Morgan. Iewrs & Bocklu>tlP 5300 Wachovia Financial (enter 200 South BI>cayne Boulevard Miami. Fl 33131·2339 Tel.

305415 3000 Fax, 305415.3001 www.morqanlewrs com

Morgan Lewis
COUNSELORS liT LAW

Robert M. Broctrin 3054153456
rb(Och,n@MorganLewls com

February

II. 2011

BY FEDERAL EXPRESS The Honorable Walter R, Barisonek (Special Master) Union County Courthouse 2 Broad Street Courtroom 101 Elizabeth, New Jersey 07207 Re: In the Matter ofRestdenual Mortgage Foreclosure Pleadings and Document Irregularities Administrative Order 01-2010; Docket No. F-238-11

Dear Judge Barisonek: This firm is counsel to Respondent Mortgage Electronic Registration Systems, Inc. (·'MERS"). Enclosed please find the Certification of Mortgage Electronic Registration Systems, Inc, in Response to Administrative Order 01-20 I O. A copy Will also be provided electronically to the Superior Court Clerk as mandated by the Supplemental Administrative Order Directing Submission of Information by Residential Mortgage Foreclosure Plaintiffs Concerning Their Document Execution Practices entered by Judge Grant on January 31, 20 I I,
Y('UIY~

. Brochin

Enclosure c: Superior Court Clerk (by email SCCOForeclosure.Mailbox@judiciary.state.nj.us)

Miami
Palo Alia

PhiladelphIa Washing Ion New York Los Angeles San FranCISCo Pittsburgh Pnnceton CIHC<lgO Minneapolis Dallas Houstcm Harrisburg Irvine Boston Wilmington London Pans Bl\lssel~ Franklun Belling Tokyo

])131/66571202

I

FILED Feb 11, 2011

MORGAN LEWIS & BOCKIUS LLP 502 Carnegie Center Princeton, New Jersey 08540-6289 Telephone: (609) 919-6614 Facsimile: (609) 919-6639 MORGAN LEWIS & BOCKIUS LLP 5300 Wachovia Financial Center 200 South Biscayne Boulevard Miami, Florida 33131 Telephone: (305) 415-3456 Facsimile: (305) 415-300 I Attorneys/or Mortgage Electronic Registration Systems, Inc.

IN THE MATTER OF RESIDENTIAL MORTGAGE FORECLOSURE PLEADING AND DOCUMENT IRREGULARITIES

i
I

Administrative Order 01-2010 Docket # F-238-11

CERTIFICATION OF MORTGAGE iELECTRONIC REGISTRATION SYSTEMS, IINC. IN RESPONSE TO ADMINISTRATIVE I ORDER 01-2010

i

I, Brandie H. Peeples, of full age, certify as follows: 1. I have been employed as an in-house counsel by MERSCORP, Inc.

("MERSCORP") - the parent company of Mortgage Electronic Registration Systems, Inc. ("MERS") - since January, 2008, and I am responsible for monitoring litigation involving MERS and advising local counsel who represents MERSCORP and MERS. 2. I am submitting this Certification in response to the Administrative Order

Directing Submissions Of Information From Residential Mortgage foreclosure Plaintiffs Concerning Their Document Execution Practices To A Special Master (No. 01-2010) entered on December 20,2010 and the Supplemental Administrative Order entered on January 31, 2011 (collectively, the "Administrative Order").

DB 1/664186597

The promissory note is typically a negotiable instrument under Article 3 of the Uniform Commercial Code. servicers. 6. Two of the documents that are typically obtained from a borrower at the time of loan origination are: (1) a promissory note. and as such. Inc. and the lender's successors and assigns (i. as distinguished from the note. the MERSCORP member). MERS and MERSCORP are not servicers of loans. and servicing rights to. 7. as the nominee of the lender and its successors and assigns. MERS and MERSCORP.e. and (2) a mortgage instrument granting secured interests in the property as collateral to repay the note. it is often bought and sold.. establishes a lien on the property that secures DI3 1/66418659 7 . 5. MERSCORP owns and operates the MERS® System. in certain instances it secures the repayment of loans with a mortgage that names MERS as the mortgagee of record. other MERSCORP members). MERS is a wholly owned subsidiary ofMERSCORP. Attached as Exhibit "A" is an example of a mortgage that names MERS as the mortgagee of record as the nominee for the lender (i.e. mortgage loans that are registered on the system as they change hands throughout the life of the loans. When a member of MERSCORP lends money to a borrower. Virginia. 3. MERS and MERSCORP are not lenders. Are Neither Lenders Nor Mortgage Servicers MERS is a Delaware corporation with its principal place of business in a membership Reston. 4. and neither MERS nor MERSCORP services loans.. organization formed by and comprised of lenders.A. and other industry companies in the mortgage market. The mortgage or secured instrument. which is an electronic registration system that tracks changes in both the beneficial ownership interests in.

that is recorded in the public. if necessary to comply with law or custom.the servicing rights and the beneficial ownership interests.. MERS is authorized to foreclose on the home. 11. MERS is not a mortgage servicer. principal. The servicing rights include the right to collect monthly escrow."! 1 The MERS mortgage typically reads: "MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. and interest payments from the borrower. the lender (a member of MERSCORP) typically takes possession of the note (and becomes the holder of the note). not the note. At loan origination. whereby title to the lender's secured interest in the property is held by MERS as the lender's nominee or agent.. the borrower contractually agrees in the mortgage that MERS. MERS serves solely as the mortgagee of record on behalf of. In the event of a default on the repayment of the loan. MERS (as nominee for Lender and Lender's successors DB 1/6641 8659 7 . How MERS Works 10. Two aspects of the mortgage loan are then usually bought and sold . as the nominee of the lender. It is the mortgage.the repayment of the loan. will serve as the mortgagee of record. and the borrower and lender designate MERS (as the lender's nominee) to serve as the mortgagee of record. and the beneficial ownership interests include the right to recei ve the repayment of the loan itself. 9. MERS is the beneficiary under this Security Instrument . 8. At the time of the loan origination. the lender and for the lender's successors and assigns. B. or as the nominee for. but. See Exhibit "A. Instead. nor does MERS own beneficial interests in promissory notes. local land records. Borrower understands and agrees that MERS holds only legal title to the [secured] interests granted by Borrower in this Security Instrument.

who is the lender's successor and assign. If. The seller of the note need not assign the mortgage because MERS remains the mortgagee of record as the nominee for the purchaser of the note. MERS is authorized by the debtor to foreclose on the debtor's property (i. a MERSCORP member is no longer involved with the note after it is sold. and assigns) has the right to exercise any and all of those interests.. Thus. as well as by the MERSCORP membership agreements that are entered into between MERS.. the collateral for the loan) in the event of a default on the payment of the promissory note. an assignment from MERS to the non-MERSCORP member is provided by MERS. and the mortgage is "deactivated" from the MERS® System. and continues to act as the mortgagee of record as the nominee for the new beneficial owner of the note. When MERS is the mortgagee. DH11664 18659. This relationship is memorialized in the security instrument that the borrower signs and is a party to. under the mortgage contract. 15. After the borrower signs the mortgage. 14. including but not limited to the right to foreclose and sell the Property . and MERS remains the mortgagee of record as long as a MERS member is involved with the note. MERSCORP.12. When the note is sold by the original lender to others. the sale of the note is tracked on the MERS® System. that assignment is recorded in the county where the real estate is located. local land records naming MERS as the mortgagee of record. MERSCORP obtains information from its members regarding who owns the beneficial ownership interests and servicing rights to the mortgage loan. " Jd (emphasis in original). however. it is recorded in the public.e..7 . and its members. 13.

Unlike other respondents to the Administrative Order. payment of taxes and insurance. MERS is neither a lender nor a servicer. collecting and crediting loan payments. MERS as Plaintiff in New Jersey Foreclosure Proceedings 16. members is available on http /rwww. Instead. or in the name ofMERS . 17. The corporate resolution authorizes the Certifying Officer to act on behalf of MERS in order to carry out specific functions identified in Dfl 1166418659 7 .mersmc. MERS is not responsible for the day-to-day management of loan accounts. who are appointed as officers with limited authority to act on behalf of MERS. but rather is with the mortgage servicer. MERS Certifying Officers are appointed by corporate resolution as Vice Presidents and Assistant Secretaries of MERS. 19.org. engaging in loss mitigation efforts to keep borrowers in their homes. lenders and servicers are members of MERSCORP. Members may request a corporate resolution appointing a Certifying Officer under the MERS Rules of Membership. and pursuing foreclosure. A complete list ofMERSCORP's 18. in the name of the owner of the beneficial interests in the loan. This is true regardless of whether the foreclosure is brought in the name of the servicer. The mortgage loan servicer generally engages local foreclosure counsel and directs the foreclosure action as the client contact of the foreclosure firm. A borrower's relationship for the repayment of the loan is not with MERS.C.a decision guided by the servicer's agreement with the owner or holder of the note or debt instrument. MERS operates in part through a network of Certifying Officers. Such Certifying Officers are officers of the members or they are third parties with whom the members have a relationship (frequently attorneys). handling customer inquires.

