CopyCited 16 times | Published | Florida 4th District Court of Appeal | 10 Fla. L. Weekly 1746
...wo preexisting liens, so that it was not in fact a first mortgage. Because it did not have on its face the balloon mortgage legend required by the statute, the mortgage was in violation on the date of execution. In 1983 the balloon mortgage statute, section 697.05(2)(a), Florida Statutes, was amended to exempt from its operation mortgages securing extensions of credit in excess of $500,000....
...However, the law in effect at that time did not allow a mortgagor to withhold payments of any kind simply because he thinks the mortgage is in violation of a statute. The act in question did no more than exempt this mortgage from the penalty provision of section 697.05(4), Florida Statutes....
...nterest payments. Appellant in effect fashioned his own remedy for what he thought was an unlawful mortgage. He should have first gone to court for a determination of the validity of the mortgage. If the mortgage had been found to be in violation of section 697.05(2), Florida Statutes, then the court would have ordered the proper remedy....
...rtgage by exempting it from penalty. Placing the stamp of legality on the mortgage, a contract which was created for the parties' mutual benefit took nothing away from either of them. The trial court therefore correctly applied the 1983 amendment to section 697.05, Florida Statutes, to this case....
CopyCited 6 times | Published | Florida 1st District Court of Appeal
...o Moody. Later the closing was held in the office of the lawyer representing Overstreet, at which time Mr. Overstreet was present. Several weeks afterward, Moody discovered that the mortgage was a balloon mortgage and subject to the proscriptions of Section 697.05, Florida Statutes (1975)....
...While Overstreet arguably may have presented an adequate showing as to the first two elements, he has failed to present proof of the third element, i.e., that Bishop had knowledge prior to his execution of the mortgage that the mortgage was a balloon mortgage and was therefore subject to the forfeiture provisions of Section 697.05....
...It is therefore not unreasonable to conclude that all parties were innocently unaware of the legal consequences of the mortgage they executed. This case does not involve the unconscionable overreaching of a mortgagor who sought to invoke the provisions of Section 697.05 in Lupoff v....
...Hartog,
237 So.2d 588 (Fla. 4th DCA 1970). In Lupoff, the mortgagor, an attorney, prepared a balloon mortgage on behalf of the mortgagee, a widow who had no counsel. Following default, a foreclosure action was brought and the mortgagor sought enforcement of Section
697.05 since the required statutory legend was not placed upon the face of the mortgage....
CopyCited 1 times | Published | Supreme Court of Florida | 1970 Fla. LEXIS 2709
CARLTON, Justice. This is a direct appeal from Circuit Court, Pinellas County, which rendered an amended final judgment upholding the constitutionality of Fla.Stat. § 697.05, F.S.A., the “Balloon Mortgage Statute.” The Court’s final judgment, to which the amendment was attached, held that the mortgage in question in this litigation was a balloon mortgage drafted without conformance to the requirement of Fla.Stat. § 697.05, F.S....
...TOGETHER WITH ACCRUED INTEREST, IF ANY, AND ALL ADVANCEMENTS MADE BY THE MORTGAGEE UNDER THE TERMS OF THIS MORTGAGE.” If the balloon mortgage does not contain the required legend, and does not qualify under any of the exceptions provided by Fla.Stat. § 697.05(5), F.S.A., the mortgagee forfeits all interest received or to be received, and all collection charges and attorneys’ fees, and the life of the note is extended by as many periodic payment periods as are necessary to pay off the mortgage at the initial periodic payment rate. Exceptions to the application of the penalties are listed in Fla.Stat, § 697.05(5), F.S.A.: “This section [the statute] does not apply to the following: (a) Any mortgage in effect prior to January 1, 1960; (b) Any first mortgage; (c) Any mortgage created for a term of more than five years; (d) Any mortgage, the perio...
...sfaction. Appellees satisfied these mortgages in 1964. Appellant asserts that when these were satisfied, the mortgage in question, which was to be satisfied in 1967, became a “first mortgage” thus qualifying for the exception given in Fla. Stat. § 697.05 (5) (b), F.S.A....
