Item E2LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: January 16, 2008 Division: Land Authority
Bulk Item: Yes No X Contact / Phone #: Mark Rosch / 295-5180
Agenda Item Wording: Approval of a resolution authorizing modification of the mortgage loan and
deed restrictions encumbering the Roosevelt Sands Housing Complex in Key West.
Item Background: This resolution is proposed to assist the Key West Housing Authority (KWHA) in
upgrading an existing affordable housing development.
In 2001 the Land Authority issued a 30-year, zero -interest mortgage loan in the amount of $1,500,000
to the KWHA to fund the purchase of the 44-unit Roosevelt Sands Housing Complex located at 105
Truman Avenue in Key West. The housing is 67 years old and is functionally obsolete. The KWHA
proposes to demolish and rebuild the units to Energy Star standards using a $5 million loan from the
Florida Housing Finance Corporation's Community Workforce Housing Innovation Pilot Program
(CWHIP) and a conventional loan from an institutional lender of approximately $3,750,000. To support
this effort the KWHA requests authorization to:
1) modify the property's existing affordability restrictions to reflect the Land Authority's new statutory
income limit of 160% of area median income (section 380.0666(3), Florida Statutes);
2) subordinate the Land Authority's existing loan to an institutional loan not to exceed $3,750,000; and
3) extend the term of the Land Authority's existing loan to run concurrently with the proposed 50-year
CWHIP loan.
These actions are needed to meet the subordination requirement of institutional lenders, meet the
income requirement of the CWHIP program, and to submit a competitive CWHIP application.
Advisory Committee Action: The Advisory Committee will consider this resolution on January 24,
2008. Due to the January 28, 2008 CWHIP application deadline, this resolution is being considered by
the Governing Board prior to consideration by the Advisory Committee.
Previous Governing Board Action: The Board approved issuing a $1.5 million loan to KWHA to fund
the purchase of this property on March 23, 2001.
Contract/Agreement Changes: See item background above.
Staff Recommendation: Approval, subject to approval by the Advisory Committee on 1/24/08.
Total Cost: $500 Budgeted: Yes X No
Cost to Land Authority: 500 Source of Funds: Land Authority
(Tourist Impact Tax and State Park Surcharge)
Approved By: Attorney X County Land Steward
Documentation: Included: X To Follow: Not Required:
Disposition: Agenda Item
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RESOLUTION NO.
A RESOLUTION OF THE MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY AUTHORIZING
MODIFICATION OF THE MORTGAGE LOAN AND DEED
RESTRICTIONS ENCUMBERING THE ROOSEVELT SANDS
HOUSING COMPLEX IN KEY WEST.
WHEREAS, section 380.0666(3), Florida Statutes and section 9.3-2, Monroe County Code,
empower the Monroe County Comprehensive Plan Land Authority (hereinafter "Land Authority")
to acquire and dispose of interests in real property for the purpose of providing affordable
housing; and
WHEREAS, in 2001 the Land Authority issued a 30-year, zero interest mortgage loan in the
amount of $1,500,000 to the Key West Housing Authority to fund the purchase of the 44-unit
affordable housing site known as the Roosevelt Sands Housing Complex (hereinafter "subject
property") located at 105 Truman Avenue in Key West; and
WHEREAS, the Key West Housing Authority desires to demolish and rebuild the housing on the
subject property by obtaining a $5,000,000 mortgage loan from the Florida Housing Finance
Corporation's Community Workforce Housing Innovative Pilot (CWHIP) program together with a
mortgage loan from an institutional lender of approximately $3,750,000; and
WHEREAS, to enhance the project's financial feasibility and make the project's CWHIP
application more competitive, the Key West Housing Authority has requested the Land
Authority's approval to modify the existing mortgage loan and deed restrictions encumbering the
subject property's title; and
WHEREAS, the CWHIP application deadline is January 28, 2008 and the Land Authority
Advisory Committee will consider this resolution on January 24, 2008; NOW, THEREFORE,
BE IT RESOLVED BY THE MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY
Section 1. This resolution shall only take effect if approved by the Land Authority Advisory
Committee.
