Page 12 - Boca Club News - November '22

Page 12, Boca Club News

Medical Matters from page 11 Outrageous prescription drug prices in the USA are available cheaper alternatives. Our TV screens are flooded
devastating to millions of people who simply cannot with commercials lauding a wide variety of prescription
biopsies adding not only to the cost, but increasing risk and afford to pay for essential medications and put food on the medications advising viewers to consult their doctors with
anguish for the patient. Many small cancers will never grow to table. Although recent legislation will allow Medicare to the expectation this will pressure them to prescribe them.
threaten a patient, and others have already metastasized even negotiate some drug prices, it doesn’t apply to the private There are three drug lobbyists in Washington for every
when discovered at the earliest time. With so many of these sector. Patients continue to demand, and doctors prescribe, member of congress! Last year, 72 senators and 302 members
centers now in existence, there are not enough symptomatic antibiotics (most notably the ZPac) for a variety of viral of the House of Representatives cashed a check from the
patients available, so they are ready to study anyone willing infections, including the common cold and the flu, where pharmaceutical industry, representing more than 66% of
to submit. More than 62 million CT scans were performed last there is no evidence of any benefit. Not only is this costly, congress. No wonder why no really major legislation has
year in the US. One-third of them had no justifiable medical but it has encouraged the emergence of bacteria such as the been passed to significantly reduce drug prices.
reason, which translates into 20 million adults and one million “Super Bugs” MERSA and C. Difficile infections that are Another factor is the continued practice of very expensive
children. CT scans give 30 to 50 times the radiation exposure resistant to antibiotics and are seen with increasing frequency protracted late-stage, hopeless intensive care of terminally
of a chest X-ray. It is estimated that in the next decade 2% of in hospitals and in the community, resulting in over 100,000 ill patients. In this situation, many would agree that it would
all cancers will be directly attributed to the radiation received deaths annually. make more sense to concentrate efforts to reduce a patient’s
from CT scans. Patients who are told their whole-body scans Drug company representatives have been successful in suffering, not prolong it. Hospice is a much-preferred
are negative are led to the erroneous belief that this means inducing doctors to prescribe new, very expensive products alternative.
they are free of cancer. that often offer little more than older, time-honored, widely (In next month’s column...Part 2)
Legal:

Due on Sale Clause

By Michael J Posner, Esq., a partner If all or any part of the Property or any Interest in the loan. Today, most lenders will not even consider allowing
in Ward Damon P.L. a mid-sized real Property is sold or transferred (or if Borrower is not a a mortgage to be assumed, in part, because most mortgages
estate and business-oriented law firm natural person and a beneficial interest in Borrower is sold or are not held by individual lenders but are held by large
serving all of Florida, with offices in transferred) without Lender’s prior written consent, Lender institutions as part of a mortgage securitization package.
Palm Beach and Lee County. They may require immediate payment in full of all sums secured In addition, given that we are in a rising interest rate
specialize in real estate law and can by this Security Instrument. However, this option shall not economy it would make no sense for a lender to approve an
assist sellers and purchaser with be exercised by Lender if such exercise is prohibited by assumption at a lower than market rate. The most obvious
closing and financing of residential Applicable Law. trigger of a due on sale clause is the transfer of property
and commercial real estate including Traditionally, mortgages were freely assumable, which by deed. Even if the new buyer continues to make monthly
remote closings. They can be reached at (561) 594-1452 or meant that on the sale of any property encumbered by a payments the lender will become aware of the transfer either
at mjposner@warddamon.com. mortgage the buyer would take subject to the mortgage, due to the receipt of payment from third party or when they
The most commonly used mortgage in Florida is the but that the lender could not foreclose the loan as a result receive the next tax bill, which will show a new owner
Single Family—FNMA/Freddie Mac Uniform Instrument. of the sale. The seller would remain liable under the note instead of the original borrower.
This form is used in over ninety percent of residential and the loan would be nonrecourse to the buyer whose only Some people use a wrap mortgage to maintain the
mortgage closings. It states: Transfer of the Property or risk for nonpayment would be a foreclosure. illusion of the monthly payment from the original borrower.
a Beneficial Interest in Borrower. As used in this Section Mortgages then became assumable only with the The wrap mortgage is a second mortgage encumbering the
18, “Interest in the Property” means any legal or beneficial consent of the lender. This required a buyer to apply to property in an amount equal to or greater than the original
interest in the Property, including, but not limited to, those assume a mortgage and to agree to be personally liable mortgage. The buyer pays monthly payments on the wrap
beneficial interests transferred in a bond for deed, contract under the note secured by the mortgage. Many lenders, in mortgage to the seller, who then continues to make payments
for deed, installment sales contract or escrow agreement, a declining interest rate market, would be willing to allow to the first mortgage lender.
the intent of which is the transfer of title by Borrower at a an assumption of mortgage in exchange for certain fees
future date to a purchaser. and an approval of the buyer in the same manner as a new Legal on page 14

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