CopyPublished | Florida 4th District Court of Appeal | 12 Fla. L. Weekly 2298, 1987 Fla. App. LEXIS 10345
4th DCA 1985), that the 1986 amendment to section 697.-05(3), Florida Statutes (1985), which eliminated
CopyPublished | District Court of Appeal of Florida | 10 Fla. L. Weekly 2135, 1985 Fla. App. LEXIS 15799
...The Ca-dens received a balloon note and mortgage from the Hudsons for a portion of the sale price. At the Cadens’ request, appellee Safeco Title Insurance Company (Safeco) actually prepared the balloon note and mortgage. In doing so, Safeco failed to include in the mortgage the statutory legend mandated by section 697.05, Florida Statutes (1979). In 1982 the Cadens filed a complaint against the Hudsons, seeking reformation of the mortgage to include the required legend. Pursuant to section 697.05(4), the Hudsons counterclaimed, seeking the return of all the interest they had paid and attorney’s fees. The statute essentially provides that a mortgagee (the Cadens) who fails to include the required legend forfeits the entire interest charged to the mortgagor (the Hudsons). See § 697.05(4), Fla.Stat....
...note, we first observe that their third-party complaint against Safeco did not seek any lost future interest. Their complaint only sought indemnification for such damages as the Hudsons might recover, which relief they were granted. Further, neither section 697.05 nor the final judgment provide for or allow acceleration of future interest....
...The Hudsons also claim that the trial court erred in denying or dismissing their supplemental complaint filed pursuant to Florida Rule of Civil Procedure 1.110(h). There is nothing in the record which evidences that the trial court has ruled on this complaint; therefore, the issue is not properly before us. . Specifically, section 697.05(4) provides: (4) Any mortgagee, creditor, bona fide holder, assignee, transferee, endorsee, or any agent, officer, or other representative of any such person violating the provisions of this section shall forfeit the entire interest ch...
...er at law or in equity. Any interest, collection charge or attorney fee that has been paid or reserved or contracted for, either directly or indirectly, shall be forfeited to the person or mortgagor presently obligated under such mortgage. . Whether section 697.05 or the facts and circumstances of this case affords the Cadens an independent right of recovery for such future losses is not before us, and we are not to be understood as expressing any opinion thereon.
CopyPublished | District Court of Appeal of Florida | 1965 Fla. App. LEXIS 3575
PER CURIAM. The appellant was the defendant in a mortgage foreclosure and the counter-plaintiff in an action to secure forfeiture of interest payments pursuant to section 697.05 (4), Florida Statutes, F.S.A....
...See Joyner v. Bernard,
148 Fla. 649 ,
6 So.2d 533 (1942). We therefore conclude that the appellant has not demonstrated error upon the first point. Appellant’s second point concerns the dismissal of his counterclaim. He urges that the chancellor misconstrued section
697.05 Florida Statutes, F.S.A., which is sometimes referred to as the “balloon mortgage statute”. The section is as follows: “
697.05 Balloon mortgages; scope of law; definition; requirements as to-contents; penalties for violations; exemptions “(1) Any conveyance, obligation' conditioned or defeasible, bill of sale- or other instrument of writing conveying or selling real...
CopyPublished | District Court of Appeal of Florida | 1976 Fla. App. LEXIS 15922
...rther moved to have the complaint dismissed as premature on the ground that the mortgage was a “balloon- mortgage” which did not contain “the required stamped legend,” and that the maturity date should therefore be extended. Florida Statutes § 697.05(2)(a) requires that “[ejvery mortgage in which the final payment or the balance due and payable upon maturity is greater than twice the amount of the regular monthly or periodic payment of the said mortgage” must have a printed or stamp...
...conspicuous type which states the final payment or amount due upon maturity. Section (2)(b) states that the legend is to appear on both the first page of the mortgage and immediately above the place for the mortgagor’s signature. Florida Statutes § 697.05(3) & (4) provide penalties for failure of the mortgagee to comply with the mandatory provisions of the statute; the maturity date of the mortgage can be automatically extended and the entire interest charge forfeited. These provisions do not apply, however, where the mortgage falls within the exemption of Section 697.05(5)(c), which states that the section requirements concerning balloon mortgages do not apply to mortgages created “for a term of more than five years.” We have not found any appellate decisions which address the question here involved....
...a term commencing on September 26, 1973, and ending on August 25, 1978. Thus, the five year exemption would not apply. We cannot agree. Clearly, the most reasonable interpretation of the phrase “term” of the mortgage as used in Florida Statutes § 697.05(5)(c) is one which would exempt mortgages maturing more than five years from their date of execution and delivery....
...ll more than five years, since the final regular payment is due on August 25th, which is more than five years from the date of execution and delivery. Hence, the trial court correctly denied defendant’s motion to dismiss and to strike. Affirmed. . § 697.05, Fla.Stat....
