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Resolution 236-2006 RESOLUTION 236 - 2006 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA, APPROVING THE ASSIGNMENT AND ASSUMPTION OF MORTGAGES FROM MONROE COUNTY TO HABITAT FOR HUMANITY OF THE UPPER KEYS, INC. TO ELIGIBLE BUYERS (2) WHEREAS, Monroe County has provided Habitat for Humanity of the Upper Keys, Inc. funding in the aggregate sum $90,000.00 for the purpose of providing partial funding for the construction of two detached single family affordable homeownership units through the Monroe County State Housing Initiatives Partnership (SHIP) Program, Homebuyer Assistance Strategy, and; WHEREAS, Monroe County holds a mortgage interest in each of the two subject properties for the amount of the public funds, and; WHEREAS, a condition of said mortgage is that the mortgage is assumable to qualified buyers, subject to written approval of the Monroe County Board of County Commissioners, and; WHEREAS, Habitat for Humanity of the Upper Keys, Inc. has completed construction of the subject properties and has identified buyers for each unit. NOW, THEREFORE, BE IT RESOLVED, by the Board of County Commissioners of Monroe County, Florida, that the County hereby: 1.) Approve the assignment and assumption of mortgages from Monroe County to Habitat for Humanity of the Upper Keys, Inc. using the instruments attached hereto as Exhibits A and B for the following eligible buyers: Deborah Santos, Lot 2, Block 2, Ocean Isles Estates Shauna Gionfriddo, Lot 3, Block 2, Ocean Isles Estates 2.) Designate Thomas Willi, County Administrator, or his designee to execute the assignment and assumption documents described above. Mayor McCoy Commissioner Patton Commissioner Neugent COl1}mis~ioner Spehar ~(e6~~Rice ~,,/. .' i 1'..,-.>" '~~'. 'c' "", ' .-c' .~, \ . ,/?~' - :::{ ~\{\.'IJ' .: U-b.. 0 ,C .~ ~, (') . c.. . "\ijc _ ~i",,~J'~rm and legal sufficiency: ~..~ '._, ~..~-~ <.-';"---- ~..r7-):;/ ,,",., ...." "'~" '- ,:," :.:_ (,-.~;,,,-,.,~:_:r _;-~:,~:,,;-/ 1'tfC-41 Yes- Yes Yes By: ..... ~ en ..., .., Yes- Yes .." :x ~ N N ~;::J fT1 " o :;;.J CJ Date: 9-' ., t.. )QCJ?- Exhibit A This Document Prepared By: Special Programs Office Monroe County Housing Authority 1400 Kennedy Drive Key West, Florida 33040 MORTGAGE ASSIGNMENT AND ASSUMPTION THIS AGREEMENT, made and entered into this ~/~ day of ~ , 2006, by and between, MONROE COUNTY (hereinafter referred to?iS "Mortgagor"), and DEBORAH SANTOS (hereinafter referred to as "Buyer"); WITNESSETH: WHEREAS, Mortgagor is the owner of real property located at 21 North End Drive, Key Largo, Florida, and more particularly described as: Lot 2, Block 2, Ocean Isles Estates according to the plat thereof as recorded in Plat Book 5, Page I4 of the Public Records of Monroe County, Florida WHEREAS, Monroe County is the owner and holder of a certain Mortgage dated 11- day of -.MkY ,2006, and recorded on Ie:; day of ..rUNEr ,2006, in Book ~ZJt. , Page z309 in the Official Records of Monroe County, Florida; Said Mortgage encumbers the real property described above; and WHEREAS, Mortgagor and Buyer have entered into a sell/purchase agreement for said real property; and . WHEREAS, Mortgagor and Buyer wish to transfer the mortgage as part of the purchase price; as WHEREAS, all parties are desirous of the assignment and assumption of said mortgage and Note; NOW THEREFORE; 1. The recitals contained herein are true and correct. 2. The Mortgagee (Monroe County) agrees that said Mortgage and Promissory Note may be assigned by the Mortgagor and assumed by the Buyer. 3. The principal balance under the Note and Mortgage IS FORTY.FlVE THOUSAND DOLLARS AND NO CENTS ($45,000.00). 4. The Mortgagor hereby transfers and assigns the Buyer all of his obligations and liabilities provided in the Note and Mortgage documents, which documents are recorded at OR Book ZZIt. ,Page~, Monroe County, Florida. 5. The Buyer does hereby expressly assume and agree to pay the aforementioned unpaid indebtedness as of the date above. The principal and interest shall be payable in accordance with the Promissory Note, and Buyer shall be personally liable therefore as fully and to the same extent as though he was the original maker of said Note and Mortgage. 6. The property hereinabove described shall remain subject to the lien, charge and encumbrance of said original mortgage and nothing herein contained or done pursuant hereto shall in any manner or way affect, alter or modify any of terms and conditions of said original mortgage, except as herein expressly changed and modified. Page 2 of3 Page 2 of3 7. This Agreement applies to and insures to the benefit of and binds all parties hereto and their respective heirs, administrators, executors, successors and assigns. 8. All other terms and conditions of said Mortgage and Note are hereby ratified and reaffirmed and shall remain in full force and effect, except as modified by this Agreement, and nothing contained herein shall in any way impair the security now held for the said indebtedness. IN WITNESS WHEREOF, the parties hereto have set their hands and seals this .2 / ~ - - day of .:.J u nL ,2006. Witnesses~ ~ Signature of Witness MORTGAGOR:~ B},. )~A i~ Habitat tor Humanity, Upper Keys, Inc. ~A- ~5;F:L Printed Name of Witness v' of Witness /~YN N.~ee... Printed Name of Witness L~:TS~ //~-"'>'~J._l \-~j \.~(" . . f.( Atte~.'M ~' \ 0; .By:'. . O. ~~ D.c.. '{ . Monroe County Cler of Court . MORTGAGEE: By: Monroe County Witnesses: A-f U-- ~ignature of Witness ~;r- &;cnSB'L Printed Name of Witness BUYER(S): B~ ~ Witness: ~~~ I~ Y'l/ N. ~1 r:.tB€f?t-. Printed Name of Witness Page 3 of3 NOTARY PAGE OF MORTGAGE ASSIGNMENT AND ASSUMPTION STATE OF FLORIDA COUNTY OF MONROE BEFORE ME, the undersigned authority, personally appeared, ~N"'" GI()AJ~tlJ)D _ to me well known, and Agreement for the purposes therein expressed. WITNESS my hand and seal this ~ day of .---. J 1/,i.J IE" ,2006. My Commission Expires: A/~ IC Signature (SEAL) ~ ~ Ka1hfyn H Raallo< , " : My eornrr.SSlOf1 00372244 \. 0; ,~,# Expires Januery 15. 2009 Printed Name of Notary tI IIA,714r STATE OF FLORIDA COUNTY OF MONROE BEFORE ME, the undersigned authority, personally appeared,~ ~ Jie.rr.T. ~ of ~rKA~'~ ~ ~."..,~ to me well known, and Agreement for the purposes therein expressed. II' r~ WITNESS my hand and seal this~day of ::r;..->.L:>C ,2006. My Commission Expires: ~~ A/" ~t' /' 'Notary Pub)' Signature (SEAL) J":'~ Ka1hfyn H - . " . My eornrr.lIion 00372244 ''\....,,1 Expifos Janua<V 1 UOOlI Printed Name of Notary STATE OF FLORIDA COUNTY OF MONROE B, EFORE ME, the" undersigned authority, personally appeared, Ct. ..,/e, .. r.....y N " <'1- of m.."