Item C26 C26
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
July 17, 2024
Agenda Item Number: C26
2023-2654
BULK ITEM: Yes DEPARTMENT: Social Services
TIME APPROXIMATE: STAFF CONTACT: Sheryl Graham
N/A
AGENDA ITEM WORDING: Approval of a Resolution and Release of Mortgage Lien executed by
DARREN AND LAURA ARGO, to write-off a SHIP Second Mortgage in the amount of$14,000.00.
ITEM BACKGROUND:
Approval of a Resolution and Release of Mortgage Lien executed by DARREN AND LAURA ARGO,
to write-off a SHIP Second Mortgage in the amount of$14,000.00. The property was sold on May 14,
1999, to Anna Leblanc, Warranty Deed Document#1124162, Book 1576, Page 1393. The property was
subsequently sold on June 26, 2019, to David Bethencourt, Warranty Deed Document#1889971, Book
2578, Page 440. The property has clear title; however, there is no record of payment received by the
Clerk's Office. The SHIP Second Mortgage, Document#851599, Book 1317, Page 2031, executed on
July 29, 1994, and recorded on August 2, 1994, in the amount of$14,000.00 remains unsatisfied,
although this is a declining balance lien and based upon the age of maturity it should be forgiven.
PREVIOUS RELEVANT BOCC ACTION:
N/A
INSURANCE REQUIRED:
No
CONTRACT/AGREEMENT CHANGES:
N/A
STAFF RECOMMENDATION: Approval
DOCUMENTATION:
ARGO DARREN & LAURA WRITE OFF RESOLUTION DRAFT (3).docx
ARGO DARKEN & LAURA RELEASE OF MORTGAGE final (2).pdf
1445
argo reed ship mortgage (1).pdf
FINANCIAL IMPACT:
N/A
1446
RESOLUTION NO. -2024
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA APPROVING THE WRITE-OFF
OF A$14,000.00 SHIP SECOND MORTGAGE
WHEREAS,the Monroe County SHIP Program executed a SHIP Second Mortgage between the County and
DARREN AND LAURA ARGO, a married couple, in the amount of $14,000.00 on JULY 29, 1994, recorded on
AUGUST 02, 1994, as Document#851599, Book 1317, Page 2031 of the public records of Monroe County, Florida,
secured by the property located at 450 Barry Avenue, Li? le Torch Key, Florida 33042, MATE'S Beach, NO. 2 and;
WHEREAS,the property was sold on May 14, 1999,to Anna Leblanc,Warranty Deed Document#1124162,
Book 1576, Page 1393, and;
WHEREAS, the property was subsequently sold on June 26, 2019, to David Bethencourt, Warranty Deed
Document#1889971, Book 2578, Page 440, and;
WHEREAS, the SHIP Second Mortgage, Document#851599, Book 1317, Page 2031, executed on July 29,
1994, and recorded on August 2, 1994, in the amount of$14,000.00 remains unsa?sfied, and;
WHEREAS, the property has clear ?tle, however there is no record of payment received by the Clerk's
Office.
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$14,000.00 formerly secured
by the property located at 450 Barry Avenue, Li?le Torch Key, Florida 33042, Document #851599, Book
1317, Page 2031 executed on July 29, 1994.
PASSED AND ADOPTED, by the Board of County Commissioners of Monroe County, Florida at a regular mee?ng
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
Pedro Mercado,Sr.Assistant County A?orney
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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 owner(s) and holder(s) of a certain Mortgage
Deed, executed on JULY 29, 1994 by Darren and Laura Argo, a married couple„ to Monroe County, Florida and
recorded on AUGUST 2, 1994, in Official Records Book 1317,Page 2031, as Document#1628836 in the office of
the Clerk of the Circuit Court of Monroe County, State of Florida, securing certain Note in the principal sung of
FOURTEEN THOUSAND DOLLARS AND NO CENTS(S14,000.00), upon the property situate in said State and
County described as follow, to-wit:
LOT 22 OF MATE'S BEACH, PLAT NO. 2,ACCORDING TO THE PLAT THEREOF RECORDED, PLAT BOOK 3,
PAGE 80 OF THE PUBLIC RECORDS OF MONROE COUNTY, FLORIDA, LESS THE WEST S FEET THEREOF.