Certifying resolution. and the third party enter into an agreement. MERS Certifying Officers are only authorized to exercise their to the member under the corporate resolution with respect to loans that are registered on the MERS® System. Officer.7 . in which all agree that the Certifying Officer is granted limited authority to act on behalf of MERS at the specific instruction registered agreement corporate to that member. the employee of Officer in the lender or serviccr is expected to carry out his or her duties as a Certifying compliance with all applicable 21. The authority of the member. When accepting MERS Certifying Officer. Additionally. MERS. instructions and information in order to perform their duties as a Certifying DB1166418659. MERS also may appoint a third party such as an attorney as a MERS This appointment is pursuant to a signing authority the member." 20. A copy of the standard corporate resolution Member as a MERS Certifying a position as a used by MERS to appoint an officer of a MERSCORP Officer is attached as Exhibit "B. and only with respect to loans granted to the third patty under a signing authority and corporate resolution resolution. is more limited than that granted to a member under its the member is responsible for providing the third party with the appropriate Officer. laws and regulations. MERSCORP. agreement and corporate In such circumstances.the corporate authority resolution.

.u. I am aware willfully false that I am subject to punishment.: 20 II DB 1166~ 18659 7 .x' / '\j . [ certify that the foregoing statements made by me are true.-- Dated: February ..'~ i./ thftif~ ~.22."r ~ .' C/~ / G'I/ \ / Bra~di. Foreclosure actions brought in New Jersey in the name of MERS are filed and managed by the members (i e. through MERS Certifying Officers. the lenders arid/or the servieers).1 II( j{.:2 /"'"1-'~ / . r (--_. .ee~es C---~-. Such foreclosure proceedings are filed and managed by the lender andlor the servicer.

MORTGAGE DEFINITIONS Words uscu in mulup!e sccuons ofthrs MIN: lOOOXXX-XXXXXXXXXX-X 13.'. uly-Fanule Marlflodtli..orn t \1d. under the supervision of: {Name 01 Nalural Persollj {Slreet Address} ICily.. MI 48501-2026. Slate ZiP Code} [Space AbovE) Ttns Lme For R9cort:Jrng Dala} The MEHS IS-digit MIN must be vhibJe on the Security Instrument.)Ilqtholl . Inc MERS JS a separate corporation that IS acung solely as a uomtnec for Lender and Lender's successors and assigns. wlnch IS dared "Borrnwer" IS MERS a~ the Original Morlg!lgce language. U.20 aad 21.00 i nc..l. / Borrower IS the mortgagor under thrs Security Instrument (C) "M ERS" is Mortgage Elcctroruc Rcgistrauon Systems.lrdll1g (AI together (8) "Security Instrument" means with all RIders to thrs document document are defined below and other words arc defined In Sections 3. MOt1gdg. Prepared by or.. MERS I> organrzcd and exisnng under the laws of Delaware. 'wurt(". the usage of words liSCO In tlus document are also provided In Section J 6 thrs document. Sec page 3 of this document to note further reference to MERS as Mortgagee.. Certain rules r~g..SIn!(ie r..This Is an Example (If II Murtgage which names :HERS as the Oril:inal Mortgagee (MOM Document).INC w.'\'lFOR ..S..i. S plus IIIrcrCSI 13011ower has promised 10 pay thrs debt rn regular Pcnodic Payments and later rlldn [0 pay thc debt in full not lrnuals: HOJid. I:-'STRII'Wt::'>If r.. l!..IMKF SOIIRC'>.ge 1 of IS MERS ""~~iilc<l Form JOIO 01101 o 2(00.· -lit!: COMPI. film.. 11.. -===~== Tl'r C o!l"()lwa C)mru A ALL STATE·INTE~NATIONAL .J(lIfl. 18. MERS Is the mortgagee under this Security Instrument. 011. leI (888) 679-MERS (D) Lender IS "Lender" a IS organized Lender's uddrcs» is and existing under the laws of (E) "Nolc" means the promissory note SIgned by Borrower and dared The Note states tlut Borrower owes Lender Dollars (U... Place the MIN to tbe rfght of the form title. but [Jot within the top recording mllrgin or on the rlght margin.. and has an address and telephone number of POBox 2026.

(. non-appealable Judicial opinions. (P) "RF:SPA" means the Real Estate Settlement Procedures Act (12 U. but IS nOI II1l1ttcd To. rcgulauons. SOl'ReT. homeowners assocration or "Electronic Funds Transfer" means any transfer of funds. mstruct. the value and/or condiuon of the Property... (III) conveyance of. Includes.' (C) "Loan" means the debt evidenced by the Note..~glc -Till r:n~ly-:j:. any prepayment under the Note. or destruction of.'Q1Jq1h".\j'.I) "Cummumty Assuciatlun Dues. (II) condemnation III lrcu of condcrnnanon: or (IV) m.C Implementing rcgulatron.M. or authonzc a financial insntunon 10 debu or credit all account. the Properly. or rnagncnc tape 50 as to order.This Is all Example of a Mortgagf which names i\I ERS as the Original Mortgagee (MOM Document)..Wi. fees.·~10r1g-.:. assessments and other charges thut are unposed on lJorrower or the Property by a condominium sinular orgamzauon. (fI) "Riders" means all Riders Riders arc to he executed by Borrower to tim. other than a transaction ongrnated pape: Instrument.'.IllC: com . as they nnght be amended addruona) or successor legislation or regulauon thai governs the same subject matter.Iorid. and Assessments" means all dues.fr. Security Instrument [cbec« box as appllcablfJl' that AfC charges and late charges due executed by Borrower.~CI. plus interest. Fees.. draft. (L) "Escrow Items" means those Items that are described In teller machine transacttons.~e!"f 15 MERS ModJflt<! FllrmJOIO OI. and automated clearmghousc transfers. computer.. wire transfers. tclcphornc instrument.eJ.:I of this Securuy Instrument. pornt-of-sale transfers. and all sums due under this Securny I nsrrurncnt.~'. or proceeds paid by any thrrd party (other than msurance proceeds paid under the coverages descnbcd 111 Secuon 5) for (i) damage to.()1 ('O~IPI-IA. plus (11) any amounts under Section . settlement. or onussions us to. The following o o o o Ad)lI~lablc Rate Rider Balloon RIder Othcrfs) 1-4 Family Rider (soeatv} o Condominium Rider o Planned Unit Development o Revocable Trust Rider Rider o o Second Home RIder Biweekly Payment Rider (I) "Applicable Law" means all controlling applicable federal. I~""". and interest under the §260 I ct seq. Rcgulauon X (24 C F R Part 3500). which IS rrunatcd through an electronic terminal. proiecung "Mortgage Insurance" means Insurance Lender against the nonpuymcnt of. INC - Inrnals l:NIFORM I:>:SI KliMENT I'.. state and local statures. Such term transfers Initiated by SCCllOJI 3 (M) "Mtsccllaneous Proceeds" means any compensauon.. the (0) "Periudic Payment" means the regularly scheduled amount due for (I) pnncipal Note.sreprescntauons (N) LO~f1 or other laking of' all or <lily part of the Property. or default on. or any As used In this Secunry "j.~. ordinances and admrrustranvc niles and orders (thaI have the effect of law) as well as all applicable final. (K) assoctation. outornated telephone.S. or sinular by check. (F') "Property" means the property that II descnbcd below under the heading "Transfer of Rights In the Pro pert) .) and lis from nme to trrnc.. award of damages.Ql.. plus interest.

related lnstrument. the rrght to foreclose and sell the Property.IrcC corn >. MEHS (as norruncc for Lender and Lender's successors und assigns) has the right to exercise any or all of those Interests.rlhc Lean docs not qualuy as u "federally related mortgage loan" under RESPA (Q) "Successor in Interest of Borrower" means any party that has taken nrlc to the Property. the following described property located in the (Type of Recordmg JunSd1ctlon] of (NamfJ of Recordmg JUflSdlctlonj M ERS noted as lender's nominee in the transfer/due on sale clause."\I.ltOH~1IN~TKI. except for encumbrances of record Borrower warrants and Will defend generally the title 10 the Property agarnst all claims and demands.\1F. and to take any action required of Lender includmg.Page J of 15 1oI. including.N r .TII~ C()~I¥I.IANC£ SOI1RCf. grant and convey to MERS (solely as uonnnec for Lender IIl1d Lender's successors and assigns) and to the successors and assigns of MERS.:QfllphMfl(ts-()l.INl'. Flonda (Cllyl {ZIp ("Property Address") Codel TOGETHER W1TH JII the Improvements now or hereafter erected on the property. If necessary to comply With law Or custom. and (II) the performance of B()rrowcr'~ covenants and agreements under this Security lnsnument and the Note For this purpose. whether or not that party has assumed Borrower's obllgauons under the NOH: and/or tnl!> Security Instrument TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender (I} the repayment of the Loan. subject to any encumbrances of i ccord lnurals: FlOrida \long. Borrower docs hereby mougage.g~Smglc I'armly-Fanmc i'tIJc/Frcd~lc Mac Ujl. but not hnutcd to. appurtenances..1 EM Modilleil Form 30 to 0 I oIlI . reicasrng and canceling this Security Instrument BORROWER COVENANTS that Borrower I~ lawfully seised of the estate hereby conveyed and has the nghl to mortgage. and all renewals. "RESPA" refers to all requirements and rcstncuons that arc Imposed in regard to a "federally mortgage loan" even .This is an Example of a Mortgage which names MERS as the Original Mortgagee (MOM Document)." Borrower understands and agrees that MERS holds only legal rule to the Interests granted by Borrower 111 this Security Instrument."W r. hut. but not hmued 10. and all easements. grant and convey the Property and that the Propcrry rs unencumbered. and fixtures now or hereafter a part of the property All replacements and additions shall also be covered by tlus Security Instrument /III orrhc foregoing IS referred to In this Security Instrument as the "Property.. extensions and modifications of the Note. which currently has the address of IS/reet] .

