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Statutory Deed ... INSTR 4468270 OR 4598 PG 3478 RECORDED 8/26/2010 12:03 PM PAGFS 1 DWIGHT E. BROCK, COLLIER COUNTY CLERK OF THE CIRCUIT COURT Doc@.70 $714.00 REC $10.00 CONS $102,000.00 ... <1 ~ .~ i~~ _z x= W~M S~~ _E""'" N"'''' ON'F: -J __wn.:rlL. EN I- en ::l mtO..'E w t:3 ~ g- 0::::._(")2 (j) NEIGHBORHOOD STABIUZATION PROGRAM Property Address: 2540 SOlh Avenue NE, Naples, A 34120 ~lio Number: 389&3040001", /.... " ~~""-'''\''-'...... - ~ l".\,~ v'1-'; 'J)::C.(':;\3fl'C\l"'-- 1'~11'!:(}\> STATUTORY DEED THIS DEED, made this i1!!': day of /J1A-<1 ,2010, by COLLIER COUNTY, a Political Subdivision of Ihe Slale of Florida, whose mailing address is 3301 Tamiami Trail East, Naples, Florida 34112, hereinafter called the Grantor, to PORTIA L. RIX, a single woman, whose mailing address is 254050" Avenue NE, Naples, Florida 34120, hereinafter called the Grantee. (Whenever used herein the terms "Grantor" and "Grantee" include all the parties to this instrument and their respective heirs, successors or assigns.) WITNESSETH that the Grantor, for and in consideration of the sum of Ten Dollars, ($10,00) to it in hand paid by the Grantee, receipt whereof is hereby acknowledged, does hereby grant, bargain and sell unto the Grantee, the following described land lying and being in Collier County, Florida: TJ1..l\'iL THE EAST 75 FEET OF THE EAST 150 Fj;E'f.'QI1IP/"( ,GOLDEN GATE ESTATES, UNIT NO. 44, ACCORDING TO THE MAP OR P~. .~--As',. D IN PLAT BOOK 7, PAGE 29, OF THE PUBLIC y. 0 OF COLLIE ~,FLORIDA ,\..; NKJA: 254<l50T ~NE,,- ~ES, F RI~A 34120 t I ~ ~ Subject to eaS~0n~~' ' ns if record, IN WITNESS WHEREO J~~kQ), a ed I p~Se1ts to be executed by its Board of County Commissioners actin ~~9h its Chairman, th 1:; and ye,a!r/resaid, This.conveyance,APproved by B~~ember 1, 2009 - mltLJiy ATTEST:"'''''''''''' ~O~ /-'\" / DWi~.tr:aifo9J<,Clerk '~ fl.-I'f'C. ~('.' -% ~F COUNTY COMMISSIONERS , '. -,;> ..' " ", ..\ ", "'-'" . l... 'CbLrlER COUNTY FLORIDA . /_~""S:" t~~;;~:...., .';1 .... '2-.. ..... --._--,.~_.' ~. ""', ' ,"/' _l .,-, M~ 0" '''",,~ '_' ~ 7 '. "w,',''''~,'f2, ,1'- : _ 62\. { W "f." ',-:/. 'v By: ' A "0 ((.j."0'" ,erk Fred W. Coyle, Chairman , II "'\IV' .,' ~p'~@:(,:' -ill::,l'" Approved as to form And legai sufficiency: ~ ~1-) ~ Jenn B. hite, Assistant County Attorney 1NSTR 4468272 OR 4598 PG 3496 RECORDED 8/26/2010 12 :03 PM PAGFS 4 DWIGHT E. BROCK, COLLIER COUNTY CLERK OF THE CIRCUIT COURT Doc@,35 $107.10 1NT@,002 $61.20 REC $35.50 08LO $30,600,00 06L1 $30,600,00 ~ g -.. ii ~ l ~ @ NEIGHBORHOOD STABILIZATION PROGRAM Property Address: 2540 50th Avenue NE, Naples, Fl3412D folio Number: 38963040001 RECORD AND RETURN TO: COLLIER COUNTY HOUSING & HUMAN SERVICES BUILDING "W 3301 TAM1AMI TRAIL EAST NAPLES, FL 34112 ,ih f.R "'dO !:l,\ \01.10 PURCHASE MONEY SECOND MORTGAGE , THIS PURCHASE MONEY SECOND MORTGAGE ("Security Instrumen!") is given on % JJ;;ay of /hLqUS -f- ,2010, The Purchase Money Second Mortgagor is PORTIA L. RIX, a single woman, ("Borrower"). This Security Imijl'ument is given to COLLIER COUNTY, a Political Subdivision of the State of Florida ("Lender"), whose address is 3301 E. Tamlaml Trail, Naples, Florida 34112. Borrower owes lender the sum of THIRTY THOUS1.ND, SIX~HUNDR.ED and NO/IOO DOLLARS ($30, 600. 00) in OS CORRENeY'. This debt is evidenced by Borrower's Note dated the same dale as this Security Instrument ("Purchase Money Second Mortgage"), which provides for monthly payments, with the full debt, if not paid earHer, due and payable upon sale of property, refinance, or loss 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 10 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 mortgage, grant and convey to lender the following described property located in Collier County, Florida. As more particularly described as The East 75 feet of the ~~_ ---O~f{r~1:t,~ '~den Gate Estates, Unit No, 44, according to the map or plat thereof, as recorded In Plat Book 7, Page 29, ofthe J~ tdS---of.:Cail~~ Florida and which has the address of: ("Property Address"): 2540 60th Avenue NE, Naples, Florida 341 .0 j .......-......".