Which has the address of: BARRY AVENUE, LITTLE TORCH KEY, FLORIDA
(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
In Witness Whereof,Monroe County has caused this document to be executed as of this day of July,
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 July,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 July,2024.
Notary Signature:
Monroe County Attorney's Office Printed Name
Approved as to form and legal sufficiency
Commission No:
Printed Name
Assistant County Attorney
Commission Expires:
1448
1449
Rfr..!'t; PAYOrNr A5 1-141S DOCUMENT WAS PREPARED BY: 3'3.au
C�' vQL Itdt3lGftiiE;,l Cs�f?CLASS GRRR1 SIUOTI
tid'r'.7r1:t $ { 'C'IflrA tfif",C.r:00" MONROE COUNri'HOUSiN(3 AIliltORiTY `s`
P;.w,JY $.,_...�... fitr�r,>t/i\f?F;SIGNED 1403 12T'N STREET `~
INT Iit6T �„�_._ . KEY WEST.FLOP"A 33040
DANNY L.KO IA(iE
BLEAK CIA.CT,h4ONROG Co.,ILA.
ov - ml;�N_,Z:Xy
DEPUTY CLERK HOME OWNERSHIP PROGRAM
DEFERRED PAYMENT DECLINING BALANCE
VIJ SUBORDINATE SECOND MORTGAGE
C=
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THIS 1S A DEFERRED PAYMENT DECLINING BALANCE MORTGAGE
r__ AND T14E FINAL PRINCIPAL PAYMENT OR THE PRINCIPAL BALANCE DUE
UPON MATURITY IS S-O--, C 0- TOGET14ER WITH ACCRUED INTEREST, IF
M ANY, AND ALL ADVANCEMENTS MADE BY THE MORTGAGEE UNDER THE
'PERMS OF THIS MORTGAGE.
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THIS MORTGAGE made on or as of the 2qt day of_ July , 19 94
between_ barren and Laura Argo, a married couple
hereinafter, and if more than one party jointly and severally, called, "Borrower," residing
at Barry Avenue, Little Torch Key, Florida , in the County of Monroe,and
CrIt the Mortgagee, the County of Monroe, a municipal corporation organized and existing
under the laws of the State of Florida, whose principal address is
1t7 _500_Whitehead St. , Key West, Florida hereinafter called"Lender".
co coWITNESSETII:
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THAT to secure the payment of an indebtedness in the principal amount of
fourteen thousand dollars and no cents _
(S.i.4 roo.00 ) with interest thereon, which shall be payable
in accordance with that certain Note,bearing even date herewith,inclusive of the signature
of the Borrower, marked "Schedule A," and is affixed hereto and made a part hereof and
all otter indebtedness which the Borrower is obligated to pay to the Lender pursuant to
the provisions of the Note and this Mortgage, and Borrower(s) hereby grant(s), convey($)
and mortgage(s)to the Lender:
ALL THAT certain lot, piece or parcel of land situated in the County of Monroe
and State of Florida,bounded and described as follows:
rr , Stropt Address: Barry Avenue, Little 'Torch Key, Florida
" LtMI Description. Lot 22, Mates Beach Plat 112, according to the plat
U thoroof, recorded in Plat Book 3, Page 80, of the
ri. a- Public Records of Monroe County, Florida, lase the
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cv West 5 foot.