Section 2. If the Key West Housing Authority's CWHIP application is approved by the Florida
Housing Finance Corporation, the Chairman of the Land Authority Governing Board is hereby
authorized to execute the necessary documents to:
a) modify the restrictions on the warranty deed recorded in Official Records Book 1697 at
Page 2074 to implement the revisions shown in Attachment A; and
b) subordinate the Land Authority's $1,500,000 mortgage loan recorded in Official Records
Book 1697 at Page 2076 to an institutional first mortgage in an amount not to exceed
$3,750,000; and
c) extend the term of said Land Authority mortgage loan from the existing 30-year term that
commenced in 2001 to a term of 50 years commencing from the date of the CWHIP note
and mortgage; and
Page 1 of 2
d) modify the restrictions on said Land Authority mortgage loan to implement the revisions
shown in Attachment B.
PASSED AND ADOPTED by the Monroe County Comprehensive Plan Land Authority at a
regular meeting on this day of 2008.
(Seal)
ATTEST:
Mark J. Rosch
Executive Director
Approved for Legal Sufficiency
Larry R. Erskine
MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY
Charles "Sonny" McCoy
Chairman
Page 2 of 2
ATTACHMENT A
Revisions to Restrictions Attached to the Warranty Deed Recorded
in Official Records Book 1697 at Page 2074
Roosevelt Sands Housing Complex
THIS DEED IS MADE AND IS TO BE ACCEPTED WITH THE UNDERSTANDING THAT USE
OF THE PROPERTY CONVEYED IS RESTRICTED BY THE FOLLOWING:
THE PROPERTY SHALL BE DEVELOPED WITH AFFORDABLE HOUSING F=np VERY i GA
LOW, OR MQDF=R44TFINJr'nJNrFRE conic °c DEFINED IN SF=CT�I 4r20. 004 IN
ACCORDANCE WITH SECTION 380.0666(3), FLORIDA STATUTES, CONSISTENT WITH
THE FOLLOWING POLICIES OF THE KEY WEST HOUSING AUTHORITY:
1. Income targeting shall be 80% of median adjusted for family size. Income targeting may
increase to 120% to maintain occupancy level and financial feasibility but not to exceed 40%
of project units. Income targeting for workforce housing units may increase to 150% of
median but may not exceed 20% of the project units.
2. Rental rates shall be calculated using the same methodology as the low income housing tax
credit program as adjusted annually.
3. The compliance requirements shall be the same of the Low Income Housing Tax Credit
(LIHTC) Program as contained in the Florida Housing Finance Corporation (FHFC)
Compliance Manual and shall be the responsibility of the developer to insure compliance
annually.
4. The program requirements for the LIHTC, Mortgage Revenue Bond (MRB), State Apartment
Incentive Loan (SAIL), and HOME programs when competitively obtained require lower
income targeting (rents), which take precedence when utilized.
5. The US Department of Housing and Urban Development occupancy requirements (family
composition) shall be adhered to, as they pertain to maximum occupancy only.
The above restrictions shall not expire and may only be released by the Monroe County
Comprehensive Plan Land Authority.
These restrictions are for the benefit of the present owner and its successors and assigns and
may be enforced by them in every lawful manner.
