Fort Walton Beach Council agenda — 02-08-05 — reading text

Q) C) co 1 o o W oU 08 o -c c w p 0:( - E C I- Sin co - en o U) 0 2 L- CD s o EU g s J9 '- E CD o o c 0) E E aUJ co I- Q) tU e-i 0 "'C o I- o L tt:: 0.2- en' u <( 0.. W J c:: W CD o C) W J to C) N cw) ~ aD 0> 0 C i C CD at . C C LL o t 2: m c i i c i c i :: c c i o m aJ  County: County AMI: Borrower' s Income: PROMISSORY NOTE FLORIDA HOUSING FINANCE CORPORATION HOME AGAIN DISASTER RELIEF HOME ASSISTANCE PROGRAM HOME LOAN) Loan Amount $ Principal) Date Property Street Address City State Zip Code 1. BORROWER' S PROMISE TO PAY IJW e; the Borrower/Mortgagor, promise to pay O/ tOOTHs Dollars ($ ) ( this amount will be called " principal") to the order of the FLORIDA HOUSING FINANCE CORPORATION, whose address is 227 North Bronough Street, Suite 5000, Tallahassee, Florida. 32301- 1329 ( the " Lender"), or to any other legal holder of the Note. The Lender or anyone who ~ kes this Note by transfer and who is entitled to receive payments under this Note will be calledthe " Note Holder." 2. INTEREST As 10ft!as.I am not in default, the interest on this Note shall be zero percent ( 0%) per annum; however, if I fail to pay this Note as required, interest shall be due on the unpaid principal balance at the rate of twelve percent ( 12%) per annum from the date when payment of this Note was due until I pay it in full. 3. PAYMENTS I, the Borrower, understand that principal payments shall be deferred until the first to occur of the following events: ( a) I sell, transfer or dispose of the Property or Home either voluntarily or invoJuntarily; (b) I fail or cease to occupy the Home as a principal residence; ( c) I, or surviving spouse, dies; or ( d) I refinance the first mortgage loan at which time the remaining principle balance is due, unless the Note Holder agrees to a one- time only subordination as detailed in the Mortgage. If my income at the time the Mortgage and Note was executed was at or below fifty percent ( 50%) of the county' s median income, I am eligible for fifty percent ( 50%) of the principal amount to be forgiven at a rate of ten percent ( 10%) per year over a period of five years. Upon the first to occur of any of the conditions in said paragraph, repayment of this note will be based on the principal balance after the provisions above are applied. 4. BORROWER' S PAYMENT BEFORE PAYMENT IS DUE I have the right to make payment, in full, on this Note at any time before it is due. This payment is mown as a " full prepayment." No partial prepayments can be made at a~ time on the y principal of the loan. When I make a full prepayment, I will tell the Note Holder in a letter that I am doing so. . This instrument was prepared by: County: Borrower' s Income: County' s AMI: Section should be completed by Administrator SUBORDINATE MORTGAGE THIS SUBORDINATE MORTGAGE (" Security Agreement") is made on this day of The grantor is , ( herein Borrower/ Mortgagor") whose address is . This Security Instrument is given to the Florida Housing Finance Corporation, a address is 227 North public corporation, whose Bronough Street, Suite 5000, Tallahassee, Florida 32301- 1329 ( herein Lender/ Mortgagee"). Borrower owes Lender the principal sum of Dollars ( U. S. $ ). This debt is evidenced by the Borrower' s note (" Note") dated the same date as this Security Instrument. The Note provides that payment shall be deferred until the first to occur of the a) Borrower sells, transfers or following events: disposes of the Property or Home either voluntarily or Borrower fails or ceases to involuntarily; ( b) the occupy the Hpme as a principal residence; ( c) the Borrower, or if the Borrower is married, the survivor of the Borrower