R13-059 1
1 RESOLUTION NO. R13 -059
4
4 A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
APPROVING THE SUBORDINATION OF THE CITY'S
MORTGAGE WITH MONTUS DESULMA IN FAVOR
i OF OCEANSIDE MORTGAGE COMPANY;
AUTHORIZING THE CITY MANAGER TO EXECUTE
THE SUBORDINATION AGREEMENT BY THE CITY
1 OF BOYNTON BEACH IN FAVOR OF OCEANSIDE
1 MORTGAGE COMPANY; AND PROVIDING AN
1 EFFECTIVE DATE.
1
1 WHEREAS, upon recommendation of staff, the City Commission has determined
1j that it is in the best interests of the residents of the City to authorize the City Manager to
I
1 execute a Subordination Agreement in favor of Oceanside Mortgage Company for Montus
1 Desulma.
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I NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
1 ) THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
I
Section 1. The foregoing "Whereas" clauses are hereby ratified and confirmed as
being true and correct and are hereby made a specific part of this Resolution upon adoption
1
A hereof.
8
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Section 2. The City Commission of the City of Boynton Beach, Florida does
hereby approve the request for subordination of the City's Mortgages and authorize the City
1
4 I Manager to execute the Subordination Agreement for Montus Desulma in favor of
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4 Oceanside Mortgage Company. a copy of which is attached hereto as Exhibit "A ".
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Section 3. This Resolution shall become effective immediately upon passage.
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PASSED AND ADOPTED this 16 day of July, 2013. ,
13 CITY OF BOYNTON BEACH, FLORIDA
4
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Mayor Jerry Taylor • , j,:g
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�r- Woodrow
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1 Commissioner Da id Merker ;
4 li,t11( A J-
i5 C mmisAner Michael M. itzpatrick
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1 Commissioner — Joe Casello
ATTEST:
I. a
. ► et M. Prainito, MMC
°I. e ' t y Clerk
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Exkibi-i- A
R 13 -o5
Department of Development
Community Improvement Division
File Memorandum
DATE: June 13, 2013
TO: File #2- 11- 004 /Montus Desulma
316 S.W. 15"' Avenue
Boynton Beach, Florida 33426
SUBJECT: Subordination Agreement
Mr. Desulma has asked the City to subordinate its lien on the above referenced property
to Oceanside Mortgage Company. Mr. Desulma has a second mortgage with the City of
Boynton Beach in the amount of $49,450.
Mr. Desulma's current mortgage was financed in January 28, 2011, with Chase Bank for
$134,124.50 at 4.875 %, maturing February 1, 2041. Mr. Desulma wants to refinance his
property with a Home Affordable Refinance Program (HARP) conventional mortgage for
$136,078 at 3.375 %, decreasing his monthly payments from $1,044.72 to $934.14
(PITI).
He will add an additional two (2) years to his mortgage with a maturity date of 2043,
decrease the note rate by 1.50 %, and his principal and interest payments by $139.57.
The loan -to -value will increase from 91.93% to 107.22% which is within HARP's
guidelines. Mr. Desulma purchased this property for $145,900 which is the original
property value as determined HUD and is used to calculate the loan -to- value.
Mr. Desulma has experienced a deduction in his salary due to illness. He was originally
employed at $16.30 an hour and is now employed at $15.25 with a change in job
position. I am recommending the subordination given that Mr. Desulma's income has
declined for an indefinite period of time and the refinance will free up approximately
$140 per month.
BJC:dar
CG National Title Insurance Company
a Wi Macoa Furasarai Group cornrow
(WITH FLORIDA MODIFICATIONS)
COMMITMENT FOR TITLE INSURANCE
Issued by
WFG NATIONAL TITLE INSURANCE COMPANY
WFG National Title Insurance Company, a South Carolina corporation ( "Company"), for a valuable
consideration, commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor
of the Proposed Insured named in Schedule A, as owner or mortgagee of the estate or interest in the and
described or referred to in Schedule A, upon payment of the premiums and charges and compliance with
the Requirements; all subject to the provisions of Schedules A and B and to the Conditions of this
Commitment.
This Commitment shall be effective only when the identity of the Proposed Insured and the amount of the
policy or policies committed for have been inserted in Schedule A by the Company.