CopyPublished | Florida 2nd District Court of Appeal | 2015 Fla. App. LEXIS 17037, 2015 WL 7074657
...Cima failed to perform as required by the contract, note, and mortgage.
On June 9, 2014, Mr. Cima filed an amended motion for partial summary judgment as to
count II, asserting that Ms. Zander was improperly seeking to collect on the note where
the mortgage failed to meet the requirements of section 697.05, Florida Statutes (2009),
as a balloon mortgage....
..., Ms. Zander sought to
clarify the trial court's final ruling granting summary judgment. Though the trial court
declined to address its ruling, Mr. Cima asserted that the trial court determined that the
mortgage failed to meet the requirements of section 697.05 as a balloon mortgage.
Florida Rule of Civil Procedure 1.510(c) provides, in part, that a motion for
summary judgment "shall state with particularity the grounds upon which it is based and
the substantial matters of law...
...Brock v. Orozco,
75 So. 3d 766, 768 (Fla. 2d DCA 2011).
The crux of Mr. Cima's amended motion for partial summary judgment
was that the mortgage securing the note failed to meet the requirements of a balloon
mortgage as prescribed by section
697.05....
...3d DCA 2013) ("The
holder of the note may discard the mortgage entirely, and sue and recover on the note."
(quoting Taylor v. Am. Nat'l Bank of Pensacola,
57 So. 678, 685 (Fla. 1912))).
In support of Mr. Cima's assertion that the mortgage failed to comply with
section
697.05, he cited Slomovic v....
...2d 208 (Fla. 4th DCA 1976).
However, Slomovic involved a second mortgage. Mr. Cima did not contend that the
mortgage at issue was a second mortgage or otherwise file any documents
demonstrating such. With one exception that is inapplicable here, section 697.05 does
-4-
not apply to first mortgages. See § 697.05(4)(b) ("This section does not apply to ....
....
[a]ny first mortgage, excluding a mortgage in favor of a home improvement contractor
defined in s.
520.61(13) the execution of which is required solely by the terms of a home
improvement contract which is governed by the provisions of ss.
520.60-520.98 . . . .").
Further, section
697.05(4)(g) also exempts "[a]ny mortgage granted by a purchaser to a
seller pursuant to a written agreement to buy and sell real property which provides that
the final payment of said mortgage debt will exceed the periodic payments thereon...
CopyPublished | District Court of Appeal of Florida | 1990 Fla. App. LEXIS 3528, 1990 WL 67314
...dge. This is an appeal from an adverse final judgment wherein appellant (Stevens) sought to foreclose a second purchase money mortgage. Appellee (Allegro), as the purchaser/mortgagor, contended that the note and mortgage involved did not comply with section 697.05, Florida Statutes (1982), pertaining to balloon mortgages....
...However, since the instruments involved mention “principal and interest” payments several times, the trial court determined that an ambiguity existed and allowed the adduction of parol evidence. The court concluded that the term of the note in question was five years and, thus, it was controlled by section 697.05, Florida Statutes (1982)....
CopyPublished | District Court of Appeal of Florida | 10 Fla. L. Weekly 806, 1985 Fla. App. LEXIS 13132
...At closing appellants executed a note and second mortgage for $50,000, dated April 1, 1981, payable in installments over a period of five years with the final payment due April 1, 1986, in the principal amount of $49,-992.69, together with interest and any advancements by the mortgagees. The legend required by section 697.05(2)(a), Florida Statutes (1981), appears on the mortgage, *1149 but it does not appear at both points that section 697.05(2)(b) directs it should. In 1983 appellants inquired of Camillo about the balloon aspect of the mortgage, apparently feeling that the mortgage as prepared did not meet the statutory requirements of section 697.05, Florida Statutes (1981), for balloon mortgages.- Not satisfied with Camillo’s response, appellants commenced this suit against Camillo and the Haraldsons....
...On motion of appellee Camillo for summary judgment, the trial court found that there was no genuine issue of material fact and that the mortgage in question was not a balloon mortgage because it fell within the purview of the statutory exception regarding “[a]ny mortgage created for a term of more than 5 years.” § 697.05(5)(c)....
...Thus, we hold that as between appellants and appellee Camillo, the mortgage in question is a balloon mortgage for a term of five years. Therefore, appellants received from Camillo exactly what they contend he was supposed to furnish, except that the mortgage does not set forth the legend in the exact manner required by section 697.05, Florida Statutes (1981)....