( t . G'/ ,~,' TOGETHER WITH all the improvement nov0(f-here~ erected on the pr~rty, nd all easements, rights, appurtenances, rents, royalties, mineral. oil and gas rights and profits. ater 19~ d stdeft.-efld-.all...fj res no or h eatter a part of the property. All replacements and additions shall also be covered by Ihe Secu lty I trument. ~ foregoin is referr d to this Security Instrument as the "Property". BORROWER COVENANTS that Bor wer i Iy oft onv ed and has tt1e right to mortgage, grant and convey the Property and that the Property Is u enc b re x pt fo e c br n e ord'l Borrower warrants and will defend generally the title to the Property against all claims and ma s, ubje t a e ce 0 eeo d. THIS SECURITY INSTRUMENT co u . 0 0 ationa us arfdi~r -uniform covenants with limited variation by jurisdiction to constitute a uniform security IOstr eo flng re rope . - J e:: UNIFORM COVENANTS. Borrower a der covenant and agree folio s: I ....'" 1, Payment of Principal and Interes ~ yment and Late Ch:~fOI 8 rr~' all promptly pay when due Ihe principal 01 and interest on the debt evidenced by the Note, _' t;(.- l~.-) /1 _, ':-i/ 2. Taxes. The Mortgagor will pay all tax~} a~.~, smmeentnt:s, sewer rents :.~\?~..~te~es prior to the accrual of any penalties or interest thereon. >.....~,)D '::-..... ..- ,\ // The Mortgagor shall payor cause to be paid,a' Ihe~e(Y'beCprhe due, (a) all taxes and governmental charges of any kind whatsoever which may at any time be lawfully assesse Ode(,~ 19_a~\"~ fh respect to the Property, (b) all utility and other charges, including "service charges", incurred or imposed for the operation, m ce, use, occupancy, upkeep and improvement of the Property, and (c) all assessments or other governmental charges that may lawfully be paid in installments over a period of years, the Mortgagor shall be obligated under the Mortgage to payor cause to be paid only such installments as are required to be paid during the term of the Mortgage. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by lender shall be applied; first, to interest due; and, to principal due; and last. to any late charges due under the Note. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. 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. 6. Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards, including 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 lender's 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, 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. lender shall have the right to hold the policies and renewals. If lender requires, Borrower shall promptly give to lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and lender. Lender may make proof of loss if not made promptly by Borrower. OR 4598 PG 3497 Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and lenders security is not lessened. If the restoration or repair is not economically feasible or lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by the Security Instrument, whether or not then due, with any excess paid to Borrower, If Borrower abandons the Property, or does not answer within 3D days a notice from lender that the insurance carrier has offered 10 settle a claim, then lender may collect the insurance proceeds. Lender may use the proceeds 10 repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 3D-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 Ihe payments. If under paragraph 21 the Property is acquired by lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to lender to the extent of the sums secured by this Security Instrument immediately prior to the acquIsition. 6. Occupancy, Preservation, MaIntenance and Protection of the Property; Borrower's Loan Application, Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for full term as described in the note, unless Lender otherwise agrees in writing, which consent shaff nol be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's 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 Lender's good faith 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 Lender's 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 Lender's 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, bul not limited to, representations concerning Borrower's occupancy of the Property as a principal residence. If this Security InstrU(Jlel1rl~n-~re-~s'8.tl9Id. Borrower shall comply with alllhe provision of the lease. If Borrower aCQuires fee Mle to the Property. the leaseholg,.a~ t~re~~:~~alJtft)rl:me.rge unless Lender agrees to the merger in writing. 