All liability and obligation under this Commitment shall cease and terminate ninety (90) days after the
Effective Date or when the policy or policies committed for shall issue, whichever first occurs, provided
that the failure to issue the policy or policies is not the fault of the Company.
The Company will provide a sample of the policy form upon request.
IN WITNESS WHEREOF, WFG National Title Insurance Company has caused its corporate name and
seal to be affixed by its duly authorized officers on the date shown in Schedule A.
WFG NATIONAL TITLE INSURANCE COMPANY \ i i , �' I
led:Sei // G O gYO d i' i
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BY: -
o
President
* 1974 *
c.„.04-% —
ATTEST:
Secretary to/14i ,
ALTA Commitment win Florida Modification (6117/06)
WFG National Form No. 3151912
CONDITIONS
1. The term mortgage, when used herein, shall include deed of trust, trust deed, or otber..security .. _ _ ...
instrument
2. if the proposed Insured has or acquired actual knowledge of any defect, lien, encumbrance, adverse
claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment
other than those shown in Schedule B hereof, and shall fail to disclose such knowledge to the Company
in writing, the Company shall be relieved from liability for any loss or damage resulting from any act of
reliance hereon to the extent the Company is prejudiced by failure to so disclose such knowledge. If the
proposed Insured shall disclose such knowledge to the Company, or if the Company otherwise acquires
actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company
at its option may amend Schedule B of this Commitment accordingly, but such amendment shall not
relieve the Company from liability previously incurred pursuant to paragraph 3 of these Conditions.
3. Liability of the Company under this Commitment shall be only to the named proposed Insured and such
parties included under the definition of Insured in the form of policy or policies committed for and only for
actual loss incurred in reliance hereon in undertaking in good faith (a) to comply with the requirements
hereof, or (b) to eliminate exceptions shown in Schedule B, or (c) to acquire or create the estate or
interest or mortgage thereon covered by this Commitment. In no event shall such liability exceed the
amount stated in Schedule A for the policy or policies committed for and such liability is subject to the
insuring provisions and Conditions and the Exclusions from Coverage of the form of policy or policies
committed for in favor of the proposed Insured which are hereby incorporated by reference and are
made a part of this Commitment except as expressly modified herein.
4. This Commitment is a contract to issue one or more title insurance policies and is not an abstract of
title or a report of the condition of title. Any action or actions or rights of action that the proposed
Insured may have or may bring against the Company whether or not based on negligence arising out
of the status of the title to the estate or interest or the status of the mortgage thereon covered by this
Commitment must be based on and are subject to the provisions of this Commitment.
5. The policy to be issued will contain the following arbitration clause: Unless prohibited by applicable law,
arbitration pursuant to the Title Insurance Arbitration Rules of the Amencan Arbitration Association may
be demanded if agreed to by both the Company and the Insured at the time of the controversy or claim_
Arbitrable matters may include, but are not limited to, any controversy or claim between the Company
and the Insured arising out of or relating to this policy, and service of the Company in connection with its
issuance or the breach of a policy provision or other obligation. Arbitration pursuant to this policy and
under the Rules in effect on the date the demand for arbitration is made or, at the option of the Insured,
the Rules in effect at Date of Policy shall be binding upon the parties. The award may include attomeys'
fees only if the laws of the state in which the land is located permit a court to award attomeys' fees to a
prevailing party. Judgment upon the award rendered by the Arbitrator(s) may be entered in any court
having jurisdiction thereof
The law of the situs of the land shall apply to an arbitration under the Title Insurance
Arbitration Rules.
A copy of the Rules may be obtained from the Company upon request
ALTA Commitment with Florida Modifications (6117106)
WFG National Form No 3151912
- WFG National Title Insurance Company • ,..
COMMITMENT FOR TRLE INSURANCE
Commitment No.: DESULMA, MONTUS
SCHEDULE A
1 Effective Date: 2nd day of May, 2013.
2. Policy or Policies to be issued:Amount
(a) [ ] ALTA Owner Policy: 6-17 -2006 $
Proposed Insured:
(b) [ X ] ALTA Loan Policy: 6-17 -2006 $134,155.00
Proposed Insured: Oceanside Mortgage Company and/or Secretary of Housing and Urban
Development, its successors and/or assigns as their respective interests may appear.
3. The estate or interest in the land described or referred to in this Commitment and covered herein is
Fee Simple and is at the effective date hereof vested in
Montus Desulma and Rosiliene Desulma, husband and wife acquired by deed from Michael J.
