ReturnTO: A CFN 221079267389 WASHINGTON MUTUAL BANK FA CIR BK 21793 p6 0755 2210 ENTERPRISE DR RECORDED 66/01/2007 14:43w9 FLORENCE SC 29501 . . Palm Beach County. Florlda DOC OPS FSCE 440 MIT Deed Doc 7,561.40 Intang 4,320.80 Sharon R. Bock, CLERK 8. COMPTROLLER P93 @755 - 779; (251193) W?r [Space Above This Line For Recording Data] ZFL1 M39 MORTGAGE 3013637552-039 %e document was prepared by: DEFINITIONS Words used in multiple sec of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 1. Certain rules regarding the usage of words used in this document are also provided in 16. (A) "Security Instrument" mea@is document, which is dated APR I 13 2007 together With all Riders to this docu . (B) "Borrower" is JEFFREY SI Borrower is the mortgagor under this Security Instrument. (C) "Lender" is WASHINGTON MUTUAL BANK, FA Lender isa FEDERAL SAVINGS BANK organized and existing under the laws of THE UNITED STATES OF AMERICA FLORIDA - Single Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3010 1/01 1? Page 1 of 16 Initials: VMP MORTGAGE FORMS (300) Book21793/Page755 Page 1 of 25 der?s address is 2273 N. GREEN VALLEY PARKWAY, SUI TE 14, HENDERSON, NV 0 14 Le the mortgagee under this Security Instrument. means the promissory note signed by Borrower and dated APR 13 . 2007 The 0t states that Borrower owes Lender TWO MILL ION ONE HUNDRED I XTV FOUR HUNDRED AND 00/100 Dollars (US. 150 400 00 plus interest Borrower has promised to pay this debt in regular Periodic%?nts and to pay the debt in full not later than MAY 01 2037 (E) "Pro means the property that is described below under the heading "Transfer of Rights in the Hope? (F) "Loan" ans the debt evidenced by the Note, plus interest, any prepayment charges and late charges due und Note, and all sums due under this Security Instrument, plus interest. (G) "Riders" all Riders to this Security Instrument that are executed by Borrower. The following Riders a be executed by Borrower [check box as applicable]: Adjustable Rate $5 0 Condominium Rider Second Home Rider Balloon Rider WE Planned Unit Development Rider 4 Family Rider VA Rider Biweekly Payment Rider Other(s )[specify] (H) "Applicable Law" IQ all controlling applicable federal, state and local statutes, regulations, ordinances and ad rative rules and orders (that have the effect of law) as well as all applicable final, non?appeala icial opinions. (I) "Community Associatio es, Fees, and Assessments" means all dues, fees, assessments and other charges th posed on Borrower or the Property by a condominium association, homeowners association gnu organization. (I) "Electronic Funds Transfer 5 any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point?of?sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security strument. '3 Initials: m?sfFL) (0005) Page 2 of 16 Form 3010 1/01 Book21793/Page756 Page 2 of 25 d? means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) it implementing regulation, Regulation (24 C.F.R. Part 3500), as they might be amended time to time, or any additional or successor legislation or regulation that governs the same su matter. As used in this Security Instrument, refers to all requirements and restricti that are imposed in regard to a "federally related mortgage loan" even if the Loan does @alify as a "federally related mortgage loan" under RESPA. (P) sor in Interest of Borrower" means any party that has taken title to the Property, whether% that party has assumed Borrower?s obligations under the Note and/or this Security Instrumen IN THE PROPERTY This Security In ent secures to Lender: the repayment of the Loan, and all renewals, extensions and tions of the Note; and (ii) the performance of Borrower?s covenants and coumv 0f PALM BEACH - ing Jurisdiction] [Name of Recording Jurisdiction] Lot 1, Phase I of SOUTH OF PALM BEACH POLO AND COUNTRY CLUB - WELLINGTON - P.U.D., according to the Plat thereof as recorded 1n Plat Book 3 19, public records of Palm Beach County, Florida. six Parcel ID Number: 73?41?44?21-03?000?0010 which currently has the address of 3465 SANTA BARBARA DR . [Street] WEL INGTON [City] Florlda 3 3414 [Zip Code] ("Property Address"): 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. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." Initials: ?g pay. 3 of 16 Form 3010 1/01 Book21793/Page757 Page 3 of 25 BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed has the right to mortgage, grant and convey the Property and that the Property is une i?nbered, except for encumbrances of record. Borrower warrants and will defend generally tl?to the Property against all claims and demands, subject to any encumbrances of record. IS SECURITY INSTRUMENT combines uniform covenants for national use and non?u covenants with limited variations by jurisdiction to constitute a uniform security mam? covering real property. COVENANTS. Borrower and Lender covenant and agree as follows: 1. nt of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. rrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and an payment charges and late charges due under the Note. Borrower shall also pay funds for Es Items pursuant to Section 3. Payments due under the Note and this Security Instrument shal 5'3 ade in US. currency. However, if any check or other instrument received by Lender as pay nder the Note or this Security Instrument is returned to Lender unpaid, Lender may requ at any or all subsequent payments due under the Note and this Security such check is drawn/ an institution whose deposits are insured by a federal agency, instrumentality, or mam) Electronic Funds Transfer. Payments are deem ceived by Lender when received at the location designated in the Note or at such other 10 as may be designated by Lender in accordance with the notice provisions in Section 15. ay return any payment or partial payment if the payment or partial payments are insuffic nt to bring the Loan current. Lender may accept any payment or partial payment insufficient to 28 the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse Wayment or partial payments in the future, but Lender is not obligated to apply such payme the time such payments are accepted. If each Periodic Payment is applied as of its schev?r?iue date, then Lender need not pay interest on unapplied funds. Lender may hold such una - unds until Borrower makes payment to bring the Loan current. If Borrower does not do sea-u? a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: interest