Fillable Printable Sample NSP Mortgage Deed - Florida
Fillable Printable Sample NSP Mortgage Deed - Florida
Sample NSP Mortgage Deed - Florida
PREPARED BY AND RETURN TO:
Jennifer Cockcroft
Assistant City Attorney
City of Kissimmee
101 N. Church Street
Kissimmee, FL 34741-5054
Phone: (407) 518-2312
NEIGHBORHOOD STABILIZATION PROGRAM
MORTGAGE DEED
City of Kissimmee, Florida
DEFINITIONS
Words used in multiple sections of this Mortgage document are defined below.
(A) “Security Instrument” means this Mortgage document, which is dated ___________________,
2010, together with all exhibits and/or attachments made a part of this Mortgage and listed hereunder,
Exhibit A - Legal Description
Exhibit B – Mortgage Note in the Amount of __________________________________
(B) “Borrower” is ___________________,, A Single Woman. Borrower is also the Mortgagor under
this Security Instrument.
(C) “First Mortgage Note” is the valid purchase money first mortgage approved by Mortgagee.
(D) “Lender” is, City of Kissimmee, a municipal corporation of the State of Florida (hereinafter referred
to as
“City”). Lender’s address is 101 N. Church Street; Kissimmee, Florida 34741-5054, or at such a
place as may hereafter be designated by written notice from the Mortgagee to the Mortgagor hereof.
Lender is the Mortgagee under this Security Instrument. Whenever used herein the terms “Mortgagor”
and “City Mortgagee” include all the parties to this instrument and the heirs, legal representatives and
assigns of individuals, and the successors and assigns of political subdivisions or corporations.
(E) “Note” means the promissory note signed by Borrower and dated ________________________,
2010. The Note states that for value received, the Borrower promises to pay Lender, in a manner
hereinafter specified, the sum of (U.S._________) ________________________Dollars, plus interest if
required as hereinafter specified. The term “Note” includes all the notes hereinafter described if more
than one.
(F) “Property” means the property that is described below under the heading “Transfer of Rights in the
Property.”
(G) “Loan” means the debt evidenced by the Note, plus interest, any prepayment charges and late
charges due under the Note, and all sums due under this Security Instrument.
(H) “Applicable Law” means all controlling applicable federal, state and local laws, regulations,
ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final,
non-appealable judicial opinions.
_________________
Borrower/Mortgagor
Initials
THIS MORTGAGE IS GIVEN TO
CITY OF KISSIMMEE AND IS EXEMPT
FROM PAYMENT OF INTANGIBLE
PERSONAL PROPERTY TAX AND
DOCUMENTARY STAMP EXCISE TAX PURSUANT
TO SECTIONS 420.513(1) AND 199.185(1)(d)
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NSP Mortgage Deed, Note, Deed & Restrictions with Homebuyer City of Kissimmee, Florida
Borrower’s Initials______________ Date______________
(I) “Mortgage Insurance” means insurance protecting Lender against the nonpayment of, or default
on, the Loan.
(J) “Successor in Interest of Borrower” means any party that has taken title to the Property, whether
or not that party has assumed Borrower’s obligations under the Note and/or this Security Instrument.
(K) “Default” is defined in the Mortgage Note under the default section, which indicates those actions
that constitute default for the purposes of this Mortgage.
TRANSFER OF RIGHTS IN THE PROPERTY
This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions
and modifications of the Note; and (ii) 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 property, as described in Exhibit A - Legal Description, which is situated in
Osceola County, Florida.
SEE EXHIBIT “A” ATTACHED HERETO AND MADE A PART HEREOF
TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements,
appurtenances, and fixtures now or hereafter a part of the property. This Security Instrument shall also
cover all replacements and additions. All of the foregoing is referred to in this Security Instrument as the
“Property.”
BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has
the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for
encumbrances of record. The Mortgagor hereby fully warrants the title to said land and will defend the
same against the lawful claims of all persons whomsoever; and that said land is free and clear of all
encumbrances except: Valid first and second mortgages approved by Mortgagee.