Rivieccio and Glen Daniels, dated March 6, 2009 and recorded April 1, 2009 in/at Deed Book
23154, Page 414, Instrument Number 20090107424
4. The land referred to in this Commitment is situated in the County of Palm Beach, State of Florida,
and described as follows:
SEE ATTACHED SCHEDULE C
Address Reference: 316 SW 5th Ave, Boynton Beach, FL 33435
Signature Settlement Services
Countersigned at: 401 Brkich Way, Suite 1, Bridgewater, PA 15009
Countersigned:
Authorized Officer or Agent
INSURANCE FRAUD WARNING
Any person who, with intent to defraud or knowing that he is facilitating a fraud against an insurer,
submits an application or files a claim containing false or deceptive statements is guilty of insurance
fraud.
ALTA Commitment with Florida ModtCabons (6/17/06)
WFG National Form No. 3151912
. .. - • Commitment No. DESULMA, MONTUS
File No. DESULMA, MONTUS
Schedule B - Section I
The following are the requirements to be complied with:
1. Proper instrument(s) creating the estate or interest to be insured must be executed and duly filed for
record, to -wit:
a. Mortgage from Montus Desulma and Rosiliene Desulma, husband and wife, to Oceanside
Mortgage Company and /or Secretary of Housing and Urban Development dated
and recorded
2. Payment of the full consideration to or for the account of the grantors or mortgagors
3. Pay all taxes, charges, assessments, levied and assessed against subject premises, which are due
and payable.
4. Terms of any unrecorded lease or rights of parties in possession of any portion of the land
5 Positive photo identification must be fumished by any individual required to sign the documents
referred to in item (1) of this Schedule B-Section 1 or any related closing document(s) and proof must
be fumished that any such individuals are not separated from their respective spouses or involved in
pending divorce proceedings.
6. Proof of payment of any Homeowners' Association/Condominium Association common charges or
special assessments.
7. Pay us the premiums, fees and charges for the policy.
8. POWERS OF ATTORNEY: if any party to the settlement intends to use a Power of Attorney at
settlement a copy of such Power must be submitted for review in advance of settlement. Failure to
comply with this requirement may result in the postponement of the settlement. Acceptability of the
Power of Attorney for purposes of completion of settlement is within the discretion of the insurer.
9. You must inform Company in writing the name of any party not referred to in this Commitment who
will get an interest in the land or who will make a loan on the land. Company may then make
additional requirements or exceptions.
10. Names of all relevant parties to the within real estate transaction to be searched prior to closing to
verify that they are not Specially Designated Nationals subject to the provisions of President's
Executive Order Targeting Terrorist Assets.
11 Proof to be provided that grantor holding record title has not, subsequent to acquisition of title, been a
party to any divorce proceedings, whether currently ongoing or completed prior to the transaction that
is the subject of this commitment/binder. In the event such divorce proceedings have occurred, same
to be examined and possible additional exceptions and requirements to be added.
12 Proof of Payment of the following real estate taxes: Tax Information to Follow.
13. Satisfy or release the following mortgage(s):
Mortgage from Montus Desulma and Rosiliene Desulma, husband and wife, to JP Morgan Chase
Bank, NA dated January 28, 2011 and recorded February 14, 2011 in Book 24363, Page 1831, CFN
#20110053901 in the Amount of $138,067.
Mortgage from Montus Desulma, a married man, and Rostlienne Desulma, his spouse, to The City of
Boynton Beach, dated May 22, 2012 and recorded June 2, 2012 in Book 25238, Page 1792, CFN
#20120217456 in the Amount of $50,000. This Amount was corrected to $49,450.00 by Corrective
Mortgage recorded January 18, 2013 in Book 24731, Page 299, CFN #20130029820.
14. Satisfy or release the following Judgment(s): None.
ALTA CommMment with Florida Modifications (6/17106)
WFG National Form No. 3151912
Commitment No. DESULMA, MONTUS
File No. DESULMA, MONTUS
Schedule B - Section 1I
Schedule B of the policy or policies to be issued will contain exceptions to the following matters unless the
same are disposed of to the satisfaction of the Company:
1. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the
public records or attaching subsequent to the effective date hereof but prior to the date the proposed
insured acquires for value of record the estate or interest or mortgage thereon covered by this
Commitment.