due under the Note; principal due under the Note; amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Paymen uch excess may be Initials: m'SlFl-i (00?57 Page 4 of 16 Form 3010 1/01 Book21793/Page758 Page 4 of 25 lied to any late charges due. Voluntary prepayments shall be applied first to any prepayment ?rges and then as described in the Note. CPly application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due u?he Note shall not extend or postpone the due date, or change the amount, of the Periodic Pa ents. for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are der the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amo ue for: taxes and assessments and other items which can attain priority over this Security ment as a lien or encumbrance on the Property; leasehold payments or ground Property, if any; (0) premiums for any and all insurance required by Lender under Section 5; Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lie of the payment of Mortgage Insurance premiums in accordance with the provisions items are called "Escrow Items." At origination or at any time during the der may require that Community Association Dues, Fees, and Assessments, Borrower, and such dues, fees and assessments shall be an Escrow Item. furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay the Funds for Escrow Items unless Lender waives Borrower?s obligation to pay the 1' any or all Escrow Items. Lender may waive Borrower?s obligation to pay to Lender Fund% or all Escrow Items at any time. Any such waiver may only be in writing. In the event of waiver, Borrower shall pay directly, when and where payable, the amounts due for any Esc for which payment of Funds has been waived by Lender and, if Lender requires, shall fu Lender receipts evidencing such payment within such time period as Lender may requ e. Borrower?s obligation to make such payments and to provide receipts shall for all purposes") deemed to be a covenant and agreement contained in this Security Instrument, as the ovenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items 1y, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Ite her may exercise its rights under Section 9 and pay such amount and Borrower shall the .- giligated under Section 9 to repay to Lender any such amount. Lender may revoke the to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount sufficient to permit Lender to apply the Funds at the time specified under RESPA, and not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounti of the Funds as required by RESPA. of Section 10. term of the Loa if any, be escrow Borrower shall pr Initials: 5 of 16 Form 3010 1/01 Book21793/Page759 Page 5 of 25 If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account orrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held 1n 6 w, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Bag?; shall pay to Lender the amount necessary to make up the shortage in accordance with but in no more than 12 payments. If there is a deficiency of Funds held in escrow defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borro@hall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, 'n no more than 12 payments. Up ent in full of all sums secured by this Security Instrument, Lender shall refund to rrower any Funds held by Lender. 4. Char Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable Property which can attain priority over this Security Instrument, leasehold payments or gro - rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if the extent that these items are Escrow Items, Borrower shall pay them in the manner provi? Section 3. Borrower shal otly discharge any lien which has priority over this Security Instrument unless Borrower: (a - 53in writing to the payment of the obligation secured by the lien in a manner acceptable to x, but only so long as Borrower is performing such agreement; contests the lien in goo by, or defends against enforcement of the lien in, legal proceedings which in Lender?s opinio rate to prevent the enforcement of the lien while those proceedings proceedings are concluded; or secures from the holder of the lien an agreement satisfact Lender subordinating the lien to this Security Instrument. If Lender determines that any of the Property is subject to a lien which can attain priority over this Security Instrument, Lende give Borrower a notice identifying the lien. Within 10 days of the date on which that notic 'ven, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Lender may require Borrowe andlor reporting service used by connection with this Loan. 5. Property Insurance. Borram?hall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender?s right to disapprove Borrower?s choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: a onetime charge for flood zone determination, certification and tracking services; or a one'time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender?s option and Borrower?s expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower?s equity in the Property or the contents of Initials: Page 6 of 16 Form 3010 1/01 ay a onetime charge for a real estate tax verification Book21793/Page760 Page 6 of 25 0 Property, against any risk, hazard or liability and might provide greater or lesser coverage was previously in effect. Borrower acknowledges that the cost of the insurance coverage so 0 tai ed might significantly exceed the cost of insurance that Borrower could have obtained. Any an?; disbursed by Lender under this Section 5 shall become additional debt of Borrower sec this Security Instrument. These amounts shall bear interest at the Note rate from the date of bursement and shall be payable, with such interest, upon notice from Lender to Borro??questing payment. All ance policies required by Lender and renewals of such policies shall be subject to Lender?s%m disapprove such policies, shall include a standard mortgage clause, and shall name Lend as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies a- 9% newal certificates If Lender requires Borrower shall give to Lender all receipts ogd premiums and renewal notices If Borrower obtains any form of insurance coverage, not ot se required by Lender, for damage to, or destruction of, the Property, such policy shall incl tandard mortgage clause and shall name Lender as mortgagee and/or as an additional loss pay a In the event 0 >orrower shall give prompt notice to the insurance carrier and Lender. 