan assumption. Lender may also require the transferee to sign an assumption
agreement that is acceptable to Lender and that obligates the transferee to keep all the promises and
agreements made in the Note and in this Security Instrument. Borrower will continue to be obligated under
the Note and this Security Instrument unless Lender releases Borrower in writing.
If Lender exercises the option to require immediate payment in full, 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 15 within which Borrower must pay all sums secured by this Security Instrument. If
Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies
permitted by this Security Instrument without further notice or demand on Borrower.
12. DOCUMENTARY TAX
The state documentary tax due on this Note has been paid on the mortgage securing this indebtedness.
WITNESS THE HAND(S)AND SEAL(S) OF THE UNDERSIGNED.
DY� (Seal) (Seal)
John Jop -Borrower -Borrower
(Seal) (Seal)
-Borrower -Borrower
(Seal) (Seal)
-Borrower -Borrower
(Seal) (Seal)
-Borrower -Borrower
Doc# 1735486 [Sign Original Only]
Sk# 2405 Pg# 1107
13930
(M'822N(FL)(000a) Page of 4 Form 3602.10 1101
MONROE COUNTY
OFFICIAL RECORDS 01
1620
IN THE CIRCUIT COURT OF THE SIXTEENTH JUDICIAL CIRCUIT IN AND
FOR MONROE COUNTY, FLORIDA
ORION BANK, a Florida Corporation,
Plaintiff,
DocN Filed 1707433
7Reao ded08n Official Records orf CASE NO.
-vs- MONROE COUNTY DANNY L. KOLHAGE
ERIC DEFILIPPO and NICOLE L. DEFILIPPO,
his Wife, MONROE COUNTY, JOHN DOE and
JANE DOE, as unknown tenants in possession. Doca 1707433
BkN 2375 PqN 1271
NOTICE OF LIS PENDENS
TO THE ABOVE STYLED DEFENDANTS AND ALL OTHERS WHOM IT MAY
CONCERN:
YOU ARE HEREBY NOTIFIED of the institution of this action by Plaintiff against you
seeking to foreclose a mortgage on the following property in Monroe County, Florida:
BLK 2 PT LTS 11 & 12AMD PLAT LINCOLN MANOR EST
P135-62 (A/K/A UNIT 29 PARK VILLAGE HOMEOWNERS
ASSOC) OR2287-1748DEC OR2314-1993/98
Including the buildings, appurtenances, and fixtures located thereon.
DATED: August 8t',2008 CUNNINGHAM, MILLER, & WILLIAMS, P.A.
Attorneys for 4ainti
By:
CHkr577OPHER S.NELSON, ESQ.
Florida Bar#: 10704
P.O. Box 500938
Marathon, Florida 33050
Tel. (305) 743-9428
Fax.(305) 743-8800
cnelson@floridakeyslaw.com
MONROE COUNTY
OFFICIAL RECORDS
v
1621
IN THE CIRCUIT COURT OF THE SIXTEENTH JUDICIAL CIRCUIT IN AND
FOR MONROE COUNTY, FLORIDA
ORION BANK, a Florida Corporation, Docp 1735485 03/24/2009 12:23PM
Plaintiff, Filed & Recorded in Official Records of
MONROE COUNTY DANNY L. KOLHAGE
Doca 1735486 CASE NO. 08 CA 1264-KW
Bko 2405 Pg# 1085
ERIC DEFILIPPO and NICOLE L. DEFILIPPO, o
his Wife, MONROE COUNTY, JOHN DOE and ZnZ
JANE DOE, as unknown tenants in possession. :or—
FINAL JUDGMENT OF FORECLOSURE o
This action was brought before the court on the Plaintiff's Motion'er A&ry
t7
Final Judgment of Foreclosure. On the evidence presented,
IT 1S HEREBY ORDERED ADJUDGED THAT:
1. Service of process was properly effected on all named Defendants herein, and the
court is properly vested with jurisdiction of the subject matter and personal
jurisdiction over the Defendants.
2. The Plaintiff, ORION BANK's address is 12640 Overseas Highway, Marathon,
Florida, 33050. The Law Firm of Cunningham, Miller, and Williams, P.A.,
counsel for Plaintiff, maintains an office at 2975 Overseas Highway, Marathon,
Florida, 33050.
3 Plaintiff, ORION BANK, is due $240,261.84 as principal, $10,790.47 as interest
to date of this judgment, $300.00 for title search expense, $1,897.50 for attorney
fees with $485.00 for court costs now taxed under the note and mortgage sued on
in this action making a total sum of S253,781.34 , to bear interest at the rate of 8
percent a year.
4. Plaintiff holds a lien for the total sum superior to any claim or estate of
defendants, on the following described property in County, Florida:
BLK 2 PT LTS 11 & 12AMD PLAT LINCOLN MANOR EST
P115-62 (A/K/A UNIT 29 PARK VILLAGE HOMEOWNERS
ASSOC) OR2287-1748DEC OR2314-1993/98
1622
�. If the total sum with interest at the rate described in paragraph 1 above and all
costs accrued subsequent to this judgment are not paid, the clerk of this court will
sell the property at public sale on ,--- bo"'eetr
-- ; 1 l5, appq__ *9T& CL+ W06 P! A to the
highest bidder for cash, except as prescribed in paragraph 4 below, at the door of
the courthouse in Monroe County in Marathon, Florida, in accordance with
Section 45.031 of the Florida Statutes.
6. Plaintiff will advance all subsequent costs of this action and be reimbursed for
them by the clerk of this court if plaintiff is not the purchaser of the property for
sale. If plaintiff is the purchaser, the clerk will credit plaintiffs bid with the total
sum with interest and cost accruing subsequent to this judgment, or such part of
it, as is necessary to pay the bid in full.
7. On filing the certificate of title the clerk will distribute the proceeds of the sale,
so far as they are sufficient by paying: first, all of plaintiffs costs; second,
documentary stamps affixed to the certificate; third, plaintiffs attorney fees;
fourth, the total sum due to plaintiff, less the items paid plus interest at the rate
prescribed in paragraph 1 from this date to the date of the sale; and by retaining
any remaining amount pending the further order of this court.
8. On filing the certificate of title, defendant and all persons claiming under or
against defendant since the filing of the notice of lis pendens will be foreclosed of
all estate or claim in the property and the purchaser at the sale will be let into
possession of the property.
9. IF THIS PROPERTY IS SOLD AT PUBLIC AUCTION, THERE MAY BE
ADDITIONAL MONEY FROM THE SALE AFTER PAYMENT OF
PERSONS WHO ARE ENTITLED TO BE PAID FROM THE SALE
PROCEEDS PURSUANT TO THIS FINAL JUDGMENT.
10. IF YOU ARE A SUBORDINATE LIENHOLDER CLAIMING A RIGHT TO
FUNDS REMAINING AFTER THE SALE, YOU MUST FILE A CLAIM
WITH THE CLERK NO LATER THAN 60 DAYS AFTER THE SALE. IF
YOU FAIL TO FILE A CLAIM, YOU WILL NOT BE ENTITLED TO ANY
REMAINING FUNDS.
11. IF YOU ARE THE PROPERTY OWNER, YOU MAY CLAIM THESE FUNDS
YOURSELF. YOU ARE NOT REQUIRED TO HAVE A LAWYER OR ANY
OTHER REPRESENTATION AND YOU DO NOT HAVE TO ASSIGN YOUR
RIGHTS TO ANYONE ELSE IN ORDER FOR YOU TO CLAIM ANY
MONEY TO WHICH YOU ARE ENTITLED. PLEASE CHECK WITH THE
CLERK OF THE COURT, [INSERT INFORMATION FOR APPLICABLE
Doc# 1735486
Sk# 2405 Pg# 1086
1623
COURT] WITHIN 10 (10) DAYS AFTER THE SALE TO SEE IF THERE IS
ADDITIONAL MONEY FROM THE FORECLOSURE SALE THAT THE
CLERK HAS IN THE REGISTRY OF THE COURT.
t 2. IF YOU DECIDE TO SELL YOUR HOME OR HIRE SOMEONE TO HELP
YOU CLAIM THE ADDITIONAL MONEY, YOU SHOULD READ VERY
CAREFULLY ALL PAPERS YOU ARE REQUIRED TO SIGN, ASK
SOMEONE ELSE, PREFERABLY AN ATTORNEY WHO IS NOT RELATED
TO THE PERSON OFFERING TO HELP YOU, TO MAKE SURE THAT YOU
UNDERSTAND WHAT YOU ARE SIGNING AND THAT YOU ARE NOT
TRANSFERRING YOUR PROPERTY OR THE EQUITY IN YOUR
PROPERTY WITHOUT THE PROPER INFORMATION. IF YOU CANNOT
AFFORD TO PAY AN ATTORNEY, YOU MAY CONTACT (INSERT
LOCAL OR NEAREST LEGAL AID OFFICE AND TELEPHONE PHONE
NUMBER) TO SEE IF YOU QUALIFY FINANCIALLY FOR THEIR
SERVICES. IF THEY CANNOT ASSIST YOU, THEY MAY BE ABLE TO
REFER YOU TO A LOCAL BAR REFERRAL AGENCY OR SUGGEST
OTHER OPTIONS. IF YOU CHOOSE TO CONTACT (NAME OF LOCAL OR
NEAREST LEGAL AID OFFICE) FOR ASSISTANCE, YOU SHOULD DO SO
AS SOON AS POSSIBLE AFTER RECEIPT OF THIS NOTICE.
13. Jurisdiction of this action is retained to enter further orders that are proper
including, without limitation, writs of possession and deficiency judgment.
ORDERED in _in Monroe County, Florida on /XVCA (O , 2009
The HonornJudge
ark ones
Circuit Co
Copies furnished to:
Christopher S. Nelson, Esq., Attorney for Plaintiff
All Named Defendants
DocH 2735486
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Return To:
FIRST AMERICAN TITLE
Docq 1527470 07/11/2005 1:10P19
2409 N. ROOSEVELT, KEY Filed 8 Recorded in Official Records of
WEST, FL 33040 MONROE COUNTY DANNY L. KOLHAGE
"(his document was prepared by: INTANGIBLE
1:1CL: 296.00
INTANGIBLE TAX CL: PW $
Naomi Stockley MORTGAGE DOC STAMP CL: P14 $516.00
ORION BANK, 3838 Tamiami Tr, Doc# 1527470
N. , Naples, FL 34103 Bkq 2131 Pgq 203
- (Space Above This Line For Recording Data)
MORTGAGE
,l DEFrNITIONS
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) "Security Instrument"means this document, which is dated June 28th, 2005
together with all Riders to this document.
(B) 'Borrower"is
John R Jop, a single man,
Borrower is the mortgagor under this Security Instrument.
(C) 'Lender"is ORION BANK
Lender is astate member bank
organized and existing under the laws of the State of Florida
13930 3/a(
FLORIDA-Single Family-Fannie MaelFreddie Mac UNIFORM INSTRUMENT Form 3010 1101
-6(FL)(0ooa).01
aD
Pape i of 16 Initials
jC
VMP MORTGAGE FORMS-(600)521 01
Doom
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Lender's address is 3838 Tamiami Tr. N. , Naples, FL 34103
Lender is the mortgagee under this Security Instrument.
(D) "Note"means the promissory note signed by Borrower and dated June 28th, 2005
The Note states that Borrower owes Lender
One Hundred Forty Eight Thousand and 00/100 Dollars
(U.S. $148,000.00 )plus interest. Borrower has promised to pay this debt in regular Periodic
Payments and to pay the debt in full not later than July 1st, 2035
(E) 'Property"means the property that is described below under the heading "Transfer of Rights 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 sums due under this Security Instrument, plus interest.
(G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following
Riders are to be executed by Borrower[check box as applicable]:
f Xn. Adjustable Rate Rider Condominium Rider Second Home Rider
1 Balloon Rider 0 Planned Unit Development Rider 0 1-4 Family Rider
VA Rider 0 Biweekly Payment Rider Other(s)[specify)
I
(H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations,
ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final,
non-appealable judicial opinions.
(1) "Community Association Dues, Fees, and Assessments"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.
(.i) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by
check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic
instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit
or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller
machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse
transfers.
(I) "Escrow Items"means those items that are described in Section I
(L) "Miscellaneous Proceeds"means any compensation, settlement, award of damages, or proceeds paid
by any third party (other than insurance proceeds paid under the coverages described in Section 5)for: (i)
damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the
Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as 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(i) principal and interest under the-.
Note, plus(ii)any amounts under Section 3 of this Security Instrument.
13930
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(0) "RESPA"means the Real Estate Settlement Procedures Act(12 U.S.C. Section 2601 et seq.) and its
implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to
time, or any additional or successor legislation or regulation that governs the same subject matter. As used
in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard
' to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage
loan" under RESPA.
(P) "Successor in Interest 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 Instrument.
TRANSFER OF RIGHTS IN THE PROPERTY
f
This Security Instrument 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 agreements under this
Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to
Lender, the following described property located in theCounty [Type of Recording Jurisdiction]
of Monroe [Name of Recording Jurisdiction]:
Condominium Parcel: Loft. 51, SEASIDE RESORTS, INC. , A Condominium together
with an undivided interest in the common elements, according to the
Declaration of Condominium thereof recorded in Official Record Book 806,
j Page 166, as amended from time to time, of the Public Records of Monroe
County, Florida.
Parcel ID Number: 00121762-00510 which currently has the address of
55 Boca Chica Rd (Sweet]
Key West [Cityl, Florida 33040 [Zip Code] .
("Property Address"):
TOGETHER WITH all the improvements now or hereafter erected on the property, and all
easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and
additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this
Security Instrument as the"Property.".
13930
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BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has
the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for
encumbrances of record. Borrower warrants and will defend generally the title to the Property against all
claims and demands, subject to any encumbrances of record.
THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform
covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real
property.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges.
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 Escrow Items
pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U,S.
icurrency. However, if 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 made in one or more of the following forms, 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 institution whose deposits are insured by a
federal agency, instrumentality, or entity; or(d)Electronic Funds 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 15.
Lender may return any payment or partial payment if the 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 each Periodic Payment is applied as 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 current. If Borrower does not do so within a reasonable period of time, Lender shall either apply
such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding
principal balance under the Note immediately prior to foreclosure. No offset 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 performing the.covenants and agreements secured by this Security
Instrument.
2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all
payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest
due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments
shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts
shall be applied first to late charges, second to any other amounts due under this Security Instrument, and
(hen to reduce the principal balance of the Note.
If Lender receives a payment from Borrower for a delinquent 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. If more than one Periodic Payment is outstanding, Lender may apply any payment received
Groin Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment
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can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of
one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary
prepayments shall be applied first to any prepayment charges and then as described in the Note.
Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under
the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments.
3. Funds for Escrow 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 "Funds")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, if any; (c)
premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance
premiums, if 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 "Escrow
Items." At origination or at any time during the term of the Loan, Lender may require that Community
Association Dues, Fees, and Assessments, if 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 Tender 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
j obligation to pay to Lender Funds for any or all Escrow Items at any time. 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, if Lender requires,
shall furnish to Lender receipts evidencing 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 Instrument, as the phrase "covenant and agreement"
is used in Section 9. If 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 amount and Borrower shall then be obligated under Section 9 to repay to Lender any such
amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in
accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, 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 permit Lender to apply
the Funds at the time 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 current data and
reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable
Law.
The Funds shall be held in an institution whose deposits are insured by a federal agency,
instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured)or in
any Federal 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 for 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 permits 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
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shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the
Funds as required by RESPA.
If there is a surplus of Funds held in escrow, as defined under RESPA' Lender shall account to
Borrower for the excess funds in accordance with RESPA. If there is a shortage 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 shortage in accordance with RESPA, but in no more than 12
monthly payments. If 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 monthly payments.
Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund
to Borrower any Funds held by Lender.
4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions
attributable to the Property which can attain priority over this Security Instrument, leasehold payments or
ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To
the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3.
Borrower shalt 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 proceedings are pending, but only until such proceedings
are concluded; or(c) secures from the holder of the lien an agreement satisfactory to Lender subordinating
the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien
which can attain priority over this Security Instrument, Lender may give Borrower a notice 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.
5. Property Insurance. 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 insurance.
This insurance shall be maintained in the amounts (including deductible levels) and for the periods that
Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of
the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's
right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may
require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for,flood zone
determination, certification and tracking services; or (b) a one-time charge for flood zone determination
and certification services and subsequent charges each time remappings or similar changes occur which
reasonably might affect such determination or certification. Borrower shall also be responsible for the
payment of any fees imposed by the Federal Emergency Management Agency in connection with the
review of any flood zone determination resulting from an objection by Borrower.
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If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance
coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase 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 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 Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall
become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest
at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from
Lender to Borrower requesting payment.
All insurance policies required by Lender and renewals 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. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and
renewal notices. If Borrower obtains any form of insurance 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 shalt give prompt notice to the insurance carrier and Lender. Lender
may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree
in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall
be applied to restoration or repair of the Property, if 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 has had an opportunity to inspect such Property to ensure the
work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken
promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series
of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law
requires interest to be paid on such insurance 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 obligation of Borrower. If
the restoration or repair is not economically 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, with
the excess, if any, paid to Borrower, Such insurance proceeds shall be applied in the order provided for in
Section 2.
If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance
claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the
insurance carrier has 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 if 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 Instrument, and
i;b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by
Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the
coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or
to pay amounts unpaid under the Note or this Security Instrument, whether or not then due.
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j6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal
residence within 60 days after the execution of this Security Instrument and shall continue to occupy the
Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender
otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating
circumstances exist which are beyond Borrower's control.
7. Preservation, Maintenance and Protection of the Property; Inspections. 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 deteriorating or decreasing in value due to its condition. Unless it is
determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall
promptly repair the Property if damaged to avoid further deterioration or damage. If insurance 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 if Lender has released proceeds for such
purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of
progress payments as the work is completed. If 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 inspections of the Property. If it has
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 with the Loan. Material
representations include, but are not limited to, representations concerning Borrower's occupancy of the
Property as Borrower's principal residence.
9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If
(a)Borrower fails 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 Instrument(such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for
enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or
regulations), or (c) Borrower has 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
Instrument, 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 has priority over this Security Instrument; (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
its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to,
entering the Property to make repairs,change locks, replace or board up doors and windows, drain water
Crom pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned
on or off. Although 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. It is agreed that Lender incurs no liability for not taking any or all
actions authorized under this Section 9.
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Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower
secured by this Security Instrument, These amounts shall bear interest at the Note rate from the date of
disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting
payment.
If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the
1 lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless
Lender agrees to the merger in writing.
