Miscellaneous-------------------------------------------------------------------------------------------------------------------------------------------------------------
05/28/1997 21:02 3052921162 PAGE 02
. IV, l3.
F N "01
SPECIAL PROGRAMS OFFICE
c/o Key West/Monroe Co. Housing Authorities
1403 12th Street
Key West, Florida 33040
(305) 292-1221 FAX (305) 292-1162
May 28, 1997
Ms. Neta L. Seiber, Esquire
P.O. Box 522583
Marathon Shores, Florida 33052
Fax: 305-289-7294
Subject: County of Monroe, Rental Rehabilitation Mortgage and Promissory Note,
Sea Crest of Marathon, A General Partnership, December 1, 1991
Dear Ms. Seiber:
As discussed the original mortgage and note were for a face value of twenty-eight
thousand dollars ($28,000,00) and recorded as such prior to the initiation of rehabilitation
work. Actual funds drawn from the U.S. Department of Housing and Urban
Development and disbursed by the County of Monroe were in the amount of fifteen
thousand dollars ($15,000.00).
Check 00071, 1/3/92, HJP Construction, Inc. & Sea Crest of Marathon $14,812.40
Check 00072, 1 /3/92, Clerk of Court, Recording fees $187.60
(Copies attached)
The General Partnership completed the initial required rehabilitation(under Monroe
County Building Permit 91-2-1816, dated 10/22/91) in the amount of $30,000.00 for
Buildings I and 2 which qualified the project for the release of the HUD snatching funds
of $15,000.00.
The General Partnership did not pursue planned renovations under the HUD/County
Rental Rehabilitation program for Buildings 3 and 4 for the remaining $13,000.00 of
HUD allocated funds. These funds have since been de -obligated and Congress has
discontinued the fiinding of the U.S. HUD Rehabilitation Program.
In order to complete the transfer of title of the above subject property, you are hereby
authorized at the expense of the buyer/seller to prepare a mortgage modification. for
Page 1 of 3
"dedicated to the quality of life through housing and community Initiatives"
.. .... .......
05/28/1997 21:02 3052921162 PAGE 03
execution by the sellers to reflect the face value of the existing mortgage and note to be in
the amount of $15,000.00 and to include the following Amortization of Loan Schedule in
the mortgage modification:
Year
Anniv. Date
Loan Amt.
Deferred %
Deferred Amt.
Payoff Bal.
1
12/ 1 /92
$15,000.00
zero %
-0-
$15,000.00
2
12/1/93
$15,000.00
zero %
10-
$15,000.00
3
12/1/94
$151,000.00
zero %
-0-
$15,000.00
4
12/1/95
$15,000.00
15%
$22250.00
$12,750.00
5
12/1/96
$12,750.00
15%
$2,250.00
$10,500.00
6
12/1 /97
$102500.00
15%
$23,250.00
$ 83250.00
7
12/1/98
$ 8,250.00
15%
$25250.00
$ 6,000.00
8
12/1/99
$ 6,000.00
15%
$21250.00
$ 37750.00
9
12/1/2000
$ 3,750.00
15%
$27250.00
$ 1 *500,00
10
12/1/2001
$ 1,500.00
10%
$1,500.00
$ zero
You stated that the buyers are not requesting subordination of the county's existing
mortgage but solely the options to pay off the balance due and obtain a satisfaction of
mortgage (to be prepared by the county) or to assume the existing mortgage and abide by
all the terms and conditions. The buyers' options are as follows:
A) Provide at closing a check made payable to (Monroe County, Rental Rehabilitation
Program) c/o Finance Director, Monroe County , 500 Whitehead Street, Key West,
Florida 33040, in the amount of $10,500.00.
B) Assumed the responsibility of existing mortgage and note ( inclusive of the terms
of the above mortgage modification.)
If the buyers elect to assume the mortgage you are hereby authorized to prepare an
assumption of the county mortgage for execution and recording at buyers' expense.
Please provide us executed copies of the documentation stated above prior to recording.
Upon recording, please have the recorded documents forwarded to:
Special Programs Office
Monroe County Housing Authority
1403 12th Street
:Key West, Florida 33040
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PAGE 04
If we may be of any further assistance please contact me.