c. the payment may be applied to the dclrnquent payment and tile tate charge If more than one Periodrc Payment is outstanding.. or MIscellaneous Proceeds to pnncipal due under the Note shall not extend or postpone the due date. a sum (the "Funds") to provide for payment ofamounts due for. Ire .. and to the extent that. follows I.C'{lIrpil.4 of J5 >. Prepayment Charges.\1FOR.:Vr l'ac. as selected by Lender. If Borrower does not do so wuhm a reasonable penod of tunc. Lender may accept any payment or partial payment msufficrcut to bung the loan current.RS Mod. or cntuy. bank check. such excess may be apphcd to any latc charges due Voluntary prepayments shall be applied Jirst to any prepayment charges and then as dcsci ibed JIJ the Note Any application of payments. if any check or other mstrurncnt received by Lender as payment under the Note or this Security Instrument is returned 10 lender unpaid. 08100 2COO. all payments accepted and apphed by Lender shall be applied III the followmg order of prioruy (a) interest due under the Note. and then to reduce the prmcrpal balance of the Note If Lender receives a payment from Borrower for a delmquent Periodic Payment which includes a sufficient amount to pay any late charge due. Application of Payments or Proceeds. (e) prcrniurns for any and all Insurance required by Lender under Sccnon 5. lender may require that any or all subsequent payments due under the Note and this Sccunty Instrument be made. (e) certified check.\tat1I'rc(llllr Mac -TIiECOMPl. the debt evidenced by the Note and any prepayment charges and late charges due. or any sums payable by lnrnals Florid.IA:O<CE SOtlRcr. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. Escrow Items. or (d) Electronic Funds Transfer Payments are deemed received by Lender when received at the locanon designated In the Note or at such other location JS may be designated by Lender III accordance with the notice provrsions In Section 15 Lender may return any payment or partial payment If thc payment Or partial payments arc insufficient to bnng the Loan current. of'rhe Pcnodic Payments.fItd t:o Form 301& 01-1)t 1 . Funds for Escrow Items. The C~hU'lct Sozn. \f1l"Kaue·~"'I!I" F~lHliy·F.00 1 PI. wuhout waiver of any fights hereunder or prejudice to Its rights to refuse such payment or parnal payments In the future.INC. Interest.J11either apply such funds or return thorn to Borrower J f not applied carher. and mtcrest on. provided any such check IS drawn upon an instltuuon whose deposits arc insured by a federal agency. under the Note Borrower shall also pay funds for Escrow Items pursuant to Secuon J. . until the Now IS puul In luil. and (d) Mortgage Insurance premrums. If any. mstrumcnrahty. Borrower shall pay to Lender on the day Pcnodic Payments are due under the Note. treasurer's cheek or cushier's check. (a) cash. but Lender IS nOI obligated to apply such payment.\1 INS" RlI:'II~." one or more of the following forms. (e) amounts due under Sccuon 3 Such payments shall be applied to each Pcnodic Payment In The order II) which 1\ became due Any remairung amounts shall be applied first to late charges. second to any other amounts due under this Security Instrument. covenants THIS SECURITY INS rRUMENI combines uniform covenants for nauonal usc and non-Uniform with lrnutcd variations by junsdicnon to consututc a urn form security Instrument covering real property UNifORM COVENANTS Borrower and Lender covenant and agree a. (a) taxes and assessments and other uems which can attain prroruy over thrs Sccunty Instrument as a hen or encumbrance on the Properly. Borrower shall pJY when due the principal of.. and Late Charges. 3. Payments due under the Note and thrs Security Instrument shall be made In US currency However. at the ume such payments arc accepted If each Pcnodic Payment IS applied as of Its scheduled due date. Lender sh. each payment can be paid in full. Payment of Principal.:. such funds Will be applied to the outstandrng pnncipal balance under the Note Immediately prior to foreclosure NQ offset or claun which Borrower nught have now or III the funuc against Lender shall relieve Borrower from making payments due under the Note and thrs Securuy Instrument or performing the covenants and agreements secured by this SCCIII'II)'Instrument 2. To the extent that any excess exists after the payment IS applied to the full payment of one or more Pcnodic Payments. or change the amount. Except as otherwise descrrbed In thIS Section 2.1'F. then Lender need not pay mrerest on unapplied funds. (b) leasehold payments 01 ground rents 011 the Property.nuie W'I\'\I.Thh Is an Example of a Morlgage which names M ERS as the Odginal Mortgagee (MOM Document). (b) pnncrpa] due under the NOh:. Insurance proceeds. if ally.uIU"SIJLoII'CC rom [. Lender may apply any payment received from Borrower to the repayment of the Pcnodrc Payments If. (b) money order.

bur In no more than 12 monthly payments Upon payment In fIlII of all sum. Borrower shall PJy . mstrumentaltry. and Comrnurnty ASSOCIation Dues.ll·rcddic M. Fees. and Borrower shall pay to Lender the amount necessary to make Lip the shortage III accordance wrth RESPA. If Lender IS In Institution whose deposits arc so Insured) or In any Federal Home Loan Bank Lender shall apply (he Funds to pay the Escrow Hems no later than the time specified under RESPA. as defined under RESPA.This is an Example of a Mortgage which names i\l ~RS as the Onginall\1ortgagee (MOM Document).on'J. (b) contests the hen m good faith by. To the extent that these Items arc Escrow Items. but only so long as Borrower is performing such agreement. ifany. and Assessments.lf1..'. that interest shall be paid on the Funds. If Lender requires. shall furrush to Lender receipts evidencing such payment wrtlun such lime period as Lender may require Borrower's obligation 10 make such payments and 10 provide receipts shall for all purposes be deemed to be a covenant and agreement contamcd in tlus Secunty lnstrumeut. Lender shall account to Borrower for the excess funds In accordance WIth RESPA If there IS a shortage of Funds held III escrow.l con ---.-:c:--:----=-=.\1oMj!ag . or cnuty (Including Lender. Borrower and Lender can agree In writing.\Ol. when and where payable.t. if any.-----Hlll1da .5 of 15 . tNCwww CQoIrq_lll"'ll. but III no more than 12 monthly payments." At originauon or at any time during the term of (he Loan.IJ1( .:~':"':'C>=. or --------. ifany. If there IS J surplus of Funds held III escrow.< l:NIf'ORM INS I'kIlVlEi'< I MElt. Lender shall noufy Borrower as required by RESPA. obligated to pay Escrow Items directly. and It1 such amounts. as defined under RESPA. The Funds shall be held III an msntuuon whose deposus are Insured by a federal agency. unless Lender pays Borrower Interest on the Funds and Applicable Law permits Lender to make ouch a charge. Borrower shall promptly furmsh to Lender all notrees 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 01' Escrow Items. Unless an agreement IS made In wnnng 01 Applicable Law requires rnterest to be paid on the Funds. as defined under RESPA. and Borrower fails 10 pay (he amount due for an Escrow Item.<I8MO Ibt {. an annual accounting of the Funds as required by RESPA.IY require that Cornmumty ASSOCIation Dues. Lender shul] not charge Borrower fOl holding and applymg tile Funds. Lender shall give to Borrower. be escrowed by Borrower. and (b) not to exceed the maximum amount a lender can require under RESPA. assessments. pursuant to J waiver. Modlroed FQml30tO IHI1)I Initials: 1'"K. Borrower to Lender In lieu of the payment of Mortgage Insurance premiums In accordance with the provisions of Section 10. us the phrase "covenant and agreement" IS usee in Section 9 If Borrower I. Smgle I armly-Fautne -TilE ('O~WII'\N('f SOURCE.. and Assessments. annually analyzmg the escrow account. Lender shall nOI be required to pay Borrower any micrcst or carrnngs on the Funds. at any time. upon such revocation. Lender m._:'=_=c_c==:_:~:==7 Ma. Lender may C)(CrClbC us nghrs under Section <) and pay such amount and Borrower shall then be obhgatcd under Section 9 to repay 10 Lender any such amount Lender may revoke the waiver as to any or all Escrow Items at any ume by d nonce given III accordance With Sccuon 15 and. that arc then required under rhrs Section 3 Lender may.'to 2000 141OU1. These rtcms arc culled "Escrow Hems. lines. charges. Lender may waive Borrower'S obligation to pay to Lender Funds for any or all Escrow Items at any time. Lender shall promptly refund to Borrower any Funds held by Lender 4. secured by thrs Sccunty lnstrumcnr. collect and hold Funds m an amount (d) sufficrcnt to penni! Lender to apply the Funds at the tune specified under RESf>A. Borrower shall pay to Lender all Funds.. Liens. Any such waiver may only be rn wntmg In the event of such waiver. Lender shall esumate the amount of Funds due on the busts of current data and reasonable estimates of expenditures of future Escrow ltcms or otherwise in accordance WIth Applicable Law. Fees. or venfying an the Escrow Items. fees and assessments shall be an Escrow Item. Charges. and rmposmons attributable 10 the Property which can attain prror ity over this Security Instrument.111 t<lXCS. Borrower shall pay directly. leasehold payments or ground rents on the Property.-------.)lUI'U ~. the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and. and Borrower shall puy 10 Lender the amount necessary to make up the dcficrcncy III accordance With RESPA. If there is a dcficrcncy of Funds held III escrow. 001 lower shall pay them III the manner provided In SeCtIOn 3 Borrower shall promptly discharge any lien which has prionty over tlus Seeurrty Instrument unless Borrower: (a) agrees 10 wruing 10 the payment of the obligation secured by the Ircn In a manner acceptable to Lender. however. WIthout charge. Lender shall noufy BOI rower as required by RESPA. and such dues.