ATTACHMENT B
Revisions to Restrictions Attached to the Mortgage Deed Recorded
in Official Records Book 1697 at Page 2076
Roosevelt Sands Housing Complex
In reference to the Mortgage Deed dated the 21st day of May, 2001, between the
HOUSING AUTHORITY OF THE CITY OF KEY WEST, FLORIDA, A PUBLIC BODY
CORPORATE AND POLITIC, Mortgagor, and MONROE COUNTY COMPREHENSIVE PLAN
LAND AUTHORITY, A LAND AUTHORITY UNDER SECTION 380.0663(1), FLORIDA
STATUTES AND MONROE COUNTY ORDINANCE NO. 031-1986, the Mortgagee, the parties
further covenant and agree as follows:
1. Mortgagor's use of the property shall be limited to the provision of affordable housing
4n v i 10W innnmo In�ni innnmo mn`J 40 nmo norcnnc as defined in C 420 0004
�� ��„�er�Qe�� in
accordance with section 380.0666(3), Florida Statutes.
2. Mortgagor is responsible for developing and managing the property as affordable
housing and ensuring compliance with the affordability requirement of 1 above.
3. Mortgagor shall obtain Mortgagee's written consent prior to conveying the real
property and said conveyance shall be made subject to this mortgage.
!777
Board of Commissioners
Frank Toppino
Bob Dean
Juanita Mingo
John G. Parks, Jr.
Roosevelt Sands, Jr.
December 14, 2007
Mr. Mark J. Rosch
Executive Director
Housing Authority of the City of Key West, Florida
1400 Kennedy Drive, Key West, FL 33040
Phone: (305) 296-5621 Fax: (305) 296-0932
Monroe County Comprehensive Land Authority
1200 Truman Avenue, Suite 207
Key West, FL 33040
Dear Mr. Rosch,
Executive Director
J. Manuel Castillo, Sr.
The purpose of this letter is to request the Monroe County Comprehensive Land Authority's
(MCCLA) assistance to modify certain terms and conditions for affordability and term as
contained on that certain warranty deed dated May 21, 2001 and mortgage deed of the same date
attached.
The MCCLA provided purchase financing to the Housing Authority of the City of Key West,
Florida (Housing Authority) to acquire a 44 unit affordable rental complex then named Key
Plaza Apartments. The transaction took place on May 21, 2001 and the Housing Authority has
operated the property as affordable housing since then.
The improvements are 67 years old and are functionally obsolete. One building containing 6
units has been demolished due to its deteriorated condition. The remaining 4 buildings
containing 38 units sustained damage from Hurricane Wilma and their useful life is unknown.
The buildings continue to maintain high occupancy levels based on the affordable rents charged.
PROPOSED REDEVELOPMENT PLAN
The Housing Authority intends to demolish the exiting four buildings and rebuild 44 affordable
rental units and a free standing structure to provide daycare for residents. The units will be
energy star which will substantially reduce electric, water and sewer costs. The first two
buildings will be built prior to any demolition and existing residents will be moved into the new
units before their buildings are demolished. The Housing Authority does not anticipate any
displacement of exiting tenants since they will all be offered a new unit.
COMMUNITY WORKFORCE HOUSING INNOVATIVE PILOT PROGRAM (CWHIP):
The State of Florida Legislature created the CWHIP Program last year and funded it again during
this legislative session. Total funding available to eligible communities is $60,000,000 with a
cap on funding of $5,000,000 per applicant. The awards are in the form of a loan with interest
accruing at 1 % for those applicants agreeing to maintain the rental properties as affordable for a
period of fifty years. At the end of fifty years of affordability, the loan and interest are forgiven.
CWHIP defines affordability as up to 150% of the median for workforce housing residents of our
community. This group includes teachers, postal workers, policemen, firemen, city and county
employees, courier drivers, etc. CWHIP will fund up to $5,000,000 per applicant or 50% of the
total project cost whichever is less. This means the applicant must secure a first mortgage from a
financial institution to make up the balance of any cost above $5,000,000. CWHIP will
subordinate its position to an institutional first mortgage and the MCCLA as a second mortgage.
REQUESTS:
1. The recorded mortgage deed is a purchase money first mortgage.
We would request that the MCCLA agree to subordinate their $1,500,000 mortgage to an
institutional first mortgage.