9 @3053 if not made by Borrower. Unless Lender and Borrower insurance proceeds, whether or not the underlying insurance was . plied to restoration or repair of the Property, if the restoration or - and Lender?s security is not lessened During such repair and have the right to hold such insurance proceeds until Lender has had an opportunity to inspec Property to ensure the work has been completed to Lender?s satisfaction, provided that su inspection shall be undertaken Lender may disburse proceeds for the repairs and rest . on in a single payment or in a series of progress payments as the work is completed Unless n?nreement is made in writing or Applicable Law requires interest to be paid on such insura mroceeds Lender shall not be required to pay Borrower any interest or earnings on such for public adjusters, or other third parties, retained by Borrower shall not be paid out :2 surance proceeds and shall be the sole obligation of Borrower. If the restoration or repai economically feasible or Lender?s security would be lessened, the insurance proceeds shall applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30?day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender BorrOWer?s rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and any other of Borrower?s rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower?s principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower?s principal residence for a one year after the Initials: i @a's?m (0005) pm 7 o, 15 Form 3010 1/01 Book21793/Page761 Page 7 of 25 of occupancy, unless Lender otherwise agrees in writing, which consent shall not be easonably withheld, or unless extenuating circumstances exist which are beyond Borrower?s con . Preservation, Maintenance and Protection of the Property; Inspections. Borrower sha 0t destroy, damage or impair the PrOperty, allow the Property to deteriorate or commit waste the Property. Whether or not Borrower is residing in the Property, Borrower shall @w Property in order to prevent the Property from deteriorating or decreasing in value due to dition. Unless it is determined pursuant to Section 5 that repair or restoration is not easible, Borrower shall repair the Property if damaged to avoid further - or damage. If insurance or condemnation proceeds are paid in connection with damage to, taking of, the Property, Borrower shall be responsible for repairing or restoring the Property nly if Lender has released proceeds for such purposes. Lender may disburse proceeds for th- ?yirs and restoration in a single payment or in a series of progress payments as the work is co . If the insurance or condemnation proceeds are not sufficient to repair or 'rrower is not relieved of Borrower?s obligation for the completion of such repair or restoratioa. Lender or its 33;; make reasonable entries upon and inspections of the Property. If it has reasonable cause,( may inspect the interior of the improvements on the Property. Lender shall give Borr?tice at the time of or prior to such an interior inspection specifying such reasonable cause. $1 8. Borrower? application process, Borrow with Borrower?s knowledg information or statements to connection with the Loan. Mate concerning Borrower?s occupancy plication. Borrower shall be in default if, during the Loan .ny persons or entities acting at the direction of Borrower or or consent gave materially false, misleading, or inaccurate (or failed to provide Lender with material information) in resentations include, but are not limited to, representations Property as Borrower?s principal residence. 9. Protection of Lender?s st in the Property and Rights Under this Security Instrument. If Borrower fai rform the covenants and agreements contained in this Security Instrument, there is a ceeding that might significantly affect Lender?s interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender?s interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender?s actions can include, but are not limited to: paying any sums secured by a lien which has priority over this Security Instrument; appearing in court; and paying reasonable attorneys? fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate Initials: m??m pm a of 16 Form 3010 1/01 Book21793/Page762 Page 8 of 25 oCin the date of disbursement and shall be payable, with such interest, upon notice from Lender orrower requesting payment. Ifithis Security Instrument is on a leasehold, Borrower shall comply with all the provisions 0 ease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not nless Lender agrees to the merger in writing. 0. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the orrower shall pay the premiums required to maintain the Mortgage Insurance in effect. eason, the Mortgage Insurance coverage required by Lender ceases to be available from the mo insurer that previously provided such insurance and Borrower was required to make Wnated payments toward the premiums for Mortgage Insurance, Borrower shall pay 5 required to obtain coverage substantially equivalent to the Mortgage Insurance previously i ct, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance pr ously in effect, from an alternate mortgage insurer selected by Lender. If substantially equ' . :uent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender . coverage ceased he in effect. Lender will accept, use and retain these payments as a serve in lieu of Mortgage Insurance. Such loss reserve shall be i ding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pr rower any interest or earnings on such loss reserve. Lender can no longer require loss res ments if Mortgage Insurance coverage (in the amount and for the period that Lender requ1 ovided by an insurer selected by Lender again becomes available, is obtained, and Lender req eoarately designated payments toward the premiums for Mortgage Insurance. If Lender req 3'2 ortgage Insurance as a condition of making the Loan and Borrower was required to :9 separately designated payments toward the premiums for Mortgage Insurance, Borrow shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non" a?mdable loss reserve, until Lender?s requirement for Mortgage Insurance ends in accordance written agreement between BorrOWer and Lender providing for such termination or until ter ion is required by Applicable Law. Nothing in this Section 10 affects Borrower?s obligation to 9): vi terest at the rate provided in the Note. Mortgage Insurance reimbur?