such coverage shall coyer Lender. or the contents of the Property. Borrower shall promptly gl ve to Lender all receipts of paid premiums and renewal notices I f Borrower obrams any form of insurance coverage.: l4JOHl .cndei and renewals ofsuch policies shall be subject to Lender's right to disapprove such policies. but not limited 10. but might or might 110t protect Burrower. Cl>MYI. ThIS insurance shall be the amounts (Including deductible levels) and for the periods that Lender requires. Lender may disburse proceeds for the reparrs and restoration III J Single payment or III 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 insurance proceeds. either (a) a one-time charge for flood zone determination. With such mtercst. Inc .gc 6 of 15 MERS ModiCied FormJ010 Q Ot~t 2(:(1(1. upon notice from Lender to Borrower requesting payment. or destrucnon of. legal procccdmgs wlucb In Lender's oprmcn operate to prevent the enforcement of the hen whrle those proceedings arc pending. not otherwise required by Lender. Borrower's equity in the Properly. Lender may obtain Insurance coverage. defends ag. at Lender's opuon and Borrower's expense Lender I.www ("lJIl'11Ph"'''(JOU1<:r l':-':JFORM I). or (b) a one-time charge for flood zone determination and ceruficanon services and subsequent charges each time rcmappings or 111 mamtamcd requires pursuant surular changes occur which reasonably 'night affect such detcrrmnanon or certification Borrower snail also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection With the review of any flood zone dcterrmnauon rcsulung from an objection by Borrower If Borrower falls to mamrain any of the coverages dcscnbcd above. Borrower shall satisfy the hen or take one or more of the actions set forth above In this Section 4 service Lender may require Borrower 10 pay a one-tune used by Lender III connection with this Loan charge for a real estate tax vcnflcauon andlor repornng 5..c wluch names M ERS as the Orrgma! Mortgagee (MOM Document). Lender may make proof of loss if IlOI made promptly by Bonowcr. What Lender 10 the picccdmg sentences can change during the tcrm of the Loan.>. or (c) secures from the holder of the hen an agreement sausfactory to Lender subordmating the lien to this Secunty Instrument. any insurance proceeds. certification and tracking services. and shall name Lender as mortgagee and/or as an additional loss payee Lender shall have the right to hold the pohcies and renewal certificates If Lender requires. DUring such repair and restorauon period. for damage to. n. which right shall not be exercised unreasonably Lender may require Borrower to pay. provided thai such inspccnon shall be undertaken promptly. Lender shall have the right to hold such Insurance proceeds until Lender ha~ had all opportunity to inspect such Properly to ensure the work has been completed to Lender's satisfaction. whether or not the undcrlymg insurance was required by Lender. Therefore. shall be applied to restoration or repair of the Property.l\Ion~8l:~·S.t'lFroddi. In connection WIth tlus Loan. for which Lender requires insurance. but only until such proceedings are concluded. The Insurance earner providing the rnsurancc shall be chosen by Borrower subject to Lender'S nglu to disapprove Borrower's choice. Any amounts disbursed by Lender under tlus Section 5 shall become additional debt of Borrower secured by this Security Instrument. Borrower acknowledges that the cost of the insurance coverage so obtained might SIgnificantly exceed the cost of insurance that Borrower could have obtained. such policy shall Include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee In the event of loss. Property Insurance.S J'RIL'IU:N"r r. hazard or habihty and might provrde greater or lesser coverage than was previously itl effect. Borrower shall give prompt nonce to the (flSUIaIlCC earner and Lender. tN'.This is an Example or a Mortgal. Borrower shall keep the improvements now cxisnng or hereafter erected On the Property insured against loss by fire."gle Famrly-Faumc M. if the restoration or repair IS econonncally feasible and Lender's secunty IS net lessened. If Lender determines that any part of the Property IS subject to a hen which can attarn priority over thiS Sccunty Instrument." and any other hazards mcludmg. These amounts shall bear Interest at the Note rare from the date of disbursement and shall be payable. Within 10 days of the date on which Ihat notice IS given. under no obligauon 10 purchase any particular type or amount of coverage. shall Include a standard mortgage clause. hazards included Within the term "extended coverage. agrunst any risk. earthquakes and floods. Lender may give Borrower a nonce idcnnfymg the lien. Unless Lender and Borrower otherwise agree in Writing. rom \bc -Till. D8IOO COQ1lhu'IC~ Soll"ce.unst enforcement of the lien In. Lender shall not be lninals: Florid.IANCt. All IIlSUrUIlCCpolicies required by l. the Property.SOURCE.

F:. misleading. for condcmnauon or forfcuure. I equu cd 10 pay Borrower any interest or carnmgs on such proceeds. the Property._'-'~=-=~~==-=== MERS ~lodjli<d. cstabhsh.e ~rl M2( lr. COMI'I. l.lJ)l. probate. '*"'" . rctuincd by Borrower shalf not be p~ld out of the msurance proceeds and shall be the sole obligation of Borrower Jf the restoration 01' repair IS not ccunonucally feasrblc or Lender's sccunty would he lessened. and (b) any other ofBorrower's right. Lender'S actrons can include.I. and use the Property (1.. but arc not limited to: -----.e/Freddie ftorid. 6.. unless Lemler otherwise agrees in wnung.. mcludmg prorccnng and/or assessing the value of (he Propcny.rc. Borrower SII~11be In default If. Occupancy. and sccunng and/or repairing the Property. Borrower's Loan Appltcatton. (other than the right to any refund of unearned premiums paid by Borrower) under all insurance pohcies covering the Property. Protection of Lcnders Interest in the Property and Rights Under this Security Instrument. dunng the Loan application process. Borrower or lilly persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false.. 9. damage or nnparr the Property. Horrower shall be responsible for repamng released proceeds for such purposes Lender may disburse proceeds payment or In a series of progress payments as thc work IS completed.'orm 30tO 01111' . the insurance proceeds shall be applied 10 the sums secured by Ihls Security lnstrumcnt.\. M"ng"l:c·~mglc Famrly-Faeme -'1'111. representutions conccrnmg !'lOr!'OWCI'S occupancy of the Property as Bon ower's pnncipal I esidcncc.e~u. Hortuwcr I'> not completion of such repair or restoration Lender or II~ agent may make reasonable cnmcs upon and Inspections ofthe Property If it has reasonable cause. Unless It IS deterrmned pursuant to Section 5 that Borrower shall promptly repair the Property If damaged to avord are pard In connection WIth damage to. Such Insurance proceeds shall be applied II) the order provided for III Section 2.M. If Borrower abandons the Property. whether Or nOI then due. Lender may file... If (d) Borrower fdlls to perform the covenants and agreements contained III tlus Security Instrument. for enforcement of a lien wluch may attain prrority over tlus Security Instrument or 10 enforce laws or regulations). l30rr (rom deteriorarmg Or dccreasmg III value due to repair or restoration IS not econonucnlly feasible. then Lender may do and pay tor whatever is reasonable or appropriate to protect Lender's IIIICIest III the Property and Tights under this Sccuruy Instrumcnt.. negotiate and settle any available msurance clarrn and related matters If Borrower docs not respond wuhm 30 days [0 a nonce 110m lender that the Insurance earner has offered to settle a claim. allow the or no! BOI rower IS residing In the Property. bUI are not limited to.'\IFOR. or (e) Borrower has abandoned the Property. Borrower shall not Property to detenorate or commit waste on the Property Whether ower shall mamtain the Property in order 10 prevent the Property us conduion. or or restoring the Property only If Lender has for the repairs and rcstoranon In a single If the insurance or condemnation proceeds relieved of Borrower's obligation for the further deterioration or damage It msurancc or coudemnanon proceeds the [~kll1g of. Preservatiou. Tcet Lender's d interest in (he Property and/or rights under uus Security Instrument (such as a proceeding III bankruptcy.. lnspectiens. wuh the excess. which consent shall not be unreasonably Withheld. Maintenance and destroy. Borrower's pnncipal residence within 60 days after the execution 01 this Security Instrument and shall continue to occupy the Property as Borrower's puncipal residence for ~t least one year after the date of occupancy.ender may mspect the inteuor of the Improvements on the Properly Lender shall give Borrower nonce at the lime of or pnor to such an irucnor IIlSpC.. Borrower shall occupy. whether or not then due. or If Lender acqusres the Property under Section 22 or otherwise. Insofar as such rights arc applicable to the coverage of the Property Lender may lise the insurance proceeds cuher 10 repair or restore the Property or 10 pay HI110lmlS unpaid under the Note or tlns Security Instrument.om. Borrower hereby assigns II) Lender (a) Borrower's nghts to any msurunce proceeds 111 an amount not to exceed the amounts unpaid under the Note or thiS Security Instrument. (b) there IS a legal proceeding thut might srgnrficantly . or inaccurate mformanon or statements to Lender (or failed 10 provide lender wrth material Information) In connection With the Loan Matcrral representations mclude.CIWnspecifying such reasonable cause. Protection (If the Property.gc 7 er 15 lmuals ---~-------.II><C.This han Example of a Mortgage which na Illes MERS as the Original Mortgagee (MOM Document). paid 10 Borrower.IM~Cf:SotIR(."IINSTRUMENT r. then Lender may negotiate and settle the claim I'hc 30·day penod will begm when the nonce IS given In either event. ww I.-~-----------. or other third parucs..h. 8. Fees for public adjusters. or unless cxtenuaung circumstances exist wluch are beyond Borrowers control 7... ifany. an: not sufficient to repair or restore the Property..