2. Terms and conditions of any unrecorded lease or rights of parties in possession of any portion of the
land.
3. Easements or servitudes apparent from an inspection of the premises and any variation in location or
dimensions, conflict with lines of adjoining property, encroachments, projections or other matters which
might be disclosed by an accurate survey of the premises.
4. Any taxes for the current or fiscal year of the applicable taxing body,whether for new construction or
otherwise, which may be hereafter assessed, not yet due and payable.
5. Any reservations, restrictions, limitations, conditions or agreements set forth in the instrument by which
title is vested in the insured owner.
6. All roads, public or private, in any manner affecting the premises.
7. Accuracy of acreage content and/or square footage not guaranteed.
8. Any lien or right to a lien for services, labor or materials heretofore or hereafter fumished, imposed by
law and not shown by public records.
9. Subject to any line rights of way including electric line, telephone line, cable line, water and sewer line
rights of way in use and existing in, on, or under the ground and all rights in relation thereto.
10. Rights of the public and others entitled thereto, in and to the use of that portion of the premises within
the bounds of 5th Avenue.
11. Any hen provided by Chapter 159, Florida Statutes, in favor of any City, Town, Village, or Port Authority
for unpaid service charges for service by any water, sewer, or gas system supplying the insured land.
12. Any claim that any part of said land is owned by the State of Flonda by right of sovereignty, and nparian
rights, if any.
13. Subject to all matters as they appear on the plat entitled Mango Heights, as the same is recorded in the
Public Records of Palm Beach County in Plat Book 30, page(s) 55.
ALTA Commitment with Fonda Modficatians (6/17106)
WFG National Form No. 3151912
a) NOTE: AN OWNER'S POLICY ISSUED IN CONNECTION WITH THIS COMMITMENT WLL
CONTAIN THE FOLLOWING PRE - PRINTED EXCEPTIONS:
1. Rights or claims of parties other than Insured in actual possession of any or all of the property.
2. Unrecorded easements, discrepancies or conflicts in boundary lines, shortage in area and
encroachments which an accurate and complete survey would disclose.
3. Unfiled mechanics' or materialmen's liens.
NOTE: The Policy(s) of insurance may contain a clause permitting arbitration of claims
at the request of either the Insured or the Company. Upon request, the Company will
provide a copy of this clause and the accompanying arbitration rules prior to the closing
of the transaction.
ALTA Commitment with Florida Modifications (6117/06)
WFG National Form No. 3151912
Schedule C
Property Description
All that certain land situate in PALM BEACH County, State of Florida, viz.:
Lot 42 of MANGO HEIGHTS, according to the Plat thereof as recorded in Plat Book 30, Page(s)
55, of the Public Records of Palm Beach County, Florida.
BEING designated as Tax Parcel No. 08- 43- 45- 28 -39- 000 -0420.
ALTA Commitment with Florida Modifications (6117106)
WFG National Form No. 3151912
AVM Report #24843 Page 1 of 2
CREDI PLUS PLUSmc CoreLog €c`
2110 PASS Report
REPORT NUMBER: 24843 PROVIDED FOR: OCEANSIDE MORTGAGE CO.
REPORT DATE: 5/23/2013 1 PM LOAN IDENTIFER:
FOR PROPERTY: 316 SW 5TH AVE, BOYNTON BEACH, FL 33435
SUGGESTED PROPERTY VALUE
ESTIMATED VALUE CONFIDENCE SCORE HIGH VALUE LOW VALUE
$107,600 62 $132,000 $83,300
PROPERTY DETAIL.