CopyPublished | District Court of Appeal of Florida | 1979 Fla. App. LEXIS 14401
PER CURIAM. O’Neil appeals a judgment awarding him, in part, the interest paid by O’Neil to Lo-rain National Bank on a note and mortgage which violated the balloon mortgage statute. § 697.05 Fla.Stat....
...O’Neil argues that he is also entitled to an award of the interest paid by his predecessor mortgagor. Lorain National Bank cross appeals and argues that the statute of limitations bars the action. §
95.11(6) Fla.Stat. (1973). Appellee also alleges that Section
697.05(4) Florida Statutes (1977) predicates liability upon persons violating the statute and that, as a transferee of the note and mortgage, it is not liable for having failed to place the proper legend on the mortgage. §
697.05(2) Fla.Stat. (1977). We affirm. On December 11, 1972, the Sungs executed a note and mortgage prepared by and in favor of the Commonwealth Corporation. The mortgage did not contain the legend required by Section
697.05(2) and was not a first mortgage....
...The final judgment provided that: O’Neil recover the interest paid by him to appellee; the maturity date of the note and mortgage be extended; and that appellee forfeit the reserved interest. We adopt the reasoning of the trial court which found that: It is unclear from the language of the statute [Section 697.05(4)] whether the legislature intended to limit the forfeiture to interest paid or charged to the complaining party or whether it was intended that the forfeiture extend to interest paid by the complainant’s predecessors....
...ed for and, having elected to sue for interest paid, the statute of limitations did not begin to run until the maturity date of the contract, December 1, 1977. Finally, we hold that the balloon mortgage statute is applicable to Lorain National Bank. Section 697.05(4) states in part: Any mortgagee, creditor, bonafide holder, assignee, transferee, endorsee, or any agent, officer, or other representative of any such person violating the provisions of this section shall forfeit the entire interest c...
CopyPublished | Florida 3rd District Court of Appeal | 10 Fla. L. Weekly 907, 1984 Fla. App. LEXIS 13749
...while there was pending in this court appellant’s petition for certiorari directed to a discovery order. By the terms of the final judgment, the mortgage involved in the parties’ dispute was determined not to be a balloon mortgage as defined by Section 697.05, Florida Statutes (1983) because of the following exemption from the statute’s application recited in subsection 697.-05(5)(c): Any mortgage created for a term of more than five years[.] In this case the mortgage and underlying note were dated January 6, 1978....
..., exempting it from the balloon mortgage restrictions. In making its determination, the trial court was guided by the language from Perry that “the most reasonable interpretation of the phrase ‘term’ of the mortgage as used in Florida Statutes § 697.05(5)(c) is one which would exempt mortgages maturing more than five years from their date of execution and delivery.” Id....
CopyPublished | United States Bankruptcy Court, M.D. Florida | 1985 Bankr. LEXIS 5792
...The Debtor filed a Motion for Summary Judgment as to Count I of the Complaint, alleging that there are no material issues of fact and that the controversy can be resolved in favor of the Debtor as a matter of law. In Count I of the Complaint, the Debtor alleges that the Bank, a secured creditor, violated § 697.05 Florida Statutes by failing to include statutorily required language on a balloon mortgage....
...The mortgage also states at the top of the first page and also on the last page just above the signatures: THIS IS A BALLOON MORTGAGE. THE ENTIRE REMAINING PRINCIPAL BALANCE PLUS ACCRUED INTEREST, IF ANY, SHALL BECOME DUE AND PAYABLE IN FULL ON OCTOBER 20, 1987. Section 697.05 Fla.Stat. (1983) provides as follows: .697.05 Balloon mortgages; scope of law; definition; requirements as to contents; penalties for violations; exemptions (1) Any conveyance, obligation conditioned or defeasible, bill of sale or other instrument of writing conveying or selling real prop...
...denied
368 So.2d 1372 (1979), the Debtor urges this Court to enter judgment and impose the statutory penalties against the Bank. In response, the Bank contends that (1) the Bank substantially complied with the statute and substantial compliance is sufficient; (2) that the mortgage is excepted by §
697.05(5)(e) (excepts extension of credit in excess of $500,000) because this loan is actually secured by the original mortgage of March 1, 1982 by virtue of the future advance clause contained therein, and therefore, the total indebtedness far ex...