and (c) paying reasonable attorneys' fees to protect lIS mtercst In the Property and/or rights under this Security Instrument.l\fnPI!. change locks. lO. and Lender requu es separately designated payments toward the prernrums for Mortgage Insurance.IV I. Secunng the Property includes. (b) appcanng In court. with such imercst. Lender. may receive (directly or indirectly) amounts that denve from {or might be charucterlzcd as) a portion of Burrowers payments 1()1 Mortgage Insurance.lgr"S. and may enter into agreements WIth other IMrtICs that ShMC or mollify then nsk. These agreements are on terms and conditrons that arc sunsfaciory to the mortgage Insurer and the other party (or parties) 10 these agreements These agreements T11dY rcqun e the mortgage Insurer to make payments using any source of funds that the mortgage insurer may have available (which m. Mortgage Insurance. It IS agreed that Lender Incurs no liabiluy for not taking any or all acnons authorized under this SccIJol19 Any amounts disbursed by Lender under thrs Sccuon 9 shall become additional debt of Borrower secured by this Sccunty Instrument These amounts shall bear mtercst at the Note rate from the date of disbursement am] shall be payable. for Hny reason."". Lender does not have to do so and IS not under any duty or obhganon to do so. or reduce losses. at a cost substanually equivalent to the cost to Borrower of the Mortgage Insurance previously II) effect. any other entity. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance. entcnng the Property 10 make repairs. Borrower shall pay the premiums required 10 obtam coverage substantially equivalent to the Mortgage Insurance previously III effect. lr.""urCt lb: CfI11111lance Sceee. or any affiliate of any or the foregoing.lN. mcluding Irs secured posmon In a bankruptcy proceeding. the Mortgage Insurance coverage required by Lender CCdSCS 10 be available nom the mortgage insurer that previously provided such insurance and Borrower W3~ required to make separately designated payments toward the premiums for Mortgage Insurance. 1 nsk on all such rnsurance In force from umc to urne. 1 a Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses It may Incur if'Borrowcr docs not repay the Loan as agreed Borrower ISnot a party to the Mortgage Insurance. Bommcr shall comply with all the provisions of the lease If Borrower acquires fcc utle to the Property.: . IS obtained. fiom an alternate mortgage insurer selected by Lender. If substannally equivalent Mortgage lnsurancc coverage IS not available. the leasehold and the fee title shall not merge unless Lender agrees to the merger In WrJ\1I1g 10. I. A lthough Lender may take action under tlns Secnon 9.Xt. INC. If Lender required Mortgage Insurance as a condition of making the Loan. until Lender'S requirement for Mortgage Insurance ends ill accordance with any written agreement between Borrower and Lender providing for such tcrrnmauon or unu l terrnmation IS required by Applicable Law Nothing III tlus SCCLIOIl 0 affects [lorrowcl 's obligation to pay 1Il(~rCSI t the rate provided In the Note.c:. any reinsurer.ly·F.ome l'ilf COMHIANCI: lmnals: M. replace or board up doors and windows. or to provide a non-refundable loss reserve.Thls is an ~:~alllple of a Mort~age which names M ERS a~ the Original Mortgagee (MOM Document). Borrower shall pay the premiums required to maintain the Mortgage Insurance III effect l I. If such agreement provides that an affiliate or Lender -----~-------t-'onda .. and have uuhues turned on or ofT. use and retain these paymcrus as a non-refundable loss reserve III [rcu of Mortgage Insurance.\1ortg. any purchaser of the Note. in exchange tor sharing or modrfymg the mortgage insurer's risk.<ldle !>Inc ll:->:ItOttM S()III~( . and Lender shall not be required to pay Borrower any uuercst or earmngs 011 such loss reserve Lender can no longer require loss reserve payments If Mortgage Insurance coverage (111 the amount and for the period thaI Lender requires) provided by an insurer selected by Lender agam becomes available. upon nouce from Lender to Borrower requesting payment Il'this Sccuruy Instrument ISon H leasehold. (a) paying any sums secured by a hell which has pnoruy over thrs Secunry Instrument. Borrower shall pay the premiums required to mamtain Mortgage Insurance III effect. Such loss reserve shall be non-refundable.~ rom tJ\S I RCMENT Page 8 of 1S MEltS Modifltd Form30to 14J01f'l.. or reducing losses. Mortgage insurers evaluate their tot . F. Lender will accept. but IS not hnuted to."~I. ehrmnarc buildmg or other code viclauons or dangerous conditions. notwuhsiandmg the fact rha: the Loan IS ultimately paid in full. another insurer..clF. dram water from pipes. Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the II1S11mnce coverage ceased to be III effect. OIAlt 0Ul0 WI/.IY mcludc funds obtamcd from Mortgage Insurance premiums] As a result of these agreements.

