Agenda 09/11/2012 Item #16D12EXECUTIVE SUMMARY
Recommendation to approve one (1) satisfaction of mortgage for State Housing Initiatives
Partnership Program (SHIP) for repayment in the amount of $1,350 in accordance with the
Board's Short Sale Policy.
OBJECTIVE: Approve and authorize the Chairman to sign one (1) satisfaction of mortgage.
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 60ro 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
Patricia Rosales
SHIP Second Mortgage
S22.500.00
$1,350.00 (6% of OR Book: 4235,
second mortgage) PC: 391
Approval of this item will authorize the Chairman to sign the aforementioned satisfaction of mortgage for
recording in the Public Records of Collier County. Fiorida.
FISCAL IMPACT: SHIP funds in the amount of $1,350 have been repaid and are considered program
income. Such funds may be reused for eligible SHIP program activities. The ten dollar ($10.00)
recording fee will be paid by the recipient.
LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney's Office, is legally
sufficient, and requires a majority vote for Board approvals. — JBW
GROWTH MANAGEMENT IMPACT: There is no growth management impact associated with this
Executive Summary.
RECOMMENDATION: Approve and authorize the Chairman to sign one (1) satisfaction of mortgage
for owner- occupied affordable housing unit that has satisfied the terms of the Short Sale Policy.
Prepared By: Kimberley Grant, Interim Director, Housing, Human and Veteran Services
Packet Page -2965-
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.D.12.
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: 9/11/2012
Prepared By
Name: CarrLisa
Title: SHIP Program Coordinator
8/15/2012 8:15:08 AM
Submitted by
Title: SHIP Program Coordinator
Name: CarrLisa
8/15 /2012 8:15:09 AM
Approved By
Name: GrantKimberley
Title: Interim Director. HHVS
Date: 8/18/2012 4:08:09 PM
Name: SonntagKristi
Date: 8/23/2012 12:39:29 PM
Name: AlonsoHailey
Title: Operations Analyst, Public Service Division
Date: 8/23/2012 4:26:16 PM
Name: WhiteJennifer
Title: Assistant County Attorney,County Attorney
Date: 8/27/2012 9:36:10 AM
Name: CarnellSteve
Title: Director - Purchasing /General Services,Purchasing
Packet Page -2966-
Date: 8/29/2012 8:05:57 AM
Name: KlatzkowJeff
Title: County Attorney
Date: 8/29/2012 3:37:38 PM
Name: StanleyTherese
Title: Management /Budget Analyst, Senior,Office of Management & Budget
Date: 8/31/2012 3:13:46 PM
Name: IsacksonMark
Title: Director -Corp Financial and Mgmt Svs,CMO
Date: 8/31/2012 5:29:20 PM
Packet Page -2967-
Prepared by: Lisa N. Carr
Collier County
Housing, Human & Veteran Services
3339 E. Tamiami Trail
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 Patricia Rosales to COLLIER COUNTY, bearing the date of May 18, 2007,
recorded Mav 30, 2007, in Official Records Book 4235 Page 3925, of the Public Records of Collier
County, Florida, securing a principal sum of $22.500.00 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 Clerl, of said
Circuit Court to cancel the same of record.
Dated this day of , 2012.
ATTEST:
BOARD OF COUNTY COMMISSIONERS
DWIGHT E. BROCK, Clerk COLLIER COUNTY, FLORIDA
By: By:
Deputy Clerk FRED W. COYLE, CHAIRMAN
Approved as to form and
legal sufficiency:
_ n6�� \�-�
Jennifer White
Assistant County Attorney
Packet Page -2968-
/. A /2Fq s' h /.