316 SW 5TH AVE, BOYNTON BEACH, FL 33435
APN 08434528390000420 Year Built 1976 County: PALM BEACH
Units: Lot Size. 6,011 Assessed Value. $70,873
Sale Price: $145,900 Living Area: 1,309 Assessed Year 2012
Sale Date: 2009 -03-06 Rooms: 0 Parking: 1
Property Type SFR Bedrooms: 3 Bath. 2 Fireplaces: 0
Stories 1 Pool NO A/C. YES
Owner(s) DESULMA MONTUS
COMPARISON SUMMARY
SALE LIVING LOT YEAR
ADDRESS DATE PRICE AREA SIZE BED BATH BUILT DISTANCE
1 429 7TH 02/22/2013 $158,000 1,358 7,728 3 2 1972 0.20
2 311 5TH 02/12/2013 $125,000 1,263 6,002 3 2 1976 0.03
3 306 5TH 12/28/2012 $98,000 1,309 6,010 3 2 1976 0.02
4 331 5TH 1126/2012 $124,000 1,244 6,009 0 2 1980 0.05
5 6082ND 10/15/2012 $100,000 1,244 6,003 3 2 1975 0.40
6 312 4TH 10/05/2012 $80,000 1,387 6,010 3 2 1974 0.05
COMPARISON DETAILS
1) 429 7TH
APN. 08434528260000080 Year Built 1972 County: PALM BEACH
Units. Lot Size 7,728 Assessed Value: $85,296
Sale Price: $158,000 Living Area 1,358 Assessed Year 2012
Sale Date: 02/22/2013 Rooms: 0 Parking: 0
Property Type SFR Bedrooms: 3 Bath Fireplaces 0
Stories: 1 Pod' YES A/C: YES Distance: 020
2) 311 5TH
APN: 08434528390000300 Year Built 1976 County. PALM BEACH
Units: Lot Size: 6,002 Assessed Value: $73,440
Sale Price: $125,000 Living Area. 1,263 Assessed Year 2012
Sale Date: 02/12/2013 Rooms 0 Parking: 2
Property Type: SFR Bedrooms: 3 Bath: Fireplaces 0
Stories: 1 Pod: NO A/C: YES Distance: 0.03
3) 306 5TH
APN 08434528390000440 Year Bulk 1976 County PALM BEACH
Units. Lot Size. 6,010 Assessed Value: $70,181
https: / /credit.creditplus.com/ shared /HVS/HVSResult.aspx?productid 24843 5/23/2013
AVM Report #24843 Page 2 of 2
Sale Price: $98,000 Living Area. 1,309 Assessed Year 2012
Sale Date: 12/28/2012 Rooms: 0 Parking: 1
Property Type SFR Bedrooms: 3 Bath: Fireplaces: 0
Stories: 1 Pod NO A/C. YES Distance. 0.02
4) 331 5TH
APN. 08434528390000340 Year Built: 1980 County: PALM BEACH
Units Lot Size 6,009 Assessed Value. $71,082
Sale Price: $124,000 Living Area. 1,244 Assessed Year. 2012 -
Sale Date 11/26/2012 Rooms 0 Parking. 1
Property Type SFR Bedrooms. 0 Bath: Fireplaces: 0
Stories: 1 Pool: NO A/C: YES Distance. 005
5) 608 2ND
APN 08434529010170021 Year Built 1975 County: PALM BEACH
Units: Lot Size. 8,003 Assessed Value: $97,230
Sale Price $100,000 Living Area: 1,244 Assessed Year. 2012
Sale Date: 10/15/2012 Rooms: 0 Parking 1
Property Type SFR Bedrooms: 3 Bath Fireplaces 0
Stories 1 Pod YES A/C: YES Distance. 0.40
6) 312 4TH
APN: 08434528390000070 Year Built 1974 County PALM BEACH
Units. Lot Size: 6,010 Assessed Value: $74,311
Sale Price. $80,000 Living Area 1,387 Assessed Year 2012
Sale Date: 10/05/2012 Rooms: 0 Parking: 2
Property Type: SFR Bedrooms 3 Bath Fireplaces 0
Stories 1 Pod NO A/C YES Distana3 0.05
DISCLAIMER
This Enhanced Property Valuation is the product of automated valuation technology, public record data, and human
deasionrng logic combined to provide a logical estimate of the most probable selling price of a residential property. This
valuation is not an appraisal. This valuation estimates property value assuming fee simple title ownership and the property
condition as average for the neighborhood. This Enhanced Property Valuation is intended for use only for extensions of
credit applicable with home equity lending or as a screening tool for collateral risk exception management Enhanced
Property Valuations are not suitable for complex properties. This valuation contains no representations or vaarranties
regarding marketability, functional or economical obsolescence, environmental contamination or flood insurance
determination. This valuation does not warrant the accuracy of any public record information or data sources used to
prepare this valuation. This data may not be re -sold
The market value, information, data, content and process to produce this report cannot be insured, warranted, or
underwritten without the express written consent of First American RES / Core Logic.