2. The promissory note shall be due and payable in full on the same date as the inferior
mortgage anticipated between the mortgagor and its grantee for thirty years from the date
of execution of this note whichever comes first.
We would request that this note be modified and be due and payable fifty years from the
date of the execution of a CWHIP note and mortgage. This action would relieve the
institutional first mortgagee's concerns regarding the difference in loan expiration dates
and permit the Housing Authority to maximize the local contribution as a result of this
transaction.
3. The affordability provisions contained in the warranty deed do not provide for amending
the income levels to be served.
We would request strikethrough changes to language in the deed as follows:
"The property shall be developed with affordable housing a
mite ine me per -sons as defined i Seet o 420 0004 in accordance watt) Sectlon
380{}666 3 Florida Statutes, consistent with the following policies of the Key West
Housing Authority:
N
1. Income targeting shall be 80% of median adjusted for family size. Income targeting
may increase to 120% to maintain occupancy level and financial feasibility but not to
exceed 40% of project units. Income tai'«etin Y for wc» k 6orce housing units in.a
lncl c <t to 150% of r-yiedian but iiiav not exceed 20%cif the proicI units.
2. Rental rates shall be calculated usin r the same methodolo"y as the low income
housing tax credit program as adjusted annually.
If you should have any questions regarding this request, please feel free to contact me or John
O'Brien at your earliest convenience. As I indicated to you yesterday, the application due date is
January 29, 2008. You and your Board's continued assistance in providing affordable housing
opportunities for the residents of Monroe County is sincerely appreciated.
Sincerely,
2WO
J Manu
el Castillo, Sr.
Executive Director
PC: Mayor Morgan McPherson, City of Key West
John E. O'Brien, Consultant
3
MONROR COUNTY
OFFICIAL RECORDS
Prepared by: John M. Spottswood, Jr.
SPOTTSWOOD, SPOTTSWOOD 6 SPOTTSWOOD
500 Fleming Street
Key West, FL 33040
Parcel ID Number:
Grantee #1 TIN:
Grantee #2 TIN:
Warranty Deed
F[LE N1. 2 .3
8KR:1. f, 4 Pr,42 0 7 4
RCD MaY 2.3 2001 08t43AM
DANNY L KOLRAGF, CLERK
DEED DOC STAM I0500.00
09/23/2001
DEP CLK
This Indenture, Madethis 21st dayof May , 2001 A.D., Between
KEY PLAZA APARTMENTS -II, LTD., a Florida limited partnership
of the County of Monroe , State of Florida , grantor, and
THE HOUSING AUTHORITY OF THE CITY OF KEY WEST, a public corporation
and a public body corporate and politic, a corporation existing under
the laws of the State of Florida
whose address is: 1400 Kennedy Drive, Key West, FL 33040
of the County of Monroe
State of Florida , grantee.
Witnesseth that the GRANTOR, for and inconsideration of the sum of
---'---------------------TEN DOLLARS ($10) ---- DOLLARS,
and other good and valuable consideration to GRANTOR in hand paid by GRANTEE, the receipt whereof is hereby acknowledged, has
granted, bargained and sold to the said GRANTEE and GRANTEE'S heirs, successors and assigns forever, the following described land, situate,
lying and being in the County of Monroe State of Florida to wit:
All of Lots 8 and 12 and a portion of Lot 11, Tract 3 described as
follows:
BEGINNING at the intersection of the Westerly line of Division Street
(Truman Avenue) with the Southerly line of Emma Street thence
Westerly along the Southerly line of Emma Street a distance of 155.52
feet; thence in a Southerly direction parallel with the Westerly
boundary of Division Street (Truman Avenue) for a distance of 113.33
feet to a point; thence in a Westerly direction parallel with the
Southerly boundary of Emma Street for a distance of 82.46 feet to a
point; thence in a Southerly direction parallel with the Westerly
boundary of Division Street (Truman Avenue) for a distance of 89.34
feet to a point; thence in a Westerly direction parallel with the
Southerly boundary of Emma Street for a distance of 82.46 feet to a
point; thence in a Southerly direction parallel with the Westerly
boundary of Division Street (Truman Avenue) for a distance of 89.33
feet to a point on the Northerly line of Fort Street. Said point
being 41.23 feet Easterly from the Easterly boundary of Olivia
Street; thence in an Easterly direction along the Northerly boundary
of Fort Street for a distance of 320.44 feet to the Westerly boundary
of Division Street (Truman Avenue) thence Northerly along the
(Continued on Attached)
and the grantor does hereby fully warrant the title to said land, and will defend the same against lawful claims of all persons whomsoever.
