The URL can be used to link to this page

Item F3LAND AUTHORITY GOVERNING BOARD AGENDA ITEM SUMMARY Meeting Date: September 17, 2014 Bulk Item: Yes No X Division: Land Authority Contact / Phone #: Mark Rosch / 295-5180 Agenda Item Wording: Approval to add 1012 Fleming Street in Key West to the Acquisition List as an affordable housing site. Item Background: Habitat for Humanity of Key West and Lower Florida Keys Inc. proposes to convert an existing house at 1012 Fleming Street consisting of 5 rental units into a 5-unit condominium of affordable homeownership housing using acquisition funds from the Land Authority and $300,000 of renovation/acquisition funds from a Mortgage Settlement Trust Fund grant from the State. The Monroe County Property Appraiser lists the property as having 2,215 square feet of living area on a 3,114 square foot lot. The property is listed for sale at $950,000 and Habitat has negotiated a price of $925,000. The project proposal includes the following steps: 1) Key West Housing Authority would acquire the site using Land Authority funding; 2) KWHA would give a 99-year lease to Habitat; 3) Habitat would renovate the property; 4) Habitat would convert the property to allow condominium form of ownership; and 5) Habitat would sell a leasehold interest to buyers whose household income is 80% or less of area median income. The units would consist of efficiency and one -bedroom designs ranging in size from 320 to 480 square feet. If the renovations completed by June 2015 cost less than $300,000, the balance of the MSTF grant reimbursement could go to the Land Authority as partial reimbursement of the acquisition cost. The Key West City Commission nominated the property via Resolution 14-214. See the attached proposal from Habitat for further details. Advisory Committee Action: On August 27, 2014 the Committee voted 3/2 to approve adding the property to the Acquisition List. Previous Governing Board Action: N/A Contract/Agreement Changes: N/A Staff Recommendation: Pleasure of the Board Total Cost: $ To be determined Indirect Cost: $ Budgeted: Yes _ No Cost to Land Authority: $ To be determined Source of Funds: Land Authority (Tourist Impact Tax collected in Key West Approved By: Attorney County Land Steward Documentation: Included: X To Follow: Not Required: Disposition: Agenda Item �w Habitat for Humanity@ of Key West and Lower Florida Keys Affordable Housing Project Proposal Monroe County Land Authority Advisory Committee Mortgage Settlement Trust Fund Project 1012 Fleming Street, Key West August 20, 2014 i HABITAT FOR HUMANITY OF KEY WEST & LOWER FL KEYS, Inc. Affordable Housing Project Proposal to Monroe County Land Authority Table of Contents 1. Project Narrative 2. Potential Scope of work based on Property Inspection Report 3. Family Selection 4. Sample Budget/Homeowner expenses 5. Habitat Finances 6. Appendices i. City of Key West Resolution No. 14-214 (Aug 6, 2014) Nominating Property located at 1012 Fleming Street for Acquisition by the Monroe County Land Authority for Affordable Housing Condominium Units ii. Monroe County Property Appraiser's Card iii. Property Survey iv. Property Inspection/Building Analysis Report on 1012 Fleming Street V. Draft Floor Plans vi. Lease between Utility Board of Key West & Old Town Key West Development LLC vii. Sample Habitat for Humanity Purchaser Pre -Qualification Application August 20, 2014 Page 2 of 14 HABITAT FOR HUMANITY OF KEY WEST & LOWER FL KEYS, Inc. Affordable Housing Project Proposal to Monroe County Land Authority 1. Project Narrative Morteaee Settlement Trust Fund: Florida State Senate Bill 1852 Florida received $300 million as its share of a settlement made between lenders and the Federal government. Through Senate Bill 1852 the Legislature awarded $20 million to Florida Habitat for Humanity. The Legislature chose to specify that the funds could be used for acquisition and renovation only, in order to create affordable homeownership for families at 80% of Area Median Income (AMI). 48 of the 58 Habitat affiliates in Florida chose to participate. The Key West and Lower FL Keys Habitat affiliate was awarded a contract for five units at $60,000 a unit. This funding is reimbursement only and must be spent by June of 2015. Homeowners must close within 180 days of the Certificate of Occupancy being issued. No other state funding may be used. Federal or local funding can be leveraged. Habitat has the funds to make the renovation while awaiting reimbursement. The only leverage Habitat (HFH) has been able to locate is the Monroe County Land Authority (MCLA) fund designated for Key West. The proposed acquisition of 1012 Fleming Street is under contract to Habitat for $925,000, with no real estate agent commission fees for the buyer. The contract is subject to Habitat acquiring funding from the MCLA. In summation, Habitat is asking the MCLA to spend $925,000 to acquire the property which will be leveraged against Habitat's $300,000 Mortgage Settlement Trust Fund (MSTF) grant funding. If any portion of the $300,000 is not spent on the renovations, the balance will be given over to the MCLA for the acquisition. City of Key West Commission Resolves to acquire the property Concern has been expressed as to the high cost of acquisition per unit. $925,000 divided by 5 units is $185,000 per unit. They are one bedroom and efficiency units, around 400 sq. ft. in size. It can be argued that acquiring market rate units in Old Town Key West may not be the most effective use of affordable housing funds. The MSTF formula of $60,000 per unit, for acquisition and repair, is also not very effective in the Lower Keys, given our high land costs. In perspective, the requested amount is one years' worth of the funding generated for the Key West fund of the MCLA. The last project to use any of this money was in 2010. The acquisition of these 5 units (along with their renovation) will provide affordable homes for 5 families in perpetuity. The proposed acquisition is a five unit historic wooden structure in Old Town Key West in relatively good condition. All of the units are occupied or rented. Habitat is sensitive to the displacement of these tenants and will do its best to communicate and cooperate with them. Habitat will approach all of them to apply for the home ownership program. This process of acquisition informally began with a presentation to the MCLA Advisory Committee at their June meeting. Although the presentation was not an agenda action item, the Advisors were attentive, asked hard questions and then indicated that if the City Commission were to support the project that they would look favorably upon it. The Key West City Commission has passed a Resolution on August 5, 2014, asking the Land Authority to add 1012 Fleming Street. to its acquisition list in order to create additional workforce affordable housing. August 20, 2014 Page 3 of 14 HABITAT FOR HUMANITY OF KEY WEST & LOWER FL KEYS, Inc. Affordable Housing Project Proposal to Monroe County Land Authority Governmental Partner —protections in perpetuity The MCLA requires a governmental partner to own the land. This requirement conveys the real estate asset to the Key West Housing Authority (KWHA). The KWHA's Board of Directors must agree to receive the property. Their decision will hinge on their comfort level with the legal structure of the 99 year lease and its implications for any liability or other risk factors for them that might arise from the sale and operation of the affordable condominium ownership project. Habitat has demonstrated its ability to partner to the KWHA with its renovation and management of the 716 Eisenhower Drive affordable rental complex in the Historic District. Habitat has partnered with the MCLA on another rental project on Stock Island. It has also worked with the MCLA to acquire the land for the 35 homes Habitat has built and sold to family partners. There are good examples of the 99 year lease, vetted and approved by the City and the County. Perhaps the most relevant lease example is the Railway section (workforce housing) of the Steam Plant project, where the leasehold was granted by the Utility Board of Key West to the for -profit developer, who then sold affordable condominiums in accordance with the terms of the Workforce Housing Ordinance (WFHO). This lease example has the potential to provide the structure and detail to allow the governmental partner to perform their role without risk. The KWHA has been provided a copy for review and discussion. In addition, the 99 year lease contains layers of restrictions to protect the public subsidies in perpetuity. The condominium declarations will reinforce those terms and those of the Workforce Housing Ordinance. The condo docs and by-laws will include limits on the allowable rate of appreciation, resale limits, the financial profile of future purchasers and a right of first refusal by Habitat. Habitat will act as the agent/bookkeeper for the condo association. The subsidy of the MCLA and MSTF funds to acquire and renovate these units allow us as a community to offer to qualified purchasers, decent and safe housing, that is affordable to low income individuals and families, now and into the long term future. Finally, the governmental partner maintains ownership of the real estate, so the primary asset is controlled. Construction and Habitat model The construction phase will begin in earnest once site control is achieved in order to comply with the timelines of Senate Bill 1852. Habitat appreciates every effort made by the MCLA and its staff to expedite the acquisition process. The expenditure of funds for inspectors, an architect, and surveyor is a risk between the need for detailed information and cost projections and the wait to achieve site control. The goal of the renovation is to produce a historic structure that is as energy efficient as possible, with new roofs, insulation, energy star appliances, new windows and doors, and well designed, versatile small spaces that are safe, decent and affordable. The newer unit in the rear, #3, is a model for the potential renovated other four units. Habitat's planning assumes that site control can be achieved by November, 2015 in order to meet the June, 2015 completion date. For this small condominium project to be affordable in the long term, its major systems need to be newer, with a maximum useful life built to code in order to reduce insurance, maintenance and upkeep costs. August 20, 2014 Page 4 of 14 HABITAT FOR HUMANITY OF KEY WEST & LOWER FL KEYS, Inc. Affordable Housing Project Proposal to Monroe County Land Authority Habitat maintains a right of first refusal to purchase any condo unit while the resale value of the condo units will be controlled by a formula similar to those in place on other developments acquired with Land Authority funds. The practical intent of these terms is to protect the public subsidy invested in creating this affordable housing in perpetuity. Home ownership equity is not vested until the partner family has resided for 5 years. A sale or transfer before 5 years of ownership may mean no equity is realized by the condo unit owner. Family Selection Habitat will be the mortgage holder following the Habitat model of home ownership, with a zero per cent mortgage. As a developer, Habitat will create a condominium conveying a leasehold interest to the partner families. A modest leasehold fee will be charged to each family and to the common area. This fee provides minor revenue to Habitat to pay for its administrative costs associated with being the developer and agent. In order to find qualified partner families Habitat will generate media regarding open Application/Orientation meetings to be held in the community. The volunteer Family Selection Committee, under the guidance of Habitat's full-time Family Services Coordinator, will lead the meetings and process applications as has been done on the 35 other Habitat homes in the Lower Keys. The selling price, income limits and family size are to be calculated in conformance with the Key West Work Force Housing Ordinance, Sec.122-1466 and Resolution 14-053. Successful family partners will meet Habitat's three criteria of need for housing, ability to pay and willingness to partner. In addition, they will meet the requirements of the Workforce Ordinance; earning 70 % of their income in Monroe County, for example. Habitat family partners have a high rate of success as homeowners for many good reasons. All homeowner partners contribute "sweat equity." Sweat equity is a core tenet of Habitat's ministry. It is Habitat's most valuable tool in building the partnership between families, affiliate staff and volunteers. The term refers to the hands-on involvement of prospective homeowners in the construction of their homes, as well as in other Habitat and community activities. Homeowner partners are also required to take classes such as budgeting, homeowner maintenance, dispute resolution and other relevant topics which provide tools for working through the challenges of home ownership. The governance of a small condominium and its financial stability involve individuals in cooperating as a group while exercising individual fiscal responsibility with adequate reserves. Summary Time is of the essence. This is the opportunity to create 5 affordable work force housing units in Key West. The development team and funding include proven partners, affordable housing operating experience and vetted models. August 20, 2014 Page 5 of 14 HABITAT FOR HUMANITY OF KEY WEST & LOWER FL KEYS, Inc. Affordable Housing Project Proposal to Monroe County Land Authority 2. Potential scope of work based on Property Inspection Report Habitat for Humanity provides simple, decent homes for families in need. Habitat will renovate the common and individual unit areas to meet current building and safety codes; all work will be to HARC standards. General exterior notes • Structure has good bones, very little termite damage to structural members. • Original wood shake roofing present under the 24 gauge metal v crimp roof. A new roof system will be applied with 5/8" plywood sheathing and a radiant barrier, with new metal roofing. • Exterior paint is in decent shape; a lead paint test is needed. • Gutters, fascia, soffit and high trim are in decent condition or will be done with the new roof. • Some exterior siding will be replaced through window work and other remodeling. • Piers under Unit 1 will need work to correct the drop to the west and front. • There are separate water and electrical meters for each of the 5 units. • Unit 3, the current owner's unit, was renovated in 2010 with all new utilities, new finishes, ductless A/C unit, bath and kitchen, laundry and entry porch. Interior notes Units 1, 2, 4 and 5 will be gutted in order to: • Upgrade wiring. • Insulate and add fire code separation and sound proofing materials. • Install side wall insulation. • All old windows will be replaced and will be impact or have a code approved storm shutter system. All new doors will be installed with shutters. • Side porch and second story stairs will be evaluated for replacement • The electrical service will be upgraded to 100 amps for each unit; Unit 3 is already upgraded. Four of the units will be completely rewired. On demand water heaters and ductless air conditioners, Energy star refrigerators and stoves will be featured. Hardwired smoke detectors will be installed. • 4 of the 5 baths have been remodeled (Unit 5 unit has an old claw foot tub) with new tile and fixtures. These baths will need new wiring and some have safety clearance concerns. • Kitchens will feature all wood cabinets to FHA standards, plywood and laminate counter tops with microwaves. It is too early to decide if dishwashers will be used. Gas appliances will be eliminated. • These are small spaces so designing them for maximal storage and utility of use is critical. • The loft areas have not been included in the unit square footage for Unit 4 and Unit 5 as their head room probably does not meet current code. Once an architect is retained, it may be possible to redesign the lofts as part of the roof rebuild. If that becomes possible, the loft space will be included in the unit's square footage. The best use of that space would be to create a bedroom or free up other space in the unit to become a bedroom. August 20, 2014 Page 6 of 14 HABITAT FOR HUMANITY OF KEY WEST & LOWER FL KEYS, Inc. Affordable Housing Project Proposal to Monroe County Land Authority 3. Family Selection, Sales Prices, Homeowner Monthly Expenses In creating the individual unit sales prices Habitat will adhere to the Key West Workforce Housing maximum pricing and maximum income guidelines. Calculating the unit sales price The Workforce Housing Ordinance provides a maximum sales price based on the targeted demographic (low income or 80% AMI). In this presentation, we have used the 2014 numbers for an efficiency unit ($115,400) and a one bedroom unit ($132,000), from the City's table. These are the maximum sales price. Habitat reserves the right to lower the price. An alternative pricing model, at $91,000 and $75,000 is included for discussion purposes. The total sales price is divided by 360 payments (30 years x 12 months) to give the monthly mortgage payment, or principal payment. There is no interest charged in the Habitat mortgage model. Estimating the individual unit owner's expenses • The total monthly payment includes HOA dues, fire/liability insurance, windstorm insurance and real estate taxes. There is no flood insurance for individuals in a condo. This is covered by the HOA policy. • This property is in an AE flood zone near the X zone. The building is elevated. The flood insurance quote is based on a nearby and similar structure. • The figures in this presentation are as accurate as they can be, based on the limited access to the property and other resources expended to date. When creating the condominium unit documentation, each unit will have an individual survey. • Habitat does not represent these figures to be final and accurate. They are a best guess based on the available information at this time. They do demonstrate that within the constraints of the applicable affordable housing regulations, these condo units can meet the criteria. They can be truly affordable and sustainable into the future. Homeowner's Association Budget • Taxes and insurance are estimated from current amounts and projected quotes. • Reserves are based on a similar small condominium which Habitat developed at 1830 Fogarty Avenue. The HOA may decide to adjust the budgeted reserves after the initial 5 years, depending on what has occurred. • The other projected costs are derived from Habitat's operating experience. • Habitat will provide administration and accounting for a small fee to cover our operating expense in providing those services. • The land lease fee, payable to Habitat, is modeled on our other multi -family projects, and is a direct income stream to Habitat. • The annual budget is estimated to be $27,420. This annual fee is then divided across the five condo units, based on their percentage of the total square footage (2,026). August 20, 2014 Page 7 of 14 HABITAT FOR HUMANITY OF KEY WEST & LOWER FL KEYS, Inc. Affordable Housing Project Proposal to Monroe County Land Authority Selecting the Family Habitat for Humanity affiliates build, renovate and repair decent and affordable housing with people who are living in inadequate housing and who are unable to secure adequate housing by conventional means. Each Habitat for Humanity affiliate selects homeowner partners based on three criteria; their NEED for adequate shelter; their ABILITY TO PAY; and their WILLINGNESS TO PARTNER with Habitat for Humanity. Habitat does not discriminate in the selection of homeowner partners on the basis of race, creed, gender, disability, ethnic background or any other characteristic protected by law. Successful candidates will meet all WFHO criteria such as 70% of their income must come from working in Monroe County. Habitat's volunteer Family Selection Committee, advised by our full-time paid Family Services Coordinator, holds Public Orientation/Application meetings at various times and places to provide information so that families can evaluate their eligibility and relative strength of their application. An application for housing can only be obtained after attending one of these meetings; private orientation meetings are sometimes held in special circumstances. The completed application and required documentation is as extensive as applying for a conventional mortgage. The Family Selection Committee reviews and vetts all applications for completeness and adherence to the guidelines. A final potential homeowner is brought to the Board of Directors for final approval. This difficult yet rewarding task culminates in choosing the best qualified families for this opportunity. August 20, 2014 Page 8 of 14 HABITAT FOR HUMANITY OF KEY WEST & LOWER FL KEYS, Inc. Affordable Housing Project Proposal to Monroe County Land Authority 1012 Fleming St. Unit Sales Prices and Mortgage Payments Unit 1 Unit 2 Unit 3 Unit 4 Unit 5 Unit Sales Price * $115,400 $115,400 $132,000 $115,400 $132,000 Description Efficiency Efficiency 1 Bedroom Efficiency 1 Bedroom Square Footage 480 320 446 384 396 Sq Ft Percentage of Bldg. 24% 16% 22% 19% 20% Based on the maximum allowable price per Key West Work Force * Unit Sales Price Housing Ordinance for Low Income (80% AMI) for these unit Monthly Payment Breakdown (PITI) Mortgage Principal Payment $321 $321 $367 $321 $367 HOA Dues $541 $361 $503 $433 $447 Real Estate Tax Escrow $118 $79 $110 $95 $98 Insurance Escrow $125 $125 $125 $125 $125 Total Monthly Payment $1,105 $885 $1,105 $973 $1,036 Borrower's mortgage will be paid back to Habitat for Humanity over a Mortgage Principal Payment term of 30 years. Monthly principal payment is total amount borrowed divided by 360. The first year's total estimated annual budget for the HOA is HOA Dues $27,420.00. Homeowner's responsibility is based on their unit's square footage percentage of the building. Please see the following page for full description of the estimated HOA budget. The Real Estate Tax for the entire building is estimated to be $5,000, Real Estate Tax Escrow based on the Monroe County Property Appraiser. Homeowner's responsibility is based on their unit's square footage percentage of the building. The tax includes solid waste. Homeowners must insure interior of their unit for fire and wind. The Insurance Escrow Homeowner's Association insurance covers exterior of the building, all common walls, etc. Estimated annual insurance: Fire/Homeowner's $800; Wind $700. August 20, 2014 Page 9 of 14 HABITAT FOR HUMANITY OF KEY WEST & LOWER FL KEYS, Inc. Affordable Housing Project Proposal to Monroe County Land Authority 1012 Fleming St. Homeowner's Association (HOA) First Year Budget and Individual Homeowner's Monthly Dues Budget Unit 1 Unit 2 Unit 3 Unit 4 Unit 5 Combined Dues Dues Dues Dues Dues Square Footage 2,026 480 320 446 384 396 Sq. Ft. Percentage of Bldg. 100% 24% 16% 22% 19% 20% Note: Homeowner's responsibility is based on their unit's square footage percentage of the building. Admin/Accounting Fee Miscellaneous Landscape Maintenance Pest Control Land Lease Fee to HFH Common Area Utilities Wind Insurance Flood Insurance Fire/Liability Insurance Reserve Account Admin/Accounting Fee Miscellaneous (labor, supplies, etc.) $900 $18 $12 $17 $14 $15 $1,000 $20 $13 $18 $16 $16 $300 $6 $4 $6 $5 $5 $500 $10 $7 $9 $8 $8 $1,320 $26 $17 $24 $21 $22 $600 $12 $8 $11 $9 $10 $10,000 $197 $132 $183 $158 $163 $3,800 $75 $50 $70 $60 $62 $5,000 $99 $66 $92 $79 $81 $4,000 $79 $53 $73 $63 $65 $27,420 $541 $361 $503 $433 $447 Habitat will offer to provide accounting and administrative oversight of the HOA for the first year; $75/month. Estimated amount to cover the annual expense of miscellaneous repairs or maintenance to common areas. Landscape Maintenance Estimated amount to cover the annual expense of landscape and grounds maintenance of common areas. Estimated amount to cover the annual expense of pest control for entire Pest Control buildina. Land Lease Fee to HFH Represents revenue stream to HFH Common Area Utilities: Estimated amount to cover the common electric and exterior water spigot Insurance The Homeowner's Association insurance covers the exterior of the building (Wind, Flood, and all common walls, etc. as well as liability. (Individual Homeowners Fire/Liability) must insure the interior of their unit for fire and wind.) A Reserve should be built up to cover future maintenance costs such as painting the exterior of the building, roof replacement and insurance Reserve Account deductibles. The HOA will set its own budget every year. It is recommended that this be done for at least the first 5 years; the monthly payment amount may be reduced in subsequent years. August 20, 2014 Page 10 of 14 HABITAT FOR HUMANITY OF KEY WEST & LOWER FL KEYS, Inc. Affordable Housing Project Proposal to Monroe County Land Authority 1012 Fleming St. Maximum Allowable Sales Price Income Guidelines/Ability to Pay Calculations 1. Maximum Allowable Sales Price is in accordance with Key West Affordable Housing Ordinance for Low Income (80% AMI) 2. Minimum Household Income guidelines specify that the monthly payment (PITI) be equal to or less than 30% of household's gross income. 3. Maximum Household Income is in accordance with Key West Affordable Housing Ordinance for Low Income (80% AMI) Single Person Married/Domestic Partner (2 people) Single Person Married/Domestic Partner (2 people) Monthly Payment Breakdown Mortgage Principal Payment* HOA Dues Real Estate Tax Escrow Insurance Escrow Total Monthly Payment Yearly Total Payment 1 Bedroom Sales Price $132,000 (1) Minimum Maximum Annual Income (2) Annual Income (3) $46, 059 $46,160 $46,059 $52,800 Efficiency Sales Price $115,400 (1) Minimum Maximum Annual Income (2) Annual Income (3) $35,417 $46,160 $35,417 $52,800 1 Bedroom Efficiency $367 $321 $541 $361 $118 $79 $125 $125 $1,151 $885 $137812 $107620 * Habitat mortgages are no interest loans, paid back over 30 years (360 months). August 20, 2014 Page 11 of 14 HABITAT FOR HUMANITY OF KEY WEST & LOWER FL KEYS, Inc. Affordable Housing Project Proposal to Monroe County Land Authority 1012 Fleming St. Alternative Sales Price Income Guidelines/Ability to Pay Calculations 1. Alternative Sales Price is below the maximum for Key West Affordable Housing Ordinance for Low Income (80% AMI). This price was chosen for discussion purposes. 2. Minimum Household Income guidelines specify that the monthly payment be equal to or less than 30% of household's gross income. 