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Agenda 02/26/2013 Item #16D 12/26/2013 16.D.1. EXECUTIVE SUMMARY Recommendation to approve one (1) satisfaction of mortgage for State Housing Initiatives Partnership Program (SHIP) in accordance with the Board's Short Sale Policy. OBJECTIVE: Remove lien from property. CONSIDERATIONS: The State Housing Initiatives Partnership Program (SHIP), a state affordable housing grant, offers assistance to first time homebuyers for use toward a portion of the required down payment and emergency repairs to the newly acquired home. As a condition of award, the homeowner must repay the assistance provided upon sale, refinance or loss of homestead exemption. On February 28, 2012, Agenda Item 16.D.7, the Board of County Commissioners approved a Short Sale Policy for the SHIP program. The Short Sale Policy provides forgiveness of down payment assistance in the amount of 6% of the Collier County loan amount or $6,000.00 (whichever is less) in an effort to facilitate a Short Sale. The recipient, as the seller of the property, must not receive funds from the short sale. The following table contains relevant details. The recipient will not receive funds from the short sale. Recipient Name Security Instrument Payoff Amount Public Record William Monk SHIP Second Mortgage $15,645.00 t$938.70(6%of second mortgage) OR Bk: 4291, PG: 0721 Approval of this item will authorize the Chairman to sign the aforementioned satisfaction of mortgage for recording in the Public Records of Collier County, Florida. FISCAL IMPACT: SHIP funds in the amount of $938.70 have been repaid, will reside in SHIP Grant Fund (791) Project 33222 and are considered program income. Such funds may be reused for eligible SHIP program activities. Recording fee will be paid by the recipient. LEGAL CONSIDERATIONS: This item is legally sufficient and requires a majority vote for Board action. — iBW GROWTH MANAGEMENT IMPACT: There is no growth management impact associated with this Executive Summary. RECOMMENDATION: To approve one (1) satisfaction of mortgage for State Housing Initiatives Partnership Program (SHIP) for owner - occupied affordable housing unit that has satisfied the terms of the Short Sale Policy and authorizes the chairwoman to sign. Prepared By: Priscilla Doria, Grants Coordinator, Housing, Human and Veteran Services Packet Page -1618- 2/26/2013 16.D.1. COLLIER COUNTY Board of County Commissioners Item Number: 16.16.D.16.D.1. Item Summary: Recommendation to approve one (1) satisfaction of mortgage for State Housing Initiatives Partnership Program (SHIP) in accordance with the Board's Short Sale Policy. Meeting Date: 2/26/2013 Prepared By Name: DoriaPriscilla Title: SHIP Loan Processor,Housing, Human & Veteran Servi 1/15/2013 10:31:58 AM Submitted by Title: SHIP Loan Processor,Housing, Human & Veteran Servi Name: DoriaPriscilla 1/15/2013 10:32:00 AM Approved By Name: LarsenKathleen Date: 1/18/2013 11:08:16 AM Name: GrantKimberiey Title: Interim Director, H14VS Date: 1/21/2013 3 :25:15 PM Name: SonntagKristi Date: 1/22/2013 3:23:32 PM Name: AlonsoHailey Title: Operations Analyst, Public Service Division Date: 1/30/2013 4:44:49 PM Name: AckermanMaria Title: Senior Accountant, Grants Date: 1/31/2013 8:18:23 AM Packet Page -1619- Name: CarnellSteve Title: Director - Purchasing /General Services,Purchasing Date: 2/5/2013 10:00:16 AM Name: WhiteJennifer Title: Assistant County Attorney,County Attorney Date: 2/8/2013 1:19:42 PM Name: FinnEd Title: Senior Budget Analyst, OMB Date: 2/13/2013 9:20:20 AM Name: KlatzkowJeff Title: County Attorney Date: 2/14/2013 4:56:47 PM Name: StanleyTherese Title: Management/Budget Analyst, Senior,Office of Manage Date: 2/15/2013 2:27:14 PM Name: KlatzkowJeff Title: County Attorney Date: 2/15/2013 2:59:10 PM Name: OchsLeo Title: County Manager Date: 2/16/2013 3:14:52 PM Packet Page -1620- 2/26/2013 16. D.1. 2/26/2013 16.D.1. Prepared by: Collier County Housing; Human & Veteran Services 3339 E. Tamiami'rrail Naples, FL 34112 THIS SPACE FOR RECORDING SATISFACTION OF MORTGAGE KNOW ALL MEN BY THESE PRESENTS: That COLLIER COUNTY, whose post office address is 3299 E TAMIAMI TRAIL, NAPLES, FLORIDA 34112, the owner(s) and holder(s) of a certain Mortgage executed by WILLIAM MONK to COLLIER COUNTY, recorded on October 10, 2007, in Official Records Book 4291 Page 0721, of the Public Records of Collier County, Florida, securing a principal sum of $15,645.00 and certain promises and obligations set forth in said Mortgage, upon the property situated in said State and County as more fully described in said Mortgage. COLLIER COUNTY hereby acknowledges payment and satisfaction of said Mortgage, in accordance with Collier County Short Sale Policy, approved by the Board of County Commissioners on February 28, 2012, Agenda Item 16.D.7, and surrenders the same as cancelled, and hereby directs the