Collier County
Housing, Human and Veteran Services Department
State Housing Initiatives Partnership Program
SHORT SALE APPLICATION
Recipient(s) name: S A / e —S
Recipient(s) address: 4'. o %I h
First Mort ►ape Information
First Mortgage Lender: i�7� � /V 0%' IAC 4 rij <f,
Principal Balance: o� ,
Approved Short Sale Amount: a f '7o 0
Net Proceeds to Recipient:
/1 OFFICE USE ONLY
�Y 1 ca. w 917112, EWfi_APPROVED
HHVS Staff Date
Iq 112 APPROVED — PREPARE SATISFACTION
HHV S Director or his/her designee Date ❑ DENIED — PREPARE PAYOFF
Packet Page -2969-
SHIP Second Mortgage Information
SHIP Mortgage Amount:
c rto< r s ) 0
SHIP File Number:
C) !� [/0 Z
Date Recorded:
��Z� 0 / -00 2
Required Repayment Amount:
Amount Paid by Lender:
Amount Paid by Other:
U
Net Proceeds to Recipient:
/1 OFFICE USE ONLY
�Y 1 ca. w 917112, EWfi_APPROVED
HHVS Staff Date
Iq 112 APPROVED — PREPARE SATISFACTION
HHV S Director or his/her designee Date ❑ DENIED — PREPARE PAYOFF
Packet Page -2969-
Retn:
COAST 2 COAST TIM
307 DIL PRADO BLVD
CAPI CORAL IL 33909
e
bC'•.'. 1 T.
SECONZI MORTGA_GL
4025294 Oki 4235 Pi, 3922
RICORDID in the OIIICIAL RICORDS Of COLLIII CODITI, IL
05/30/2007 at 11:52M DWIGHT I. BROCI, CLUE
THIS SECOND MORTGAGE ( "Security Instrument") is given on , 2007. The Second Mortgagor is:
Patricia Rosales, a single woman
("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 3050 North Horseshoe Drive _#110, Naples ,
Florida 34104 . Borrower owes Lender the sum of Twenty Two Thousand Five Hundred and No /100t ha
Dollars (U.S. $22, 500.00). This debt is evidenced by Borrower's Note dated the some date as this See ^ Instrument ("Second
Mortgage"), which provides for monthly payments, with the full debt. If rot paid earner, due and payable on sale of a Proper a debt
refinnce or lose of homestead exemption . This Security Instrument secures to Lender. (a) the repayment
evidenced by the Note, with interest, and all renewals, extersrorhs 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 Unit 4, Building 50, Reflections at Jubilation, a Condominium, according to the Declaration of
Condominium recorded In O.R. Book 3096, Page 1624, and as amended, Public Records of Collier County, Florida and which has the
address of:
( "Property Address "): 1332 Reflections bane Unit 4, Immokalee FL 34142
TOGETHER WITH all the improvements row or hereafter erected on the property, and all easements, rights, appurtenances, rent.
royalties, mineral, oil and gas rights and profits, water rights and stock and all fixtures now or thereafter a part of the properly. All replacements
and additions shall also be covered by the Security Instrumen1._AU.of theJooregoing is referred to in this Security Instrument as the "Property ".
hereby BORROWER COVENANTS that Borrower gg conveyed and has the warrants arid mol defer gram and a nor
convey the Property and that the Properly is urrencu ,h of record. Borrower warrants and will depend generally
the title to the Property against all claims and derty�rhe cl to arty encu bW record.
THIS SECURITY INSTRUMENT corn rnpLS uctform covenants for natioiiall-kise and non-uniform covenants with limited variation by
jurisdiction to constitute a uniform security err' anrnent Party.