THE VALUATIONS ARE PROVIDED "AS IS" AND FIRST AMERICAN RES / CORE LOGIC MAKES NO
REPRESENTATION OR WARRANTY WITH RESPECT TO THEIR ACCURACY, COMPLETENESS, OR
CURRENTNESS. FIRST AMERICAN RES / CORE LOGIC SPECIFICALLY DISCLAIMS ANY OTHER WARRANTY,
EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE. IN NO EVENT WILL FIRST AMERICAN RES / CORE LOGIC BE LIABLE FOR THE RESULTS
OF YOUR USE OR MISUSE OF THE VALUATIONS, INCLUDING ANY USE CONTRARY TO STATE AND FEDERAL
LAW; YOUR INABIUTY OR FAILURE TO CONDUCT YOUR BUSINESS; OR FOR ANY INDIRECT, SPECIAL, OR
CONSEQUENTIAL DAMAGES.
*" END OF REPORT 5/23120131:59:11 PM "`
https: / /creditcreditplus.com/ shared /HVS/HVSResult.aspx?productid =24843 5/23/2013
1ra'rrrrrniiriririraiii
CFN 20130029820
OR BK 25731 PG 0299
RECORDED 01/18/2013 11:50:58
This instrument was prepared by: Palm Beach County, Florida
Community Improvement Division Sharon R. Bock, CLERK & COMPTROLLER
The City of Boynton Beach, Florida Pga 0299 - 301; t 3pga
P.Q. Box 310
Boynton Beach, Florida 33425
THIS CORRECTIVE MORTGAGE IS BEING EXECUTED AND RECORDED IN ORDER TO CORRECT THE AMOUNT OF
$50,000.00 IN THAT CERTAIN MORTGAGE FROM THE BORROWER TO THE LENDER DATED MAY 22, 2012 AND
RECORDED JUNE 2, 2012 IN OFFICIAL RECORDS BOOK 25238, PAGE 1792, PUBLIC RECORDS OF PALM BEACH
COUNTY, FLORIDA. DOCUMENTARY STAMP TAXES WERE PAID ON SAID ORIGINAL MORTGAGE.
CORRECTIVE MORTGAGE
Montus Desulma, a married man, and Rosilienne Desulma, his spouse,
the Mortgagors, in consideration of the principal sum specified in the promissory note hereafter
descriI d„r ceived from THE CITY OF BOYNTON BEACH, the Mortgagee, hereby on this
U day of December, 2012, mortgage to the Mortgagee the real property
in Palm Beach County, Florida, described as:
Lot 42 of MANGO HEIGHTS, according to the Plat thereof as recorded in
Plat Book 30, Page 55, of the Public Records of Palm Beach County,
Florida.
316 S.W. 5 Avenue, Boynton Beach, Florida 33435
as security for the payment of the promissory note of which the following is a copy:
$49,450.00 Boynton Beach, Florida
Dated: Mav 22.2012
FOR VALUE RECEIVED Montus and Rosilienne Desulma, husband and wife,
promise to pay to the order of THE CITY OF BOYNTON BEACH, FLORIDA, the sum of
Forty Nine Thousand Four Hundred Fifty and 00 /100 DOLLARS
($49.450.00 , with interest at the rate of NO (0%) percent per annum, in the following manner:
The obligation assumed under this Promissory Note shall be forgiven at the rate of
1/120' per month until forgiven in full ten (10) years from the date above mentioned. For
purposes of Forgiveness of this loan the amount of $412.08 Dollars shall be forgiven
each month on the 16'" day, beginning August. 2012. This Promissory Note is not
assumable and is fully due and payable less the amount of forgiveness in the event the
above - described property is sold, or property owner fails to maintain property in
accordance to City Code of Ordinances.
This note is negotiable and payable at Boynton Beach, Florida, or at such other place as the
holder hereof may designate in writing, and if default in payment occurs, may be placed in the
hands of an attomey at law for collection, in which event the maker agrees to pay the cost of
collection, including a reasonable attorney's fee which shall indude costs and attorney's fees on
an appeal of any litigation involved in enforcing this obligation. AN - an • endorsers now or
hereafter becoming parties hereto jointly and severally wa' - d) p"• - nt, notice of
nonpayment and protest.
l i ono u
Mortgagor ROSSILIENNE DESULMA
and agree:
1. To make all payments required by that note and this mortgage promptly when due or upon
sale of the property, or failure to maintain property according to City Code of Ordinances.