10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan,
Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason,
the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that
previously provided such insurance and Borrower was required to make separately designated payments
toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain
coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially
equivalent to the cost to Borrower of the Mortgage Insurance previously 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 insurance coverage ceased to be in effect. Lender will accept, use and retain these
payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such toss 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 becomes available, is obtained, and Lender requires
separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage
Insurance as a condition of making the Loan and Borrower was required to make separately designated
payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to
maintain Mortgage .Insurance in effect, or to provide a non-refundable loss reserve, until Lender's
requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and
Lender providing for such termination or until termination is required by Applicable Law. Nothing in this
Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note.
Mortgage Insurance reimburses Lender (or any entity that purchases.the Note) for certain losses it
may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage
Insurance.
Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may
enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements
are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties)to
these agreements. These agreements may require the mortgage insurer to make payments using any source
of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage.
Insurance premiums),
As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer,
any other entity, or any affiliate of any of the foregoing, may receive(directly or indirectly) amounts that
derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in
exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement
provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the
premiums paid to the insurer,the arrangement is often termed "captive reinsurance."Further:
(a) Any such agreements will not affect the amounts that Borrower has agreed to pay for
Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount
Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund.
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(b) Any such agreements will not affect the rights Borrower has - if any - with respect to the
Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights
may include the right to receive certain disclosures, to request and obtain cancellation of the
Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a
refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or
termination.
11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby
assigned to and shall be paid to Lender.
If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of
the Property, if 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
until Lender has had an opportunity to inspect such Property to ensure the work has been completed to.
Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the
repairs and restoration in a single disbursement or in a series of progress payments as the work is
completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such
Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such
Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would
be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument,
whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be
applied in the order provided for in Section 2.
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 then due, with
the excess, if any, paid to Borrower.
In the event of a partial taking, destruction, 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
taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums
secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds
multiplied by the following fraction: (a) the 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 balance shall be.paid to Borrower.
In the event of a partial taking, destruction, 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 Security Instrument whether or not the sums are then due.
If the 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 fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized
to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the
sums secured by this Security Instrument, whether or not then due. "Opposing Party"means the third party
that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in
regard to Miscellaneous Proceeds.
Borrower shall be in default if 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 impairment of Lender's
interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if
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
impairment of Lender's interest in the Property or rights under this Securi trument. The proceeds of
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any award or claim for damages that are attributable 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 Waiver. Extension of the time for
payment or modification of amortization of the sums secured by this Security Instrument granted by Lender
to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower
or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings 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 Instrument by reason of any demand made by the original
Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or
remedy including, without limitation, Lender's acceptance of payments from third persons, entities or
Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or
preclude the exercise of any right or remedy.
13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants
and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who
co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this
Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the
terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security
Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or
make any accommodations with regard to the terms of this Security Instrument or the Note without the
co-signer's consent.
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 hi
writing. The covenants and agreements of this Security Instrument shall bind (except as provided in
Section 20) and benefit the successors and assigns of Lender.
14. Loan Charges. Lender may charge Borrower fees for services performed in connection with
Borrower's default, for the.purpose 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 construed as a prohibition on the charging of such fee. Lender may not charge
fees that are expressly prohibited by this Security Instrument or by Applicable Law.
If the Loan is subject to a Iaw 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 connection with the Loan exceed the
permitted. limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the
charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted
limits will be refunded to Borrower. 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 principal, the
reduction will be treated as a partial prepayment without any prepayment charge (whether or not a
prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by
direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out
of such overcharge.
15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument
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 class mail or when actually delivered to Borrower's
notice address if sent by other means. Notice to any one Borrower shall constitute notice t4 all Borrowers
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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 Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's
l change of address, then Borrower shall only report a change of address through that specified procedure.
There may be only one designated notice address under this Security Instrument 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 notice to Borrower. Any notice in
connection with this Security Instrument shall not be deemed to have been given to Lender until actually
received by Lender. If 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
Instrument.
16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be
i 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 limitations of
Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it
might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In
the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable
Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be
given effect without the conflicting provision.
As used in this Security Instrument: (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 mean 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 one copy of the Note and of this Security Instrument.
18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18,
"Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited
to, those beneficial interests 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.
If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower
Is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior
written consent, Lender may require immediate payment in full of all sums secured by this Security
Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by
Applicable Law.
If Lender exercises this 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 15
within which Borrower must pay all surns secured by this Security Instrument. If Borrower fails to pay
these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this
Security Instrument without further notice or demand on Borrower.
19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions,
Borrower shall have the right to have enforcement of this Security Instrument 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 Instrument; (b) such other period as Applicable Law might specify for the termination of
Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those
conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security
Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or
agreements; (c) pays all expenses.incurred in enforcing this Security Instrument, including, but not limited
to, reasonable attorneys' fees, 'property inspection and valuation fees, and other fees incurred for the
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purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d)
takes such action as Lender may reasonably require to assure that Lender's interest in the Property and
rights under this Security Instrument, 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
expenses in one or more of the following forms, 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 institution whose deposits are insured by a federal agency, instrumentality or entity; or (d)Electronic
Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby
shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not
apply in the case of acceleration under Section 18.
20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in
the Note (together with this Security Instrument) can be sold one or more times without prior notice to
Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects
Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan
servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be
one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan
Servicer, Borrower will be given written notice 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 RESPA
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 of the Note, the mortgage loan servicing obligations
o 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 commence, 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 of Section 15) of such alleged breach and afforded the
other party hereto a reasonable period after the giving of such notice to take corrective action. If
Applicable Law provides a time period which 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 of acceleration given to
Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective
action provisions of this Section 20.
21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those
substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the
following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides
and herbicides, volatile solvents, materials containing asbestos or formaldehyde, 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 response
action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental
Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental
Cleanup.
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Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous
Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do,
nor allow anyone else to do, anything affecting the Property(a) that is in violation of any Environmental
j Law, (b)which creates an Environmental 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 to the presence, use, or storage on the Property of small quantities of
Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to
maintenance of the Property(including, but not limited to, hazardous substances in consumer products).
Borrower shall promptly give Lender written notice of(a) any investigation, claim, demand, lawsuit
or other action by any governmental or regulatory agency or private party involving the Property and any
Hazardous Substance or Environmental 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 affects the value of the Property. If Borrower learns, or is notified
by any governmental or regulatory authority, or any private party, that any removal or other remediation
of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary
remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on
Lender for an Environmental Cleanup.
NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following
Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to
acceleration under Section IS unless Applicable Law provides otherwise). The notice shall specify:
(a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the
date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure
the default on or before the date specified in the notice may result in acceleration of the sums secured
by this Security Instrument, foreclosure by judicial proceeding and sale of the Property. The notice
shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the
foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration
and foreclosure. If the default is not cured on or before the date specified in the notice, Lender at its
option may require immediate payment in full of all sums secured by this Security Instrument
without further demand and may foreclose this Security Instrument by judicial proceeding. Lender
shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22,
including, but not limited to, reasonable attorneys' fees and costs of title evidence.
23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this
Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for
releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the
charging of the fee is permitted under Applicable Law_
24. Attorneys' Fees. As used in this Security Instrument and the Note, attorneys' fees shall include
those awarded by an appellate court and any attorneys' fees incurred in a bankruptcy proceeding.
25. Jury Trial Waiver. The Borrower hereby waives any right to a trial by jury in any action,
proceeding, claim,.or counterclaim, whether in contract or tort, at law or in equity, arising out of or in any
way related to this Security Instrument or the Note.
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BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this
Security Instrument and in a Rider executed by Borrower and recorded with it.
Si a led and deliver d in a presence of:
1
(Seal)
LO��/� �, c ,Q G✓V John Jop -Borrower
- 1409 Flagler Ave, Key West,FL
33040 (Address)
(seal)
-Borrower
(Address)
(Seal) (Seal)
-Dorrowar -Borrower
(Address) (Address)
(Seal) (Seal)
-Borrower -Borrower
(Address) (Address)
(Seal) (Seal)
-Borrower -Borrower
, F
(Address) (Address)
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STATE OF.FLORIDA, Monroe County ss:
The foregoing instrument was acknowledged before me this June 28th, 2005 by
John R Jop, a single man
who is personally known to me or who has produced ]J f:
+ f S Z.' -e,'�S Z' identif ation
MELINDA A.WA!DEN
My COMMISSION#DO 02BD69 Notary Pub c
EXPIRES:August23,20 5
"'•','e ud o;;'� Bonded Thru Notary PUW urldeMila+s
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ADJUSTABLE RATE NOTE
(I Year Treasury Index-Rate Caps)
THIS NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN MY INTEREST RATE AND
MY MONTHLY PAYMENT. THIS NOTE LIMITS THE AMOUNT MY INTEREST RATE CAN
CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE I MUST PAY.
June 28th, 2005 Naples Florida
[Date] [City] [State]
55 Boca Chica Rd, Key West, FL 33040
[Property Address]
1. BORROWER'S PROMISE TO PAY
In return for a loan that I have received, I promise to pay U.S. $148,040..00 (this amount is called"Principal"),
plus interest, to the order of the Lender. The Lender is ORION BANK
I will make all payments under this Note in the form of cash, check or money order.
I understand that the Lender may transfer this Note. The Lender or anyone who takes this Note by transfer and who is
entitled to receive payments under this Note is called the "Note Holder."
2. INTEREST
Interest will be charged on unpaid principal until the full amount of Principal has been paid. I will pay interest at a yearly
rate.of 5.875 %. The interest rate I will pay will change in accordance with Section 4 of this Note.
The interest rate required by this Section 2 and Section 4 of this Note is the rate I will pay both before and after any
default described in Section 7(B)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 first day_of each month beginning�pn% August, 2005 '
I will make these payments every month until I have paid all of the principal and interest and any other charges described below
that I may owe under this Note. Each monthly payment will be applied as of its scheduled due date and will be applied to
interest before Principal. If, on July 1st., 2035 , I still owe amounts under this Note, I will pay those amounts in
full on that date, which is called the "Maturity Date."
I will make my monthly payments at ORION SANK,
3838 Tamiami Tr. N. , Naples, FL 34103
or at a different place if required by the Note Holder.
(B) Amount of My Initial Monthly Payments
Each of my initial monthly payments will be in the amount of U S $.875 48 This amount may change.
(C) Monthly Payment Changes
Changes in my monthly payment will reflect changes in the unpaid principal of my loan and in the interest rate that I must
pay. The Note Holder will determine my new interest rate and the changed amount of my monthly payment in accordance with
Section 4 of this Note.
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FLORIDA ADJUSTABLE RATE NOTE-ARM 5.2 -Single Family-Fannie MaelFreddie Mac UNIFORM INSTRUMENT
Fannie Mae 4-215-216.2 ARM Form 3602.10 1.101
(M-822N(FL)(toes)
VMP MORTGAGE FOR61S-1600)521-7291
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4. INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Change Dates
The interest rate I will pay may change on the first day of July, 2010 and on that day every 12th month
thereafter. Each date on which my interest rate could change is called a"Change Date."
(B) The Index
Beginning with the first Change Date, my interest rate will be based on an Index. The"Index" is the weekly average yield
on United States Treasury securities adjusted to a constant maturity of one year,:as made available by the Federal Reserve
Board. The most recent Index figure available as of the date 45 days before each Change Date is called the"Current Index."
If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable information,
The Note Holder will give me notice of this choice.
(C) Calculation of Changes
Before each Change Date, the Note Holder will calculate my new,interest rate by adding Three and 25/100
percentage points(3.250 %)to the Current Index. The
Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point.{O.I25%).'Subject to
the limits stated in Section 4(D)below, this rounded amount will be my new interest rate until the next Change Date.
The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid
principal that I am expected to owe at the Change Date in full on the Maturity Date at my new interest rate in substantially equal
payments. The result of this calculation will be the new amount of my monthly payment.
(D) Limits on Interest Rate Changes
The interest rate I am required to pay at the first Change Date will not be.greater_than 7.875 %or less
: than 3.875 %. Thereafter, my interest rate will never be increased or decreased on any single Change Date by
more than two percentage points. (10%) from the rate of interest I have been paying for the preceding 12 months. My
interest rate will never be greater than 12.875 %.
(E) Effective Date of Changes
My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment
beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again.
(I) Notice of Changes
The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly
payment before the effective date of any change. The notice will include information required by law to be given to me and also
the title and telephone number of a person who will answer any question I may have regarding the notice.
5. BORROWER'S RIGHT TO PREPAY
I have the right to make payments of Principal at any time before they are due. A payment of Principal only is known as a
"Prepayment." When I make a Prepayment, I will tell the Note Holder in writing that I am doing so. I may not designate a
payment 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 without paying a Prepayment charge. The Note Holder will use my
Prepayments to reduce the amount of Principal that I owe under this Note. However, the Note Holder may apply my
Prepayment to the accrued and unpaid interest on the Prepayment amount, before.applying my Prepayment to reduce the
Principal amount of the Note. If I make a partial Prepayment, there will be no changes in the due dates of my monthly payment
unless the Note Holder agrees in writing to those changes. My partial Prepayment may reduce the amount of my monthly
payments after the first Change Date following my partial Prepayment. However, any reduction due to my partial Prepayment
may be offset by an interest rate increase.
G. LOAN CHARGES
If a law, which applies to this loan and which sets maximum loan charges, is finally interpreted so that the interest or other
loan charges collected or to be collected in connection with this loan exceed the permitted limits, then; (a)any such loan charge
shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from
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me which exceeded permitted limits will be refunded to me. The Note Holder may choose to make this refund by reducing the
Principal I owe under this Note or by making a direct payment to me. If a refund reduces Principal, the reduction will be treated
as a partial Prepayment.
7. BORROWER'S FAILURE TO PAY AS REQUIRED
(A) Late Charges for Overdue Payments
If the Note Holder has not received the full amount of any monthly payment by the end of 10 calendar days
after the date it is due, I will pay a late charge to the Note Holder. The amount of the charge will be 5:00 %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 of 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 after the date on which the notice is mailed to me or
delivered by other means.
(D)No Waiver By Note Holder
Even if, at a time when I am in default, the Note Holder does 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 the Note Holder has required me to pay immediately in full as described above, the Note Holder will have the right to be
paid back by me for all of its costs and expenses in enforcing this Note to the extent not prohibited by applicable law. Those
expenses include;for example, reasonable attorneys' fees.
S. GIVING OF NOTICES
Unless applicable law requires a different method, any notice that must be given to me under this Note will be given by
delivering it or by mailing it by first class mail to me at the Property Address above or at a different address if I give the Note
Holder a notice of my different address.
Any notice that must be given to the Note Holder under this Note will be given by delivering it or by mailing it by first
class mail to the 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-
9. OBLIGATIONS OF PERSONS UNDER THIS NOTE
If more than one person signs this Note, each person is fully and personally obligated to keep all of the promises made in
this Note, including the promise to pay the foil amount owed. Any person who is a guarantor, surety or endorser of this Note is
also obligated to do these things. Any person who takes over these obligations, including the obligations of a guarantor, 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
under this Note against each person individually or against all of us together. This means that any one of us may be required to
pay all of the amounts owed under this Note.
10. WAIVERS
I and any other person who has obligations under this Note waive the rights of Presentment and Notice of Dishonor.
"Presentment" means the right to require the Note Holder to demand payment of amounts due. "Notice of Dishonor" means the
right to require the Note Holder to give notice to other persons that amounts due have not been paid..
11. UNIFORM SECURED NOTE
This Note is a uniform instrument with limited variations in some jurisdictions. In addition to the protections given to the
Note Holder under this Note, a Mortgage, Deed of Trust, or Security Deed(the "Security Instrument"), dated the same date as
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this Note, protects the Note Holder fi-om possible losses which might result if I do not keep the promises which I make in this
Note. That Security Instrument describes how and under what conditions I may be required to make immediate payment in full
of all amounts I owe under this Note. Some of those conditions are described as follows:
If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is
not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior
written consent, Lender may require immediate payment in full of all sums secured by this Security
Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by
Applicable Law. Lender also shall not exercise this option if: (a)Borrower causes to be submitted to Lender
information required by Lender to evaluate the intended transferee as if a new loan were being made to the
transferee;and (b) Lender reasonably determines that Lender's security will not be impaired by the loan
assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is
acceptable to Lender.
To the extent permitted by Applicable Law, Lender may charge a reasonable fee as a condition to
Lender's consent to the loan assumption. Lender may also require the transferee to sign an assumption
agreement that is acceptable to Lender and that obligates the transferee to keep all the promises and
agreements made in the Note and in this Security Instrument. Borrower will continue to be obligated under
the Note and this Security Instrument unless Lender releases Borrower in writing.
If Lender exercises the option to require immediate payment in full, 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 15 within which Borrower must pay all sums secured by this Security Instrument. If
Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies
permitted by this Security Instrument without further notice or demand on Borrower.
12. DOCUMENTARY TAX
The state documentary tax due on this Note has been paid on the mortgage securing this indebtedness.
WITNESS THE HAND(S)AND SEAL(S) OF THE UNDERSIGNED.
DY� (Seal) (Seal)
John Jop -Borrower -Borrower
(Seal) (Seal)
-Borrower -Borrower
(Seal) (Seal)
-Borrower -Borrower
(Seal) (Seal)
-Borrower -Borrower
Doc# 1735486 [Sign Original Only]
Sk# 2405 Pg# 1107
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(M'822N(FL)(000a) Page of 4 Form 3602.10 1101
MONROE COUNTY
OFFICIAL RECORDS 01
1644
Doca 1657885 08/24/2007 2:15PM
This instrument was prepared by: Filed & Recorded in Official Records of
Monroe County Housing Authority MONROE COUNTY DANNY L. KOLHAGE
1400 Kennedy Drive 08/14/2007 2:15PM
Key West, FL 33040 MORTGAGE DOC STAMP CL: PW $157.50
THIS LEASEHOLD MORTGAGE IS GIVEN TO MONROE COUNTY AND IS SUBJECT TO
PAYMENT OF DOCUMENTARY STAMP TAXATION PURSUANT TO FLORIDA STATUE 420.513
THIS IS A BALLOON MORTGAGE WHERE THE PRINCIPAL BALANCE DUE
UPON MATURITY IS $45,000.00, TOGETHER WITH ACCRUED INTEREST, IF o
ANY, AND ALL ADVANCEMENTS MADE BY THE MORTGAGE UNDER THE N s
TERMS OF THIS SECOND LEASEHOLD MORTGAGE. i
v
Oo
SECOND LEASEHOLD MORTGAGE
a
(Due on Sale, Refinancing or Rental) ro
m
cn
COUNTY OF MONROE
SHIP HOMEBUYER ASSISTANCE LOAN
AFFORDABLE HOUSING PERMIT 06104271 PROPERTY
This second leasehold mortgage is made this day of August, 2007, between the
Mortgagor, ERIC and NICOLE DEFILIPPO, a married couple, (herein the "Borrower,")
and the Mortgagee, the COUNTY OF MONROE, an agency and instrumentality of the State
of Florida, whose address is Monroe County Courthouse, 500 Whitehead Street, Key West,
Florida 33040 (herein the "Lender.")