......!c.......,.. "'y, M ..y.. f' to me.....e++ known, and Agreement for the pu oses therein expressed. t' t' /"4.'Co....,,1' +" WITNESS my hand and seal this ~ day of &... d. ,2006. , My Commission Expires: (1. , W (I, ~~ Notary Public Signature (SEAL) Printed Name of Notary "'"'''' ,.~...,.?t" ISABa. C. DE SAHI1S ~\~;1 MY COMMISSION' DO 194299 ~j"h"" EXPIRES. June 28. 2007 './/(,.ll" _Thru__"- THIS 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 ANY. AND ALL ADVANCEMENTS MADE BY THE MORTGAGE UNDER THE TERMS OF THIS SECOND MORTGAGE. _ 1l1.1Ml IIIIS/_ 3,lZPII Fil" I "c.~-.d in O"lcial a.car~ 0' _~TY _L._ SECOND MORTGAGE 11'115/2111 3 : 1"" I'IDRTGAOE DOC STA", CL.: I'IMIR '157.N COUNTY OF MONROE SHIP PROGRAM THIS SECOND MORTGAGE is made this May I' , 2006. between the Mortgagor, Habitat For Humanity or The Upper Keys, lne., a Florida COlJloration. (herein the "Borrower,") and the Mortgagee, the County or Monroe, an agency and instrumentality of the State of Aorida. whose address is Monroe County Courthouse. 500 Whitehead Street. Key West, Florida 33040 (herein the "Lender.") _ tS'1Mt 11<11 2Z1I '" ~ WHEREAS. tbe Borrower has applied to tbe County of Monroe Special Prograrm Office for a State Housing Initiatives Purtnership (SHIP) Program loan in the original principal amount of Forty Five Thousand DolIa... and Na Cents ($45.000.00) the "Loan," the Borrower along intends construct for the benefit of very low and low income households the Property (us defined herein,) which Property is a single-family residence. and; WHEREAS. the BOITowcr is indebted to Lender in the principal sum of Forty Five Tbouaand Dalla... and No Cents ($45.000.00). which indebtedness is evidenced hy the Borrower's Promissory Note dated May -JL-, 2006 and extensions and renewals thereof (herein "Note,") providing for payment of principal indebtedness if not sooner paid, due and payable an May -.lL. 2036. 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 1he performance of the covenants and agreements of the 80nuwer herein contained the Borrower does hereby mortgage. grant and convey to lender the following described property located in the County of Monroe, State of Florida: UJI 2. Block 2, (}(.-ean Isks Estates according to rhe Pial thereof as recorded tn Plat Book 5. Palle 14 of the Public Records of Monroe County. Florida Which has the address of 11 North End Drlve (8lml) Kev Lano. (CiIY) Florida 33037 (Stale) (Zip Cock) (berein the "Property Address:") TOGETHER with all the improvements now or hereafter erected on the property. and aU easemeots, rights, appurtenances, and rents all of which shall be deemed 10 be and remiun a part of the property covered by this Mortgage; and all of the foregoing, together witb .aid property (or the leasehold estate if ,hi. Mortgage is on a leasehold) are hereinafter referred to as the "Property." This instrument was prepared by: Special Program,' Office J4(){) Kennedy Dr;ve Key West, FL 33040 (305) 292-122/ \'-IOwoNl1~h""'M.'t><\ganI1M:re\HPH\NClle ad tdonJllJll21 Nortb End S..:loo: Pllicl _151_1 ~ 2211 ~.. 2311 BORROWER COVENANTS, represents and WlIll1II1ts 10 the Lender and its suecesson; and ..signs Ihat Borrower is lawfully seized of Ihe estate hereby conveyed and has the righl to mortgage, grant and convey the Property, and lhe Property is unencumbered. except for lhe mongage lien of the First Mongage in favor of Participant, and for other encumbrances of record. Borrower covenants, represents and warrants to the Lender ond its successors and assigns that Borrower will defend generally the title to th. 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: I. Pavmenl. The Borrower shall promptly pay when due the indebtedness evidenced by the Note. 2. PrIor Mort...... BDd Deecb of Trust: CIumres: Uens. Lender.nd Borrower acknowledge .nd .g.... th.tthis Mortg.ge is subject and subordinate in all respects to the liens, terms. covenants ilfld conditions of the First Mortgage and to all advances here.ofore m.de. The Borrow.r shall perform all of tbe Borrower's oblig.tions under th. First Mortgage and any other mortgage, deed of trost or other security agreement with a lien that has priority over this Mortgage. including the Borrower's covenants to make payments when due. The Bormwer shall payor c.use to be p.id all taxes, assessments and other charges, fines and impositions .ttribut.ble to the Property that m.y .ttain . priority over this Moltg.ge, and l....hold payments or ground rents. if any. 3. H~rd l.lllWrance. The Borrower shaJJ keep the improvements now eusung or hereWtcr erected on the Property insured against loss by fire. hazards included within the term "extended coverale." and such other hazards as the Lender may require and in such amounts and ror such period as the Lender may require. The insurance carrier providing the insurance shall be chosen by the Borrower subject to .pprov.1 by the Lender, orovided that such approval shall not be unreason.bly withheld. All insurance policies .nd renewals thereof sh.1l be in . form accept.ble to the Lender and shaJl include a standard mortgage clause in favor of. and in a form acceptable to the Lender. The Lender shall have the ri&htto hold the policies and ren.wals thereof. subject to the terms of the First Mortgage and any other mongage. deed of trust or other security agreement with a lien that has priority over this MOrtgage. In the evcnt of loss. the Borrower shan give prompt notice (0 the insurance carrier and to the Lender. The Lend.r m.y make proof of loss if not made promptly by the Borrower. If the Propelty is abandoned by the Borro"er, or if the Borrower fails to respond to lh. Lender within thilty (31) days from the dllle notic. 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 .nd apply the insurance proceeds .t the Lender's option either to restoration or repair of the Property or to the sums secured by this Mongage. 4. Preservatkm and Malnt.......ce 01 Prooertv: ,--....w.: CRllldA'MllllulIII: Planned Unll Develoomen.., The Borrower sh.1I 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 .ny leltSe if this Mortgag. is subject to . leasehold. If this Mortgage is on a unit in a condominium or a planned unit development. the Borrower shall perform all or the Borrowcr'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. 5. Protection 01 Lender's Security. If the Borrower fails to perform the covenants and agreements contained in this Mon.gage, or if any action or proceeding is commenced that materially affects the Lender's interest in the Property. 