In Witness Whereof, the grantor has hereunto set its hand and seal the day and dear first above written.
Signed, s ed a elivered in our presence: KEY PI, NTS-II, LTD.
By: _® �� (Seal)
Pr' dare • i) c.) JOHN O'BRIEN, General Partner
yPnted
ss P.O. Ad re
P.O. Box 129, Key West, FL 33041
Name:ss
STATE OF Florida (Corporate Seal)
COUNTY OF Monroe
The foregoing instrument was acknowledged before me this 213t day of May , 2001 by
JOHN O'BRIEN, General Partner, on behalf of KEY PLAZA APARTMENTS -II,
LTD., a Florida limited partnership
he is personally known tome or he has produced his Florida driver' lice as identificati n.
Linda Kay Arnold
C0nmtaei0n t CO 894i27 �Y
Expires Jan. 22.2004 inted Nam Bonded 'i'hru
��,,I nn„`,, AEIenEic Beaiinlr Ce., Inc. Otary Public
My Commission Expires:
99-12135 Laser Generated by 0 Display Systems, 1—, 1998 (941) 763-5555 Fm FLWD-1
Warranty Deed- Page 2
Parcel [D Number:
F ILE # t 2 3 15 6 15 2
8K#]. F (-4 -7 PG#2 0 "7 5
Westerly boundary of Division Street (Truman Avenue) for a distance
of 292 feet to a point of beginning.
THIS DEED IS MADE AND IS TO BE ACCEPTED WITH THE UNDERSTANDING THAT
USE OF THE PROPERTY CONVEYED IS RESTRICTED BY THE FOLLOWING:
THE PROPERTY SHALL BE DEVELOPED WITH AFFORDABLE HOUSING FOR VERY LOW,
LOW, OR MODERATE INCOME PERSONS AS DEFINED IN SECTION 420.0004,
FLORIDA STATUTES, CONSISTENT WITH THE FOLLOWING POLICIES OF THE KEY
WEST HOUSING AUTHORITY:
1. Income targeting shall be 80% of median adjusted for family size.
Income targeting may increase to 120% to maintain occupancy level and
financial feasibility but not to exceed 40% of project units.
2. Rental rates shall be the same as the low income housing tax
credit program as adjusted annually.
3. The compliance requirements shall be the same as the LIHTC
Program as contained in the FHFC Compliance Manual and shall be the
responsibility of the developer to insure compliance annually.
4. The program requirements for the LIHTC, MRB, SAIL, and HOME
programs when competitively obtained require lower income targeting
(rents), which take precedence when utilized.
5. The US Department of Housing and Urban Development occupancy
requirements (family composition) shall be adhered to, as they
pertain to maximum occupancy only.
The above restrictions shall not expire and may only be released by
the Monroe County Comprehensive Plan Land Authority.
These restrictions are for the benefit of the present owner and its
successors and assigns and may be enforced by them in every lawful
manner.