-er (or any entity that purchases the Note) for certain losses it may incur if Borrower doe In! 1 pay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower?s payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer?s risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer?s risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. Any such agreements will not affect the rights Borrower has if any with respect to the Mortgage Insurance under the Homeowners Prote Act of 1998 or any Initials: ?3 arm?) 9 a; 15 Form 3010 1/01 non?refundable, not Book21793/Page763 Page 9 of 25 0 er law. These rights may include the right to receive certain disclosures, to request obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance 'nated automatically, and/or to receive a refund of any Mortgage Insurance ums that were unearned at the time of such cancellation or termination. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are igned to and shall be paid to Lender. Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or n- - Property, if the restoration or repair is economically feasible and Lender?s security is not lesseo During such repair and restoration period, Lender shall have the right to hold such Miscellan wk?roceeds until Lender has had an opportunity to inspect such Property to ensure the work as been completed to Lender?s satisfaction, provided that such inspection shall be undertaken tly. Lender may pay for the repairs and restoration in a single disbursement or in a series 0 rogress payments as the work is completed. Unless an agreement is made in writing or Appl' Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be req to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or ayir is not economically feasible or Lender?s security would be lessened, the Miscellaneous Proc hall be applied to the sums secured by this Security Instrument, whether or not then due, wi - egcess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order - ed for in Section 2. In the event of a ng, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applie sums secured by this Security Instrument, whether or not then to Borrower. destruction, or loss in value of the Property in which the fair diately before the partial taking, destruction, or loss in value is ount of the sums secured by this Security Instrument immediately n, or loss in value, unless Borrower and Lender otherwise this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multim??i by the following fraction: (3) the total amount of the sums secured immediately before the par .1 .king, destruction, or loss in value divided by the fair market value of the Property im before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrow. In the event of a partial taking, ruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, Whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender?s judgment, could result in forfeiture of the Property or other material impairment of Lender?s interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender?s judgment, precludes forfeiture of the Property or other material impairment of Lender?s interest in the Initials: (0005) Page 10 of 16 Form 3010 1/01 here a In the event of a parti market value of the Propert equal to or greater than the a before the partial taking, destrn 53 agree in writing, the sums secur? a . Book21793/Page764 Page 10 of 25 Pty or rights under this Security Instrument. The proceeds of any award or claim for es that are attributable to the impairment of Lender?s interest in the Property are hereby asmd and shall be paid to Lender. A iscellaneous Proceeds that are not ap lied to restoration or repair of the Property shall be a in the order provided for in Section g) 1 orrower Not Released; Forbearance By Lender Not 3 Waiver. Extension of the time for ment or modification of amortization of the sums secured by this Security Instrume anted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to @e the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be req commence proceedings against any Successor in Interest of Borrower or to refuse to ext 'me for payment or otherwise modify amortization of the sums secured by this Security Instru by reason of any demand made by the original Borrower or any Successors in Interest of Bof?gr. Any forbearance by Lender in exercising any right or remedy including, without limitatio nder?s acceptance of payments from third persons, entities or Successors in -, in amounts less than the amount then due, shall not be a waiver of or preclude the exercis (a right or remedy. 13. Joint and <5 1 Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees ?g?fe't -rrower?s obligations and liability shall be joint and several. However, any Borrower who co?sr is Security Instrument but does not execute the Note (a is CO'signing this Sag!? nstrument only to mortgage, grant and convey the co?signer?s interest in the Property ?the terms of this Security Instrument; is not personally obligated to pay the sums svu?d by this Security Instrument; and agrees that Lender and any other Borrower can agree to - 4 34: d, modify, forbear or make any accommodations with regard to the terms of this Security Inst 35 the Note without the 00'signer?s consent. Subject to the provisions ction 18, any Successor in Interest of Borrower who assumes Borrower?s obligations under this rity Instrument in writing, and is approved by Lender, shall obtain all of Borrower?s rights am??hefits under this Security Instrument. Borrower shall not be released from Borrower?s obligatio liability under this Security Instrument unless Lender agrees to such release in writing. Th gnants and agreements of this Security Instrument shall bind (except as provided in Section benefit the successors and assigns of Lender. 