7. Protection of lender's RIghts in the MJ\~,;'-1-tBOrrower'faI~-(c\.i~";: rm the covenants and agreements contained in this Security Instrument, or there is a legal proceedi~th~ significantly affeCi'i n1e- rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeitunror ~hforce laws or regulations), t n ~der may do and pay for whatever is necessary to protect the value of the Property and Lender's rights i IIW'Prope~_~~Eer's ctions ay iri~Ude paying any sums secured by a lien which has priority over this Security Instrument, appe~rjng' colAlt, ing reasona e ttorneys fees and entering on the Property to make repairs. Although lender may take action under this ~arag ~Len r.-.d6e not ha e to do o. ny amounts disbursed by Lender under this paragraph 7 shall become additional debt of B rro Ee;S f1>\ 1 ru e . Unle s Borrower and Lender agree to other terms of payment, these amounts shall bear interest fro he date f isb rs e a h N ra e an~ shall be payable, with interest, upon notice from Lender to Borrower requesting payment. ! ~ 8. Mortgage Insurance. If Lend rGe u ortg . sw' as it making the loan secured by this Security Instrument, Borrower shall pay the premiums r Ir to maintain the mortga insur i,' t. If, for any reason, the mortgage insurance coverage required by Lender lapses or cease ~ in effect, Borrower sh 'ay he Jmdi ms required to obtain coverage substantially equivalent to the mortgage insurance previously t, at a cost sUbstantiajgu' a~e'l)() he cost to Borrower of the mortgage insurance previously in effect, from an alternate mortgage i ~r p.roved by lender. If~ ~' i J ' equivalent mortgage insurance coverage is not available, Borrower shall pay to lender each mon .<r'5Y~ equal to one.twelft ,'-~e arly mortgage insurance premium being paid by Borrower when the insurance coverage lapsed or ceas~be _.Lendef.,"{if!:., pt, use and retain these payments as a loss reserve in lieu of mortgage insurance. loss reserve payments mav-c.a' Iifr'/J,r: b,-rEt~~di..-at1he option of lender, if mortgage Insurance coverage (in the amount and for the period that lender requires) provided--!Ji--a'njrJ).urer-aJ'proved 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. 9, 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 eve'nt 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 secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shalt be paid 10 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 less than the amount of the sums secured immediately for the taking, unless Borrower and Lender otherwise agree in writing or unless applicable law otherwise provides. the proceeds shalt be applied to the sums secured by this Security Instrument whether or not the sums are then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds 10 principal shall not ex1end or postpone the due date of the monthly payments referred to in paragraphs 1 or change the amount of such payments. 11. Borrower Not Released, Forbearance by Lender Not a Waiver. ExtenSion of the tIme for payment or modification of amortization of the sums secured by this Security Instrument granted by lender to any successor in interest of Borrower shaH not operate to release the liability of Ihe original Borrower or Borrower's successors in interest Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or mmedy, 12. Successors and Assigns Boundj Joint and Several Liability; Co.$lgners, The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the Provisions of Paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs thIs Security Instrument but does not execute the Note; (a) is 2 OR 4598 PG 3498 co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 13. Loan Charges. U the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and tha1 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 cnarge shall be reduced by the amount necessary 10 reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded pennitted 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 class 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. 