WHEREAS, the Borrower has applied to ORION BANK the ("Participant") for a loan for
the purchase of the Property (as defined herein,) which Mortgage Loan shall be secured by a
First Leasehold Mortgage lien (the "First Mortgage") in favor of Participant. The Borrower
has applied to the Monroe County State Housing Initiatives Program (SHIP) for a Homebuyer
Assistance Loan in the original principal amount of FORTY-FIVE THOUSAND DOLLARS
AND NO CENTS ($45,000.00), the "Loan". The Borrower along with her family, intends to
reside as a household in the Property (as defined herein,) which Property is a single-family
residence, and
WHEREAS, the Borrower is indebted to Lender in the principal sum of FORTY-FIVE
THOUSAND DOLLARS AND NO CENTS ($45,000.00), which indebtedness is evidenced
by the Borrower's Promissory Note dated August , 2007 and extensions and
renewals thereof (herein "Note,") providing for payment of principal indebtedness if not
sooner paid, due and payable on Augusts , 2037.
TO SECURE to the Lender the repayment of the indebtedness evidenced by the Note: the
payment of all other sums, advanced in accordance herewith to protect the security of this
Mortgage, and the performance of the covenants and agreements of the Borrower herein
contained the Borrower does hereby mortgage, grant and convey to Lender all of Borrower's
leasehold estate in (but none of its obligations with respect to, and none of the right, title or
interest of any other party in or with respect to) the following described property located in the
County of Monroe, State of Florida:
PARCEL NO. 29, of Park Village, according to the Declaration of Protective
Covenants, Restrictions and Easements of Park Village, as recorded in Official
Records Book 2287 at Pages 1748-1804 of the Public Records of Monroe County,
Florida, and any amendments thereto and more particularly described by metes and
bounds as follows:
Unit 29 of PARK VILLAGE HOMEOWNERS' ASSOCIATION, INC.;
A Parcel of land being part of Lots 11 &z 12, Block 2, AMENDED PLAT LINCOLN
MANOR ESTATES, as recorded in Plat Book 5, at Page 62, of the Public Records of
Monroe County, Florida, and being more particularly described by metes and bounds as
follows:
Commencing at the intersection of the Northerly right of way line of Seventh Avenue and
the Westerly right of way line of Fifth Street and run thence Westerly along the Northerly
right of way line of Seventh Avenue for a distance of 262.88 feet; thence Northerly and at
right angles for a distance of 6.92 feet to the Point of Beginning; thence continue Northerly
for a distance of 16.45 feet; thence Easterly and at right angles for a distance of 0.70 feet to
the Southerly extension of the centerline of the party wall between Units 29 and 30 of
Page 1 1645
Units 29 and 30 of PARK VILLAGE HOMEOWNERS' ASSOCIATION, INC.; thence
Northerly and at right angles along the centerline and extensions of the said party wall for a
distance of 54.00 feet; thence Westerly and at right angles for a distance of 23.00 feet;
thence Southerly and at right angles for a distance of 70.62 feet; thence Easterly with a
deflection angle of 90'26'00" to the left for a distance of 22.30 feet back to the Point of
Beginning. (Certificate no. 1118175)
SUBJECT TO that certain Ground Lease by and between Monroe County ("Lessor") and
Park Village, LLC, a Florida limited liability company ("Lessee"), dated August 19, 2006 and
recorded on October 4, 2006 in Official Records Book 2242 at page 754, Public Records of
Monroe County, Florida, and any amendments thereof ("Ground Lease"), and subject to
easements and restrictions of record.
Which has the address of. 48 Sixth Avenue, Key West, FL 33040 a e
(herein the"Property Address:") �,a
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TOGETHER with all right, title and interest of Borrower to the use, occupancy, possession m
and enjoyment of said real property, howsoever created or established, including without a C"
limitation, pursuant to any agreements, stipulations and rights constituting a basis for such
occupancy, possession, use and enjoyment to which Borrower and/or others and their
respective successors and assigns, may be a party, together with the leasehold interest in the
improvements now or hereafter erected on the property, and all easements, rights,
appurtenances, and rents all of which shall be deemed to be and remain a part of the property
covered by this Mortgage; and all of the foregoing, together with said property are hereinafter
referred to as the "Property."
BORROWER COVENANTS that the Property is owned in fee simple by Monroe County;
however, said Property is leased to Park Village, LLC, a Florida limited liability company,
pursuant to that certain Ground Lease described above, a true and correct copy of which has
been provided to Lender. Park Village, LLC has created that development known as Park
Village, pursuant to that certain Declaration of Protective Covenants, Restrictions, Easements
of Park Village, according to the Declaration thereof, as recorded in Official Records Book
2287 at Page 1748-1804, Public Records of Monroe County, Florida (the "Declaration"), Park
Village has been created on leasehold property leased pursuant to the Ground Lease.
Borrower's exclusive possessory interest therein being derived from a Parcel Sublease dated
by and between Park Village, LLC, as sublessor and Borrower, as
sublessee (together with all amendments, modifications, renewals, extensions or replacements,
the "Parcel Sublease"), a true, correct, and complete copy of which has been provide to
Lender. Borrower covenants that the Parcel Sublease is in full force and effect. Borrower has
valid leasehold title to the Property hereby conveyed subject to the matters set forth in the
Ground Lease, and Borrower has the right under the Parcel Sublease to mortgage, grant and
convey the Property subject to the restrictions provided in the Ground Lease. Borrower
covenants that Borrower's Interest in the Parcel Sublease is not subject to any liens or
encumbrances, except for the mortgage lien of the First Mortgage in favor of Participant, and
for other encumbrances of record. Borrower covenants that Borrower warrants and will
defend generally the leasehold title to the Property against all claims and demands, subject to
the mortgage lien of the First Mortgage and other encumbrances of record .
BORROWER FURTHER COVENANTS and agrees with the Lender as follows:
1. Payment. The Borrower shall promptly pay when due the indebtedness evidenced by the
Note attached as Exhibit A.
2. Prior Mortuages and Deeds of Trust; Charges; Liens. Lender and Borrower
acknowledge and agree that this Mortgage is subject and subordinate in all respects to the
liens, terms, covenants and conditions of the First Mortgage and to all advances heretofore
made. The Borrower shall perform all of the Borrower's obligations under the First Mortgage
and any other mortgage, deed of trust or other security agreement with a lien that has priority
over this Mortgage, including the Borrower's covenants to make payments when due. The
Borrower shall pay or cause to be paid all taxes, assessments and other charges, fines and
impositions attributable to the Property that may attain a priority over this Mortgage, and
leasehold payments or ground rents, if any.
3. Leasehold. Borrower will promptly pay when due all rents, charges, and other sums or
amounts required to be paid by Borrower as lessee under the Ground Lease and Parcel
Page 2 1646
Sublease. Borrower will further keep and perform all of the material covenants, terms and
provisions of the Ground Lease and Parcel Sublease that impose any obligations on Borrower
as sublessee under the Ground Lease or Parcel Sublease. All rents, additional rents,
percentage rents and all other material charges payable under the Ground Lease and Parcel
Sublease have been paid to the extent that they were payable prior to the date hereof.
Borrower, at Borrower's sole cost and expense, shall maintain and cause to be performed all of a o
the covenants, agreements, terms, conditions and provisions on its part to be kept, observed ro a
and performed under the Ground Lease and Parcel Sublease; Borrower shall also require the p Cnn
subtenants of Borrower, if any, to keep, observe and perform all of the covenants, agreements, 00
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terms, conditions and provisions on their part to be kept, observed or performed under the a C"
Ground Lease and Parcel Sublease; and shall not suffer or permit any breach or default to N
occur with respect to the foregoing; and in the event of default thereof the Lender shall have m
the right to perform or to require performance of any such covenants, agreements, terms,
conditions or provisions of the Ground Lease and/or Parcel Sublease, and to add any expense
incurred in connection therewith to the debt secured hereby, subject to the limitations set forth
in the Ground Lease. The Borrower shall not, without the consent of the Lender, consent to the
modification, amendment, cancellation, termination or surrender of the Ground Lease and/or
Parcel Sublease. Borrower will not do or permit to be done anything under the Ground Lease
or Parcel Sublease, the doing of which, or refrain from so doing anything, the omission of
which, will impair or tend to impair the security of this Leasehold Mortgage.
No release or forbearance of any of Borrower's obligation under any such Ground Lease or
Parcel Sublease shall release Borrower from any of its obligations under this Mortgage.
4. Hazard Insurance. The 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 such other hazards as the Lender may require and in such amounts
and for such period as the Lender may require.
The insurance carrier providing the insurance shall be chosen by the Borrower subject to
approval by the Lender, provided that such approval shall not be unreasonably withheld. All
insurance policies and renewals thereof shall be in a form acceptable to the Lender and shall
include a standard mortgage clause in favor of, and in a form acceptable to the Lender. The
Lender shall have the right to hold the policies and renewals thereof, subject to the terms of the
First Mortgage and any other mortgage, deed of trust or other security agreement with a lien
that has priority over this Mortgage.
In the event of loss, the Borrower shall give prompt notice to the insurance carrier and to the
Lender. The Lender may make proof of loss if not made promptly by the Borrower.
If the Property is abandoned by the Borrower, or if the Borrower fails to respond to the Lender
within thirty (30.) days from the date notice mailed by the Lender to the Borrower that the
insurance carrier offers to settle a claim for insurance benefits, the Lender is authorized to
collect and apply the insurance proceeds at the Lender's option either to restoration or repair of
the Property or to the sums secured by this Mortgage.
5. Preservation and Maintenance of Property; Leaseholds,• Condominiums,• Planned
Unit Developments. The Borrower shall keep the Property in good repair and shall not
commit waste or permit impairment or deterioration of the Property and shall comply with the
provisions of the Ground Lease and Parcel Sublease. Borrower covenants that no notice of
default exists under the Ground Lease or Parcel Sublease, that Borrower will promptly notify
Lender in writing of any notice of default that Borrower sends to Monroe County under the
Ground Lease or Park Village, LLC under the Parcel Sublease, and that Borrower will
promptly send to Lender a true copy of any notice of default served on Borrower by Monroe
County under the Ground Lease or Park Village, LLC under the Parcel Sublease. If this
Mortgage is on a unit in a condominium or a planned unit development, the Borrower shall
perform all of the Borrower's obligations under the declaration or covenants creating or
governing such condominium or planned unit development, the by-laws and regulations of the
condominium or planned unit development, and constituent documents.
6. Protection of Lender's Security. If the Borrower fails to perform the covenants and
agreements contained in this Mortgage, the First Mortgage, the Ground Lease or the Parcel
Sublease, or if any action or proceeding is commenced that materially affects the Lender's
interest in the Property, then the Lender, at the Lender's option upon notice to the Borrower,
Page 3 1647
may make such appearances, disburse such sums, including reasonable attorney's fees, and
take such action as is necessary to protect the Lender's interest in the Property.
Any amounts disbursed by the Lender pursuant to this Paragraph 6, with interest thereon, at the
rate of twelve percent (12%) per annum, shall become additional indebtedness of the Borrower
secured by this Mortgage (subject to the terms of the Ground Lease). Unless the Borrower and a o
the Lender agree to other terms of payment, such amounts shall be payable upon notice from N
the Lender to the Borrower requesting payment thereof. Nothing contained in this Paragraph 6
shall require the Lender to incur any expense or take any action hereunder.
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7. Inspection. The Lender may make or cause to be made reasonable entries upon the
inspections of the Property, provided that the Lender shall give Borrower notice prior to any 00
such inspection specifying reasonable cause therefor to the Lender's interest in the Property.
8. Condemnation. The proceeds of any award or claim for damages, direct or consequential,
in connection with any condemnation or other taking of the Property, or part thereof, or for
conveyance in lieu of condemnation, are hereby assigned and shall be paid to the Lender,
subject to the terms of the Ground Lease and any mortgage, deed of trust or to the security
agreement with a lien that has priority over this Mortgage.
9. Borrower Not Released; Forbearance by Lender Not a Waiver. Extension of the time
for payment or modification of amortization of the sums secured by this Mortgage granted by
the Lender to any successor in interest of the Borrower shall not operate to release, in a
manner, the liability of the original Borrower and the Borrower's successors in interest. The
Lender shall not be required to commence proceedings against such successor or refuse to
extend time for payment or otherwise modify amortization of the sums secured by this
Mortgage by reason of any demand made by the original Borrower and the Borrower's
successors in interest. Any forbearance by the Lender in exercising any right or remedy
hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the
exercise of any such right or remedy. Borrower shall remain liable for full payment of the
principal and interest on the Note (or any advancement or obligation) secured by this Mortgage
notwithstanding either of the following: (a) the surrender, termination, cancellation, material
modification, alteration, amendment, or sublease of the Ground Lease or Parcel Sublease; (b)
the sale of all or a part of the premises by Monroe County, or assignment of Ground Lease by
Park Village, LLC.
10. Successors and Assiens Bound; Joint and Several Liability; Co-Siffners. The
covenants and agreements herein contained shall bind, and the rights hereunder shall inure to,
the respective successors and assigns for the Lender and the Borrower, subject to the
provisions of Paragraph 15 hereof. If more than one Borrower executes this Mortgage, all
covenants, representations, warranties and agreements of Borrower shall be joint and several.
Any Borrower who co-signs this Mortgage, but does not execute the Note: (a) is co-signing
this Mortgage only to mortgage, grant and convey that Borrower's interest in the Property to
the Lender under the terms of this Mortgage, (b) is not personally liable on the Note or under
this Mortgage, and (c) agrees that Lender and any other Borrower hereunder may agree to
extend, modify, forbear, or make any other accommodations with regard to the terms of this
Mortgage or the Note without the Borrower's consent and without releasing that Borrower or
modifying this Mortgage as to that Borrower's interest in the Property.
11. Notice. Except for any notice required under applicable law to be given in another
manner: (a) any notice of the Borrower provided for in this Mortgage shall be given by
delivering it or by mailing such notice by certified or registered mail, postage prepaid,
addressed to the Borrower at the Property Address or at such other address as the Borrower
may designate by notice to the Lender as provided herein, and (b) any notice to the Lender
and/or the Federal National Mortgage Association ("Fannie Mae") shall be given by certified
or registered mail, postage prepaid, and if to the Lender at the Lender's address stated on page
1 hereof with a copy to Servicer, if to Fannie Mae, addressed to 950 East Paces Ferry Road,
Atlanta, Georgia 31326, Attention: Loan Administration, or to such other address as the
Lender may designate by notice to the Borrower as provided herein. Any notice provided for
in this Mortgage shall be deemed to have been given to the Borrower or the Lender when
given in the manner designated herein.
12. Governine Law; Severability; Costs This Mortgage shall be governed by the laws of
the State of Florida, and, to the extent applicable hereto, the laws and regulations of the United
States of America. In the event that any provision or clause of this Mortgage or the Note
Page 4 1648
Note conflicts with applicable law, such conflict provision, and to this and the provisions of
this Mortgage or the Note that can be given effect without the conflicting provision, and to this
and the provisions of this Mortgage and the Note are declared to be severable. As used herein,
"costs," "expenses," and "attorneys' fees" include all sums to the extent not prohibited by a o
applicable law or limited herein. a
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13. Borrower's Cony. Borrower shall be furnished a conformed copy of the Note and of this CD
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Mortgage at the time of execution or after recordation hereof. o
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14. Rehabilitation Loan Aereement. Borrower shall fulfill all of Borrower's obligations
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under any home rehabilitation, improvement, repair, or other loan agreement that Borrower
enters into with the Participant, the Lender, at the Lender's option, may require Borrower to
execute and deliver to the Lender, in a form acceptable to the Lender, as assignment of any
rights, claims or defenses that Borrower may have against parties who supply labor, materials
or services in connection with improvements made to the Property.
15. Transfer of the Property/No Merger of Fee Simple and Leasehold. If all or any part
of the Property or any interest in it is sold, transferred, gifted or otherwise conveyed, whether
by voluntary act, involuntarily, by operation of law or otherwise, or if the Borrower is divested
of title by judicial sale, levy or other proceeding, or if foreclosure action is instituted against
the Property, or if the First Mortgage is satisfied or refinanced, or if the Property is leased or
rented, all sums secured by this Mortgage shall immediately become due and payable as
provided herein.
There will be no merger of the Ground Lease, the Parcel Sublease or the leasehold estate
created by the Ground Lease and Parcel Sublease with the fee or other estate in the Property by
reason of any of those interests, coming into common ownership, unless Lender consents in
writing. Further, if Borrower acquires any interest in the fee or any other estate to the
Property, then the lien of this Mortgage will simultaneously and without further action become
extended to encumber Borrower's interest in the fee or other estate in addition to remaining a
lien on Borrower's leasehold estate and Borrower agrees, upon request by Lender and of no
cost to Lender, to execute, acknowledge and deliver to Lender all further instruments and
documents that Lender reasonably believes to be appropriate to provide further evidence of the
lien of this Mortgage on such fee or other interest.
16. Surrender, Termination or Modification of Lease. Borrower will not surrender the
Parcel Sublease or its leasehold estate, nor terminate or cancel the Parcel Sublease, without
obtaining the prior written consent of Lender nor will borrower make or consent to or suffer
any material modification, change, supplement, amendment or alteration of any terms of the
Ground Lease or Parcel Sublease without obtaining the prior written consent of Lender.
17. Acceleration: Lender shall give Borrower notice of acceleration. The notice shall
provide a period of not less than thirty (30) days from the date the notice is given provided in
Paragraph 11 hereof within which the Borrower must pay all sums secured by this Mortgage.
If Borrower fails to pay these sums prior to the expiration of this period, the Lender may
invoke any remedies permitted by this Mortgage without further notice or demand on the
Borrower.