14. Loan Charges. Lender ma Borrower fees for services performed in connection with Borrower?s default, for the purpo otecting Lender?s interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys? fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan char es collected or to be collected in connection with the Loan exceed the permitted limits, then: any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and any 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. If a refund reduces rincipal, the reduction will be treated as a partial prepayment without any prepayment charge whether or not a prepayment charge is provided for under the Note). Borrower?s acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Initials: @{Slm 11 of 15 Form 3010 1/01 Book21793/Page765 Page 11 of 25 rument shall be deemed to have been given to Borrower when mailed by first class mail or actually delivered to Borrower?s notice address if sent by other means. Notice to any one orr vrer shall constitute notice to all Borrowers unless Applicable Law expressly requires 0 'se. The notice address shall be the Property Address unless Borrower has designated a su notice address by notice to Lender. Borrower shall notify Lender of Borrowe change of address. If Lender specifies a procedure for reporting Borrower?s change of addre Borrower shall only report a change of address through that specified procedure. There only one designated notice address under this Security Instrument at any one time. Any not Lender shall be given by delivering it or by mailing it by first class mail to Lender?s ss stated herein unless Lender has designated another address by notice to Borrower. been given Instrument 1s nder until actually received by Lender. If any notice required by this Security so required under Applicable Law, the Applicable Law requirement will satisfy the corresponding Waement under this Security Instrument. 16. Gover a, aw; Severability; Rules of Construction. This Security Instrument shall be governed by law and the law of the jurisdiction in which the Property is located. All rights and obligatimgg?ntained in this Security Instrument are subject to any requirements and limitations of Appli . w. Applicable Law might explicitly or implicitly allow the parties to agree by contract or . .3. -t be silent, but such silence shall not be construed as a prohibition against agreement by wt. In the event that any provision or clause of this Security Instrument or the Non?? flicts with Applicable Law, such conflict shall not affect other provisions of this Secur @istrument or the Note which can be given effect without the conflicting provision. As used in this words of the masculine ender shall mean and include corresponding neuter ords or words of the feminine gender; words in the singular ny Eotice in connection with this Security Instrument shall not be deemed to have shall mean and include the plu nd vice versa; and the word "may" gives sole discretion without any obligation to take a ?on. 17. Borrower?s Copy. Bor shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Prope a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Proper ans any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) Without Lender?s prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 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 further notice or demand on Borrower. l9. Borrower?s Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; such other period as Applicable Law might specify for the termination of Borrower?s right to reinstate; or (0) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: pays Lender all sums Initials: ?@{stm ?mm Hg. 12 a, 16 Form 3010 1/01 Book21793/Page766 Page 12 of 25 0 'ch then would be due under this Security Instrument and the Note as if no acceleration had rred; cures any default of any other covenants or agreements; pays all expenses incur ed in enforcing this Security Instrument, including, but not limited to, reasonable attorneys? fe operty inspection and valuation fees, and other fees incurred for the purpose of protecting Le interest in the Property and rights under this Security Instrument; and takes such action as ender may reasonably require to assure that Lender?s interest in the Property and rights under Security Instrument, and Borrower?s obligation to pay the sums secured by this Securit rument, shall continue unchanged. Lender may require that Borrower pay such reinstate sums and expenses in one or more of the following forms, as selected by Lender: oney order; certified check, bank check, treasurer?s check or cashier?s check, cash; check is drawn upon an institution whose deposits are insured by a federal r0v1ded a Egency, inst tality or entity; or Electronic Funds Transfer. Upon reinstatement by Borrower, thi ecurity Instrument and obligations secured hereby shall remain fully effective as if no acceleratio occurred. However, this right to reinstate shall not apply in the case of acceleration und tion 18. 20. Sale of Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the No ?ether with this Security Instrument) can be sold one or more times without prior notice iogrower. A sale might result in a change in the entity (known as the "Loan Servicer") that Periodic Payments due under the Note and this Security Instrument and performs other mu :a can servicing obligations under the Note, this Security Instrument, and Applicable Law. Th 0 might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If therei ange of the Loan Servicer, Borrower will be given written notice of a and address of the new Loan Servicer, the address to which other information RESPA requires in connection with a notice ote is sold and thereafter the Loan is serviced by a Loan Servicer "e e, the mortgage loan servicing obligations to Borrower will ansferred to a successor Loan Servicer and are not assumed rovided by the Note purchaser. commence, join, or be joined to any judicial action (as . er of a class) that arises from the other party?s actions pursuant to this Security Instrum a- that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto 3 reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (3) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, 0r wastes by Environmental Law 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; "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (0) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Initials: (0005) Page 13 of 16 Form 3010 1/01 . of transfer of servicing. If the other than the purchaser of th remain with the Loan Servicer by the Note purchaser unless othe Book21793/Page767 Page 13 of 25 Borrower shall not cause or permit the presence, use, disposal, storage, or release of any @rdous Substances, or threaten to release any Hazardous Substances, on or in the Property. orr shall not do, nor allow anyone else to do, anything affecting the Property that is in Vi of any Environmental Law, which creates an Environmental Condition, or wh ue to the presence, use, or release of a Hazardous Substance, creates a condition that adversel affects the value of the Property. The preceding two sentences