1bcn the Lender. aI the Lender's option upon notice to the Borrower, may make such appearu.nces, disburse such sums, including reasonable attorney's fees. and lake such action as is necessary to protect the Lender's interest in the Propeny. \\s......'nJr1~h\t""'I'l:\[PrdJl<!n:\ttFm.Nult lInd i\4onpl\' 21 Nortb EJMI S.lklc PllJe 2 ~~ -.. :I~ ~t:I Ii Any amounts disbursed by the Lender pursuant to this Paragraph 5. with interest lhereon. at .he rale of lwelve percent (12%) per annum, shan become additional indebtedness of the Borrower secured by this Mortgage. Unless the Borrower and the Lender agree to olher terms of payment, such amounts shall he payable upon notice from the Lender 10 the Borrower requesting payment thereof. Nothing contained in this Paragraph 5 shall ~uire the Lender to incur any expense or take any action hereunder. 6. InmectIon. The Lender may make or cuuse to be m8de reasonable entries upon the inspections of the Property, provided that the Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor to the Lender's interest in the Property. ~ ~ ... .. 7. Condp.mnatton. The proceeds of any award or claim for damages, direct or consequenrial. in connection with any condemnntion 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 any mortgage, deed of trust or to the security agreement with a lien that has priority over this Mortgage. 8. Borrower Not Rel--': Forbearance bv Lender Not. W8Iver. Ex.tension of the time (or payment or modification of amortization of the sums secured by this Mortgage granted by the Lender to any successor in interest of the Borrower shull not operate to release. in a manner, the liamlity 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 pu.yment or otherwise modify amortiz.ation of the sums secured by this Mortgage by reason of any demand made by the original Bonuwer and the Borrower's successors in interest. Any forbeamnce by the Lender in exercising any right or relIlCdy hereunder. or otherwise afforded by applicable law, shall not be a waiver of or preclude the ex.ercise of any such right or remedy. 9. S..---.- 8Dd Aut..... Baund: Joint and Several LiabiUtv: Co-...~l2nen. 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 14 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 Mongage. but does not execute the Note: (n) 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 Mongage, 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 tenns of this Mortgage or the Note without the Borrower's coosent and without releasing lhol Borrower or modifying this Mongage as to that Borrower's interest in the Property. 10. ~ Except for any notice required under applicable law to be given in another manner: (a) any notice of the Borrower provided for in this Mongage 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 10 the Lender as provided herein. and (b) any notice to the Lender andlor the Federal National Mortgage Association ("Fannie Mae") shall he given by certified or registered mail. postage prepaid, and if to the Lender at the Lender's address sUlted on page I hereof wilh a copy to Servicer, if 10 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 givc::n to the Borrower or the Lender when given in the mwmer designated herein. 11. GoVemiDR Law: SeverablUtv: eo.... 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 evenl that any provision or clause of this Mortgage or the Note connicts 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 "atlollK"ys' fees" include aU slims to the extent not prohibited by applicable law or limited herein. \1ti.....II\II1~h'-j;\,'IS\JIilnh.:I'\:\HPH\No<<! :llId MonplJ.' 21 North Sail S.<J<..: Page 3 ~ t:l ...~ Is "'1:: 11 12. Borrower'. CoDY. Borrower shall be furnished a confonned copy oftbe Note and ofthi. Mortgage at the time of execution or after recordation hereof. 13. RebablUtatIoD Loan A.....-t. Borrower shall fulfill all of Borrower's obligations under any home rehabilitation, improvement. repair, or other loan agreement that BOTTOwer enters into with the Participant, the Lender. at the Lender's oplion, may require Borrower to execute and deliver 10 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 wHh improvements made to the Property. 14. Trader of lIae Prooertv. If all or any part of the Property or any interest in it is sold, IllUlsfcrred, girted 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 Mongage is satisfied or refinanced, or if the Propeny is leased or rented, all sums secured by this Mongage may immediately become due and payable. This RIOtlgage shall be assumable only by an individual who has qualified in accordance with Florida Statue 420.907-420.9079, Florida Administrative Rule, Chapter 67-37 and Monroe County's approved SHIP Local Housing Assistance Plan, under which this mortgage was issued. Any assignment by the lender OT assumption by a third pany must be in writing and approved by the Monroe County Board of CounlY Commissioners as evidenced by the Mayor or Mayor pro tern's execution. The assignment of mortgage must be recorded in the Official Records of Monroe County. In the event of an assignment and assumption, all conditions and requirements placed upon the original borrower by this document or l:l promissory note are binding on the assignees. Lender shall give Borrower notice of acceleration. The notice shalt provide a period of not less than thirty (31) daY' from the date the notice is given provided in Paragraph 10 hereof within which the Bonuwer 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 Mongage without funher notice or demand on the Borrower. 15. AcceleratIon: R.-u... Except as provided io Paragraph 14 bereof, 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 tMs Mongage, or in the event that the Borrower shall have made material misrepresentations or material omissions in hislher/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 fQlOClose this Mongage by judicial proceeding. Prior tl> taking any defaults action including acceleration of this Mortgage, the Lender shall give notice to the SeniOT Lien Holder and to the Borrower as provided in Paragraph 10 hereof specifying (I) the breach (if the breach is curable; (2) the action required to cure such breach; (3) . date. not less than ten (10) daY' fonn the date the notice is mailed to BOlTOwcr, by which such breach must be cured; and (4) that failure 10 CtlJ"e such breach on or before the date specified in 1he notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding, and sale of the Property. The notice shan further infollO Borrower of the right to reinstalc after acceleration and the right to assen in the foreclosure proceeding the nonexistence of a default or any other defensive of Borrower to acceleration and foreclosure. The Lender shall be entitled to collect in such proceeding all expenses of foreclosure. including, but not limited to, reasonable aUomeys' fees, coun costs, and costs of documentary evidence. abstracts and tine reports. 