3. Maximum Household Income is in accordance with Key West Affordable Housing Ordinance for Low Income (80% AMI) Single Person Married/Domestic Partner (2 people) Single Person Married/Domestic Partner (2 people) Monthly Payment Breakdown Mortgage Principal Payment* HOA Dues Real Estate Tax Escrow Insurance Escrow Total Monthly Payment Yearly Total Payment 1 Bedroom Sales Price $91,000 (1) Minimum Maximum Annual Income (2) Annual Income (3) $41, 504 $46,160 $41,504 $52,800 Efficiency Sales Price $75,000 (1) Minimum Maximum Annual Income (2) Annual Income (3) $30,929 $46,160 $30,929 $52,800 1 Bedroom Efficiency $253 $208 $541 $361 $118 $79 $125 $125 $1,037 $773 $12,444 $9,276 * Habitat mortgages are no interest loans, paid back over 30 years (360 months). August 20, 2014 Page 12 of 14 HABITAT FOR HUMANITY OF KEY WEST & LOWER FL KEYS, Inc. Affordable Housing Project Proposal to Monroe County Land Authority 5. Habitat's Finances Habitat for Humanity of Key West and Lower FL Keys, Inc. is a Florida Licensed 501(c) nonprofit corporation. We have 7 full time employees, 3 of which are devoted to the Restore operation. Our current annual operating budget is $870,000. The primary income sources for the affiliate are the Habitat Restore, ($315,000); 2 affordable rental properties ($289,160). The administrative and ground lease fees from our 35 homes provide about $52,000 a year. The balance ($213,840) is made up by fundraising and donations. A copy of our Annual Financial Report (990) prepared annually by an outside auditor is available upon request. Habitat has 35 home owners who pay zero per cent mortgages, in accordance with Habitat's home ownership model. These mortgage principal payments are not used for operating expenses. They are kept separate and restricted to building affordable housing or to exercise Habitat's right of first refusal to buy back a home. This Habitat affiliate has a sustainable operating fund formula. It is moderate in the costs of the salaries and benefits provided. None of the $300,000 grant from the Mortgage Settlement Trust Fund is to be used for staff, except for those directly involved in the construction supervision of this project. Habitat has leases on 2 parcels in the Lower Keys acquired by the MCLA in 2010 for affordable home ownership. These parcels are permitted for 10 and 12 units each. The construction cost of our last project on Big Coppitt, which has 18 homes, was almost $4.2 million. That project was funded through CCTCP program and a loan/grant from the Florida Housing Finance Corporation for $1.75 million. The source of that funding was the Sadowski Trust Fund. It has been 6 years since the Legislature has not swept these affordable housing funds into the general fund. With Habitat's own funding sources and the CCTCP program covering half the cost, we could build on the 2 parcels if the Sadowski Trust Fund were available to carry the other half of the cost. August 20, 2014 Page 13 of 14 HABITAT FOR HUMANITY OF KEY WEST & LOWER FL KEYS, Inc. Affordable Housing Project Proposal to Monroe County Land Authority 6. Appendices City of Key West Resolution No. 14-214 (Aug 6, 2014) Nominating Property located at 1012 Fleming Street for Acquisition by the Monroe County Land Authority for Affordable Housing Condominium Units Monroe County Property Appraiser's Card III. Property Survey IV. Property Inspection/Building Analysis Report on 1012 Fleming Street V. Draft Floor Plans VI. Lease between Utility Board of Key West & Old Town Key West Development LLC VII. Sample Habitat for Humanity Purchaser Pre -Qualification Application August 20, 2014 Page 14 of 14 A RESOLUTION OF THE CITY COMMISSIOA OF TAE CITY OF KEY WEST, FLORIDA, NOMINATING PROPERTY LOCATED AT 1012 FLEMING STREET FOR ACQUISITION BY THE MONROE COUNTY LAND AUTHORITY FOR AFFORDABLE HOUSING CONDOMINIUM UNITS; PROVIDING REQUIREMENTS; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, it is the desire of the City Commission of the City of Key West, Florida to provide additional workforce housing within the City while working collaboratively with the Monroe County Land Authority as a funding agency; and WHEREAS, in accordance with Land Authority policy, the City Commission is requesting a conveyance for the 1012 Fleming Street property to a government partner, specifically the Key West Housing Authority. NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF KEY WEST, FLORIDA, AS FOLLOWS: Section 1: The City Commission hereby nominates the property located at 1012 Fleming Street for inclusion on the Land Authority Acquisition List as a potential affordable housing site to be acquired by the Monroe County Land Authority. Section 2: In the event the Land Authority is able to acquire the subject property, the City Commission hereby requests that the Land Authority convey the subject property to 4 *M the Key West Housing Authority with a subsequent lease to Habitat for Humanity of Key West and the Lower Keys to operate Section 3: That this Resolution shall go into effect immediately upon its passage and adoption and authentication by the signature of the Presiding officer and the Clerk of the Commission. Passed and adopted by the City Commission at a meeting held this .nth day of August r 2014. Authenticated by the Presiding Officer and Clerk of the Commission on bath -day of AuFu.s.t ............ 2014. Filed with the Clerk on A LL&IL9 t 6 Mayor Craig Cates Yes Vice Mayor Mark Rossi No Commissioner Teri Johnston No Commissioner Clayton Lopez Yes Commissioner Billy Wardlow Yes Commissioner Jimmy Weekley Yes Commissioner Tony Yaniz Yes ZCRAIG ATES, MAYOR ATTEST: PCEIZYL�S TM, 'CITY �OLERO 2014. Property Search -- Monroe County Property Appraiser Page I of 6 —Scott P. Russell, CFA Property Appraiser Key West (305) 292-3420 Marathon (305) 289-2550 Monroe Coy, Florida Plantation Key (305) 852- 41 unt7130 Property Record Card - Website tested on IE8, ... ... ..... ...... ... .. .. .. .... ... ... ... t 9 Firefox. ............ .. .. .. ........ .. .. ... ... ... Ro7res.3re Flash 10.3 or higher Alternate Key: 1007692 Parcel lo: 00007420-000000 Ownership Details Mading Address: CHRSTAL.-- ON ROBIN 1012 FI.. EINI NO ST AP KEY WEST, FL 33040-6990 Property Details PC Code: 08 .. K`1 U LTI Lv UESS T RAN 1 OU N ITS Nifflage Group: 10 1,OAV' Affordable N Housing: Section- Township- Range� Property Location: 0 12 F L E- M NO S - F K E- Y VUE S T Legai KVVPT LOT 3 SQR 45 G68-342 OR509-453 OR592-52511526 CASE #85-867-SA-13 OR961-1164/1 IJ Descuptiom OR1 184-17753/1 730-C OR! 650-18731/1 9 ORI 654-22200/201 AFF-1-1- ORI 714-1132,133 OR21252-973' 4C OR2268- 1925DAC' OR2375-19634/67C,-W"' OR23'75A9--172!75W!C http://w-w-w.mcpafl .org/Prop Search. aspx 8/21/2014 Property Search -- Monroe County Property Appraiser Page 2 of 6 Click Map Image to open interactive viewer n Pfi r•. 16 Exemptions Exemption Amount 44 - ADDL HOMESTEAD 25,000.00 39 - 25000 HOMESTEAD 25,000.00 40 - WIDOWERS 500.00 http://www.mcpafl.org/PropSearch.aspx 8/21/2014 Land Details Land Use Code Frontage Depth Land Ar 010D .. REES01--NTW" DRY 0 0 3,114,51 Building Summary Number of Bugdmgs� I Number of CornmerrJai BuRdings: 0 ToUd Living Area� 2215 Year Buft 1933 Building 1 Details Brdiding Type R5 Condition A Quafity Grade 550 Effective Age 1 7 Perimeter 304 Depreciation % 22 Year Brnft 1933 Spaced Arch 0 Grad Fiber Area 2,215 Functionai Ohs 0 Economic Ohs 0 hicWstons: R5;ncludes 5 3-prior baihs and 5 kitchens. Roo fType IRWCST UONII A Roofov Cover M�� L FoundationO./D CONC PADS Heat I N 0 N E- Heat 2 NONE Bedrooms 75 Heat Src I NONE Heat Src2 NONE Extra Features: 2 Fix Bath 0 Vacuum 0 3 Fax Bath 0 Garbage Disposai 0 4 Fix Bath 0 Compactor 0 5 Fax Bath 0 Security 0 6 Fix Bath 0 mtercom 0 7 Fax Bath 0 Firepk%ces -.1 Extra Fix 0 Dishwasher 0 14 FT. Fr- rlpl� 4 li FT 4 FT. r -a 5a - 113 14 FT F LA 4Lr - 'JU 1r FT. :0 Fr 5 FT L) FT. OPF 20 FT 105-A �UF P8 ILA F1,A 1 t 610 FT FT 44 FT 3@ FT. FLT 780 - P 18 5 FT 5 FT 20 FT 2D FT FT 2 o FT. http://w-w-w.mcpafl .org/Prop Search. aspx 8/21/2014 Miss Improvement Details Nbr Type units Length Width Year Built RoH Year Grade Life I RW2: R E TA I N I N G VVA L L 16 r SF 0 0 1949 1950 3 ;o 3 P-15--1ILE PATIO I S 0 0 1994 1995 1 '50 Appraiser Notes 2001 S.U-FOU-F DONE PP 8526156 .. RENTAL X: 2014-11-02-26 MLS $950,000 5/1.� SOS CH HOUSE MULTI UNIT IN A GREAT 1 OCATION ON F! EMiNG ACROSS FROM THE. EDEN HOUSE HOTEL. 4 RENTAL UNITS AND AN OWNERS UNIT ALI, "w"'y"ITH THEIR OWN UTI ILI--'METERS. GREAT OPPO, H RIUNITY FOR A BUYER WHftCOME O LIKES THE ASPECT " V'�I ILE ENJOYING HIS OWNERS UNIT SRI IT OUT 458 SO FT FROM THIS PARCEL AND COMBINE WITH RE SOW7370-000000 AK 1007641 PER QUIT CI IM DEED 2417-65 WITH A 50,000, SA�i E PRICE.. http://w-w-w.mcpafl .org/Prop Search. aspx 8/21/2014 B 9,15 - I 03,101/1995 MOV1995 1,000 Residenfial RFP"', IRS ...................................... 98- 1 07/3�,1998 O11WM999 300 Residential EMERGEENCY RE-P MEEIFER CAN :236:2 99- 1 346' 101131!5999 12/17MB99 9,500 Residendial RE"NOVA"FIONS 1 06- 12/22,12006 02i29/2003 l,200 Residemial ..F., HANI"'I"'AP REPLACE' 90 SF RI BCK PAVIERS 'TO CREA"! 6791 RA ll"vi P http://w-w-w.mcpafl .org/Prop Search. aspx 8/21/2014 Property Search -- Monroe County Property Appraiser Page 6 of 6 1984 119,960 7,555 37,351 165-366 165366 25,000 40,366 1983 1 19,960 -7'5,Z8 5 1 37,85 1 (35�3639 165,3639 25M0 40,369 1982 91,968 71,560 37,8si 13-17,379 13-17,379 25.000 12,Fj7a Parcel Sales History NOTE: Sales do riot gerremlly Show Lip in Our COMPUter systern Until about two to three rnoriths after, the date of'sale, 117 a recent sale does riot show up in this list, please allow more thne for the sale record to be processed, Thank YOU for your patience and understanding, Sale Date Officrar Records BookTage Price instrument Quaiffication 21IN974 592! 525 31.013 -on Q This page has been visited 358,230 times, Monroe County Monroe County Property Appraiser Scott P. Russell, CFA P.O. Box 1176 Key West, FL 33041-1176 http://w-w-w.mcpafl .org/Prop Search. aspx 8/21/2014 f Habitat for Humanity of Key West & Lower FL Keys 1012 Herning St. Survey Gsoc=nTAMOLCIE 1INS ECTOR9. Associated Home Inspectors, Inc. 151 Shore Drive Sugarloaf Key, FL 33042 Phone: 305-745-3411 www.ahifloridakeys.com & associatedhomein@belIsouth.net Building Analysis Report 1012 Fleming St Key West, FI Prepared for Habitat for Humanity 305-872-4456 Buildit@habitatlowerkeys.org 4/ Richard A. Gegorek CGCO25723 Confidential Inspection Report 1012 - Fleming St Key West, FL 33040 Prepared for: Habitat For Humanity Prepared by: Associated Home Inspectors, Inc. 151 Shore Drive Sugarloaf Key, FL 33042 305-745-3411 associatedhomein@bellsouth.net This report is the exclusive property of the inspection company and the client whose name appears herewith and its use by any unauthorized persons is prohibited. Report Table of Contents INSPECTION CONDITIONS SITE FOUNDATION ROOF ATTIC EXTERIOR HVAC SYSTEM: 11 12 13 Report made exclusively for., Habitat for Humanity - #243-0222853-Home Paae 3 I INSPECTION CONDITIONS I ICLIENT & SITE INFORMATION: I REPORT NAME: I Habitat for Humanity - #243-0222853 INSPECTION DATE & TIME: 08/01 /2014. CLIENT NAME: Habitat For Humanity, MAILING ADDRESS: 30320 Overseas Highway. CLIENT CITY/STATEI ZIP: Big Pine Key, FL 33043. CLIENT PHONE #: 305-872-445& CLIENT E-MAIL ADDRESS: buildit@habitatlowerkeys.org. INSPECTION SITE: 1012 Fleming St. (Genera! conditions) INSPECTION SITE CITY STATE/ZIP: Key West, FL 33040. ICLIMATIC CONDITIONS: I INSPECTION DAY WEATHER: Clear. TEMPERATURE AT TIME OF INSPECTION: 80'5 HOW LONG SINCE LAST MEASURABLE RAIN: 3 Days. SOIL CONDITIONS: Dry. IBUILDING CHARACTERISTICS: I ESTIMATED AGE OF HOUSE: BUILDING TYPE: STORIES: SPACE BELOW GRADE: 1933 per records. 5 Unit apartment building. 2.5. Crawlspace. Report mace exclusively for: Habitat for Humanity - #243-0222853-Home Page 4 OTHER INFORMATION: AREA: HOUSE OCCUPIED? CLIENT PRESENT DURING INSPECTION: PEOPLE PRESENT DURING INSPECTION: UTILITIES STATUS: City. Yes. Yes. Listing agent, Purchaser. All utilities on. IPAYMENT INFORMATION: I TOTAL FEE: l $1200.00. PAID BY.' Invoice Report made exclusively for: Habitat for Humanity - #243-0222853-Home Page 5 SITE SITE / GROUNDS: Site Drainage: I The lot needs some adjustment in areas to prevent water from entering into the crawlspace. Recommend installation of gutters, collection boxes and down spouts. Re -working the brick pavers at the right side of the property line. Landscaping: Trees overhanging the rear addition need to be trimmed so that limbs don't damage the roof, Trees that rub against the roof can cause severe damage and can drastically reduce the life of the roofing material. Driveway: None. Walkways: The walkway is concrete. The walkway is brick. The walkway surface material is in satisfactory condition with only normal deterioration noted. Entryway Stoop/Stairs: The concrete entryway stoop/stairs for the ground floor units 1 - 2 are in satisfactory condition for age. PATIO: Patio Slab Materials: I nla. Report made exclusi FOUNDATION: Type of Foundation: Foundation Materials: 71 Evidence of Recent Movement: Perimeter Foundation Drainage Surface: CRAWLSPACE Crawlspace Entrance: Location of Crawlspace Entrance: Sill Plates Percentage Visible: Foundation Bolts Noted: Moisture Noted: Evidence of Mold Noted. Evidence of Water Entry in the crawlspace Noted: for: Habitat for Humanity - #243-0222853-Home Page 6 FOUNDATION Foundation piers, satisfactory condition. Limestone piers. There is no evidence of any recent movement. There is a negative slope at the walkway to the foundation on the right side. Brick walk way drains towards the crawlspace_ Inadequate clearance for crawlspace. Exterior perimeter wall. Only about 50% to 75% Floor framing- was visible - rough sawn - nominal 2" x . Only minor deterioration observed from termites. No anchors at piers to floor framing structure. Piers are resting on the top of the cap rock - No reinforcing steel. There were no elevated moisture levels noted. M01 No. Main Beam: The main beams and girders are a single large dimension wood boardl4" x 6".- The physical condition of the beams overall appear to be in satisfactory condition. There were some areas where water stain and deterioration were noted and are as following 1. front perimeter sill 2. rear perimeter sill Deflection was also observed in the center girder at the front section of the house, which was the original front porch. Crawlspace Ventilation: The cross -ventilation in the crawlspace appears to be adequate. Crawlspace Inspected By: The crawlspace was inspected from the access way due to inadequate access room. The access to the crawlspace was restricted which prohibited entering at the time of the inspection. Report made exclusively for: Habitat for Humanity - #243-0222853-Home Page T Vapor Barrier Installed: There is no vapor barrier installed. Evidence of Insects or Animals in Crawlspace: This inspection does not cover the presence or lack of wood destroying insects with a written report. There was past termite damage noted, which is typically with buildings of this age. The termite damage observed does not appear to be jeopardizing the structural integrity of the building. w Center girder Deflection in center girder at unit 1 Crawlspace Addition masonry piers Limestone piers and floor framing 2 x 6 nominal floor joist Report made exclusively for_ Habitat for Humanity - #243-0222853-Home Page 8 ROOF MAIN ROOF: Roof Style: Gable, Roof Covering Materials: Standing seam, The roofing materials appear to be installed in an acceptable manner. Cover Layers: The roof covering on the main structure appears to be the second covering. There appears to be the original layer of wood shake shingles installed under the standing seam metal panels. Current building standards will allow only two coverings. When re roofing again, it will be necessary to remove the first two layers. Roof Condition: The roof covering material shows signs of a condition /or damage that needs attention to prevent any further problems that may lead to deterioration or leakage. Recommend contacting a Roofing Contractor for further evaluation due to the age of the roof. Roof appears to have reached and/or passed its typically life expectancy. Estimated Age of Roof: 40 yrs. Estimated Life Expectancy of Roof.' Limited Contact a Roofing Contractor for a more precise estimate of life expectancy. Slope: High slope is considered to be 7 in 12, or higher. Means of Roof Inspection: The roof edge was the location of the inspection of the roof covering. Unit #3 The inspection was completed from the ground level with a zoom lens on a camera. Right side gable The roof was also observed from the adjoining property - 3rd floor- left side gable and shed roof Front roof - observed from the 2nd floor deck. ISECONDARY ROOF: I i Roof style: I shed. Roof Covering Materials: Metal shingles. Cover Layers: The roof covering on the main structure appears to be the second covering. Current building standards will allow only two coverings. When re roofing again, it will be necessary to remove the first two layers. Roof Condition: The roof covering material shows evidence of deterioration or leakage to the degree that action is required to determine the extent of repairs needed. Estimates from licensed professionals are needed. Report made exclusively fo Estimated Age of Roof. Estimated Life Expectancy of Roof., Means of Roof Inspection: ROOF # 3: Roof Style: Roof Covering Materials: Cover Layers: Roof Condition: Estimated Age of Roof., Life Expectancy of Roof.- Slope: Means of Roof Inspection: r: Habitat for Humanity - #243-0222853-Home Page 9 50 yrs. Limited - due to age Contact a Roofing Contractor for a more precise estimate. Low slope is considered to be 3 in 12 or less. The roof edge was the location of the inspection of the roof covering. saw -tooth gables at Unit #3. V crimp metal, The roofing materials appear to be installed in an acceptable manner. The roof covering on the main structure appears to be the first covering. The roof covering material is either new or near new, and it appears to be installed correctly. 3 years. 25 years. High slope is considered to be 7 in 12, or higher. The roof edge was the location of the inspection of the roof covering. IFLORIDA ROOM I COVERED PATIO: I Roof Style: I Shed. Roof Covering Materials: Standing seam metal. Cover Layers: The roof covering on the main structure appears to be the first covering. Roof Condition: The roof covering material shows signs of deterioration or damage that needs attention to prevent further deterioration or leakage. Rusting panels noted - past repairs made with screws in order to secure the uplifting ends of the panels. Estimated Age of Roof: 30 - 40 years. Estimated Life Expectancy of Roof: Limited. Slope: Medium slope is considered to be between 4 in 12 and 6 in 12. Means of Roof Inspection: The deck of the adjoining property was the location of the inspection of the roof covering. Report made exclusively for: Habitat for Humanity - #243-0222853-Home Page 10 EXPOSED FLASHINGS: Flashing: Roof -to -wall flashing, Satisfactory. There is some rusting at the eave trim f€ashings - front elevation. Valleys: The valleys are in satisfactory condition. Ridges: The ridge covering material is in satisfactory condition. IROOF GUTTER SYSTEM: I Roof Gutter System: No gutters installed. comment: recommend installation of seamless gutters for water control and prevention of water run off from entering the crawlspace. Report made exclusively for: Habitat for Humanity - #243-0222853-Home Page 11 ATTIC ATTIC Attic Access Location: No attics - the attic have been converted into lofting living space. Method of Inspection: Not inspected. Roof Framing: A rafter system is installed in the attic cavity to support the roof decking. Roof Framing Condition: Unknown- no access for inspection. Roof Decking: on the original house - most likely skipped spaced battens for the wood shakes. Plywood installed at the roofs over the deck area - evidence of past leakage. Evidence of Leaks on Interior of Attic: 1 No access to inspect - No evidence of water on the ceilings at the loft areas. ATTIC - VENTILATION 1 INSULATION: Ventilation Type: None. Attic ventilation fan: None installed. Whole House Ventilation System: None installed. Skylights: The skylight(s) appears to be satisfactory and shows no signs of leaking. Vapor Barrierinsta!led: Unknown. Insulation Type: Not determined- no access. rye, Main gable - le Front roof- metal shingle Main gable right side #2 Overview roof - right side- Standing seam metal 4 Unit #3 gable roofs Unit #3-valley flashing Unit #3 - Roof Covering - Metal unit 43 - saw tooth gables w/valley Report made exclusively for: Habitat for Humanity - #243-0222853-Home Page 12 EXTERIOR EXTERIOR: Wails' I Wood frame. The wall covering is a shiplap siding. Wood Siding Condition: The exterior siding is in a condition that requires minor repair to prevent further deterioration. The wood siding is in typical condition for the age of the building. Wood frame structures will always require maintenance. Generally 10% of wood siding is replaced when replaced Recommend sealing walls at all pipe penetrations Soffit/ Fascia: The fascia and rake boards are in satisfactory condition and show only signs of normal wear. The soffit/eaves are in satisfactory condition and show only signs of normal wear. Outside Entry Doors: Doors were functional - Most of the doors are aged and need to be kept painted, sealed and caulked at thresholds, sills, jambs. Windows: Majority of the windows are older 2/2 wood windows, some with cracked panes, some not functional. There are older metal jalousie windows along with some newer 4/4 wood windows Recommend replacement of all older windows with impact rated windows, especially if the units are to be equipped with central AC. DECK, PORCH OR BALCONY: Deck/Porch/Balcony: J The wood decks are functional, minor repairs needed at random areas. The framing of the deck or porch was done in an acceptable matter. The decking material is open slat wood, which is designed for the rain to run off in between the boards.. Stairs: The stair material is wood. The steps are in satisfactory condition. Deck or Porch Railings: Railing at the stair doe not have any balustrades installed- Safety concern. Side Elevation Side Elevation Front Elevation Front Elevation Side Elevation Side Elevation Side Elevation Rear Elevation Side Elevation Rear Elevation Report made exclusively for: Habitat for Humanity - #243-0222853-Home Page 1 HVAC SYSTEM AIR CONDITIONING UNIT #1: Description: Mode! / Age/ Capacity: Unit #3 Miotsubishi ductless system. Type: Units 1 - 5, except Unit 3 Wall / Window units installed. Not included in the scope of the inspection. Power Source: 110 Volt, Electric - 220 Volt. The inspector does not perform pressure tests on coolant systems_ Ductless Mitsubishi system Data plate - 2010 Report made exclusively for: Habitat for Humanity - #243-0222853-Home Page 1' ELECTRICAL SYSTEMS !PRIMARY POWER SOURCE: i Service Voltage: The incoming electrical service to this structure is a single phase - 120/240 v service. Service/Entrance/Meter: The masthead, supports, meter housing, and cable entrance to the structure appear to be correctly installed. Meters & panels Disconnect 100 amp - Unit #3 60 amp Unit #2 Disconnect-60 amp typical all units except #3 60amp - Unit#1 100 amp Unit #3 60 amp Unit #4 60 amp Unit 95 Report made exclusively for, Habitat for Humanity - #243-0222853-Name Page 1 I PLUMBING SYSTEM I PLUMBING: Water Source: Main Water Line shutoff valve location: Sewage Disposal Type: Supply Line Materials Supply Piping Condition: Waste Line Materials Waste Piping Condition: Vent Piping Material Supply/Waste Piping Supports: Functional Drainage: Objectionable Odors Noted: Location of Leak in Waste Line: Location of Waste Line Cleanouts: City/Municipal. Meter. Public Sewer System, This inspection merely identifies the type of sewage waste disposal system. It does not comment on the adequacy or effectiveness of the system_ The predominant supply line material is plastic (PVC ). The visible plumbing supply piping appears functional. The predominant waste line material is plastic (PVC )- The visible plumbing waste piping appears functional. The vent material, as it passes through the roof, is plastic. Satisfactory. The straps and hangers supporting the hot and cold water supply piping appear adequate. The straps and anchors supporting the waste lines appear adequate and in satisfactory condition_ Functional drainage has been verified. Water drained from a random sample of fixtures or drains flows at a rate faster than was supplied. i►Q Done observed. Crawlspace. Unit a - outside Unit 2 - 2010 Unit 4- Age 1999 / Capacity - 19.9 gal Unit 1 -Age - 2001- Capacity - 30 gal Unit 5 - Age - 2008 Capacity -19.9 gal Habitat for Humanity of Key West & Lower FL Keys 1012 Fleming St. Draft Floor Plans Habitat for Humanity of Key West & Lower FIL Keys 1012 Fleming St. Draft F142r Plans I r f i �I IA zk M i WAMA ON DocM 1488187 12/31/2004 1.25PM Filed & Recorded in Official Records of MONROE COUNTY DANNY L. KOLRAGE Doca 1488187 Bk11 2072 Pqa 1629 LEASE BETWEEN UTILITY BOARD OF THE CITY OF KEY WEST, FLORIDA LESSOR AND OLD TOWN KEY WEST DEVELOPMENT, LLC LESSEE BATED DCC 200 G:1025E2GU41LEASi2-16-Q4.D0C-S1EAMPLAN Ti_EASF AFFORDABLE RATE UNITS Nu I o! 35 43 poop 1488287 SkK 2072 Pg8 1630 Table of Contents Article 'Title Page No - Definitions ] ll Demised Premises 6 III Term 7 IV Rent 7 V Non -Subordination 8 VI Payment of Taxes 9 V11 Mechanics' Liens 10 V1ll Governing Law, Cumulative Remedies I 1 IX Indemnification of Lessor I I X Insurance 12 X 1 Insurance Premiums 16 X11 Assignment 16 XII1 Condemnation 16 XIV Construction 17 XV Mortgage Financing 19 XVI Default 23 XVII Repair Obligations 25 XVIII Demolition 25 XIX Additional Covenants of Lessee. Lesser 27 XX Warranties of Title Quiet Enjoyment 30 X:KI Right of Entry 30 XXII Right of First Refusal 30 G:\025820Q4\LEAB12-16-04-DOC SCE.AMPLANTLI:ASE AFFORDAB LF R- TF LJNFJ S Page 2 o['35 Coen 1488187 Bk# 2072 Pq# 1531 XXlli Rights Reserved ByLesser 31 XXIV Miscellaneous 32) G 102582004\LEAS12 16-0.1.DOC STEAMPLAN7 LEASE AFFORDABLE RATE UNITS Page 3 o f 35 Doca 1488187 8kp 2072 PvV 1632 LEASE AGREEMENT "THIS LEASE made and entered into at Key West, Monroe County, Florida, on jIV". k^r�❑ _ ZOOL by and between Utility Board of the City of Key West, Florida (referred to as the "Lessor") and Old Town Key West Development, LLC (referred to as the "Lessee"). PREAMBLE Lessor is the electric utility for Key West. Florida and owns the decommissioned Steam Plant Building located on Trumbo Road in the Key West Bight area of Old Town key West (the "Building"). Lessor sought to lease