shall not apply to the preser$se or storage on the Property of small quantities of Hazardous Substances that are general ognized to be appropriate to normal residential uses and to maintenance of the Property uding, but not limited to, hazardous substances in consumer products). Borroggshall give Lender written notice of any investigation, claim, demand, lawsuit or he action by any governmental or regulatory agency or private party involving the Property and? Hazardous Substance or Environmental Law of which Borrower has actual knowledge, any Environmental Condition, including but not limited to, any spilling, leaking, discharge, releas threat of release of any Hazardous Substance, and any condition caused by the presence, us elease of 3 Hazardous Substance which adversely affects the value of the Property. If Borr earns, or is notified by any governmental or regulatory authority, or any private party, that emoval or other remediation of any Hazardous Substance affecting the Property is necessar rgwer shall take all necessary remedial actions in accordance with Environmental othing herein shall create any obligation on Lender for an Environmental Cleanu ANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; 2' nds- Lender shall give notice to Borrower prior to acceleration following Bo y?s breach of any covenant or agreement in this Security Instrument (but not prio to acceleration under Section 18 unless Applicable Law provides otherwise). The no hall specify: the default; the action required to cure the default; a date, ss than 30 days from the date the notice is given to BorrOWer, by which the defaul be cured; and that failure to cure the default on or before the date specified in tice may result in acceleration of the sums secured by this Security Instrument, re by 'udicial roceeding and sale of the Property. The notice shall further inform 0 er of' the rig 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 8 ecified in the notice, Lender at its option may require immediate payment in full of a sums secured by this Security Instrument Without further demand and may foreclose this Security Instrument by judicial proceeding. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys? fees and costs of title evidence. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under A plicable Law. 24. Attorneys? Fees. As used in this Security Instrument an the Note, "attorneys? fees" shall include those awarded by an appellate court and any attorneys? fees incurred in a bankruptcy proceeding. 25. Jury Trial Waiver. The Borrower hereby waives any right to a trial by jury in any action, proceeding, claim, or counterclaim, whether in contract or tort, at law or in equity, arising out of or in any way related to this Security Instrument or the Note. Initials: m. 14 of 16 Form 3010 1/01 Book21793/Page768 Page 14 of 25 FL2 0 SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained 0? (Seal) -Borrower JEFFREY SISKILD (Address) aw (Seal) 77?} p17,; . -Borrower (Address) (Seal) (Seal) \3 -Borrower -Borrower @Address) (Address) A (Seal) (Seal) rower ?Borrower (Address) (Address) (Seal) (Seal) -Borrower -Borrower (Address) (Address) (0005? Page 15 of 16 Form 3010 1/01 Book21793/Page769 Page 15 of 25 OF FLORIDA, PALM BEACH County ss: 6 foregoing instrument was acknowledged before me this [3 11+ 0% 2&7 by JEF REV SISKIND who nown to me 1' Who has produced as 1dent1flcat1on. .90? Not?r? Pu Iic State of Florida ?9 David @Grandpre 3" of My Con 00548072 om Expire?) 0 3% Ini?als: m?stFL) (0005) m. 16 of 15 Form 3010 1/01 Book21793/Page770 Page 16 of 25 UNIT DEVELOPMENT RIDER 7RUS 3013637552?039 M3 9 TH ANNED UNIT DEVELOPMENT RIDER is made this 13TH day of APR I . and is incorporated into and shall be deemed to amend and supplemen Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same a?iven by the undersigned (the "BorrOWer") to secure Borrower?s Note to WASHINGTON BANK, FA (the "Lender") of the same date @overing the Property described in the Security Instrument and located at: 3465 SANTA WELLINGTON, FL 33414 [Property Address] The Property includes, not limited to, a parcel of land improved with a dwelling, together with other such? ls and certain common areas and facilities, as described in COVENANTS, CONDITIONS STRICTIONS (the "Declaration"). The Pro e?is a part of a planned unit development known as PALM BEACH POLO [Nam lanned Unit Development] (the The Property also in orrower?s interest in the homeowners association or equivalent entity owning or managing mon areas and facilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of Borrower?s interest. PUD COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall perform all of Borrower?s obligations under the Constituent Documents. The "Constituent Documents" are the: Declaration; (ii) articles of MULTISTATE PUD RIDER - Single Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT @90? 7R (0003) Form 3150 Page 1 of 3 11mins: VMP MORTGAGE FORMS- (800)52 -7z91 Book21793/Page771 Page 17 of 25 rporation, trust instrument or any equivalent document creates the Owners Association; any by?laws or other rules or regulations of the Owners Association. Borrower shall thy pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. Property Insurance. So long as the Owners Association maintains, with a generally acc insurance carrier, a "master" or "blanket" policy insuring the Property which is satisfact to Lender and which provides insurance coverage in the amounts (including deductible levelst?i the periods, and against loss by fire, hazards included within the term ?extended coverag any other hazards, including, but not limited to, earthquakes and floods, for which Lender r% insurance, then: Lender waives the provision in Section 3 for the Periodic Payment ender of the yearly premium installments for property insurance on the Property; and (ii) Borrower? igation under Section 5 to maintain property insurance coverage on the Property is deemed sag to the extent that the required coverage is provided by the Owners Association Lender prompt notice of any lapse in required property insurance coverage provided by the mas blanket policy. In the event of following a loss to the to Borrower are hereby . sums secured by the Sec Borrower. C. Public Liability In . Borrower shall take such actions as may be reasonable to insure that the Owners Associ maintains a public liability insurance policy acceptable in form, amount, and extent