Clerk of said Circuit Court to cancel the same of record. This Satisfaction of Mortgage was approved by the Board of County Commissioners on - 2013, Agenda. Item Number ATTEST: DWIGHT E. BROCK, Clerk I , Deputy Clerk Approved as to form and legal sufficiency: Jenni er B. White Assistant County Attorney BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA GEORGIA A.HI.LLER, ESO., CHAIRWOMAN Packet Page -1621- December 12, 2012 Borrower: William Monk 1961 Rookery Bay Drive# 403 Naples, Florida 34114 Closing Agent: Law Office of Conrad Willkomm, P.A. 59011th Street South Naples, FL 34102 Via Email: Luvins @swfloridalaw.com Lender: US Bank Home Mortgage Loan # 9902262513 Fax # 877 -903 -6972 Mortgageassistancepoint @usbank.com 2/26/2013 16.D.1. Re: Collier County State Housing Initiatives Partnership Program (SHIP) Second Mortgage Loan Recorded on 10/10/2007, OR Book: 4291, Page: 0721. SHIP File # 06 -161 Dear Sir /Madam- This is the Final Approval regarding the Short Sale for the subject matter. Collier County will accept $938.70 (6% of loan amount).as a Short Same settlement toward the above referenced loan. The settlement amount must be paid in the form of a check from the closing agent. The closing agent must provide two (2) separate checks; one in the amount of the Short Sale settlement payable to Collier County Board of County Commissioners and another check in the amount of S10.00 for the Satisfaction of Mortgage recording fee payable to Collier County Clerk of Courts. The funds must be walled to Collier County Government, Housing, Human and Veteran Services, Attention Priscilla Doria, 3339 E. Tamiami Trail, Bldg H, Suite 211, Naples, FL 34112 Upon the County's receipt of $938.70 and a copy of the final Short Sale HUD -1 form, the county will release the satisfaction and consider the remaining debt an uncollectable balance. Sincerely, Kimberley Grant `— HHVS Interim Director O USIDCr An Human and Veteran Sen"iees -af Co+iirty 3339 Tamiaml Trail East, Suite 219 • Naples, FL 34112-5361 239-252-CARE(2273) . 239 252- H.QM-r_ (4663; - 239- 252 -CAFE (? "', . "0?F'-pc�f° r77P,7ti . 239 - 252 -VETS (8387) • mtvw ..colliergov;netlhumanservices = Packet Page -1622- 2/26/2013 16.D.1. Packet Page -1623- Beta: ULAR BDSSIN BT AL 200 S BISCATB3 BLWO HIM][ FL 33131 SECOND MORTGAGE >(scoBDB 4082189cOR 4291 G 0721 rl I'll 10/10/2007 itt 11:44AB DWIGHT B. BBOCK, CLBBL He FBB DOC -.35 IBT•.002 THIS SECOND MORTGAGE ( "Security Instrument ") is given on CQ._ 5C,— .2007. The Second Mortgagor is William Monk, a single man 2/26/2013 16.D.1. 15641.00 155SO.00 35.50 54.95 31.10 ( "Borrower"). This Security Instrument is given to Collier County ( "Lender"), which is organized and existing under the laws of the United States of America, and whose address is 3301 E. Tamiami Trail, Naples Florida 34112 . Borrower owes Lender the sum of Fifteen Thousand six Hundred Forty Five and 00/ -200 Dollars ($15,645.001). This debt is evidenced by Borrower's Note dated the same date as 11ds Security Instrument ( "Second Mortgage "), which provides for monthly payments, with the full debt, if not paid earlier, due and payable on sale of property, refinance, or lose of homestead exemption . This Security Instrument secures to Lender. (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications; (b) the payment of all other sums, with interest advanced under paragraph 7 to protect the security of the Security Instrument; and (c) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby second mortgage, grant and convey to Lender the following described property located in Collier County, Florida. As more particularly described as South Bay Plantation, a Condominium, Unit 403 and which has the address of: ( "Property Address "): 1961 Rookery Bay Drive #403, lyaples -FL 34114 TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water rights and stock and all fixtures now or hereafter a part of the properly. All replacements and additions shall also be covered by the Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property". BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except-foreneumbrences of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subjdcf�cflaretacu�TibrpnCes of record. THIS SECURITY INSTRUMENT combines uniftir{n GoveryarttsfarTtattor(aitse and non - uniform covenants with limited variation by jurisdiction to constitute a uniform security instrument,6cWEhtng real property- F � UNIFORM COVENANTS. Borrower and'ehder covenant and agree as folftiw 1. Payment of Principal and Interest. memt-and Late Charges. Borrower §hall promptly pay when due the principal of and interest on the debt evidenced by the Note. /j ; j �..