2. To pay all taxes, assessments, liens and encumbrances on that property promptly when
due. If they are not promptly paid, the Mortgagee may pay them without waiving the option to
foreclose, and such payments, with interest thereon from the date of payment at the same rate
as specified in that note, shall also be secured by this mortgage.
3. To commit, permit, or suffer no waste, impairment, or deterioration of the mortgaged
property.
4. To pay all expenses reasonably incurred by the Mortgagee because of failure of the
Mortgagors to comply with the agreements in that note of this mortgage, including reasonable
attorney's fees which shall include costs and attorney's fees on an appeal of any litigation
involved in enforcing this obligation. The cost thereof, with interest thereon from the date of
payments at the same rate as specified in that note, shall also be secured by this mortgage.
5. If any payment provided for in that note is not paid within fifteen days after it becomes due,
or if any agreement in this mortgage other than the agreement to make the payments is
breached, the entire unpaid principal balance of that note shall immediately become due at the
option of the Mortgagee, and the Mortgagee may foreclose this mortgage in the manner
provided by law, and have the mortgaged property sold to satisfy or apply on the indebtedness
hereby secured.
6. The rents and profits of the mortgaged property are also thereby mortgaged, and if
proceedings to foreclose this mortgage shall be instituted, the court having jurisdiction hereof
should appoint a receiver of the mortgaged property, and apply those rents and profits to the
indebtedness hereby secured, regardless of the solvency of the Mortgagors or the adequacy of
the security.
7. To maintain the property in compliance with City Codes.
8. Upon the death of the property owner(s), if the property is acquired through probate, the
same terms and conditions of the mortgage remain in effect. If the property is sold, or the
inheritor chooses not to reside on the property, or the property is rented out, the city is to be
repaid the unforgiven portion remaining.
Signed in the presence of.
' 41 1 Mr_
Wi ss Mortgagor M • ' ESU —�
00 -, 11 tc AA Lite S LL9. Nhlk.
fi tness Mortgagor ROSILIENNE DESULMA
STATE OF FLORIDA
COUNTY OF PALM BEACH
I hereby certify that on this day, before me, a Notary Public duly authorized in the state
and county named above to take acknowledgements, personally appeared
Montus and Rosilienne Desulma
He /she is personally known to me [or has produced FL D Y itM6 L i efel.
as identification] to be the person(s) described as Mortgagors in and who executed the
foregoing mortgage and acknowledged before me that said persons executed that mortgage.
Witness my hand and official seal in the county and state named above this / O day of
,DaCe -n, Yx-v- 't z .
i - � , l
Nota Public: I h'� $ dam
My Commission Expires: My wsrsn EE 21
res e41/17/20le
CORRECTIVE PROMISSORY NOTE
$49,450.00 Boynton Beach, Florida
Dated: May 22, 2012
FOR VALUE RECEIVED Montus Desullma, a married man, and Rosilienne Desulma, his spouse,
promises to pay to the order of THE CITY OF BOYNTON BEACH, FLORIDA, the sum of
Forty Eight Thousand Three Hundred and 00 /100 DOLLARS
$49,450.00 with interest at the rate of NO (0%) percent per annum, in the following
manner:
The obligation assumed under this Promissory Note shall be forgiven
at the rate of 1 /120th per month until forgiven in full ten (10) years
from the date above mentioned. For purposes of forgiveness of this
loan the amount of $412.08 Dollars shall be forgiven each month
on the 16th day, beginning August, 2012. This Promissory Note is not
assumable and is fully due and payable less the amount of
forgiveness in the event the above described property is sold, or
property owner fails to maintain property in accordance to City
Code of Ordinances.
This note is negotiable and payable at Boynton Beach, Florida, or at such other
place as the holder hereof may designate in writing, and if default in payment
occurs, may be placed in the hands of an attorney at law for collection, in which
event the maker agrees to pay the cost of collection, including a reasonable
attorney's fee which shall include costs and attorney's fees on an appeal of any
litigation involved in enforcing this obligation. All makers and endorsers now or
hereafter becoming parties hereto jointly and severally waive demand
presentment, notice of nonpayment and protest.
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ti (Coale a
Mortgagor ROSILIENNE DESUUNA