18. Remedies: Except as provided in Paragraph 15 hereof, upon the Borrower's breach of
any covenant or agreement of the Borrower in this Mortgage, including the covenants to pay
when due any sums secured by this Mortgage, or in the event that the Borrower shall have
made material misrepresentations or material omissions in his/her/their application for a SHIP
Loan, the Lender, at the Lender's option, may declare all of the sums secured by this Mortgage
to be immediately due and payable without further demand and may foreclose this Mortgage
by judicial proceeding. Prior to taking any defaults action including acceleration of this
Mortgage, the Lender shall give notice to the Senior Lien Holder and to the Borrower as
provided in Paragraph 11 hereof specifying (1) the breach (if the breach is curable; (2) the
action required to cure such breach; (3) a date, not less than ten (10) days form the date the
notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure
such breach on or before the date specified in 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 the right to reinstate after acceleration and the right to
assert in the foreclosure proceeding the nonexistence of a default or any other defensive of
Borrower to acceleration and foreclosure. Subject to the terms of the Ground Lease, the
Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including,
but not limited to, reasonable attorneys' fees, court costs, and costs of documentary evidence,
Page 5 1649
documentary evidence, abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstanding the Lender's acceleration of the sums
secured by this Mortgage due to the Borrower's breach, the Borrower shall have the right to
have any proceedings begun by the Lender to enforce this Mortgage discontinued at any time
prior to entry of a judgment enforcing this Mortgage if: (a) the Borrower pays the Lender all
sums that would be then due under this Mortgage and the Note had no acceleration occurred; m v
(b) the Borrower cures all breaches of any other covenants or agreements of the Borrower a a
contained in this Mortgage; (c) the Borrower pays all reasonable expenses incurred by the Fla
02
Lender in enforcing the covenants and agreements of the Borrower contained in this Mortgage,
and in enforcing the Lender's remedies as provided in Paragraph IS hereof, including, but not cc
limited to, reasonable attorneys' fees and court costs; and (d) the Borrower takes such action as ass
the Lender may reasonably require to assure that the lien of this Mortgage, the Lender's a
interest in the Property and the Borrower's obligation to pay the sums secured by this m
Mortgage shall continue unimpaired. Upon such payment and cure by the Borrower, this
Mortgage and the obligations secured hereby shall remain in full force and effect as if no
acceleration had occurred.
20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, the
Borrower hereby assigns to the Lender the rents of the Property, provided that the Borrower
shall, prior to acceleration under Paragraph 17 hereof or abandonment of the Property, have
the right to collect and retain such rents as they become due and payable.
Upon acceleration under Paragraph 17 hereof or abandonment of the Property, the Lender shall
be entitled to have a receiver appointed by a court to enter upon, take possession of and
manage the Property and to collect the rents of the Property including those past due, subject to
the terms of the Ground Lease. All rents collected by the receiver shall be applied first to the
payment of the costs of management of the Property and collection of rents, including, but not
limited to, receiver's fees, premiums on receiver's bonds and reasonable attorneys' fees, and
then to the sum secured by this Mortgage. The receiver shall be liable to account only for
those rents actually received.
21. Release. Upon payment of all sums secured by this Mortgage, Lender shall release this
Mortgage without charge to Borrower. Borrower shall pay all costs of recordation, if any.
22. Attorneys' Fees. As used in this Mortgage and in the Note, "attorneys' fees" shall
include attorneys' fees, if any, incurred in connection with the collection or enforcement of
this Mortgage or of the Note, whether or not suit is brought and whether incurred at trial, on
appeal, in bankruptcy proceedings or otherwise.
23. Special SHIP Program Covenants, Representations. The Borrower covenants,
represents, and warrants to the Lender that; (a) the Borrower along with his/her/their/ family,
intends to reside as a household in the Property; (b) the Property is a single-family residence;
(c) the Borrower's total annual family income at the time of its application for the Loan did not
exceed the income limit by family size for eligibility to participate in the SHIP Program, (d) at
least three percent (3%) of the required down payment must be paid by the Borrower from his
or her own resources.
24. Principal Payment. Lender shall give the Borrower the right to negotiate a repayment
schedule for 90 days after the last payment is due on the First Mortgage for all sums secured
by this Mortgage that have been deferred. The terms and conditions of the repayment schedule
negotiated after the last payment is due on the First Mortgage shall provide for a below market
interest rate, a term for up to thirty (30) years, a principal and interest not to exceed the
original First Mortgage principal and interest payment and such payment of principal and
interest when combined with real-estate taxes and property insurance shall not exceed twenty
five percent (25%) of the household income.
25. Ground Lease Limitations. Borrower and Lender acknowledge the following limitations
set forth in the Ground Lease:
a. The First Leasehold Mortgage and the SHIP Leasehold Mortgage encumbering the
Property together shall not exceed ONE HUNDRED PERCENT (100%) of the
maximum allowable sales price of the Property as set forth in the Affordable
Restrictions (as defined in the Ground Lease).
Page 6 1650
b. The terms of the note, which is secured by this Leasehold Mortgage, shall not result
in negative amortization unless approved by Monroe County-
C. Lender and any purchaser at foreclosure shall comply with the provisions of the
Ground Lease.
d. Borrower and Lender acknowledge the terms set forth in Section 15 02(e) of the
Ground Lease, which provide for an irrevocable assignment to Monroe County(or
its assigns) of any and all net proceeds from the sale of any interest in the Property
remaining after payment of costs of foreclosure and satisfaction of this Leasehold
Mortgage to the extent such net proceeds exceed the net proceeds that Borrower
would have received had the interests been sold pursuant to the Affordable
Restrictions (as defined in the Ground Lease).
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IN WITNESS WHEREOF, the Borrower has executed this Mortgage. a
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NOTICE TO BORROWER
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DO NOT SIGN THIS MORTGAGE IF IT CONTAINS BLANK SPACES. IN,
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ALL SPACES SHOULD BE COMPLETED BEFORE YOU SIGN.
THIS IS A BALLOON MORTGAGE WHERE THE PRINCIPAL BALANCE DUE
UPON MATURITY IS $45,000.00, TOGETHER WITH ACCRUED INTEREST, IF
ANY,AND ALL ADVANCEMENTS MADE BY THE MORTGAGEE UNDER THE
TERMS OF THIS SECOND LEASEHOLDMORTGAGE.
Si e ed, . d delivered in the presence of:
J . . SPOTfSWOOD, JR.
i atur Borro r nature
;Xkitness
e Address: r-�f � 4�(4 Al
Witness ignature Borrower Signature
Printed Name: Patricia Weecn Address:
STATE OF FLORIDA
COUNTY OF MONROE NiC(1 lam' - `P�a
The foregoing was acknowledged before me this CM day of August 2007 by
F i �� U� ��COIP D� who is personally known to me or
who has produced a valid driver license as identi ' n d who did not take an oath.
L
otary Signature
SEAL
lk Printed Name: PatrtCicl `".� `1
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Commission Number:
My Commission Expires:
THIS MORTGAGE IS GIVEN TO MONROE COUNTY AND IS SUBJECT TO PAYMENT OF
DOCUMENTARY STAMP TAXATION PURSUANT TO FLORIDA STATUTE 420.513
Page 7 1651
This instrument was prepared by:
Monroe County Housing Authority Exhibit A
1400 Kennedy Drive
Key West, FL 33040
THIS PROMISSORY NOTE IS GIVEN TO MONROE COUNTY AND IS EXEMPT FROM TAXATION
PURSUANT TO FLORIDA STATUES 199.183.
PROMISSORY NOTE
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COUNTY OF MONROE ;e
SHIP HOMEBUYER ASSISTANCE LOAN N '=
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AFFORDABLE HOUSING PERMIT 06104271 PROPERTY C„
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Date: August , 2007 City: Key West State: Florida a
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Name: ERIC DEFILIPPO
Property Address: 48 Sixth Avenue, Key West, FL 33040
1. BORROWER'S PROMISE TO PAY
I, ERIC DEFILIPPO, a married man,promise to pay FORTY FIVE THOUSAND
DOLLARS AND NO CENTS ($45,000.00) (this amount will be called"principal") to the
order of the COUNTY OF MONROE, as agency and instrumentality of the State of Florida,
whose address is Monroe County Courthouse, 500 Whitehead Street, Key West, Florida 33040
(the "Lender,") or to any other holder of this Note. I understand that the Lender may transfer
this Note. The Lender or anyone who takes this Note by transfer and who is entitled to receive
payments under this Note will be called the "Note Holder."
2. INTEREST
Interest on this Note shall be zero percent(0%)per annum; except that if I fail to pay this Note
as required, the interest rate shall be twelve percent (12%) per annum from the date when
payment of this Note is due until I pay it in full.
3. PAYMENTS
Principal payments shall be deferred for the term of the first mortgage loan or until the
day of August, 2037. My total payment on the aforementioned date shall be FORTY FIVE
THOUSAND DOLLARS AND NO CENTS ($45,000.00). In the event that I rent my home
or refinance or satisfy the first mortgage loan, I agree to pay immediately the entire sum due
under this Note. In the event that I sell or transfer the property, I agree to pay the sum due
under this Note. I will make my payment at Lender's address as stated in Section I above or at
a different place if required by the Note Holder.
4. BORROWER'S PAYMENT BEFORE THEY ARE DUE
I have the right to make payment in full on this Note at any time before it is due. Such
payment is known as a "full payment." No partial prepayments can be made at any time on the
principal of the loan. When I make full prepayment, I will tell the Note Holder in a letter that I
am doing so.
5. BORROWER'S FAILURE TO PAY AS REQUIRED
(A) Default
If I do not pay the full amount as required in Section 3 above, I will be in default. If I am
in default, the Note Holder may bring about any actions not prohibited by applicable law
and require me to pay Holder's cost and expenses as described in (B)below.
(B) Payment of Note Holder's Costs and Expenses
If the Note Holder takes such actions as described above, the Note Holder will have the
right to be paid back for all of its cost and expenses, including but not limited to
reasonable attorney's fees.
6. THIS NOTE SECURED BY A MORTGAGE
In addition to the protections given to the Note Holder under this Note, a Second Leasehold
Mortgage, dated August 2007 protects the Note Holder from possible losses that
might result if I do not keep the promises that I make in this Note. That Second Leasehold
Mortgage describes how and under what conditions I may be required to make immediate
payment in full of all amounts that I owe under this Note.
Page 1 1652
7. BORROWER'S WAIVER
I waive my rights to require the Note Holder to do certain things. Those things are: (A) to
demand payment of amount due (known as "presentment"); (B) to give notice that amounts
have not been paid (known as "notice of dishonor"); (C) to obtain an official certification of
nonpayment (known as a "protest.") Any co-signer, guarantor, surety or endorser who agrees
to keep the promises I have made in this Note by signing this Note or by executing a separate
agreement to make payments to the Note Holder if I fail to keep my promises under this Note W o
also waives these rights. a a
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S. GIVING OF NOTICES
Any notice that must be given to me under this Note will be given by delivering it or by -CD
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mailing it by certified or registered mail, postage prepaid, addressed to me at the Property 's
address above. A notice will be mailed to the Note Holder at a different address if I am given N
a notice of that different address.
9. RESPONSIBILITY OF PERSONS UNDER THIS NOTE
If more than one person signs this Note, each of us is fully and personally, jointly and
severally, obligated to pay the full amount owed and to keep all of the promises made in this
Note. Any guarantor, surety or endorser of this Note (as described in Section 7 above) is also
obligated to do these things. The Note Holder may enforce its rights under this Note against
each of us individually or against all of us together and may enforce its rights against any of us
in any order. This means that any one of us may be required to pay all of the amounts owed
under this Note.
10. PRINCIPAL PAYMENT
Lender shall give the Borrower the right to negotiate a repayment schedule for 90 days after
the last payment is due on the First Mortgage for all sums secured by this mortgage that have
been deferred. The terms and conditions of the repayment schedule negotiated after the last
payment is due on the First Mortgage shall provide for a below market interest rate, a term for
up to thirty (30) years, a principal and interest payment and such payment of principal and
interest when combined with real estate taxes and property insurance shall not exceed twenty
five percent (25%) of the household income.
NOTICE TO BORROWER
DO NOT SIGN THIS NOTE IF IT CONTAINS BLANK SPACES.
ALL SPACES SHOULD E COMPLETED BEFORE YOU SIGN.
Borrower Date
Borrower Date
(SIGN ORIGINAL ONLY)
THIS PROMISSORY NOTE IS GIVEN TO MONROE COUNTY AND IS EXEMPT FROM TAXATION
PURSUANT TO FLORIDA STATUES 199.183.
MONROE COUNTY
OFFICIAL RECORDS
Page 2 1653
IN THE CIRCUIT COURT OF THE
SIXTEENTH JUDICIAL CIRCUIT IN AND
FOR MONROE COUNTY, FLORIDA
CASE NO. 44-2008-CA-001264-K
ORION BANK, a Florida Corporation,
Plaintiff
VS.
ERIC DEFILIPPO and NICOLE L DEFILIPPO, et. al., mo rn
Defendant TI
o
CERTIFICATE OF TITLE m
0
The undersigned Clerk of the Court certifies that he or she executed and filed CeRifica o
of Sale in this action on April 15 , 2009 , for the property described herein and 6
that no objections to the sale have been filed within the time allowed for filing objections.
The following property in Monroe County, Florida: DocN 1740229 04/30/2009 11:58AM
Filed & Recorded in Official Records of
SEE ATTACHED LEGAL DESCPJPTION MONROE COUNTY DANNY L. KOLHAGE
was sold to: OB KEYS, LLC
04/30/2009 11:58AM
DEED DOC STAMP CL: TRINA $0.70
c/o Cunningham, Miller, & Williams, P.A.
2975 Overseas Highway
Docp 1740229
Marathon, Florida 33050-0938 Bkp 2410 P90 1749
WITNESS MY HAND AND SEAL of this Court on April 30, 2009.
DANNY L.,-I 1�HAGE
o - ; qii '►
By:
BID AMOUNT: S 100.00
1654
Doe# 1740229
Sk# 2410 Pg# 1750
BLK 2 PT LTS 11 & 12AMD PLAT LINCOLN MANOR EST
P115-62 (A/K/A UNIT 29. PARK VILLAGE HOMEOWNERS
ASSOC) OR2287-1748DEC OR2314-1993/98
1655
IN THE CIRCUIT COURT OF THE SIXTEENTH JUDICIAL CIRCUIT IN AND
FOR MONROE COUNTY, FLORIDA
ORION BANK, a Florida Corporation,
Plaintiff,
CASE NO. 08-CA-1264-K
-vs-
ERIC DEFILIPPO and NICOLE L. DEFILIPPO, DOep 1740229
his Wife, MONROE COUNTY, JOHN DOE and Bk1l 2410 P90 1751
JANE DOE, as unknown tenants in possession.
I
NOTICE OF ASSIGNMENT OF BID
COMES NOW, the Plaintiff, by and thro%h the undersigned counsel, and as
winning bidder at the clerk's sale held on April 15` , 2009, hereby assigns the winning
bid to OB Keys, LLC, whose EIN # is and whose mailing address is PO Box
413040, Naples, Florida, 34101.
DATED this 151h day of April, 2009
Respectfully submitted,
CUNNINGHAM, MILLER P.A.
Attorneys for Plaintiff
Post Office Box 500938
Marathon, Florida 33050
Tel (305) 743-9428
Fax (305) 743-8800
BY: 30 0 o r
CHRISTOPHER S. NELSON, ESQ. a SW m
Fla. Bar No. 10704 CD =
cnelson@floridakeyslaw.com cn �
ran W o
D N
MONROE COUNTY
OFFICIAL RECORDS
1656
IN THE CIRCUIT COURT OF THE SIXTEENTH JUDICIAL CIRCUIT IN AND '' }
FOR MONROE COUNTY, FLORIDA
ORION BANK, a Florida Corporation,
Plaintiff,
$-vs- CASE NO.2bt2- 0(� \2tA
t
ERIC DEFILIPPO and NICOLE L. DEFILIPPO,
his Wife, MONROE COUNTY, JOHN DOE and
JANE DOE, as unknown tenants in possession.
Yo
SUMMONS n
TO: Monroe County, by servings
Charles McCoy, County Mayor
530 Whitehead Street
Key West, Florida 33040
IMPORTANT
A lawsuit has been filed against you. You have 20 calendar days after this
summons is served on you to file a written response to the attached complaint/petition
with the clerk of this circuit court and to the undersigned law firm. A phone call will not
protect you. Your written response, including the case number given above and the names of the
parties,must be filed if you want the court to hear your side of the case. If you do not file your
written response on time,you may lose the case,and your wages, money, and property may
thereafter be taken without further warning from the court. There are other legal requirements.
You may want to call an attorney right away. If you do not know an attorney,you may call an
attorney referral service or a legal aid office (listed in the phone book).
If you choose to file a written response yourself,at the same time you file your written
response to the court you must also mail or take a copy of your written response to the person
named below.
CUNNINGHAM,MILLER&WILLIAMS,P.A.
Attorneys for Petitioner
Post Office Box 500938
Marathon,Florida 33050-0938
Tel.: (305)743-9428
Fax: (305) 743-8800
IMPORTANTE
Usted ha sido demandado legalmente. Tien veinte(20)dias, contados a partir del recibo
de esta notifrcacion,para contestar la demanda adjunto, por escrito,y presentaria ante este
tribunal.Una llamada telefonica no to protegera;si usted desea que el tribunal considers su
1657
r
defensa, debe presentar su respuesta por escrito, incluyendo el numero del caso y los nombres de
las partes interesadas en dicho caso. Si usted no contesta 1a demanda a tiempo,puedes perder el
caso y podria ser despojado de sus ingresos y propiedades, o privado de sus derechos, sin previo
aviso del tribunal. Existen otros requisitos legales. Si to desea, puede usted consultar a un
abogado immediatamente. Si no conoce a un abogado puede llamar a una de las oficinas de
asistencia legal que aparecen en la guia telefonica.
Si desea responder a la dernanda por'su cuenta,al mismo tiempo en que presenta su
respuesta ante el tribunal, debera usted enviar por correo o entregar una copia de su respuesta a la
persona demoninada abajo Como "Plaintiff/Plaintiffs Attorney." (Demandate o Abogado del
Demanadante).
EWPORTANT
Des poursuites judiciaries ont ete entreprises contre vous. Vous avez.20 fours consecutifs
a partir de la date de l'assignation de catte citation por deposer une response ecrite a la plainte
ce jointe aupres de cc Tribunal.Un simple coup de telephone est insuffisant pour vous proteger;
vous etes oblige de deposer votre response ecrite, aver mention de numero de dossier ce-dessus et
du nom des parties nommees ici, si vous souhaitez que le Tribunal entende votre cause. Si vous
ne deposez pas votre response ecrite dans le relai requis,vos resquez de perdre la cause ainsi que
votre salaire, votre argent,et vos biens puevent etre saisis par la suite, sans aucun preavis
ulterieur do Tribulan.Il y a d'autres obligations juridiques et vous pouvez requerir les services
immediats d'un avocat. Si vous ne connaissez pas d'avocat,vous pourriez telephoner a un service
de reference d'avocats ou a un bureau d'assistance juridique(figurant a 1'annuaire de telephones).