-, �---:f `� 2. Taxes. The Mortgagor will pay ali,taxe , assessmen`(s seWer rents car water `ters poor to the accrual of any penalties or interest thereon, ti ' i The Mortgagor shall pay or cause to p lid s th same same 1 fly beco � pu� (A)�1) all taxes and governmental charges of any kind whatsoever which may at any time be la fly se �r I vigd a�irt for wit re4pe to t e Property, (2) all utility and other charges, including "service charges" incurred or imp diq the �garafro \tom- rtiaintgn�nce, u Pnc�,�upkeep and improvement of the Property, and (3) all assessments or other governmental charges f may lawfully be paid iniinstalments yer a period of years; the Mortgagor shall be obligated under the Mortgage to pay or cause td, be paid only such instaliments *s are }eq�eij;t6 be paid during the tern of the Mortgage, and shall, promptly after the payment of any of the fol'�g)ftng, forward to Mortgageelie $Men,6"f -jsgd� payment. 3. Application of Payments. Unless ap' UCabi£ law provides otherwise,'ell ymertts received by Lender shall be applied: first to interest due: and, to principal due: and last, to any I�te charges due under the Note,,- ` I 4. Charges; Uens. Borrower shall ' l r8 pay all hold 4yrn`ss rime ts, charged� fitfe ,and impositions attributable to the Property which may attain priority over this Security Instnmtent. end leasehold p ym �i_ , gro lift t3;5 any. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph, and all rib:+ g-Lwitlert he payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over the Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. 5. Hazard or Property Insurancz. Borrower shall keep the improvements now existing or hereafter erected on the Properly insured against Joss by fire, hazards included within the term "extended coverage" and any other hazards, including floods or flooding, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. If Borrower fails to maintain coverage described above, Lender may, at Lenders option, obtain coverage to protect Lender's rights in the Property in accordance with paragraph 7. At all times that the Note is outstanding, the Mortgagor shall maintain insurance with respect to the Premises against such risks and for such amounts as are customarily insured against and pay, as the same become due and payable, all premiums in respect thereto, including, but not limited to , all -risk insurance protecting the interests of the Mortgagor and Mortgagee against loss or damage to the Premises by fire, lightning, and other casualties customarily insured against (including boiler explosion, if appropriate), with a uniform standard extended coverage endorsement, including debris removal coverage. Such insurance at all times to be in an amount not less than the full replacement cost of the Premises, exclusive of footings and foundations. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices, in the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of Joss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lenders security would be lessened, the insurance proceeds shall be applied to the sums secured by the Security Instrument, whether or not then dire, with any excess paid to Borrower. If Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30 -day period will begin when the notice is mailed. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraph 1 or change the amount of the payments. if under paragraph 21 the Property is acquired by Lender, Borrowers right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. G. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application, Leaseholds. Borrower shall occupy, establish, and use the Property as Borrowers principal residence within sixty days after the execution of this Security instrument and shall continue to occupy the Property as Borrowers principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrowers control. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate, or commit waste on the Property. Borrower shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun that in Lenders good faith Packet Page -1624- OR; 4291 PG: 1 2/26/2013 16.D.1. judgment could result in forfeiture of the Property or otherwise materially impair the lien created by this Security Instrument or Lender's security Interest. Borrower may cure such a default and reinstate, as provided in paragraph 18, by causing the action or proceeding to be dismissed with a ruling that, in Lenders good faith determination, precludes forfeiture of the Borrower's interest in the Property or other material impairment of the lien created by this Security Instrument or Lenders security interest. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material information) in connection with the loan evidenced by the Note, including, but not limited to, representations concerning Borrowers occupancy of the Property as a principal residence. If this Security lnstrwrient is on a leasehold, Borrower shall comply with all the provision of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Property. If Borrower fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lenders rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lenders rights in the Property. lenders actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 7, Lender does not have to do so. Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest upon notice from Lender to Borrower requesting payment. 8. Mortgage Insurance. If Lender required mortgage insurance as a condition of making the ban secured by this Security Instrument, Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any reason, the mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the mortgage Insurance previously in effect at a cost substantially equivalent to the cost to Borrower of the mortgage insurance previously in effect, from an alternate mortgage insurer approved by Lender. If substantially equivalent mortgage insurance coverage is not available, Borrower shall pay to Lender each month a sum equal to one-twelfth of the yearly mortgage insurance premium being paid by Borrower when the insurance coverage lapsed or ceased to be in effect. Lender will accept use and retain these payments as a loss reserve in lieu of mortgage insurance. Loss reserve payments may no longer be required, at the option of Lender, 0 mortgage insurance coverage (in the amount and for the period that Lender requires) provided by an insurer approved by Lender again becomes available and is obtained. Borrower shall pay the premiums required to maintain mortgage insurance in effect, or to provide a loss reserve, until the requirement for mortgage insurance ends in accordance with any written agreement between Borrower and Lender or applicable law. S. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 10. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. in the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, in which the fair market value of the Property immediately before the taking is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the taking, unless Borrower and Lender otherwise agree in writing, the sums sea ��_Sgcurity Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of th nirTtediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any bale s1el) 8eid IO�rp1��` 1n the event of a partial taking of the Property in which the fair market value of the Property immediately Ix� Qhe4t> al g is is less than ihe.� au t,of the sums secured immediately for the taking, unless Borrower and Lender otherwise agree in wnm jmlesa applicable law oche rse'p ides, the proceeds shall be applied to the sums secured by this Security Instrument whether or no(the odms are then due. Unless Len r and Borrower otherwise agree in writing, any application of proceeds to principal shall not exte(id or�postpotheld _date �fdhe molt ly par, nts referred to in paragraphs 1 or change the amount of such payments. j/ yVs 11. Borrower Ni t Released, Forbe renfiAly-Lande to I n f tit time for payment or modification of amortization of the sums secured by this Sec4ily I Pirufneiff re b}r te` ' r tp fly ssorlin interest of Borrower shall not operate to release the liability of the original Borrower or orr ,; su ar� in art Le a ji;he I not be required to commence proceedings against any successor in interest or refuse to (1 fo}1 �y eht}fr bI se HodrJ� a r ' ation of the sums secured by this Security Instrument by reason of any demand made by �ginat'Bort' or B ' rs su" solC�]N ' latest. Any forbearance by Lender in exercising any right or remedy shall not be a w i . 1 f or preclude the exercise 1f any ght� dy. 12. Successors and Assigns Boun Vpir�Eand Several Liability;6l��si covenants and agreements of this Security Instrument shall bind and benefit the successors � signs of Lender and BornowPP��I Gbl o the Provisions of paragraph 17. Borrower's covenants F(d reements shalt be joint arxiBev� rat Any Borrower who co-signs this Security Instrument but does not execute the Note; (a) is co-sign(�rg' jhls Security Instrurtter' 11 tpmortgage, grant and convey'that Borrowers interest in the Property under the terms of this Security InstrumeX(b) eras obiigefed to pay the sums secured by this Security Instrument; -and (o) agrees that Lender and any other Borrower may agrba o d`m §rbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrowers con nt 13. Lost Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first Gass mail unless applicable law required use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given to Borrower or Lender when given as provided in this paragraph. 15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lenders prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender it exercise is prohibited by federal law as of the date of this Security Instrument, If Lender exercised this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures and default of any other covenants or agreements: (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorney's fees; and (d) takes such action as Lender may reasonably require to assure that the lien of this Security Instrument, Lenders rights in the Property and Borrowers obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraph 17. 