16. Borrower's Rillht to ~".'ntd.te. Notwithstanding the Lender's acceleration of the sums secured by this Mortgage due (0 the Borrower's breach, the Borrower shall have the right 10 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 Ihen due under Ihis Mortgage and the Note had no acceleration occurred; (b) the Borrower cures all breaches of any other covenants or agreements of the Borrower contained in this Mortgage; (c) the Borrower pays all reasonable expenses incurred by the 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 15 hereof. including. but not limited to, reasonable nnomeys' fees and court costs; and Cd) the Borrower takes ~uch action as the Lender may reasonably \I.!l\\1lldfj,h\ustl'~\,aldJlHC\HFH\Nnl...,d Mnrtp[!l! 21 Ncrtb ~d S.dr.M.: POise 4 .. ii -I !L ~S -A ll. & ill require to assure that the tien of this Mongage, the Lender's interest in the Propeny and the Borrower's obligation to pay the sums secured by Ihis Mortgage shall continue unirnpllired. 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 occulTed. 17. AaimunMt or Rents: AonnlnlmM1t or Receiver. As additional security hereunder, the BOITOwer hereby assigas 10 the Lender the rents of the Property, provided that the Borrower shall, prior to acceleration undeT Paragruph 15 hereof or abandonment of the Property, have the tight to collect and retain such rents as they become due and payable. Upon acceleration under Paragraph 15 hereof or aoondonment of the Property, Ihe Lender shall be entitled to have a receiver appointed by a court to enter upon, take possession of and manage Ihe Property and to collect the rents of the Property including those past due. 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 nO! 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 shan be liable to account only for those rents actually received. 18. Release. Upon payment of all sums secured by this Mortgage. Lender shall release this Mortgage wilhout charge to Borrower. Borrower shall pay all costs of recordation, if any. 19. Attoroevs' Fees. As used in this Mortgage and in the Note. "attorneys' fees" shall include attorneys. fees. if any, inculTed 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 olherwise. 20. Sl'N'lal SHIP ProRram Covenants. Rennsentatloos. The Borrower covenants, represents. and warrants to the Lender that; (a) the Borrower along with hislherhheiTI family, intends to reside.. a household in the Property; (b) the Property is a single-family residence: (c) the Borrower's total annual family income 11t the time of its application for the Loan did not exceed Ihe income limit by family size for eligibility to participate in the SHIP Program, (d) at least three percent (3%) of the required five percent (5%) down payment must be paid by the Borrower from his or her own resources. 21. PrlDclDaI Pa..-L Lender shan gi ve the BOITOwer the right 10 negotiate a repayment schedule for 90 days after the last payment is due on the First Mortg-dgC for all sums secured by this Mongage that have been deferred. The lenns and conditions of the repayment schedule negotiated after the last payment is due on the FiB! Mortgage shall provide for a below market interest rate, a tenn for up to thirty (31) years, a principal and interest not Ie exceed the original First Mortgage principal and inlerest payment and such paymenr of principal and interest when combined with real-esUite taxes and property ~t1surance shall not exceed twenty five percent (25%) or the household income. IN WITNESS WHEREOF, Ibe 8OITOwer has executed this Mortgage. \\l.WOl'\I!i~h\u.Wl"li~Il~fH\NolC' 311d MllI1Pte 21 NUMb 2nd ~_t\0l: Paac 5 NOTICE TO BORROWER DO NOT SIGN THIS MORTGAGE IF IT CONTAINS BLANK SPACES. ALL SPACES SHOULD BE COMPLETED BEFORE YOU SIGN. THIS IS A BALLOON MORTGAGE WHERE THE PRINCIPAL BALANCE DUE UPON MATURITY IS $45,000.., TOGETHER WITH ACCRUED INTEREST, IF ANY, AND ALL ADVANCEMENTS MADE BY THE MORTGAGEE UNDER THE TERMS OF THL~ SECOND MORTGAGE. _ 1111111 Ikll 2211 '.. 2314 in the presence of: "1!qJ? ~"I~_~~ ~ """"I91'6F- 7#fT c/Pnn<<. ~.~. Address; f'C Bo" 1JC I )Urt L..-. ~-~ J Ft. 3ao~ 7 Witness Signature I Printed Name: p.,-.-..... GIDSII'1- ~~::~:: Witness Signature Printed Name: Borrower Add.....: Witness Signature Name; STATE OF FLORIDA COUNTY OF MONROE The foregoing was acknowledged before me this II day of U iIfY 2006byu..~--,.I--~ 1JAIAta&t.; np 71Ir CbeP. . who is personally known to me or who has produced a valid driver license as identification Hnd who did not take an oalh. !.~ ~ ~ /..!--- SEAL Printed Name: ~ ......N_ t ": ..,eonn-DIJ3722.M \:~:.I--"-' Commisslon Number. My Commission Expires: _CIlIJIfTY CWI'%C%IL fIIa,%C - THIS MORTGAGE IS GIVEN TO MONROE COUNTY AND IS SUBJECT TO PAYMENT OF DOCUMENTARY STAMP TAXATION PURSUANT TO flORIDA STATUE 420.513 \\';\lourllrllill\u.i\;,,\prdaerc\HPH\l'foae aDd MortJap: 21 Nurdl End S.doc Pagc6 , THIS PROMISSORY NOTE IS GIVEN TO MONROE COUNTY AND IS EXEMPT FROM TAXATION PURSUANT TO FLORIDA STATUES 199.183. PROMISSORY NOTE COUNTY OF MONROE SHIP LOAN Date May -iL, 2006 Property Address City, State Key Largo Florida 21 North End Drive City Key Largo State Florida Zip Code 33037 1. BORROWER'S PROMISE TO PAY We, Habitat For Humanity Of The Upper Keys, Inc., (the "Borrower"), 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 May , ~_, 2036. In the event that I sell, transfer, or rent my home or refinance or satisfy the first mortgage loan, I agree to pay immediately the entire sum due under this Note. My total payment shall be Forty Five Thousand Dollars and No Cents ($45,000.00) 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 FAll..URE 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 Mortgage, dated , , May -LL-, 2006, protects the Note Holder from possible losses that might result if I do not keep the promises that I make in this Note. That 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. 7. BORROWER'S WAIVER I waive my rights to require the Note Holcter 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 \\swordfish\us(~rs\gardnerc\HFH\Note and Mortgage 21 North End S.doc Page I 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 also waives these rights. 8. GIVING OF NOTICES Any notice that must be given to me under this Note will be given by delivering it or by mailing it by certified or registered mail, postage prepaid, addressed to me at the Property address above. A notice will be mailed to the Note Holder at a different address if I am given a notice of that different address. 