Si vous choisissez de deposer vous-meme une reponse ecrite, it vous faudra egalement,
en mezne temps que cette formalite,faire parvenir ou expedier une copie au Carbone ou une
photocopie de votre reponse ecrite au "Plaintiff/Plaintiffs Attorney" (Plaignant ou a son avocat)
nomme ci-dessous.
THE STATE OF FLOR1[DA
TO EACH SHERIFF OF THE STATE: You are commanded to serve this summons and a
copy of the complaint/petition in this lawsuit to the above named at address listed.
WITNESS my hand and the seat of this Court on the 'Z7 day of 2008
DANNY L.KOLHAGE
As Clerk of the Court
By:1S LA;ak
as Deputy Clerk
1658
IN THE CIRCUIT COURT OF THE SIXTEENTH JUDICIAL CIRCUIT IN AND
FOR IVIONROE COUNTY, FLORIDA
ORION BANK, a Florida Corporation,
Plaintiff,
j CASE NO.
-vs-
ERIC DEFILIPPO and NICOLE L. DEFILIPPO,
his Wife, MONROE COUNTY, JOHN DOE and
JANE DOE, as unknown tenants in possession.
NOTICE OF LIS PENDENS
TO THE ABOVE STYLED DEFENDANTS AND ALL OTHERS WHOM IT MAY
CONCERN:
YOU ARE HEREBY NOTIFIED of the institution of this action by Plaintiff against you
seeldng to foreclose a mortgage on the following property in Monroe County,Florida:
BLK 2 PT LTS 11 & 12ANID PLAT LINCOLN MANOR EST
PBS-62 (A/KIA UNIT 29 PARK VILLAGE HOMEOWNERS
ASSOC) OR2287-1748DEC OR2314-1993/98
Including the buildings, appurtenances, and fixtures located thereon.
DATED: August 8t',2008 CUNNINGHAM,MILLER, & WILLIAMS, P.A.
Attorneys far Jainti
By:
C TOPHER S.NELSON,ESQ.
Florida Bar 4: 1.0704
P.O.Box 500938
Marathon, Florida 33050
Tel. (305) 743-9428
Fax.(305)743-8800
cnelson@floridakeyslaw.com
1659
R
)IN"THE CIRCUIT COURT OF THE SIXTEENTH JUDICIAL CIRCUIT IN AND
FOR MONROE COUNTY, FLORIDA
ORION BANK, a Florida Corporation,
Plaintiff,
CASE NO.
-vs-
ERIC DEFILIPPO and NICOLE L. DEFILIPPO,
his Wife, MONROE COUNTY, JOHN DOE and
JANE DOE, as unknown tenants in possession.
I
COMPLAINT
COMES NOW the Plaintiff, ORION BANK., a Florida Corporation, by and
through the undersigned counsel, and sues the Defendants, stating in support thereof:
1. That this is an action to foreclose a mortgage on real property located in Monroe
County, Florida.
2. That at all times material hereto, Plaintiff was a licensed Florida Corporation,
conducting business in Monroe County, Florida, and otherwise sui juris.
3. That at all times material hereto, Defendants ERIC DEFILIPPO and NICOLE L.
DEFILIPPO, his wife ("Borrowers") were the lawful owners of the following real
properties located in Monroe County, Florida more particularly described as:
BLK 2 PT LTS 11 & 12AMD PLAT LINCOLN MANOR EST
PB5-62 (A/K/A UNIT 29 PARE; VILLAGE HOMEOWNERS
ASSOC) OR2287-1748DEC OR2314-1993/98
and hereinafter referred to as ("the property").
1660
F
f f
COUNTY
Plaintiff re-alleges paragraphs one through three above as if fully set forth herein,
and further states
4. This is an action to re-establish and enforce lost instruments pursuant to Florida
Statue Section 673.3091. 3
5. On or about the 1001 day of August, 2007 in Monroe County, Florida, the
Borrowers executed and delivered to the Plaintiff a promissory note secured by a
mortgage in the principal amount of Two Hundred Forty One Thousand and no
cents ($241,700.00), Attached hereto is a substantial copy of said-note
6. Plaintiff owns and holds said notes by virtue of the endorsement/allonge and said
mortgage by virtue of the endorsement, a copy of which is attached hereto.
7. The original promissory note and mortgage were lost or destroyed, the exact time
and manner of said loss or destruction being unknown to Plaintiff.
8. Plaintiff was in possession of the promissory note and entitled to enforce it when
the loss or possession occurred.
9. The loss of possession was not the result of a transfer by Plaintiff or a lawful
seizure. Said notes are not in the custody or control of Plaintiff.
10. Plaintiff cannot reasonably obtain possession of the promissory note because its
whereabouts cannot be determined.
11. The Defendants are the only persons known to Plaintiff who are interested for or
against-reestablishnient of the subject note.
WHEREFORE, Plaintiff respectfully demands that this Court establish and
enforce the attached exhibits.
1661
COUNT 11
Plaintiff re-alleges paragraphs one through three above, and further states:
12. This is an action to foreclose a mortgage on real property located in Monroe
County, Florida.
13. On or about the 10t" clay of August, 2007, Borrowers, executed and delivered a
promissory note and a mortgage securing payment of the note to plaintiff which
was recorded on the 14"' day of August, 2007 in Official Records Book 2314 at
Page 1999 of the public records of Monroe County, Florida, and mortgaged the
properly described in the mortgage then owned by and in possession of the
mortgagor, a copy of the mortgage is attached hereto as exhibit A.
14. Plaintiff owns and holds the note and mortgage.
15. The property is now owned by the Defendants, who hold possession.
16. Defendants have defaulted under the note and mortgage by failing to pay the
payment due on May lst, 2008, and all subsequent payments.
17. Plaintiff declares the full amount payable under the note and mortgage to be due,
which totals Two Hundred Forty Thousand Two Hundred Sixty One Dollars and
Eighty Four Cents ($240,261.84)
18. Defendant additionally owes Plaintiff interest due on principle on the note and
mortgage from May lst, 2008, Late Fees, and title search expense for ascertaining
necessary parties to this action..
19. Plaintiff is obligated to pay Plaintiff's attorneys a reasonable fee for their services,
in addition to the costs of suit.
1662
20. Defendants JOHN DOE and JANE DOE, as unknown tenants in possession of the
subject property claim a leasehold interest in the property, but the interest accrued
after the recording of the Plaintiff's mortgage and is subservient to it.
21. The Borrowers, may claim a homestead interest in the property, but any claimed
homestead interest is subservient to the Plaintiff s interest.
22. Defendant MONROE COUNTY may claim an interest in the property by way of
a second mortgage on the property which was recorded on the. 14t" day of August,
2007 in the Official Records Book 2314, Page 2015 of Monroe County Florida,
said lien was recorded after the Plaintiff s lien, and is subservient to it.
WHEREFORE, Plaintiff demands judgment foreclosing the mortgage, and if the
proceeds of the sale are insufficient to pay Plaintiff's claim, a deficiency judgment to
satisfy same, all fees and costs taxable by law and contract, and any other relief deemed
necessary and just by the court.
Respectfully Submitted,
CUNNINGHAM, MILLER, & WILLIAMS, P.A.
Attorneys lainti
By:
CHRISTOPHER S. NELSON, ESQ.
Florida Bar#: 10704
P.O. Box 500938
Marathon, Florida 33050
Tel. (305) 743-9428
Fax.(305) 743-8800
cnelson(a7flondalce slaw.com
DATED: August 6ti,, 2008.
1663
01
e
Prepared By: Carol Stockley
Orion Bank DOCU 1557864 08/14/2007 2:15PM
PO Box 413040 Piled & Recorded in Official Records of
MONROE COUNTY DANNY L.*. KOL,HAGE
Naples,FL 34101-3040 � . . ..... ._.
08/14/2007 2:18PM
INTANGIBLE TAX CL: FW $483.40
MORTGAGE DOC STAMP CL: PW $845.95
i Docq 1657884
Bkd 2314 P90 1999
Leasehold Mortgage
THIS LEASEHOLD MORTGAGE made this 10th day of August, 2007, between the
Mortgagor Eric Defilippo and Nicole L. Derdippo, husband and wife (herein
"Borrower"), and the Mortgagee, Orion. Bank organized and existing under the laws of
Florida, whose address Orion Bank, PO Box 413040, Naples, FL 34101-3040 (herein
"Lender").
WHEREAS Borrower is indebted to Lender in the Principal sum of U.S. $241,700.00
which indebtedness is evidenced by Borrower's Note dated August 10th, 2007 and
extensions, modifications and renewal thereof (herein "Note"), providing for monthly
installments of principal and interest,with the balance of Indebtedness,if not sooner paid,
due and payable on September 1,2037.
TO SECURE to Lender the repayment of the indebtedness evidenced by the Note, with
interest thereon; the payment of all other sums, with interest thereon, advanced in
accordance herewith to protect the security of this Mortgage; and the performance of the
covenants and agreements of Borrower herein contained. Borrower does hereby
mortgage, grant and convey to Lender all of Borrower's leasehold estate in (but none of
its obligations with respect to, and none of the right, title or interest of any other party in
or with respect to) the following described Property located in the County of Monroe,
State of I rida.
Parcel 22 of PARK VILLAGE, according to the Declaration of Protective
Covenants, Restrictions and Easement and Assessments of PARK VILLAGE as
recorded in Official Records Book 287 at Page of the Public Records of
Monroe County, Florida, more particularly described by metes and bounds as
follows:
A Parcel of land being part of Lots 11 & 12,Block 2,AMENDED PLAT LINCOLN
MANOR ESTATES, as recorded in Plat Book 5, at Page 62,of the Public Records of
Monroe County, Florida, and being more particularly described by metes and
bounds as follows: Commencing at the intersection of the Northerly right of way
line of Seventh Avenue and the 'Westerly right of way line of Fifth Street and run
thence Westerly along the Northerly right of way line of Seventh Avenue for a
distance of 262.88 feet; thence Northerly and at right angles for a distance of 6.92
feet to the Point of Beginning; thence continue Northerly for a distance of 16.45 feet; 1664
thence Easterly and at right angles for a distance of 0.70 feet to the Southerly
PX'�'�77 Cltxln of +" ran f4k Kira of 4-U- r.a� *. --It TT...'A_ Iwn a nn _e i A—.1
Records of Monroe'County,Florida, and any amendments thereof("Ground Lease"), and
subject to easements and restrictions of record.
as v
Which address is 48 4h Avenue,Key`Vest, FL 33040 (herein"Property Address") . X9 n
TOGETHEER with all right, title and ,interest of Borrower to the use, occupancy, J
,possession and enjoyment of said real property, howsoever created or established, ,-0OD
.including without limitation, pursuant to any agreements, stipulations and rights
constituting a basis for such occupancy, possession, use and enjoyment to which m
Borrower and/or others and their respective successors and assigns, may be a party,
together with the leasehold interest inn all the improvements now or hereafter erected on
the Property, and all easements, rights, appurtenances and rents all .of which shall be
deemed to be and remain a part of the Property covered by this Mortgage; and all of the
foregoing,together with said Property are hereinafter referred to as the"Property".
Any Rider ("Rider") attached hereto and executed on even date is incorporated herein
and the covenants and agreements of the Rider shall amend and supplement the
covenants and agreements of this Mortgage, as if the Rider were a part thereof.
Borrower covenants that the Property is owned in fee simple by Monroe County;
however, said Property is leased to Park Village, LLC, a Florida limited liability
company, pursuant to that certain Ground Lease described above, a true and correct copy
of which has been provided to Lender. Park Village, LLC has created that development
known as Park Village, pursuant to that certain Declaration of Protective Covenants,
Restrictions, Easements of Park Village, according to the Declaration thereof, as recorded
in Official Records Book 2287 at Page 1748, Public Records of Monroe County, Florida
(the "Declaration"). Park Village has been created on leasehold property leased pursuant
to the Ground Lease. Borrower's exclusive possessory interest therein being derived from
a Parcel Sublease dated �j0_6 by and between. park Village, LLC, as
sublessor and Borrower, as sublessee (together with all amendments, modifications,
renewals, extensions or replacements, the "Parcel Sublease"), a true, correct, and
complete copy of which has been provided to Lender. Borrower covenants that the
Parcel Sublease is in full force and effect. Borrower has valid leasehold title to the
Property hereby conveyed subject to the matters set forth in the Ground Lease, and
Borrower has the right under the Parcel Sublease to mortgage, grant and convey the
Property subject to the restrictions provided in the Ground Lease. Borrower covenants
that Borrower's. Interest in the Parcel Sublease is not subject to any Liens or
encumbrances, except for encumbrances of record. Borrower covenants that Borrower
.warrants and will defend generally the leasehold title to the Property against all claims
and demands;subject to encumbrances of record.
COVENANTS. Borrower and Lender covenant and agree as follows:
L Payment of Principal and Interest. Borrower shall-promptly pay when due the
principal and interest indebtedness evidenced by the Note. This Mortgage secures
payment of said Note according to its terms,which are incorporated herein by reference.
2. Prior Mortgages' and Deed of Trust; Charges; Borrower shall perform all of
Borrower's obligations, under any mortgage, deed of trust or other security agreement
with.a lien which has priority over this Mortgage, including borrower's covenants to
make payments when due. Borrower shall pay or cause to-be paid all taxes, assessments 1665
nnel rLflfPr.r-'ku,rraQ fi„.o n_,4 ;rr,144— -++...:t..,,4.—J.t., L_ Lt__ rl____ _„»..1_:_Y_ ._____ '"
Borrower, at Borrower's sole cost'and expense, shall maintain and cause to be performed
all of the covenants, agreements, terms, conditions and provisions on its part to be kept,
observed and performed under the Ground Lease and Parcel Sublease; Borrower shall
also require the subtenants of Borrower, if any, to keep, observe and perform all of the
covenants, agreements, terms, conditions and provisions on their part to be kept, observed �,d
or performed under the Ground Lease and Parcel Sublease; and shall not suffer or permit
any breach or default to occur with respect to the foregoing; and in the event of default
thereof the Lender shall have the right to perform or to require performance of any such
covenants, agreements, terms, conditions or provisions of the Ground Lease and/or Parcel -000
CO
Sublease, and to add any expense incurred in connection therewith to the debt secured 3
hereby, subject to the limitations set forth in the Ground Lease. The Borrower shall not, m
without the consent of the Lender, consent to the modification, amendment, cancellation, m
termination or surrender of the Ground Lease and/or Parcel Sublease. Borrower will not
do or permit to be done anything under the Ground Lease or Parcel Sublease,the doing of
which, or refrain from so doing anything, the omission of which, will impair or tend to
impair the security of this Leasehold Mortgage.
No release or forbearance of any of Borrower's obligation under any such Ground
Lease or Parcel Sublease shall release Borrower from any of its obligations under this
Mortgage.
4. Hazard Insurance.
a) 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 floods, for which Lender
requires insurance. This insurance shall be maintained in the amounts and for the periods
that Lender requires. The Insurance carrier providing the insurance shall be chosen by
Borrower subject to Lender's approval which shall not be unreasonably withheld. If
Borrower fails to maintain coverage described above, Lender may, at Lender's option,
obtain coverage to protect Lender's right in the Property in accordance with Section 8.
b) All Insurance policies and renewals shall be acceptable to Lender and shall include a
standard mortgage clause. Lender shall have the right to hold the policies and renewals.
If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums
and renewal notices. In the event of loss, Borrower shall give prompt notice to the
insurance carrier and Lender. Lender may make proof of loss if not made promptly by
Borrower.
e) Unless Lender and borrower otherwise agree in writing, insurance proceeds shall be
applied to restoration or repair of the Property damaged if the restoration or repair is
economically feasible and Lenders security is not lessened. If the restoration or repair is
not economically feasible or Lender's security would be lessened, the insurance proceeds
shall be applied to the sums secured by this Mortgage, whether or not then due, with any
excess paid to Borrower. If Borrower abandons the Property or does not answer within
34 days a notice from Lender that the Insurance carrier has offered to settle a claim, then
Lender may collect: the Insurance proceeds. Lender may use the proceeds to repair or
restore the Property or to pay sums secured by this Mortgage, whether or not then due. 1666
The 30-day period will burn when the notice is given_
held in the escrow account. Any amounts remaining in the account after all repairs
and/or improvements have been made to Lender's satisfaction, shall be applied to the
sums secured by thus Mortgage. Borrower farther agrees to cooperate with Lender by CU g
endorsing all checks, draft and/or other instruments evidencing Insurance proceeds and N
any necessary documents. Should Borrower fail to provide any required endorsement
and/or execution within 30 days after Lender,sends Borrower notice that Lender has
received an instrument evidencing insurance proceeds, or document(s) requiring _CO
Borrower's signature, Borrower hereby authorizes Lender to endorse said Instrument
and/or documents(s) on Borrower's behalf, and collect and apply said proceeds at m
Lender's option, either to restoration or repair of the Property or to sums secured by this
Mortgage. It is not the intention of either party that this escrow provision, and/or
Lender's endorsement or execution of an instrument(s) and/or document(s) on behalf of
Borrower create a fiduciary or agency relationship between Lender and Borrower.
e) Unless Lender and Borrower otherwise agree in writing, any application of proceeds
to principal shall not extend or postpone the due date of the monthly payments referred to
in section: I or change the amount of the payments. If under section 17 the Property is
acquired by Lender, Borrower's right to any insurance policies and proceeds resulting
from damage to the Property prior to the acquisition shall pass to Lender to the extent of
the sums secured by this Mortgage.
5. Preservation and Maintenance of Property; Leaseholds; Condominiums;
Planned Unit Developments. Borrower shall keep the Property in good repair and shall
not commit waste or permit impairment or deterioration of the Property_ Borrower shall
comply with the provisions of the Ground Lease and Parcel Sublease. Borrower
covenants that no notice of default exists under the Ground Lease or Parcel Sublease,that
Borrower will promptly notify Lender in writing of any notice of default that Borrower
sends to Monroe County under the Ground Lease or Park Village, LLC under the Parcel
Sublease, and that Borrower will promptly send to Lender a true copy of any notice of
default served on Borrower by Monroe County under the Ground Lease or Park Village,
LLC under the Parcel Sublease. If this Mortgage is on a unit 'n a condominium or a
planned unit development, Borrower shall perform all of Borrower's obligations under
the Declaration of Covenants creating or governing the condominium or planned unit
development,the by-law and regulation of the condominium or planned unit development
and constituent documents.