AND the Mortgagor covenants with the Mortgagee that the Mortgagor is indefeasibly seized of said land
in fee simple; that the Mortgagor has good right and lawful authority to convey said land as aforesaid;
that the Mortgagor will make such further assurances to perfect the fee simple title to said land in the
Mortgagee as may reasonably be required; that the Mortgagor hereby fully warrants the title to said land
and will defend the same against the lawful claims of all persons whomsoever; and that said land is free
and clear of all encumbrances except: Valid first and second mortgages approved by Mortgagee.
THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform
covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
real property.
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NSP Mortgage Deed, Note, Deed & Restrictions with Homebuyer City of Kissimmee, Florida
Borrower’s Initials______________ Date______________
TO HAVE AND TO HOLD THE SAME, together with the tenements, hereditaments and
appurtenances thereto belonging, and the rents, issues and profits thereof, unto the Mortgagee, in fee
simple.
ANY DEFAULT in any mortgage note, or lien of record, including, but not limited to, the NSP
Mortgage Note, the First Mortgage, and the Second Mortgage approved herein, shall constitute a default
under this instrument. The institution of a mortgage or lien foreclosure legal proceeding shall be
considered one basis, but not the sole or limiting basis, for authorizing the Mortgagee to declare a
default.
REQUEST FOR NOTICE OF DEFAULT AND FORECLOSURE UNDER SUPERIOR
MORTGAGES OR DEEDS OF TRUST. Mortgagee requests the holder of any mortgage, deed of
trust or other encumbrance with a lien which has priority over this Mortgage to give notice, at
Mortgagee’s address set forth on page one of this Mortgage, of any default under the superior
encumbrance and of any sale or other foreclosure action.
NOTICE. Except for any notice required under applicable law to be given in another manner: (a) any
notice to the Borrower provided for in this Mortgage shall be given by delivering it or by mailing such
notice by certified or registered mail, postage prepaid, addressed to the Borrower at the Property
Address or at such other address as the Borrower may designate by notice to the Lender as provides
herein, and (b) any notice to the Lender shall be given by certified or registered mail, postage prepaid,
sent to the Lender at City of Kissimmee; ATTN: City Attorney; 101 N. Church Street; Kissimmee,
Florida 34741-5054, or to such other address as may hereafter be designated by written notice from the
Lender to the Borrower herein. Any notice provided for in this Mortgage shall be deemed to have been
given to the Borrower or the Lender when given in the manner designated herein.
PROVIDED ALWAYS, that is said Mortgagor shall pay unto said Mortgagee the certain NSP
Mortgage Note hereinafter substantially copied or identified, to-wit:
SEE EXHIBIT “B” ATTACHED HERETO AND MADE A PART HEREOF
AND the Mortgagor shall perform, comply with and abide by each of the agreements, stipulations,
conditions and covenants thereof, and of this Mortgage, then this Mortgage and the estate hereby
created, shall cease, determine and be null and void.
AND the Mortgagor hereby further covenants and agrees to pay promptly when due the principal and
other sums of money provided for in said note and this Mortgage, or either; to pay all and singular the
taxes, assessments, levies, liabilities, obligations, and encumbrances of every nature and said property to
permit, commit or suffer no waste, impairment or deterioration of said land or the improvement thereon
at any time; to pay all costs, charges, and expenses, including lawyer’s fees and title searches,
reasonably incurred or paid by the Mortgagee because of the failure of the Mortgagor to promptly and
fully comply with agreements, stipulations, conditions and covenants of said note and this Mortgage, or
either; to perform, comply with and abide by each and every of the agreements, stipulations, conditions
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NSP Mortgage Deed, Note, Deed & Restrictions with Homebuyer City of Kissimmee, Florida
Borrower’s Initials______________ Date______________
and covenants set forth in said note and this Mortgage, or either. In the event the Mortgagor fails to
pay when due any tax, assessment, insurance premium or other sum of money payable by virtue of said
note and this Mortgage, or either the Mortgagee may pay the same, without waiving or affecting the
option to foreclose or any other right hereunder, and all such payments shall bear interest from the date
thereof at the highest lawful rate then allowed by the laws of the State of Florida.