paid to Borrower. whether or not then due. destruction. other terms of the Loan. or loss 111 value IS equal 10 or greater than the amount of the sums secured by this Security Instrument rrnmcdtately before the partial taking.e-Smgje -Till: CrIMPI. destruction. wuh the excess. 01' loss in value divided by (b) the fair market value ofthe Property immediately before the parual takrng. 01IlOO $0'1111'(.clldcr'~ security w ould be lessened.. Assignment of Miscellaneous Proceeds.orrower Miscellaneous Proceeds or the party agamst whom Borrower has" light of acuon in rcgdfd to Miscellaneous Proceeds . unless narrower lind Lender otherwise agree III wnnng.meuus Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. dcstrucuon. Lender shall not be required 10 pay !3onowcr dny interest 01 canungs on such Miscellaneous Proceeds I f the restoration or repair IS not economically tcasrhlc or I. Lender IS aurhonved to collect and apply the Miscellaneous Proceeds euher to rcsrorauon or repair of the Property or to the sums secured by this Security Instrument. Such Miscellaneous Proceeds shall be applied In the ordei provided for III Section :2 111the event of d total taking. after nonce by Lender to Borrower that the Opposing Party (<'IS defined III the next sentence) offers to make an aW3n. (b) Any such agreements will not affect the rights Borrower has .. III have tile Mortgage Insurance terminated auturnarleally. Lender may pay for the repau s and rcstorauon In a single drshurscment or In a scncs of progress payments as Ihc work IS completed Unless an agreement IS made In wntmg or Applicable Law requires rmcrcsr to be palo on such Miscellaneous Proceeds. destruction. paid 10 Bon-ower I" the eYCIIt of a partial taking. Such agreements will not increase the amount BOrrower will owe for Mortgage Insurance. 9 uf [5 l M£~ Modlflotl Form 3010 OI. and/or to re ceive a refund of any Morrgage Insurance premiums Illal were unearned lit Ihe lillie of such cancellaticu or termination.1J] c It. or loss III value of the Property.(Q. If the Property IS abandoned by Borrower. if any. "Opposmg Party" means the third party that owes l. such Miscellaneous Proceeds shall be applied Property. the arrangement is takes a shan: III the insurer's risk in exchange o tlen ICI rncd "cupuve rcinsuruncc " Further: for a share of the premiums paid 10 the insurer. llx Co~wu 1430ln . These rights may include the right to receive certain dlsclusures. 11.lDl. Forfeiture. (a) Any such agreements 'oIiIl not affect the amounts that Burrower loa) agreed to pOly for Mortgage Insurance. rf any. or . or an).cndcr otherwise agl ce In wrumg. or loss in value. unless Borrower and l.I.'NC~ SOlflICt. whether 01 not then due. provided that such inspection shall be undertaken promptly.csoerce com 1".Lg. or loss In value IS less than the amount of the sums secured rmrncdratcly before the partial taking. Lender shall have the nghr to hold SIKh Miscellaneous 10 restoration or repair of the is not lessened During such Proceeds unnl Lender has had an opportumty to Inspect such Propel iy to ensure the work has been completed to Lender's satisfacuon. .. Borrower falls to respond 10 Lender wrthm }O days after the date the nonce IS given. it' the rcstorauon or repair i~ econorrucally feasible and Lender's security repair and rcstoranon pcnod. whether or not then due. 10 request and obtain cancellation of the Mortgage [nsuranee. Jnc . Of loss In value of the Property In which the Iatr market value of the Property trnmcdtatcly before the parnal takmg.-t. destruction.Jlnlly-ft'unnic M ..ddic INC- ~1~:-~~i~-()HM HUMEN I"S I ra~. AU Mrsccllancous Proceeds arc hereby assigned to and shall be paid to Lender If the Property IS damaged.ir any .. (a) the total amount of the sums secured Immediately before thc partial taking. www cumph. and they will not entitle Borr owcr to any refund. desrrucuon.with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. or loss III value. Any balance shall be paid to Borrower. destruction. or loss III value of the Property In which the fair market value of the Property immediately before the partial takmg. the Mrsccllancous Plocccd~ xhull be applied to the "urns secured by ilus Secunty Instrument. In the event ofa parual raking.This is an Example of a Mortgage which names MERS as the Original Mort~aget (MOM Document). or loss III value. cll::. dcstrucuon.. With the excess. the Mrsccll.f. the sums secured by this Sccunty Instrument shall be reduced by the amount of the Miscellaneous Proceeds muluphed by the following fraction.J to settle a chum for damages.~~ Mprtg. the Miscellaneous Proceeds shall be upphed to the sums secured by this Security lnstrurncnt. dcstrucuon.

. Joint and Several LiabiJUy.. shall not be a waiver of or preclude the exercise of . IS begun that. for the PUI pose of pi otecung Lender's IlI[CreSI III the Property and righls under this Securuy Instrument.\1t~i\ to of IS I'.. Forbearance By Lender Not a Waiver. modify..... Lender's acceptance of payments from third I'CrS011S.( 1~111. including. and (b) any sums already collected from Borrower which exceeded pennated limits will be refunded to Borrower Lender may choose to make tlus refund by reducing the pnncrpal owed under the Note or by makmg a direct payment 10 HOllower. whether Civil or criminal. Loan Charges. ExtenSICIO of the time for payment or rnodrficauon 01 amornzanon of the Sums secured by thrs Security Instrument granted by Lender 10 Borrower or any Successor III Interest of Oorro".ctJjJ~h . the absence of express authonty III this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fcc. om . auomcys tees. Co-signers. l~ ._-y..This i~ all Example of a Mortgage whlch names MERS a.. In regard to any other fees. and IS approved by Lender. UOIrower shal] not be released from Borrower's obligations and habiliry under tlus Security lnstrument unless Lender agrees to such release 111 writing.cndcrs interest 111 (he Properly ale hereby assigned and shall be pard 10 Lender..J. o. 13. and that law IS finally interpreted so that the interest 01 other loan charges collected or 10 be collected in connecuon with the Loan exceed the permitted limits.IIlY right or remedy. any Borrower who co-signs tlus Security Instrument but docs not execute the Note {a "co-signer"}: (a) is cD-slgnmg tbis Secunty Instrument only to mortgage.)tJUI"C' ~ . uuerest In the Property or lights under this Sccur uy Instrument The proceeds of any award Or cluun for damages that arc uuributable to the impairmcut ofl. The covenants and agrecmcnrs of this Security Instrument shall bind (except as provided In Sectron 20) and benefit the successors and assigrr. nil)' Successor in Interest of Borrower who assumes Borrower's oblrganons under this Security Instrument In wutmg. IlIHXln1ll11l loan charges. Flonlla Mnrtg_'llo.~n SOURCE. Successors and Assigns Bound. If acceleranon has occurred. without limitation. grant and convey the co-signcrs uucrcst m thc Property under (he terms of thrs Security Instrument.cnunes or Successors III Interest of Borrower or III amounts less than the amount then due. of Lender 14.. l~ n"..\II'OIt.C.""" So\l1~... Borrower shal] be 111 default if any action or proceeding.'S'l'NlI. property inspection lind valuation fees. Any forbearance by Lender ill exccising any right or remedy including.. the reduction WIll be treated as a partial prepayment wuhout dny prepayment charge (whether or 110t a prepayment charge IS provided for under the Note). Borrower's acceptance of <Illy such refund made by du cct payment 10 Borrower WIll constitute a waiver of any right of act. rcmstatc as provided In Sccucn 19. Subject to the provisions of Section 18. but not IlI1I1t~d to. lruuals: r MERS .---. shall obtain all of Borrower 's rights and benefits under this Security Insu ument. I lowcvcr. ----~--.~.. and (c) agrees that Lender and any other Borrower can agree 10 extend. forbear or make any accommodations WIth regard to the terms of tlus Security lnsn ument or the Note Without the co-signcrs consent. Lender may not charge fees that arc expressly prohibited by this Sccurny Instrument or by Applicable Law If the Loan IS subject to a law which set'. could result in Iortcuurc of the Property or other material impairment or Lender's interest in the Properly or nghts under this SCCIlrllY Instillment Borrower can cure such a default and.cr shall not opel ate 10 release the liabihty of Borrower or any Successors in Interest of Borrower Lender shal] not be required to commence proceedings against any Successor In Interest of Borrower or to refuse 10 extend urnc for payment or otherwise modify amortrzation of the SUI1IS secured by thts Sccunty Instrument by reason of any demand made by the origmal Borrower or any Successors In Interest of Borrower. m I ender's judgment precludes torfcuui c of the Property or other materrul rmparrrnent of Lender'..v.\1 t. (b) IS not personally obligated to puy the slims secured by thrs Secunty lnsn umcnt.----- Macll'r"ddle -_ \10< [J.'I1odlllcd Form 3010 UIIOI .on Borrower might have un sing out of such overcharge.... the Original Mortgllgce (MOM Document). then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit..~ thut Borrower's ohhgauons and Jialuhty shall be JOint and several. Lender may charge Borrower fees for SCI Vices performed In connccuon with Borrower's default. If a refund reduces pnncipal. hy causrng the aWOIl or proceeding to be disnusscd wuh a ruling that. ..SIIlgie l'armly-Fnunle -Tl1l:C()\lrl. III Lender's judgment.l:. Borrower covenants and agre . Borrower Not Released. ('Qrr~H. All Mrsccllanccus Proceeds the order provided for III Section 2 that arc OIl! applied 10 restoration or repair of the Property Shall be applied 111 12.