of coverage der. D. Condemnation. The pr of any award or claim for damages, direct or consequential, payable to Borrower in connection any condemnation or other taking of all or any part of the Property or the common areas ilities of the PUD, or for any conveyance in lieu of condemnation, are hereby assigned an $11 be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Se strument as provided in Section 11. E. Lender?s Prior Consent. Borrower shall not, except after notice to Lender and with Lender?s prior written consent, either partition or subdivide the Property or consent to: the abandonment or termination of the PUD, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the "Constituent Documents" if the provision is for the express benefit of Lender; termination of professional management and assumption of self?management of the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. Initials%? @{79 (0008) Page 2 of 3 Form 3150 1/01 or to common areas and facilities of the PUD, any proceeds payable and shall be paid to Lender. Lender shall apply the proceeds to the strument, whether or not then due, with the excess, if any, paid to my; Book21793/Page772 Page 18 of 25 F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender @y pay them. Any amounts disbursed by Lender under this paragraph shall become additional 9Borrower secured by the Security Instrument Unless Borrower and Lender agree to other mpayment these amounts shall bear interest from the date of disbursement at the Note rate mm payable, with interest, upon notice from Lender to Borrower requesting payment. BY SI BELOW, Borrower accepts and agrees to the terms and provisions contained in this PUD Ri (Seal) (Seal) -Borrower -Borrower JEFFREY SISKI 2&0 (Seal) SLOW (Seal) ~Borrower .S -Borrower (Seal) (Seal) -Borrower ?Borrower @eal) (Seal) rrower ?Borrower mam?m (0008) Page 3 of 3 Form 3150 1/01 Book21793/Page773 Page 19 of 25 RMTA 3013637552-039 M39 ADJUSTABLE RATE RIDER (12-MTA lndex - Payment and Rate Caps) V0 @3 3013637552 RATE RIDER is made this 13TH day of APRIL, . and is incorporated into and shall be deemed to amend and supplemenM ortgage, Deed of Trust, or Security Deed (the "Security instrument") of the same date given undersigned (the "Borrower") to secure Borrower?s Adjustable Rate Note (the "Note") to FA (the "Lender") of the same date and ering the property described in the Security instrument and located at: .k A A (PROPERTY ADDRESS) THIS RIDER CO 8 PROVISIONS ALLOWING FOR CHANGES IN MY INTEREST RATE MY PAYMENT. MY PAYMENT INCREASES WILL ITS WHICH COULD RESULT IN THE PRINCIPAL AMOUNT I MUST RE BEING LARGER THAN THE AMOUNT I ORIGINALLY BORROWED, BUT NOT M'a. THAN 115% OF THE ORIGINAL AMOUNT (OR 2L484.460.00 INTEREST RATE CAN NEVER EXCEED THE LIMIT STATED IN THE NOT I RIDER. A BALLOON PAYMENT MAY BE DUE AT MATURITY. QA ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. INTEREST RATE AND PAYMENT CHANGES Interest will be charged on unpaid Principal until the full amount of Principal has been paid. Up until the first day of the calendar month that immediately precedes the first payment due date set forth in Section 3 of the Note, I will pay interest at a yearly rate of 8 .577 Thereafter until the first Change Date (as defined in Section 4 of the Note) I will pay interest at a yearly rate of 559 The interest rate I will pay will thereafter change in accordance with Section 4 of the Note. 32843 (11-01) Page 1 of 6 LRDOZUSA (VERSION 1.0) Book21793/Page774 Page 20 of 25 3013637552 0 4 of the Note provides for changes in the interest rate and payment as follows: 4. REST RATE AND PAYMENT CHANGES ange Dates The i erest rate I will pay may change on the 1ST day of JUNIL and on that day every month thereafter. Each such day is call 'Change Date". (B) The On each hange Date, my interest rate will be based on an Index. The "Index" is the Twelve- Month Averageggermined as set forth below, of the annual yields on actively traded United States Treasury Securit adjusted to a constant maturity of one year as published by the Federal Reserve Board in the Fed Reserve Statistical Release entitled "Selected Interest Rates (the Yields"). welve-Month Average is determined by adding together the Yields for the most recently ble twelve months and dividing by 12. The most recent ure available as of the date 15 days before each Change Date is called the "Current Index". 0 If the Index is no lon able, the Note Holder will choose a new index which is based upon comparable information. te Holder will give me notice of this choice. (C) Interest Rate Chang Before each Change Dat Note Holder will calculate my new interest rate by adding THREE AND 55/100 percentage points 3 .550 ("Margin") to Current x. The Note Holder will then round the result of this addition to the nearest one thousandth of one ntage point Subject to the limits stated in Section below, this rounded amount will new interest rate until the next Change Date. In the event a new Index is selected, pursuant graph a new Margin will be determined. The new Margin will be the difference betwee giverage of the old Index for the most recent three year period which ends on the last date the was available plus the Margin on the last date the old Index was available and the average of the new Index for the most recent three year period which ends on that date (or if not available for such three year period, for such time as it is available). The difference will be rounded to the next higher 1/8 of (D) Interest Rate Limit My interest rate will never be greater than 10 859 except that following any sate or transfer of the property which secures repayment of this Note after the first interest rate Change Date, the maximum interest rate will be the higher of the Cap or 5 percentage points greater than the interest rate in effect at the time of such sale or transfer. (E) Payment Change Dates Effective every year commencing JUNE 01 2008 and on the same date each twelfth month thereafter ("Payment Change Date?), the Note Holder will determine the 32843 (11-01) Page 2 of 6 LRDOZUSB (VERSION 1.0) Book21793/Page775 Page 21 of 25 3013637552 0 a of the payment that would be sufficient to repay the projected Principal balance I am expect do owe as of the Payment Change Date in full on the maturity date at the interest rate in effecg?gays prior to the Payment Change Date in substantially equal payments. The result of this calcul is the new amount of my payment, subject