the Building and the adjacent property (the "Overall Property" ) to a private developer in order to obtain income from the Overall Property for its ratepayers while maintaining ownership of the Overall Property. Lessor solicited proposals for redevelopment of the Overall Property. The City of Key West has a critical lack ofaffordable housing, and all the proposals received by the Lessor called for redevelopment of the Building into upscale residential housing and a portion of the Overall Property being used for an affordable housing community. Lessor selected Old Town Key West Development, Ltd. (the "Developer") as the preferred developer after a series of public meetings. The Developer's plan for redevelopment of the Overall Property as presented to Lessor included, but was not limited to, the following elements: (a} Retaining the Building with minimal modifications to the exterior walls. thereby maintaining the historic appearance of the Building. The Building facade facing Trumbo Road would not be modified. but the balance of the exterior walls of the Building ,.Mould be modified to add balconies and windows. The Building as well as the Affordable Housing Units would be designed with an Art Deco theme consistently applied for the entire Property. (b) Removal of all equipment on or in the Overall Property as we]I as any and all demolition and cleaning needed to make the Overall Property suitable for the proposed development. (c) Unless otherwise agreed by Lessor, the Overall Property, after redevelopment, would be utilized for: (i) up to 19 market rate luxury residential condominium units in the Building ("Market Rate Units"); and (ii) 38 affordable residential units located on the property adjacent to the Building ("Affordable Housing Llnits"). Lessor requires the development of the Affordable Housing Units as a condition to the Lease for redevelopment of the Building into the Market Rate Units. Because of the differing requirements for successful financing and development of the two communities to be built on the Overall Property, and because of the differing natures of the two communities, it was agreed that the Overall Property would be divided for Ieasing purposes. Lessor G = 1025 B 2004 \ LEA81 Y - 15 - 04 . DOC STEAMPLANT LEASF. AFFORDABLE RATE UNITS Page 4 of 3 5 Dock 1488187 Bkp 2072 Pgo 1633 would grant one lease for the Affordable Housing Units (this Lease) and another lease for the property needed for the Market Rate Units. This Lease is for the portion of the Property devoted to the creation of the Affordable Housing Units. The Lessor and the Lessee, for and inconsideration of the keeping by the parties of their respective obligations hereinafter contained, as well as for One Dollar and ODIC 00 ($1.00 ) and other valuable considerations paid in hand simultaneously with the execution and delivery of this Lease, receipt whereof is hereby acknowledged, agree as follows: ARTICLE 1 Definitions "Affordable Housing Unit" shall mean a residential housing unit that meets the regtfirements set forth in Section 122-1466 of the Code of Ordinances of the City of Key West, or any successor ordinance. "Building" shall mean the decommissioned Steam Plant Building located on Trumbo Road in the Key West Bight area of OId Town Key West. "Construction Period" shall mean the period beginning on the issuance of the building pen -nit for construction of the Affordable Housing Units and continuing for eighteen months thereafter. "Commencement Date" shall mean the date this Lease is fully executed and delivered by all parties and the date that the Lessee shall be entitled to begin to occupy the Demised Premises for purposes of development and construction of the Project. "Dernised Premises" shall mean the property leased to Lessee pursuant to this Lease for development of the Affordable Housing Units, The Demised Premises are depicted on attached Exhibit "B" and legally described off attached Exhibit "C". "Lease" shall mean this lease for the creation of the Affordable Housing Units on the Demised Premises. "Lessor" means the Utility Board of the City of Key West, Florida. "Lessee" means Old Town Key West Development, LLC, the developer of the Affordable Housing Units. `'?Market Rate Unit"' shall mean a residential condominium unit located in the Bui Iding. The Market Rate Units are not required to be an Affordable Housing Unit as described in the Code of Ordinances of the City of Key West. "Overall Property" shall mean the Building and the adjacent property as depicted on attached F-vh161t "A" G : 1.OZ-82004 \i3AS12 - 16 - na - DOC STEAMPL ANT [.E ASI- AFFORDABLE RATF UNiTS Page 5 of 35 DacN 1488187 9kq 2072 P99 1834 "Overall Project" shall mean redevelopment of the Overall Property with the Building containing up to nineteen (19) Market Rate Units and a portion of the Overal I Property used to build multi -family housing containing a total of 39 Affordable Housing Units. "Pro jject" shall mean the redevelopment of the Demised Premises primarily for the Affordable Housing Units. "Rent' shall mean any sum of money due to the Lessor under this Lease for any reason. "Site Plan" shall mean the Site Plan attached hereto as Exhibit " E " and approved by Lessor. "Term" the period begitarting at the end of the Construction Period and continuing for ninety- nine years, plus any agreed upon extension of this Lease. ARTICLE II Demised Premises Section 2.01 Lessor's Demise. Upon the terms and conditions hereinafter set forth, and in consideration of the payment of the rents and the prompt performance by the Lessee of the covenants and agreements, to be kept and performed by the Lessee, the Lessor does lease, let, and demise to the Lessee and the Lessee hereby leases 17orn the Lessor, the following described premises, situate, lying, and being in Monroe County, Florida: See Attached Exhibit's "B" and "C" Section 2.02 Conditions. The demise is likewise made subject to the following. (a) Conditions, restrictions, and limitations, if any, there be now appearing of record; (b) Zoning ordinances of Key West, the County of'Monroe, State of Florida.. and any other applicable governmentaI body now existing or which may hereafter exist by reason of any legal authority during the life of this Lease, (c) Any questions of survey, the Lessee having satisfied itselfas to the boundary lines and contents of the Demised Premises above described and likewise satisfied itself with a sufficiency of the present title of the Lessor; and (d) The proper performance by the Lessee of all of the terms and conditions contained in this Lease. G 02582004\LEAB12-16-04.❑GC STFAMPI.ANT I.FASF. AFFORDABLE RATE iTNITS Page 6 of 35 Doep 1488187 Bko 2072 P94 1635 ARTICLE III Term To have and to hold the Demised Premises for a term of ninety-nine (99) years commencing on the Commencement Date, and ending ninety-nine (99) Years from the end of the Construction Period thereafter, both dates inclusive. unless sooner terminated as hereinafter provided- Lessee shall be given possession on the Commencement Date and the terms and conditions set forth herein shall be binding on the parties as of the Commencement Date. Lessee shall have the right to occupy the Demised Premises as of the Commencement Date in order to allow Lessee to commence demolition, construction, as well as other activities related to the development and construction of the Project. ARTICLE IV Rent Section 4.01. Lessee covenants and agrees to pay to Lessor promptly when due, without notice or demand, and without deduction or offset, annual Rent for the Demised Premises during the Term in the amount of one and no/100 dollar ($ I.00). Section 4.02. Additionally, in the event there are modifications in the rules, laws, and/or regulations affecting the Affordable Housing Units so that the rents chargeable to the tenants of Affordable 11oustng Units may be increased to allow a greater profit to Lessee than available under existing laws, Lessee covenants and agrees to pay Lessor a monthly installment in the amount of fifty percent (50%) of any such increased profit. Section 4.03. All amounts payable under Section 4.01 and 4.021 hereof, as well as all other amounts payable by Lessee to Lessor under the terms of this Lease, shalt be payable in lawful money of the United States which shall be legal tender in payment of all debts and dues, public and private. at the time of payment, each payment to be paid to Lessor at the address set forth herein or at such other place within the continental limits of the United States as Lessor shall from time to time designate by notice to Lessee. Except for any income tax payable by the Lessor, Lessee shall pay any and all taxes. including any local surcharge or other tax, on the Rent payable pursuant to this Lease in addition to the sums otherwise set forth herein. Section 4.04. It is intended that the Rent provided for in this Lease shall be absolutely net to Lessor throughout the Term. free of any taxes, costs, utilities, insurance expenses, liabilities, charges or other deductions whatsoever, with respect to the Demised Premises and/or the ownership, leasing, operation, maintenance, repair, rebuilding, use or occupation thereof. Section 4.05. All amounts payable by Lessee to Lessor under any of the provisions of this Lease, if not paid when due as provided for in this Lease shall bear interest at the highest rate allowable under Florida law from the time they become due until paid in full by Lessee. In addition, Lessee shall pay a late fee in the amount of ten (10' 0) percent of any amount due from Lessee to G:1025a2004�LEAB12-16-04.DGC sTEAMPLAN i I EASE AFIY)RDABLE RATE UNITS Fagg 7 of 3S Docp 1488187 BkM 2072 Pyu 1636 Lessor, which is not paid within ten (10) days of the due date for such payment as to any sums due for Rent and within thirty (30) days for any other sums due from Lessee pursuant to this Lease: provided, however, such payment shall not excuse or cure any default by Lessee under this Lease. It is agreed by the parties hereto that said late fee should be for reimbursement to Lessor for collection charges incurred as a result of the overdue rent. Such late fee shall be in addition to any interest payable by Lessee as set herein from Lessee's failure to pay any Rent due hereunder. In the event that any check, bank draft, order for payment or negotiable instrument given to Lessor for any payment under this Lease shall be dishonored for any reason whatsoever not attributable to Lessor, Lessor shall be entitled to charge Lessee an administrative charge of Fifty Dollars ($50.00), 1n addition. Lessor shall be reimbursed by Lessee for any costs incurred by Lessor as a result of said instrument being dishonored. Section 4.06. Upon the Commencement Date, Lessee shall pay or cause to be paid to Lessor a deposit in the amount of Ten Thousand and no1100 Dollars ($10,000.00)(the "Deposit") to be held as a deposit to secure performance of Lessee's obligations hereunder. The Deposit may be commingled by Lessor with ether funds and shall not bear interest. In the event of any default of imy provision of this Lease, the Deposit, or such portion of the Deposit as needed to cure the default, may be retained by Landlord and may be applied toward damages arising from the default. The Deposit shall not be construed as liquidated damages. Upon yielding of the ❑ernised Premises at the termination of this Lease, and provided no default has occurred, the deposit shall be returned to Lessee without interest. If Lessor conveys its interest under this Lease, the Deposit, or the part not previously applied_ shall be turned over to Lessor's grantees or assigns, and Lessee shall release Lessor from any liability with respect to the Deposit upon receipt of notice that the Deposit has been received by the assignee. This provision shall also apply to subsequent grantees or assigns. Lessee shall not assign, pledge. mortgage or otherwise hypothecate its interest in the Deposit. 'The Deposit is not made in payment of rent. If the Deposit, or any portion thereof, is appropriated and applied by Lessor for the payment of overdue rent or other sums due and payable to Lessor. then Lessee shall, within thirty (30) days after written demand by Lessor, remit to Lessor a sufficient amount in cash to restore the Deposit to the amount required by this Section. Failure to pay the sums needed to restore or increase the Deposit to the required amount within such thirty (30) day period shall be deemed a default under this Lease ARTICLE V Non -Subordination Notwithstanding, anything to the contrary contained in this Lease, the fee simple interest in the Demised Premises shall not be subordinated to any leasehold mortgage. lien or encumbrance of any nature whatsoever. Furthermore. the Lessor's right to receive payment binder this Lease shall not be subordinated to any to any debt or equity financing, leasehold mortgage, lien. encumbrance or c la2ss2004\LEAB12-16-04.7OC STFAMPLANT LEASE AFFORDASLF' RATL UNITS- obligation of any nature whatsoever. Dacia 1488187 8kK 2072 Pg# 1637 ARTICLE VI ment of Taxes and Utilities Section 6.01 Lessee's ONigations. As additional Rent, the Lessee shall pay and discharge, as they become due, promptly and before delinquency, all taxes, assessments, water and sewer rents, rates and charges, transit taxes, charges for public utilities, excises, levies, licenses and pennit fees and other governmental charges, general and special, ordinary and extraordinary, unforeseen and foreseen, of any kind and nature, whatsoever, which at an) time during the term of this Lease may be assessed, levied, confirmed, imposed upon, or grow or became due and payable out of or in respect of, or become a lien on, the Demised Premises, or any improvements thereon, or any part thereof or any appurtenance thereto, or otherwise arising out of the rent and income received by the Lessee From subtenants, any use or occupation of the Demised Premises, and such franchises as may be appurtenant to the use of the Demised Premises, or any document (to which the Lessee is a party) creating or transferring an interest or estate in the Demised Premises. With regards to special assessments, if the right is given to pay either in one sum or in installments. Lessee may elect either mode of payment and Lessee's election shall be binding on Lessor. Section 6.021 Obligations Altered. Nothing herein shall require the Lessee to pay municipal, state, or federal income taxes assessed against the Lessor, municipal, state, or federal capital levy. estate, gift, succession, inheritance, or transfer taxes of the Lessor, or Lessor's legal representative. corporate franchise taxes imposed upon any corporate owner of the fee of the Demised Premises; provided, however, that if at any time during the term of this Lease the methods of taxation prevailing at the commencement of the term hereof shall be altered so as to cause the whole or any part of the taxes, assessments, levies, impositions, or charges now levied, assessed and imposed, wholly or partially as a capital levy, or otherwise, on the rents received therefrom, or of any tax, corporation franchise tax. assessments, levy (including, but not limited to any municipal, state, or federal levy), imposition or charge, or any part thereof shall be reasured by or based in whole or 111 part upon the Demised Premises and shall be imposed upon the Lessor, then all such taxes. assessments, levies, impositions, or charges, or the part thereof so measured or based, shall be paid and discharged by the Lessee. All rebates on account of any taxes, rates, levies, charges, or assessments required to be paid, shall belong, to Lessee. Section 6.03 Mode of Payment. The Lessee shall pay the taxes and other charges as enumerated in this Article and shall deliver official receipts evidencing such payment to the Lessor, which payment of taxes shall be made and the receipts delivered, at least 30 days before the tax, itself, would become delinquent in accordance with the law then in force governing the paymentof such tax or taxes. if, however, the Lessee desires to contest the validity of any tax or tax claim, the Lessee may do so without being in default hereunder, provided the Lessee gives the Lessor notice of the Lessee's intention to do so and furnishes the Lessor or the applicable governmental agency with a bond with a surety made by a surety company qualified to do business in the State of I= iorida or pays cash to a recognized Escrow Agent in Monroe County, one and one half times the amount of the tax G7102582004\ LEAB12-16-44-DOC SFEANPLANTL-[ASE AFFORDABLE RATI. UNITS Page 9 D i5 Doc# 1488187 8kK 2072 PgM 1638 item or items intended to be contested, conditioned to pay such tax or tax items when the validity thereof shall have been determined, and which written notice and bond or equivalent cash shall be given by the Lessee to the Lessor, not later than 60 days before the tax item or items proposed to be contested would otherwise become delinquent. Section 6.04 Lessee's Default. if the Lessee shall fail, refuse, or neglect to make any of the payments required in this Article, then the Lessor may pay the same, and the amount or amounts of money so paid, including reasonable attorneys' fees and expenses which might have been reasonably incurred because ofor in connection with such payments, together with interest on all such amounts, at the highest rate allowed by law shall be repaid by the Lessee to the Lessor. upon the demand of the Lessor, and the payment thereof may be collected or enforced by the Lessor in the same manner as though such amount were an installment of rent specifically required by the terms ofthis Lease to be paid by the Lessee to the Lessor, upon the day when the Lessor demands repayment thereof ter reimbursement therefor of and froth the Lessee; but the election of the Lessor to pay such taxes shall not waive the default thus committed by the Lessee. Section 6.05 Proration. The foregoing notwithstanding, the parties hereto understand and agree that the taxes for the first year (beginning on the Commencement Date) and the last year of the terra shall be prorated proportionately between the Lessor and the Lessee. ARTICLE V11 Mechanic's Liens Section 7.01 No Lien. The Lessee shall not have the power to subject the interest of the Lessor in the Demised Premises to any mechanic's or materialmen's liens or lien of any kind. Section 7.02 Release of Lien. The Lessee will not permit or suffer to be filed or claimed against the interest of the Lessor in the Demised Premises during the continuance of this Lease, any Iien or claim of any hind (excepting for the mortgage referred to in Article XV), and if sue lien be Maimed or filed, it shalt be the duty of the Lessee, within thirty (30) days after the Lessor shall have been given written notice of such a claim having been filed, or within thirty {30) days after the Lessor shall have been given written notice of such claim and shall have transmitted written notice of the receipt of such claim unto the Lessee (whichever thirty (30) day period expires earlier) to cause the Demised Premises be released from such claim, either by payment or by the posting of bond or by the payment to the court of the amount necessary to relieve and release the Demised Premises from such claim, or in any other manner which, as a matter of law, will result, within such period of thirty (30) days, in releasing the Lessor and the title of the Lessor from such claim; and the Lessee covenants and agrees, within such period of thirty (30) days, so as to cause the Demised Premises and the Lessor's interest therein to be released from the legal effect of such claim. Section 7.03 Lessee's Default. If the Lessee shall fail, refuse, or neglect to perfor n its obligations as required in this Article, then the Lessor may pay any sums required to cause the Demised Premises and the Lessor's interest therein to be released from the legal effect of such claim G:\02582004\LEAH12-16-04.DOC STE.AMPLANT LLASE AFFORDABLE RATE UNITS Page if) of 3; DocIN 1488287 Bkt# 2072 P90 1639 and the amount or amounts of money so paid, including reasonable attorneys' fees and expenses which might have been reasonably incurred because of or in connection with such payments, together with interest on all such amounts at the highest rate allowed by law shall be repaid by the Lessee to the Lessor, upon the demand of the Lessor, and the payment thereof may be collected or enforced by the Lessor in the sarne manner as though such amount were a?.r installment of rent specifically required by the terms of this Lease to be paid by the Lessee to the Lessor, upon the day when the Lessor demands repayment thereof or reimbursement therefor of and from the Lessee; but the election of the Lesser to pay such amount shall not waive the default thus committed by the Lessee. ARTICLE V III Governing Law. Cumulative Remedies Section 8.01 Governing Law. All of the rights and remedies of the respective parties shall be governed by the provisions of this instrument and by the laws of the State of Florida as such laws relate to the respective rights and duties of lessors and lessees. Section 8.02 Cumulative Remedies. During the continuance of the Lease, the Lessor shall have all rights and remedies which this Lease and the taws of the State of Florida assures to him. All rights and remedies accruing to the Lessor shall be cumulative, that is, the Lessor may pursue such rights as the law and this Lease affords to him in whatever order the Lessor desires and the law permits without being compelled to resort to any one remedy in advance of any other. ARTICLE Ili Indemnification of Lessor Section 9.01 Indemnification by Lessee. During the entire term of the Lease. the Lessee will indemnify, defend and save harmless the Lessor against any and all claims, debts, demands, or obligations which may be made against the Lessor or against the Lessor's title in the Demised Premises, arising out of, or in connection with, or in any way related to the Demised Premises, except to the extent such claims may be caused by negligence or misconduct of the Lessor (or its agents or employees in the conduct of work for or at the direction of the Lessor); and if it becomes necessary for the Lessor to defend any action seeking to impose any such liability, the Lessee will pay the Lessor all costs of court and reasonable attorneys' fees incurred by the Lessor in effecting such defense in addition to any other reasonable sums which the Lessor may be called upon to pay by reason ofthe entry of a judgment against the Lessor in the litigation in which such claim is asserted. Except for loss or damage arising out of Lessor's grossly negligent or intentional acts. Lessor shall not be liable to Lessee, or to Lessee's assignees or sublessees or the employees, agents, contractors, or invites of any such person, firm or entity, for any injury or damage to person or property in or about the Demised Premises, Section 9.02 Insurance. On the Commencement Date the Lessee shall cause to be written G:\02S82004\LEAB12-16-04.D0C STEAMPLANi LEASE Ak FORDABLE HATE UNITS P212e i 10,35 Dech 1488187 BkO 2072 Pgq 1640 and in full force and effect a policy or policies of insurance as noted in Article X insuring the Lessee against any and all ciaims and demands made by any person or persons whomsoever for injuries received in connection with the operation and maintenance of the Demised Premises, improvements, and buildings located on the Demised Premises. All such poiicies shall name the Lessee and the Lessor (and any lender holding a mortgage on the Demised Premises), as their respective interests may appear, as the persons insured by such policies; and the original or a duplicate original of each of such policy or policies shall be delivered by the Lessee to the Lessor promptly upon the writing of such policies, together with adequate evidence of the fact that the premiums are paid. Any loss adjustment shall require the written consent of both the Lessor and Lessee. Section 9.03. Policy Limit Changes. The policy limits for the comprehensive liability insurance may be reviewed by Lessor every five (5) years and adjusted upward, if, in the reasonable discretion of Lessor such increase in coverage is prudent or if similar projects have begun to require greater insurance coverage. ARTICLE x Insurance Section 10.01 Property Insurance. From and after the Commencement Date, the Lessee will keep insured any and all buildings and improvements upon the Demised Premises against all loss or damage by fire, good and windstorm, together with "aII risks" "extended coverage," which said insurance will be maintained in an amount which Nvill be sufficient to prevent any party in interest from being or becoming a co-insurer on any part of the risk, which amount shall not be less than full Replacement Cost value of the Demised Premises, and all of such policies of insurance shall include the name of the Lessor as an additional insured and shall fully protect both the Lessor and the Lessee as their respective interests may appear. h1 the event of destruction of the said buildings or improvements by fire, flood, windstorm, or other casualty for which insurance shall be payable and as often as such insurance money shall have been paid to the Lessor and the Lessee, said sums so paid shall be deposited in a joint account of the Lessor and the Lessee in a bank located in the County in which the Demised Premises is located designated by the Lessee, and shall be made available to the Lessee for the construction or repair, (including any modification to the improvements sought by the Lessee and approved in writing by the Lessorwith Lessor's approval not unreasonably withheld) as the case may be, of any building or buildings damaged or destroyed by fire, flood. windstom-L, or other casualty for which insurance money shall be payable and shall be paid nut by the Lessor anti the Lessee from said joint account from time to time on the estimate of any reliable architect licensed in the State of Florida having jurisdiction of such reconstruction and repair, certifying that the amount of such estimate is being applied to the payment of the reconstruction or repair and at a reasonable cost therefor, provided, however, that the total amount of money necessary for the reconstruction or repair of any building or buildings destroyed or injured has been provided by the Lessee for such purpose and its application for such purpose assured. In the event of the destruction or damage of the buildings and improvements or any part thereof, and as often as any building, or improvement on said Demised Premises shall be destroyed or dainaged by fire. flood, windstorm, or other casualty, the