Sincerely, —
Roger Braun, Director
cc. Karen Farley -Wilkinson, General Partner, Sea Crest of Marathon (fax 305-743-4125)
Sandra Carlile, Finance Director, Monroe County
Nolie Carbonell, Finance Director, Monroe County Housing Authority
spo/seacrest
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PAGE 05
Payment Voucher U.S. Depadn)ent.of Houalk`
Rental Rehabilitation Program and Urban Developrrhnt
_Cash and Management Information (C/Ml) System Office l� Planning i r
OMB No. 2506-0080 (Expires 4/30/87)
To be completed by Grantee or Local Recipient with one original and 4 copies. Original (white) must be retained by Grantee (or Local Recipient). Green copy to
Property Owner. Yellow copy to Payee. Gold copy to State If Local Recipient is completing form. Pink copy must be sent to U.S. Department of Housing and
Urban Development, P.O. Box 23997, Washington. DC 20026.
" .1— oe tweepneo et 3'"Upl
2. GranNe/tacel Rsdpww Number
AtAo&- .I[.c
�- - N? 07,7911
Less aQ t of Mcat WV from wMch u a were t0an
r�rrr.
4. Amount Requaeted _
$ I�t00o100
r
5 �P
MaCnnan, .� .
Ch tk Number (For Grantee/Local Recipient Uee only)
1?W
WTat peymoot (check one) Name and M Of authoAXOd aignaiory (Type, or pant cbarly)
P70gress t
❑ Final (Air.
Rlpnalun and Oslo l
HUD•40021 (10-e4)
24 CFR 511
.......................................................................
05/28/1997 21:02 3052921162
THE MARINE BANK
,OF MONROE CO. 63.621
KEY WEST, FL 670
RANGT
,DER PAY TO THE ORDER OF
N° 10072
7
CLERK OF COURT
L J
uE00000? 2,j' -t:06?006 2811:
...............
PAGE 06
MONROE COUNTY RENTAL
REHABILITATION PROGRAM
AMOUNT
187.60
AUTHORIZED IN OPEN SESSION
•
C AIRMA
CLERK CIRC OURT—[X4FFICIo CLrRla4IlOARO
C NTY COMMISSIONERS
BY
DEPUTY CLERK
60S 2S70119
VOUCHER NO 00072
NROE COUNTY RENTAL
A131LITATION PROGRAM REMITTANCE ADVICC —DETACH BEFORE OC►OlITINO CHECK
DESCRIPTION
DATE
ACCOUNT
NUMBER
NUMBE
VOUCM[R
NUMBER
AMOUNT
BALANCE
PROJECT #0082000014
SEA CREST OF MARATHON
ACCT #001-099200-554354
RECORDING $42.00
DOC STAMPS $89.60
INTANG TAX $56.00
$187.60
BOARD OF COUNTY COMMISSIONERS
MONROE COUNTY. FLORIDA
o Veta -P. <S-F-d Fm, —(P.c--#.
-f. 9i.
9705 OVERSEAS HIGHWAY
MARATHON, FLORIDA 33050
NETA L. SEIBER, ESQ.
June 4, 1997
Mr. Danny Kolhage, Clerk of Court
Monroe County Courthouse Annex
500 Whitehead Street
Key West, Florida 33040
PHONE (305) 289-7291
FACSIMILE (305) 289-7294
KEY WEST 292-3009 (LOCAL ONLY)
RE: Assumption of Monroe County Mortgage by John Rathbun and Louise Rathbun
(Sea Crest of Marathon to Rathbun)
Dear Mr. Kolhage:
I represent John & Louise Rathbun, purchasers of Lots 19, 20, 21 and 22, Sea Crest
Heights Subdivision, according to the Plat thereof, as recorded in Plat Book 3, Page 60 of
the Public Records of Monroe County, Florida. My clients have elected to assume the
existing mortgage in favor of Monroe County pursuant to Mr. Roger Braun's facsimile
transmission of May 28, 1997, a copy of which is enclosed for your convenience.
Enclosed herewith for execution by Monroe County is the Assumption of the Monroe
County mortgage, executed by Mr. & Mrs. Rathbun, and the Mortgage Modification
Agreement between Sea Crest of Marathon, a General Partnership, and Monroe County.
I have also enclosed a check for the recording fees and a self addressed, stamped envelope
for return of the recorded documents. As I am preparing an Owner's Title Policy, I need
the recorded information before the original recorded documents can be forwarded to
Monroe County.
Should you have any questions, please contact me.
Very truly yours,
NLS/cap Neta L. Seiber, Esq.
encs.
*Dictated, but not read, and signed
in Ms. Seiber's absence to avoid delay