6. Protection. of Lender's Security. If Borrower fails to perform the covenant and
agreements contained in this Mortgage or the Ground Lease or Parcel Sublease, or if any
action or proceeding is commenced which materially affects Lender's interest in the
Property, then Lender, at Lender's option, upon notice to Borrower, may perform any
obligations of Borrower related to the Property without waiving any other rights or
releasing Borrower from the obligation which it has to perform. Make appearances,
intervene or otherwise participate in any legal or equitable proceeding which affects any
rights created by this Mortgage, make any and all payments required to be made by
Borrower hereunder and disburse such sums, including reasonable attorney's fees and
take such actions as is necessary to protect Lender's interest.
Any amounts disbursed by Lender pursuant to this section 6, with interest thereon from
the date of disbursal, at the Note rate, shall become additional indebtedness of Borrower
secured by this Mortgage(subject to the terms of the Ground Lease) unless Borrower and 1667
Lender agree to other terms of payment, such amounts shall be payable upon notice from
iF'T1r]Pr4n C2nrrnzira,-.-.anr�o..t-;.-..+.......-,........+fti____r XT-1-''- __ -. , ' .1 • I . ..
paid to Lender subject to the terms of the Ground Lease and any mortgage, deed of trust
or other security agreement with a lien which has priority over the Mortgage.
9. Borrower Not Released; Forbearance By Lender Not a Waiver. Borrower shall °r o
remain liable for full payment of the principal and interest on the Note (or any ��*
advancement or obligation) secured by this Leasehold Mortgage notwithstanding any of
the following: (a) the surrender, termination, cancellation, material modification,
Co
alteration, amendment, or sublease of the Ground Lease or Parcel Sublease; (b) the sale ,-0°0
of all or a part of the premises by Monroe County, or assignment of Ground Lease by
Park Village, LLC (c) the assumption by another party of Borrower's obligations m
hereunder; (d) the forbearance or extension of time for payment or performance of any
obligation hereunder, whether granted to Borrower or a subsequent lessee of the
Property; and(c)the release of all or any part of the premises securing said obligations or
the release of any party who assumes payment of the same. None of the foregoing shall
in any way affect the full force and effect of the lien of this Mortgage or impair Lender's
right to a deficiency judgment (in the event of foreclosure) against Borrower or any party
assuming the obligations hereunder,to the extent permitted by applicable law. Any
forbearance by Lender in exercising any right or remedy hereunder or otherwise afforded
by applicable law, shall not be a waiver of or preclude the exercise of any such right or
remedy.
10. Successors and Assigns Bound; Joint and Several Liability; Co-signers.
Borrower covenants and agrees that Borrower's obligations and liability shall be joint and
several. However, any Borrower who co-signs this Mortgage but does not execute the
Note (a"co-signer"); (a) is co-signing this Mortgage only to mortgage, grant and convey
the co-signer's interest in the Property under the terms of this Mortgage, (b) is riot
personally obligated to pay the sums secured by this Mortgage; and(e) agrees that Lender
and any other Borrower can agree to • extend, modify, forbear or make any
accommodations with regard to the terms of this Mortgage or the Note without the co-
signer's consent.
Any Successor in interest of Borrower who assumes Borrower's obligations under this
Mortgage in writing, and is approved by Lender, shall obtain all of Borrower's rights and
benefits under this Mortgage. Borrower shall not be released from Borrower's
obligations and liability under this Mortgage unless Lender agrees to such release in
writing. The covenants and agreements of this Mortgage shall bind and benefit the
successors and assigns of Lender.
11. Notice. Except for any notice required under applicable law to be given in another
manner, (a) any notice to Borrower provided for in the Mortgage shall be given by
delivering it or by mailing such notice by first class mail addressed to borrower or the
current owner at the Property Address or at such other address as Borrower may
designate in writing by notice to Lender as provided herein, and any other persons
personally liable on the Notes as their naives and addresses appear in Lender's records at
the time of giving notice and (b) any notice to Lender shall be given by first class mail to
Lender's address at Orion Bank, P.O. Box 413040, Naples, FL 34101-3040 or to such
other address as Lender may designate by notice to Borrower as provided herein. Any
notice provided for in this Mortgage shall be deemed to have been given to Borrower or
Lender when given in the manner designated herein.
12. Governing Law; Severability. The state-and local laws applicable to this Mortgage 1668
shall he,the.]A;wz ofii rICliirtfinn 7n xxrk, r+}, fltia ;, "En.,.,+-A 'rL., �- -----
,-
14. Rehabilitation Loan. Agreement. Borrower shall fulfill all of Borrower's
obligations under any home rehabilitation, improvement, repair or other loan agreement
which Borrower enters into with Lender. Lender, at Lender's option, may require o
Borrower to execute and deliver to Lender,in a form acceptable to Lender, an assignment
of any rights, claims or defenses which,Borrower may have against parties who supply
labor,materials or services in connection with improvements made to the Property.
Ca
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in 40A
15. No Merger of Fee Simple and Leasehold, There will be no merger of the Ground
Lease,the Parcel Sublease or the leasehold estate created by the Ground Lease and Parcel m
Sublease with the fee or other estate in the Property by reason of any of those interests,
coming into common ownership, unless Lender consents in writing. Further, if Borrower
acquires any interest in the fee or any other estate to the Properly, then the lien of this
Mortgage will simultaneously and without further action become extended to encumber
Borrower's interest in the fee or other estate in addition to remaining a lien on
Borrower's leasehold estate and Borrower agrees, upon request by Lender and of no cost
to Lender, to execute, acknowledge and deliver to Lender all further instruments and
documents that Lender reasonably believes to be appropriate to provide further evidence
of the lien of this Mortgage on such fee or other interest.
16. Surrender, Termination or Modification of Lease. Borrower will not surrender
the Parcel Sublease or its leasehold estate, nor terminate or cancel the Parcel Sublease,
without obtaining the prior written consent of Lender nor will borrower make or consent
to or suffer any material modification, change, supplement, amendment or alteration of
any terms of the Ground Lease or Parcel Sublease without obtaining the prior written
consent of Lender.
17. Default; Acceleration; Remedies. Upon Borrower's breach of any covenant or
agreement of borrower in this entire Mortgage, including the covenants to pay when due
any sums under the Note secured by this Mortgage, Lender, at Lender's option, may
declare all of the sums secured by this Mortgage to be immediately due and payable
without demand of notice, notice of the exercise of such option being hereby expressly
waived. Lender shall have the right to enter upon and take possession of the Property,
collect therefrom rentals and after deducting all costs of collection and administrative
expense, apply the net rental to any or all of the following in such order and amounts as
Lender, in Lender's sole discretion, may elect; first, to the payments of any sums due
under any prior lien; second, to the payment of any 'amounts that may have been
expended or that may then be necessary to expend in paying insurance, taxes and other
encumbrances, with -interest thereon; third, to the payment in full of the principal
indebtedness and interest thereon, whether the same shall or shall not have fully matured
at the date of said default, but no interest shall be collected beyond the date of said
default; and fourth, the balance, if any, shall be paid over to Borrowers or to whomever
then appears of record to be the leaseholder of said Property subject to the terms of the
Ground Lease. The taking of possession and collection of rents by Lender shall not be
construed to be an affirmation of the Parcel Sublease of all or any portion of the Property.
18. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums
secured by this Mortgage, borrower shall have the right to have any proceedings begun
by Lender to enforce this Mortgage discontinued if. (a) Borrower pays Lender all sums
which then would be due under this Mortgage, the Note and Notes securing Future Advances, if any, had no acceleration occurred, (b) Borrower cures all breaches of any 1669
Ylfli .r ,rvvf-nanI-c FRY -P 7.F---
SS
19. Assignment of Rent; Appointment of Receiver. As additional security hereunder,
Borrower hereby assigns to Lender the rents of the Property, provided that so long as
Borrower is not in default hereunder, Borrower shall, prior to acceleration under section x o
17 hereof or abandonment of the Property, have the right to collect and retain such rents
as they become due and payable. ,
s�cn
Upon acceleration andlor an event of default under section 17 hereof, or abandonment of
the Property, Lender, in person or by agent, shall have the right,but not the duty, subject
to the terms of the Ground Lease, to enter upon, take possession of and manage the m
Property and to collect the rents of the Property including those past due. CT`
20. Late Charges. If the loan secured by this Mortgage 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 connection with'the loan exceed permitted limits,
then; (a) any such loan charges shall be reduced by the amount necessary to reduce the
charge to the permitted limit and (b) any sums already collected from Borrower which
exceeded permitted limits will be refunded to Borrower. Lender may choose to make this
refund by reducing the principal owed under the Note or by mailing a direct payment to
Borrower. if a refund reduces principal, the reduction will be treated as a partial
repayment under the Note.
21. Legislation. if, after the date hereof, enactment or expiration of applicable laws
have the effect either of rendering the provisions of the Note,this Mortgage or any Rider,
unenforceable according to their terms, or all or any part of the sums secured hereby
uncollectible, as otherwise provided in this Mortgage or the Note, or of diminishing the
value of Lender's security, then Lender, at Lender's option, may declare all sums secured
by this Mortgage to be immediately due and payable.
22. Satisfaction. Upon payment of all sums secured by this Mortgage, the conveyance
of the Property pursuant to this Mortgage shall become null and void and Leader shall
release this Mortgage. Borrower shall pay all costs of recordation, if any. Lender, at
Lender's option, may allow a partial release of the Property on terms acceptable to
Lender and Lender may charge a release fee.
23. Hazardous Substances. Borrower shall not cause or permit the presence, use,
disposal, storage, or release of any Hazardous Substances on or in the Property.
Borrower shall not do, not allow anyone else to do anything affecting the Property that is
in violation of any Environmental Law. The preceding two sentences shall not apply to
the presence, use, or storage on the Property of small quantities of Hazardous Substances
that are generally recognized to be appropriate to normal residential uses and to
maintenance of the Property.
Borrower shall promptly give Lender written notice of any investigation, claim, demand,
lawsuit,'or other action by any governmental or regulatory agency or private party
involving the Property and any Hazardous Substance or Environmental Law of which
Borrower has actual knowledge. if Borrower learns, or is notified by any governmental
or regulatory authority, that any removal, or other remediation of any Hazardous
Substance affecting the Property is necessary, Borrower shall promptly take all necessary
remedial actions in accordance with Environmental Law.
As used in this section 23, "Hazardous Substances" are those substances defined as toxic 1670
nr lin7nrdnn.c cithetnnr-roc 1-%xf Tt rtcnrnnm a„f+E T — .,-A +1... r S'1.,._.:..,.- ....1_—,._..... I
l.�
Borrower and Lender request the holder of any mortgage, deed of trust or other
encumbrance with a lien which has priority over this Mortgage to give Notice to Lender 4
at Orion Bank, P.O. Box 413040, Naples, FL 34101-3040 of any default under the
superior encumbrance and of any sale or other foreclosure action.
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24. Receiver. At any time after the occuaxence of any event of default, Lender shalt be -0 CD
entitled at its option to the appointment of a receiver of the Property. Such appointment U
may be made without notice, without regard to the solvency or insolvency of Borrower at N
the time of application for such receiver and without regard to the value of the Property. m
Lender may be appointed as such receiver.
25. Indemnity With Respect to Property Covered By this Mortgage. Borrower will
indemnify and save and hold Lender, and its directors, officers and employees, and each
person, if any, who controls Lender (each such director, officer, employee and control
person is referred to herein as an "indemnitee"), and any other agent of Lender harmless
from and against any and all claims, damages, losses, liabilities, judgments or expenses
(including all reasonable fees and disbursements of counsel with whom any of them may
consult in connection therewith and all reasonable expenses of litigation or preparation
therefore)which may be incurred or sustained by or asserted against any of them, directly
or indirectly, in connection with the existence or exercise of any of Lender's rights with
respect to the Property covered by this Mortgage; provided, however, that the foregoing
shall not extend to any such claim;damage, loss, liability,judgment or expense caused by
or resulting from any gross negligence, willful misconduct or action not taken in good
faith by Lender or any other indemnitee.
26. Bankruptcy.
a) Borrower acknowledges that pursuant to Section 365 of the Bankruptcy Code, Title 11,
United States Code (as the same may be amended or recodified from time to time, the
"Bankruptcy Code"), it is possible that a trustee in bankruptcy of Monroe County or Park
Village, LLC, or Monroe County or Park Village, LLC as a debtors-in possession, could
reject the Ground Lease or Parcel Sublease, in which case Borrower as tenant would have
the election described in Section365 (h)(1) of the Bankruptcy Code as currently in effect
(which election, as it may be amended, revised or recodified from time to time, and
together with any comparable right under any other state or federal law relating to the
bankruptcy, reorganization or other relief for debtors, whether now or hereafter in effect,
is called the "Election") to treat the Ground Lease and Parcel Sublease as terminated by
such rejection or, in the alternative, to remain in possession for the balance of the term of
the Parcel Sublease and any renewal or extension thereof that is enforceable by the tenant
under applicable non-bankruptcy law.
b) Borrower agrees to the extent permitted by law, not to permit termination of the
Ground Lease or Parcel Sublease by exercise of the Election without the prior written
consent of Lender. In order to secure this covenant and as security for the Note,
Borrower assigns the Election to Lender. Borrower acknowledges and agrees that this
assignment of the Election is one of the rights which Borrower may use at any time in
order to protect and preserve the other rights and interests of Borrower under this
Mortgage.
c) Borrower acknowledges and agrees that the Election is in the nature of a remedy and 1671
is not a P;roperty'interest which Borrower can separate from the Ground Lease or Parcel
r____.. _ r
27. Borrower and Lender acknowledge the following limitations set forth in the Ground x a
Lease: ss n
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W f+
a. This Leasehold Mortgage and any other mortgage encumbering the Property
14
together shall not exceed ONE HUNDRED, PERCENT (100%) of the maximum ro cm
o
allowable sales price of the Property as set forth in the Affordable Restrictions (as W 4�-
defined in the Ground Lease). m
b. The terms of the note, which is secured by this Leasehold Mortgage, shall not
result in-negative amortization Mess approved by Monroe County.
C. Lender and any purchaser at foreclosure shall comply with the provisions of the
Ground Lease,
d. d. Borrower and Lender acknowledge the teens set forth in Section 15.02(e) of the
Ground Lease which provide for an irrevocable assignment to Monroe County (or its
assigns) of any and all net proceeds from the sale of any interest in the Property
remaining after payment of costs of foreclosure and satisfaction of this Leasehold
Mortgage to the extent such net proceeds exceed the net proceeds that Borrower would
have received had the interests been sold pursuant to the Affordable Restrictions (as
defined in the Ground Lease).
IN WITNESS WHEREOF, Borrower has executed this Mortgage and adopted as his seal
the word("SEAL") appearing beside his name.
Si ed, abed and delivered in the presence of:
SEAL)
ZSS
TfSWoOD, JR. Borro •: E�ri efilip
Address: 48 Avenue
Key West,A L 33040
SEAL)
Borrower:Nicole L. efilippo
Patricia VVeeCri Address: 48 6"u Avenue
Key West, FL 33040
.,.._..�_._�SEAL}
Witness Signature Borrower:
Address:
• SEAL)
Witness Signature Borrower
Address
STATE OF
COUNTY OF 1672
rr�in -Fnra.rr.:r..-r r..ily-..�.•.,...,4- ...,.,, ,,,,7,,.�,.,___3..�.-.,s L....C�...,.. ____ .7___ •__.. ..s a n n.nnr+ y .-.
A
MED/.A.DJUSTABLE RATE NOTE
(LIBOR Orie-Year Index(As Published In The Wall Srreel Journan-Mate Capp)
THIS NOTE PROVIDES FOR A CHANGE IN MY FIXED INTEREST RATE TO AN ADJUSTABLE
INTEREST RATE. THIS MOTE LIMITS THE AMOUNT MY ADJUSTABLE INTEREST RATE CAN
CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE I MUST PAY.
Key West Florida
1Da[e] (City) (Stare]
.C.ear:_<Wes;t'"�;FI�.w33040 ,::
tpr iperty Address)
I. . BORROWER'S PROMISE TO PAY
In return for a loan that I have received, I promise to pay U.S. $,241;',7A.0 00. ; (this amount is called
"Principal"),plus interest, to the order of Lender. Lender is Onion Bank
I will Make,all.payments under this Note in the form of cash, check or money order.
I understand that Lender may transfer this Note. Lender or anyone who takes this Note by transfer and who is entitled
to 'receive payments under this Note is called the "Note Holder."
2. INTEREST
Interest will be charged on unpaid principal until the full amount of Principal has been paid. I will pay interest at a
yearly rate of :. interest rate I will pay may change in accordance with Section 4 of this Note.
The interest rate required by this Section 2 and Section 4 of this Note is the rate I will pay both before and after any
default described in Section 7(B) of this Note.
3. nr—A-YW1E-NTS,u
(A)Time and Place of Payments
I will pay principal and interest by making a payment every month.
I will make my monthly payments on the first day of each month b�69iiSiii�ig on Qc�obex:_1••;;20�7,r
I will make these payments every month until I have paid all of the principal and interest and:any other charges described
below that I may owe under this Note. Each monthly payment will be applied as of.its scheduled due date and will be
applied to interest before Principal. If, on S,eptembe :,.:1st„>2037 f; , I still owe amounts under this Note, l
will pay those amounts in full on that date, which is called the ":IYFaturityAate:.'<:;
I will make my monthly,payments at2150 .Good.lette Rd. North
Naples, F1 341.01-3040
or at a different place if required by the Note Holder.
(B) Amount of My Initial Monthly Payments
Each of my initial monthly payments will be in the amount of U.S. $1,587.80. This amount may
change.
(C)Monthly Payment Changes
Changes in my Monthly payment will reflect changes in the unpaid principal of my loan and in the interest rate that I
must pay, The Note Holder will determine ruy new interest rate and the changed amount of my monthly payment in
accordance with Section 4 of this Note.
4. ADSUSTABLE LNTEREST RATE AND MONTHLY PAYMENT CHANGES
(A),', T]:ates"_
The initial fixed interest rate I will, pay will change to an adjustable interest rate on the .frst.::;day :of;:
and the adjustable interest rate I will pay may change on that day every 12th month t33ereafter.
07--03--000247
MULTISTATE FiXED1ADJUSTABLE RATE NOTE-WSJ one-Year LIBOR-Single Family-Fannie Mae Uniform Instrument
-168N loioe> Form 3528 6101 ,
c�
' VMP MORTGAGE FOAMS•IBOOJ521-7291
Page 1 of 5 Stvtials:
1673
}fgg
1 it
Y'
The date-on which my initial fixed interest rate changes to an adjustable interest rate, and each date on which my adjustable
interest rate could change,-is called a "Change Date."