This Mortgage Deed, which secures the payment of that certain City Mortgage Note made by Mortgagor
to Mortgagee dated the same date as this Mortgage Deed is expressly made subject and subordinate to
the terms and conditions specified in that certain Promissory Note having an original principal face
amount of and 00/100 Dollars (U.S. $ )_, dated
_____________, 2010 made by Mortgagor payable to __________(hereinafter referred to as “First
Mortgage Note”) and secured by that certain Mortgage from Mortgagor to ___________, dated
__________________, 2010 recorded in Book _______, Page _______, in the public records of Osceola
County, Florida (
hereinafter referred to as “First Mortgage”).
If each and every one of the agreements, stipulations, conditons and covenants of said note and this
Mortgage are not fully performed, complied with and abided by, then the entire sum mentioned in said
note, and this Mortgage, or the entire balance unpaid thereon, shall forthwith or thereafter, at the option
of the Mortgagee, become and be due and payable, anything in said note or herein to the contrary
notwithstanding. Failure by the Mortgagee to exercise any of the rights or options herein provided shall
not constitute a waiver of any rights or options under said note or this Mortgage accrued or thereafter
accruing.
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NSP Mortgage Deed, Note, Deed & Restrictions with Homebuyer City of Kissimmee, Florida
Borrower’s Initials______________ Date______________
IN WITNESS WHEREOF, the said Maker has hereunto signed and sealed these presents the day and
year first above written.
Signed, sealed and delivered
in the presence of: MORTGAGOR:
_________________________________________ ___________________________________________________
Signature Signature
_________________________________________ __________________________________________________
Print or Type Name Print or Type Name
_________________________________________ Address: __________________________________________
Signature
__________________________________________________
_________________________________________
Print or Type Name
STATE OF FLORIDA
COUNTY OF OSCEOLA
I HEREBY CERTIFY that on this_________ day of _____________, 2010, before me an officer duly
authorized in the State aforesaid and in the County aforesaid to take acknowledgements, personally
appeared ____________, who executed the foregoing instrument and who acknowledge before me that
he/she/they executed the same and he/she are personally known to me or who have produced
_________________________________ as identification and who did/did not take an oath.
WITNESS my hand and official seal in the County and State last aforesaid
______________________________________________
NOTARY
Print Name: ____________________________________
My Commission Expires: __________________________
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NSP Mortgage Deed, Note, Deed & Restrictions with Homebuyer City of Kissimmee, Florida
Borrower’s Initials______________ Date______________
EXHIBIT “A”
LEGAL DESCRIPTION
Lot 158, Remington Pointe Phase 4, according to the plat thereof, recorded in Plat Book 10, Pages 8 and
9, as affected by Surveyor’s Affidavit recorded in Official Records Book 1454, Page 1769, in the Public
Records of Osceola County, Florida
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NSP Mortgage Deed, Note, Deed & Restrictions with Homebuyer City of Kissimmee, Florida
Borrower’s Initials______________ Date______________
EXHIBIT “B”
PREPARED BY AND RETURN TO:
Jennifer Cockcroft
Assistant City Attorney
City of Kissimmee
101 N. Church Street
Kissimmee, FL 34741-5054
Phone: (407) 518-2312
NEIGHBORHOOD STABILIZATION PROGRAM
MORTGAGE NOTE ;
City of Kissimmee, Florida
THIS MORTGAGE NOTE ("Security Agreement") is made on this day of
______________________, 2010. The grantor is _________, A Single Woman (hereinafter referred to as
"Borrower/Mortgagor") whose address is _______________________________________________.