Lessee shall rebuild and repair the same in such manner that the building or improvement so rebuilt and repaired, and the personal property so replaced or G:102582004�LEA912-16-04 .DOC STEAMPLANT LLASE AFFORDABLT FLUTE UNI rS Wage 12 o C 3 5 Doca 1488187 BkV 2072 P90 1641 repaired, shall be of the same or higher value as the said building or improvement and the personal property upon the Demised Premises prior to such damage or destruction, and shall diligently prosecute the reconstruction or repairs without delay and have the same rebuilt and ready for occupancy as soon as reasonably possible from the time when the loss or destruction occurred. The 17-month period for reconstruction shall be en]arged by delays caused without fault or neglect on the part of the Lessee, by act of God, strikes, lockouts, or other conditions (other than matters of refinancing the property) beyond the Lessee's control. Notwithstanding the foregoing, the provisions of any leasehold mortgage shall control as to the uses and disbursement of funds for reconstruction of the improvements in the event of any casualty or damage to such improvements. While the Project. or any rep Iacement thereof, is in the course of construction, and whenever appropriate while any alterations are in the course of being made, the aforesaid fire and extended coverage insurance shall be carried by Lessee in builder's risk form written on a completed value basis. Notwithstanding anything to the contrary in the immediately preceding paragraph. in case of destruction of all of the improvements on the Demised Premises from any cause so as to make all units untenantable occurring during the last ten (10) years of the Terns of this Lease, Lessee, if not then in default under this Lease and if there is no leasehold mortgage or other similar encumbrance on the Lessee's interest in the Demised Premises, may elect to terminate this Lease by written notice to Lessor within thirty (30) days after the occurrence of the destruction. I n the event of termination, there shall be no obligation on the part of Lessee to restore or repair the improvements on the Demised Premises, nor any right of the Lessee to receive any proceeds collected under any insurance policies covering the improvements, If Lessee elects not to terminate this Lease in the event of destruction during the last ten (10) years of this Lease, the proceeds of all insurance covering, the improvements shall be niade available to Lessee for repairs, and Lessee small be obligated to repair as set forth above. Section 10.02 Commercial General Liability Insurance. Lessee shall maintain Commercial General Liability Insurance beginning on the Commencement Date and continuing during the entire Term of this Lease. The Comercial General Liability shall cover those sources of liability which would be covered by the latest edition of the standard Commercial General Liability Coverage Form [ISO Form CG 00-011 as filed for use in Florida without the attachment of restrictive endorsements other than, the elimination of medical payments and lire damage legal liability. General Aggregate $I M0,000 Products/Completed Operations $1,000,000 [coverage for 3 years after project cornpletionj Personal & Advertising Liability MUM Each Occurrence $ I.000, M Contractual Liability $1,000,000 Additional Named Insured; Tl'he Utility Board of the City of Key West shall be included as an additional insured for Commercial General Liability. Section 10.03 Environmental Impairment Responsibility, The Lessee and/or it's contractors G:'%02582_0041LEA812-16-04.D0C STEAMP1.AN7 LEAS AFFORi]ABLE RATE UNITS Page 13 of 35 Dace 1488187 Bkp 2072 P9a 1642 acknowledge that the performance of this Lease is, or may be, subject to Federal, State and local laws and regulations enacted for the purpose of protecting, preserving or restoring the environment. The Lessee shall at the sole cost of the Lessee or its Contractors, be responsible for full compliance with any such laws or regulations. The Lessee's performance under Lease shall include, but not by way of limitation. the following: A. Performance in a manner to minimize disturbance of or damage to the environment. B. To the extent caused by the performance of this Lease by or on behalf of the Lessee or its Contractors, the clean-up, repair or restoration of the environment to the extent required by any Federal_ State or local laws or regulations. C. The. Lessee and or its Contractors shall be responsible for any fines, penalties, damages or assessments made against the Lessee or its Contractors or the Lessor resulting from the performance of this Lease by or on behalf of the Lessee- D. The Lessee's obligation under this Section shall survive the termination of this Lease, and shall riot be limited in any manner by acceptance or final payment under the Lease terms. Section 10.04 Other Insurance. Lessee shall maintain such other insurance and in such amounts as may from time to time be reasonably required by the Lessor against other insurable hazards which at the time are commonly insured against in the case of demolition and construction of buildings and/or in the case of premises similarly situated, due regard being or to be given to the height or type of building, its location, construction, use and occupancy. In the event the Lessee believes the Lessor's requirement for such additional insurance is unreasonable the reasonableness of Lessor's request shall be determined in accordance with the rules of the American Arbitration Association. Such determination as to the requirement of coverage and the proper and reasonable Iimits for such insurance then to be carried. shall be binding on the parties and such insurance shall be carried with the limits as thus determined until such limits shall again be changed pursuant to the provisions of this Section. The expenses of such determination shall be borne equally by the parties. This procedure may only be requested on each five (5) year anniversary date of the lease. Section 10.05 Delivery of Policies. On or before the Commencement Date and thereafter not Iess than fifteen ( 15) days prior to the expiration dates of the expiring policies theretofore furnished pursuant to this section, the certificates of all such policies of insurance shall be delivered to the Lessor by the Lessee along with the receipted bills evidencing the fact that the premiums therefore are paid; but nothing herein contained shall be construed as prohibiting the Lessee from financing the premiums where the terms of the policies are for three (3) years or more and in such event the receipts shall evidence it to be the fact that the installment premium. payment or payments are paid at or before their respective maturities. Where, however, there is a Fortgage on the Demised Premises created pursuant to the provisions contained in Article XV of this Lease, captioned "Mortgage Financing," and if; Linder the terms of such mortgage, it 1s obligatory- upon the Lessee to cause the originals of the policies to be delivered to the mortgagee, then the Lessee shall deliver to the Lessor duplicate certificates of such policies. The policies or duplicate certificates thereof; as the case may be, shall be delivered by the Lessee to the Lessor at least ten days prior to the effective date of the G:102582004\Z,EA$12-16-0a.❑0C SrFAMPLANILEASE: AFFOR DABI.F (LATE INITS Page 14 of'35 iaacN 1488187 Bk" 2072 P9## 1643 policies. Section 14.06 Pro ceeds Payable to Martgaee. If any mortgagee holding a mortgage created pursuant to the provisions of Article XV elects, in accordance with the terms of such mortgage, to require that the proceeds of the insurance be paid to the mortgagee, then such payment shall be made, but in such event, it shall still be obligatory upon the Lessee to create the complete fund with the leasehold mortgagee in the manner set forth in this Article to assure and complete the payment for the work of reconstruction and repair. Section 10.07 Damages; Insurance Proceeds; Joint Bank Account. Any excess of money received from insurance remaining in the joint bank account after the reconstruction or repair of such building or buildings, if the Lessee is not in default, shall be paid to the Lessee, and in the case of the Lessee not entering into the reconstruction or repair of the building or buildings within a period of six months from the date of payment of the loss, after damage or destruction occasioned by fire. windstorm, flood or other cause, and diligently prosecuting the same with such dispatch as may be necessary to complete the same in as short a period of time as is reasonable under the circumstances after the occurrence of such damage or destruction, then the amount so collected, or the balance thereof remaining in the joint account, as the case may be, shall be paid to the Lessor and it will be at the Lessor's option to terminate the Lease, unless terminated by Lessee within the last ten (l 0) years of the Lease as set forth above, and retain such amount as liquidated and agreed upon damages resulting from the failure of the Lessee to promptly, within the time specified, complete such work of reconstruction and repair. Section 10.08 Direct Repayment. The foregoing notwithstanding, in the event the insurance proceeds are the suTn of One Hundred Thousand and 00/100 Dollars ($100,000) or less, then such proceeds Shall be paid direcdv to the Lessee without the necessity of creating the joint hank account. and Lessee shall use such funds to make (lie replacements or repairs. Section 10.9 General Requirements. All insurance to be provided by Lessee under this Lease steal l be effected under valid and enfo rceable policies in such forms, issued by insurers of recognized financial responsibility qualified to do business in Florida which have been approved by Lessor, which approval shall not be unreasonably be withheld. All policies of insurance provided for in this Article shall. to the extent obtainable, contain clauses or endorsements to the effect that (a) no act or negligence of Lessee or anyone acting for Lessee or for any sublessee or occupant of the Demised Premises which might otherwise result in a forfeiture ol'such insurance or any part thereof shall in an), way affect the validity or enforceability of such insurance insofar as Lessor, and that (b) such policy of insurance shall not be changed or cancelled without at least thirty (30) days written notice to the Lessor, and that {c) the Lessor shall not be liable for any premiums thereon or subject to arty assessments thereunder. ARTICLE XI Insurance Premiums G ! \ 02 5 82004 \LEPM 2 - 16 - D 4 . P0C STEAM PLANT LFASI - AFFORDABLE KA l_F UN rS Pap! ]503�, Doch 1488187 Bk# 2072 NO 1644 The Lessee shall pay premiums for all of the insurance policies which the Lessee is obligated to carry under the terms of this Lease, and will deliver to the Lessor evidence of such payment before the payment of any such premiums become in default, and the Lessee will cause renewals of expiring policies to be written and the policies or copies thereof, as the Lease may require, to be delivered to Lessor at least ten days before the expiration date of such expiring policies. ARTICLE XI Assignment Without the written consent of Lessor, first obtained in each case, Lessee shalt not assign or sublet any portion of the Demised Premises, or change management of the Demised Premises, except the Lessee may assign this Lease to Steamplant Condominium, LLC. or Edwin O. Swift, as provided in the Binding Contract for Lease between Steamplant Condominium, LLC and Lessor. Therefore, in the event Lessee desires to assign this Lease to said entity or person. Lessor's consent wiII not be required. Additionally, Lessor acknowledges and agrees that the Affordable Housing Units are to be developed as units for lease to third parties; therefore, these units may be occupied without Lessee obtaining consent from Lessor for such subletting. When consent of the Lessor is required, Lessor's consent may not be unreasonably withheld. 'This Lease is freely assignable by the Lessor, and upon such assignment the Lessor's liability shall cease. The liability of the original Lessee executing this Lease shall continue after assignment of this Lease by the original Lessee only until all the Affordable Housing Units have been completed and Certificates of Occupancy for all of the Affordable Housing Units have been obtained. Any assignment or sublease in contravention hereof is void and shall be considered a default of this Lease. Lessee may collaterally assign tills Lease in connection with any leasehold mortgage financing, ARTICLE X1II Condemnation Section 13.01 Eminent Domain; Cancellation. If, at any time during the continuance of this Lease, the Demised Premises or the improvement or building or buildings located thereon, or any portion thereof is taken or appropriated or condemned by reason of eminent domain, there shall be such division of the proceeds and awards in such condemnation proceedings and such abatement of the rent and other adjustments made as shall be just and equitable under the circumstances. If the Lessor and the Lessee are unable to agree upon what division, anneal abatement of rent or other adjustments as are just and equitable, within thirty (30) days after such award has been made, then the matters in dispute shall, be determined in accordance with the rules of the American Arbitration Association. Such determination made by the arbitration shall be binding on the parties. If the legal title to the entire Demised Premises be who] ly taken by condemnation, the Lease shall be cancelled. Section 13.02 Apportionment- Although the title to the building and improvements placed by the Lessee upon the Demised Premises will pass to the Lessor, nevertheless, for purpose of G.102582004\LEAB12-1G-04.DOC STEAMPLANT LEASE AFFORDABLE RATE UNITS Page 16 of35 Docq 1488187 Skh 2072 PON 1645 condemnation, the fact that the Lessee placed such buildings on the Demised Premises shall be taken into account. and the deprivation of the Lessees use of such buildings and improvements shall, together with the term of the Lease remaining, be an item of damage in determining the portion of the condemnation award to which the Lessee is entitled. In general, it is the intent of this Section that, upon condemnation, the parties hereto shall share in their awards to the extent that their interests. respectively, are depreciated, damaged, or destroyed by the exercise of the right of eminent domain. In this connection, if the condemnation is total, the parties agree that the condemnation award shall be allocated so that the then value of the property, as though it were unimproved property, shall be allocated to the Lessor. and the then value of the building or buildings thereon shall be allocated between the Lessor and Lessee after giving due consideration to the number of years remaining in the term of this Lease and the condition of the buildings at the time of condemnation. ARTICLE XIV Construction Section 14.01 Zoning. Lessee will obtain all necessary zoning modifications, or otherwise obtain the right to build the Affordable Housing Units on or before April 30, 2003. In the. event Lessee does not obtain such approvals by April 30, 2003, Lessee may tenninate this Lease by giving written notice to Lessor, or Lessee may elect to extend the Lease on a month to month basis, for a period up on one 0 i year, at a monthly rate of five thousand and 00/100 Dollars ($5,000.00). Sectioil 14.02 Permittin IFinancin . Lessee will obtain all necessary allocations and acquire financing for the Affordable Housing Units on or before December 31, 2003. In the event Lessee does not obtain such approvals and financing, Lessee may terminate this Lease by giving written notice to Lessor on or before December 31. 2003, or Lessee may elect to extend the Lease on a month to month basis, for a period up to one (1) year, at a monthly rate of five thousand and 00/100 ($5,000.00). Section 14.03 Project. The plans and specifications for (lie work to be performed by the Lessee on the Overall Property must be presented to and approved by Lessor in writing prior to submission of any application or request to the City of Ivey West or any other governmental agency and prior to execution of the Lease. The plans and specifications for the Project may be submitted for approval to the Board of the Lessor and the Lessee must provide the plans and specifications within a reasonable time prior to a regularly scheduled Board meeting so that the Board can consider the matter in the normal course of business. Lessor shall not unreasonably withhold approval, and in the event of disapproval, Lessor shall give Lessee an itemized statement of the reasons for disapproval within ten (10) days after the Board of the Lessor considers the plans and specifications. Additionally, it the plans and specifications are not approved or disapproved by Lessor within ten days after they are considered by the Board of the Lessor, then said plans and specifications shall be deemed approved by Lessor. Any modifications to the initial plans and specifications subsequent to the Commencement Date must also be approved in writing, in advance, by Lessor with the same Process being used. G:`�2562004�LEAH1 15 93.bOt STFAMPLANT LEASE AFFORDABLE RATE UN[TS Pap- 17 of35 Daat1 1488187 Bk% 2072 P9N 1646 Any and all construction on the Demised Premises during the Terns of this Lease shall be constructed in a good and workmanlike manner, pursuant to written contracts with licensed contractors and in accordance with any and all requirements of local ordinances and with all rules, regulations and requirements of all departments, boards, officials and authorities having.jurisdiction thereof. It is understood and agreed that the plans and specifications for all construction shall be prepared by a duly qualified architect licensed in the State of Florida. Furthennore. no construction shall be commenced on the Demised Premises unless all the following have occurred: (a) the Lessee, at Lessee's expense, shall have filed with the appropriate governmental bodies having jurisdiction with respect to the subject of the proposed construction, complete plans, specifications, certificates and any other document s required for the proposed construction. and (b) as to construction work with a cost of greater than S100,000, there shall be delivered to the Lessor payment and performance bonds running to the Lessor as obligee conditioned on completion of the construction in accordance with the plans and specifications free and clear of all mechanics or other liens and tree and clear of all financing statements under the [ !niform Commercial Code or any successor statute. Such bonds shalI be in an amount of the entire cost of construction in accordance with the plans and specifications as approved by Lessor as such cost of construction is stipulated in the construction contract between Lessee and its general contractor and must guarantee full performance of the contract for the construction in accordance with the plans and specifications as approved by Lessor. Lessee further represents and warrants that any alterations, modifications, up fit or construction performed by or for Lessee at the Demised Premises shall be performed in compliance with the requirements of the Americans With Disabilities Act of 1990, as amended (the "ADA"). Lessee further represents and covenants that it shall conduct its occupancy and use of the Demised Premises in accordance with the ADA (including. but not limited to, modifying its policies, practices, and procedures, and providing auxiliary aids and services to disabled persons). Moreover. Lessee shall abide by any and all applicable laws and regulations concerning any handicap or disability access or use now existing or hereafter imposed as such is applicable from time to time to the Demised Premises and the improvements thereon. Lessee acknowledges that one of the inducements to the Lessor for the malting of this Lease is the improvement of the Demised Premises in accordance with the terms hereof. Section 14.04 Completion Date. Lessee shall complete construction of the Affordable Housing Units within eighteen (18) months after the Building Permit is issued for the Affordable Housing Units, unless Lessee experiences delays caused without fault or neglect on the part of Lessee, by act of God, strikes, lockouts, or other conditions beyond Lessee's control. ARTICLE XV Mortgaize financing Section 15.01. Lessee intends and shall matte a good faith attempt to obtain financing for the Affordable Housing Units through a combination of SHIP and SAIL Loans and equity raised by its syndication to an equity investor of Federal low income housing Tax Credits. Furthermore, unless, G:1.02582004'�LEA.B12-16-04.DOC 5 UAMPLANTLVASE AFFORDABLE RAPE 1-NITS Page 18 of-35 Dccq 1488I87 8kn 2072 P9q 1647 Lessee is unable to obtain financing for the Affordable Housing Units, through such a combination of SIJIP and SAIL Loans and the sale of tax credits, the rents for the Affordable Housing Units shall be set as set forth in the affordable housing ordinance City of key West Code Section 122-1466 which rent is equal to the rents permitted to be charged under the Federal L1HTC program. Lessee further acknowledges that rents may be tower on certain of the units in the event a SAIL loan is obtained. Section 15.02. In the event the above types of financing are not obtained, Lessee shall still have the right to mortgage the property. (a) The Lessee shall have the right to encumber, by mortgage or other proper instrument, Lessee's interest under this Lease, together with all buildings and improvements placed by Lessee on the Demised Premises, to a Federal or State Savings & Loan Association, governmental entity. Bank or Trust Company, Insurance C ompany, Pension Fund or Trust (or to a private lender so long as the terms and conditions of the financing from private Iender are on substantially similar terns to those then existing by the other lenders referred to in this section) or similar lending institution authorized to make leasehold mortgage loans in the State. of Florida without obtaining the prior consent of the Lessor, subject, however, to the other terms and conditions of this Lease. (b) If the Lessee shall mortgage its leasehold interest and if the holder of the mortgage or pledge shall forward to the Lessor a duplicate original of the mortgage in form proper for recording, or a copy of the mortgage certified as a true copy by the Office of Qflicia] Records of Monroe County. Florida, together with a written notice setting forth the name and address of the leasehold mortgagee, then until the time that the leasehold mortgage shall be satisfied of record., the following provisions of this Section 15.02 shall apply. (c) When giving notice to the Lessee with respect to any default under the provisions of this Lease, the Lessor will also serve a copy of such notice upon the leasehold mortgagee. No such notice to the Lessee shall be deemed to have been given unless a copy of such notice has been mailed to such leasehold mortgagee, which notice must specify the nature of each such default. (d) In case the Lessee shall default under any of the provisions of this Lease, the leasehold mortgagee shall have the right to cure such default whether the same consists of the failure to pay rent or the failure to perform any other matter or thing which the Lessee is required to do or perform and the Lessor shall accept such performance on the part of the leasehold mortgagee as though the same had been done or performed by the Lessee. The leasehold mortgagee, upon the date of mailing by Lessor of the notice referred to in subparagraph (c) of this Section 15.02 shall have, in addition to any period of grace extended to the Lessee under the terms and conditions of this Lease for a non -monetary default, a period of sixty (60) days within which to cure any non -monetary default or cause the same to be cured or to commence to cure such default with diligence and continuity; provided, however, that as to any default of the Lessee for failure to pay rent, or failure to pay any amount otherwise required under the terms ofthis Lease (e.g., including_ but not limited to, taxes or assessments), the leasehold mortgagee shall have thirry (30) days from the date the notice of default was mailed to the mortgagee within which to cure such default. G: \025&?.004\LEAS12 - 15 - 04 .LOC S'l EAMPLANT LEASE AFFORDALii_E RATE, UNITS Page 0 or35 Doc# 1488187 Bkp 2072 Pq# 1648 W Upon the happening of any default and upon receipt of notice of default from the Lessor, the Lessee agrees to notify the leasehold mortgagee promptly in writing of such occurrence and shall state in the notice what action has been or will be taken by the Lessee to cure the default. (f) In the case of any default by the Lessee, other than in the payment of money under this Lease, the Lessor, so long as no default in respect of the payment of minimum annual rental, Percentage Rent and any monetary obligation shall exist, will take no action to effect a termination of the term of this Lease after the service of a notice provided for in Articte XVI by reason ofany such default. W1thoLit first giving to the leasehold mortgagee a reasonable tune, not to exceed ninety (90) days from the mailing of the default notice by Lessor to Lessee, with a copy to such mortgagee, within which either (1) to obtain possession of the Demised Premises (including possession by a receiver) and cure such non -monetary default in the case of a default which is susceptible of being cured when the leasehold mortgagee has obtained possession; or (ii) to institute foreclosure proceedings and complete such foreclosure or otherwise acquire the Lessee's interest under this Lease with diligence and continuity and thereafter to commence and diligently proceed to cure such default; provided. however, that the leasehold mortgagee shall not be required to continue such possession or continue such foreclosure proceedings if the default shall be timely cured. and provided further, that nothing in this Section 15.02 shall preclude the Lessor from exercising any rights or remedies under this Lease with respect to any other default by the Lessee during any period of such forbearance. (g) In the event of the termination of this Lease or of any succeeding Lease made pursuant to the provisions of this Section 15.02 (g) prior to this stated expiration date, the Lessor will enter into a new Lease of the Demised Premises with the leasehold mortgagee or, at the request of such leasehold mortgagee, to a corporation formed by or on behalfofsuch leasehold mortgagee