9. RESPONSffiILITY OF PERSONS UNDER THIS NOTE If more than one person signs this Note, each of us is fully and personally obligated to pay the full amount owed and to keep all of the premises 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 any may enforce its rights against any of us in any order. This means that anyone 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 (31) 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 BE COMPLETED BEFORE YOU SIGN. ( e - 6 -1I~00 Date ~ BORROWER, Habitat Upper Keys, Inc. (SIGN ORIGINAL ONLY) I THIS PROMISSORY NOTE IS GIVEN TO MONROE COUNTY AND IS EXEMPT FROM TAXATION PURSUANT TO FLORIDA STATUES 199.183. \\swordfish\users\gardnerc\HFH\Note and Mortgage 21 North End $.dcx: Page 2 Exhibit B This Document Prepared By: Special Programs Office Monroe County Housing Authority 1400 Kennedy Drive Key West, Florida 33040 MORTGAGE ASSIGNMENT AND ASSUMPTION d~ THIS AGREEMENT, made and entered into this ~I day of , 2006, by and between MONROE COUNTY (hereinafter referred to a ortgagor"), and SHAUNA GIONFRIDDO and (hereinafter referred to as "Buyer"); WITNESSETH: WHEREAS, Mortgagor is the owner of real property located at 23 North End Drive, Key Largo, Florida, and more particularly described as: Lot 3, Block 2, Ocean Isles Estates according to the plat thereof as recorded in Plat Book 5, Page 14 of the Public Records of Monroe County, Florida WHEREAS, Monroe County is the owner and holder of a certain Mortgage dated -'L.. day of .-1::1k't ,2006, and recorded on I~ dayof.:::J UNtr' , 2006, in Book 'Z.Z/(, , Page :Z~3 in the Official Records of Monroe County, Florida; Said Mortgage encumbers the real property described above; and WHEREAS, Mortgagor and Buyer have entered into a sell/purchase agreement for said real property; and WHEREAS, Mortgagor and Buyer wish to transfer the mortgage as part of the purchase price; as WHEREAS, all parties are desirous of the assignment and assumption of said mortgage and Note; NOW THEREFORE; I. The recitals contained herein are true and correct. 2. The Mortgagee (Monroe County) agrees that said Mortgage and Promissory Note may be assigned by the Mortgagor and assumed by the Buyer. 3. The principal balance under the Note and Mortgage IS FORTY.FIVE THOUSAND DOLLARS AND NO CENTS ($45,000.00). 4. The Mortgagor hereby transfers and assigns the Buyer all of his obligations and liabilities provided in the Note and Mortgage documents, which documents are recorded at OR Book ~Zlf" Page a3. Monroe County, Florida. 5. The Buyer does hereby expressly assume and agree to pay the aforementioned unpaid indebtedness as of the date above. The principal and interest shall be payable in accordance with the Promissory Note, and Buyer shall be personally liable therefore as fully and to the same extent as though he was the original maker of said Note and Mortgage. 6. The property hereinabove described shall remain subject to the lien, charge and encumbrance of said original mortgage and nothing herein contained or done pursuant hereto shall in any manner or way affect, alter or modify any of terms and conditions of said original mortgage, except as herein expressly changed and modified. Page 2 of 3 Page 2 of3 7. This Agreement applies to and insures to the benefit of and binds all parties hereto and their respective heirs, administrators, executors, successors and assigns. 8. All other terms and conditions of said Mortgage and Note are hereby ratified and reaffirmed and shall remain in full force and effect, except as modified by this Agreement, and nothing contained herein shall in any way impair the security now held for the said indebtedness. IN WITNESS WHEREOF, the parties hereto have set their hands and seals this ~ day of ~I ~ b ,2006. ~~d Signature of Witness ~ MO~TGAGOR: .~ By:'- ~J~ Habitat for Humanity, Upper Keys, Inc. P~~NI'r" ~sa Printed Name of Witness Witness: ~V~- Signature f Witness - ~YA/ AI. ,e1lt1l!1~ Printed Name of Witness Attest: MORTGAGEE: Bytk5!~ie. b.vy!J~.1 .D,c.. Monroe County tlerk of Court DANl\TY L. KOLHAGE, Clerk By: Monroe County ~~ ~ Signature of Witness BVYER(S): /7 \_ . ~ BY:~~. Deborah Santos -pA-rrZ.t..c.t~ ~e-ss;€Z- Printed Name of Witness J~YN N. ~~ Printed Name of Witness Page 3 of3 NOTARY PAGE OF MORTGAGE ASSIGNMENT AND ASSUMPTION STATE OF FLORIDA COUNTY OF MONROE BEFORE ME, the undersigned authority, personally appeared,~ ~S of __ _ to me well known, and Agreement for the purposes therein expressed. WITNESS my hand and seal this 2-!1- day of My Commission Expires: -:f V ;Ut::" ,2006. ~~,v~ 'Notary Public Ignature (SEAL) ~l "t\. Kathryn N RaeDer . " .; My CommlsstQn 00372244 "\ oj f\.tI Expires January 15 2009 Printed Name of Notary STATE OF FLORIDA COUNTY OF MONROE BEFORE ME, the undersigned authority, personally appeared:::;i;;;v5 ~ ~ ~f fhte,T?rf" Ff!>(/... flVMIIrN'rv OF 71hC uPfttL. ~-r,HQ me well known, and Agreement for the purposes therein expressed WITNESS my hand and seal thisJt day of My Commission Expires: --:- 1 U/eI n , 2006. ~A/~- )l)otary Pub!' Signature (SEAL) ~T "t\. Kathryn N RaeOer !" . My Commls81on 00372244 '\~...,/ Expi.... January 1&, 200" Printed Name of Notary ST A TE OF FLORIDA COUNTY OF MONROE "r 'IM~ B, E,F.ORE, ME, the undersigned authority, personally appeared, C/'a.,/e S ~"" 1'1 .~t of mf?//YOt!. Co"-"!1'y, M...vor to me....ell-known, and Agreement f6rthe pu oses therein expressed. I I f.'~.n.. /lr WITNESS my hand and seal this /'1 ~ay of S-e.p'!' ,2006. My Commission Expires: ~j. . 1(', 112v~ Notary Public S'ignature . (SEAL) Printed Name of Notary .,,'"~''t''''' ''i<'t'A~' ~:~}:l ,,~.....'~ '''',9r.,f,.~~ ISABEL C. DE SANTIS MY COMMISSION I 00 194299 EXPIRES: June 28, 2007 BondedThruNolaryplbIicUnclerwritflr5 THIS 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 PlUNCIPAL BALANCE DUE UPON MATURITY IS $45,OOlI.OO, TOGETHER WITH ACCRUED INTEREST, IF ANY, AND ALL ADVANCEMENTS MADE BY THE MORTGAGE UNDER THE TERMS OF THIS SECOND MORTGAGE. _ 15_ ./I~/_ 3,12PIl Fa.... . R.~ .n O"l.ial R__..f SECOND MORTGAGE ~ COlIITY _v L. KOUIAGE eIIl"'" 3:1ZPrt I'IDItTGAGI DOC STAI'P a.:....1A $1&1. H COUNTY OF MONROE SHIP PROGRAM -I~ ... 2211 '.. Z3lI3 THIS SECOND MORTGAGE is made this May II , 2006. between the Mortgagor, Habitat For Humanity or The Upper Keys, Inc., a Florida COlJlOT8.tion, (berein !he "Borrower,") and the Mortgagee, !he County Of Monroe, an agency and instrumentality of the State of Florida, whose addRo.. i. Monroe Counly Courthouse. 