This Security Instrument is given to City of Kissimmee (hereinafter referred to as “City”), a municipal
corporation of the State of Florida. Lender’s address is 101 N. Church Street; Kissimmee, Florida
34741-5054, or at such a place as may hereafter be designated by written notice from the City
(hereinafter referred to as “Lender”) to the Borrower/Mortgagor hereof. Borrower owes Lender the
principal sum of (U.S._________) ___________________________Dollars . This debt is evidenced
by the Borrower's note (hereinafter referred to as "Note") dated the same date as this Security Instrument.
This Note and Mortgage securing same shall be for a period of 10 years (“Affordability Period”),
beginning on the date of execution of this Note and the accompanying Mortgage. Repayment of this
Note shall take place in the following manner:
A. If a default occurs, the Mortgage Note shall be due and payable in full. Payment in full
shall be made within thirty (30) days of the declaration of default.
B. This debt shall be permanently forgiven 10 years after the date of the execution of this
Note or in the case of a single maker upon the death of said maker (or in the case of joint
makers upon the death of all makers), whichever comes earlier, as long as the maker is
not otherwise in default. The purpose of this provision is to ensure that the subject home
and property are owner-occupied for a period of at least 10 years.
C. Qualification of Purchasers: The property and housing unit must be sold to and occupied
by an Eligible Person or Eligible Household [i.e., Low Income Homebuyer whose
income does not exceed eighty percent (80%) of the Orlando Metropolitan Statistical
Area's ("MSA") Median Income as determined by HUD].. The sales price of the property
must be “affordable” to the purchaser as stated in Deed Restriction and Land Use and
Restriction Agreement (Exhibit “C”). If the owner sells or transfers ownership of the
property to an Eligible Person or Eligible Household as per the terms in this SECURITY
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NSP Mortgage Deed, Note, Deed & Restrictions with Homebuyer City of Kissimmee, Florida
Borrower’s Initials______________ Date______________
AGREEMENT.
D. Recapture restrictions are required the property remain for the balance of the
Affordability Period. If the unit does not continue to be the principal residence of the
Eligible Person or Eligible Household for the duration of the Affordability Period as set
forth in this SECURITY AGREEMENT and the DECLARATION OF COVENANTS
AND RESTRICTIONS, then it must be made available for subsequent purchase only to a
Homebuyer whose household income also does not exceed Low Income, and will occupy
the unit as its principal residence. All of these resale requirements will be placed in the
DECLARATION OF COVENANTS AND RESTRICTIONS which will be recorded
against each unit.
Since public funds are the source of funding for this program, it is the policy of the City not to
subordinate this note, except in certain refinancing circumstances. Requests for subordination must
include, but is not limited to, the following information:
1. A formal loan commitment from a mortgage lender that actively participates in the
issuance of mortgages.
2. Terms and conditions of the proposed mortgage including a “Good Faith Estimate” of the
closing costs for the proposed loan.
3. A letter from the principal requesting subordination and justification for the request
4. Any additional documentation that is determined to be necessary by the City
The information provided will be reviewed to determine approval/denial of the request based on the
impact of refinancing on the principal’s future affordability. The decision shall rest in the sole
discretion of the City based upon the City evaluation of the documents.
Under no circumstances shall the City be under any obligation to subordinate.
Subordination. Lender and Borrower acknowledge and agree that this Security Instrument is subject
and subordinate in all respects to the liens, terms, covenants and conditions of the First Mortgage and
Second Mortgage and to all advances heretofore made or which may hereafter be made pursuant to the
First Mortgage and Second Mortgage including all sums advanced for the purpose of:
(a) protecting or further securing the lien of the First Mortgage and Second Mortgage, curing
defaults by the Borrower under the First Mortgage and Second Mortgage, or for any other
purpose expressly permitted by the First Mortgage and Second Mortgage, or
(b) constructing, renovating, repairing, furnishing, fixturing or equipping the Property.