or by or on behalf of the holder of the note secured by the leasehold mortgage held by such leasehold mortgagee, for the remainder of the term, effective on the date of such termination, at the rent and Percentage Rent and upon the covenants, agreements. terms, provisions and iimitations contained in this Lease, provided that such leasehold mortgagee makes written request and executes, acknowledges and delivers to the Lessor such new Lease within thirty (30) days from the date of such termination and such written request and such new Lease is accompanied by payment to the Lessor of ail amounts then due to the Lessor, including reasonable counsel fees, court costs and disbursements incurred by the Lessor in connection with any such default and termination as well as in connection with the execution and delivery of such new Lease, less the net income collected by the Lessor subsequent to the date of termination of this Lease and prior to the execution and delivery° of the new Lease, any excess of such net income over the aforesaid sums and expenses to be applied in payment of the rent thereafter becoming due under such new Lease. Any new Lease referred to in this Section 15.02(g) shall not require any execution, acknowledgment or delivery by the Lessor in order to become effective as against the Lessor and the Lessor shall be deemed to have executed, acknowledged and delivered any such new Lease immediately upon receipt by the Lessor of such new Lease accompanied by (i) payment to the Lessor of all amounts then due to the Lessor of which the leasehold mortgagee shall theretofore have received written notice, and (if) an agreement by the ieasehold mortgagee to pay all other amounts then due to the Lessor of which the leasehold mortgagee shall not theretofore have received written notice. In addition, immediately upon receipt by the Lessor G:\02582004\LEAH12-16-04.DQC STFAMPI..ANI I.EASL. AFFCIRDA31.F RA"rF UNITS Paee 20 of35 Dvca 1488187 Bkp 2072 Pao 1649 of such new Lease, as provided in this Section 15.02(g), the Lessor shall be deemed to have executed, acknowledged and delivered to the leasehold mortgagee an assignment of all subleases covering the Demised Premises which theretofore may have been assigned and transferred to the Lessor and ail subleases under which subtenants shall be required to attorn to the Lessor pursuant to the terms and conditions of such subleases or this Lease. Such assignment by the Lessor shall be deemed to be without recourse as against the Lessor. Within ten (10) days after a written request therefor by the Ieasehold mortgagee, such assignment or assignments shalt be reduced to a writing in recordable form and executed. acknowledged and delivered by the Lessor to the leasehold mortgagee. (h) The leasehold mortgagee may become the legal owner and holder of this Lease by foreclosure of its mortgage or as a result of the assignment of this Lease in lieu of foreclosure. which shall not require Lessor's consent, whereupon such leasehold mortgagee shall immediately become and remain liable under this Lease as provided in Section 15.02 (1) below. except that, notwithstanding anything contained in this lease to the contrary, such leasehold mortgagee may assign this Lease without the Lessor's consent to anv institutional assignee (as identified in (a) above) at any time whether prior or subsequent to the construction or completion of buildings, or other structures and improvements erected or to be erected upon the Demised Premises. (1) In the event that a leasehold mortgagee shall become the owner or holder of the Lessee's interest by foreclosure of its mortgage or by assignment of this Lease in lieu of foreclosure or otherwise, the terra "Lessee," as used in this Lease, means only the owner or holder of the Lessee's interest for the time being so that, in the event of a sale, assignment (as permitted by Section 15.02(h) above) or other disposition of the Lessee's interest in this Lease by the mortgagee, the mortgagee shall be entirely freed and relieved of all covenants and obligations of the Lessee under this Lease and it shall be deemed and construed, without further agreement between the Lessor and the mortgagee or between the Lessor, the mortgagee and the mortgagee's purchaser or assignee at any such sale or upon assignment of Lessee's interest, that the purchaser or assignee of Lessee's interest has assumed and agreed to carry out any and all covenants and obligations of Lessee. 0) With in ten (10) days after written request by Lessee or by Lessee's leasehold mortgagee, or in the event that upon any sale:, assignment or mortgaging of Lessee's interest in this Lease by Lessee or Lessee's leasehold mortgagee, an offset statement shall he required from the Lesser, the Lessor agrees to deliver in recordable form a certificate to any proposed leasehold mortgagee, purchaser, assignee or to Lessee, certifying (if such be the case) (1) the amount of rental and Percentage Rent due under the. Lease, if any, and the date to which rentals have been paid; (ii) that this Lease is in full force and effect; (iii) that the Lessor has no knowledge of any default under this Lease, or if any default exists, specifying the nature of the default; and (iv) that there are no defenses or offsets which are known and may be asserted by the Lessor against the Lessee in respect of obligations pursuant to this Lease. (k) So long as the Lessee's interest in this Lease shall be mortgaged to a leasehold mortgagee, the parties agree for the benefit of such Ieasehold mortgagee, that they shall not surrender or accept a surrender of this Lease or any part of it, nor shall they cancel, abridge or otherwise modify this Lease or accept material prepayments of installments of rent to become due without the prior written consent of such mortgagee in each instance. G:\025820G4\LFA-B12 lc -va . Doi= ,STFAMPLANT LEA4F AFFORDABLE HATE UNITS Page21 of 35 Doen 1488187 8ktt 2072 p9a 1550 (1) Reference in this Lease to acquisition of the Lessee's interests in this Lease by the leasehold irnortgagee shall be deemed to refer, where circumstances require, to acquisition of the Lessee's interest in this Lease by any purchaser at a sale on foreclosure of the leasehold mortgage and provisions applicable to the leasehold mortgagee in such instance or instances shall also be applicable to any such purchaser. (m) So long as the Lessee's interest in this Lease shall be mortgaged to a leasehold mortgagee, the parties agree for the benefit of such leasehold mortgagee that the Lessor shall not sell, grant or convey to the Lessee all or any portion of the Lessor's tee simple title to the Dernised Premises without the prior written consent of such mortgagee. In the event of any such sale, grant or conveyance by the Lessor to the Lessee, the Lessor and the Lessee agree that no such sale, grant or conveyance shall create a merger of this Lease into a fee simple title to the Demised Premises. This subparagraph (m) shall not be construed to prevent a sale, grant or conveyance of the Lessor's fee simple title by the Lessor to any person, firm or corporation other than the Lessee. its successors. legal representatives and assigns, so long as this Lease is not terminated. (n) Reference in this Lease to a leasehold mortgagee shall be deemed to refer where circumstances require, to any assignee (subject to the provisions of subparagraph (h), above) of a leasehold mortgagee; provided that such assignee shall forward to the Lessor a duplicate original of the assignment of the Leasehold mortgage in form proper for record or a copy of such assignment, certified as a true copy by the Office of Official Records of Monroe County, together with a written notice setting forth the name and address of the assignee. (0) Any leasehold mortgage shall be specifically subject and subordinate to the Lessor's rights under this Lease. The sentence immediately preceding shall not be deemed or construed (by implication or otherwise) to impose or establish upon the Lessee's interest in this Lease or upon the lien of any leasehold mortgage the superiority of any lien or encumbrance, including. without limitation, the lien of any fee mortgage, judgment or tax created directly or indirectly by, through or against the Lessor or the Lessor's interest in this Lease. Despite any provision which is or may appear to be to the contrary in this Lease, under no circumstances whatsoever shall the fee simple title interest of the Lessor in the Demised Premises, or any portion of them, be subordinated to any leasehold mortgage. (p) Lessor agrees to cooperate with Lessee during the term of this Lease in obtaining a leasehold mortgage. To this extent Lessor agrees to not unreasonably withhold its consent to any non -material revisions to this Lease that may be requested by a leasehold mortgagee as an inducement to said mortgagee for making its leasehold mortgage. Notwithstanding the foregoing, it is understood that Lessor shall be under no obligation to change any oHhe f financial terms hereof or to consent to any subordination. In the event the Lessor believes the Lessee request for modification of this Lease is unreasonable, the reasonableness of Lessee's request shall be determined in accordance with the rules of the American Arbitration Association. Such determination shall be binding on the parties. The expenses of such determination shall be borne equally by the parties. G ' \ U2522 a{]4 \ I,EAJ312 - 16 - 04 . ROC STEAMPLANT LFASF AFFORDABLE. RATC IIN( S Pagt 22 of 35 Docp 1488187 Bkp 2072 P90 1651 ARTICLE XVI Default Section 16.01 Notice of Default. Lessee shall not be deemed to be in default under this Lease in the payment of rent or the payment of any other moneys as herein required or in the furnishing of any bond or insurance policy when required herein unless Lessor shall first give to Lessee ten (10) days' written notice of such default and Lessee fails to cure such default within such ten (10) days of said notice. Except as to the provisions or events referred to in the preceding paragraph of this section which refer to monetary and insurance obligations, Lessee shall not be deemed to be in default under this Lease unless Lessor shall first give to Lessee thirty (30) days' written notice of such default, and Lessee fails to cure such default within such thirty (30) day period or, if the default is of such a nature that it cannot be cured within thirty (30) days. Lessee fails to commence to cure such default within such period of thirty (30) days or fails thereafter to proceed to the curing of such default with all possible diligence. Regardless of the notice and cure periods provided herein. in the event that more rapid action is required to preserve any right or in(erest of the Lessor in the Demised Premises or other detrimental occurrence (such as, but not limited to, payment of insurance premiums, actions to prevent construction or judgment lien foreclosures or tax sales), then the Lessor is empowered to take such action and to request reimbursement or restoration from the Lessee as appropriate. Section 16.02 Default. In the event of any breach of this Lease by Lessee. Lessor, and after the necessary notice provided to any leasehold mortgagee, in addition to the other rights or remedies it may have, shall have the immediate right to terminate this Lease according to law. Furthermore. in the event of any breach of this Lease by Lessee, Lessor, and after the necessary notice provided to any leasehold mortgagee. in addition to the other rights or remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises; such property may be removed and stored in a public warehouse or elsewhere at the cost of and for the account of Lessee. Should Lessor elect to re-enter, as herein provided. or should it take possession pursuant to legal proceedings or pursuant to any notice provided for by law, Lessor may either terminate this Lease or it may from time to time, without terminating this Lease, relet the Demised Premises or any part of the Demised Premises for such term or terms (which may be for a term extending beyond the Term of this Lease) and at such rent or rents and on such other terms and conditions as Lessor in its sole reasonable discretion may deem advisable with the right to make alterations and repairs to the Demised Premises. On each such re -letting: (a) Lessee shall be immediately liable to pay to Lessor, in addition to any indebtedness other than Rent due under this Lease, the expenses of such re -letting and of such alterations and repairs, incurred by lessor, and the amount, if any, by which the rent reserved in this Lease for the period of such re -letting (up to but not beyond the term of this Lease) exceeds the G:\02582004\LEAB1---16-04-DQC STEAMPL.ANT LEASE AF1,ORDAHLE RATE. UNITS Pa2e23 of35 Docq 1488187 9kh 2072 P9M 1652 amount agreed to be paid as rent for the Demised Premises for such period on such re -letting; or (b) At the option of Lessor, rents received by such Lessor from such re -letting shall be applied, first, to the payment of any expenses of such re -letting and of such alterations and repairs; second, to the payment of Rent due and unpaid hereunder; and the residue, if any, shall be held by Lessor and applied in payment of future Rent as the Rent may become due and payable under this Lease. If Lessee has been credited with any Rent to be received by such re -letting under above option {al, and such Rent shall not be promptly paid to Lessor by the new tenant, or if such rentals received from such re -letting under above option (b) during any month is less than that to be paid during that month by Lessee hereunder, Lessee shall pay any such deficiency to Lessor. Such deficiency shall be calculated and estimated for the remaining term of this Lease and paid in a lump sum based on the present value of all such future deficiencies. Notwithstanding the foregoing, if Lessor elects to actually occupy and use the Demised Premises for its own account and not for the Lessee's account during any balance of the term of this Lease, Lessee shall not be obligated to pay any rental or deficiency during the period of Lessor's occupancy for its own account. Notwithstanding any such re -letting without termination, Lessor may at any time thereafter elect to terminate this Lease for such previous breach. Should Lesser at any time terminate this Lease for any breach, in addition to any other remedy it may have, Lessor may recover from Lessee all damages incurred by reason of such breach, including the cost of recovering the Demised Premises, which amounts shall be immediately due and payable from Lessee to Lessor. In addition to the other rights of Lessor upon a. default, the Lessor may immediately accelerate the balance of the payments due under this Lease, Section 16.03 Lessor's Right to Perform. In the event that Lessee by failing or neglecting to do or perform any act or thing herein provided by it to be done or performed, shall he in default under this Lease and such failure shall continue for a period of thirty (30) days after written notice from Lessor specifying the nature of the act or thing to be done or performed. then Lessor may, but shall not be required to, do or perform or cause to be done or performed such act or thing (entering on the Demised Premises far such purposes, with notice. if Lessor shall so elect), and Lessor shall not be or be held liable or in any way responsible for any loss, inconvenience, or annoyance resulting to Lessee on account thereof, and Lessee shall repay to Lessor on demand the entire expense thereof.. including compensation to the agents and employees of Lessor. Any act or thing done by Lessor pursuant to the provisions of this section shall not be or be construed as a waiver of any such default by Lessee, or as a waiver of any covenant. term, or condition herein contained or the performance thereof, or of any other right or remedy of Lessor, hereunder or otherwise. All amounts payable by Lessee to Lessor under any of the provisions of this Lease, if not paid when the amounts become due as in this Lease provided, shall bear interest from the date they become due until paid at the highest rate allowed by law. Section 16.04 Default Period. All default and grace periods shall be deemed to run concurrently and not consecutively. G:\025824041LEA812.16-04.DOC STEAMPLAN-I LEASE: AR-ORDABLE PATE UNITS Pape 24 of 35 Dean 1488187 8k" 2072 PV" 1653 Section 16.45) Legal Costs] Receiver. The Lessee pledges with, and assigns to, the Lessor all of the rents, issues, and profits which might otherwise accrue to the Lessee for the use. enjoyment, and operation of the Demised Premises and, in connection with such pledging of the rents, the Lessee covenants and agrees with the Lessor that if the Lessor. upon the default of the Lessee, elects to file suit in chancery to enforce the Lease and protect the Lessor's rights, them the Lessor may, as ancillary to such suit, apply to any court having jurisdiction thereof for the appointment of a receiver of all and singular the Demised Premises, the improvements. and buildings located thereon; and, thereupon, it is expressly coverianted and agreed that the court shall, forthwith, appoint a receiver with the usual powers and duties of receivers in like cases, and such appointment shall be made by such court as a platter of strict right to the Lessor and without reference to the adequacy or inadequacy of the value of the property, whiclr is subject to the Landlord's lien, or to the solvency or insolvency of the Lessee and without reference to the commission of waste. ]Nothing in this Section contained shall be construed as empowering the Lessor to collect rents accruing from the Demised Premises, unless and until the Lessee is in default. ARTICLE KVI1 Repair Qbligations During the continuance of this Lease the Lessee will keep in good state ofrepair any and all buildings, furnishings, fixtures, landscaping and equipment which are brought or constructed or placed upon the Demised Premises by the Lessee, nor will the Lessee suffer or permit any strip, waste. or neglect of any building or other property to be committed, except for that of normal wear and tear, and that the Lessee will repair, replace and renovate such property as often as it may be necessary in order to keep the buildings and other property which is the subject matter of this Lease in first class repair and condition. ARTICLE XVIII Demolition Section 18.01 Conditions Precedent to Demolition by Lessee. Although it is the Lessee's duty under the terms hereof to keep and maintain any buildings and improvements on the Demised Premises in good repair, this shall not be construed as empowering the Lessee to demolish any buildings on the Demised Premises or any substantial part thereof or to cause any item of major repair and construction to be made unless and until the Lessee: (a) Causes plans for the new buildings or the new construction to be prepared in full accordance with the applicable laws, building codes, zoning ordinances, and all applicable statutes and ordinances, and deliver the plans to the Lessor for its approval (which approval shall not be unreasonably withheld.) at least thirty (30) days before the work proposed to be done pursuant thereto is actually commenced: and (b) Furnishes the Lessor with a performance and payment bond with corporate G:\025820041LZAB12-16-04.D0C ST AMPI.ANTLEASE AFFORDABLE RATS. UNITS Page 25 of 35 Doc# 1488187 UK 2072 Pq# 1654 surety. guaranteeing the doing and completion of the work, or in lieu of furnishing such bond: (c) Creates an escrow fund with any bank or trust company selected by the Lessee, into which there shall be paid by the Lessee the full cost of the work of repair and replacement, which cost shall be evidenced by the bona fide bid of responsible general contractor or the aggregate of the bona fide estimates of reliable subcontractors and materialmen, all of which evidence must be submitted by the Lessee to the Lessor not later than 30 days before the work itself starts. which escrow fund wilt be utilized to pay for the work as it progresses upon the requisition o#' the contractor and the certificate of an architect supervising the work, but disbursements from which escrow fund will be made upon the written order the Lessor and the Lessee, the Lessor binding itself, if it elects to exercise such joint control over the escrow fund, to approve or cause to be approved progress payments promptly so long as the balance remaining in the escrow fund is sufficient to cause the work to be carried through to completion and paid for, and full and final waivers and releases procured from all person who furnish work. labor. services. and/or materials to the job. In the event that any lender is providing funds for the construction, then such lender's requirements for disbursements shall control. Section 18.02 Rei2lacement Value. The work of reconstruction, repair, and replacement must have a value of not less than the value of the building or buildings or the portion thereof then being demolished and replaced and repaired - Section 18.03 Demolition Defined. For the purposes of this Article, no wort: will be deemed a "demolition" or a major repair so as to bring it within the terms of this Section of the Lease unless it constitutes ei#her the actual destruction of a building or a substantial part thereof or unless it constitutes a remodeling which, in substance, requires the tearing down of a substantial part of a building. The changing of openings or the removal and/or relocating of partition walls, or other work inside the building designed to accommodate itself to better occupancy, shall not be deemed major repair and construction within the meaning of this Article. The provisions of this Article shall not be applicable to the removal of any building, or structure on the Demised Premises at the time; of the execution of this Lease. ARTICLE XIX Additional Covenants of Lessee Lessor Section 19,01 Leizal Use. The Lessee covenants and agrees with the Lessor that the Demised Premises will be used primarily for the construction and operation of multi -unit affordable housing complex and the other matters as may be set forth in this Lease, with related amenities and facilities, and for no other purposes whatsoever without Lessor's written consent, which shall not be unreasonably withheld. Section 19.02 Termination. At the terniination of this Lease (lie Lessee will peaceably and quietly deliver possession of the Demised Premises and all improvernents, and including any fixtures, and equipment which the Lessee may have brought, placed, or constructed upon the G:\02582004\LRAB12-16-04.DOC STEAMPLANr LL-ASF AFFORDABLE RATE UNITS Page 26 ❑f 35 Doc% 1488187 Bkq 2072 P9# 1655 Demised Premises pursuant to the provisions of Article XIV of this Lease, to the Lessor. Section I9.03 Recovery of Litigation Expense. In the event of any suit, action or proceedings at law or in equity, by either of the parties hereto against the other by reason o€any matter or thing arising out ❑f this Lease, including any eviction proceedings, the prevailing part} shall recover not only its legal costs, but reasonable attorneys' fees including appellate, bankruptcy and post -judgment collection proceedings for the maintenance or defense of said action or suit, as the case may be. Any judgment rendered in connection with any litigation arising, out of this Lease shall bear interest at the highest rate allowed by law. Section 1 9. 