MONROE COUN'PV
OF'F"ICIA[, RECORDS
Laser Generstedby 0 Display Systems.Inc., 1999 (941)763-5555 Form FLWD-1
MONRO9 COUNTY FILE # Z, 1 ;3 E. C, E 3
OFFICIAL RECORDS RK# 1 b 9 7 PG# 2 0 7 E,
RCO May 23 2001 08:45AM
DANNY L KOLR AGE, CLERK
[Space Above This Line for Recording Data]
THIS MORTGAGE DEED
(Wherever —cl heroin, the terms 'morlgagat' and 'mortgages" Include all the•partles to this instrument and the heir., legal t.prs —all •■ and assigns o1
individuals, and the successors and assigns of CmparaNOW and the Is- "nap' Include all the nolea herein described If more rhao one. WK...... used
the C"striar number ahall include the plural and the plural the singuullar. and the use of any gender shall include all gendive.)
Executed the C-1 I_ day of L A.D. 2Wi by
THE HOUSING AUTHORITY OF THE CITY 0 KEY WEST, FLORIDA, a Public Body Corporate and
Politic ("Mortgagor"), to
MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY, a land authority under Section
380,0063(t), Florida Statutes and Monroe County Ordinance No. 031-1986, ("Mortgagee"),
Witnesseth, that for good and valuable considerations, and also in consideration of the aggregate sum named in the
promissory note of even date herewith, hereinafter described, the said Mortgagor, does grant, bargain, sell, alien, remise, release,
convoy, and confirm unto the said Mortgagee, in fee simple, all that certain tract of land, of which the said Mortgagor Is now seized
and possessed, and In actual possession, situated In Monroe County, State of Florida, described as follows:
SEE LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF
AS EXHIBIT "A"
THIS IS A PURCHASE MONEY FIRST MORTGAGE,
THE CONDITIONS, STIPULATIONS AND AGREEMENTS CONTAINED IN EXHIBIT
"B", ATTACHED TO THIS MORTGAGE, ARE INCORPORATED HEREIN BY
REFERENCE.
To Have and to Hold the some, together with the tenements, hereditaments and appurtenances thereto belonging, and
the rents, issues and profits thereof, unto the said Mortgagee in fee simple.
AND the Mortgagor covenants with the Mortgagee that the Mortgagor is Indefeasibly seized of said land In fee simple; that the
Mortgagor has good right and lawful authority IQ convey said land as aforesaid, that the Mortgagor will make such further
assurances to perfect the fee simple title to said land In the Mortgagee as may reasonably be required; that the Mortgagor hereby
fully warrants the title to said land and will defend the same against the lawful claims of all persons whomsoever, and that said fend
Is free and clear of all encumbrances except those of record,
THIS NOTE AND MORTGAGE ARE EXEMPT FROM DOCUMENTARY STAMP
TAX AND INTANGIBLE TAX,
FILE #1? 6Ei 5?
BK# Z E 9 7 PG# 2 0 7 7
Provided always, that It said Mortgagor shall pay unto the said Mortgagee the certain promissory note, hereinafter
substantially copied or identified, to wit:
PROMISSORY NOTE
S1,500,000.00 Key West, Monroe County, Florida
Date_,
For the value received the undersigned promises to pay to the order of MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY the sum of ONE MILLION FIVE
HUNDRED THOUSAND AND NO/100 DOLLARS ($1,500,000.00) in legal and lawful money
of the United States of America, with interest from date at the rate of 0%, (zero percent) per
annum on the balance from time to time remaining unpaid. The said principal and interest shall
be payable in lawful money of the United States of America at: 1200 Truman Avenue, Suite 207,
Key West, FL 33040 or at such place as may hereafter be designated by written notice from the
holder to the maker hereof, on the date and in the manner following.
This Note shall be due and payable in full on the same date as the inferior mortgage anticipated
between the Mortgagor mad its Grantee or thirty (30) years from the date of execution of this
Note, whichever occurs first. This note shall bear deferred interest from the date of maturity
until paid in full at the highest rate allowed by law. It is further agreed if any Grantee of the
Mortgagor shall convey any part of the subject real property without the prior written consent of
the Mortgagee, then, at the option of the Mortgagee, the whole sum of the principal payable
under the note shalt become immediately due and payable together with a sum equal to interest
from date until paid in the amount of 9.5% pet annum.
This Note with interest is secured by a mortgage on real estate, of even date herewith, made by
the maker hereof in favor of the said payee, and shall be construed and enforced according to the
laws ofthe state orFlorida.
If default be made in the payment of any of the sums or interest mentioned herein or in said
mortgage, or in the performance of any of the agreements contained herein or in said mortgage,
then the entire principal sum and seemed interest shall at the option of the holder hereof become
at once due and collectable without notice, time being of the essence, and said principal sum and
accrued interest shall both bear interest from such time until paid at the highest rate allowable
under the laws of the State of Florida. Failure to exercise this option shall not constitute a
waiver of the right to exercise the same in the event of any subsequent default.
Each person Gable hereon whether maker or endorser, hereby waives presentment, protest,
notice, notice o£ protest, and notice of dishonor, and agree to pay all costs, including a
reasonable attorney's fee, whether suit be brought or not, if, after maturity of this note or default
hereunder, or under said mortgage, counsel shall be employed to collect this note or to protect
the security of said mortgage,
Whenever used herein the terms "holder", "maker", and "payee" shall be construed in the
singular or plural as the context may require or admit.
THE HOUSING AUTHORITY OF
THE CITY OF KEY WEST,
FLORIDA, A PUBLIC BODY
CORPORATE AND POLITIC
BY:.
FRANK TOPPINO,CHAIRMAN
and shall perform, comply with and abide by each and every the stipulations, agreements, conditions and covenants thereof and of
this moRgage,lhen this mortgage and the estate hereby created shall cease determine and be null and void.
And the said Mortgagor hereby covenants and agrees;
to pay promptly when due the principal and interest and other sums of money provided for in said note and this mortgage, or
either, to pay all and singular the taxes, assessment$, levies, liabilities, obligations, and encumbrances of every nature on said
property; to permit, commit or suffer no waste, impairment or deterioration of said land or the Improvements thereon at any time; to
keep the buildings now or hereafter on said And fully Insured in a sum of not less than the highest Insurable value In a company
or companies acceptable to the Mortgagee, the policy or policies to be held by, and payable to, said Mortgagee, and In the event
any sum of money becomes payable by virtue of such Insurance the Mortgagee shall have the right to receive and apply the same
to the indebtedness hereby Secured, accounting to the Mortgagor for any surplus, to pay all costs, charges and expenses, Including
lawyers fees and title searches, reasonably Incurred or paldby the Mortgagee because of the Mortgagor to promptly
FTLF #1. 2 ;3 6 6 6 3
BK# 1 6 9 7 PIi# 2 0 7 13
and fully comply with the agreements, stipulations, conditions, and covenants of said note and this mortgage, or either, t0 perform,
comply with and abide by each and every one of the agreements, stipulations, conditions, and covenants set forth In said note and
this mortgage or either. In the event the Mortgagor fails to pay when due any tax, assessment, Insurance premium, or other sum of
money payable by virtue of said note and this mortgage, or either, the Mortgagee may pay the same,without waiving or affecting the
option to foreclose or any other right hereunder, and all such payments shall bear Interest from date thereof at the highest lawful
rate then allowed by the laws of the State of Florida.
If any of said sums of money herein referred to be not promptly paid within THIRTY (30) days next after the same becomes
due, and payable, or if each and every one of the agreements, stipulations, conditions and covenants of said note and this
mortgage, W either, are not fully performed, compiled with and abided by, then the entire sum mentioned in said note, and this
mortgage, or the entire balance unpaid thereof, shall forthwith or thereafter, at the option of the Mortgagee, become and be due
and payable, anything in said note or herein to the contrary notwithstanding. Failure by the Mortgagee to exercise any of the rights
or options herein provided shall not constitute a waiver of any rights orations under said note or this mortgage accrued or thereafter
accruing.