(B) The JAde "?a
-'Beginning with the first Change Date, my adjustable 'interest rate will be based on an Index. The",Index" is the average
of interbank offered rates for one-year U.S. dollar-denominated deposits in the London market ("' IBOR") as published in
The Wall Street 1'oumal. The most recent Index figure available as of the date 45 days teforc each Change Date is called the
"Current Index."
If the Index is no longer available, the Note Holder will choose a new index that is based upon comparable
information. The Note Holder will give me notice of this choice. '
(C) Calculatioits'o1'_Cha�uges=;
Before each Change Date,the Note Holder will calculate my new interest rate by adding TWO AND 250/1000
percentage points( 2.250%}to the Current Index.The Note Holder will
then Totted,?the result of this addition-to the nearest one-eighth of one percentage point(0.125%).'Subject to the limits stated
in Section 4(D)below, this rounded amount will be my new interest rate until the next Change Date.
The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid
principal that I am expected to owe at the Change Date in fall on the Maturity Date at my new interest rate in substantially
equal payments. The result of this calculation will be the new amount of my monthly payment.
MY' on Interest Rate Changes
The interest rate I am required to pay at the first Change Date will not be greater than 11:875 % or less
...than.'-. '2"250`%';Thereafter, my adjustable interest ratc will never be increased or decreased on any
single Change Date by more than two percentage points from the rate of interest I have been paying for the preceding 12
months. My interest rate will.rneWerbe.{gzeatertbanl: :11 87.5'"% _:
(E) Effective Date of"Changes
My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment
beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again.
(h) Notice of Changes
The Note Holder will deliver or mail to rrae a notice of any changes in my initial fixed interest rate to an adjustable
interest rate and of any changes in my adjustable interest rate before the effective date of any change. The notice will include
the amount of my monthly payment, any information required by law to be given to me and also the title and telephone
number of a person who will answer any question 1-may have regarding the notice.
5 BORROWER'S RIGHT TO PREPAY
I have the tight to make payments of Principal at any time before they are due. A.payment of Principal only is known
<as a."Prepayment:" When-I matte•a Prepayment, I will tell the Note Holder in writing that I am doing so. I may not
.designate a payment-as a Prepayment if I have not made all the monthly payments due under this Note.
I may make a full Prepayment or partial Prepayments without paying any Prepayment charge. The Note Holder will
use my Prepayments to reduce the amount of Principal that I owe under this Note. However, the Note Holder may apply my
Prepayment to the accrued and unpaid interest on the Prepayment amount before applying my Prepayment to reduce the
Principal amount of this Note. If I make a partial Prepayment, there will-be no changes"in the due dates of my monthly
.payments unless the Note Holder agrees in writing to those changes. My partial Prepayment may reduce the amount of my
monthly payments after the first Change Date following my partial Prepayment. However, any reduction due to my partial
Prepayment may be offset by an,interest rate increase.
6. LOAN CHARGES
If a law, which applies to this loan and which sets maximum loan charges,is finally interpreted so that the interest or
'other loan charges collected or to be collected in connection with this loan exceed the permitted limits, then: (a) any such
loan"charge'shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already
collected from me,that exceeded permitted limits will be refunded to me. The Note Holder may choose to make this refund
by reducing the Principal-I owe under this Note or by making a direct payment to me. If a refund'-reduces Principal, the
reduction will be treated as a partial Prepayment.
07-03--000247
Form 528
"-1 6$N [Ot OSJ Pagc 2 of 5 Initials_
j m
1674
Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the
Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial
interests 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.
If all or any part of the Property or any Interest in the Property its sold or transferred(or if Borrower is not a
natural person and a beneficial interest in Borrower is sold or transferred)without Lender's prior written consent,
Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this
option shall not be exercised by Lender if such exercise is prohibited by Applicable Law.
If Lender exercises this 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 1.5 within which
Borrower must pay all sums secured by this Security Instrument, if Borrower fails to pay these sums prior to the
expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further
notice or demand on Borrower.
(B) When my initial fixed interest rate changes to an adjustable interest rate under the terms stated in Section 4 above,
Uniform Covenant 18 of the Security Instrument described in Section 11(A) above shall then cease to be in effect, and
Uniforncn Covenant 18 of the Security Instrument shall instead read as follows:
Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, »Interest in the
Property" means any legator beneficial interest in the Property, including, but not limited to, those beneficial
interests 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.
If all or any part of the Property or any Interest in the Property is sold or transferred(or if Borrower is not a
natural person and a beneficial interest in Borrower is sold or transferred)without Lender's prior written consent,
Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this
option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. Lender also shall not
exercise this option if. (a) Borrower causes to be submitted to Lender information required by Lender to evaluate
the intended transferee as if anew loan were being made to the transferee; and (b) Lender reasonably determines
that Leader's security will not be impaired by tine loan assumptions and that the risk of a breach of any covenant or
agreement in this Security Instrument is acceptable to Lender.
To the extent permitted by Applicable Law, Lender may charge a reasonable fee as a condition to Lender's
consent to the loan assumption. Lender also may require the transferee to sign an assumption agreement that is
acceptable to Lender and that obligates the transferee to keep all the promises and agreements made in the Nate
and in this Security Inst aiment. Borrower, will continue to be obligated under the Note and this Security
Instrument unless Lender releases Borrower in writing.
If Lender exercises the option to require immediate payment in full, 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 15 within which Borrower must pay all sums secured by this Security Instrument. If
Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted
by this Security'Instrument without further notice or demand on Borrower.
0.7-03--000247
Form 3528 6101
-168N (0108) Page 4 of 5 ..,�
IniiiaLs:
1675
WITNESS TIME HAND(S)AND Sl; L(S) OF THE UNDERSIGNED.
1
(Seal) (Seal)
1;ra c �� ppo Borrawer -Borrower
J
(Seal) (Seal)
-Borrower Borrower
(Seal) (Seal)
Bosrnwer -Borrower
(Seal) (Seal)
-Borrower -Borrower
(Sign Original Only]
3
07w-03-000247
Form 3528 6101
�168N tdi= Pape 5 of 5
i
1676
IN THE CIRCUIT COURT OF TILL, SIXTEENTH JUDICIAL CIRCUIT IN AND
FOR MONROE COUNTY, FLORIDA
ORION BANK, a Florida Corporation,
Plaintiff,
CASE NO.
-vs-
ERIC DEFILIPPO and NICOLE L. DEFILIPPO,
his Wife, MONROE COUNTY, J"OHN DOE and
JANE DOE, as unknown tenants in possession.
1
SUMMONS
TO: Monroe County, by serving
Charles McCoy, County Mayor
530 Whitehead Street
Key West, Florida 33040
IMPORTANT
A lawsuit has been filed against you. You have 20 calendar days after this
summons is served on you to file a written response to the attached complaint/petition
with the clerk of this circuit court and to the undersigned law firm. A phone call will not
protect you. Your written response, including the case number given above and the names of the
parties,must be filed if you want the court to hear your side of the case. If you do not file your
written response on time,you may lose the case,and your wages,money, and property inay
thereafter be taken without further warning from the court. There are other legal requirements.
You may want to call an attorney right away. If you do not know an attorney,you may call an
attorney referral service or a legal aid office (listed in the phone book).
If you choose to file a written response yourself, at the same time you file your written
response to the court you must also mail or take a copy of your written response to the person
named below.
CUNNINGHAM,MILLER& WILLIAMS,P.A.
Attorneys for Petitioner
Post Office Bdx 500938
Marathon., Florida 33050-0938
Tel.: (305) 743-9428
Fax: (305) 743-8800
IMPORTANTE
Usted ha sido demandado legalrnente. Tien veinte(20)dias, contados a partir del recibo
de esta notificacion,para contester la demanda adjunto,por escrito,y presentaria ante este
tribunal. Una llamada telefonica no to protegera; si usted desea que el tribunal considere su
1677
1
defensa, debe presentar su respuesta por escrito, incluyendo el numero del caso y los nombres de
las partes interesadas en dicho caso. Si usted no contesta la demanda a tiempo,puedes perder el
caso y podria ser despojado de sus ingresos y propiedad.es, o privado de sus derechos, sin previo
aviso del tribunal. Existen otros requisitos legales. Si to desea,puede usted consultar a un
abogado immediataniente. Si no conoce a un abogado puede Ilamar a una de las oficinas de
asistencia.Iegal que aparecen en la guia telefonica.
Si desea responder a la demanda por su cuenta,al mismo tiernpo on que presenta su
respuesta ante el tribunal, debera usted enviar por correo o entregar una copia de su respuesta a la
persona demoninada abajo Como "Plaintiff/Plaintiffs Attorney." (Demandate o Abogado del
Demanadante).
YMIPORTANT
Des poursuites judiciaries ont ete entreprises contre vous. Vous avez 20 fours consecutifs
a partir de la date de 1'assignation de catte citation por deposer une response ecrite a la plainte
ce jointe aupres de cc Tribunal. Un simple coup de telephone est insuffisant pour vous proteger;
vous etes oblige de deposer votre response ecrite, avec mention de numero de dossier ce-dessus et
du nom des parties nominees ici, si vous souhaitez que le Tribunal entende votre cause. Si vous
no deposez pas votre response ecrite Bans le relai requis,vos resquez de perdre la cause ainsi que
votre salaire,votre argent, et vos biens puevent etre saisis par la suite,sans aucun preavis
ulterieur do Tribulan. Il y a d'autres obligations juridiques et vous pouvez requeriar les services
immediats d'un avocat. Si vous ne connaissez pas d'avocat,vous pourriez telephoner a un service
de reference Tavocats ou a un bureau d'assistance juridique(figurant a l'annuaire de telephones).
Si vous choisissez de deposer vous-memo une reponse ecrite, it vous faudra egalement,
on meme temps que cette formalite, faire parvenir ou expedier une copie au Carbone ou une
photocopie de votre reponse exrite au "Plaintiff/Plaintiff's Attorney" (Plaignant on a son avocat)
nomme ci-dessous.
THE STATE OF FLORIDA
TO EACH SHERIFF OF THE STATE: You are commanded to serve this summons and a
copy of the complaint/petition in this lawsuit to the above named at address listed.
WITNESS my hand and the seal of this Court on the day of ,2008
DANNY L. KOLHA.GE
As Clerk of the Court
By:
as Deputy Clerk
1678
IN THE CIRCUIT COURT OF THE SIXTEENTH JUDICIAL CIRCUIT IN AND
FOR MONROE COUNTY,FLORIDA
ORION BANK, a Florida Corporation,
Plaintiff,
CASE NO.
-vs-
ER.IC DEFILIPPO and NICOLE L. DEFILIPPO,
his Wife, MONROE COUNTY, JOHN DOE and
JANE DOE, as unknown tenants in possession.
SUMMONS
TO: Jane Doe, as unknown tenant in possession of
48 6`J'Avenue
Key West, FL 33040
IMPORTANT
A lawsuit has been filed against you. You have 20 calendar days after this
summons is served on you to file a written response to the attached complaint/petition
with the clerk of this circuit court and to the undersigned law firm. A phone call will not
protect you. Your written response, including the case number given above and the names of the
parties,must be filed if you want the court to hear your side of the case.If you do not file your
written response on time,you may lose the case, and your wages, money, and property may
thereafter be taken without further warning from the court. There are other legal requirements.
You may want to call an attorney right away. If you do not know an attorney,you may call an
attorney referral service or a legal aid office (listed in the phone book).
If you choose to file a written response yourself, at the same time you file your written
response to the court you must also mail or take a copy of your written response to the person
named below.
CUNNINGHAM,MILLER&WILLI<AMS,P.A.
Attorneys for Petitioner
Post Office Boa 500938
Marathon,Florida 33050-093 8
TeI.: (305)743-9428
Fax: (305) 743-8800
IMPORTANTE
Usted ha sido demandado legalmente.Tien veinte(20) dias, contados a partir del recibo
de esta notificacion,para contestar la demanda adjunto,par escrito,y presentaria ante este
tribunal. Una llamada telefonica no to protegera; si usted desea que el tribunal considere su
defensa, debe presentar su respuesta por escrito, incluyendo el numero del caso y los nombres de
1679
las pastes interesadas en dicbo caso. Si usted no contesta la demanda a.tieinpo,puedes perder el
caso y podria ser despojado de sus ingresos y propiedades, o privado de sus derechos, sin previo
aviso del tribunal. Existen otros requisitos legates. Si to desea, puede usted consultar a un
abogado immediatamente. Si no conoce a un abogado puede Ilamar a una de las oficinas de
asistencia legal que aparecen en la guia telefonica.
Si desea responder a la demanda por su cuenta, al mismo tiempo en que presenta su
respuesta ante el tribunal, debera usted enviar por correo o entregar una copia de su respuesta a la
persona denioninad.a abajo como "Plaintiff/Plaintifl's Attomey." (Demandate o Abogado del
Demanadante),
EWPORTANT
Des poursuites judiciaries ont ete entreprises contre vous.Vous avez 20 jours consecutifs
a partir de la date de l'assignation de catte citation por deposer une response ecrite a la plainte
ce jointe aupres de ce Tribunal. Un simple coup de telephone est insuffisant pour vous proteger;
vows etes oblige de deposer votre response ecrite, avec mention de numero de dossier cc-dessus et
du none des parties nommees ici, si vous souhaitez que le Tribunal entende votre cause. Si vous
ne deposez pas votre response ecrite dans le relai requis,vos resquez de perdee la cause ainsi que
votre salaire,votre argent, et vos biers puevent etre saisis par la suite,sans aucun preavis
ulterieur do Tribulan. Il y a d'autres obligations juridiques et vous pouvez requerir les services
immediats d'un avocat. Si vous ne connaissez pas d'avocat,vous pourriez telephoner a un service
de reference d'avocats ou a un bureau d'assistance juridique (figurant a Pannuaire de telephones).
Si vous choisissez de deposer vous-meme une reponse ecrite, it vous faudra egalement,
en meme temps que cette formalite, faire parvenir ou expedier une copie au carbone ou une
photocopic de votre reponse excite au "Plaintiff/PlaintifPs Attorney" (Plaignant ou a son avocat)
nomme ci-dessou.s.
THE STATE OF FLORIDA
TO EACH SHERIFF OF THE STATE: You are commanded to serve this summons and a
copy of the complaint/petition in this lawsuit to the above named at address listed.
WITNESS my hand and the seal of this Court on the day of , 2008
DANNY L.KOLHAGE
As Clerk of the Court
By:
as Deputy Clerk
1680
IN THE CIRCUIT COURT OF TILL SIXTEENTH JUDICIAL CIRCUIT IN AND
FOR MONROlE COUNTY,FLORIDA
ORION BANK, a Florida Corporation,
Plaintiff,
CASE NO.
-vs-
ERIC DEFILIPPO and NICOLE L. DEFILIPPO,
his Wife, MONROE COUNTY, JOHN DOE and
JANE DOE, as unknown tenants in possession.
SUMMONS
TO: John Doe, as unknown tenant in possession of
48 6a'Avenue
Key West, FL 33040
IMPORTANT
A lawsuit has been filed against you. You have 20 calendar days after this
summons is served on you to file a written response to the attached complaint/petition
with the clerk of this circuit court and to the undersigned law firm. A phone call will not
protect you. Your written response, including the case number given above and the names of the
parties, must be filed if you want the court:to hear your side of the case. If you do not file your
written response on time,you may lose the case, and your wages, money, and property may
thereafter be taken without further warning from the court. There are other legal requirements.
You may want to call an attorney right away. If you do not know an attorney,you may call an
attorney referral service or a legal aid office(listed in the phone book).
If you choose to file a written response yourself, at the same time you file your written
response to the court you must also mail or take a copy of your written response to the person
named below.
CUNNINGHAM,MMLL.R &WILLIAMS,P.A.
Attorneys for Petitioner
Post Office Box 500938
Marathon,Florida 33050-0938
Tel.: (305) 743-9428
Fax: (305) 743-8800
IMPORTANTL
Usted ha sido demandado legalmente. Tien veinte(20)dias, contados a partir del recibo
de esta notificacion,para contestar la demanda adjunto, por escrito,y presentaria ante este
tribunal.Una Ilamada telefornica no to protegera; si usted desea que eI tribunal considere su
defensa, debe presentar su respuesta por escrito, incluyendo el numero del caso y los hombres de
1681
la.s partes interesadas en dicho caso. Si usted no contesta la demanda a tiempo,puedes perder el
caso y podria ser despojado de sus ingresos y propiedades, o privado de sus derechos, sin previo
aviso del tribunal.Existen otros requisitos legales. Si to desea,puede usted consultar a un
abogado immediatamente. Si no conoce a un abogado puede ilamar a una de las oficinas de
asistencia legal que aparecen en la guia telefonica.
Si desea.responder a la demanda por su cuenta, al mismo tiempo en que presenta su
respuesta ante el tribunal, debera usted enviar por correo o entregar una copia de su respuesta a la
persona demoninada abajo como "Plaintiff/PlaurtifPs Attorney." (Demandate o Abogado del
Demanadante).
IMPORTANT
Des poursuites judiciaries ont ete entreprises contre vous. Vous avez 20 jours consecutifs
a partir de la date de 1'assignation de catte citation por deposer une response ecrite a la plainte
ce jointe aupres de ce Tribunal.Un simple coup de telephone est insuffisant pour vous proteger;
vous etes oblige de deposer votre response ecrite, avec mention de numero de dossier cc-dessus et
du nom des parties nominees ici, si vous souhaitez que le Tribunal entende votre cause. Si vous
ne deposez pas votre response ecrite dans Ie relai requis,vos resquez de perdre la cause ainsi clue
votre salaire,votre argent, et vos biens puevent etre saisis par la suite,sans aucun preavis
ulterieur do Tribulan. Tl y a d'autres obligations juridiques et vous pouvez requerir les services
immediate d'un avocat. Si vous ne connaissez pas d'avocat, vous pourriez telephoner a un service
de reference d'avocats ou a un bureau d'assistance juridique(figurant a I'annuaire,de telephones).
Si vous choisissez de deposer vous-meme une reponse ecrite, it vous faudra egalement,
en meme temps que cette formalite, faire parvenir ou expedier une copie au.carbone ou une
photocopie de votre reponse excite au "Plaintiff/Plaintiff s Attorney" (Plaignant ou a son avocat)
nomme ci-dessous.
THE STATE OF FLOR3DA
TO EACH SHERIFF OF THE STATE: You are commanded to serve this summons and a
copy of the complaint/petition in this lawsuit to the above named at address listed.
WITNESS my Band and the seal of this Court on the day of , 2008
DANNY L.KOLHAGE
As Cleric of the Court
By:
as Deputy Cleric
1682
IN THE CIRCUIT COURT OF THE SIXTEENTH JUDICIAL CIRCUIT IN AND
FOR MONROE COUNTY,FLORIDA
ORION BANK, a Florida Corporation,
Plaintiff,
CASE NO.