However, if the Property undergoes a refinancing, the Mortgagee reserves the right to
review any information relative to the new loan and determine whether the Mortgagee’s
lien position remains secure. The terms and provisions of the First Mortgage and Second
Mortgage are paramount and controlling, and they supersede any other terms and
provisions hereof in conflict therewith. For purposes of this program, the Mortgagee, in
its sole discretion may choose to take a further subordinated lien position other than what
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NSP Mortgage Deed, Note, Deed & Restrictions with Homebuyer City of Kissimmee, Florida
Borrower’s Initials______________ Date______________
is contemplated under this paragraph herein if current liens on said Property existed prior
to mortgaging the Property under this program. In the event of a foreclosure or deed in
lieu of foreclosure of the First Mortgage and Second Mortgage, any provisions herein or
any provisions in any other collateral agreement restricting the use of the Property to
households whose income does not exceed one-hundred and twenty percent (120%) of
MSA or otherwise restricting the Borrower's ability to sell the Property shall have no
further force or effect on subsequent owners or purchasers of the Property. Any person,
including his successors or assigns (other than the Borrower or a related entity of the
Borrower), receiving title to the Property through a foreclosure or deed in lieu of
foreclosure of the First Mortgage and Second Mortgage shall receive title to the Property
free and clear from such restrictions. Further, if the Senior Lien Holders acquire 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 Holders’ acquisition
of title, such termination will not be unreasonably withheld pro v ided tha t
(i.) the Lender has been given written notice of a default under the First
Mortgage and Second Mortgage,
(ii.) the Lender shall not have cured the default under the First Mortgage and
Second Mortgage within the thirty (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 NSP Mortgage.
This Note incorporates, and is incorporated into, the Mortgage Deed of even date on the following
described property:
SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF
DEFAULT. The Maker of this Note or its successors shall be in default under any one or more of the
following conditions:
1. The sale or any transfer of interest in subject home and real property, within 10 years of
the execution of this Note, by maker or maker's successors. The sale or transfer of
interest must be made to eligible homebuyers as per the “Declaration of Covenants and
Restrictions” (Exhibit “C”).
2. Leasing or renting of the property within 10 years of the date of execution of this Note
and Mortgage.
3. Refinancing of the property without prior consent f rom the City.
4. The destruction or abandonment of the home on the subject property by maker or maker's
successors.
5. Failure to pay applicable property taxes on subject property and improvements.
6. Failure to maintain adequate hazard insurance on subject property and improvements.
7. Failure to comply with the terms and conditions of the accompanying Mortgage Deed of
even date.
8. Failure to comply with the terms and conditions of the First Mortgage securing the
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NSP Mortgage Deed, Note, Deed & Restrictions with Homebuyer City of Kissimmee, Florida
Borrower’s Initials______________ Date______________
property.
CONSEQUENCE OF DEFAULT
Default under this Note will trigger an acceleration of the remaining unpaid principal balance evidenced
herein and secured by an accompanying Mortgage of even date and the entire remaining unpaid
principal balance will be due in full immediately upon default. The City's failure to excuse the default
provision under this Note shall not constitute waiver of the right to exercise same in the event of a
subsequent default.
Before the City accelerates the payment due or commences any action under the Mortgage Note, the
Mortgage Deed or any other document related thereto, the City agrees to deliver a written notice of each
default under either the Mortgage Note or the Mortgage Deed (hereinafter referred to as "Subordinate
Loan Default") to the holder of the First Mortgage Note and the First Mortgage Deed, and the Second
Mortgage Note and the Second Mortgage Deed (
hereinafter referred to as "Senior Lenders") within ten
(10) business days after the occurrence of the Subordinate Loan Default. The Senior Lenders shall have
the right, but not the obligation, to cure any Subordinate Loan Default within thirty (30) days from the
date that it receives notice of the Subordinate Loan Default. All amounts advanced or expended by the
Senior Lenders to cure a Subordinate Loan Default shall be deemed to have been advanced by the
Senior Lenders pursuant to, and shall be secured by the lien of the First Mortgage and Second Mortgage.