UNIFORM COVENANTS. Borrower and r anFendagge4 as fdlo s:
1. Payment of Principal and Interest;-Prepayms to Ch Bortowe) shall promptly pay when due the principal of and
interest on the debt evidenced by the Note. / ,tt
2. Taxes, The Mortgagor will p# all s is, ' h t nt rate prior to the accrual of any penalties or interes' lit thereon.
The Mortgagor shall pay or pu an the ob ive me A)(1) all taxes and governmental charges of any
kind whatsoever which may at any time to assessed or nevi agay)st or the Property, (2) all utility and other charge n,
Including "service charges intoned or im ,ipr the operation, mainten use, ,upkeep and improvement of the Property, and
(3) all assessments or other governmental ctipr�es'¢hat may lawfully be pa s are lover a period of years, the Mortgagor shall br
oblipated under the Mortgage to pay or causeliq*pgid only such installments u@re,t$girlred o be paid during the term of the Mortgagc. an,
shall, promptly after the payment of any of the f forward to Mortgagee *6t such paymerr,.
3. Application of Payments. UnlessaE provides of - 'aka payments received by Lender shall be applied: first, tc le
interest due; and, o principal due; and last, to any latelty
4. Charges; Urns. Borrower shall pay all tax n es, fines and impositions attributable to the Property which map
attain priority over this Security Instrument, and leasehold paymen or ground rent, If any. Borrower shall promptly furnish to Lender air
notices of amounts to be paid under this paragraph, and all receipts evidencing the 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 thy, or defends against
enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the entorcement 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.
S. Hazard or Property Insurance. Borrower shall keep the improvements row 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 terrier
providing the insurance shall be chosen try Borrower subject to Lender's approval which shall not be unreasonably withhold. lt Borrower fails to
maintain coverage described above, Lender may, at Larders option, obtain coverage to protect Lenders 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 anhounts as are customarily Insured against and pay, as the smile became due and payable, all premiums In respect thereto,
Including, but rot limited to , as -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 douse. Lender shell have
the right to hold the policies end 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. Larder may make proof of loss 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, U the restoration or repair is economically feasible end Lender's security is not lessened. if the restoration or repair is not
economically feasible or Lenders security would be loosened, the insurance proceeds shall be applied to the sums seared 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 Linder 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 notes is mailed. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not
extend or postpone the due data 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
Me 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 Prr>fectfon 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 Borrower's principal residence for at least one year after the date of occupancy, unless Lender
otherwise agrees in wafting, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond
Packet Page -2970-
Borrowers control. Borrower shall not destroy, damage or impair tnle Property, allow the Property to oetenorate, or commit waste on the
Prooen} . borrower steal, ore in default it anv torteituro action or proceeding, whetner civil or criminal. is begun that in Lenders good faitr
judgment could result in iorfetture, of the Property or otherwise materially impair the hen created by this Security instrument or Lenders secunn
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 Borrowers 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 ban evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy
of the Property as a principal residence. If this Security Instrument 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.
T. 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 Lender's 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 Lender's 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 tender agree to other terms
of payment, these amounts shall bow 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 ~. ff. 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 coat 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 cased to be in effect. Lender will accept, use and retain these payments as a loss reserve
in lieu of mortgage insurance. Lose reserve payments may no longer be required, at the option of Lender, if 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.
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. I n the
event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or rat then due,
with any excess paid to Borrower. In the event of a partial taking of the Property, in which the far market value of the Property immediately
before the taking is equal to or greater than the amount of s this Security Instrument immediately before the taking, unless
Borrower and Lender otherwise agree in writing, the surfis i r ' ' n�st'r'ument shall be reduced by the amount of the proms
multiplied by the following fraction: (a) the total amoti _ urns securerT o before the taking, divided by (b) the fair market value
of the Property immediately before the taking. Ariy bhip' ore shall be paid to B a(- L4ft�tte event of a partial taking of the Property in which
the fair market value of the Property immediatqlY before the taking Is less than the amount f the sums secured immediately for the taking,
unless Borrower and Lender otherwise agreehn wrofn or un es a othen�Jse pl1ppvvldes, the proceeds shall be applied to the sums
secured by this Security Instrument whsther/or not the theq due. ass Lender and Borrower otherwise agree in writing, any
application of proceeds to principal shall no I extefd a d?uabat@ ly p referred to in paragraphs 1 or change
the amount of such payments.
bet,
11. Borrower Not Released, Fo �a(e By de N t � i r. `` nsi n of the bme for payment or modification of
amortization of the sums secured by this n err td, cur s son in interest of Borrower shall not operate to
release the liability of the original Borrower su t. �prr ff1lk� not be required to commence proceedings
against any successor in interest or refuse And time for payment or twisel �*rttzation of the sums secured by this Security
Instrument by reason of any demand made original Borrower or So s Succ&-'sopi in Interest. Any forbearance by Lender in
exercising any right or remedy shall not be a �of or preclude the exercise aryy,O*t4r remedy. .
12. Successors and Assigns Bo in�'Loln"nd Several Liabtllty; CaSiyae►s. The covenants and agreements of this Security
Instrument shalt bind and benefit the sucoessors cur -4s,;1g of Lender and�t8ry subject to the
Provisions of paragraph 17. Borrowers covenants a7.k nd several. Any Borrower who co-signs this Security
Instrument but does rot execute the Note; (a) is co-signs t only to mortgage, grant and convey that Borrowers interest
in the Property under the terms of this Security Instrument; (b igated 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 tine 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 ban charges collected or to be collected in connection with the bars 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) arty 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. ff 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 ft 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 giver[ to Borrower or Lender when given as provided in this paragraph.
15. Governing Law; Sererability. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which
the Property is boated. 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.
1& Borrower's Copy. Borrower shall be given one tAnformed copy of the Note and of this Secxity 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 I strumenL However, this option shall
rat be exercised by Lender ff exercise is prohibited by federal law as of the date of this Security Instrurnerf.
ff Lender exercised this option, Lender shall give Borrower notice of acceleration. The notice shall provide a perm 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 bather
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 them 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 Bor owers 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 Servieer. 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 to "Loan Servicer) that
collects monthly payments due under the Note and this Security Instrument. There also may be one or more changes of the Loan Swvicer
- Packet Page - 2971 -
unrelate to a sale et the Nou- It tnere r- 0 Mange C: Inb L021 i Sf wr^e: , Lo-mwe wii: Di. Olve: j wntlel l no j.;u c: to cnanQt: t, & =wane- Mt
Uz.; gQra!:" 14 and apoilcablf.. lav The notice. will state me name er:', adores', of fie new Loa ServiQer and the addfeSS t0 xrtticn DBymene:
snould ut° maoz. The nonce wiii also contain ern, otne, intomtattoa:: reauireo ov apDUeabie lay
20. Hazardous Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release c, any rlazareou:
Substances on or in the Property. Borrower shall riot 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 Lew 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 ail 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 Low
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 Levi' 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 Borrowefs 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 dale the notice Is given
to Borrower, by which the default must be cured; and (d) that failure to tare 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 Sectsi y Instrument by judicial 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 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 hnstrtanent 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 riders) were a part of this Security Instrument. (Check Applicable Box)
Adjustable Rate Rider
Graduated Payment Rider
Balloon Rider
El other(-) ( specify
❑ Rate improvement Riper_-__.,__
-114 Family Ride CC)
❑ Biweekly P� Rdder
SIGNING BELOW. Borrower accepts and
by Borrower and recorded with It
Signed, sealed an. )d p' -t ¢livered in the i
Witness#1: V 1aa'p- e—
Signature
Signature:
Co- Borrow
Condominium Rider
❑ Second Home Rider
ted Unit Development Rider
Security
in any riders) executed
1332 Reflections Lane Unit
Immokalee, FL 34142
STATE OF FLORIDA
I
COUNTY OF eZ
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 Patricia Rosales 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.
WITNESS my hand and official seal in the County and State aforesaid this day of
My Commission Expires:
Notary PubIICs Signature ` f
(Seal) yMe E. nogr
OerirtYnrron Notary's Primed Name
00300 -1¢
E>1011AO M
File #: 06 -102
__ - Packet Page -2972-