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fiTHER with all the improvements now or hereafter erected on the property,
and all casci(unts, rights, appurtenances, rents, royalties, mineral, oil and gas rights and
profits, water, water rights, and water stock, and all fixtures now or hereafter attached to
the property,all of which, including replacements and additions hereto, 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 herein referred to as the "Property
TOGEITIER %pith any and all a%�ards now or hereafter made for the taking of the
property mortgaged hereby, or any pant thereof(including any casement) by the exercise
of the po��er of eminent domain, including any award for change of grade of any street or
are deemed a pan of the property mortgaged hereby; and the Lender is hereby authorized
to collect and receive the proceeds of such awards, to give proper receipts and
acquittances thereof, and to apply the same to%kard the payment of the indebtedness
" 1450
secured by this Mortgage, notwithstanding the fact that the amount thereon may not then
be due and payable;and
TOGETHER with all rights title and interest of the Borrower in and to the land
CV tying in the streets, roads, or alleys adjoining to the above described land. l the above
e� described land,buildings, other structures, fixtures, articles of personal roe ' awards
y and other rights and interests being hereinafter collectively called the "Mortgaged
Property"
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crl> TO HAVE AND TO ItOLD the Mortgaged Property and every part thereof unto
ON
the Lender,its successors and assigns forever for the purposes and uses herein set forth.
Tt-lt5 IS A SECOND MORTGAGE AND the Borrower further covenants and
agrees with the Lender,as follows:
BORROWER COVENANTS, represents and warrants to the Lender and its
successors and assigns that Borrower is lawfully seized of the estate hereby conveyed and
cm has the right to mortgage, grant and convey the Property, and that the Property is
unencumbered, except for the mortgage lien of a First Mortgage in favor of
MARKET STREET MORTGAGE cotzroaamxorthe on final principal amount of S ioa 40.
to and recorded in OR Book, at Page/ a and for other warrants to the Lander
r W and its successors and assigns that Borrower will defend titre title to the Property against
the claims of all persons whomsoever,except as provided herein.
1, PAYMENT OF PRINCIPAL AND INTEREST.
'The Borrower sha11 promptly pay the principal of and interest on the
Indebtedness evidenced by the Note, and in the mannner provided n thee
dnss provided
the timeses Note and in
therein and in this Mortgage, at
the Mortgage.
2 FUNDS I OR TAXES, AS5rSShtIN'fS AND LIENS.
The Borrower shall pay when due, as hereinafter provided, all taxes,
assessments, and other goernmental charges, tines and impositions, of every kind and
` nature whatsoever, now or hereafter imposed on the Mortgaged byaNy, a any part
ed
` thereof,and will pay when due every amount of indebtedness secured by any lien to which
the lien of this Mortgage is expressly subject,
3, SUBORDINATION
Lender and Borrower acknowledge and agree that this Security Instrument
of
Is subject and subordinate in all respects to the Ifens, farms, covenants and conditions de
i the First Mortgage and to all advances heretofore made or which may hereafter be made
pursuant to the First Mortgage including all sums advanced for the purpose of (a)
he
protecting or tUrther securing the lien of the First Mortgage, curing deffaaultsed b t
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Borrower under the First Mortgage or for any other purpose epressly pc
.a s ara
First Mortgage, The taumMsaandde provisions
otarms af the ind pro isio s herrst Mortgage are eof no conflunt ict
r controlling, and they supersede Y
i therewith. In the event of a foreclosure or deed in lieu of foreclosure of the First
r ions herein or any provisions in any other collateral agreement
�toMbaga, any provis
restricting the use of the Property to low or moderate income households or othm--ise
restricting the norroser's ability to sell the Property shall base no further force or effect
or purchasers of the Property. Any person, including his successors
on subsequent owners
e....r or assigns(other than the Borrower or a related entity of the torrower), receiving title to
-k the Property through a Mortgage foreclosure or deed in lieu of foreclosure of tits First
hlortgage shall receive title to the Property free and clear from such restrictions Furthit
2
if the First kiortgagee acquires title to the Property pursuant to a deed in lieu of
foreclosure,the lien of this Security instrument shall automatically terminate.
Monroe County consents to any agreement or arrangement in which the Senior
Lender waives, postpones, extends, reduces or modifies any provisions of the First Note
c and the First Mortgage,including any provision requiring the repayment of money.
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4. CHARGES;LIENS.
