Purchase Money Second MortgageINSTR 4824697 OR 4908 PG 319 RECORDED 4/15/2013 11:23 AM PAGES 4
DWIGHT E. BROCK, CLERK OF THE CIRCUIT COURT, COLLIER COUNTY FLORIDA
DOC @.35 591.35 INT @.002 552.20 REC S35.50
OBLD $26,100.00 OBLI $26,100.00
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NEIGHBORHOOD STABILIZATION PROGRAM
Property Address: 4735 6T" Ave SE, Naples, FL 34117
Folio Number, 40809120002
RECORD AND RETURN TO:
COLLIER COUNTY HOUSING, HUMAN 6 VETERAN SERVICES
3339 TAMIAMI TRAIL EAST, SUFTE 212
NAPLES, FL 34112
PURCHASE MONEY SECOND MORTGAGE
THIS PURCHASE MONEY SECOND MORTGAGE ( "Security Instrument ") is given on 1 day of 1 2013. The
Purchase Money Second Mortgagor is DENISSE NENNINGER, a single woman, ( "Borrower"). This Secur y Instrument is given to COLLIER
COUNTY, a Political Subdivision of the State of Florida ( "Lender"), whose address is 3335 Tamiami Trail East, Suite 101, Naples, Florida
34112-5356. Borrower owes Lender the sum of TWENTY -SIX THOUSAND, ONE - HUNDRED AND NO /100 DOLLARS ($26,100.00) in US
currency. This debt is evidenced by Borrower's Note dated the same date as this Security Instrument ( "Purchase Money Second Mortgage "),
which provides for monthly payments, with the full debt, if not paid earlier, 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 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 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
the plat thereof as recorded in Plat Book 5, Page 17,
( "Property Address "): 4735 GTrr Ave SE, Naples, Flor—A
TOGETHER WITH all the improveme
royalties, mineral, oil and gas rights and profits,
and additions shall also be covered by the Sec
BORROWER COVENANTS that B(o r
convey the Property and that the Property is n
the title to the Property against all claims and e
THIS SECURITY INSTRUMENT c
jurisdiction to constitute a uniform security ins
UNIFORM COVENANTS. Borrower
1. Payment of Principal and Inters
interest on the debt evidenced by the Note.
2. Taxes. The Mortgagor will pay all
t 604eeR ract 105, GOLDEN GATE ESTATES, Unit No. 79, according to
la P r�li � f Collier County, Florida and which has the address of:
after erected on the e , and all easements, rights, appurtenances, rents,
ock and all fixtures w or ereafter a part of the property. All replacements
All g is ref ed in this Security Instrument as the "Property ".
iz the est to hereb con eyed and has the right to mortgage, grant and
mlis t{t Moor . Borrower warrants and will defend generally
covenants with limited variation by
and Late Chafes. 0orrgW'r)0all promptly pay when due the principal of and
sewer renfs'br- „aafv1 s prior to the accrual of any penalties or interest
thereon.
The Mortgagor shall pay or cause to be pa me respe due, (a) all taxes and governmental charges of any
kind whatsoever which may at any time be lawfully ass ed Is+ye �g� 1 0 respect to the Property, (b) all utility and other charges,
including "service charges ", incurred or imposed for the o n e, occupancy, upkeep and improvement of the Property, and
(c) all assessments or other governmental charges that may lawfully 6e paid in installments over a period of years, the Mortgagor shall be
obligated under the Mortgage to pay or 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.
5. 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 old the policies and renewals. If
Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal noti s. the event of loss, Borrower shall
give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made pro t Borrower.
Buyer itials
OR 4908 PG 320
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 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 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, 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; Borrowers 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 shall not 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 Lenders 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 Borrowers 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, but not limited to, representations concerning Borrower's occupancy
of the Property as a principal residence. If this Security Instyrnepi¢is —ou old, Borrower shall comply with all the provision of the lease.
If Borrower acquires fee title to the Property, the leaseh0 S d1�i fK -ti Na rge unless Lender agrees to the merger in writing.
T. Protection of Lender's Rights in the orrowe orm the covenants and agreements contained in this
Security Instrument, or there is a legal proceedi t ay significantly affec rights in the Property (such as a proceeding in
bankruptcy, probate, for condemnation or forfeitu o nforce laws or regulations), en L rider may do and pay for whatever is necessary to
protect the value of the Propert y and Lenders ghis ' Lender' actions ay i clude paying any sums secured by alien which
has priority over this Security Instrument, app arin rn c ing reason I attorne 'fee and entering on the Property to make repairs.
Although Lender may take action under this pars ra 7 Le o h o. ny amounts disbursed by Lender under this
paragraph 7 shall become additional debt of orro r e hi 'ty t LIN ss Borrower and Lender agree to other terms
of payment, these amounts shall bear intere fro th dat of dis u e t e r to a d shall be payable, with interest, upon notice
from Lender to Borrower requesting payment.
