Resolution 504-2008
RESOLUTION NO. 504 - 2008
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, EXTENDING THE DEFAULT DATE FOR
THE SHIP MORTGAGE ISSUED FOR WOODS CORNER.
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 Comer,
Islamorada, Florida; and
WHEREAS, the mortgage was due and payable on April 30, 2008; and
WHEREAS, MKCL T 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
and
WHEREAS, the County previously agreed to extend the due date on the construction loan;
WHEREAS, MKCLT needs additional time to complete the sales of the Woods Comer
units or face default;
NOW THEREFORE BE IT RESOLVED by the Board of County Commissioners of
Monroe County, Florida that:
Section 1. The previously extended due date of November 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 January 31, 2009.
Section 2.
This resolution shall be effective as of December 17, 2008.
Res Extend Due Date MKCLT SHIP to 1/31/09 1
Mtg on Woods Corner
"
PASSED AND ADOPTED by the Board of County Commissioners of Monroe County,
Florida, at a regular meeting of said Board held on the 17th day of December, 2008
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'<:~DANNY L KOLHAGE, Clerk
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Mayor George Neugent
Mayor Pro Tern Sylvia Murphy
Commissioner Mario DiGennaro
Commissioner Kim Wigington
Commissioner Heather Carruthers
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Yes
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BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
By: ~~ L: 4 'o)0i.A4.5 e.J--
Mayor
HO J. M
ASSISTANT COU
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Res Extend Due Date MKCLT SHIP to 1/31/09 2
Mtg on Woods Corner