500 Whilehe8d Street, Key Wes~ Florida 33040 (herein the "Lendr.r.") WHEREAS, the Borrower has applied to the County of Monroe Special Programs Office for a Stale Housing Initialives Pannership (SHIP) Program loan in the original principal amount of Forty Five Tho..... DoIIan III1d No Ceols ($45,000.00) the "Loan," the Borrower along intends construct for the benefit of very low and low income households the Property (as defined herein,) which Property is a single-family residence, ond; WHEREAS, the Borrower is indebted to Lender in the principal sum of Forty Five Thousand Dollars lIDd No Ceols ($45,000.00), whicb indt:Ltcdl.... is evidenced by !he Borrower's Promiasory Note dated May -JL.., 2006 and extensions and renewals thereof (benein "Note,") providing for payment of principal indebtedness if not sooner paid, due and payable on May 11-, 2036. TO SECURE to the Lender the repayment of the indebtedness evidenced by the Note: the payment of all other sum., advanced in accordance herewith to "rolecl the security of this Mortgage: and the perfonnance of the covenants and agneement. of the Borrower herrin contained the Bom)wC't does hereby mortgage. grant and convey to Lender the following described property locoted in the County of Monroe. State of Florida: Lor 3, Blo<'k 2, Ocean 1.les ESlares ""'Y"'ling 10 rhe PIal rhereof as recorded in PItJr Book 5, Pa,qe /4 of the Publk Records afMonroe Coutuy, FlonodtJ Which has the address of 23 North End Drive ,......, Kev Lano. (Cily) I'1orida 33037 CS1_J (ZipCodc) (herein the "Property Address:") TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights. appurtenances, and rents all of which shall be deemed 10 be and remain a part of the property covered by this Mortgage: and all of the foregoing, together with said property (or the leasehold estale if this Mortgag. is on a I....hold) aJe hereinafter referred to as the "Property," This instrument was prepared by: Special Programs Office 1400 Kennedy Drive Key We". FL JJ()4fJ (305)292.1221 ''wl>U\lfi,h\uMn\prdam:\Hflt\NOIe _ Moripp: 23 Nanll Bnd.tb: P:>gel BORROWER COVENANTS, represents and warrants to the Lender and ils successors and assigns that Borrower is lawfully seized of the es_ hereby conveyed and has the right to mortgage, grant and convey the Property, and Ihe Property is unencumbered. except for the mortgage lien of the Fint Mortgage in favor of Participant, and for other encumbrances of record. Borrower covenants, represents and warrants to the Lender and its successors and assigns that Borrower will defend genendly the title to the Propeny against aU claims and demands. subject lo the mortgage lien of the First Mortgage and other encumbrances or reconl. BORROWER FURTHER COVENANTS and agrees with the Lender as follows: J. Pav_L The Borrower shall promptly pay when due the iode_ne.. evidenced by the Note. I .. If i= ~l:I h 2. Prior Mortaa_ and n.-t. or Trust: ChanIes: Liens.. Lender and B01TOwer acknowledge and agree that this Mortgage is subject and subordinale in all respects 10 lhe liens, teons. 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 Firsl Mortgage and any other mortgage, deed of lrusl or other security agreement with a lien that has priority over this Mortgage. including the Borrower's covenants to make payments when due. 100 Borrower shall payor cause to be paid an taxes, assessments and other charges, fines and impositions attributable to the Property that may attain a priority over this Mortgage, and leasehold payment. or ground rents, if any. 3. Hazard lusunnce. The BolTOwer shall keep the improvements now existing or hereafter erected on the Property insun:d againslloss by fire, hazards included within the tenn "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, Drovided that .uch approval shan 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 10 hold the policies and renewals thereof, subjecl to the term. of the First Mortgage and any other mortgage, deed of IruSt or other security agreement with a lien that has priority over this Mortgage. In the event of loss, the BOITOwer shall give prompt notice to the insurance carrier and to lhe Lender. The Lender may make proof of 10.. if nOl made promplly by the Borrower. If the Property i. abandoned by the Borrower, or if the Borrower fails to respond 10 the Lender within thiny (31) day. from the dale notice mailed by the Lender 10 the Borrower that the insurance carrier offers to settle a claim for insurance benefits. the Lender is authorized to collect and appJy the insurance proceeds at the Lender's option either to restoration or repair of the Propeny or to the 'IWIIS secured by this Mortgage. 4. Presenation and Main_a_ of ~y: '--hnlds: Cnndoanlnlnms: Planned Unit Develoomeala. The Borrower shall keep the Property in good repair and .hall not commit waste or permit impairment or deterioralion of the Property and shan comply with the provisions or any lease if this Mortgage is subject to a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, the Borrower shan perform all of the Borrower's obligations under the declaration or covenants creating or governing such condominium 01'" planned unit development, the byalaws and regulations of the condominium or planned unit development, and constituent documents. 5. Protection of Lender'. SectII'ih. If the Borrower fails to perform the covenants and agreements contained in this Mortgage. or if any action or proceeding is commenced that materially affects the Lender's interest in the Propeny. Then the Lender, at the Lender's option upon notice to the Borrower, may make such Ilppearonces, disburse such sums, including reasonable attorney's fees., and take such action as is necessary to prorect the Lender's interest in the Property. Any amounts disbursed by the Lender pursuant to this Paragraph 5, with interest thereon. at the rate of twclve percent (12%) per annum. shall become additional indebtedness of the Borrower secured by this Mortgag.. Unless the Borrower and the Lender agree to other terms of payment. such amounts shall be payable upon nalke from tt\e Lender to \........OIlNi..\ilamIt:ar~\HFH\Nlllc aDl1 Monp,:... 23 Nonh ElId.do.: Page 2 I I' .. iZ:!I ~$:I . .II the BolTOw" requesting payment thereof. Nothing contained in this Paragraph 5 shall require the Lender to incur any expense or take any action hereunder. 6. I..._n. The Lender may make or cause to be made reasonable enllies upon the inspections of the Property, provided that the lender shall give BOITOwer notice prior 10 any such inspection specifying reasonable cause therefor to the Lender's inlercSt in the Property. 7. CondP.JnnA'ion. The proceeds of any award or claim for damages. djrect or consequential, in connection with any condemnation or other taking of the Propeny. or part thereof, or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to the Lender. subject to the tenns of any mortgage, deed of lrust or to the security Dg~menl with a lien that has priority over this: Mongoge. 8. Borrower Not R.a.--d: ForbeBr'lllM:e bv Lender Not a Wai~er. Ex-tension of the lime for payment or modification of amortization of the sums secured by this Mongage granted by the Lender to any successor in interest of the Bonuwer shall not operate to release, in a manner, the liability of the original BolTOwer 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 Mongage by reason of any demand made by the original BolTower 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 wal ver of or preclude tile exercise of any such right or remedy. 