the intent of which IS the transfer of title by Borrower at a future date to a purchaser. (a) five days before sale of the Property pursuant to any power of sale contamed m this Secunty Instrument. specify lor the tenrunauon of Borrower's right to reinstate. In the event that any provisron or clause of this Sccunty Law.I~('.This is an Example of a Mortgage which names MERS as the Original Mortgagee (MOM Document). and (c) the word "may" gives sole discretion without any obligation to take any action. or (e) entry ofa Judgment enforcing thrs Security Instrument. Borrower shall promptly noufy Lender of Borrower's change of address. 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 translcrred) without Lender's prior written consent. then Borrower shall only report a change of address through that specified procedure There may be only one designated notice address under this Security Instrument at any one tunc Any I1QtU. (a) words of the masculine gender shall mean and include concsponding neuter words or words of the feminine gender. Installment sale. Those condiuons are that Borrower: (a) pays Lender all sums which then would be due under this Sccurrty Instrument and the NOIe as if 110 accclcranon had occurred. Transfer of the Property or a Beneficial Interest III Borrower. C:OOIjJ~I~C-C Family-Fanme Mae/hoddi. (b) such other period a~ Applicable Law nugh. All notices given by Borrower or Lender In connection with this Security Instrument must be In wriung. age t t orIS MER). 18. Lender may. this opnon shall not be exercised by Lender if such exercise IS prohibited by Applicable Law. Borrower shall have the right to have enforcement of this Security Instrument disconunucd at any tunc pnor to the earliest of.g. Borrower shall be given one copy of the NOIC and of'tlus Security Instrument.·SIlI~lc WWI<.. com -1 m.- . If Lender exercises thrs 01111011. and other fees incurred for the purpose of protect log Lender's interest in the Property and rights under this Security Instrument. 17. contract for deed. but such silence shall not be contract. All nghts and obligauons coruauied In thrs Secunty Instrument arc subject to any requirements and lrrnuauons of Applicable Law Applicable Law might cxphcrtly or Implicitly allow the parties to construed as a prohrbtticn against agreement by Instrument or the Note conflicts with Applicable Instrument or the Note which can be given effect agree by contract or II might be silent. lequire unmcdratc payment in full of all sums secured by this Security Instrument However. 19."I" 11:'>IFOR. the Applicable LJW rcqurrernent will sausfy the corresponding requirement under thIS Sccuruy lnstrument 16. This Secunty Instrument shall be governed by federal law and the law of the junsdicuon In which the Property IS located. Notices. If Lender specifics a procedure tor rcporung Borrower's change of address. 15. including."'IINSTRUMt:NT . Lender may mvoke any remedies permitted DY tlns Secunty Instrument Without further nonce or demand on Borrower. (b) words In the Singular shall mean and include the plural and vice versa. If Borrower meets certain condruons. Borrower's Righi to Reinstate After Acceleration. but not limited to. A~ used In this Section 1&. those beneficial interests transferred In a bond for deed. Lender shall give Borrower nonce of acceleranon The notice shall provide a penod of not less than 30 days from the date the notice IS given III accordance with Section l5 withm which Borrower must pay all Slims secured by this Sccunty Instrument. including. reasonable attorneys" fees. Burrowers Copy. "Interest m the Properly" means any legal 01 bcncficral uucrcst In the Properly. If Borrower fails to pay these sums pnor 10 the cxpirauon of thrs period.SOuRn. Modified Form )OtO 0111)1 I<>UIFL QWJ . Governing Law. but not limited to.. such conflict shall not affect other provisions of this Security without the conflicting provision As used in this Security Instrument. and Initials' Ftolloa Mong. Any notice to Borrower In connecuon with thrs Security Instrument shall be deemed to have been given to HOI rower when mailed by 111M class mml or when actually dehvcred to Borrower's nonce address tl' sent by other means Nonce to anyone Borrower shall consututc notice to all Borrowers unless Applicable Law expressly requires otherwise The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Rules of Construction.Cto Lender shall be given by dclivcnng It or by mailing It by first class mail to Lender's address stated her cin unless Lender has designated another addr ess by notice to Borrower Any notice In connccuon with this Securuy Instrument shall not be deemed to have been given to Lender until actually received by Lender If any nonce required by tlus Sccunry lnstrumcnt is also required under Applicable Law. property mspection and valuation fees. contract or escrow agreement. (c) pays all expenses incurred In enforcing thrs Security Instrument. (b) cures any default of any other covenants or agrecmcuts.C()~II'~IAN( f. Severability.

as defined In Environmental Law.nu::ruu\'(C L~l'It loU(J1H . use.M~. or (e) which. 20. or any duty owed by reason of. or otherwise mgger an Environmental Cleanup Borrower shall not cause 01 pcrmu the presence.NT Mt:lISMOd!ft<!<l '(. this right to reinstate shall not apply In the case of accelcrauon under Section 18. or removal action. tOXIC pesticides and hcrbrcidcs. If the Note IS sold and thereafter the Loan IS SCIviccd by a 1.1)' reasonably require to assure that Lender's interest in the Property and rights under thIS Secunty Instrument. (c) certified check.ll1l1y·Faoni< .ThIS is all Example uf 3 Mortgage which names M ERS as the Original Murtgagee (MOM Document).IM r. Borrower shall not do. hazardous substances In consumer products) Initials' Florida Mortf(ag. this Security Instrument.0al1 Scrvicer OTher than the purchaser of the Note. storage. bUI not J muted to. fh: FormJOIO 01. disposal. Notice of Grievance.\N('£SOIIRn:. (b) which creates an Envrrcnmcntal Condinon. or threaten to release any Hazardous Substances. or wastes by Environrncmal Law and the followmg substances gasolme.\IIN~ rrU. JOin. treasurer's check or cashier's check.lnr::: . usc. Borrower Will be given written nonce of the change which Will state the name and address of tile new Loan Scrvicer. As used III tlns Section 21' (a) "l lazardous Substances' arc those substances defined as toxic or hazardous substances. contnbutc to. this Security lnstrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred However.12o't~ "'~"o\o (OIl~la. 2000. pollutants. due 10 the presence. provided ail. on or 111 the Property. mstrumenrahty or cnury. bank check. safety or environmental protection. and iadroacuve matcnals. or (d) Electronic Funds Transfer.·S'n~le -Tllf:CO. 21. other flammable or tOXIC petroleum products.\1aelFr<~di. and Applicable Law There also might be one or more changes of the Loan Serviccr unrelated to ~ sale of the Note If there IS a change of the Loan Serviccr. (b) money order. Lender Oldy require that Borrower pay such reinstatement sums and expenses in one or more of the following forms. The preceding IWO sentences shall not appJy 10 the presence. m a tcrials containing asbestos or formaldehyde. kerosene. usc. tlus Security Instrument.· M. anythmg affccung the Property (a) that IS an Violation of any Environmental Law.' such check is drawn upon an institution whose deposns arc Insured by a federal agency. nor allow anyone else to do. remedial action. the mongage loan scrvrcrng obligations to 801 rower Will remain With the Loan Scrviccr or be transferred to a successor Loan Servicer and arc not assumed by the Note purchaser unless otherwise provided by the Note purchaser Neither Borrower nor Lcudcr nldY commence. or be JOined to any judicral action (as either an individual litigam or the member of a class) that . Hazardous Substances.HISC~ Irorn the other party's actions pursuant 10 this Security lnstrurncnt or that alleges that the other pUI1y has breached any provision of. Sale of Note: Change of Loan Servicer. creates a condinon that adversely effects the value of the Property.tfOI{.\lPU.e 1!:-. until such Borrower or Lender has notified the other party (wuh such notice given In compliance with the requirements of Sccnon 15) of such alleged breach and afforded the other party hereto a reasonable pcnod after the giving of such notice to take corrective acuon If Applicable Law provides a lime period which must elapse before certain action can be taken. and Horrowcrs obligation to pay the sums secured by this Secunty Instrument. that umc pcnod WIll be deemed to be reasonable for purposes of this paragraph The notice of accelcratton and opportunity to cure given to Borrower pursuant to Sccuon 22 and the notice of acceleration given to Borrower pursuant 10 Section 18 shall be deemed to satisfy the notice and opportunity to take corrective acnon provisions of thts Sccuon 20. or storage 011 tile Property of small quannucs of Hazardous Substances that arc generally recognized 10 be appropriate 10 normal rcsidenual uses and 10 mauucnancc of the Property (Including.. (d) takes such acuon as Lender 111.01 - P"g. (b) "Environmental Law" means federal laws and laws of the JUrisdiction where the Property IS located that relate to health. as selected by Lender (a) cash. or release of a Hazardous Substance. the address to which payments should be made and any other mformauon RESPA requn cs in connection With a notice of transfer of servicing. (e) "Environmental Cleanup" includes any response action. The Note or d partial Interest In the Note (together wuh this Sccunry Instrument) can be sold one or 1I10re times without prror nonce to Borrower A sale rrught result III a change in the entity (known as the "Loan Servicer") thaI collects Pcnodic Payments due under the Note and this Sccuruy Instillment and performs other mortgage loan servicmg obligations under the Note. and (d) an "Environmental Condition" means a condiuon that can cause. Upon reinstatement by Borrower. O!JOO ('otT~:IlGnCrSooru. or release of any Hazardous Substances. volaule solvents. shall continue unchanged.