16. Governing Lawj 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 oflhe Note and of this Security Instrument. 17. Transfer of the Property or a Beneficial Interest In Borrower. If aU 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 Lender's prior written consent, Lender may. at its option, require immediate payment in full of all sums secured by this Security Instrument. However, this option shalf not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercised this option, Lender shall give Borrower n9lJ~1;iicc~r 'o~ The notice shall provide a period of not less than 30 days from the dale the notice is delivered or mailed within whicp.-ffO{ro/c?eh~~ . $l;l~i..secured by this Security Instrument. If Borrower fails to pay these sums prior to Ihe expiration of this periOd'X~pj1ia1lnvoke any-- m~ . ermitted by this Security Instrument without further notice or demand on Borrower. / ,.,"-- // )--'" 18. Borrower's Right to Reinstate. It orr~ meets certain conditions, rrow shall have the right to have enforcement of this Security Instrument discontinued at any time p lor t9 t~t:ar1ter-.gt~ll' d s (or s ch er period as applicable law may specify for reinstatement) before sale of the Property pur uant/Ao ant- er of sate - tined in is S curity Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those con tion ar Bar r: s nd rail um which then would be due under this Security Instrument and the Note as if no acceleration ad 0 ,ce u a r co en ants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, r clu . g, but n t Ii it d t~re 0 barn y's f~es; and (d) takes such action as lender may reasonably require 10 assure that the lien of th Ae nt In n L n e rights n tee y and Borrower's obligation to pay the sums secured by this Security Instrument shalf cont \.1&' n d. r . men r this Security Instrument and the obligations secured hereby shall remain fully effective as ~ cceleration had occurre, ltL, HOW~' er, ht to reinstate Sh,all not apply in the case of acceleration under paragraph 17. (('\ ~1~ I .........1 19. Sale of Note; Change of Loan Se The Note or a partial ~~j. ' te (together with thiS Security Instrument) may be sold one or more times without prior notice to r. A sale may result in W ~ In the entity (known as 1he "Loan Servicer") thai collects monthly payments due under the Nole and i~~y Instrument. TI). . :\.~o ay be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of i.&;aA~BofT-ovfel\~I'" given written notice of the change in accordance with paragraph 14 and applicable law. The notice will state Hi #-Pfd <idd~_~fjA new Loan Servicer and the address to which payments should be made. The notice will also contaIn any other informaffon~..by.'apPiicable law. 20. Hazardous Substances. Borrower shall not cause or permit the presence, use. disposal, storage, or release of any Hazardous Substances on or in the Property. Borrower shall not do, 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 fo maintenance of the Property. Borrower shall promptly give Lender written noUce for any investigation, claIm, demand, lawsuit or other action by any governmental or regula10ry 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 laws 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 sums secured by this Security Instrument, foreclosure by judicial proceeding and sare of the Property. The notice shall further infonn Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non--existence of a default or any other defense of Borrower to acceleration and foreclosure. If the default is not cured on or before the date specified in Ihe 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 judiciat proceeding. lender shall be entitled 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 aU sums secured by this Security Instrument. lender shall release this Security Instrument, without charge. to Borrower. Borrower shaU pay any recordation costs. 3 *** OR 4598 PG 3499 *** 23. Attorneys' Fees. As used in this Security Instrument and !he Note, "attorneys' fees" shall include any attorneys' fees awarded by an appellate court. 