The Borrower will not voluntarily or involuntarily create, or permit or
M sutTer to be created or to exist,on or against the Mortgaged Property or any part thereof,
U-9 Ig any lien superior to the lien of this Mortgage, exclusive of the lien or liens to which the
Lender expressly agrees to subordinate itself in writing pursuant to Paragraph 3 of this
Mortgage, and •vill keep and maintain the same free from the claims of all parties
supplying labor and/or materials which will enter into their construction or installation of
the improvements. Borrower will not refinance the superior first mortgage subordinated
by this note and mortgage except to lower the monthly principal and interest payment,
C7% correct substandard housing conditions or increase the number of bedrooms due to
en Increase in household size.
to
U11) 5. NOT - OF FIRE OR CASUALTY.
The Borrower will give immediate notice by registered or certified mail to
the Lender of any fire,damage or other casualty altecting the!Mortgaged Property, or of
any conveyance,transfer or change in ownership of such property,or any part thereof.
t 6. COVERAGE OF INSURANCE POLICIES.
a. The Borrower will keep all buildings, other structures and
#`: improvements, including equipment, now existing or which may hereafter be erected or
K installed on the land mortgaged hereby,insured against loss by tiro, windstorm and flood,
casualties and contingencies in such amounts and manner and for such periods as may be
required by the Lender;all such insurance policies must include standard fire and extended
�k coverage in amounts not less than necessary to comply with the coinsurance clause
be
percentage of the value applicable to the location and character of the property to
-' covered. All such insurance shall be carried by companies approved by the Lender,and all
policies shall be in such form and shall have attached hereto loss payable clauses in favor
of the Lender and any other parties as shall be satisfactory to the Lender. All such policies
� :.• and attachments thereto shall be delivered promptly to the Lender,unless they are required
to be delivered to the holder of a lien or a mortgage or similar instrument to which this
Mortgage is expressly subject, in which latter event certificates thereof, satisfactory to the
Lender, shall be dollverod promptly to the Lender, The Borrower will pay promptly when
duo,as horcinafler provided, any and all premiums on such insurance, and in every case in
which paynnent thereof is not made from the deposits therefore required by this hiongage,
romptly submit to the Lender for examination receipts or other evidence of such payment
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g as shall be satisfctory to the Lender. Tito lender may obtain and pay the premium of(but
shall be under no obligation to do so) every kind of insurance required hereby If the
amount of such premium has not been deposited as required by this Mortgage, In which
r8 even the Borrower will pay to the Lender every premium so paid by the Lender.
b. In the event of loss or damage to the !Mortgaged Property. the
t3�xruwer ��ill vo to the Lender immediate notice thereof by mail, and the lender may
make and file proof of loss if not made otherwise promptly by or on behalf of the
� $i Borrower Vniess Borrower and Lender otherwise a►:roe in writings, insurance proceeds
shall be applied to restoration or repair, provided such restoration or repair is
1 economically feasible and the security of this Ntorieaco is not thereby impaired If such
k restoration or repair is not economically feasible or if the security of this Niongage would
Y ` be impaired,the insurance proceeds shall be applied to the sums secured by this Mongage
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MINIMUM-
with the excess,if any,paid to Borrower. If the property is abandoned by Borrower,or if
Borrower fails to respond to Lender within thirty(30) days from the date notice is mailed
by Lender to Borrower that the insurance carrier offers to settle a claim for insurance
bencfrts, Lender is authorized to collect and apply the insurance proceeds at Lender's
option either to restoration or repair of the Property or to the sums secured by this
Mortgage. In the event of foreclosure of this Mortgage, or of any transfer of title to the
CD Mortgaged Property in extinguishment of such indebtedness, all right, title and interest of
N the Borrower in and to every such insurance policy then in effect, subject to the rights and
interest of the holder of any such prior lien, shall pass to the grantee acquiring title to the
tom- Mortgage Property together with such policy and appropriate assignment of such right,
Mtitle, and interest which shall be made by the Borrower.