ERIC DEFILIPPO and NICOLE L. DEFILIPPO,
his Wife, MONROE COUNTY, JOHN DOE and
JANE DOE, as unluiown tenants in possession.
SUMMONS
TO: NICOLE L. DEFILIPPO
48 6"'Avenue
Key West, FL 33040
IMPORTANT
A lawsuit has been filed against you. You have 20 calendar days after this
summons is served on you to file a written response to the attached complaint/petition
with the clerk of this circuit court and to the undersigned law firm. A phone call will not
protect you. Your written response, including the case number given above and the names of the
parties, must be filed if you want the court to hear your side of the case. If you do not file your
written response on time,you may lose the case, and your wages, money, and property may
thereafter be taken without further warning from the court. There are other legal requirements.
You may want to call an attorney right away. If you do not know an attorney,you may call an
attorney referral service or a legal aid office (listed in the phone book).
If you choose to file a written response yourself, at the same time you file your written
response to the court you must also mail or take a copy of your written response to the person
named below.
CUNNINGHAM,MILLER&WTLLIAMS,P.A.
Attorneys for Petitioner
Post Office Box 500938
Marathon,Florida 33050-0938
Tel.: (305) 743-9428
Fax: (305)743-8800
IMPORTANTE
Usted ha sido demandado legalmente. Tien veinte(20) dias, contados a partir del recibo
de esta notificacion,para contestar la demanda adjunto,por eserito, y presentaria ante este
tribunal.Una llamada telefonica no to protegera; si usted desea que el tribunal considere su
defensa, debe presentar su respuesta por escrito, incluyendo el numeeo del caso y los nombres de
1683
P
las partes interesadas en dicho caso. Si usted no contesta la demanda a tiempo, puedes perder el
caso y podria ser despojado de sus ingresos y propiedades, o privado de sus derechos,sin previo
aviso del tribunal. Existen otros requisites legales. Si to desea, puede usted consultar a un
abogado immediatamente. Si no conoce a un abogado puede llamar a una de las oficinas de
asistencia legal que aparecen on la guia telefonica.
Si desea responder a la demanda por su cuenta, al mismo tiempo en que presenta su
respuesta ante el tribunal, debera usted enviar por correo o entregar una copia de su respuesta a.la
persona demoninada abajo coma "Plaintiff/Plaintiffs Attorney." (Demandate o Abogado del
Demanadante).
INTPORTANT
Des poursuites judiciaries ont ete entreprises contre vous. Vous avez 20 jours consecutifs
a partir de la date de 1'assignation de catte citation por deposer une response ecrite a la plainte
ce jointe aupres de ce Tribunal.Un simple coup de telephone est insuffisant pour vous proteger;
vous etes oblige de deposer votre response ecrite, avec mention de numero de dossier ce-dessus et
du nom des parties nominees ici, si vous souhaitez que le Tribunal entende votre cause. Si vous
ne deposez pas votre response ecrite dans le relai requis,vos resquez de perdre la cause ainsi que
votre salaire,votre argent, et vos biens puevent etre saisis par la suite,sans aucun preavis
ulterieur do Tribulan.11 y a d'autres obligations juridiques et vous pouvez requerir les services
iminediats d'un avocat. Si vous ne connaissez pas d'avocat, vous pourriez telephoner a un service
de reference Tavocats on a un bureau d'assistance juridique(figurant a 1'annuaire de telephones).
Si vous choisissez de deposer vous-meme une reponse ecrite, it vous faudra egalement,
en meme temps que cette formalite, faire parvenir ou expedier une copie an Carbone ou une
photocopie de votre reponse excite au "Plaintiff/Plaintiffs Attorney" (Plaignant ou a son avocat)
nomme ci-dessous.
THE STATE OF FLORIDA
TO EACH SIU-RIFF OF THE STATE: You are commanded to serve this summons and a
copy of the complaint/petition in this lawsuit to the above named at address listed.
WITNESS my hand and the seal of this Court on the day of ,2008
DANNY L.KOLHAGE
As Clerk of the Court
By:
as Deputy Clerk
1684
f
i
IN THE CIRCUIT COURT OF THE SIXTEENTI1 JUDICIAL CIRCUIT IN AND
FOR MONROE COUNT', FLORIDA
ORION BANK, a Florida Corporation,
Plaintiff,
CASE NO.
-vs-
ERIC DEFILIPPO and NICOLE L. DEFILIPPO,
his Wile, MONROE COUNTY, JOHN DOE and
JANE DOE, as unknown tenants in possession.
1
SUMMONS
TO: ERIC DEFILIPPO
48 6"'Avenue
Key West, FL 33040
IMPORTANT
A lawsuit has been filed against you. You have 20 calendar days after this
summons is served on you to file a written response to the attached complaint/petition
with the clerk of this circuit court and to the undersigned law firm. A phone call will not
protect you. Your written response, including the case number given above and the names of the
parties,must be filed if you.want the court to hear your side of the case. If you do not file your
written response on time,you may lose the case,and your wages,money, and property may
thereafter be taken without further warning from the court. There are other legal requirements.
You may want to call an attorney right away. If you do not.know an attorney,you may call an
attorney referral service or a legal aid office(listed in the phone book).
If you choose to file a written response yourself, at the same time you file your written
response to the court you must also snail or take a copy of your written response to the person
named below.
CUNNINGHAM,MILLER& WILLIAMS,P.A.
Attorneys for Petitioner
Post Office Box 500938
Marathon,Florida 33050-0938
Tel.: (305) 743-9428
Fax: (305) 743-8800
EV PORTANTL
Usted ha sido demandado legalmente. Tien veinte (20)dias,contados a partir del recibo
de esta notificacion,para contestar Ia demanda adjunto,por escrito,y presentaria ante este
tribunal.Una llamada telefonica no to protegera; si usted desea que el tribunal considere su
defensa, debe presentar su respuesta por escrito, incluyendo el num.ero del caso y los nombres de
1685
f
las panes interesadas en dicho caso. Si usted no contesta la demanda a tiempo,puedes perder el
caso y podria ser despojado de sus ingresos y propiedades, o privado de sus derechos, sin previo
aviso del tribunal. Existen otros requisitos legales, Si to desea, puede usted consultar a un
abogado immed.iatamente. Si no conoce a un abogado puede Mannar a una de las oficinas de
asistencia legal que aparecen en la guia telefonica.
Si desea responder a la demanda por su euenta, al mismo bernpo en que presenta su
respuesta ante el tribunal, debera usted enviar per correo o eintregar una copia de su respuesta a la
persona demoninada abajo corno "Plaintiff/Plaintiffs Attorney." (Demandate o Abogado del
Demanadante).
IMPORTANT
Des poursuites judiciaries ont ete entreprises contre vows.Vous avez 20 jours consecutifs
a partir de is date de 1'assignation de catte citation por deposer une response ecrite a la plaints
ce jointe aupres de ce Tribunal.Un simple coup de telephone est insuffisant pour vous proteger;
vows etes oblige de deposer votre response ecrite, avec mention de numero de dossier cc-dessus et
du nom des parties nommees ici,si vous souhaitez que le Tribunal entende votre cause. Si vous
ne deposez pas votre response ecrite daps le relai requis, vos resquez de perdre la cause ainsi que
votre salaire,votre argent, et vos biens puevent etre saisis par la suite,sans aucun preavis
ulterieur do Tribulan. Il y a d'autres obligations juridiques et vous pouvez requerir les services
immediats d'un avocat. Si vous ne connaissez pas d'avocat, vous pourriez telephoner a un service
de reference d'avocats ou a un bureau d'assistance juridique(figurant a 1'annuaire de telephones).
Si vous choisissez de deposer vous-meme une reponse ecrite,it vous faudra egalement,
en meme temps que cette formalite, faire parvenir ou expedier une copie au carbon ou une
photocopie de votre reponse excite au "Plaintiff/Plaintiff s Attorney" (Plaignant ou a son avocat)
nomme ci-dessous.
THE STATE OF FLORIDA
TO EACH SAE'RIFF OF THE STATE: You are commanded to serve this summons atid a
copy of the complaint/petition in this lawsuit to the above named at address listed.
WITNESS my hand and the seal of this Court on the day of , 2008
DANNY L.KOLHA.GE
As Clerk of the Court
By:
as Deputy Clerk
1686
IN THE CIRCUIT COURT OF THE
SIXTEENTH JUDICIAL CIRCUIT IN AND
FOR MONROE COUNTY, FLORIDA
DocH 1738341 04/26/2009 10:09AM
Filed & Recorded in official Records of CASE NO. 44-2008-CA-001264-K
MONROE COUNTY DANNY L. KOLNAGE
ORION BANK, a Florida Corporation
Plaintiff -n
O •s' t'�
V S. Docp 1738341 p y
Bkp 2408 Pgp 1520 y r y
ERIC DEFILIPPO, et al {
Defendant '±>> n
CERTIFICATE OF SALE
The undersigned Clerk of the Court certifies that Notice of Public Sale of the property described in the
Final Judgment was published in the Key West Citizen , a newspaper circulated in Monroe County,
Florida, in the manner shown by the Proof of Publication attached, and on April 15, 2009
See attached Legal Description
this property was offered for public sale to the highest and best bidder for cash. The highest and best bid
received for the property was submitted by ORION BANK, a Florida Corporation, to whom the
property was sold. The proceeds of the sale are retained for distribution in accordance with the Final
Judgment.
WITNESS MY HAND AND SEAL of this Court on April 15 , 20 _09_.
DANNY ) ."I 0. GE
ClerI't; `",
y: x
Dep r
Bid: $ 100.00
1687
WIZEN STATE OF FLORIDA
.off#y,ft"V8P.Est,876 COUNTY OF MONROE
Cooke Communications,LLC
Florida Keys
Marsha F. Kirkwood Before the undersigned authority personally appeared Randy G. Erickson, who
Advertising Coordinator on oath says that he is Vice-President of Advertising Operations of the Key
West Citizen, a daily newspaper published in Key West, in Monroe County,
PO Box 1800 Florida;
Key West FI 33041 that the attached copy of advertisement, being a legal notice in the matter of
Office....305-292-7777
Extension........x219
Fax.......305-295-8025 /1[� /1� -�//,
Iegals0 kevsnews.com 7 / " Qs- C� -6 /;Wq't
INTERNET PUBLISHING
keywest.com was published in said newspaper in the issue(s) of
keysnews.com
floridakeys.com
key-west.com
Web Design Services
NEWSPAPERS Affiant further says that the Key West Citizen is a newspaper published in
The Citizen Key West, in said Monroe County, Florida and that the said newspaper has
Southernmost Flyer heretofore been continuously published in said Monroe County, Florida every
Solares Hill
Big Pine Free Press day, and has been entered as second-class mail matter at the post office in Key
Marathon Free Press West, in said Monroe County, Florida, for a period of 1�armext ced ng the
Islamorada Free Press
Key Largo Free Press first publication of the attached copy of advertisement; ikfl r says
MARKETING SERVICES that he has neither paid nor promised any person, i*w cr qr n any
Commercial Printing discount, rebate, commission or refund for the pa'gmme- of Ills l ng this
Citizen Locals Card advertisement for publication in the said newspaper. 25
Direct Mail �7
FLORIDA KEYS OFFICES
Printing/Main Facility Doca 1738341 0
3420 Northside Drive BkN 2408 Pga 1521
Key West, FL Signature of A Wan1iS
33040-1800
Tel 305-292-7777
Fax 305-294-0768
citizen's kevH est.com
Sworn and subscribed before me this3 day of , 2009
Internet Division
33040-3328
Tel 305-292-1880
Fax 305-294-1699 Notary Public:
sales@keywest.com
Middle Keys Office Marsha F. Kirkwood
6363 Overseas Hwy
Marathon, FL (MM 52.5) ZI
33050-3342
Tel 305-743-8766
Fax 305-743-9977 marathon a kc\snews.com Expires: September 15, 2009 Notary Seal
Upper Keys Office
91731 Overseas Hwy
Tavernier, FL 33070
Tel 305-853-7277
Fax 305-853-0556
freepress@floridakeys.com /
Personally Known x Produced Identification l/
Type of Identification Produced
1688
Doca 1738341
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Spa*-Monroe , m the-City
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aMIR-*d 90 9K POW•outcry to
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s*Attld in Monroe
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MONROE COUNTY
OFFICIAL RECORDS
1689
RESOLUTION NO. -2024
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA APPROVING THE WRITE-OFF
OF A$45,000.00 SHIP SECOND MORTGAGE
WHEREAS,the Monroe County SHIP Program executed a SHIP Second Mortgage between the County and
Eric and Nicole Defilippo in the amount of $45,000 on AUGUST 10, 2007, recorded on AUGUST 14, 2007, as
Document #1657885, Book 2314, Page 2015 of the public records of Monroe County, Florida, secured by the
property located at 48 Sixth Avenue, Key West, Florida,33040, Parcel#29 of Park Village Homeowners'Association,
Inc.; and
WHEREAS,the First Mortgagee (Orion Bank, a Florida Corporation),filed a foreclosure action on AUGUST
8, 2008, as well as Notice of Lis Pendens on August 8, 2008, Document#1707433, Book 2375, Page 1271; and
WHEREAS, a Final Judgement of Foreclosure was Ordered on March 10, 2009, sale by auction was set for
April 15, 2009 and the property was sold to the highest bidder on April 15, 2009; and
WHEREAS,the SHIP Mortgage was unable to be satisfied as the proceeds from the sale were insufficient
to allow for a recovery; and
WHEREAS, the First Mortgagee took title to the property on APRIL 15, 2009, Document 1738341, Book
2408, Page 1520; and
NOWTHEREFORE,BE IT RESOLVED,by the Board of County Commissioners of Monroe County, Florida that
the County hereby:
Authorizes the write-off of a SHIP Second Mortgage Loan in the amount of$45,000.00 formerly secured
by the property located at 48 Sixth AVENUE, KEY WEST, FLORIDA 33040. Parcel #29 of Park Village
Homeowners' Association.
PASSED AND ADOPTED, by the Board of County Commissioners of Monroe County, Florida at a regular meeting
of said Board on the day of 2024.
Mayor Holly Merrill Raschein
Commissioner James K. Scholl
Commissioner Craig Cates
Commissioner Michelle Lincoln
Commissioner David Rice
KEVIN MADOK, CLERK BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
By:
As Deputy Clerk Mayor Holly Merrill Raschein
MONROE COUNTY ATTORNEY'S OFFICE
Approved for form and legal sufficiency
.� L -
Christina Cory,Assistant Co4 Attorney
1690
PREPARED BY/RETURN TO:
Monroe County SHIP Program
1100 Simonton St., Suite 1-196
Key West, FL 33040
SPACE ABOVE THIS LINE FOR PROCESSING DATA SPACE ABOVE THIS LINE FOR RECORDING DATA
RELEASE OF MORTGAGE OR LIEN
Know All Men By These Presents, that Monroe County, the owners) and holder(s) of a certain Mortgage
Deed, executed on AUGUST 10, 2007 by ERIC AND NICOLE DEFILIPPO, to Monroe County, Florida and
recorded on AUGUST 14,2007, in Official Records Book 2314,Page 2015,as Document#1657885 in the office of
the Clerk of the Circuit Court of Monroe County, State of Florida, securing certain Note in the principal sum of
FORTY-FIVE THOUSAND DOLLARS AND NO CENTS(S45,000.00), upon the property situate in said State and
County described as follow, to-wit.-
PARCEL NO. 29, of Park Village, according to the Declaration of Protective Covenants, Restrictions
and Easements of Park Village, as recorded in Official Records Book 2287 at Pages 1748-1804 of
the Public Records of Monroe County, Florida, and any amendments thereto and more
particularly described by metes and bounds as follows:
Unit 29 of PARK VILLAGE HOMEOWNERS' ASSOCIATION, INC.;
A Parcel of land being part of Lots 11 & 12, Block 2, AMENDED PLAT LINCOLN MANOR ESTATES,
as recorded in Plat Book 5,at Page 62,of the Public Records of Monroe County, Florida, and being
more particularly described by metes and bounds as follows:
Commencing at the intersection of the Northerly right of way line of Seventh Avenue and the
Westerly right of way line of Fifth Street and run thence Westerly along the Northerly right of
way line of Seventh Avenue for a distance of 262.88 feet;thence Northerly and at right angles for
a distance of 6.92 feet to the Point of Beginning;thence continue Northerly for a distance of 16.45
feet; thence Easterly and at right angles for a distance of 0.70 feet to the Southerly extension of
the centerline of the party wall between Units 29 and 30 of PARK VILLAGE HOMEOWNERS'
ASSOCIATION, INC.; thence Northerly and at right angles along the centerline and extensions of
the said party wall for a distance of 54.00 feet; thence Westerly and at right angles for a distance
of 23.00 feet; thence Southerly and at right angles for a distance of 70.62 feet; thence Easterly
with a deflection angle of 90226'00" to the left for a distance of 22.30 feet back to the Point of
Beginning. (Certificate no. 1118175)
SUBJECT TO that certain Ground Lease by and between Monroe County ("Lessor") and Park
Village, LLC,a Florida limited liability company("Lessee"),dated August 19, 2006 and recorded on
October 4, 2006 in Official Records Book 2242 at page 754, Public Records of Monroe County,
Florida, and any amendments thereof ("Ground Lease"), and subject to easements and
restrictions of record.
Which has the address of:48 Sixth Avenue, Key West, FL 33040
(herein the "Property Address:")
does hereby RELEASE and DISCHARGE said Note and Mortgage Deed and hereby direct KEVIN MADOK, CPA,
the Clerk of the said Circuit Court, to cancel the same of record.
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In Witness Whereof,Monroe County has caused this document to be executed as of this day of
2024.
(SEAL) BOARD OF COUNTY COMMISSIONERS
ATTEST: KEVIN MADOK, CLERK OF MONROE COUNTY,FLORIDA
By: By:
As Deputy Clerk Holly Merrill Raschein,Mayor
STATE OF FLORIDA
COUNTY OF MONROE
Subscribed and sworn to(or affirmed)before me,by means of❑ physical presence or❑online notarization,on this day
of 2024 by Holly Merrill Raschein,Mayor,known to me to be the person(s)described herein and who executed
the foregoing instrument,who acknowledged before me that he/she executed the same,and who did not take an oath. Check
one:_said person(s)is/are personally known to me. _said person(s)provided the following type of identification.
Witness my hand and official seal in the County and State
Last aforesaid this day of ,2024.
Notary Signature:
Monroe County Attorney's Office Printed Name
Approved as to form and legal sufficiency
C i� L� a J Commission No:
Christina Cory,Assistant County A. orney
Commission Expires:
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