9. Successors and AssiJms Bound: Joint and Several Liability: eo.s- The covenants and agreements herein contained shall bind. and the rights hereunder shall inure 10. the respective successors and assigns for the Lender and the BolTOwer, subject to the provisions of Paragraph 14 hereof. If more than one Borrower executes this Mortgage, all covenants, representations, warranties and agreements of Borrower shall be joint and scverat Any Borrower who co-signs this Mortgage, bUl does nol 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 tenns of this Mortgage, (b) is not personally liable on the Note or under this Mongage. and (c} agrees that Lender and any other Borrower hereunder may agree to extend. modify. forbear, or make any other accomJOOdations with regard to the tems of this Mortgage or the Note without the Borrower's consent and without releasing that Borrower or modifying this Mortgage as to rhut Borrower's interest in the Property. 10. ~ Except for any notice required under applicable law to be given in another manner: (a) any notice of the Borrower proviried for in this Mortgage shall be given by delivering it or by mailing such notice by ("CItified 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 andlor the Federal National Mortgage Association ('"Fannie Mae") shall be given by cenified or registered maiJ, postage prepaid, and if to the Lender at the Lender's address stated on page 1 hC'l'OOf with u <;:opy to Servicer. if to Fannie Mae, addressed to 950 East Paces Ferry Road, AUanla, Georgia 31326, Attention: Loan Administl1llion. 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 Ihe Lender when given in the rrwnner designated herein. 11. Goveminl! Law: Severability: Com. This Mortgage shall be governed by the laws of the Slate of Florida, and, to the extent applicable hereto, the laws and regulations of the United Stales of America. In Ihe evenl that any provision or clause of this Mortgage or the Note conflicts with applicable la:w. such conflict provision, and to this and the provisions of this Mortgage or the Note thai 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 applicable Jawor limited herein. 12. Borrower's CODY. Borrower shall be furnished a confonned copy of the Note and of this Mortgage at the time of execution or after recordation hereof. \I.sWO'Clfi~h\uan\prdnemHAf\Nat.: :IntI Mort,... 2~ Nunh Bnd IIoc Pa~3 13. RebablUllltloD Loom ~t. Borrower shall fulfill all of Borrower's obligation. 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 ""d 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 Iltbor, mar.erials or services in connection with improvements made to the Property. 14. Tr8nd'.r of the Prooertv_ If all or any parr of the Property or any interest in it il sold, transferred. gifted or otherwise conveyed, whether by voluntary act, involuntarily, by operation of law or otherwise, or if the Borrower is divesled of title by judicial sale, levy or other proceeding, or if foreclosure action is instituted against the Property, or if the First Mongage is satisfied or refinanced, or if the Property is leased or rented. all sums secured by this Mortgage may immediately become due and payable. I d - .. 1:11 ~!:l h This mortgage shall be assumable only hy an individuaJ who has qualified in accordance with Florida Statue 420.907-420.9079, Florida Administrative Rule, Chapter 67-37 and Monroe County's approved SHIP local Housing Assistance Plan. under which this mortgage was issued. Any assignment by the lender or assumption by u third party must be in writing and approved by the Monroe County Board of County Commissioners as evidenced by the Mayor or Mayor pro tern's execution. The assignment of mortgage must be recorded in the Official Records of Monroe County. In the event of an assignment and assumplion, all conditions ""d requirements placed upon the original borrower by this document or a promissory not" are binding on the assignees. Lender shall give Borrower notice: of acceleration. The notice shall provide a period of not less than thirty (31) days from the dale the notice is given provided in Paragraph to hereof within which the Borrower must pay all sums secured by this Mortgage_ If Borrower fails to pay these sums priOT to the expiration of this period. the ~nder may invoke any remedies permitted by this Mot1gage without further notice or demand on the Borrower. 15. Aaelemtlon: ~Ies. ElU:ept as provided in Paragraph l4 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 !ums secured by this Mortgage, or \n the event thut the Borrower shall have made material misrepresentations Of material om,ssions in hislher1their application for a SHIP Loan. the l.ender. 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 10 the Borrower as provided in Paragraph 10 hereof specifying (I) the breach (if the breach is curable; (2) the action required to cure such breach; (3) a date, not Ieos than ten (to) days form the date the notice is mailed to Borrower. by which such breach mUSI he cured; and (4) that failure to cure such breach on OT before the date specified in the notice may result in acceieration of the sunm secured by tbis Mortgage, foreclosure by judicial proceeding. and sale of the Property. The notice shall further inform Borrower of the right to reinslate 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. The Lender shall be entitled to collect in slJch proceeding all expenses of foreclosure, including. but not limited to. reasonable attorneys' fees. court costs. and C06ls of documentary evidence. abstracts and title reports. 16. Borrower's Rlnt to lbh_hdA, Notwithstanding the Lender's acceleration of the sums secured by this Mortgage due to the Borrowe,'s breach, Ihe Borrower shall have the right to have any proceedings begun by the Lender to enforce this Mortgage disconrinued /.It any lime prior to entry of a judgment onforcing this Mortgage if: (a) the Borrower pays lhe lender all sums that would he then due ander this Mortgage and Ihe Note had no acceleration occurred; (b) the Borrower cures aU breaches of any other covenants or agreements of lhe Borrower contained in this Mortgage: (c) the Borrower pays aU reasonable expenses incurred by the Lender in enforcing the covenants and agreements of the BOlTOwer contained in this Mortgage, and in enforcing the Lender~s remedies as provided in Paragraph 15 hereof, including, but notlimi1ed to. reasonable attorneys' fees and court costs; and (d) the Borrower takes such action as the Lender may reasonably require to assure that the lien of this Mortgage. the Lender's interest in the Property and the Borrower~s obligarion to pay the sums secured by this Mongage shall continue \'o..,lllInsb\ultlo'D1prl,l1l\:n:\H.FH\NOk' Illd MonPI!L' 2) Norlb E/N.