Resolution 117-2008
RESOLUTION NO. 117 -2008
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, EXTENDING THE DEFAULT DATE FOR
THE SffiP MORTGAGE ISSUED FOR WOODS CORNER, AND
AUTHORIZING THE EXECUTION OF PARTIAL SATISFACTIONS FOR
PARTIAL PAYMENTS MADE THEREON.
WHEREAS, on July 23, 2007, the Board of County Commissioners of Monroe County
(County), Florida, executed a SHIP construction mortgage in the amount of $315,000 with the
Middle Keys Community Land Trust (MKCLT) for affordable housing at Woods Corner,
Islamorada, Florida; and
WHEREAS, the mortgage was due and payable on April 30, 2008; and
WHEREAS, MKCLT has obtained certificates of occupancy on some of the units but is not
prepared to write a check to the County for the amount of the construction loan; and
and
WHEREAS, it is anticipated that SHIP mortgages will be executed for each unit purchase;
WHEREAS, the SHIP budget has some administrative monies budgeted which could be
transferred through a companion resolution to cover the issuance of the individual purchase
mortgages until the construction mortgage is satisfied through checks to be issued by MKCLT at
each closing; and
WHEREAS, it is necessary to extend the due date on the construction loan mortgage in the
amount of $315,000 and recorded at OR Book 2310, Pages 1991 through 1995, or to find the
mortgagor in default; and
WHEREAS, if the mortgagor is to payoff the mortgage amount in increments, it will be
necessary to authorize the County Administrator to execute a partial release or satisfaction in lieu
of a full satisfaction which would be purely administrative if the mortgage were satisfied in the
normal course of business; and
WHEREAS, time is of the essence for MKCLT to complete the project and close on all 16
units prior to July 1, 2008, when the SHIP statutory spending requirements change;
NOW THEREFORE BE IT RESOLVED by the Board of County Commissioners of
Monroe County, Florida that:
Section 1. The due date of April 30, 2008, of the $315,000 SHIP mortgage between the
mortgagor Middle Keys Community Land Trust (MKCLT) and the mortgagee Monroe County
(County) is hereby extended to June 30, 2008.
Res Extend Due DC!te MKCLT SHIP
Mtg on Woods Corner
1
Section 2. The County Administrator is hereby authorized to execute partial releases or
satisfactions of mortgage on the MKCLT mortgage recorded at OR 2310/1991-1995 which partial
releases have been approved by the County Attorney for signature for each payment made on the
mortgage.
Section 3.
This resolution shall be effective on May 21, 2008.
PASSED AND ADOPTED by the Board of County Commissioners of Monroe County,
Florida, at a regular meeting of said Board held on the 21st day of May, AD, 2008.
Mayor Charles "Sonny" McCoy
Mayor Pro Tern Mario DiGennaro
Commissioner Sylvia Murphy
Commissioner George Neugent
Commissioner Dixie Spehar
Yes
Yes
Yes
Yes
Yes
(SEAL)
Attest: DANNY L. KOLHAGE, Clerk
B~
BOARD OF COUNTY COMMISSIONERS
OF MONROE (jNTY, FLORIDA
By: ~
Mayor/Chairman
MONROE COUNTY ATTORNEY
APj?,p(OVED AS TO F .
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Mtg on Woods Corner
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