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

program. In the event of a foreclosure or deed in lieu of foreclosure of the First Mortgage, any provisions herein or any provisions in any other collateral the use of the Property to low or moderate agreement restricting income households or otherwise the Borrower' s to restricting ability sell the Property sAall. have no further-for- ce or effect on subsequent owners or purchasers of the Property. Any person, including his successors or assigns ( other than the Borrower or a the Borrower), receiving title to the related entity of Property through a foreclosure or deed in lieu of foreclosure of the First Mortgage shall receive title to the Property free and clear from such restrictions. Further, if the Senior Lien Holder acquires title to the Property pursuant to a deed in lieu of foreclosure, the lien of this Security Instrument shall terminate at the discretion of the Lender upon the Senior Lien Holder' s acquisition of title, such termination will not be unreasonably withheld provided that (i)the Lender has been given written notice of a default under the First Mortgage, ( ii) the Lender shall not have cured the default under the First Mortgage within the 30- day period provided in such notice sent to the Lender, and ( iii) there is not sufficient equity in the Property to satisfy the senior lien ( assuming reasonable costs) and the lien of this HOME loan. 20. Attorneys' Fees. As used in this Mortgage and in the Note, " attorneys' fees" shall ipclude attorneys' fees, if any, incurred in connection with the collection or enforcement of this Mortgage or of the Note, whether or not suit is brought and whether incurred at trial, on in appeal, bankruptcy proceedings or otherwise. 21. Special Home Investment Partnerships Program Covenants, Warrants and Representations. Mortgagor covenants,' represents and warrants to Mortgagee that: (a) the Mortgagor, along with his/ her/their family, will occupy the Property as their principal residence; ( b) the Property is a single- family residence and is an eligible homeownership activity under Rule 67- 50, F. A. C. and 24 CFR Part 92; and ( c) Mortgagor' s total family income at the time of its application for the Loan was no greater than eighty percent ( 80%) of the local area median income, so that Mortgagor is a Person within the meaning of Rule 67- 50, F. A. C. and 24 Very Low- Income CFR Part 92.  HOME Again FI onaouslng . d~ H'. rinQnt;( FHFC Disaster Relief HOME Assistance Florida Housing Finance Corporation Program t COrpOr1; ti; Or\ Mailing Address: 227 N. Bronough Street, Suite 5000 w~ make bovting affordable Tallahassee, FL 32301 HOMEOWNER ASSISTANCE AGREEMENT DATE: HOMEOWNER(S): PROPERTY ADDRESS: THIS AGREEMENT is entered into this day of , by and. between ". ( herein after referred to as the Subrecipient"), acting as an agent fo~ the and instrumentality of the State of Florida, ( FIQriqa HousiQ.gfinance Corp9ration, a Corporation het~iI1after referred to as " the Corporation"), and hereinafter referred to as the " Homeowner"). THIS AGREEMENT IS ENTERED ~ TtfBASED ON THE FOLLOWING FACTS: A. WHEREAS, th~.~tate of Florida.-has been designated -by the United States Department of Housing and Urban b~yeIop~ eI1t ( HUD) $.' a participatingjurisdiction for the funds as provided by the receipt and use of HQMElnvestment Partnerships Program (" HOME") as provided in HUD reg~~()Jj9ns, 24 CFR ~ 92; and . B. '. :\\ S,.}~ THER. E: authority ~~r ij{ 1\. @ME. COtp()f;ation has been designated by the State of Florida e ds; and as the allocating fUt? C. WHEREAS, S,ection 420. 5089, F. S. requires that the Corporation make loans in the administration' o{$ eHOME program; and D. WHEREAS, the Corporation has agreed to use the HOME funds to assist with the financing of the rehabilitation / reconstruction of homes that meet the HUD regulations, 24 CFR ~ 92 as amended requirements as set forth in by HUD, and the Corporation' s rehabilitation program, HOME Again - FHFC Disaster Relief HOME Assistance Program (" HOME Again"), pursuant to Rule Chapter 67- 50.105, F. A.C.; and  E. WHEREAS, the Subrecipient, as evidenced by a signed HOME Again Subrecipient Cantract, is acting in the capacity af an agent far the Carparatian in the administratian af the Carparatian' s HOME Again Pragram. . NOW, THEREFORE, the Subrecipient and the Hameawner do mutually agree with the fallawing: 1) FORM OF ASSISTANCE a) HOME funds shall be used as a nan- deferred principal payment laan in the amaunt af $ ., ( amartizing, zero. percent ( 0%) interest rate, minimum af $1, 000, maximum af $50, 000) to. assist with ane af the fallawing: ( chaase one) . Rehabilitatian af an awner- accupied hame; Recanstructian af a hame o.Il~ existing site; Rehabilitatian / Recanstruction,bf a manufactured hOme New Canstructian / Acquisitian( e~~ t unsafe cQndition required) b) Hameawners whase inca me is &, and belaw, as defined t:fity nt ( 50% pen~~ YAr~t;l:,Median Income ( ANII) by HUD, .are eligible far fifty percent ( 50%): of the HOME laan to. be fargivable at a rate aften percent ( 10%) p'~J."year for'five (5) years, prorated manthly. Hameawner' Sirica:me is at 50%. AMI ar belawand is the fargivable tenns. eligible far HpJTleq:wner' s incame i~ above 50% AMI and is nat eligible far the fargiy~ble;tert1ls. 2) USE OF FUNDS The HOME funds sh~, Ilp~used to finance rehabilitation/recanstructian af dwellings under the single family Cai"par tion1s} lOME Again Pragram. REPAYMENT/ RECAPTURE th~;I-IOMElo( ln is- required to. be repaid with the first to. accur af the Hameawner sells, transfers ar follawing: ( 1) dispases af the assisted 'unit ( either by sale, transfer, or fareclosure, etc.); ( 2) the Homeo.wner no. langer bankruptcy residence; ( 3) the Hameawner ' dies, ar if a occupies the hame as their principal married cauple, the survivar dies; ar ( 4) the Hameawner refinances the first martgage laan at which time the remaining due unless the principle balance is Carporatian agrees to. a ane time anly subardination. 4) PROJECT REQUIREMENT The Subrecipient and the Hameawner agree to. camply with the requirements as set farth in HOO regulations, 24 CFR 9 92 fallowing praject Subpart F: