23:51 35331. 

HR ER PG mesa
RECDRDED ??fl?f2$18 u9321s49
ANT 
Bead Do?: 2201:! 
229%13133313
orded, return to: ?ec?Fh Iii-10" [dill . .
EZ BALLAGA, ESQUIRE [2123?3353'1 953$ mm: WELLER
edman Atkins, LLP
396 bra Circle, Suite 204

Coral FL 33134

 
  
  

This dom?t was prepared by:
RAUL PER LLAGA, ESQUIRE
Ballaga, Fre Atkins, LLP
396 Alhambra ircl Suite 204
Coral Gables, F?u

LOAN 1700158-3 
[Space Above This Line for Recording Data]

MORTGAGE
DEFINITIONS 

Words used in multiple section? document are defined below and other words are defined in Sections 3, 11, 13,
18, 20 and 21. Certain rules reg wIgihe usage of words used in this ,document are also provided in Section 16.

(A) "Security Instrument? means I ment, which is dated Mayf16, 2018 together with all Riders to this document.
(B) ?Borrower? is 1125 South Oce a Delaware limited liability company.

Borrower is the mortgagor under this
(C) [intentionally Deleted]
(D) ?Lender? is Professional Bank

 

 
  
     
   

Lender is a Chartered Bank, organized an
Alhambra Circle Suite 255 Coral Gables
(E) ?Note? means the promissory note signe
owes Lender ELEVEN MILLION TWO HUND

rrower and dated May 16, 2018. The Note states that Borrower
HOUSAND Dollars (us. plus Interest. Borrower



has promised to pay this debt in regular and to pay the debt in full not later than June 1I 2048.

(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, plus interest.

(H) ?Riders? means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be
executed by Borrower [check box as applicable]:

 

Adjustable Rate Rider Condominium Rider Second Home Rider

Balloon Rider Planned Unit Development Rider Other(s) (specify) Default
Interest Jury Waiver

1-4 Family Rider Biweekly Payment Rider V.A. Rider

(I) ?Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and
administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial
opinions.

(J) "Community Association Dues, Fees, and Assessments" means ali clues, fees, assessments and other charges
that are imposed on Borrower or the Property by a condominium association, homeowners association or similar
organization.

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Page 2 of 19

Loan No: 1700158-3

   
 

tap so .. 3 0 order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is
point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone. wire
transfer? 3? automated clearinghouse transfers. 

(L) ?Esc @ems? means those items that are described in Section 3.

(M) ?Misc aneqys Proceeds? means any compensation, settlement, award of damages, or proceeds paid by any
third party than insurance proceeds paid under the coverages described in Section 5) for: damage to, or
destruction 0 Property; (ii) condemnation or other taking of all or any part of the Property; conveyance in lieu
of condemnati 0 (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property.

(N) ?Mortgage I nce? means insurance protecting Lender against the nonpayment of, or default on, the Loan.
(0) ?Periodic Pa means the regularly scheduled amount due for principal and interest under the Note, plus
(ii) any amounts tion 3 of this Security Instrument. 

(P) means Real Estate Settlement Procedures Act (12 U.S.C. ?2601 et seq.) and its implementing
regulation, Regulation C.F.R. Part 1024), as they might be amended from time to time, or any additional or

   
   
   

successor legislation or lation that governs the same subject matter. As used in this Security Instrument, 
refers to all requirements an estrictions that are imposed in regard to a ?federally related mortgage loan" even if the
Loan does not qualify as a rally related mortgage loan? under RESPA.

(Q) ?Successor in Interest 0 rower? means any party that has taken title to the Property, whether or not that party
has assumed Borrower?s obli under the Note and/or this Security Instrument.

    
   
   
 

TRANSFER OF RIGHTS IN TH WBERTY
This Security Instrument secure der: the repayment of the Loan, and all renewals, extensions and

modifications of the Note; and (ii) erformance of Borrower?s covenants and agreements under this Security
Instrument and the Note. For this pur Borrower does hereby mortgage, grant and convey to Lender and Lender?s
successors and assigns, the following 'b property located in the County of Palm Beach, State of Florida:

SEE ATTACHED EXHIBIT 
Tax Identification Number: 50-43-43- -000-0240 50-43-43-35-00-002-0391.

Property Address: 1125 South Ocea Palm Beach. FL 33480 ("Property Address"):

TOGETHER WITH all the improvemer% 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.? Borrower
understands and agrees that Lender holds only legal title to the interests granted by Borrower in this Security Instrument,
but, if necessary to comply with law or custom, Lender and Lender?s successors and assigns have the right: to exercise
any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any
action required of Lender including, but not limited to, releasing and canceling this Security Instrument.

BORROWER COVENANTS that Borrower is lawfully seised 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.
Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any
encumbrances of record.

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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Page 3 of 19

Loan No: 1700158-3

4t NIFORM COVENANTS. Borrower and Lender covenant and agree as follows:

ment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay
principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges
Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the
- Security Instrument shall be made in US. currency. However, if any check or other instrument received
3, ayment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that
any or all - sequent payments due under the Note and this Security Instrument be made in one or more of the following
forms. as se??by Lender: cash; money order; certified check, bank check, treasurer?s check or cashier?s

    
  
 
 
  
  

a

check, provi such check is drawn upon an institution whose deposits are insured by a federal agency,
instrumentality, tity; or Electronic Funds Transfer.

Paymen deemed received by Lender when received at the location designated In the Note or at such other
location as may nated by Lender in accordance with the notice provisions in Section 15. Lender may return any
payment or partial if the payment or partial payments are insufficient to bring the Loan current. Lender may
accept any payment ial payment insufficient to bring the Loan current, without waiver of any rights hereunder or
prejudice to its rights to refge such payment or partial payments in the future, but Lender is not obiigated to apply such

   
  
    

payments at the time ayments are accepted. If each Periodic Payment is applied as of its scheduled due date,
then Lender need not pa in est on unapplied funds. Lender may hold such unapplied funds until Borrower makes
payment to bring the Loan @nt. If Borrower does not do so within a reasonable period of time, Lender shall either
apply such funds or return th Borrower. If not applied earlier, such funds will be applied to the outstanding principal
balance under the Note imm- .. .. prior to foreclosure. No offset or ciaim which Borrower might have now or in the
future against Lender shall relie ?v ower from making payments due under the Note and this Security Instrument or

I
performing the covenants and kfagecured by this Security Instrument.

     
 
  

2. Application of Payments eds. Except as othenrvise described in this Section 2, all payments accepted

and applied by Lender shall be appII "t following order of priority. interest due under the Note; principal due

"action 3. Such payments shall be applied to each Periodic Payment in the

.n ounts shall be applied first to late charges, second to any other amounts
?reduce the principal balance of the Note.

If Lender receives a payment frog rrower for a delinquent Periodic Payment which includes a sufficient
amount to pay any late charge due, the pay may be applied to the delinquent payment and the late charge. If more
than one Periodic Payment is outstanding, may apply any payment received from Borrower to the repayment
of the Periodic Payments if, and to the exten each payment can be paid in full. To the extent that any excess
exists after the payment is applied to the full .9 of one or more Periodic Payments, such excess may be applied

 
  
  

  
   
 

in the Note. Any application of payments, insur--. ceeds, or Miscellaneous Proceeds to principal due under the
Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments.

3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note,
until the Note is paid in full, a sum (the ?Funds") to provide for payment of amounts due for: (3) taxes and assessments
and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; 
leasehold payments or ground rents on the Property, if any; premiums for any and all insurance required by Lender
under Section 5; and Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of
the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These Items are called
?Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community Association
Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an
Escrow Item. Borrower shall furnish to Lender all notices of amounts to be paid under this Section. Borrower
shall pay Lender the Funds for Escrow Items unless Lender waives Borrower?s obligation to pay the Funds for any or all
Escrow Items. Lender may waive Borrower?s obligation to pay to Lender Funds for any or all Escrow Items at any time.
Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where
payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender
requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require.
Borrower?s obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant

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Book29858/Page953

Page 4 of 19

Loan No: 1700158-3

ment contained in this Security Instrument, as the phrase ?covenant and agreement? is used in Section 9. If
1 obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for
em, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be
Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow

i}

and ag??t

    
   
   
 

ay, at any time, collect and hold Funds in an amount suf?cient to permit Lender to apply the Funds
at the time 'ed under RESPA, and not to exceed the maximum amount a lender can require under RESPA.
Lender shall te the amount of Funds due on the basis of current data and reasonable estimates of expenditures
of future Escrow It or otherwise in accordance with Applicable Law.

The Fun ll be held in an institution whose deposits are insured by a federal agency, instrumentality, or
entity (including if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank.
Lender shall apply ds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not
charge Borrower for and applying the Funds, annually analyzing the escrow account, or verifying the Escrow
Items, unless Lender pa orrower interest on the Funds and Applicable Law permits Lender to make such a charge.
Unless an agreement is?e in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not
be required to pay Borrower - - interest or earnings on the Funds. Borrower and Lender can agree in writing, however,
that interest shall be paid Funds. Lender shall give to Borrower, without charge, an annual accounting of the
Funds as required by RESP 'm

If there is a surplus of ?(ii held in escrow, as defined under RESPA, Lender shall account to Borrower for the
excess funds in accordance PA. If there is a shortage of Funds held in escrow, as defined under RESPA,
Lender shall notify Borrower as by RESPA, and Borrower shall pay to Lender the amount necessary to make
up the shortage in accordance wit but in no more than 12 payments. If there is a deficiency of Funds

 
  
   
     
    
   

held in escrow, as defined under ender shall notify Borrower as required by RESPA, and Borrower shall pay
to Lenderthe amount necessary to the deficiency in accordance with RESPA, but in no more than 12 
payments.

Upon payment in full of ail sums @d by this Security Instrument, Lender shall refund to Borrower
any Funds held by Lender.

4. Charges; Liens. Borrower shall pay?xes assessments, charges, fines, and impositions attributable to the
Property which can attain priority over this Se Instrument, leasehold payments or ground rents on the Property, if
any, and Community Association Dues. Fees, am essments, if any. To the extent that these items are Escrow Items,
Borrower shall pay them in the manner provid .

Borrower shall discharge any lien has priority overthis Security Instrument unless Borrower: 
agrees in writing to the payment of the obiigatio ed by the lien in a manner acceptable to Lender, but only so
long as Borrower is performing such agreement; contests the lien in good faith by, or defends against enforcement
of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those
proceedings are pending, but only until such proceedings are concluded; or secures from the holder of the lien an
agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part
of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower 3
notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take
one'or more of the actions set forth above in this Section 4.

Lender may require Borrower to pay a one-time charge for a reai estate tax verification and/or reporting service
used by Lender in connection with this Loan.

5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property
insured against loss by ?re, 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 one-time charge for flood

     
  
     

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Book29858/Page954

Page 5 of 19

Loan No: 1700158-3

zone I . rmination, certification and tracking services; or a one-time charge for flood zone determination and
d) services and subsequent charges each time remappings or similar changes occur which reasonably might


 
   

the - Bfnergency Management Agency in connection with the review of any flood zone determination resulting
VJ ion by Borrower.
wer fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at
Lender?s am and Borrower?s expense. Lender is under no obligation to purchase any particular type or amount of
coverage. ore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower?s equity in
the Property, contents of the Property, against any risk, hazard or liability and might provide greater or lesser
coverage than a reviously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained
eed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender
II become additional debt of Borrower secured by this Security Instrument. These amounts shall
te from the date of disbursement and shall be payable, with such interest, upon notice from
sting payment.
All insurance poli 3 required by Lender and renewals of such policies shall be subject to Lender?s right to
a

 
 
 
   

disapprove such policie all include a standard mortgage clause, and shall name Lender as mortgagee and/or as an
additional loss payee. shall have the right to hold the policies and renewal certificates. If Lender requires,
Lender all receipts of paid premiums and renewal notices. if Borrower obtains any form
of insurance coverage, not {?33 ise required by Lender, for damage to, or destruction of, the Property, such policy
shall include a standard mort Aause and shall name Lender as mortgagee and/or as an additional loss payee.

In the event of loss, Bo - shall give prompt notice to the insurance carrier and Lender. Lender may make

rrower. Unless Lender and Borrower otherwise agree in writing, any insurance

  
  

 

    
     
  
  
    
 
 

repair and restoration period, Lende
opportunity to inspect such Property to
inspection shall be undertaken promptl

I have the right to hold such insurance proceeds until Lender has had an
work has been completed to Lender's satisfaction, provided that such

any interest or earnings on such proceeds.
not be paid out of the insurance proceeds an
economically feasible or Lender?s security wit-fr

proceeds shall be applied in the order provided 
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 at least one year after the date of occupancy, unless Lender othenivise agrees in writing, which consent
shall not be unreasonably withheld, or uniess extenuating circumstances exist which are beyond Borrower?s control.
7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy,
damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not
Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from

Page 5

Book29858/Page955

Page 6 of 19

Loan No: 1700158-3

 
  
   

res . -l is not economically feasible, Borrower shall repair the Property if damaged to avoid further
dete . or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking
of, th any, Borrower shall be responsible for repairing or restoring the Property only if Lender has released

repair or tore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or
restoration.

Lentk??h agent may make reasonable entries upon and inspections of the Property. If it has reasonable
cause, Lender ay 'nspect the interior of the improvements on the Property. Lender shall give Borrower notice at the
time of or prior ty? an interior inspection specifying such reasonable cause.

8. Borrowe Van . Application. Borrower shall be in default if, during the Loan application process, Borrower
or any persons or cting at the direction of Borrower or with Borrower's knowledge or consent gave materially
false, misleading, or?g?mrate information or statements to Lender (or failed to provide Lender with material
information) in connec io ith the Loan. Material representations include, but are not limited to, representations
concerning Borrower?s ancy of the Property as Borrower's principal residence.

9. Protection of Le de Interest in the Property and Rights Under this Security Instrument. If Borrower
fails to perform the covenar@d agreements contained in this Security Instrument, there is a legal proceeding that
might significantly affect Len interest in the Property and/or rights under this Security Instrument (such as a
proceeding in bankruptcy, pr for condemnation or forfeiture, for enforcement of a lien which may attain priority
over this security Instrument or ce laws or regulations), or Borrower has abandoned the Property, then Lender
may do and pay for whatever is gble or appropriate to protect Lender?s interest in the Property and rights under
this Security Instrument, including 9 and/or assessing the value of the Property, and securing and/or repairing
the Property. Lender?s actions can e, but are not limited to: paying any sums secured by a Iien which has
priority over this Security Instrument; ppearing in court; and paying reasonable attorneys' fees to protect its
interest in the Property and/or rights is Security Instrument, including its secured position in a bankruptcy
proceeding. Securing the Property inclu is not limited to, entering the Property to make repairs, change locks,

replace or board up doors and windows, In ater from pipes, eliminate building or other code violations or dangerous
0%

  
 
 

conditions, and have utilities turned on or ough Lender may take action under this Section 9, Lender does not
have to do so and is not under any duty agreed that Lender incurs no liability for not taking
any or all actions authorized under this Secti

Any amounts disbursed by Lender - Section 9 shall become additional debt of Borrower secured by
this Security Instrument. These amounts shall ?oe- igrest at the Note rate from the date of disbursement and shall be
payable, with such interest, upon notice from Le orrower requesting payment.

If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. Borrower
shall not surrender the leasehold estate and interests herein conveyed or terminate or cancel the ground lease.
Borrower shall not, without the express written consent of Lender, alter or amend the ground lease. If Borrower acquires
fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing.

10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall
pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance
coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance
and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance.
Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance
previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in
effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage
is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were
due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-
refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the
fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on
such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount

Page 6

 

Book29858/Page956

Page 7 of 19

Loan No: 1700158-3

and fo period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained,
3 ?requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required
l"surance as a condition of making the Loan and Borrower was required to make separately designated
rd the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage

   
  
 

terrninatio
Nothing In 

Mort
Borrower does not

Mortgag
agreements with
conditions that are

quired by Applicable Law.
@gction 10 affects Borrower?s obligation to pay interest at the rate provided in the Note.

nsurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if
pay the Loan as agreed. Borrower is not a party to the Mortgage Insurance.

rers evaluate their total risk on all such insurance in force from time to time, and may enter into
arties that share or modify their risk, or reduce losses. These agreements are on terms and
ctory to the mortgage insurer and the other party (or parties) to these agreements. These
agreements may req he mortgage insurer to make payments using any source of funds that the mortgage insurer
may have available (w icgay include funds obtained from Mortgage Insurance premiums).

   
 
  
   
  
 
 

As a result of th greements, Lender any purchaser of the Note another insurer, any reinsurer, any other
entity, or any affiliate of a the foregoing, may receive (directly or indirectly) amounts that derive from (or might be
characterized as) a portionCorrower?s payments for Mortgage Insurance, in exchange for sharing or modifying the
mortgage insurer's risk, or rem 9 losses. If such agreement provides that an af?liate of Lender takes a share of the
insurer's risk in exchange to of the premiums paid to the insurer, the arrangement Is often termed ?captive

  
 
   
 
  
  
 
   
     

reinsurance." Further:

Any such agreemen w'jI-lcftot affect the amounts that Borrower has agreed to pay for Mortgage
Insurance, or any other terms .
for Mortgage Insurance, and the 0 0t entitle Borrower to any refund.

Any such agreements affect the rights Borrower has, if any, with respect to the Mortgage
Insurance under the Homeowners i Act of 1998 or any other law. These rights may include the right
to receive certain disclosures, to re and obtain cancellation of the Mortgage Insurance, to have the
Mortgage Insurance terminated autom ic and/or to receive a refund of any Mortgage Insurance premiums
that were unearned at the time of such 6 llation or termination.

11. Assignment of Miscellaneous Pro Forfeiture. All Miscellaneous Proceeds are hereby assigned to

and shall be paId to Lender.

If the Property is damaged, such Mi?@eous Proceeds shall be applied to restoration or repair of the
Property, if the restoration or repair is economica gable and Lender?s security is not lessened. During such repair
and restoration period, Lender shall have the hold such Miscellaneous Proceeds until Lender has had an
opportunity to inspect such Property to ensure the work has been completed to Lender?s satisfaction, provided that such
inspection shall be undertaken Lender may pay for the repairs and restoration in a single disbursement or in
a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law
requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest
or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security
would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument,
whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shaii be applied in the
order provided for in Section 2.

In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be
applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to
Borrower. In the event of a partial taking, destruction, 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 equal to or greater than the amount of
the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless
Borrower and Lender othenlvise agree in writing, the sums secured by this Security Instrument shall be reduced by the
amount of the Miscellaneous Proceeds multiplied by the following fraction: the total amount of the sums secured

Page 7

Book29858/Page957

Page 8 of 19

Loan No: 1700158-3

immeo? ely before the partial taking, destruction, or loss in value divided by the fair market vatue of the Property
before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower.

of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property

imm- efore the partial taking, destruction, or loss in value is less than the amount of the sums secured

imme . - efore the partial taking, destruction, or loss in value, unless Borrower and Lender othenrvise agree in

writing, h?scellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not

the sums et eg due.

If th erty is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as
defined in th sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender
within 30 days afte he date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds
either to restore repair of the Property or to the sums secured by this Security Instrument, whether or not then
due. "Opposing eans the third party that owes Borrower Miscellaneous Proceeds or the party against whom
Borrower has a rig ion in regard to Miscellaneous Proceeds.

Borrower sh in default if any action or proceeding, whether civil or criminal, is begun that, in Lender?s
judgment, could result igeiture of the Property or other material impairment of Lender's interest in the Property or

 
 
     

  

rights under this Securi trument. Borrower can cure such a default and, if acceleration has occurred, reinstate as
provided in Section 19, by sing the action or proceeding to be dismissed with a ruling that, in Lender?s judgment,
precludes forfeiture of the rty or other material impairment of Lender?s interest in the Property or rights under this

Security Instrument. The pro of any award or claim for damages that are attributable to the impairment of Lender?s
interest in the Property are ssigned and shall be paid to Lender.
All Miscellaneous Proc at are not applied to restoration or repair of the Property shall be applied in the

order provided for in Section 2. 

12. Borrower Not Release rance By Lender Not a Waiver. Extension of the time for payment or
modification of amortization of the secured by this Security Instrument granted by Lender to Borrower or any
Successor in Interest of Borrower sh I operate to release the liability of Borrower or any Successors in Interest of
Borrower. Lender shall not be require ence proceedings against any Successor in Interest of Borrower or to
refuse to extend time for payment or 0th modify amortization of the sums secured by this Security Instrument by
reason of any demand made by the origin -rrower or any Successors in Interest of Borrower. Any forbearance by
Lender in exercising any right or remedy ik.
persons, entities or Successors in Interest 0 
waiver of or preclude the exercise of any right

13. Joint and Several Liability; Co-sig g? ccessors and Assigns Bound. Borrower covenants and agrees
that Borrower?s obligations and liability shall be j- nd several. However, any Borrower who co-signs this Security
Instrument but does not execute the Note (a ?c is co-signing this Security Instrument only to mortgage,
grant and convey the co-signers interest in the Property under the terms of this Security Instrument; is not personaily
obligated to pay the sums secured by this Security Instrument; and agrees that Lender and any other Borrower can
agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or
the Note without the co?signer?s consent.

Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's
obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower?s rights and
benefits under this Security Instrument. Borrower shall not be released from Borrower?s obligations and l?ability under
this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security
Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender.

14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower?s default,
for the purpose of protecting 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.

   
   
 

     
  
   
  

Page 8

 

Book29858/Page958

Page 9 of 19

Loan No: 1700158-3

the Loan is subject to a law which sets maximum loan charges, and that law is ?nally interpreted so that the
int other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then:
loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and 
Ir ady collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may
a this refund by reducing the principal owed under the Note or by making a direct payment to Borrower.
uces principal, the reduction will be treated as a partial prepayment without any prepayment charge
(whether not a?prepayment charge is provided for underthe Note). Borrower?s acceptance of any such refund made
by direct pa to Borrower will constitute a waiver of any right of action Borrower might have arising out of such
overcharge.
15. Notic

Any notice to 
when mailed by fi
to any one Borrow

    
 
  
 

. A notices given by Borrower or Lender in connection with this Security Instrument must be in writing.

in connection with this Security instrument shall be deemed to have been given to Borrower

3 mail or when actually delivered to Borrower?s notice address if sent by other means. Notice

constitute notice to all Borrowers unless Applicable Law expressly requires othenIvise. The

notice address shall Property Address unless Borrower has designated a substitute notice address by notice to

Lender. Borrower sha notify Lender of Borrower?s change of address. if Lender specifies a procedure for
ni

 
 
  
    
  

reporting Borrower?s ch of address, then Borrower shall only report a change of address through that specified
procedure. There may be ne designated notice address under this Security Instrument at any one time. Any notice
to Lender shall be given b@vering it or by mailing it by first class mail to Lender's address stated herein unless
Lender has designated anot dress by notice to Borrower. Any notice in connection with this Security instrument
shall not be deemed to have wag] given to Lender until actually received by Lender. if any notice required by this
Security instrument is also requ r-d a {a er Applicable Law, the Applicable Law requirement will satisfy the corresponding
requirement under this Security .
16. Governing Law; Severa
law and the law of the jurisdiction in?
instrument are subject to any require?
allow the parties to agree by contract or?
agreement by contract. in the event that!
Applicable Law, such conflict shall not affe
effect without the conflicting provision.
As used in this Security instrument:

 
  
 
  
  
   
 

  



of Construction. This Security instrument shall be governed by federal
the Property is located. All rights and obligations contained in this Security
limitations of Applicable Law. Applicable Law might explicitly or implicitly
we silent, but such silence shall not be construed as a prohibition against

to er provisions of this Security instrument or the Note which can be given

  
     

of the masculine gender shall mean and include corresponding
neuter words or words of the feminine gende words in the singular shall mean and include the plural and vice
versa; and the word ?may? gives sole discr thout any obligation to take any action.

17. Borrower?s Copy. Borrower shall be lV gr: copy of the Note and of this Security instrument.

18. Transfer of the Property or a Benefic est in Borrower. As used in this Section 18, ?interest in the
Property" means 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? 5 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.

19. 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
Appiicable Law might specify for the termination of Borrower?s right to reinstate; or entry of a judgment enforcing this

Page 9

Book29858/Page959

Page 10 of 19

Loan No: 1700158-3

strument. Those conditions are that Borrower: pays Lender all sums which then would be due under this
Se -v,l - . trument and the Note as if no acceleration had occurred; cures any default of any other covenants or

pays all expenses incurred in enforcing this Security Instrument, including, but not limited to reasonable
ees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's
interest - Property and rights under this Security Instrument; and takes such action as Lender may reasonably

 
   
   
  

require sit-tire that Lenders interest in the Property and rights under this Security Instrument, and Borrower's
obligation . {the sums secured by this Security Instrument, shall continue unchanged. Lender may require that
Borrower pa reinstatement sums and expenses in one or more of the following forms, as selected by Lender: 
cash; mo der; certified check, bank check, treasurer's check or cashier?s check, provided any such check
is drawn upon an i titution whose deposits are insured by a federal agency, instrumentality or entity; or Electronic
Funds Transfer. reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain
fully effective as if eleration had occurred. However, this right to reinstate shall not apply in the case of acceleration

under Section 18.

20. Sale of Notag/e?ange of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note
(together with this Secur' nstrument) can be sold one or more times without prior notice to Borrower. A sale might
result in a change in the (known as the "Loan Servicer?) that collects Periodic Payments due under the Note and
this Security Instrument and orms other mortgage loan servicing obligations under the Note, this Security Instrument,
and Applicable Law. There @might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If
there is a change of the Loa icer, Borrower will be given written notice of the change which will state the name
and address of the new Loa Va; icer, the address to which payments should be made and any other information
RESPA requires in connection 0 ice of transfer of servicing. If the Note Is sold and thereafter the Loan IS serviced
by a Loan Servicer other than the? aser of the Note, the mortgage loan servicing obligations to Borrower will remain
with the Loan Servicer or be tran tam. a successor Loan Servicer and are not assumed by the Note purchaser
unless otherwise provided by the Nr?. - atrchaser.

Neither Borrower nor Lender . ommence, join, or be joined to any judicial action (as either an individual
litigant or the member of a class) that- ?f om the other party's actions pursuant to this Security instrument or that
alleges that the other party has breaches.? yovision of, or any duty owed by reason of, this Security Instrument, until
such Borrower or Lender has notified the ota- - party (with such notice given in compliance with the requirements of
Section 15) of such alleged breach and a ?Co the other party hereto a reasonable period after the giving of such
notice to take corrective action. If Applicable @urovides a time period which must elapse before certain action can
be taken, that time period will be deemed to b- onable for purposes of this paragraph. The notice of acceleration
and opportunity to cure given to Borrower pap. to Section 22 and the notice of acceleration given to Borrower
pursuant to Section 18 shall be deemed to satisf otice and opportunity to take corrective action provisions of this
Section 20.

21. Hazardous Substances. As used in this Section 21: ?Hazardous Substances? are those substances de?ned
as toxic or hazardous substances, pollutants, or 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 (ct) an "Environmental Condition? means a condition that can cause, contribute to, or otherwise trigger an
Environmental Cleanup.

Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous
Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow
anyone else to do, anything affecting the Property that is in violation of any Environmental Law, which creates
an Environmental Condition, or which, due to the presence, use, or release of a Hazardous Substance, creates a
condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence,
use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be
appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous
substances in consumer products). Borrower shall give Lender written notice of any investigation, claim,

 
    
   

 
   
  
 
  
 
 
 

   
    
 
   
   
  

 

 

Page 10

Book29858/Page960

Page 11 of 19

Loan No: 1700158-3

dema lawsuit or other action by any governmental or regulatory agency or private party involving the Property and
dous Substance or Environmental Law of which Borrower has actual knowledge. any Environmental
cluding but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous
any condition caused by the presence, use or release of a Hazardous Substance which adversely
alue of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any
private hat any removal or other remediation of any Hazardous Substance affecting the Property is necessary,
Borrower all take all necessary remedial actions in accordance with Environmental Law. Nothing herein

shall create bligation on Lender for an Environmental Cleanup.


 
  
 
 
  
  

NON ORM COVENANTS. Borrower and Lender further covenant and agree as follows:
22. Accel ra i n; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower?s
breach of any co@wt or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless
Applicable Law pr otherwise). The notice shall specify: the default; the action required to cure the default;

a date, not less days from the date the notice is given to Borrower, by which the default must be cured; and

that failure to our default on or before the date specified in the notice may result in acceleration of the sums
secured by this Security In ument, foreclosure byjudicial proceeding and sale of the Property. The notice shall further
inform Borrower of the reinstate after acceleration and the right to assert in the foreclosure proceeding the non-

er defense of Borrower to acceleration and foreclosure. If the default is not cured on or
otice, Lender at its option may require immediate payment in full of ail sums secured
by this Security Instrument further demand and may foreclose this Security Instrument by judicial proceeding.
Lender shall be entitled to col -. expenses incurred in pursuing the remedies provided in this Section 22, including,
but not limited to, reasonable 3? fees and costs of title evidence.

23. Release. Upon paymen sums secured by this Security Instrument, Lender shall release this Security
Instrument. Borrower shall pay an Wench costs. Lender may charge Borrower a fee for releasing this Security
Instrument, but only if the fee is pai party for services rendered and thelcharging of the fee is permitted under
Applicable Law.

24. Attorneys? Fees. As used int

existence of a default or a a
before the date specified in

  
     
     
  
 
    
   
 

. ity Instrument and the Note, attorneys? fees shall include those awarded
by an appellate court and any attorneys? curred in a bankruptcy proceeding.

25. Jury Trial Waiver. The Borrow- hereby waives any right to at_rial by iurv in any actionI proceeding,
c_ aim. or counterclaim. whether in contra?g @tort, at law or in equity. arising out of or in any way related to this
Securit Instrument or the Note. 

 

BY SIGNING BELOW, Borrower acceg@ agrees to the terms and covenants contained in this Security
Instrument and in any Rider executed by Borrowe 22% recorded with it.

1125 South Ocean LLC, a Delaware limited liability
company,

 

 

 

    

 

 

(fut?r. 


Eric F. Trump
Print WI ness Name A President

 

 

Page 11

Book29858/Page961

Page 12 of 19

Loan No: 1700158-3

STAT Wand ?l'er
co New 13/1"
0
. ?ffk .
OREGOING INSTRUMENT WAS ACKNOWLEDGED before me this clay of May, 2018, by 10 F.

Trump, as Pres?' of 1125 South Ocean LLC, a Florida limited liability company, to me personally known or

 

 

produced id tion . Type of Identification produced

 


a Name: M?j'chu, New?
Notary Public 
My Commission Expires: 

Commission No.: ioLM/ig?i?l/C/VCF

- MATTHEW R. MARON
Notary Public. State of New Van:

Qualified in Westchester Co
Certi?cate ?led in New York 
No. 02MA6141948

Expires March 6. 2022

3%





Page 12

Book29858/Pag9962

Page13c?19

Loan No: 1700158-3

EXHIBIT 
(Legal Description)

      

mm

Page 13

Book29858/PageE363

Page 14 of 19

Loan No. 1700158-3

1 -4 FAMILY RIDER

(Assignment of Rents)

OTHIS 1-4 FAMILY RIDER is made this day of My, and is incorporated into and shall be
de to amend and supplement that Mortgage, Deed of Trust, or Security Deed (the "Security
Inst t'a) of the same date given by the undersigned (the "Borrower") to secure Borrower's Note to
al Bank a Chartered Bank or anized under the laws of the State of Florida of the same
ering the Property described in the Security Instrument and located at: 1125 South Ocean
Blvd., Pa Beach, FL 33480.

  
  

 

1-4 LY COVENANTS. In addition to the covenants and agreements made in the Security
Instrument, and Lender further covenant and agree as follows:

A. ADDIT PROPERTY SUBJECT TO THE SECURITY INSTRUMENT. In addition to the
Property describe Security Instrument, the following items now or hereafter attached to the Property,
to the extent they are res, are added to the Property description, and shall also constitute the Property
covered by the Secu?strument: building materials, appliances and goods of every nature whatsoever
now or hereafter Iocate-P?Qon, or used, or intended to be used in connection with the Property, including,
but not limited to, those% it- purposes of supplying or distributing heating, cooling, electricity, gas, water,
air and light, fire preventio m?tingulshing apparatus, security and access control apparatus, plumbing,
bath tubs, water heaters, closets, sinks, ranges, stoves, refrigerators, dishwashers, disposals,
washers, dryers, awnings, Wows, storm doors, screens, blinds, shades, curtains and curtain rods,
attached mirrors, cabinets, pa - 
additions thereto, shall be de
Instrument. All of the foregoing
leasehold estate if the Security In

    
 
   
 
  

          
  
 
   
  
  

CE WITH LAW. Borrower shall not seek, agree to or make a
classification, unless Lender has agreed in writing to the
change. Borrower shall comply with all 't
body applicable to the Property.

C. SUBORDINATE LIENS. Except as permitted by federal law, Borrower shall not allow any lien
inferior to the Security Instrument to be perfected against the Property without Lender's prior written
permission.

D. RENT LOSS INSURANCE. Upon entering into any lease of all or any portion of the Property,
Borrower shall establish and maintain insurance against rent loss In addition to the other hazards for which
insurance is required by Section 5.

E. RIGHT TO DELTED. Section 19 is deleted.

F. OCCUPANCY. Unless Lender and Borrower otherwise agree in writing, Section
6 concerning Borrower's occupancy of the Property is deleted.

G. ASSIGNMENT OF LEASES. Upon Lender's request after default, Borrower shall assign to
Lender all leases of the Property and all security deposits made in connection with any existing leases of
the Property. Upon the assignment, Lender shall have the right to modify, extend or terminate the existing
leases and to execute new leases, in Lender?s sole discretion. As used in this paragraph G, the word ?lease"
shall mean ?sublease? if the Security Instrument is on a leasehold.

Book29858/PageQ64

Page 15 of 19

H. ASSIGNMENT OF APPOINTMENT OF LENDER IN POSSESSION.
Borrower absolutely and unconditionally assigns and transfers to Lender all the rents and revenues
ents?) of the Property, regardless of to whom the Rents of the Property are payable. Borrower authorizes

der or Lender's agents to collect the Rents, and agrees that each tenant of the Property shall pay the
to Lender or Lender?s agents. However, Borrower shall receive the Rents until Lender has given
wer notice of default pursuant to Section 22 of the Security Instrument and (ii) Lender has given notice
tenant(s) that the Rents are to be paid to Lender or Lender's agent. This assignment of Rents

tes and absolute assignment and not an assignment for additional security only.

If Lender gives notice of default to Borrower. all Rents received by Borrower shall be held by
Borrow trustee for the benefit of Lender only to be applied to the sums secured by the Security
Lender shall be entitled to collect and receive all of the Rents of the Property; Borrower
agrees each tenant of the Property shall pay all Rents due and unpaid to Lender or Lender?s agents
upon Len? written demand to the tenant; (iv) unless applicable law provides otherwise, all Rents
collected winder or Lender 5 agents shall be applied first to the costs of taking control of and managing
the Property" ollecting the Rents, including, but not IImIted to attorneysfees, receiver?,sfees premiums
on receiver?s kip-Ti, repair and maintenance costs, insurance premiums taxes, assessments and other
charges on the roperty, and then to the sums secured by the Security Instrument; Lender, Lender?s
agents or any jud@ appointed receiver shall be liable to account for only those Rents actually received;
and (vi) Lender lbe entitled to have a receiver appointed to take possession of and manage the

  
       
    
 

Property and collect% Rents and profits derived from the Property without any showing as to the
inadequacy of the Pr as security.

if the Rents of operty are not sufficient to cover the costs of taking control of and managing
the Property and of coll Rents any funds expended by Lender for such purposes shall become
indebtedness of Borrower der secured by the Security Instrument pursuant to Section 9.

Borrower represen arrants that Borrower has not executed any prior assignment of the
Rents and has not pe?orme@ ill not perform, any act that would prevent Lender from exercising its

rights underthis paragraph.

Lender or Lender?s 89 @or a judicially appointed receiver, shall not be required to enter upon,
take control of or maintain the P'before or after giving notice of default to Borrower. However,
Lender, or Lender?s agents or a ju- 'ally appointed receiver, may do so at any time when a default occurs.
Any application of Rents shall not waive any default or invalidate any other right or remedy of
Lender. This assignment of Rents oft erty shall terminate when all the sums secured by the Security
Instrument are paid in full. 6

I. CROSS-DEFAULT wer?s default or any breach under any note or agreement

in which Lender has an interest shall be under the Security Instrument and Lender may invoke
any of the remedies permitted by the Security instrument.

1125 South Ocean LLC, a Delaware limited liability

 

company,
Eric Trump

President

Book29858/Pa99965

Page 16 of 19

DEFAULT INTEREST RATE AND
WAIVER OF JURY TRIAL RIDER


(Mortgage)

THIS LT INTEREST RATE AND WAIVER OF JURY TRIAL RIDER is made May 16I 2018 and is
incorp Winto and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security
Deed (t Security Instrument?) of the same date given by the undersigned (?Mortgagor?) to secure the
Secured 5 defined in the Security Instrument, to Professional Bank ("Lender?) of the same date and
erty described in the Security Instrument and located at 1125 South Ocean Blvd., Palm

   
 
 

The Security mg ent is amended to including the following provisions:
fa

Remedies on De It. Lender shall have the ri ht to increase the rate of interest a able under the Note
to the maximum rate/??nterest payable under the laws of the State in which the Property is located (the
"Default Rate of InterestI/fISThe Default Rate of Interest shall remain in effect until: the Borrower is no .
longer in default; or IiIIW?xLender has been awarded a final iudqment of foreclosure of the Security
Instrument or has acce ed in lieu of foreclosure therefor.

 

   
 
 
 
 

HE CREDITOR- LENDER- ASSIGNEE-MORTGAGEE AND THE
-D-EBTOR OWNER- BORROWER HEREBY KNOWINGLY,
VOLUNTARILY AND - LY WAIVE THE RIGHT EITHER THEY OR THEIR SUCCESSORS,
PERSONAL REPRESENTATIVES JR ASSIGNS MAY HAVE TO A TRIAL BY JURY IN RESPECT OF
ANY LITIGATION BASED ARISING OUT OF UNDER OR IN CONNECTION WITH THE
LOAN, THE NOTE, THE LOAN UMENTS AND ANY AGREEMENTS CONTEMPLATED HEREBY
EXECUTED OR TO BE EXECUT IN CONJUNCTION THEREWITH, OR ANY COURSE OF

WAIVER OF JURY 

CONDUCT, COURSE OF DEALING, EMENTS WHETHER VERBAL OR WRITTEN OR ACTIONS
OF THE PARTIES. THIS PROVISION TERIAL INDUCEMENT FOR THE 
ASSIGNEE-CREDITOR ENTERING IN EXTENDING THE LOAN AND LOAN DOCUMENTS.

BY SIGNING BELOW, borrower agrees a?cepts the terms and covenants contained in this Default
Interest and Waiver to Jury Trial Rider.

1125 South Ocean LLC, a Delaware limited liability
company,

f?W

By. 

Eric F. Trump
President

Initials
Page 1

Book29858/Page966

Page 17 of 19

RATE RIDER
(One-Year Treasury Index?Rate Caps)

 
  
 
   

THIS RATE RIDER is made this 1g: day of May, 2018, and is
ated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or
ty Deed (the ?Security Instrument") of the same date given by the undersigned (?Borrower") to
orrower's Fixed/Adjustable Rate Note (the ?Note") to Professional Bank, a Chartered Bank
e; the same date and covering the property described in the Security Instrument and located
uth Ocean Blvd. Palm Beach FL 33480.

 
 

THE ROVIDES FOR A CHANGE IN FIXED INTEREST RATE TO AN
ADJUST INTEREST RATE. THE NOTE LIMITS THE AMOUNT ADJUSTABLE
INTEREST CAN CHANGE AT ANY ONE TIME AND THE MINIMUM AND MAXIMUM RATES

BORROW PAY
ADDITIONAL OV ANTS. In addition to the covenants and agreements made in the Security
Instrument, Borro nd Lender further covenant and agree as follows:

A. AND PAYMENT CHANGES
The Note provides for itial fixed interest rate of 4.500%. The Note also provides for a change in the
initial fixed rate to an a Ie interest rate, as follows:

 
   
  
 

4. ADJUSTABLE IN ST RATE AND PAYMENT CHANGES

(A) Change Dates

The initial fixed intere I will pay will change to an adjustable interest rate on the first day of
June, 2023, and the adjusta I erest rate I will pay may change on that day every 12th month
thereafter. The date on which 'i fixed interest rate changes to an adjustable interest rate, and
each date on which my adjustable st rate could change, is called a ?Change Date.?

(B) The Index

Beginning with the first Chan
?Index? is the weekly average yield on 
of one year, as made available days before each Chantw
Index is less than zero, then the Curren In
interest rate.

If the Index is no longer available, the Note Holder will choose a new index that is based upon
comparable information. The Note Holder Will give me notice of this choice.

(C) Calculation of Changes

Before each Change Date, the Note Holder will calculate my new interest rate by adding THREE
AND 750/1000 percentage points (the ?Margin?) to the Current Index. The Note Holder will then
round the result of this addition to the nearest one-eighth of one percentage point Subject to
the limits stated in Section below, this rounded amount will be my new interest rate until the next
Change Date.

The Note Holder will then determine the amount of the payment that would be sufficient
to repay the unpaid principal that I am expected to owe at the Change Date in full on the Maturity Date at
my new interest rate in substantially equal payments. The result of this calculation will be the new
amount of my payment.

(D) Limits on Interest Rate Changes

The interest rate I am required to pay at the first Change Date will not be greater than 6.500% or
less than 4.500%. Thereafter, my adjustable interest rate will never be increased or decreased on any
single Change Date by more than two percentage points from the rate of interest I have been paying for
the preceding 12 months. My interest rate will never be less than 4.500%.

(E) Effective Date of Changes

      
      
   

te my adjustable interest rate will be based on an Index. The
States Treasury securities adjusted to a constant maturity
I Reserve Board. The most recent Index value available as
?is called the ?Current Index," provided that if the Current

ill be deemed to be zero for purposes of calculating my

Initials
Page 1

Book29858/Page967

Page 18 of 19

My new interest rate will become effective on each Change Date. I will pay the amount of my new
payment beginning on the first payment date after the Change Date until the amount of
payment changes again.
(F) Notice of Changes
The Note Holder will deliver or mail to me a notice of any changes in my initial fixed interest rate
adjustable interest rate and of any changes in my adjustable interest rate before the effective date
Cchange. The notice will include the amount of my payment, any information required by
la given to me and also the title and telephone number of a person who will answer any questions
aveoregarding the notice.

B. NSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER
1. til Borrower?s initial fixed interest rate changes to an adjustable interest rate under the terms
stated in A above, Uniform Covenant 18 of the Security Instrument shall read as follows:

Transfer of the Property or a Beneficial Interest in Borrower. As used in this
Sec' 8, ?Interest in the Property? means any legal or beneficial interest in the
Prope 3""ctuding, but not limited to, those beneficial interests transferred in a bound for
deed, ct for deed, installment sales contract or escrow agreement, the intent of
which is t?nsfer of title by Borrower at a future date to a purchaser.

If I or any part of the Property or any interest in the Property is sold or
transferred )?orrower is not a natural person and a beneficial interest in Borrower is
sold or trans without Lender?s prior written consent, Lender may require immediate

  
 
   
  

not be exercise der if such exercise is prohibited by Applicable Law.

If Lender inr'ses this option, Lender shall give Borrower notice of acceleration.
The notice shall 3? period of not less than 30 days from the date the notice is
given in accordance @tion 15 within which Borrower must pay all sums secured by
this Security Instrume . orrower fails to pay these sums prior to the expiration of this

period, Lender may inv?gn? remedies permitted by this Security Instrument without

further notice or demand wer.
2. When Borrower?s initial fixed fest rate changes to an adjustable interest rate under the terms
stated in Section A above, Uniform ant 18 of the Security Instrument described in Section 81
above shall then cease to be in effen'nd the provisions of Uniform Covenant 18 of the Security
Instrument shall be amended to read as 0r?)

Transfer of the Prope . 'eneficial Interest in Borrower. As used in this
Section 18, ?Interest in the Pro-- can. eans 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. Lender also
shall not exercise this option if: Borrower causes to be submitted to Lender
information required by Lender to evaluate the intended transferee as if a new loan were
being made to the transferee; and Lender reasonably determines that Lender's
security will not be impaired by the loan assumption and that the risk of a breach of any
covenant or agreement in this Security Instrument is acceptable to 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. Lender also may 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

      
 
     
     

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Security Instrument unless Lender releases Borrower in writing.

If Lender exercises the option to require immediate payment in full, 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

0permitted by this Security Instrument without further notice or demand on Borrower.

SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this
Fixed/wastable Rate Rider.

?9

1125 South Ocean LLC, a Delaware limited liability company,

Eric IE-T'rump
President

 




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