19. Sale of Note; Change of Loan Servicer. The Note or a partial interest in the Note (together with this Security Instrument) may be sold one or more times without prior notice to Borrower. A sale may result in a change in the entity (known as the "Loan Servicer") that collects monthly payments dire under the Note and this Security Instrument. There also may be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change in accordance with Packet Page -1625- e OR; 4291 PG; 2/26/2013 16.D.1. paragraph 14 and applicable law. The notice will state the name and address of the new Loan Servicer and the address to which payments should be made. The notice will also contain any other information required by applicable law. 20. Hazardous Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances an or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property that is in violation of any Environmental Law, The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property. Borrower shall promptly give Lender written notice for any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge. If Borrower learns, or is notified by any governmental or regulatory authority, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary. Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. As used in this paragraph 20, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products. toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph 20, "Environmental Law" means federal laws and taws of the jurisdiction where the Property is located that relate to health, safety or environmental protection. 21. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under paragraph 17 unless applicable law provides otherwise). The notice shall specify_ (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the scans secured by this Security Instrument, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non - existence of e default or any other defense of Borrower to acceleration and foreclosure. If the default is not cured on or before the sate specified in the notice, Lender, at its option, may require immediate payment in full of all sums secured by this Security Instrument without further demand and may foreclose this Security Instrument by judicial proceeding. Lender shall be entifted to collect all expenses Incurred in pursuing the remedies provided in this paragraph 21, including, but not limited to, reasonable attorney's fees and costs of the title evidence. 22. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument, without charge, to Borrower. Borrower shall pay any recordation costs. 23. Attorneys' Fees. As used in this Security Instrument and the Note, "attorneys' fees" shall include any attorneys' fees awarded by an appellate court. 24. Riders to this Security InstrumenL If one or more riders are executed by Borrower and recorded together with this Security Instrument, the covenants and agreements of each such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Security Instrument as if the rider(s) were a part of this Security Instrument. (Check Applicable Box) ❑ Adjustable Rate Rider ❑ Graduated Payment Rider ❑ Balloon Rider ❑ Other(s) (specify ❑ Rate Improvement Rider ❑ 1-4 Family Rider ❑ Biweekly Pay, 'nt. Zirt SIGNING BELOW, Borrower accepts and by Borrower and recorded with it, Signed, sealed nn/dJJdelivered in Witness#1:_ (rriAl STATE OF FLORIDA COUNTY OF 190 ❑ Condominium Rider ❑ Second Home Rider red Unit Development Rider Instrument and in any rider(s) executed ` Signature: ' '• ' ' - / y� Co- BorrowN �;' s C ` re,� a--4$1 Rookery Bay Drive #403 Naples„ FL 34114 I hereby certify that on this day, before me, an officer duly authorized in the state aforesaid and in the county aforesaid to take acknowledgements, personally appeared William Monk, to me known to be the person(s) described in and who executed the foregoing instrument and acknowledged before me that (He/ she/ they) executed the same for the purpose therein expressed. d"--- �J WITNESS my hand and official seat in the County and State afore i this 1L day of My Commission Expires: (Seat) Notary P ic's Sig Lure HWi & Notary's Printed Narne WENDY L. JOHNSON Nalary f ubbe . State of Florida ? My Commission Expires Jul 16, 2611 ^a, Commission a DD 651670 File #: 06 -161 Packet Page -1626- I 2/26/2013 16.D.1. Exhibit "A" Legal Description for File No.: 2975 -403 Condominium Unit 403, Building No. 4, of SOUTH BAY PLANTATION, a Condominium, according to the Declaration of Condominium thereof, recorded in Official Records Book 3908, Page 2101, of the Public Records of Collier County, Florida. ate. t IA N�.... Packet Page -1627- * ** OR: 4291 PG: 0724 * **