<Ju.. P:lge" 8 Il Z:!I -A ]1 unimpaired. Upon such payment and cure by the Borrower, this Mongage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. ~ 7. Afillitmn.nt of Rents:. A nnmnt...... of Receiver. As additional 5e(;Ufity hereunder. the BolTower hereby assigns to lhe Lender the mots of the Property, provided thar the Borrower shall. prior to acceleration under Paragnph 15 hereof or abandonment of the Property. have the right to collect and ",lain such relllS as they become due and payable. Upon acceleration under Paragraph 15 hereof or abandonment of the Property. the under shall be entitled to have a receiver appointed by a court to enter upon. take possession of and manage the Propenyand tn collect the rents of the Propeny including those past due. All rents collected by Ille receiver shall be applied first to the payment of the costs of managemenl of the Property and collection of rents. including. but not limited 10. receiver's fees, premiums on receiver's bonds and l"Casonable attorneys' fees, and then to the sum secured by this Mortgage. The receiver shall be liable to account only for those rents actually received 18. R....- Upon payment of all sums secured by this Mongage, under shan release this Mortgage without charge to Borrower. Borrower shan pay all costs of recordation. if any. 19. Altom.... F.... As used in this Mangage and in the Note, "atlorneys' fees" shan include attorneys' fees, if any, incu.ned in ccmneclion wilh 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 proceedin~s or otherwise. 20. Soeclal SHIP "-ram COv........... Reoreoeotallooa. The Borrow.r covenants. represents. and WlIITllllts to the under that: (0) the Borrower along with hislherltheirl family, intends to reside as a hOllsehold in the Pmpert)r. (b) the Property is a single-family residence: (e) the Borrower's lotaJ annWll 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 Progrdm. (d) at l_t three perce.t <3%) of the required five percent (5%) down pl:1yment must be paid by the Borrower from his or her own resources. 21. PrInclD81 PavmeoL lAonder shall give the Borrower the right to negotiate a repayment schedule for 90 day. after the last payment is due on the Firsl Mong;lge 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 shan provide for a below market int...,st rate. a term for up to thirty (31) years. a principal and interest not to cJ.ceed the original Firsl Mortgage principal and interest payment and such payment of principal and interest when combined with real-estate taxes and property insurdI"Lcc shall not exceed twenty five percent (25%) of the household income. IN WITNESS WHEREOF. the Borrower has executed this MortgaSe. \\swonJJ'h.h\Q5en.\pI'dPftl,:\Hf'IMule IIId M~ 23 NurdI &KJ.cb p... 5 NOTICE TO BORROWER DO NOT SIGN THIS MORTGAGE IF IT CONTAINS BLANK SPACES. Al.L SPACES SHOULD BE COMPLETED BEFORE YOU SIGN. THIS IS A BALLOON MORTGAGE WHERE THE PRINCIPAL BALANCE DUE UPON MA TURITY IS $45,080.10, TOGETHER WITH ACCRUED INTEREST,IF ANY, AND ALL ADVANCEMENTS MADE BY THE MORTGAGEE UNDER THE TERMS OF THIS SECOND MORTGAGE. _ l!1n. ... 2211 .... z-. Signed. sealed. and ~~d in ",presence of: 2./~ -Witness Signature PrintcdName: F", .-- ~ - ~--- Wilness S1 ature Name: ~"'ft-HIH..l .N. ;z:.1- --.. ..llr;{J.Ih- _. ~ ,J).~ Borrower /'4AoI~~:~. t>fQ. t\o'I6.rmr/"'O,.e. ~cr'f 4= """ vP1>W1C, jt;frYS.;p<.c:.. Address: 1"'1:> ~;<: ~ I Jt.v L\~r~ h .3~ . Witness Signature Printed Name: Borrower Address: Witness Signature N.."e: STATE OF FWRIDA COUNTY OF MONROE The foregoing was acknowledged before me this / t' day of JA1 *y 2006 by ......-_. ~II~ I!MtI --- L..... IJ&: 71"- '--^. t who IS peBOIlally known to me or who has produced a valid driver license as identification and who did not take an oath. SEAL LY~ --,-kl. Notary Si re Printed NllI11C: Commission Number: ~_.- .. ~ 1Ir~DD372aW \. -, 4._. !mo.,. My Commission Expires: -- OI'I'ICllII. IlWLIC _ ntlS MORTGAGE IS GIVEN TO MONROE COUNTY AND IS SUBJECT TO PAYMENT OF DOCUMENTARY STAMP TAXATION PURSUANT TO FLORIDA STATUE 420.513 '~wurd(j~b'men\fll"lpen:.'tftN\ftxc alkJ Mon.iJl23 I"mh I!a4Woc: Page 6 THIS PROMISSORY NOTE IS GIVEN TO MONROE COUNTY AND IS EXEMPT FROM TAXATION PURSUANT TO FLORIDA STATUES 199.183. PROMISSORY NOTE COUNTY OF MONROE SHIP LOAN Date May -li-, 2006 Property Address City, State Key Largo Florida 23 North End Drive City Key Largo State Florida Zip Code 33037 1. BORROWER'S PROMISE TO PAY We, Habitat For Humanity Of The Upper Keys, Inc., (the "Borrower"), 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 May Ii , 2036. In the event that I sell, transfer, or rent my home or refinance or satisfy the first mortgage loan, I agree to pay immediately the entire sum due under this Note. My total payment shall be Forty Five Thousand Dollars and No Cents ($45,000.00) 1 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 PA Y AS REQlJIRED (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 additi~n to the protections given to the Note Holder under this Note, a Mortgage, dated May -L~, 2006, protects the Note Holder from possible losses that might result if I do not keep the promIses that I make in this Note. That 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. 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 d;shonor"); (C) to obtain an official certification of \\swordfish\users\gllrdncrc\HFH\Note and Mortgage 23 North End.doc Page I 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 also waives these rights. 8. GIVING OF NOTICES Any notice that must be given to me under this Note will be given by delivering it or by mailing it by certified or registered mail, postage prepaid, addressed to me at the Property address above. A notice will be mailed to the Note Holder at a different address if I am given a notice of that different address. 9. RESPONSIBlllTY OF PERSONS UNDER THIS NOTE If more than one person signs this Note, each of us is fully and personally obligated to pay the full amount owed and to keep all of the premises 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 any may enforce its rights against any of us in any order. This means that anyone 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 (31) 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 fi ve percent (25%) of the household income. NOTICE TO BORROWER DO NOT SIGN THIS NOTE IF IT CONTAINS BLANK SPACES. ALL SPACES SHOULD BE COMPLETED BEFORE YOU SIGN. BORROWER, Habitat fo Upper Keys, Inc. .s--{/-OL~ Date (SIGN ORIGINAL ONLY) THIS PROMISSORY NOTE IS GIVEN TO MONROE COUNTY AND IS EXEMPT FROM TAXATION PURSUANT TO FLORIDA STATUES 199.183. \\swordfish\uscrs\gardnerc\HA-I\Notc and Mortgage 23 North End.doc P<'19t". ?