This han Ex. Borrower shall promptly grvc Lender written notice of (il) any investigation. (a) tile default: (b) the action required 10 cure the default. Attorneys' Fees.J /Pnnred Nomoi Mailing Address' _________________ (Scal) -Borrower Irutrals. Release. usc or release of J Hazardous Substance which adversely affects the value of the Property If Borrower learns.~'acl~re<1d'. or any private party.including. including but not limited to.ise or threat of release of <my Hazardous Substance. clarrn. The Bou ower hereby waives any TIght to a trial by Jury 111 any acuon. As used in thl~ Security Instrument ami the Note.-. 30'0 0111)1 . Lender shall glve notice to Bor rewer prior to acceleration following Borrower's breach of any covenant or agreement in Ihls Security Inslrument (but not prior 10 acceleration under Sectlon 18 unless Appllcablc Law provides otherwise). Borrower 111 any Rider executed by Borrower and recorded wuh It.. __________ ~_ (Seal) -Borrower sealed and delivered Prmtcd Name (Pi •••• _ Com~lor. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22.. Mac lI"I'ORM I:'ISfRt-ME. 23. the presence of. lawsuit or other action by any governmental or regulatory agency or private party mvolvmg the Properly and any Hazardous Substance or Envirorunental Law of which Borrower has actual knowledge. Acceler aflen. leaking. -TilE ('O'lfLl"XC~ SOl:RCE. Upon payment of JII sums secured by thrs Sccunty Instrument. at law or in equity. or countcrclarm. The notice shall further inform Burrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of B.III)I)le of a Morlg<lge which names MF:RS as the Original Mortgagee (MOM Document). (b) any Environmental Condmon. and 10 01 the Note accepts and agrees to the terms and covenants contained in thrs Security BELOW. by which the default must be cured: and (d) that failure to cure the default on or before the date speclfled in the notice nlay result ill acceleration of the sums secured by this Security Instrument. proceeding. Jury Trial Wal\'er. If tile default Is not cured on or before the datc specified in the notice. discharge. Lender lit ils option may require immediate payment in full of all SUDIS secured by this Security Instrument without further demand and may foreclose this Security Instrument by [udlcial prucccding. whether III conn act or tort. (c) a dale.-S.~glc fam. Lender shall release this Security lnstrument Borrower shall pay any recordation costs Lender may charge Borrower a fee for releasing tlus Sccuuty Instrument. demand. or IS non tied by any governmental or regulatory authoruy. NON-UNIFORM COVENANTS Borrower and Lender further covenant and agree as follows' 22. default Of any ocher defense of Borrower to acceleration and foreclosure. that any removal or other remediation of any Hazardous Substance affecting the Property IS necessary.. reasonable attorneys' fees and costs of title evidence. The notice shall ~peclfy. ~nd (c) any condinou caused by the presence. foreclosure by judicial proceeding and sale of the Property. rele.hc.. attorneys' tees shall include those awarded by an appellate Caliri and any attorneys" fees incur red III a bankruptcy proceeding 2S. any spilling. ansmg out of or III any way related to ihrs Secur rty Instrument BY SIG~fNG Instrument Signed. claim..-.\\"'"'" 'D1l1'i1itlloC(:soor-ce rotn .. not less than 30 days from the date the notice Is given to Borrower. but nor lillllted to.ly:r.. I'londa Mong"l:. Borrower shall promptly take all necessary remedial acncns In accordance with Envtronmcntal Law Nothing herein shall create any obhgauou on Lender for an Envuoumemal Cleanup.>'" Page lJ of IS MERS '(odilled 1"0'. Remedies. but only If the fcc IS paid to a third party for services rendered and the charging of the fcc IS pcrnnucd under Applrcable LHW Z4.

.te IINI<OR:\l I"S rtH'Mbl" -Tllr COMeUAI'<Ct SuUtu.\1 ERS as the Origillal Mortgag~c (MOM Document). (Please Camp/olol _ M. Primed Name.._ ----~------ FlorhJ.lIll11g Address ________________ (Seal) -Borrower (Pnnteo Nqmel Madlllg Address ________________ (Seal) -Borrower (ponied Nomoi M~llll1g Address fAcf<nolvf~dgment OJ)FOllowing Pagel . MorC~a~c·S"'gl" l-anuly-Faume \ldc1~r....'Wl'OtTlfItloJncnowu r MU{S \lodlr ..This is an Example or a Mortgage which names .Page 14 of 15 W'J.-.. 11"(.d Form 3010 O[AlI ccm .oJoJic M. ..

. .~c IS of 15 14101 n.'. !>OURCI:. § § § was acknowledged before me thrs by {name of person acknowledgmgJ. State lip Code! Ftunda Mort~.c I:I'\IFORM 1:'>'S'IIt!:MENT CO\Ifl.()1 t8JOO P. 'n-.IAIoCf.This is an Example of a Mortgage which names MERS as the Original Mortgagee Stare of County of The foregomg {dale} mstrumeru (MOM Document). Irany After recording please return to: [Company Name) [Name of Natural Persoll] [Street Address} {City.- MERS MoalrJC<J FOll1l3010 01.."I . Prmtcd or Stamped rille or Rank SCI. who IS personally (type of known 10 me or who has produced IdftntlficaliooJ as idcnuficauon ~Ignalurc "f Person t akmg Acknowledgment Name J'ypcd.umbcr. w comphantnonrcc com II'« .gl'-:'mlilc -TilE Family-Fannie :l-lac/Freddic ~I..

(d} vote for a conumuce of creditors.ue.1) Affidavits of Judgment.Q.d forth below "11 bcball of MI:RS and that any action taken by an Signing Officer that is not spccrfically enumerated below I. (f) complete.It the: request of~ name of company> <ORC 10 (Insert ORC ID» (the: "Member"). as assistant secretary and vice president of MERS shall be specifically limned to undertaking only the acuons . and hereby I. shown to be registered to the Member. of the debtor. including bulnot lmuted 10 (a) exccuung Proofs of Claim and Affidavits of Movant under 11 U. (e) vote for d trustee or the estate of the debtor. and that the Resolunon rs 111 full force and effect 011 this date and th. I. or any adjournment thereof and vole 011 behalt of the Member. and he or she. IS ultra vires . the benencial owner of 'UI. (e) attend the mceung of creditor. hereby certify that the foregoing is a true copy of a Resolution duly adopted by me pursuant to authonry granted by the Board of Directors of said corporation and that H IS effecuve as of the <lrnert day> day uf <insert month>.. execute. a I bankruptcy rules. 1101 conlhct wuh the Ceruficate of lncorporanon or By-Laws of said corporation Sharon l lorstkamp. Baukruprcy Rule :\001.RS) I. Inc.ratc Secretary 'If Mortgage Hectroruc Registration Systems. the Member's servicing lrom the MERS System obligations to the as a result of the (7) HIke any such ~C{IOI1:. (6) endorse checks subordm. Inc.RS .RS.my mougage loan tcgtxtered uri the MERS Systems. (3) execute any and all documents necessary to foreclose upon the property securing any mortgage loan registered 011 the MERS System that shown to be rcgrstei ed to the Member. (5) take any and all 3CII0l1S .ami execute such documents o~ may be necessary to fultill beneficral owner ofsuch mortgage loan (mcludmg mortgage loans that arc removed transfer thereof to a non-member of MI. (<. Secretary All STATE" INTERNATIONAL . registered on (he MERS System that I. winch I> a member of MJ:. THEREfORE.300).111.RS In any bankruptcy proceeding rcgardmg a 101111rcgisrcrcd on the MERS System that is shown to be registered to the Member. th41 the authcury granted to such ~Igntng Officer. l3E IT RcSOL VEO. and apphcable I01 . (b) Trustecs Deeds upon sale 011 bchalfofMERS.lwatloll on . mcluduig but nut hrnited to (a) subsuturion of trustee on Deeds of Trust..c. amend or modify any mortgage 101111 Member tor payment mack payable to Mortgage hlecuomc Rq. rs shown to be registered also the current promissory the Member. (b) entering 11 Notice of Appearance..sOIY notes and (h) endorserncncs of promissory 1l0!C~ to VA or HUD (In behalf (It MERS as u required panof the clauns process. or MF. and (g) execute rcaffirmunon agreements. and that each such mdrvrdual be. ("MERS"). appointed :1> an d'. amended from nme to tune by Mortgage Elecrronrc Rcgrstrauuu SY~I\:m.!l1 actions and execute all documents necessary to protect the rntcrest of the Member. (g) Affidavux regarding los! PlOlIli. (e) Affidavrts of Non-rruhurry Status. 2011. us the cave may be. or Mf. 011 any question that may be lawfully subnuued before creduors in such II rnecung.t of candidate" il.• uid shall be null and VOid. (I) quitclaim deeds. that each ofthe Slgnlllg Officers be.1I1d CXCCUIC all documents necessary to refinance. and be If further I{ESOLVED.. (4) take any and . the lien ofauy mortgage loan registered on the MERS System that IS (I) release shown to be registered IS 10 to the Member. shown to be regrstcred [0 the Member. and return a ballot accepung or rejecung a plan. Slw[L)n Ilor5tkalllQ. hereby is. to the Member that are received by the System that I. S~~ 501-502. being the h&ru. the beneficial owner of such mortgage 10.lstant secretary and vice president of M fRS. authonzed to perform only the following on bchalfof and 11\ the name of MEI{S.S. note- (2) assign the hen of any mortgage loan 1l<ltlllllg MERS as till. 01 If the mortgage 1(IUn IS registered Oil the MERS System. (e) Affidavits of Debt.CORPORATE RESOLUnO~ NOW. and be: It further RESOL VED.. that the: mdrviduals (the "Signing Officers") set forth on the attached li..'I1 mortgage loan. mortgagee when the Member holder.u It doc. are officers of the Member. Inc.' beyond the scope of the authonry grunted to such Srgnrng Otflccr.

(nc. First Name .<insert name of company> ORG ID 100---- Mortgage Electronic Registration Systems. Signing Officers Master List IUfcctive <insert date> LaSI Name.