Loading...
HomeMy WebLinkAbout0986 Subsidy Bond Tax Act oE 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 said 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 reyuired by such governmental program: (a) Mortyagor presently occupies the Property as triort- 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 residence. Moxtgagor does not intend to use more than 158 of the floor space of the Property in a trade or business. If the Property is a unit in a two-, three- or four-family residence, it was occupied at least five years prior to the date hereof. (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 l~ans or similar temporary initial financing with a term not in excess of 24 months). All of such proceeds are being used to acquire the Property. The indebtedness secured hereby is being incurred by persons who did not have an obligation se~cured by a mortyage, 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 ownershin interest" includes a fee , simple interest, a joint tenancy, a tenancy in common, a tenancy by the entirety, a life estate, the interest oE a I! tenant-shareholder in a cooperative, a land contract or bond ~ for deed contract or similar contract pursuant to which i possession and the benefits and burdens of ownership are ~ transferred, although legal title is not transferred until r some later time, and an interest held in trust for borrower (whether or not created by Mortgagor) that would constitute a 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 option to purchase.for at least the fair market val~e there- of, a mere expectancy to inherit an interest in a princinal residence, the interest that a purchaser of a residence acquires on the execution of a purchase contract, or an interest in other than a principal residence during the previous three years (such as rental property, a vacation home or a mobile home not permanently affixed to land). (d) The cost of acquiring the Property as a completed residential unit does not exceed the limit established by the ~ Florida Housing Finance Agency for the applicable residence and county, which is $ 59,580.00 _ The cost of acquiring includes all amounts paid in cash or in kin~ by Mortgagor or a related party or for the benefit of Nbrtyagor 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 tc~ be Einanced with proceeds of the indebtedness secured hereby, and where the residence is purchased subject to a ground rent then also . n~!~p ~ ~ ; . : : • BOOK c~c~0 PbGE ~V ~ ~ ~ _ - _ ~ ; ~r ~w _Y F _ ~