7. TAXES.
In order to protect more fully the security of this Mortgage, the Borrower shall
promptly submit to the Lender upon request, or Lender's designated agent, the Monroe
County Tax Invoice for the Mortgaged Property. Such invoice shall either show that no
ay taxes are due or be accompanied by a receipt showing taxes have been paid in lull.
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8. RESALE PROVISIONS.
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The Borrower shall comply with all requirements for resale as set forth in Public
Law 101.625, Title It, (The National Affordable Housing Act of 1990), applicable
regulations of the United States Department of Housing and Urban Development 24CPR
Part 92, and the County's Affordable Resale Policy which is attached hereto and by
reference made a part of this Mortgage as Exhibit A.
9. MLN1CIPAL ORWINANCES.
The Improvements and all plans and specifications shall comply with all
applicable municipal or county ordinances, regulations and rules made or promulgated
with lawful authority.
10, PROTECTION Or LENDER'S SECURITY,
If Borrower fails to perform the covenants and agreements contained in this
Mortgage, excluding any lien to which this Mortgage is expressly subject, or if any action
or proceeding is commenced which materially affects Lender's interest in the Property,
including, but not limited to, eminent domain, insolvency, code enforcement, or
arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's
option, upon notice to Borrower, may make such appearances, disburse such sums, and
take such action as is necessary to protect Iendees interest, including, but not limited to
disbursement of reasonable attorneys fees and entry upon the Property to make repairs.
} Any amounts disbursed by Lender pursuant to this paragraph with interest thereon,
shall become additional indebtedness of Borrower secured by this Mortgage. Unless
Borrower and Lender agree to other terms of payment, such amounts shall be payable
upon notice from Lender to Borrower requesting payment thereof, and shall bear interest
from the data of disbursement at ilia rate payable (turn time to time on outstanding
principal under ilia Note unless payment of interest at such time would be contrary to
applicable law, in which event such amounts shall bear interest at the highest rate
permissible under applicable law 'Nothing contained in this paragraph shall require Lender
to incur any a,,pense or take any action hereunder.
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It. LENDER INSPECTIONS.
The Lender,or any of its Agents or Representatives, shall have the right to inspect
the Mortgaged Property at any reasonable hour of the day. Should the Mortgaged
Property, or any part thereof, require repair, care or attention, then, after notice as
provided herein(Paragraph 16) to the Borrower, the Lender may enter or cause entry to
be made upon the Mortgaged Property and repair, protect and maintain the property as
M the Lender may deem necessary. Any and all money that the tender must pay to
accomplish the proper maintenance on the Mortgaged Property shall become due and
payable under the provision of Paragraph 10.
P—
C") 12. EVENT OF DEFAULT.
ri 19 An Event of Default will be the occurrence of any one of the following events,and
upon that occurrence the tender may, at Lender's option, declare all sums secured by this
Mortgage to be immediately due and payable.
a. Fallure to pay the amount of any installment of principal and interest, or
other charges payable on the Note,which shall have become due, prior to the due date of
tr% the next such installment;
b. Nonperformance by the Borrower of any covenant, agreement, term, or
condition of this Mortgage, or of the Note, or of an other agreement made b the
Y t3 Y
co Borrower with the Lender in connection with such indebtedness, after the Borrower has
� been given due notice(Paragraph 13)by the Lender of such nonpe omtance;
C. Failure of the Borrower to perform any covenant, agreement, term or
condition in any instrument creating a lien upon the mortgaged property, or any pan
thereof, which shall have priority over the lien of this Morigage.