...ortgage would violate Art. I, § 9 Fla. Const, and the Fifth and Fourteenth Amendments of the U.S. Constitution. *747 The Court considered the Bank’s arguments and finds each without merit for the following reasons: First, the constitutionality of § 697.05 Fla.Stat....
CopyPublished | Florida 5th District Court of Appeal | 1977 Fla. App. LEXIS 16534
violated the “Florida Balloon Mortgage Statute”, Section
697.05, Florida Statutes (1975). The affirmative defenses
CopyPublished | Florida 4th District Court of Appeal | 1970 Fla. App. LEXIS 6202
provisions to a balloon mortgage as defined in F.S. Section
697.05, F.S.A. The question for resolution is whether
CopyPublished | Florida 3rd District Court of Appeal | 1976 Fla. App. LEXIS 14693
applied to the note in question. We cannot agree. §
697.05, Fla.Stat., F.S.A. reads in pertinent part: “697
CopyPublished | District Court of Appeal of Florida | 21 U.C.C. Rep. Serv. (West) 669, 1976 Fla. App. LEXIS 15828
...This amount was calculated as the amount due after crediting as against the principal and accrued interest the $200.00 monthly payments theretofore paid by appellant. Appellant refused to pay this balloon balance as demanded, claiming that under the provisions of Section 697.05, F.S....
...pay the balloon balance in monthly installments of $200.00. She claimed by her answer that the appellee is estopped from bringing this action because of her alleged right to pay such balance in such installments. She relies upon the provisions of F.S. 697.05 (1975), to sustain her position. Section 697.05, F.S....
...r of months or periods the maturity date of the mortgage is extended. The mortgagor shall continue to make such monthly or periodic payments until the principal of the mortgage is paid. All such payments shall be credited to the principal only.” F.S. 697.05(3) (1975)....
...sed for sale the exact property covered by the mortgage. Whereupon, appellant filed notice of appeal and secured supersedeas upon the giving of appeal bond in an amount fixed by the court. The issue to be decided by us is whether the provisions of F.S. 697.05 (1975) apply to this lawsuit or whether the appellee had the right of election to sue upon the note only, thereby seeking a general judgment against the appellant without resort to foreclosure proceedings, and thus avoid the consequences of the requirements of that statute. It is the appellant’s position that inasmuch as the note sued upon was secured by a balloon mortgage given simultaneously with the execution of the note the appellee is bound by the provisions of the Balloon Mortgage Statute (F.S. 697.05 (1975)) and cannot avoid the penalties of the statute by separating the note from the mortgage and suing upon it only....
...penalties of the Balloon Mortgage Statute. We hold that where a balloon second mortgage is given to secure a promissory note simultaneously with the execution of the note, and where the mortgagee fails at the time to comply with the provisions of F.S. 697.05(2)(a)(b)(1975) which require the printing or stamping upon the mortgage of the legend indicating that it is a balloon mortgage, and setting forth such legend in the language prescribed by such statute, the payee of the note secured by such...
...separating the note from the mortgage and suing upon it only, as was attempted to be done in this case. To hold otherwise would be a mockery and would fly in the face of the abuse which the legislature evidently intended to correct when it enacted F.S.
697.05. The Supreme Court of Florida in the case of Winner v. Westwood,
237 So.2d 151 (Fla.1970), in upholding the constitutionality of the balloon mortgage statute (F.S.
697.05 (1975) as against a charge that it excessively Burdened freedom of contract, stated: “We agree that the statute is constitutional....
...many periodic payment periods as are necessary to pay off the note at the initial periodic payment rate, without interest, collection charges and attorney’s fees which shall be declared forfeited, all in accordance with the penalty provisions of F.S. 697.05 (1975)....
CopyPublished | District Court of Appeal of Florida | 1977 Fla. App. LEXIS 16092
ANSTEAD, Judge. This is an appeal involving the construction and effect of Section 697.05, Florida Statutes, dealing with balloon mortgages. The trial court held that the appellants, Nathan C. Davies and Jean F. Davies, were not entitled to invoke the provisions of Section 697.05 to prevent the appellees, L....
...ed making monthly payments of $100.00 on principal, in addition to the interest payments. When the mortgage matured, the parties could not agree on the amount due, because of the dispute as to whether the mortgage in question was a balloon mortgage. Section 697.05(2)(a) provides: Every mortgage in which the final payment or the balance due and payable upon maturity is greater than twice the amount of the regular monthly or periodic payment of the said mortgage shall be deemed a balloon mortgage,...