to Section below, and I will make payments the new amount until the next Payment Change Date unless my payments are changed earlier u?ec?on of the Note. (F) Payment Limitations Unless and below apply, the amount of my new payment, beginning with a Paym Change Date, will be limited to 7 1/2% more or less than the amount I have been paying. This pa cap applies only to the Principal Payment and does not apply to any escrow payments Lende a require under the Security Instrument. (G) Changes @My Unpaid Principal Due to Negative Amortization or Accelerated Amortization Since my payme ?pount changes less frequently than the interest rate and since the payment is subject to grent limitations described in Section my payment could be less or greater than ()mount of the interest portion of the payment that would be sufficient to repay the un mcipal owe at the payment date in full on the maturity date in substantially equal pay St?? For each month that the payment is less than the interest portion, the Note Holder will 5 ct the payment from the amount of the interest portion and will add the difference to my incipal, and interest will accrue on the amount of this difference at the current interest rate. Fo ch month that the payment is greater than the interest portion, the Note Holder will - xcess towards a Principal reduction of the Note. (H) Limit on My Unpaid Princ ncreased Payment My unpaid Principal can never a maximum amount equal to 115% of the principal amount original borrowed. In the ev-unpaid Principal would otherwise exceed that 115% limitation, I will begin paying a )tth payment until the next Payment Change Date notwithstanding the 7 1/2% annual pew'fnan?e crease limitation. The new payment will be an amount which would be sufficient to repay my then unpaid principal in full on the maturity date at my interest rate in effect the month prior to the payment due date in substantially equal payments. (I) Required Full Payment On the I FTH anniversary of the due date of the first payment, and on that same day every FIFTH year thereafter, the payment will be adjusted without regard to the payment cap limitation in Section (J) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in the amount of my payment before the effective date of any change. The notice will include information required by law to be given me and also the title and telephone number of a person who will answer any questions I may have regarding the notice, 32843 (11.01) Page 3 of6 ?(fj LRDOZUSC (VERSION 1.0) Book21793/Page776 Page 22 of 25 RMT2 3013637552 0 Wailgre to Make Adjustments If fg?ay reason Note Holder fails to make an adjustment to the interest rate or payment amount as desc?in this Note, regardless of any notice requirement, I agree that Note Holder may, upon discove ch failure, then make the adjustment as if they had been made on time. I also agree not to hol Holder responsible for any damages to me which may result from Note Holder's failure to adjustment and to let the Note Holder, at its option, apply any excess monies which I may 'd to partial prepayment of unpaid "Principal." B. TRANSFER PROPERTY OR A BENEFICIAL INTEREST IN BORROWER Section 18 of ecurity Instrument is amended to read as follows: Transfer of the erty or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the erty" means any legal or bene?cial interest in the Property, including, but not limited to, beneficial interests transferred in a bond for deed, contract for deed, installment sales ct or escrow agreement, the intent of which is the transfer of title by Borrower at a future to a purchaser. If all or any part of the Property or any interest in the Property is sold or tr (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natsi~ - son) without Lender's prior written consent, Lender may require immediate payment in ??all sums secured by this Security Instrument. However, this option shall not be exercised ??ner if exercise is prohibited by Applicable Law. Lender also shall not exercise this option if: Grower causes to be submitted to Lender information required by Lender to evaluate the ntended transferee as if a new loan were being made to the transferee; Lender reason ?vetermines that Lender's security will not be impaired by the loan assumption and that the a breach of any covenant or agreement in this Security Agreement or other obligations magnd to the Note or other loan document is acceptable to Lender, (0) Assuming party exeu? ssumption Agreement acceptable to Lender at its sole choice and discretion, which Agree - ay include an increase to Cap as set forth below and payment of Assumption Fee if by Lender. To the extent permitted by Applicable Law, Lender may charge a reasonable fee as a condition to Lender's consent to the loan assumption, and Lender may increase the maximum interest rate limit to the higher of the Cap or 5 percentage points greater than the interest rate in effect at the time of the transfer. Lender may also require the transferee to sign an assumption agreement that is acceptable to Lender and that obligates the transferee to keep all the promises and agreements made in the Note and in this Security Instrument. Borrower will continue to be obligated under the Note and this Security Instrument unless Lender has entered into a written assumption agreement with transferee and formally releases Borrower. 32843 (11-01) Page 4 of6 LRDOZUSD (VERSION 1.0) Book21793/Page777 Page 23 of 25 3013637552 go If Lender exercises this option, Lender shall give Borrower notice of acceleration. The @lce shall provide a period of not less than 30 days from the date the notice is given in ccordance with Section 15 within which Borrower must pay all sums secured by this Security I ent. If Borrower fails to pay these sums prior to the expiration of this period, Lender voke any remedies permitted by this Security Instrument without further notice or de on Borrower. (Ego 3 @3 32843 (11-01) Page 5 of6 LRDOZUSE (VERSION 1.0) Book21793/Page778 Page 24 of 25 3013637552 0 0 BY ING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Adjusta ate Rider. Borrower agrees to execute any document necessary to reform this Agreement ccurately reflect the terms of the Agreement between Borrower and Beneficiary or if the originai?, Trust Deed or other document is lost, mutilated or destroyed. JEFFREWM Warn L. ?016ng ex: ea rf?x Ev 32843 (11-01) Page 6 of6 LRDOZUSF (VERSION 1.0) Book21793/Page779 Page 25 of 25