' d. The lender's discovery of the Borrower's t>silure in any application of the
Borrower to the Lender to disclose any fact deemed by the tender to be material, or the
-. making therein, or in any of the agreements entered into by the Borrower with the Lender
(including,but not limited to,the Note and this Mortgage) of any misrepresentation by,on
behalf of,or for the bcneflt of the Borrower;
Failure by the Borrower to submit promptly to the Lender or Lender's
,., designated agent proof of payment of all insurance and taxes,as required herein;
f. IF ALL OR ANY PART OF THE PROPCRTY OR AN INTERES'r
T11t REIN IS IU:.N'frD, LEASED, SOLD, OR TRANSFERRED BY BORROWER
Wl't'1 tOU1'Li-NDI?R'S PRIOR WRITTEN CONSENT. L1iNDER N4AY AT LENDER'S
OPTION DECLARE ALL TIM SUMS SECURED BY TIIIS MORTOAOE TO BE
;= IMMI:DIATHLY DUE AND PAYABLE, tender shall have waived such option to
,.; accelerate under this subparagraph if prior to the sale or transfer, Lender and the person
to whom the Property is to be sold or transferred reach agreement in writing that the
*5' credit of such person Is satisfactory to Lander and that the equity of Lander will be fully
protected. The interest payable on the sums secured by this Mortgage shall be at such rate
►'' as Lender shall request.
if Lender exercises such option to accelerate, Lender shall mail Borrower's notice
of acceleration in accordance with Paragraph 16 hereof. Such notice shall provide a
period of not less titan thirty (30) days from the date the notice is mailed within which
Aurro%%cr may pay the sum declared due, or cure the spe`:ille idcmillable breach as
delineated in the aforementioned written notice If fiorroN%cr fails to pay such sums or
cure the identified breach prior to the expiration of such period, Lender may, without
further notice or demand on o��,mr, invoke any remedies permitted by Paragraph 11
E hereof
by
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13. OPTION OF LENDEtt UPON BVENT OF DEFAULT.
Upon the occurrence of a default,Lender,prior to acceleration,shall mail notice to
the Borrower as is provided in Paragraph 15 hereof,specifying
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p a. The breach;
b. The action required to cure such breach;
N
r... C. A date not less than thirty(30)days
from the date the notice is mailed to
M Borrower by which such breach must
be cured;and
d. 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
proceedings,and sale of the property.
The notice shall further inform Borrower of
the right to assert in the foreclosure proceeding
--- the non-existence of a defhult,or any other
to defense of foreclosure.
If the breach is not cured on or before the date specified in the notice,Lender, at 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.
Lender shall be entitled to collect in such proceedings all expenses of foreclosure,
including, but not limited to, reasonable attorneys fees and costs of documentary
evidence, abstract,title reports,and court costs.
14. APPOINTMENT OF RECEIVER,
The Lender in any action to foreclose this Mortgage may be entitled to have a
receiver appointed by a Court of law as a matter of right and without regard to the value
of the Mortgaged Property or the solvency of the Borrower or other parties liable for the
payment of the Note and other indebtedness secured by this Mortgage. Said receiver shall
enter upon, take possession of, and manage the property, and will collect rents of the
property, including those past due. All rents collected by the receiver shall be applied first
to payments of the costs of management of the property and collection of rents, including,
but not limited to,receiver's fees, prengums on receiver's bonds,and reasonable attorneys
fees, and then to the sums secured by this Mortgage. 'The receiver shall be liable to
account only for those rents actually received,
15, FORBEARANCE BY LENDER NOT A WAIVER.
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 or
any such right or remedy. The procurement of insurance or the payment of taxes or other
liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity
of the indebtedness secured by this Mortgage.
16 NOTICE,
Except for any notice required under applicable law to be given in another manner,
(1) any notice to Borrower provided for in this h(ongage shall be given by mailing such
notice by certified, mail addressed to Borrower at the property address or at such other
address as Borrower may designate by notice to Lender as provided herein, and (b) any
notice to Lender shall be given by certified mail, return receipt requested, to lender's
6
address stated herein 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.
17. ONE PARCEL.
e= In case of a foreclosure sale of the Mortgaged Property, it may be sold in one
d.
parcel
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cr) 18. BORROWER'S COPY.
Ni 99 Borrower shall be furnished a conformed copy of the Note and of this Mortgage at
the time of execution or after recordations thereof,
19. LAWI:ULLY SEIZED.
to The Borrower is lawfully seized of the Mortgaged Property and has good right,
fbit power,and lawful authority to sell and convey the same in the manner above provided,
and will warrant and defend the same to the Lender forever against the lawful claims and
r
In demands of any and all parties whatsoever.