24. SpecIal Covenants. Subsidy Retention. a. Fair Market Value: Fair Market Value is the market value of the Property as reasonably determined by appraisal. Lender and Homeowner shall mutually select an appraiser whose determination shall be deemed Fair Market Value. If Lender and Homeowner cannot mutually agree on an appraiser, each shall select an appraiser who shall each submit an appraisal. If the two appraisals differ, then the average of the two appraisals shall be deemed the Fair Market Value. All costs of appraisal shall be borne by Homeowner. b. Term: The Subsidy Retention requirement shaH commence upon transfer of title to the Property to Homeowner and shall end on the later of (i) the original maturity date of the Note: or (ii) fifteen (15) years. c. Purpose: The subsidy retention amount is the amount necessary to reduce the purchase price to an affordable level for the qualifying Homeowner having an income below one hundred twenty percent (120%) of the Area Median Income ("AMI). d. Index: U.S. Department of Labor Bureau of labor Statistics consumer Price Index - All Urban Consumers Miami-Fort Lauderdale, Florida Area, effective date of proposed transfer. e. Appreciation Limitation: Should Homeowner desire to transfer the Property prior to maturity date of the Note and Mortgage, appreciation shall be limited to the original purchase price plus annual appreciation based upon the Index defined in section (I)(d) of thIs Mortgage. For example, assume the Homeowner purchases the home for $175,000 and there is a 3% annual income inflation as determined by the Index, then at the end of five years 1he house will be worth $202,873.00 representing the projected Homeowner equity of $27,873. Notwithstanding tha11he Property could be sold for a grea1er Fair Market Value than $202,873, $202,873 wllI.e the urn allowable purchase pnce the house can be sold for, and only to an Income qualified Apphcant, approved gy. ~~ol.fT~1 and Human Services f. Joint and Several Liability. Each pP'1D~e .-~~ ~s Homeowner shall be jOlnlly and severally liable for each and every obllgatlOn anslng7["~~/ ---~'~))~~ / 0/_=0_ '\ \ SIGNING BELOW, Borrower accepts and agreeyto th'l~~ anu COI./eaan~~'p tatned 1I\lhlS \ecuflty Instrument and In any nder(s) executed by Borrower and recorded WIth II. /! "'t.."\........... \ Signed, sealed and deliver,ed in the presence 0 : rm V \ Witness#1: J:<I'.' (~;'IK ,;(4 .JI~~~ r . orrowe <lO t I ~ (~ J 1"-.1/ r -?i~ /0/ ,1- ',,- Signature: /-:. \...,./ NfA " () /~r:o. Bo~"!.~r::\.:c\ '/ ~'-!ll E c \ \~S:;// AO'aTess:6810 Beach Resort Dr. #10 Naples, FL 34114 Signature: WitnesS#2: Signature: I. LiSt!.. /./. ~rr ct) /~_1'1. Cu-. STATE OF FLORIDA COUNTY OF COLLIER I hereby certify that on this day, before me, an officer duty authorized in the state aforesaid and In the county aforesaid to take acknowledgements, personally appeared PORTIA L. RIX to me known to be the person(s) described in and who executed the foregoing instrument and acknowledged before me that (Hel she! they) executed the same for the purpose therein expressed. WITNESS my hand and official seal in the County and State aforesaid this OIDfh day of My Commission Expires: (Seal) \\\\\\\111"'"1// :\\\ c: MIl/. ~"\<,~0~1- . f14~ :1//.... ".;)'V..... ^" ~ ~. 0: ....\~..s>.10tI~.. \~ ~ :::- (j .. ~''', \5.20 %.. :A;:' ~':: '<:(" . -:.-....:' /....<1'. -L.. :::; ~..,' -, :....= .~*: J~-O..o ..:}i(E ~ ~ ''<~. i~nD6407231.: ?f ~ ~ ~'.;Vl.l 'l.'f:'~' ~ ~ ~ "1'"A ';?.>t'D,lls.1<:'\~.' {~ ~ ~ 'J'rp ...... {(' ~ ',1.1// VSlIe stf\\'t. C'S \\'\.~ fll'ffl/t;lI1\\\\\\\' .2010, N 4 Co1Ier County '-.. ,-- - - Administrative Services Division Facilities Management Real Property Management Section August 27, 2010 Minutes & Records Collier County Clerk of Courts 3301 Tamiami Trail E Bldg F Naples, FL 34112 Ladies: Attached, for your reference, please tind a copy of the recorded Statutory Deed for the property located at 2540 50th Ave NE, Naples, FL 34120, recorded at OR Book 4598, Page 3478, of the Public Records of Collier County, Florida. Thank you. !i!::zgdOW. '''~ Property Acquisition Specialist Real Property Management 252-8073 Cc: Collier County Property Appraiser Collier County Tax Collector (i),.,,,, ~~' '0;..",>