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

or the Borrower' s spouse, dies; or ( d) the Borrower first mortgage"loan at which tirtm the refinances the remaining principle balance is due unless the Mortgagee agrees to a one- time only subordination as outlined in Paragraph 19 of this level at or below fifty percent ( 50%) of the Mortgage. If the Borrower has an income County's area median income ( AMI) in which the home is located at the time the Mortgage and Note are executed, fifty percent ( 50%) of the Loan at a rate of ten percent ( 10%) may be forgiven per year over a period of five ( 5) years. Upon the first to occur of conditions mentioned above, any of the repayment for Borrowers at or below fifty percent ( 50%) AMI will be prorated on a monthly basis, giving the Borrower the benefit of the entire month in which a is quoted. payoff of the Mortgage The loan evidenced by the Note and secured by this Security Instrument (the " Loan") is being made pursuant to Title II, the Cranston- Gonzalez National Affordable Housing Act, Public Law No. 101- 625, 104 Stat. 4079 ( 1990), 24 CFR. Part 92 ( the " Home Program"). TO SECURE to Mortgagee the repayment of the indebtedness evidenced by the ~ ote. the payment of all other sums, advanced in accordance herewit~ to protect the security of this Mortgage; and the performance of the covenants and agreements of the Mortgagor herein contained, the does hereby mortgage, grant and Mortgagor convey to Mortgagee the following described property located in the County of , State of Florida ( insert legal description): TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights. appurtenances and rents, all of which shall be deemed to be and remain a part of the property covered by this Mortgage; and all of the foregoing, together with said estate if this Mortgage is on a leasehold) are property ( or the leasehold hereinafter referred to as the " Property" or " Home." MORTGAGOR COVENANTS, represents and warrants to Mortgagee and its successors and assigns that Mortgagor is indefeasibly seized of the estate h. ereby conveyed in fee simple; has full right to mortgage, grant and convey the Property; and that the Property is unencumbered, encumbrances of record. Mortgagor warrants title to the except for other claims and demands of all persons whomsoever. Property and will defend same against the lawful PROVIDED ALWAYS that if Mortgagor shall pay to Mortgagee, all sums due or to become due under the Note or this Mortgage and shall perform, comply with, and abide by each and every stipulation, agreement, condition, and covenant of the Note and of this accrue on the mortgage, and shall pay all taxes that may Property and all costs and expenses that Mortgagee, may be put to in the Note in foreclosure of this Mortgage or otherwise, collecting including costs and reasonable attorney' s fee, then this Mortgage and the estate hereby created shall cease and be null and void. MORTGAGOR FU.RTHER COVENANTS and agrees with Mortgagee as follows: 1. Payment. Mortgagor shall promptly pay when due the principal amount evidenced Note and all other sums of by the money payable by virtue of the Note or this Mortgage. . 2. Prior Mortgages and Deeds of Trust; Charges; Liens. Mortgagor shall perform all of Mortgagor' s obligations under the First Mortgage and any other mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage, including Mortgagor' s covenants to make payments when due. Mortgagor shaU payor cause to be paid all taxes, assessments and other charges, fines and impositions attributable to the Property which h'ave attained or may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. 3. Hazard Insurance. Mortgagor 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 such other hazards as Mortgagee may require and in such amounts and for such periods as Mortgagee may require. The insurance carrier providing the insurance shall be chosen Mortgagor subject to approval by Mortgagee; provided, that such approval shall not be by-ttre- withheld. All insurance policies and renewals thereof unreasonably shall be in a form include a standard mortgage clause in favor of, and in a acceptable to Mortgagee and shall form acceptable to have the right to hold the Mortgagee. Mortgagee shall policies and renewals thereof, subject to the terms of of trust or other any other mortgage, deed security agreement with a lien which has priority over this Mortgage. In the event of loss, the Mortgagor shall give prompt notice to the insurance carrier and to the Mortgagee. make proof of loss if not made Mortgagee may promptly by the Mortgagor. If the Property is abandoned by the or if the Mortgagor fails to Mortgagor, respond to Mortgagee within thirty ( 30) days from the date notice is mailed Mortgagee to the Mortgagor that the insurance carrier offers to settle a claim for insurance by benefits, Mortgagee is authorized to collect and apply the insurance proceeds at restoration or repair of the Mortgagee' s option either to Property or to the sums secured by this Mortgage. 4. Preservation and Maintenance of Unit Developments. Property; Leaseholds; Condominiums, Planned Mortgagor shall keep the Property in good repair and shall not commit waste or permit"impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit Mortgagor shall perform aU of Mortgagor' s obligations under the declaration or covenants development, creating or governing such condominium or planned unit development, the by- laws and condominium or planned unit development and constituent regulations of the any other documents. 5. Protection of Mortgagee' s Security. If Mortgagor fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Mortgagee' s interest in the Property, then Mortgagee, at Mortgagee' s option, may make such appearances, disburse such sums, including reasonable attorneys' fees, and take such action as is necessary to protect Mortgagee' s interest in the Property. If Mortgagor is requiredto maintain mortgage insurance as a condition of this Mortgage or any other mortgage or deed of trust, Mortgagor shall premiums required to maintain such insurance in effect until such pay the time as the requirement for such insurance terminates in accordance with the Mortgagor' s written agreement or applicable law. Any amounts disbursed by Mortgagee pursuant to this paragraph, with interest thereon, at the rate of twelve percent ( 12%) per annum, shall become additional indebtedness of the Mortgagor secured Mortgage. Unless Mortgagor and Mortgagee agree otherwise, such amounts by this