8. Mortgage Insurance. If Len o n as d i f making the loan secured by this Security
Instrument, Borrower shall pay the premiums u�� d to maintain the mortg Ins nce ct. If, for any reason, the mortgage insurance
coverage required by Lender lapses or teas V a in effect, Borrowers ay th rums required to obtain coverage substantially
equivalent to the mortgage insurance previous) ct, at a cost substanti q "I the cost to Borrower of the mortgage insurance
previously in effect, from an alternate mortgage proved by Lender. If s t�ple y equivalent mortgage insurance coverage is not
available. Borrower shall pay to Lender each mo equal to one -twel early mortgage insurance premium being paid by
Borrower when the insurance coverage lapsed or tea o r10 pt, use and retain these payments as a loss reserve
in lieu of mortgage insurance. Loss reserve payments m (oji Vr the option of Lender, if mortgage insurance coverage (in
the amount and for the period that Lender requires) provide pproved 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
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 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 shall be 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 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 shall 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 to principal shall not extend 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 shall not operate to
release the liability of the 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 remedy.
12. Successors and Assigns Bound; Joint and Several Liability; Co-Signers. The cov ants and agreements of this Security
Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the visions of Paragraph 17. Borrower's
Bu ( Initials
OR 4908 PG 321
covenants and agreements shall be joint and several. Any Borrower who co -signs this Security Instrument but does not execute the Note; (a) is
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. 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
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.
15. Governing Law; Severabflity. 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 his 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 if exercise is prohibited by federa I this Security Instrument.
If Lender exercised this option, Lender shalt give Borro r c ' Cse a notice shall provide a period of not less than 30 days
from the date the notice is delivered or mailed within er must p cured by this Security Instrument. If Borrower fails to
pay these sums prior to the expiration of this pe ' er may invoke any re di nnitted by this Security Instrument without further
notice or demand on Borrower.
18. Borrower's Right to Reinstate. f Bo r rtain con " ions, B ow shall have the right to have enforcement of this
Security Instrument discontinued at any time prio to eier of: (a) d s (or s ch her period as applicable law may specify for
reinstatement) before sale of the Property p rsua t po of n is curity Instrument; or (b) entry of a judgment
enforcing this Security Instrument. Those cc ditio a r w y e e sum which then would be due under this Security
Instrument and the Note as if no acceleration had cc rred; b) ur s t a of er c venants or agreements; (c) pays all expenses
incurred in enforcing this Security Instrument, i 'n b of 'm t , sona o ees; and (d) takes such action as Lender may
reasonably require to assure that the lien of t rs c " st I righ ' e rty and Borrower's obligation to pay the sums
secured by this Security Instrument shall con nchanged. Upon reinst ent y B r, this Security Instrument and the obligations
secured hereby shall remain fully effective as cceleration had occurr o ev right to reinstate shall not apply in the case of
acceleration under paragraph 17.
19. Sale of Note; Change of Loan Se he Note or a partial inter i + Note (together with this Security Instrument) may
be sold one or more times without prior notice to rg6*vg� A sale may result' ge in the entity (known as the "Loan Servicer') that
collects monthly payments due under the Note and t ' sec #Sr� o may be one or more changes of the Loan Servicer
unrelated to a sale of the Note. If there is a change of the 1 I be given written notice of the change in accordance with
paragraph 14 and applicable law. The notice will state the na 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 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 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 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 sale of the Property. The notice shall
further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non - existence of a
default or any other defense of Borrower to acceleration and foreclosure. if the default is not cured on or before the date specified in the notice,
Lender, at its option, may require immediate payment in full of all sums secured by this Security Instrument without further demand and may
foreclose this Security Instrument by judicial proceeding. Lender shall be entitled to collect all expen es incurred in pursuing the remedies
provided in this paragraph 21, including, but not limited to, reasonable attorney's fees and costs of the ill vidence.
Buye 'Initials
* ** OR 4908 PG 322 * **
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. Attomeys' Fees. As used in this Security Instrument and the Note, "attorneys' fees" shall include any attomeys' 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 shall commence upon transfer of title to the Property to Homeowner and shall
end on the later or (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 (1)(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 b then at the end of five years the house will be worth $202,873.00
representing the projected Homeowner 2 , ithstanding that the Property could be sold for a greater Fair
Market Value than $202,873, $202 it le purchase price the house can be sold for, and only to
an income qualified Applicant, a r ollier County r Human Services.
f. Joint and Several Liability: a h on executing this Mort Homeowner shall be jointly and severally liable for
each and every obligation ad ing h eunder.
SIGNING BELOW, Borrower accepts and
by Borrower and recorded with it.
Signed, sealed and delivered in the
Witness #t:_ % L'`v,r,mu1 _s.
Witness #2: /— ''3n-r -yJ'-e- a ( r
Signature:
STATE OF FLORIDA
COUNTY OF COLLIER
Address: 4735 6n' AVENUE SE
Naples, FL 34117
Instrument and in any rider(s) executed
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 DENISSE NENNINGER to me known to be the person described in and who executed the foregoing
instrument and acknowledged before me that she executed the same for the purpose therein expressed
%I
WITNESS my hand and
official seat in the County and
State aforesaid this d y of
2013.
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