00
2o. BORROWER NOT RELEASED.
Extension of the time for payment or modification of amortization of the sums
secured by this Mortgage granted by Lender to any successor in interest of Borrower shall
release the liability of the original Borrower.
21, CAPTIONS.
The captions of this Mortgage are for convenience only and shall not be construed
as defining or limiting the scope or intent of the provision thereof.
22. SUCCESSORS AND ASSIGNS.
This Mortgage and all covenants, agreements, terms, and conditions herein
contained shall be binding upon and inure to the benefit of the Borrower, and, to the
extent permitted by law, every subsequent owner of the Mortgaged Property, and shall be
binding upon and inure to the benefit of the Lender and its assigns. if the Borrower, as
defined herein,consists of two or more parties, this Mortgage shall constitute a grant and
mortgage by all of them jointly and severally, and they shall be obligated Jointly and
severally under all the provisions hereof and under the Note. The word "Lender" shall
Include any person,corporation or other party who may from time to time be the holder of
this Mortgage. Whenever used herein, the singular number shall include the plural, the
plural number shall include the singular,and the use of any gender shall be applicable to all
Sanders wherever the sense requires,
23. FAILURE TO PAY TAXES, INSURANCE OR OTHER AORLED TO
CH,4RGES.
Upon am railurce by the Borrower to comply with or perfonn any of the terns,
covenants,or conditions of this Mortgage requirinht the payment of any amount of money
p by the Borrower, other than the principal amount of the loan, interest and other charges,
as provided in the Note,the Lender may at its option make such payment Every payment
so made by the Lender shall include an additional interest of 121'o per annum if Borrower
7
3 , 1456
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i
fain to make payments when due for taxes and Insurance, it will be deemed a default and
foreclosure proceeding may be Instituted in accordance with paragraph 12. This
Mortgage with respect to any such amount and the interest thereon shall constitute a lien
on the Mortgaged property prior to any other lien attaching or accruing subsequent to the
lied of this Mortgage.
06
CN WITNESS WHEREOF, this Mortgage has been duly signed and sealed by the
Borrower on or as of the day and year first above written.
THIS IS A DEFERRED PAYMENT DECLINING SALANCE MORTGAGE A.IND THE
M FINAL PRINCIPAL PAYMENT OR THE PRINCIPAL BALANCE AND ACCRUED
••-• INTEREST DUE UPON MATURITY IS -00-.. ALL ADVANCEMENTS MADE BY
' THE MORTOAOEE UNDER THE TERMS 01: T1419 MORTGAGE SHALL BE DUE
AND PAYABLE AT MATURITY.
Signed, sealed and delivered
v'+ In the presence of:
�r
AIF
V3 Name: UARREN T. ARCO _ Name: LAURA ANNAR 0�
aD (Typed or Printed) (Typed nr Printed)
WITNEM WITNR9$1
Name: t��CL. �'� Names �r.�nA.s 5___JohY15or1
(Typed or Printed)
STATE OF FLOR►DA
COUNTY OF MONROE
The foregoing instrument was acknowledged before me this 29eh day of
_ _July 19 94 , by UARRBN T. & LAURA ANN AR00 _who is
personally known to me or who has produced r vor 'e conooe as
Identification and who did(did not)take an oath.
&&A. 4A
Signature or person aking acknowledgment
.(i nnda-,_.lalinsan _
Name of acknoNiedger typed,printed or
stamped.
NOTARY PUBLIC `"�iqunuiup��i
State of Florida at Large �,.�A`�0N6-JF;/�.s�
6StON�'•.,
Serial Number(iram) 40
ko zo ass
My Commission F.\pires
.141.4 r•,wri.«u.,
(;c,:m!aai 1n i+ili.:ivt'.ZS`CILO $
tit l iynt 1 1%t tp, tt•;.k::3
rb3cort1 A IMa,.
V.�tJNY L.F;Ot.�i.l0kl
Olark c:irv"ir Court
1457