04 Electric Power Service. Lessor shall be the exclusive provider of electric power service to the Demised Premises and the Project during the term of this Lease. Section 19.05 Condition of the Demised Premises. Lessee agrees to accept the Demised Premises in its presently existing condition "as -is". It is understood and agreed that the Lessee has determined that the Demised Premises and the Overall Property is acceptable for its purposes and hereby certifies same to Lessor. Lessor shall have no responsibility for utilities for the Demised Premises. Lessee, at its sole cost and expense, shall bring or cause to be brought to the Demised Premises adequate connections for water, electrical power, telephone, stormwater and sewage and shall arrange with the appropriate utility companies for furnishing such services with no obligation therefore on the part of Lessor. Lessee acknowledges that the Lessor, and any agent, has made no representations or promises in regard to the Demised Premises except as set forth in this Lease - Lessee has examined the Demised Premises, the sidewalks and structures adjoining the same, any subsurface conditions, and the present uses and non -uses thereof. The Lessor snakes no express warranties and disclaims all implied warranties, including, without limitation, those relating to the structure of the Building, building systems and/or the environmental condition of the Building or the Demised Premises. Lessee accepts the same in the condition in which they now are, without representation or warranty. express or implied, in fact or by law, by the Lessor, and without recourse to the Lessor as to the nature, condition, or usability of the Demised Premises, or the uses to which the Demised Premises may be put. The Lessor shall not be responsible for any latent defect or change of condition in the Building, improvements, and personalty, or of title, and the Rent hereunder shall not be withheld or diminished on account of any defect in such title or property, any change in the condition thereof, any damage occurring thereto, or the existence with respect thereto of any violations of the laws or regulations of any governmental authority. Section 19.06 Hazardous Materials. The Lessee will be responsible to obtain its own environmental reports or studies as it deems prudent. Prior to the execution of this Lease, Lessor has attempted to identify all of the environmental issues and/or conditions regarding the Demised Premises and the Overall Property, but KEYS makes no representations or warranties concerning any of the Overall Property, The Lessee acknowledges that the Demised Premises contains lead paint and asbestos and that the Lessee has been provided environmental information regarding the Overall Property. The Lessee will be responsible to have the asbestos and any lead based paint, as well as any other environmental conditions or hazards removed or otherwise mitigated at its sole expense in accordance with all local, state and federal taws. G:102582004\LEAB12-I6-04.D0C STEANIN ANT LEASE AFFORDABU RATE UNITS Page 27 o 5 Oacp 1488187 Bk#t 2072 P9V 1655 Lessee, its sublessees, and assignees shall not permit the presence, handling, storage or transportation of hazardous or toxic materials or medical waste ("hazardous waste".) in or about the Demised Premises, except in strict compliance with all law, ordinance, rules, regulations, order and guidelines of any government agency having jurisdiction and the applicable board of insurance underwriters. In no event shall hazardous waste be disposed of in or about the Demised Premises. Lessee shall obtain and maintain throughout the term of this Lease all licenses and permits required in connection with Lessee's activities involving hazardous waste. For purposes Herein, the term hazardous iaterials or substances shall mean any hazardous, toxic or radioactive substance material, matter or waste which is or becomes regulated by any federal, state or local law, ordinance, order, rile, regulation, code or any other governmental restriction or requirement and shall include petroleum products and asbestos as well as those materials defined as hazardous substance or hazardous waste in the Comprehensive Environmental Response Compensation and Liability Act and/or the Resource Conservation and Recovery Act. Lessee shall notify Lessor iinrnediately of any discharge or discovery ofany hazardous waste at, upon, under, or within the Demised Premises. Lessee shall, at its sole cost and expense, comply with all remedial measures required by any governmental agency having jurisdiction. Lessee shall promptly forward to Lessor copies of all orders, notices, permits, applications, or other communications under reports received by Lessee in connection with any discharge or the presence of any hazardous waste or any other matters relating to the toxic waste or any similar laws or regulations, as they may affect the Dernised Premises. Except for the mitigation and/or removal of the lead based paint and asbestos as described in this Lease. the Lessee shall not be liable to the Lessor for cleaning up, mitigation or removal of hazardous materials placed on the Overall Property by Lessor prior to the Commencement Date. The obligations, liabilities and responsibilities of Lessee, its sublessees and assignees, shall survive the expiration or termination of this Lease and shall include: (a) The removal of any material deemed at any time to be hazardous waste on, within or released from the Demised Premises, whether such removal is done or completed by Lessee.. Lessor or other person or entity and regardless of whether or not such removal is rendered pursuant to a court order or the order of a Governmental Agency (as defined below). {b} Claims asserted by any person or entity (including, without limitation, any governmental agency or quasi -governmental authority, board. bureau, commission, department, instrumentality, public body, court, or administrative tribunal (a "Goverrunental Agency") in connection with or in any way arising out of the presence, storage, use, disposal, generation, transportation, or treatment of any hazardous waste at, upon, under or within the Demised Premises, after the time that Lessee became an occupant or had control of the Demised Premises: (cl The preparation of an environmental audit on the Demised Premises, whether conducted or authorized by Lessee, Lessor or any third party, and the implementation of any such environmental audit's recommendations, (d) To indemnity_ defend and hold Lessor, its agents and mortgagees harmless G : \ 0258200 q � LEAB13 - 16 -04 . DOC S I EAMPi-ANT LFASU AFFCIRDAB LI__ RAr f= LIN ITS Page 2. R o I' I S Doc# 1488187 BkV 2072 P94 1687 from and against any and all claims, liabilities, injuries, damages, costs and expenses i including attorney's fees and costs through appeal) arising out of or in connection with any breach of this Section and the following Section, including any direct. indirect, or consequential damages suffered by any individual or entity related in any way to Lessee's use, storage or possession of hazardous materials at the Demised Premises, including without limitation, claims by Lessee's officers, directors, employees, invitees. contractors and agents. Section 19.1 tl Environmental Law Compliance. Lessee and Lessor acknowledge that certain federal, state and local laws, regulations and guidelines are now in effect, and that additional laws, regulations and guidelines may hereafter be enacted, relating to or affecting the Demised Premises concerning the impact on tite environment of construction, land use, the maintenance and operation of structures and the conduct of business. Lessee will not cause. or permit to be caused, any act or practice, by negligence, omission, or otherwise, that would violate any said laws, regulations, or guidelines. Any violation of this covenant shall be an event of default under this Lease. Lessee shall have no claim against Lessor by reason of any changes Lesser may make in the Leased Premises under such laws, regulations, and guidelines. In the event any governmental agency makes a determination that Lessee's activities upon the Demised Premises or its environs have caused ecological damage or have violated any of the foregoing laws, rules, regulations or ordinances. Lessee will be responsible for ail costs of clean-up, as well as all fines, penalties or assessments imposed by said governmental agencies. either- during the terns of this lease or after its termination. G:\02S82004\LEAB12-16-04-DOC STEAM PLAN F LEASL AFFORDABLE RATE UNITS Page 21) of 35 Doct# 1488187 UP 2072 P9U 1658 ARTICLE XN. Representations, Warranties of Title and _Quiet Enjoyment Lessee acknowledges that Title to the leasehold estate created by this Lease is subject to all exceptions, easements. rights, rights -of -way, and other matters of record set forth on the Title Commitment issued by Chicago Title Insurance Company, dated December 2, 2002. a copy of which is attached hereto as Exhibit "D Lessor makes no representations regarding title and the Lessee shall rely exclusively on the Title Insurance Commitment and the Policy of Title Insurance to be issued thereon. Lessee will be responsible for any title. premium. Lessor represents that this Lease does not conflict with any other agreement to which Lessor is bound. Lessor represents and warrants that there are no material claims, causes of action or other proceedings pending or threatened in respect to the ownership, operation or environmental condition of the Demised Premises or any part thereof. Additionally. the Lessor covenants and agrees with Lessee that so long as the Lessee keeps and performs all of the covenants and conditions by the Lessee to be kept and performed, the Lessee shall have quiet and undisturbed and continued possession of the Demised Premises from claims by Lessor. ARTICLE XXI Right of Entry UntiI such time that the Affordable Housing Units are leased to third parties, the Lessor and his agents shall have the right to enter upon the Demised Premises at all reasonable tines to examine the condition and use thereof. provided only that Lessor shall provide Lessee with five (5) days notice, and such right shall be exercised in such manner as not to interfere with the Lessee or any sublessee in the use of the Demised Premises. If the Demised Premises are damaged by fire. windstorm, or by any other casualty which caused the Demised Premises to be exposed to the elements, then the Lessor may enter upon the Demised Premises to make emergency repairs; but if the Lessor exercises its option to make emergency repairs, such act or acts shall not be deemed to excuse the Lessee from its obligation to keep the Demised Premises in repair and the Lessee shall, upon demand of the Lessor. immediately reimburse the Lessor for the cost and expense of such emergency repairs. ARTICLE XXII Rights of First Refusal Section 22.01. In the event that, at any time during the Lease Tern. and any extension thereof. Lessor shall receive a bona fide offer from any person to purchase its interest in the Demised Premises, and Lessor desires to accept the offer to purchase, then prior to accepting sueh offer, Lessor shall deliver to Lessee notice of the price and terms of such offer and of the intention to accept the same. Lessee shall have the right for sixty (60) days thereafter to purchase the Lessor's interest in the Demised Premises in its own name or in the Marne of a nominee, for the purchase price and on the terms specified in the notice. Within that sixty (60.) day period. Lessee shall merely G 102582003\LEAH12-15-94.DOC STEAMPLANT LEASE AFFORDABLE RATE UNITS Pagc 70of35 Doc# 1488187 8k# 2072 P9# 1659 provide notice of acceptance to Lessor, which shall include a signed contract on the same terms and conditions as the bonafide offer, together with a check for any deposits required in said bonafide offer. If Lessee shall not so elect within the stated period, Lessor may then sell its interest in the Demised Premises to said third person provided such sale is on the same terms and conditions for the price set forth in the notice. This provision shall not apply to transfers between Lessor and any other governmental agency or any legal successor of the Lessor. Section 22.a2. In addition to the right of first refusal to purchase the Lessor's interest in the Demised Premises as set forth above. the Lessor grants to Lessee the right of first refusal. during the Lease Term, and any extension thereof, to lease the Demised Premises after the expiration of the Lease Term on the same terms and conditions Lessor is willing to or has agreed to lease the Demised Premises to a third party. Lessor shall provide notice to Lessee of its intent to lease together with a terra sheet containing all of the terms and conditions of the proposed lease. Lessee shall have the right for sixty (60) days thereafter to lease the Dernised Premises in its own name or in the name of a nominee, on the terms specified in the notice. If Lessee shall not so elect, by providing notice of acceptance, within the stated period. Lessor may then lease the Demised Premises to said third person provided such lease is on the same terms and conditions set forth in time notice. ARTICLE XXII1 Rights of Lessor Lessor may instal] and maintain underground electric or other utility lines or equipment under the Demised Premises, but Lessor's rights hereunder shall not permanently interfere with Lessee's improvements or use of the Demised Premises, nor shall Lessor's installations unreasonably interfere with the rights of the Affordable Housing tenants.. Lessor shall be obligated to maintain any such equipment it installs on or under the Demised Premises, and Lessor shall be entitled to go upon those portions of the Deniised Premises where the utility lines are located, but only for time purpose of performing installation, maintenance, repair, removal or the like as to any such equipment. Additionally, Lessor shalt repair, at Lessor's expense, any damage to the Demised Premises caused by such maintenance, repair or removal. Furthermore, Lessor and Lessee recognize that Lessor may have facilities on the Demised Premises: therefore, Lessor shall have vehicular access over and across those portions of the Demised Premises necessary for obtaining access to the facilities, at any and all times, so long as such access does not unreasonably interfere with Lessee's use of the Demised Premises or its quiet enjoyment. With regards to this provision, Lessor represents and warrants that it will interfere as little as reasonably possible with the Lessee's use of the Demised Premises and Lessor will not install facilities or take other actions which would prevent Lessee and any sub -tenants from operating time Demised Premises for the use provided herein, with the exception for emergency situations. Lessor agrees to indemnify and hold Lessee harmless from any and all liability arising out of Lessors use of the property. The Overall Property will contain the Market Rate Units, and the Affordable Housing Units. It is acknowledged that the various parties using the Overall Property will be sharing areas for ingress. egress, and utilities and a separate Declaration of Covenants and Easements will be created C:\02582004\LEAB12-15-04.D0C STEAMPLANm LEASE AFFORDABLE RATE UNITS Page 31 of 35 0uaq 1488187 Bkp 2072 P9# 1660 and recorded to govern the rights and obligations of the parties as to the shared uses of portions of the Overall Property. ARTICLE XXIV Miscellaneous Section 24.01 Estoppel Certificates. Either party shall, without charge, at any time and from time to time hereafter, within ten (10) days after written request of the other, certify by written instrument duly executed and acknowledged to any mortgagee or purchaser or proposed mortgagee or proposed purchaser, or any ether person, firm, or corporation specified in such request. (a) As to whether this Lease has been supplemented or amended, and, if so, the substance and manner of such supplement or amendment; (b) As to the validity and force and effect of this Lease, in accordance with its tenor as then constituted; [c] As to the existence and particulars of any default thereunder; (d) As to the existence of any offsets, counterclaims, or defenses thereto on the part of such other party: (e) As to the commencement and expiration dates of the terns of this Lease; and (t) As to any other matters as may reasonably be so requested. In addition, Lessee will, within fifteen (15) days after written request from Lessor. provide Lessor with financial statements, including, at a minimum, an income statement and a balance sheet for the current and prior year, and other financial information reasonably requested by Lessor. Any such certificate may he relied upon by the party who requested it and any other person, firm. or corporation to whom the same may be exhibited or delivered, and the contents of such certificate shall be binding on the party executing the same. Section 24.02 Duplicates; Recordation. The parties will at any time. at the request of either one, promptly execute duplicate originals of an instrument, in recordable forth, which will constitute a short form of Lease, setting forth a description of the Demised Premises, the term of this Lease and any other portions thereof. excepting the rental provisions, as either party may request. G:\02582a041LEAB12-15-04.DDC STEAMPLAN'i LEASC. AFFORDABLE RA 1-E UNH S Pagc 32 of35 Doct# 1488187 Skp 2072 PSN 1661 Section 24.03 Covenants Running with Land. All covenants, promises, conditions, and obligations herein contained or implied by law are covenants running with the Ian and shall attach and bind and inure to the benefit of the Lessor and Lessee and their respective heirs, legal representatives, successors, and assigns, except as otherwise provided herein, but this provision shall in no way alter the restrictions on assignment and subletting applicable to Lessee hereunder. Section 24.04 No Waiver. Time is of the essence in the performance of the obligations of the parties hereto. No waiver of a breach of any of the covenants in this Lease shall be construed to be a waiver of any succeeding breach of the same covenant. Section 24.05 Written Modifications. No modification, release, discharge, or waiver of any provisions hereof shall be of any force, effect, or value unless in writing signed by the Lessor and Lessee, or their duly authorized agents or attorneys. Section 24.06 Entire Agreement. This Lease. including the Preamble and any written addenda and all exhibits hereto (all of which are expressly incorporated herein by this reference) shall constitute the entire agreement between parties as of this date. No prior written or prior or contemporaneous oral promises or representations shall be binding. The execution hereof has not been induced by either party by representations, promises, or understandings not expressed herein and there are no collateral agreements, stipulations, promises, or undertakings whatsoever upon the respective parties in any way touching the subject matter ofthis instrument which are not expressly contained in this instrument. Section 24.07 Notices. If either party desires to give notice to the other in connection with and according to the terms ofthis Lease, such notice shall be given by registered or certified mail and it shall be deemed given when deposited in the united States mails with postage prepaid and such notices shall be addressed as follows: For the Lessor: Utility Board of the City of Ivey West, Florida Attention: General Manager P.U. Box 6100 Key West, FL 33041-6100 For the Lessee: Old Town Key West Development, LLC Attn: Edwin 0. Swift, III 201 Front Street. Suite 310 Key West, Florida 33040 Nothing herein contained shall be construed as prohibiting the parties respectively from changing the place at which notice is to be given_ or the addition of one additional person or location for notices to be given, but no such change shall be effective unless and until it shall have been accomplished by written notice given in the manner set forth in this Section. G : \ 015620a41LEAB12 - 16 - 04 - HOC STFAMPLANT LEASE AFFORDABLE RATI_ UNITS Page 33 o05 00c# 1488187 Bk" 2072 P98 1662 Section 24.08 Joint liability. If the parties upon either side (Lessor and Lessee) consist of more than one person, such persons shall be .jointly and severally liable on the covenants of this Lease. Section 24.09 Liability continued Lessor Liability. All references to the Lessor and Lessee mean the persons who, from time to time, occupy the positions, respectively, of Lessor and Lessee, although this shall not be construed as relieving a person of any liability incurred by them by reason of or in connection with their having been Lessor or Lessee at one time. In the event of an assignment of this Lease by the Lessor, except for liabilities that may have been incurred prior to the date of the assignment, the Lessor's liability under this Lease shall terminate upon such assignment. In addition, the Lessor's liability under this Lease shall be at all times limited to the Lessor's interest in the Demised Premises. Section 24.10 Captions. The captions used in this Lease are for convenience of reference only and in no way define, limit, describe the scope or intent of or in an), way affect this Lease. Section 24.l l Table of Contents. The index preceding this Lease under the same cover is for the purpose of the convenience of reference only and is not to be deemed or construed in any way as part of this Lease, nor as supplemental thereto or amendatory thereof. Section 24.12 Governing Law-. Venue. This Agreement shall be construed under the laws of the State of Florida, and the venue for any legal proceeding to enforce or detern-line the terms and conditions of this Lease shall be Monroe County, Florida. Section 24.13 Holding Over. Any holding over after the expiration of the teen of this Lease. with consent of Lessor, shall be Construed to be a tenancy from month to rnonth, at twice the monthly rent as required to be paid by Lessee for the period immediately prior to the expiration of the term hereof, and shall otherwise be on the terms and conditions herein specified, so far as applicable. Section 24.14 Brokers. Lessor and Lessee covenant, warrant and represent that no broker was instrumental in consurnmating this Lease, and that no conversations or negotiations were had with any broker concerning the renting of the Demised Premises- Lessee and Lessor agree to hold one another harmless from and against, and agrees to defend at its own expense, any and all claims for a brokerage conunission by either of them with any brokers. Section 24. l5 Partial Invalidity. If any provision of this Lease or the application thereof to any person or circumstance shall at any time or to any extent be held invalid or unenforceable, and the basis of the bargain between the parties hereto is not destroyed or rendered ineffective thereby. the remainder of this Lease or the application of such provision to persons or circumstances other than those as to which it is held invalid or unenforceable small not be affected thereby. Section 24.16 Force Majeure. If either party shall be delayed, hindered or prevented from the performance of any act required hereunder by reason of strikes, lockouts, labor trouble. inability to procure material, failure of power, riots, insurrection. war or ether reasons of like nature not the fault of the party delayed, in performing work or doing acts required under this Lease, the period for G:102582G04\LSA.P12-16-04.AOC STEAh9PLAM'LEASf AFFORDABLE RATE UNT FS Page 34 of I Dace 1488187 SkM 2072 NO 1663 the performance of any such act shall be extended for a reasonable period. Section 24.17 Landlord/Tenant Relationship, Third Party Beneficiaries. This Lease creates a landlord/tenant relationship, and no other relationship, between the parties. This Lease is for the sole benefit of the parties hereto and, except for assignments or subleases permitted hereunder, no other person or entity shall be a third party beneficiary hereunder. Section 24.18 Radon Gas Notification. Radon is a naturally occurring radioactive gas that when it has accumulated in a building of sufficient quantities, may present a health risk to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your County Public Health Unit, IN W ITN E.SS W HEREOF, the Lessor and the Lessee have hereunto set their hands and seals, the day and year above written. Signed, Sealed and Delivered in the presence of two witnesses: "kwa 11 r as to Lessor) A Exhibit A: Overall Property Exhibit 8: Demised Premises LESSOR: Utility Board of the City of Key West, Florida CA an - Ro R. Padron General na er/S etary - Carl R. Jansen LESSEE: Old Town Key West Development, LLC By: _ Name: Cy41SUj/-.6dja �naging iiember Exhibit C: Legal Description of Demised Premises Exhibit D: Title Commitment (CTIC ) By: - _ `- Exhibit E: Site Plan Name: rjr4 e M6SV —.,Managing Member G:1025620041vEAB12-16-04.D0C 5TLAMP ANT I -EASE. AFFORDABLE RATE UNITS Paae3�oF35 • �. � .� vre ^'=' � .A{"'-onr.ret� i;., �.rlr�.= `_~ waik. y� I RA ASS III$ \ •LCy �l"T'' .� o1C�`� 1 :Cr _ I r ID 3 -'�I .. V�• .py� "[53`r '• ' �vl \\ �1.. •.� L,' z. �: Y }ii l � tl .Si = \ _ :: •�r� 'As\ [: ..tom y .❑ - �` nL. ' 3�` .. "� 'cam' _ —_ __ rD L iirtk' - dY • '�' s�3'sL u� ._ ham'--.P `,•� i 4 �-,��"'.-'." �}� 41.\ `.c. _�vc1 ` r _ n LE CD C7all Doc* 1488187 . � i M1. axe.;: �:; ++ � 4� `:` _ .� - � ��•�• f ,-�'.• - THY'.' '�.h" �^'V' • • 7 .. d� _ 1 � ` J •Sr�� SkU 2072 Pots 1664 n 0 S h i . -.. - J t. ti `l *fir' :� -:. �.• f � I•... -EXHIBIT Doc# 1488187 BkV 2072 Pga 1665 STEAMPLANT LEASE AFFORDABLE RATE UNITS Exhibit "C" poen 1488187 LEGAL DESCRIPTION: (Affordable Housing) Blot 2072 Pop 1666 Can the Island of Key West, Monroe County, Florida and bamg more particularly described as follows: Commencing at the intersection of the Easterly Right -of -Way Line of Tr unbo Road and the Northeasterly Right -of -Way Line of Grinnell Street; thence S.40°00'00"E., along the said Northeasterly Right -of -Way Line of Grinnell Street a distance of 49.52 feet; thence N.50°00'00"E., a distance of 5.00 feet to the Point of Beginnng; thence N.50'00'00T., a distance of 278.90 feet to a point on a curve to the left, having: a radius of 7.15 feet, a central angle of 84°24'47", a chard bearing of S.83'08'39"E. and a chord length of 9.61 feet; thence along the arc of said curve, an arc length of 10.53 feet to the point of tangency of said curve; thence N.54°38'57"E., a distance of 71.76 feet; thence N.65°38'21 "E.. a distance of 5 6.3 8 feet to the point of curvature of a curve to the left, having: a radius of 25.00 feet, a central angle of 15°39'00" a chord bearing of N.57°48'51 "E. and a chord length of 6.81 feet; thence along the arc of said curve, are arc length of 6.83 feet to the point of tangency of said curve; thence N.49°59'2I "E., a distance of 88.83 feet to the point of curvature of a curve to the left, having: a radius of 13.00 feet. a central angle of 74°44'10", a chord bearing of N.12°3716"E. and a chord length of 15.78 feet; thence along the arc of said curve, an are length of 16.96 feet to the point of reverse curvature of a curve to the right, having: a radius of 29.00 feet, a central angle of 58°21'22". a chord bearing of N.04°25'52"E. and a chord length of 28.28 feet; thence along the arc of said curve, an arc length of 29.54 feet to the point of reverse curvature of a curve to the left, having: a radius of 13.00 feet, a central angle of 123'38'33", a chord bearing of iw.29' 12'44"W. and a chord length of 22.92 feet; thence along the arc of said curve, an are length of 28.05 feet to the point of tangency of said curve; thence S.39°53'00"W., a distance of 98.31 feet; thence S.00°02'00"E., a distance of 79.45 feet; thence S.89°58'00"W., a distance of 25.08 feet; thence S.00'02'00"E., a distance of 38.42 feet; thence S.54°59'20" W., a distance of 64.89 feet, thence N.75°27'59"W., a distance of 58.28 feet; thence S 58°33'31" W a distance of 46.80 feet; thence S.45°20'23"W., a distance of 65.74 feet: thence S.60'44'13"W.. a distance of 43.38 feet; thence S.45°20'23"W., a distance of 105.43 feet; thence S.00"10'51"E.. a distance of 24.39 feet; thence S.40°00'00"E., a distance of 47.71 feet to the Point of Beginning. Parcel contains 34,885 square feet or 0.80 acres. more or less. AND LEGAL DESCRIPTION. (Lease Back) On the Island of Key West. Monroe County, Florida and being more particularly described as follows: Commencing at the intersection of the Easterly Right -of -Way Line of Trurnbo Road and the Northeasterly Right -of -Way Line of Grinnell Street; thence S.40°00'00"E., along the said Northeasterly Right -of -Way Line of Grinnell Street a distance of 69.52 feet; thence N.50'00'00"E., a distance of 200.04 feet to the Point of Beginning; thence N.49°58'00"E., a distance of 135.00 feet; thence S.40°02'00"E., a distance of 32.99 feet; thence S.49°58'00"W,, a distance of 127.50 feet; thence N.40°02'00"W., a distance of 25.48 feet to the point of curvature of a curve to the left, having: a radius of 7.50 feet, a central angle of 89°58'00", a chord bearing of N.85°01'00"W. and a chord length of 10.60 feet: thence along the arc of said curve, an arc length of 11.78 feet to the Point of Beginning. Parcel contains 4249 square feet or 0.10 acres, more or less. c_ AWP\025szoo4\t:xt 2 c.noc DEC. 17 2004 9:11AM DMU_LAW_fIRM NO.276 6304008M A.L.T.A. COMMITMENT uHICAGOTITLE INSURANCE COMrrtNY SCHEDULE A Office File Number AFFORDABLE HODS 1 Policy or Policies to be issued: LEASEHOLD OWNER'S POLICY 1992 with Florida Modihtbons Proposed Insured; TO 8E L)ETERMINED Effective Date October 7, 2004 at 5:00 PM Commitment Number To be detenriined Doon 1488187 UN 2072 Pgp 1667 Z. The Mate or Interest in the land described or referred to in this Commitment and covered herein is Leasehold, and