...PAYMENT OR THE BALANCE DUE UPON MATURITY IS _, TOGETHER WITH ACCRUED INTEREST, IF ANY, AND ALL ADVANCEMENTS MADE BY THE MORTGAGEE UNDER THE TERMS OF THIS MORTGAGE. Thereafter, the statute provides that the failure to comply with the requirements of Section 697.05(2)(a) shall cause the mortgagee to forfeit any claims for interest on the mortgage or attorneys’ fees and costs. The Cox mortgage does not contain the language set out in Section 697.05(2)(a). However, in Section 697.05(5)(d), certain mortgages are excepted from the requirement set out above including: Any mortgage, the periodic payments on which are to consist of interest payments only, with the entire original principal sum to be payable upon maturity. At the time of execution the mortgage herein was covered by the exception contained in Section 697.05(5)(d), since the periodic payments were for interest only with the entire principal payable upon maturity....
...age in 1973 after the income exceeded $15,000.00, we do not believe such contingency terms were sufficient under the circumstances to invoke the forfeiture provisions of the statute. The Florida Supreme Court, 1 in upholding the constitutionality of Section 697.05, has stated that the purpose of the statute was to deal with an abusive use of balloon mortgages which “give the illusion of ‘easy payments,’ while saying little about the ultimate consequences.” However, the Supreme Court indi...
CopyPublished | District Court of Appeal of Florida | 1978 Fla. App. LEXIS 16229
provisions of the balloon mortgage statute, Section
697.05, Florida Statutes (1975). This statute mandates
CopyPublished | District Court of Appeal of Florida | 13 Fla. L. Weekly 1948, 1988 Fla. App. LEXIS 3695, 1988 WL 84050
BASKIN, Judge. The question presented in this appeal from a Final Judgment in a mortgage foreclosure action is whether the provisions of the balloon mortgage statute, § 697.05, Fla.Stat. (1987), 1 govern the mortgage un *1244 der consideration. We hold that the mortgage before us is a balloon mortgage subject to the provisions of section 697.05, and the lender’s failure to comply with statutory requirements subjects it to statutory penalties....
...B seeking foreclosure of the mortgage. NCNB filed an amended cross-claim against appellant for foreclosure of the second mortgage. Appellant filed an answer and counter cross-claim against NCNB asserting the affirmative defense of noncompliance with section 697.05, Florida Statutes (1987). 2 Appellant and NCNB filed cross-motions for summary judgment with supporting affidavits. In granting NCNB’s motion and entering Final Judgment for NCNB, the trial court apparently ruled that section 697.05 did not apply. On appeal, Lage argues that NCNB violated section 697.05(2)(a)2 by failing to include the required statutory legend. NCNB responds that the mortgage is not a balloon mortgage as defined by the statute because the payments are neither regular nor periodic. 3 We find merit in Lage’s contentions. Section 697.05(2)(a)l, Florida Statutes (1987), defines “balloon mortgage” as “[e]very mortgage in which the final payment or the principal balance due and payable upon maturity is greater than twice the amount of the regular monthly or periodic payment....” In Bellman v....
...hanges are the result of the parties’ agreement. The totality of these circumstances leads us to conclude that the payments are “regular” payments. In addition, the statute requires a special legend on variable interest rate balloon mortgages. § 697.05(2)(a)2, Fla.Stat....
...Accordingly, the mortgage in question is within the statute even though the payments are subject to a variable interest rate. In summary, we hold that the balloon mortgage statute is applicable to the mortgage before us and that the mortgage does not comply with section 697.05(2)(a)2....
...Because NCNB did not comply, it is subject to the prescribed penalties. See Riano v. Burchfield,
512 So.2d 1121 (Fla. 3d DCA 1987). We therefore reverse the judgment in favor of NCNB and remand for the trial court to enter judgment in favor of Lage. Reversed and remanded with instructions. . Section
697.05, Florida Statutes (1987), provides: Balloon mortgages; scope of law; definition; requirements as to contents; penalties for violations; exemptions.— (1) Any conveyance, obligation conditioned or defeasible, bill of sale, or other ins...
...nt to a written agreement to buy and sell real property which provides that the final payment of said mortgage debt will exceed the periodic payments thereon. . In his counter cross-claim, Lage sought to secure imposition of statutory penalties. See § 697.05(3), Fla.Stat....
