HomeMy WebLinkAbout0928 a 1 .
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Subsidy eond Tax Act of 1980, as amended, to be untrue or (b) in ~
any way adversely affect the eligibility of this Mortgage and the
Note for purchase by the Trustee for the~ Florida Housing Finance
Agency under safd Act. ~
Mortgagor acknowledges that the indebtedness secured here-
by is being ~financed pursuant to a governmental program, and
~Mortgagor further covenants and agrees that, as required by such
governmental proqram:
. {a) Mortgagor presently~occupies the Property as Mort-
gagor's principal residence, or will do so within 60 days of
the execution hereof, and intends to maintain such Property
as Mortgagor's principal place of resider~ce. Mortgagor does
~ not intend to use more than 158 of the floo~ space of the
Property in a trade or business. If the Property is a unit
in a tw~o-, three- or four-family residence, it Was occupied
at least fi~e years prior to the da~e hereof.
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(b) No portion of the proceeds of the indebtedness
secured hereby is being ~used to acquire or replace an ~
existing loan or similar indebtedness constituting owner
financing of residential housing (excluding construction
period loans, bridge loans or similar temporary initial
ffnancing wfth a term not fn excess~ of 24 months) . All of
such proceeds are bei~g used to acquire the Property. -The
indebtedness secured hereby is being incurred by persons who
did not have an obligation sec~red by a mortgage, trust deed
or similar encumbrance (whether or not paid off) on the
Property at any time prior to the execution hereof, other
than the temporary initial financing described above.
(c) Mortgagor has not had a present ownership interest
in a principal residence (other than the Property) at any
time during the three-year period prior to the date of execu-
tion hereof. A"present ownership interest" includes a fee ~
simple interest, a joint tenancy, a tenancy in common, a '
~ tenancy by the entirety, a life estate, the interest of a
tenant-shareholder in a cooperative, a land contract or bond i
; for deed contract or similar contract pursuant to which
'I possessior_ and the benefits and burdens of ownership are ~
transferred, although legal title is not transferred until
some later time, and an interest held in truat for borrower
~(whether or not created by Mortgagor) that would constitute a j
present ownership interest if held directly by Mortgagor. A '
"present ownership interest" does not include a remainder
interest, a lease without an option to purchase or with an I,
option to purchase for at least the fair market value there- ;
of, a mere expectancy to inherit an interest in~ a pri~ncipal ~
residence, the interest that a purchaser o~ a residence
acquires on the execution of a purchase contract, or an ~
interest in other tban a principal residence during the ~
prevfous three years (such as rental. propecty, a. vacatioq ~
home or a mobile home not permanently affixed to land). ~
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(d) The cost of acquiring_the Property as a completed ~
residential unit does not exceed the lfmi~ established by the '
Florida Housing Finance Agency~ for the ap~licable residence '
and county, which is $ 59.580.00 . The cost of acquiring
includes all amounts. paidT n cash or in~ kind by Mortgagor or
a related party or for the benefit of Mortgagor to the seller
or a related party or for the benefit of the seller as
~ consideration for the residence (which residence includes
immoveable property), if the residence is incomplete then
~ also the reasonable cost of completing the residence whether
or not the cost of completing construction is to be financed
with proceeds of ~the indebtedness secured hereby, and where
the residence is purchased subject to a ground rent then a2so ~
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. ~ . _ ~ . . t. : a~x392 PA~E 927
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