title thereto is at the effective date hereof vested in: THE UTILITY BOARD OF THE CITY OF KEY WEST, FLORIDA, d/b/a CITY ELECTRIC SYSTEM (fee) 3. The Land is described as follows: SEE EXHIBIT A Note: 'this Cornmltment consists of Insert pages lab sled in Schedule A, 8=oduie R-Section 1, and Schsdate R-UoJnn a This Commitmard is of no force and effeot unless all schedules are included, along with any ar~a TIaa M Rider pages Incorparated by reference in the ineerl pages Chicago Title Insurance Company Commitment .Exhibit "A" - _^ loci# 1488187 Parr�l �� Bkp 2072 P9p 1668 (Affordable Housing) On the (stand of Key West, Monroe County, Florida and being more particularly described as follows: Commencing at the intersection of the Easterly Right -of -Way Line of Trumbo Road and the Northeasterly Right -of -Way Line of Grinnell Street; thence S,40°00'00"E., along the said Northeasterly Right -of -Way Line of Grinnell Street a distance of 49.52 feet; thence N.50°00'00"E., a distance of 5.00 feet to the Point of Beginning; thence N_50°00'00"E., a distance of 278.90 feet to a point on a curve to the left, having: a radius of 7.15 feet, a central angle of 84°24'47, a chord bearing of S.83°08'39"E. and a chord length of 9.61 feet: thence along the arc of said curve, an arc length of 10.53 feet to the point of tangency of said curve; thence N.54°38'57"E., a distance of 71.76 feet; thence N.65°38'21 "E., a distance of 56.38 feet to the point of curvature of a curve to the left, having: a radius of 25.00 feet, a central angle of 15°39'00" a chord bearing of N.57"48'51 "E. and a chord length of 6.81 feet; thence along the arc of said curve, an arc length of 6.83 feet to the point of tangency of said curve; thence IN,49°59'21"E., a distance of 88.83 feet to the point of curvature of a curve to the left, having: a radius of 13.00 feet, a central angle of 74°44'10", a chord bearing of N.12°37'16"E. and a chord length of 15.78 feet: thence along the arc of said curve, an are length of 16.96 feet to the point of reverse curvature of a curve to the right, having: a radius of 29.00 feet, a central angle of 58°21'22", a chord bearing of N.04°25'52"E. and a chord length of 28.28 feet, thence along the are of said curve, an are length of 29.54 feet to the point of reverse curvature of a curve to the left, having: a radius of 13.00 feet, a central angie of 123°38'33% a chord bearing of N.28°121'44"W. and a chord length of 22.92 feet; thence along the arc, of said curve, an are length of 28.05 feet to the point of tangency of said curve; thence S.89°58'00"W., a distance of 98.31 feet; thence S.00°02'00"E., a distance of 79.45 feet; thence S.89°58'00"W., a distance of 25.08 feet; thence S.00°02'00"E., a distance of 38.42 feet; thence S.54°59'20"W., a distance of 64.89 feet: thence N.75°27'59"W., a distance of 58.28 feet; thence S 58")Y31" W a distance of 46.80 feet: thence S.45°20'23"W., a distance of 65.74 feet; thence S.60°44'13"W., a distance of 43.38 feet; thence S.45°20'23"W_ a distance of 105.43 feet; thence S.00°10'51"E.. a distance of 24.39 feet; thence S.40°00'00"E., a distance of 47.71 feet to the Point of Begat ming. Parcel contains 34,885 square feet or 0.80 acres, more or less. AND (Lease Back) On the Island of Key West, Monroe County, Florida and being more particularly described as follows: Commencing at the intersection of the Easterly Right -of -Way Line of Trumbo Road and the Northeasterly Right -of -Way Line of Grinnell Street; thence S.40°00'00"E., along the said Northeasterly Right -of -Way Line of Grinnell Street a distance of 69.52 feet; thence N.50°00'00"E., a distance of 200.04 feet to the Point of Beginning; thence N.49°58'00"E., a distance of 135.00 feet; thence S.40°02'00"E., a distance of 32.98 feet: thence 5.49°58'00"W., a distance of 127.50 feet; thence N.40°02'00"W., a distance of 25.48 feet to the point of curvature of a curve to the left, having: a radius of 7.50 feet, a central angle of 89"58'00", a chord bearing of N.85°01'00" W. and a chord .length of 10.60 feet; thence along the arc of said curve. an are length of 11.78 feet to the Point of Beginning. Parcel contains 4249 square feet or 0.10 acres, more or less. G:\"T\QZ5924U41Mis ExA.doF DEC. '-7. 2004 9 l $AM EOMIi_LA'N_' I hM NO, 1!6 P. 5 g304W866 A.L.T.A.. COMMITMENT t,HICAGO TITLE INSURANCE COMt-ANY SCHEDULE B - Section I Commitment Number 1. The following are requirements to be complied with- Doca 1488187 BkN 2072 Psu is" Instruments) necessary to create the estate or Interest to be insured must be properly executed, delivered and dulyfJed for record. a. The Lease creating the leasehold estate described in Schedule A yr if a memorandum or "Short Farm" is recorded, an executed copy of the lease must be fumished to the Company. b. Resolution by THE UTILITY BOARD OF KEY WEST FLORIDA, d/b/a CITY ELECTRIC SYSTEM authorizing proposed lease. 2. Payment of the full consideration to, or for the account at, the grantors or mortgagors. 3. Payment of all taxes, charges, assessments, levied and assessed against subject premises, which are due and payable. 4. Compliance with Section 16 of Special Acts of Florida Chapter 59-4 t9i. 5. The actual value of the estate or interest to be insured must be disclosed to the Company, and subject to approval by the Company, entered as the amount of the Policy to be issued. until the amount of the Palicy to be issued shall be determined and entered as aforesaid,[ is agreed that as between the Company, the applicant for this Commitment, and every person relying on this Commitment, the Company cannot be required to approve any such evaluation in excess of $100,000.00, and the total liabli Ry of the Company an account of this Commitment shall not exceed said amount. s. The name or names of the proposed insured under the policy must be furnished and this commitment is subjecr to such further exceptions and/or requirements as may then be deemed necessary. DEC. 17. 2004 9:18AM DMN_LA'WJ I RM NO. 2 t6 P. b 83oaoaW A.L.T.A. COMMITMENT �,HICAGO TITLE INSURANCE COWANY SCHEDULE B - Section 2 DOGS 1488187 Bko 2072 Pot# 1670 Commitment Number 11. Schedule R of the policy or policies to be issued will contain exceptions to the following matters unless the same are disposed of to the sadefaction of the Company. 1. Defects, Iiens, encumbrances, adverse claims or other matters, it any, created, first appearing in the Public Records or attaching subsequent to the effective date hereof bill prior to the date the proposed Insured acquires for valua of record the estate or interest or mortgage thereon covered by this Commitrnerm 2, Standard Exn�pllons: a. Rights or claims of parties in possession not shown by the Public Records. In. Encroachments, overlaps, boundary tins disputes, or other matters which would he disclosed by an accurate survey and inspection of the premises. a Easements, or claims of easements, not shown by the Public Records. d. Any lien, or right to a lien, for service, labor, or material heretcrkare or hereafter fumishetl, imposed by law and not shown by the Public Records. e. Taxes or special assessments which are not shown as existing liens by the Public Records. 1. Any claim Lhat any portion of said lands are sovereign lands of the State of Florida, including submerged, filled or artificially exposed lands and lands accreted to such lands. g, Taxes and assessments for the year 2004 and subsequent years. 3. Standard exceptions (b) and (c) may be removed from the policy when a satisfactory survey and surveyor's report and inspection of the premises is made. 4, Standard exceptions (a) and (d) may be removed upon receipt of a satisfactory affidavit -indemnity from the party shown in title and In possession stating who is in possession of the lands and whether there are impravernents being made at date of commitment or contemplated to commence prior to the date of closing which will not have been paid for in full prior to the Closing. Tax Inforrmfion: Parcel Number. I001821, 10017116, 1001757, and 1001755 2003 taxes show totally exampt. ARM 7196 n NOTE On harp policies, lunivr and subordinate platters, If any, will not be mflaotad in Schedulo B. Doe#t 1488287 Bk# 2072 P94 1671 - 9.r IF - .... I•-- .—��_. --�. _____—. - _ter= lm In oln \\ ;H'i,:r✓ fir'.• � �\��• [[ �r ICE I 1 C"�4i�: �i � �I ,'�+� �� l` 00 a ,. � � �. � �T>�S . � � d • f � .- i. _'_ r.r f ,�.. r � �.� � -� tip\ 1 ---------------- mi KEY WEST x, STEAM PLAIN v€ TRUMBG ROP,9. KEY YJES[, FLORIDA KQ44 I �I HiBIT gm NOHROE COUNTY OFFICIAL RECORDS Doc# 1569982 04/10/2008 4:10PM Prepared by and return to: Filed & Recorded in Ofiiciai Records of John M. Spottswood, Jr. MONROE COUNTY DANNY L. KOLNRGE 500 Fleming St Key West, Florida 330406982 Duch 1689982 SkN 2354 Pga 2104 SECOND LEASE AMENDMENT AND ESTOPPEL CERTIFICATE LEASE BETWEEN UTILITY BOARD OF THE CITY OF KEY WEST ("'LESSOR"') And OLD TOWN KEY WEST DEVELOPMENT-, LLC ("LESSEE"} THIS SECOND LEASE AMENDMENT AND ESTOPPEL CERTIFICATE is made by and between THE UTILITY BOARD OF THE CITY Or KEY WEST, FLORIDA ("LESSOR") and OLD TOWN KEY WEST DEVELOPMENT, LLC, a Florida limited liability company ("LESSEE") RECITALS WHEREAS, Lessor and Lessee entered into that certain 99 year lease for the property more particularly described on the attached Exhibit A (hereinafter "Property") for the construction and development of thirty-eight {38) affordable units (the "Affordable Units"), said Lease being recorded in Monroe County Public Records at OR Book 2072, Page 1h29 (hereinafter "Lease"); and WHEREAS, Lessor and Lessee entered into that certain FIRST AMENDMENT TO LEASE dated November 28, 2007 (the "First Amendment'); and WHEREAS, construction of the Affordable Units is nearly complete and the parties desire to enter into this Second Lease Amendment and Estoppel Certificate to identify when the term of the Lease will expire, to incorporate prior agreements of the parties and to certify the existence of certain facts so that the Units may be sold or occupied. NOW THEREFORE, in consideration Of mutual covenants and obligations contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the undersigned parties agree as follows: 1. The recitals contained herein are true and correct and incorporated herein by reference. 2. The Lease was recorded on December 31, 2004, in Official Records Book 2072 at Page 1629, the Official Records of Monroe County, Florida, as amended by that certain unrecorded First Amendment dated November 28, 2007. A true and correct copy of the First amendment is attached hereto as Exhibit "C". 3. The Lease is presently valid and in full force and effect and has not been modified, supplemented or amended in any way, except for the above -referenced First Amendment dated 12698132 1 poca 1689982 Bko 2354 P99 2105 November 28, 2007. The tease, as amended and together with this Estoppel Certificate, represent the full and entire agreement between the parties hereto and their successors and assigns to the Property. 4. The term of ninety-nine (99) years will expire on February 28, 2107, 5. The lease will encumber the property more particularly described in the attached Exhibit A and more particularly shown on the attached Exhibit B. All other property within the Overall Property (as defined in the Lease) shalt be part of Steamplant Condominiums, LLC leasehold interest. 6. All conditions under the Lease to be performed by the Lessee thereunder have been satisfied and there has not been a default claimed by Lessor and, as of the date hereof, there are no existing defenses which LESSOR has against enforcement of the Lease by LESSEE. Similarly, all conditions under the Lease to be performed by the Lessor thereunder have been satisfied and there has not been a default claimed by Lessee and, as of the date hereof, there are no existing defenses which Lessee has against enforcement of the Lease by Lessor, 7 Lessor hereby acknowledges payment of the security deposit discussed in Section 4.06 of the Lease and all rental and other payments due pursuant to the Lease through January 2008 have been paid in full. 8. Notwithstanding the provisions of Article X11 of the Lease, Lessor acknowledges and agrees that the Affordable Units are to be developed as units for sale or rent to income qualified (moderate income or median income) third parties that meet the requirements set forth in Section 122- 1466 and Section 122-1469(4) of the Code of Ordinances of the City of Key West, or any Successor ordinances ("Work Force blousing Ordinance"). Therefore, the Affordable Units may be sold, rented and occupied without the LESSEE obtaining consent from LESSOR for such salefrental, provided that LESSEE shall follow the guidelines set forth herein and the Work Force Housing Ordinance, and Lessee (or its assigns) shall verify that owners and occupants of the Affordable Units meet the Work Force Housing Ordinance. Lessor shall be entitled to reasonable documentation, within fifteen (15) days of LESSOR's written request, reflecting that owners and occupants of the Affordable Units meet the Work Force Housing Ordinance- Nothing herein wilt be construed to permit the short term rental (as may be determined by the City of Key West or the Housing Authority of the City of Key West) or occupancy of any of the Affordable Units, and such use is not permitted as the purpose of the Affordable Units is to provide full time Key West residents with affordable housing. Additionally, in the event LESSEE retains ownership of Affordable Units for rental purposes, LESSEE shall have the right to assign its duties as property manager for said Affordable Units to a third party upon obtaining written consent from LESSOR, which shall not be unreasonably withheld. Therefore, it is hereby acknowledged that upon completion of the construction and sate or assignment of any portions of the Project in accordance with this Lease, OLD TOWN KEY WEST DEVELOPMENT, LLC, but not any successor lessee, shall be released from any and all liability to LESSOR related to such transferred portions of the Demised Premises (the condominium units) and the subsequent use thereof by the Sublessees, their employees, agents, contractors, guests or invitees, including without limitation any death, injury or damage to person or property in or about the transferred portions of the Demised Premises. Furthermore, LESSEE is authorized to assign the Lease, or any of Lessee's obligations under the Lease, to Railway Condominium Association, Inc. and not later than upon conveyance of all the Affordable Units, all of Lessee's right title and interest in the Lease will be assigned to the Railway Condominium Association. Upon the foregoing _698132.1 DocM 1689982 ek# 2354 AgN 2106 contemplated assignment by LESSEE, the Affordable Unit Owners (as Sublessees) and the Railway Condominium Association shall assume and thereby be assigned LESSEE's responsibilities to LESSOR for their respective portions of the Demised Premises. Sublessees, however, shall not be construed to have assumed or have assigned to them by this provision any indemnification duty to Lessor relating to any portions of the Demised Premises for which they hold no interest. LE5SEE shall also have the right to assign (without the prior consent of Landlord) its obligation to qualify the potential purchasers and verify their income to the City of Key West or the Housing Authority of the City of Key West provided the City of Key West or the Housing Authority of the City of Key West accept the responsibility of verification. 9. LESSOR hereby consents to subsequent follow-on sales by the Individual owners of the Affordable Units provided that said sales are in compliance with the Declaration of Condominium Establishing Railway Condominium and the Work Force Housing Ordinance. 10. To accommodate purchasers of the Affordable Units, it is contemplated that the purchasers and subsequent owners of the Affordable Units may need or wish to obtain mortgage loans and encumber their Affordable Unitts) with one or more mortgages. Therefore, the parties agree -- (a) In the event of foreclosure sale by a Sublessee's mortgagee or the delivery of an assignment or other conveyance to a 5ubiessee's mortgagee in lieu of foreclosure with respect to any real property subject to the provisions of this Lease, said mortgagee, or the purchaser at foreclosure, shall comply with the provisions of the Declaration of Condominium regarding affordability and the Work Force Housing Ordinance. No sale of any Affordable Unit shall be permitted at an amount in excess of that allowed under the City of Key West Work Force Housing Guidelines and shall otherwise fully comply with all provisions of the Declaration of Condominium Establishing Railway Condominium. Any Affordable Unit accepted in lieu of foreclosure or as to which a mortgagee intends to foreclose shall be subject to the Old Town Key West Development, LLC's right of first refusal as set forth in the Declaration of Condominium. Any such mortgagee may purchase a unit upon which it holds a mortgage at a foreclosure sale, or otherwise acquire the unit as a part of the collection of debt due to such mortgage, but any purchaser or occupant of such unit must meet the requirements of the Work Force Housing Ordinance. frothing herein shall preclude potential purchasers who meet the requirements of the Work Force Housing Ordinance and approved by Lessor (or its assigns) in advance from bidding at any foreclosure sale and, where successful, purchasing the subject Affordable Unit at the foreclosure sale price in accordance with the Lease and Declaration of Condominium; and 12698132.1 Doctl 1689982 BkN 2354 P9N 2107 (b) The parties recognize that it would be contrary to the fundamental affordable housing concept of this Lease and an incentive to abuse Sublessees' authorization to encumber their subleasehold interests with a mortgage if Sublessees could realize more in loam or sale proceeds than their permitted purchase or resale price as a result of any transaction. Accordingly, any and all Sublessees hereby irrevocably assign to LESSOR any and all net proceeds from the sale of any interest in the Demised Premises remaining after payment of costs of foreclosure and satisfaction of the lien of any mortgage which would have otherwise been payable to Sublessee, to the extent such net proceeds exceed the net proceeds that Sublessee would have received had the interests been sold pursuant to the restrictions in the Declaration of Condominium. Sublessee hereby authorizes and instructs the mortgagee or any party conducting the closing of a sale or through an unauthorized transfer to pay the amount of said excess directly to LESSOR. In the event, for any reason, such excess proceeds are paid to Sublessee, Sublessee hereby agrees to promptly pay the amount of such excess to LESSOR. 11. LESSOR consents to the recordation of the Declaration of Condominium Establishing Railway Condominium, but such Declaration of Condominium shall be subordinate to the Lease. 12. LESSOR hereby consents to the recordation of that certain Easement Agreement, a copy of which is attached hereto as Exhibit D, and such Easement Agreement shall not be subordinate to either the Lease or the lease for the Market Rate Units recorded in Monroe County Public Records at Official Records Book 2069, page 387. 13. Lessor acknowledges the following. The Affordable Units (Sul, -leasehold interest) can be transferred, mortgaged and sublet an unlimited number of times, subject to the terms of the Lease, as amended, including but not limited to the affordable restrictions contained herein. 14. This Second Amendment shall amend and modify any terms of the Lease inconsistent herewith, but any and all provisions of the Lease, and First Amendment, not inconsistent herewith shall remain in full force and effect. THIS SECOND AMENDMENT SHALL CONSTITUTE THE NECESSARY NOTICE TO BE RECORDED REGARDING THE REQUIREMENT THAT THE AFFORDABLE UNITS MUST BE LEASED AND/OR SOLD IN ACCORDANCE WITH THE WORK FORCE HOUSING CRITERIA AS ESTABLISHED BY THE CITY OF KEY WEST. THIS COVENANT AND THE TERMS SET FORTH IN THIS ESTOPPEL SHALL BE COVENANTS RUNNING WITH THE LAND FOR THE TERM OF THE LEASE OR UNTIL RELEASED BY THE LESSOR AND THE CITY OF KEY WEST. IN WITNESS WHEREOF, the undersigned executed this SECOND LEASE AMENDMENT AND ESTOPPEL CERTIFICATE this j!i day of March, 2008. 1269813'-1 Signed, sealed and delivered 6mj�� J3� Witnes as to Lessor CF� OUNA . Witness as to Lessor 1 Witnessast Lessee Witness as to Lessee Deco 1689982 Bko 2354 P90 2108 LESSOR: Utility Board of the City of Key West, Florida Byt X Name: Its: LESSEE. Old Town Key West Development, LLC Edwin 0. anager STATE OF FLORIDA COUNTY OF MONROE BE IT KNOWN, That on the -) ay of [+� , two thousand and eight, before me, a Notary Public in and for the State of Florida, County of Monroe, duly co issioned and sworn, dvvtli g i the City of Key West, personally came and appeared r)� --c _ as l� C_cv of the UTILITY BOARD OF THE CITY OF KEY W ST, FLORIDA to me ersonali know has produced as identification. IN TESTIMONY WHEREOF, I have hereunto subscribed my name and affixed my seal of office tt1 day and year last abov written. - - ( w -1 KOL NOTARY PUBLIC STATE OF FLORIDA »� SABFVKkV. KALL Ysy :, sAEalHr�v. HSAII 155fOH # DO i92771 �' 4s?tiiiSS'p�� i3 6o393a COUNTY OF MQNRQE �_ AIYCOMM �^`• ExPIRES March 12, 2ai1 EXPIRE5; Mmuh 12, 2007 '? , way nw S y t+ubNc unaerMlrrn BE IT KNOWN, 7h ae.?TMv ch efore me, a Notary Public in an a e o F orida, County of Monroe, duly commissioned and sworn, dwelling in the City of Key West, personally came and appeared EDWIN 0. SWIFT, III, as Manager of Old Town Key West Development, LLC to me personally known or has produced as identification. IN TESTIMONY WHEREOF, I have hereunto subscribed my name and affixed my seal of office the day and year last above written, tYJLIC , onsalvatge e Commission # DD611406 Expires November 23, 2010 aOAwn TMr fin H Vanca. me 800,M 191Y 12698132.1 �x N i r, . A STEAMTLANT LEASE AFFORDABLE RATE UNITS LEGAL DES=TION: (Affordable Housing) Oa the Island of Key West; Monroe County, Florida and bring more particularly described as fGLIDWS: Commencing at the intersection of the Easterly Right -of -Way Lute of Trumbo Road and the Northeasterly Ri,g.lt-of--Way Line of Grinnell Street; thence S.40°00'40" E., along the said Northeasterly Right -of -Way Line of Grinnell Street a distance of 49.52 feet; thence N.50000'00"E., a distance of 5.00 feet to the Point of Beginning; thence N.50°00'00"E., a distance of 278.90 feet tti a point on a curve to the left, having: a radius of 7.15 feet, a central angle of 84°24'47", a chord bearing of S.83°08'39"E. and a chord length of 9.61 feet; thence along the arc of said curve, an arc IeDgth of 10.53 feet to the point of tangency of said curve; thence N.54°38'57"E., a distance of 71.76 feet; thence N.65°38'21"E., a distance of 56.38 feet to the point of curvature of a curve to the left, having: a radius of 25.00 feet, a central angle of 1599'00" a chard bearing of N.57°48'51 "E. and a chord length of 6.81 feet; thence along the arc of said curve, an arc length of 6.83 feet to the point of tangency of said curve; thence N.49°5T21'r&, a distance of 88.83 feetto the point of curvature of a curve to the left, having. a radius of 13.00 feet, a central angle of 74°44'IV, a chord bearing of N.12037'16"E. and a chord length of 15.78 feet; thence along thz axe of said curve, an arc length of 16.96 feet to the point of reverse curvature of a curve to the right having: a radius of 29.00 feat, a central angle of 5$ V22", a chard bearing of N.04°25'52"E. and a chord length of 28.28 feet; thence along the arc of said curve, an arc length of 29.54 feet to the point of reverse curvature of a curve to the le€� having: a radius of 13.00 feet, a central angle of 123°38'33", a chord bearing of N.28°12'44"W. and a chord length of 22.92 feet; thence alaRg the arc of said curve, an arc length of 28.05 feet to the point of tangency of said curve; thence 5.39°58'00"W., a distance of 98.31 feet; thence S.00°02'00"E., a distance of 79.45 feet; thence 5.89°58'00"W., a distance of 7-5.08 feet; thence S.00°02'00"E., a dista..uce of 38.42 feet; thence S.54°59'20"W., a distance of 64.99 feet; thence N.75°27'59"W.,. a distance of 58.28 feet; thence S 58033'31" W a distance of 46.80 fwt; thence 5.45°20'23"W., a distance of 65.14 feet; thence S.60°44'13"W., a distance of 43.38 feet; thence S.45°20'23 "W., a distance of 105A3 feet; thence 5.00°10'51 "E., a distance of 24.39 fart; thence S.40°00'00"E., a distance of 47.71 feet to the Point of Beginning. Parcel contains 34,385 square feet or 0.90 acres, more or less. LEGAL DESCRIPT10N: (Lease Back) On the Island of Key West, Monroe County, Florida avid being .more particularly described as follows: Commencing at the intersection of the Easterly Right -of -Way Line of Tnu bo Road and the Northeasterly Right -of -Way Linn, of Grinnell Street; thence SAOTO'00"E., along the said Northeasterly Right -of -Way Line of Grinnell Street a distance of 69.52 feet; thence N.50°00'00"E., a distance of 200.04 feet to the Point of Beginning; thence NAP58'00"E., a dist:auce of 135.00 feet; thence S.40°02'00"E., a distance of 32.98 feet; thence S,49"58'00"W., a distance of 127.50 feet; thence N.40°02'00"W., a distance of 25,48 feet to the point of curvature of a curve to the -left, having: a radius of 7.50 feet, a central angle of 89°58'00", a chord bearing of N.85°01100"W. and a chord length. of 10.60 feet; thence along the arc of said curve, an arc length of 11.78 feet to the Point of Begiming. Parcel contains 4249 square feet or 0.10 acres, more or less, 0ANV 1425R2D041CXFi G.DGC mo zo ant N I+Y � w UD -0CD 3� RAILWAY CONDOMINIUM SITE PLAN OaeN 1689982 Bkd 2354 Pgld 2110 I� 2 5T0 Rv C. a- 5- Du IL dI NG 5.8� 58•�fl"W. • City Electric Staom plant 25S � a F.Fl - 7.r":3• i .y S T£ A rA A L A N T C❑ N D❑ M I N 1 0 M 5.4O•Q2'Q{)'�._� 38-42 - •a'1' ti (N 0 T A P A R Y) 0 S • �� 8 i i -A �tvG r � I ' G f rlu g �d M1 a / rl rr 4 z 13B. No RADIUS OFLfA ARC-•,'jr, C'.Ii•hur C. N'JRC EEAR N, 8a'24'a7" IC.S_'.' r 45.' 3 n1' ,'53'08'39'tti' 2:.pG' Is•34'Oo" f...93 3.4.: 5A1' °: 7.48'; 1'V/ "] • Su'J- '4'44':0" t6.95: 94' •°7B, E'2.37'IEW 4 2y OT 53'21 22" 25.54 :15 I _'' 23 :8' I•.'1:'25'S21 _ ` 5 ;.DC ' 2 738'S3" 28 0`_• 22.12' i ;'A't 2:44'E -`o' 33'58'']I]" 11 7R' 7 5.. 1 S.FC' �.5'Ci .-)o t HEET � Qi� 30 RAILIVx.'e }r�rtrs�d�Nll ins '�11-;;0ti =r rlrlal '-,tree(, KeV West. IL-1- "I04O r P. Li- F,,'.F-f L - - :_-� 7-� r;,�•.i; wg. NO, �r•,LIh=,:F•. -;.=t•fr+f F: 7'Jt- i��.��r;F. 7Cale = h('• a Flour Pond Pie. 1516 K Qwn- ey F.H.N. Date :0 i 2i• 05 vlood zone AE Flond Eger. 7' .: V s •ie i vE 4slays an o/aa �onrnpr+s hev >•Jest. FI j,•JCi 7 ; '77' U .dotec name a"I;'. numbers 3C` Fo:. (305) 293 _-'7 131/48: Correct lease bock 4/08. sh/adeo in area �\o•vwilg5\e ., . "r\ro:I..ay =o,d docs if-•ilC:?