Before the City accelerates the payment due or commences any action under the Mortgage Note, the
Mortgage Deed or any other document related thereto, the City must obtain the written consent of the
Senior Lenders.
REQUEST FOR NOTICE OF DEFAULT AND FORECLOSURE UNDER SUPERIOR
MORTGAGES OR DEEDS OF TRUST.
Mortgagee requests the holder of any mortgage, deed of trust or other encumbrance with a lien which
has priority over this Mortgage to give Notice, at Mortgagee's address set forth on page one of this
Mortgage, of any default under the superior encumbrance and of any sale or other foreclosure action.
Mortgagee additionally requests the Mortgagor to provide notice to the Mortgagee of any default on any
mortgage or other credit obligation, which may lead to an encumbrance on the property described in
Exhibit “A.” Said request for notice shall be given within thirty (30) days of said default.
NOTICE. Except for any notice required under applicable law to be given in another manner: (a) any
notice to the Mortgagor provided for in this Mortgage shall be given by delivering it or by mailing such
notice by certified mail at the property’s address or at such other address as Mortgagor may designate by
notice to the Mortgagee as provided herein, and (b) any notice to the Lender shall be given by certified
or registered mail, postage prepaid, sent to the Lender at City of Kissimmee; ATTN: City Attorney; 101
N. Church Street; Kissimmee, Florida 34741-5054, or at such a place as may hereafter be designated by
written notice from the Mortgagee to the Mortgagor hereof.
MISCELLANEOUS PROVISIONS
This Mortgage Note and the Mortgage Deed securing payment of this Mortgage Note is expressly made
subject and subordinate to the terms and conditions specified in that certain Promissory Note having an
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NSP Mortgage Deed, Note, Deed & Restrictions with Homebuyer City of Kissimmee, Florida
Borrower’s Initials______________ Date______________
original principal face amount of ________________________ Dollars (U.S. $ )_, dated
______________, 2010 made by borrower payable to________ (hereinafter referred to as "First Mortgage
Note").
The Maker and the City agree that a Subordinate Loan Default shall constitute a default under the First
Mortgage Note, First Mortgage and any other related loan documents (hereinafter referred to as "First
Mortgage Loan Documents"), or Second Mortgage Note, Second Mortgage and any other related loan
documents (hereinafter referred to as "Second Mortgage Loan Documents"), and the Senior Lenders shall
have the right, but not the obligation, to exercise all rights or remedies under the First Mortgage Loan
Documents or Second Mortgage Loan Documents in the same manner as in the case of any other default
thereunder.
The City consents to any agreement or arrangement in which the Senior Lenders waive, postpone,
extend, reduce or modify any provisions of the First Mortgage Loan Documents or Second Mortgage
Loan Documents including any provision requiring the repayment of money.
This Note is secured by a mortgage on real estate, of even date herewith, made by the Maker in favor of
the said Holder, and shall be construed and enforced according to the laws of the State of Florida. The
terms of said mortgage are by this reference made a part thereof.
Each person liable hereon whether maker or enforcer, hereby waives presentment, protest, notice, notice
of protest and notice of dishonor and agrees to pay all costs, including reasonable attorney's fees,
whether brought by suit or not, if, after maturity of this Note or default hereunder, or under said
Mortgage, counsel shall be employed to collect this Note or to protect the security of said Mortgage.
Whenever used herein the term "Holder", "Maker" or "Payee" should be construed in the singular or
plural as the context may require or admit.
FEES & JURY TRIAL WAIVER/VENUE/LAW. Should a dispute or litigation arise under this
NOTE, the parties each agree to bear their own costs and fees, including all attorneys’ fees. The parties
agree to waive any right to trial by jury arising under this NOTE and further agree that the law to be
applied in interpretation shall be the law of the state of Florida. Any action shall be heard in the
appropriate court of Osceola County.
SIGNATURE PAGE TO FOLLOW