In Witness Whereof, The said Mortgagor hereunto sets his hand and seal the day and year first above written.
Signed, Sealed and Delivered in Our Presence:
T W SSES REQUIRED
lgn & Pri
j a Sc,�o�7
THE HOUSING AUTHORITY OF THE
CITY OF KEY WEST, FLORIDA, A
PUBLIC BODY CORPORATE AND POLITIC
: FRANK TOPPINO, CHAIRMAN
STATE OF FLORIDA
COUNTY OF MONROE
I HEREBY CERTIFY that on this _ - day of gjL. 2001, before me, an officer duly qualified to
take acknowledgements, personally appeared: FRANK TOPPING, CHAIKIMAN, The Housing Authority of the City of Key West,
Florida, a Public Body Corporate and Politic to me known to be the persons described in and who executed the foregoing
Instrume t and apknowle aed before me they executed same. Driver's License shown as Identification.
NOTARY PUBLIC ,,••rur,• Linda Kay Arnold
COMMISSION EXPIRATION: Commissioni0Q8t74G27
ru
Pre red by: S. Sapp ,, Expires Jan. 22, 2004
eyer & Erskine, P.A. II"I ,,. ,,,.•`��`' Atlentie Bondinded ng Co., ]no.
31211 Avenue A
Big Pine Key, FL 33043
FILE #1.23t,,56j3
BKII_ 1 9 7 PG92 0 7 9
EXHIBIT A
All of Lots 8 and 12 and a portion of Lot 11, Tract 3 described as follows: BEGINNING at the
intersection of the Westerly line of Division Street (Truman Avenue) with the Southerly line of
Emma Street; thence Westerly along the Southerly line of Emma Street a distance of 155.52 feet;
thence in a Southerly direction parallel with the Westerly boundary of Division Street (Truman
Avenue) for a distance of 113.33 feet to a point; thence in a Westerly direction parallel with the
Southerly boundary of Emma Street for a distance of 82.64 feet to a point; thence in a Southerly
direction parallel with the Westerly boundary of Division Street (Truman Avenue) for a distance
of 89.34 feet to a point; thence in a Westerly direction parallel with the Southerly boundary of
Emma Street for a distance of 82.46 feet to a point; thence in a Southerly direction parallel with
the Westerly boundary of Division Street (Truman Avenue) for a distance of 89.33 feet to a point
on the Northerly line of Fort Street, said point being 41,23 feet Easterly from the Easterly
boundary of Olivia Street; thence in an Easterly direction along the Northerly boundary of Fort
Street for a distance of 320.44 feet to the Westerly boundary of Division Street (Truman
Avenue); thence Northerly along the Westerly boundary of Division Street (Truman Avenue) for
a distance of 292 feet to the point of beginning.
FCLE #12 366153 EK#7_ G g 7 PG#2 0 0
EXHIBIT B TO MORTGAGE
In reference to the Mortgage Deed dated the Day of 2001,
between THE HOUSING AUTHORITY OF THE CITY OF KEY WEST, FLORIDA, A
PUBLIC BODY CORPORATE AND POLITIC, Mortgagor, and MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY, a land authority under Section
380.0063(1), Florida Statutes and Monroe County Ordinance No. 031-1986, the Mortgagee
the parties further covenant and agree as follows:
1. Mortgagor's use of the property shall be limited to the provision of affordable housing
to very low income, low income, or moderate income persons, as defined in S.420.0004, Florida
Statutes.
2. Mortgagor is responsible for developing and managing the property as affordable
housing and ensuring compliance with the affordability requirement of 1 above.
3. Mortgagor shall obtain Mortgagee's written consent prior to conveying the real
property and said conveyance shall be made subject to this mortgage.
MONROE COUNIry
OFFICIAL RECORDS