�i 1 L�bpll:: --I� �h.:Zet Docp 1689982 BkN 2354 No 2111 FIRST AMENDMENT TO LEASE BETWEEN UTILITY BOARD OF THE CITY OF KEY WEST FLORIDA (LESSOR) AND OLD TOWN KEY WEST DEVELOPMENT, LLC (LESSEE) 1: THIS FIRST AMENDMENT is entered into this y'' day of 12007, by and between UTILITY BOARD OF THE CITY OF KEY WEST, FLORIDA (hereinafter "Lessor") and OLD TOWN KEY WEST DEVELOPMENT, LLC (hereinafter "Lessee"). RECITALS WHEREAS. Lessor and Lessee entered into that certain 99 year lease for the property more particularly described on the attached Exhibit A (hereinafter "Property") for the construction and development of thirty-eight (38) affordable units, said Lease being recorded in Monroe County Public Records at OR Book 2072, Page 1629 (hereinafter "Lease"), anti WHEREAS, the Lease provides that construction of the affordable units would be comp]eted18 months from the issuance of building permits; and WHEREAS, building permits were issued September 21. 2005; and WHEREAS, the parties desire to enter into this First Amendment to extend the Construction Period (as defined in the .ease). NOW THEREFORE, in consideration of mutual covenants and obligations contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the undersigned parties agree as follows: The recitals contained herein are true and correct and incorporated herein by reference. 2. The undersigned hereby represent and warrant that all action, approvals and consents necessary for the execution of this Amendment have been taken or obtained, and the persons executing this First Amendment are authorized and directed to execute this Amendment on behalf of the Utility Board of the City of Key West, Florida, as Lessor, and Old Town Key West Development, LLC, a Florida limited liability company, as Lessee. 3, The Lease is hereby modified to provide that "Construction Period" shall be defined as the period beginning on the issuance of the building permit For construction of the affordahle, housing units and continuing tint il April 30, 2008, 4. All references in the: Lease to the Construction Period shall refer to the Construction Period as newly defined herein. i �aaaara_ i ex+4 I B I -T C— Deeq 1689982 BkM 2354 PSH 2112 5. Section 14.04 of the Lease is hereby modified to provide that Lessee shall complete construction of the Affordable Housing Units by April 30, 2008, The Term will expire on the last day of April, 2107, unless extended or sooner terminated. 6_ Capitalized terms shall have the meaning set forth in the Lease, 7. Lessee acknowledges and agrees that Lessor has performed all its obligations under the. Lease that have existed prior to the lute cif' this Amendment or that any default by Lessor under the terms of the Lease is hereby forever waived, including, but not limited to any claim for environmental clean up. 8. Except as modified and aniended hereby, the Lease shall otherwise remain in full force and effect pursuant to its terms. 9. Each party hereby represent.-, and warrants that such party has received competent and independent legal advice about the meaning and legal effect of this First Amendment. 10. Each party acknowledges that it has had the opportunity to negotiate modificatiDns to the language of this First Amendment. Accordingly, each party agrees that in any dispute regarding the interpretation or construction of this Agreement, no presumption will operate in favor of or against any party hereto by virtue of its role in drafting or not drafting the terms and conditions set forth herein, IN WITNESS WHEREOF, the parties have caused this First Amendment to be executed and sealed as of the date set forth above. Signed, Sealed and delivered Witness as to Cessor Witness as to Lessoe W itnes as to Lessee Witness s to Lessee LESSOR- Utility Board of the City of Key West, Florida B y: Name: LLA� I c,i 0Ct. _Ci(fZ its. LAC-I-t I t t tl ezorC! C via', r rrvur) LESSEE: Old Towrt..Kev GKgst Development, LLC Edwin O. �SwiffttII, er ,5y,14 f as, -► A STEAMPLANT LEASE AFFORDABLE RATE UNITS Dvca 1689982 LEGAL DESCRIPTION: (Affordable Housing) 6ka 2354 Pq# 2113 On the Island of Key West, Monroe County, Florida and being more particularly described as folloW5: Commencing at the intersection of the Easterly Right -of -Way Line of Trumloo Road and the Northeasterly Right -of -Way Line of Grinnell Street; thence S.40100'00"E., along the said Northeasterly Right -of -Way Line of Grinnell Street a distance of 49.52 feet; thence N.50°40'00"E" a distance of 5.00 feet to the Point of Beginning; thence N.50°00'00"E., a distance of 278.90 feet to a point on a curve to the left having: a radius of 7.15 feet, a central angle of 84°24'47", a chord bearing of S.83°08'39"E, and a chord length of 9.61 feet; thence along the arc of said curve, an arc length of 10.53 feet to the point of tangency of said curve; thence N_5498'57"E., a distance of 71.76 feet; thence N.65°38'21 "E., a distance of 5 6.3 8 feet to the point of curvature of a curve to the left, having: a radius of 25.00 feet, a central angle of 15°39'00" a chord bearing ofN.57°48'51"E. and a chord length of 6.81 feet; thence along the arc of said curve, an arc length of 6.83 feet to the point of tangency of said curve; thence N.49°59'21"E., a distance of 9 8. 83 feet to the point of curvature of a curve to the left, having: a radius of 13.00 feet, a central angle of 74°44'149, a chord bearing of N.12"37'16"E. and a chord length of 15.78 feet; thence along the are of said curve, an arc length of 16.96 feet to the point of reverse curvature of a curve to the right, having: a radius of 29.00 feet, a central angle of 5 n l'32", a chord bearing of N.04°25'52"E. and a chard length of 28.28 feet; thence along the arc of said curve, an arc length of 29.54 feet to the point of reverse curvature of a curve to the left, having: a radius of 13.00 feet, a central angle of 123°38'33", a chord bearing of N.28112'44"'W. and a chord length of 22.92 feet; thence along the arc of said curve, an arc length of 28.05 feet to the point of tangency of said curve; thence S.89°58'00"W., a distance of 98.31 feet; thence S.00°02'00"E., a distance of 79.45 feet; thence S.89°58'00"W., a distance of 25.08 feet; thence S.00°02'00"E., a distance of 38.42 feet; thence S,54°59'20"W., a distance of 64.89 feet; thence N.75°2759"W., a distauca of 58.28 feet; thence S 58°33'31" W a distance of 46.80 feet; thence S.45°20'231W., a distance of 65.74 feet; thence S.60°44'13"W., a distance of 43.38 tact; thence S.45°20'23"W., a distance of 105.43 feet; thence 5.0a°10'S1"E., a distance of 24.39 feet; thence: S.40°00'00"E., a distance a 47.71 feet to the Point of Beginning. Parcel contains 34,885 square feet or 0.90 acres, more or less. LEGAL DESCRIPTION: [Lease Hack) On the Island of Key West, Monroe County, Florida and being more particularly described as follows: Commencing at the intersection of the Easterly Right -of -Way Line of Trumbo Road and the Northeasterly Right -of -Way Line of Grinnell Street; thence S.40°00'00"E., along the said Northeasterly Right -of -Way Line of Grinnell Street a distance of 69.52 feet; thence N.50°00'00"E., a distance of 200.04 feet to the Point of Beginning; thence N.49058100"E., a distance of 1'35.00 feet; thence S,40°02'00"E., a distance of 32.98 feet; thence S.49°58'00"W_, a distance of 127.50 feet; thence N.40°02'00"W., a distance of 25.48 feet to the point of curvature of a curve to' the,left having: a radius of 7.50 feet, a central angle of 39°58'00", a chord bearing of N.85101'00"W. and a chord length of 10.60 feet; thence along the arc of said curve, an arc Iength of 1 L 78 feet to the Point of Beginning. Parcel contains 4249 sure feet or 0.10 acres, more or less. CrAWP1p2562DG41C]CH C.DOC Baca 1689982 Bk# 2354 P911 2114 EASEMENT AGREEMENT and MODIFICATION OF EXISTING EASEMENT This Easement Agreement is entered into on this ^ day of MtL r(-k _ 21008, by STEAMPLANT CONDOMINIUMS, LLC, a Florida limited liability company, existing under the laws of the State of Florida, its successors and/or assigns, whose address is 201 Front Street, Suite 224, Key West, Florida 33040 thereinafter "Steamplant"), and OLD TOWN KEY WEST DEVELOPMENT, LLC, a Florida limited liability company, whose address is 201 Front Street, Suite 224, Key West, Florida 33440 (hereinafter "Old Town"), RECITALS: WHEREAS, Steamplant Condominiums, LLC is the owner of the leasehold interest ill that certain real property located in Monroe County, Florida, more particularly described in Exhibit "A" attached hereto and made a part hereof. (hereinafter "Steamplant Parcel"), pursuant to a Ground Lease recorded at Official Records Boom 2069 at Page 387, Monroe County Public Records, as amended (hereinafter "Steamplant Lease"), and WHEREAS, the Steamplant Parcel has been developed into nineteen (19) luxury Condominium units known as Steamplant Condominium (hereinafter referred to as "Steamplant [_+nits"). and, WHEREAS, Old Town key West Development, LLC, is the owner of the leasehold interest in that certain real property located in Monroe County, Florida, more Particularly described in Exhibit "B" attached hereto and made a parr hereof (hereinafter "Railway Parcel"), pursuant to a Ground Lease recorded at Official Records Book 2072 at Page 1629, Monroe County Public Records, as amended (hereinafter "Railway Lease"), and WHEREAS, the Railway Parcel has been developed into thirty-eight (38) affordable housing units known as the Railway Condominium (hereinafter referred to as "Railway Units"); and, WHEREAS, that certain Declaration and Agreement for Cross Access, Drainage and Utility Easements recorded at Official Records Book 2069 at Page 438, Monroe County Public Records, provided the parties hereto with the right to use the paved portions of each Parcel for access to and from adjacent public roads fhereinafter "Cross Access Easement")-, and WHEREAS, the parties hereto desire to provide additional terms in regard to the Cross Access Easement; and Docp 1689982 gkq 2354 Pga 2115 WHEREAS, Steamplant desires to grant to Old Town and its successors and assigns additional rights to use a portion of Steamplant's property to allow Old Town and its successors and assigns the right to use the property described in Exhibit "C" attached hereto and made a part hereof ("Easement Property") for the uses shown on the site plan attached hereto as Exhibit "D" attached hereto and nude a part hereof; and WHEREAS, the parties hereto desire to enter into this Easement Agreement to also provide for additional rights and obligations of the parties hereto and others as set forth herein. NOW, THEREFORE, the parties agree as follows; AR'r[CLE I. RECITALS AND CONSIDERATION 1.1 The above Recitals are true and correct and are hereby incorporated herein by reference. 1.2 The parties hereto warrant that this Easement Agreement, and all terms and conditions contained herein, are supported by adequate consideration. ARTICLE 11. GRANT OF EASEMENT 1.1 Steamplant does hereby grant, convey, declare and create for the benefit of Old Town, its guests, invitees, successors and assigns, including the Railway Unit owners and their guests and invitees. a perpetual easement in, upon, over and across the Easement Property for the purposes of ingress- egress, installation aria maintenance of utilities and any other maintenance obligations for the benefit of the Railway Parcel, Old Town, Old Town's invitees, guests, successors and assigns, as well as railway Unit owners and their guests and invitees, as more particularly shown on the site plan attached hereto acid hereinafter described. ?.? Steamplant and Old Town agree that Old Town's right to park in the area designated for parking, Coil the attached Exhibit "E" is located within the Railway Parcci and therefore shall he exciusiv.-e to Old Town. its successors and assigris and their quests and 1nvitees. Therefore. Stearnplant ('and its successors and assigns) shall not have the right to use the parking as shown on the attached Exhibit. Notwithstanding the foregoing, Old Town hereby grants, conveys, declares and creates for the benefit of Stearnplant, its guests, invitees, successors and assigns, including Steamplant Unit owners and their guests and invitees, a perpetual easement in, upon, over and across a portion of the area designated as the Lease Back on the attached Exhibit "D" pis nia� be neccssa.r� toI unyvss and egress to the Steamplant Parcel, provided however said In right shall not interfere with Old Town's right to park in the Lease Back area. 2.3 Steamplant grants and conveys unto Old Town the perpetual non-exclusive right to ingress and egress over and across the roadway as shown on the attached site plan and more particularly described in the attached Exhibit "F" (hereinafter "Roadway"). Stearnplant hereby reserves, for the benctit of itself and its successors and assigns, as well as the Steamplant Unit owners and their guests and invitees, the right to use the Roadway in order to perform its obligations under this Easement and the Steamplant Lease or Cross Access Easement, including but not limited to maintenance, repair, replacement and relocation of underground water and electric pipelines. Furthermore, Steamplant hereby resen es, for itself and its successors and Doca 1689982 Bko 2354 P90 2116 assigns. the right to use the Roadway as needed for ingress and egress to and from the Steamplant Parcel and the water cooling tower (as shown on the attached Exhibit "D"). Did Town shalt repair, maintain and repave or resurface, as necessary, the Roadway and parking areas, unless repair is necessary as a result of Steamplant's actions or negligence. Old Town shall also maintain the landscaping and street lights within the Easement Property. In consideration of Old Town maintaining the Roadway, which will be primarily be used by Old Town and its successors and assigns, Steamplant will provide, at Steamplant's expense, the electrical pmver for lighting the Rortdway. A Steamplant hereby reserves the right to use the Easement Property for installation and maintenance of utilities that benefit Steamplant's property. Notwithstanding the foregoing, Steamplant shall not construct of place any structures on or imake any changes, alterations or improvements to the Easement Properly or do anything which is inconsistent with the terms of this Easement, without prier written approval of the other party, its successors and assigns, which approval may not be unreasonably withheld provided that any change, alteration or improvement is not inconsistent with the r-W-11ts granted to Old Town herein or [lie rights Linder other existing easement agreements. Furthennore, in the event Steamplant requires the use of the Easement Property for installation, repair or maintenance of utilities, Steamplant shall provide Old Town with fifteen (1 S) days prier written notice with said notice providing a description of the- work to be done and a timeffame within which it will be completed. The foregoing notice requirement shall not apply in the event Steamplant's use of the Easement Property is required as a result ot` an emergency situation. Steamplant shall repair any damage caused by Steamplant's use of the Easement Property for installation, repair or maintenance of utilities. 2.Steamplant and Old Town and their successors and assigns hereby agree to provide the Cite of Key West with reasonable access to the rnanhoieW located within the Easement Property. 2-6 Old Town hereby grants and conveys unto Steamplant the perpetual right to keep and maintain the Steamplant's generator in its current location, as shown on the attached Exhibit "D" and said easement area being more particularly described on the attached Exhibit "G." The foregoingr grant of easement shall include a right of access to repair and maintain said generator to the extent it encroaches onto Old Town's property. Steamplant hereby agrees to indemnify and hold Old Town harmless from any and all liability, loss, damage, cost or expense including, but not iimited to, attorneys fees and court costs at the trial level and during appellate proceedings, which Old lotion Should incur as a result of or in connection with Steamplant's use, or that of its tenants. agents, contractors, successors and assigns, of Old Town's property in regard to 111r generator. ?. 7 Old Mown hereby rants and conveys unto Steamplant the perpetual right to keep and maintain the Steamplant's transformer in its current location, as shown on the attached Exhibit "D" and said easement area being more particularly described on the attached Exhibit "H." The foregoing grant of casement shall include a right of access to repair and maintain said transformer to the extctrt it encroaches onto Old Town's property. Steamplant hereby agrees to indemnify and hold Old Town harmless from any and all liability, loss, damage, cost or expense including, but not iinuted to, attorneys fees and court costs at the trial level and during appellate proceedings. which Old Town should incur as a result of or in connection with Steamplant's use, 3 D-I DocM 1689982 Bk# 2354 Pga 2117 or that of its tenants, agents, contractors, successors and assigns, of Old Town's property in regard to the transformer. ?-8 Steamplant and Old Town hereby declare, give, grant and create a perpetual easement far the benefit of each other to construct, keep and maintain the fence that separates the Steamplant Parcel and Railway Parcel as shown and legally described on the attached Exhibit "I.- The fence shall be maintained and replaced when and if necessary by Steamplant. Steamplant shall maintain all property and landscaping located on the northwest side of the fence. Old Town shall maintain all property and landscaping located on the southeast side of the fence. The parties hereto acknowledge that the location of the fence plight change slightly upon construction, and the parties hereto or any subsequent owners of the Steamplant Parcel or Ralhvav Parcel shall cooperate in amending this Agreement to provide for a more definitive location i f desired by either party upon construction of the fence. 7-fit Steamplant hereby grants, declares, gives and creates for the benefit of Old Town, the l_`tilifv Board ()f the City of Key West, ind ariv other gover„ental ?ntities and utilit} providers. the right to use that certain northerly fifteen feet (17'0") of the StearnpIant Parcel, more particularly shown on the attached Exhibit "J" attached hereto and made a part hereof; for emergency vehicle access to and from the Substation Parcel (as shown on the attached Exhibit "k"), the. Railway Parcel and/or the Steamplant Parcel. 11i7 Steamplant shalt indemnify, protect, defend and hold [old Town harnaless from any and all liability, loss, damage, cost or expense (including but not limited to attorneys' fees and court costs at the trial level and during appellate proceedings} which Old Town should incur as a result of oi- In connection with Steamplant, its agents, tenants, guests, invitees, contractors, successors and assigns, use of any of the easement parcels described herein, unless caused by Old Town ' s negligence or willful conduct. ?.I 1 Old Town shall indemnify, protect, defend acid hold Steamplant harmless from -111V and all liability, loss, daniage, cast or expense (including, but not limited to attorneys' fees t+nd court costs at the trial level and durintia appellate proceedings) which Steamplant should incur as r result of or in connection with Old Town, its agents, tenants, guests, invitees, successors and assi(jns. Rise of any of the easement parcels described herein, unless the same shall be caused by Steamplant's negli enec. or willftiI conduct. ARTICLE 11. MISCELLNNEOUS 3-1 Nothing contained In this Easement Agreement shall create or shall be deemed to create any easements or use rights in the general public or constitute a public dedication for any PUNK use whatsneVer 3.1- This Easement Agreement and the covenants and restrictions contained herein shall rum %with the land of Steamplant and Old Town forever and be binding upon and "inure to the benefit oC and be enforceable by the heirs, legal representatives, successors and assigns of the parties. 4 41 3 pact? 1589982 Bko 2354 Pgtt 2118 3.3 Any costs incurred in enforcing, judicially or otherwise, the terms, provisions and restrictions of this Easement Agreement shall be borne by and recoverable against the non- prevaiiittg partying such proceeding- 3 3.7 All notices, consents, approvals or outer communications hereunder shall be in writing and shall be deerned properly given if seat by United States certified mail, return receipt requested, addressed to the appropriate party or successor -in -interest. This Easement Agreement may be amended, altered, released or revoked only by written agreement between the parties hereto or their heirs, assigns or successors -in -interest, which shall be filed in the Public Records of Monroe County. 3.7 This Easement Agreement shall he construed in accordance with the laws of t€ie State of Florida. All parties acki-iowledge and agree that in the event of any dispute arising under this Ay�rcenient. the so]c jurisdiction for siich dispute shall he in Mourne County, FInrida. 3.8 For the purposes of interpreting. any ambiguity arising under this Agreement, rtn Marty shall he considered the "drafter' of same. 3.9 Each party agrees and acknowledges that time is of the essence in performing the obligations outlined herein. 3.10 Each party to this Easement .4greernent agrees to waive a jury trial on any dispute arising under this Ease{gent Agreen�cnt and each party agrees to have any dispute heard by the court wIIhout a jury. 1.11 This Easement Agreement rnav be executed in counterl)arts, each of which shall c.onstrtule an original. but taken together shall constitute one and the same ,Access Agreement. 3.12 The undersigned hereby represent and warrant that all action, approvals and consents necessary for the execution of this Easement Agreement have been taken or obtained, and the persons executing; this Easement Agreement are authorized and directed to execute this Agreem ril on behalf of Steamplant Condominiums, LLC, and Old Town Key West l)�'ltlUl�lll�li[, L.1_.C. 3.13 The easements granted herein shall remain in full torce and effect perpetually, or until cancelled, altered or amended in writing by all of tlic lessees of the Steamplanl Parcel and Roadwav Parcel. 1.14 Except as may be expressly modified herein, the terms of that certain Declaration and Agreement for Cross Access, Drainage and Utility Easements recorded at Official Records Book 1069 at Page 438, Monroe County Public Records, shall remain in full force and effect. 5 flock 1689982 Bkv 2354 P94 2119 3-15 No breach of the provisions of this Agreement shall entitle any party to cancel, rescind or terminate this Agreement, but such limitation shall not affect, in any manner, ar}y other rights or remedies which any party may have by reason ❑ fan y breach of the provisions cif this Agreement. IN WITNESS "'HEREOF, the parties have. caused Easement Agreement to be executed and scaled as of the date: set fordo above. `'Vltnesies as io Steamplant STEA_MPLANT CONDOMINIUM, LLC, a Florida limited liability company F3 v: Edwin O- Swift Ill, Manager STATE OF FLORIDA COUNTY OF MONROE nn this 3A day of �Q �ic�_ 2)OV, before nie personally app".Fed F (Iwin 0 Swift 111, Manager of Stc;amp Iant Condominiums, LLC, a Florida limited liability company. who is personally knoNvio to nre and who acknowledge execution of the fore Ding instrument. Monselvatge r ` pL ommFssion # DD611406l-' l=� Expires November23, 201£i N tary Public, State of FI da '7.;, panoeo lm_^ •W rnc• me EOa365-7614 Witncsses ;is to Old Town: OLD TOWN KEY WEST DEVELOPMENT, LLC. a Florida limited liability company -- U B} ff, Edwin O. S�vi t# III S'I ATF OF FLORIDA C'0UNTY OF MONROE. On this 31_ day of 204, before me personally appeared Edwin O. ' \\v'ft 111. Manager of Old Toxvn Kev Test Development, l-.LC. a Florida limited liabilih company. Nvho is personally luiown to me and who acknowledged Execution of the foregoing instrument. "T" S. Monsalvat e �:•�FR "= Commission # D0611 d06 :8=" Frnirpe NnvamFur 74 '7nZn • i�i� a.BftdTgrx40 mwrnceOK aid-36S-7pi8 Notary Public, State of Florida 6 iD .. V5 DocH 1689982 BkU 2354 Pon 2120 LEGAL D8 CRIMON NLARKY-T RATE LEASE On the Island 0- l:cy Wcst, bin -:roc County, Florida asrd being tnnre particularly drscribed as collows,_ Beginrrrng a( d,e intersection of rhr. Easterly Right -of -Way line of Trurrtbo Road and the Trlorthettstrrly lvght-of-Way Line of Crinnoll Street; thence N-00°10'51"W-, along the said Easterly Line of Trumbo Road, a distance of 354-45 feet; thence N.89'58'00"E., a distance of 459,57 feet; thence S.39°56'12"E.. a distance of 79-96 feet, thence S.49°58'04"W., a distance of 378.29 feet; thence NAOT113"W., a distance of 3 2 N feet; thence S.50°00'00"W-, adistance of 200-04 feet to the said Northeasierly Rjght-tf--Way tine of Grinnell Stint; thence N.40TOTO'W., along the +aid NorthcaMerl y Righl-of-Way Line of Grinnell Street_ a distance of 69-52 furl to the Point of Beginning. Parcel conLains 127462 square feet or 2.43 acres, more ❑r less - LESS AND ENr_E:PT: THr 1`01-LOW NO DESCRfEED PROPERTY CrR thr. (;;ynd of Key Wcst• Mcinrnc Cuuaty, Flonda and bemg more panic.ularly Srscrihed as follows: Cnnirncn,�ing ar the iritersecduri of the Easicrly Right -of Ve3y Lint of frurn5o fioad and the Northraaterty Righr-of Way Line of Grinnell Street; thence S.40'00'00"E., along the said Norlheastcrly Right -of -Way Line of Grinnell Street a distance Of 49 52 feet, thence N.50'00'00"E: , a distance of 5.00 fees to the Point of Beginning: thente N.50'00'00`F.., a distance of 278.91) Cect tr. a point un u currc to the Ick hiiAng. a tadius of 7.15 feet, is cerntal angle of Ee°24'47". a chanj tearing of 3.83'U8'39"E. ead a chord length of 9.61 feet, thencc along the arc of said curve, air arc length of 10-53 feet to the point of tangency cf said curve; lhenee *: S41Z4•_I"F 1;sca9C I `-e! (F"DCC .,."5"'q''1'r:. 7 d: rr...-.r ... '6._f. Ire; TO thr point of curvature of a curve to the Ie[l, having a radius of 25.00 feet, a central angle of 15'39'00" a chvid bearing of'N-5748'S] "E. 3nd a chord length ❑f 6.81 feel: thence aiortg the arc M said earvc, an arc lengrth of 6-83 feel to the point of tangency 01' said curve; lhencc N'.49°59'2I•'E-• a distance of 88.83 fuel to the point of curvauce era curve to the left, having. a radius of 13 00 feet, a ceriuml angle of 74`44'10 a chord hearing of N.12`37'1 VE- and a chard length of 15 ''8 feet, thence along the arc of said curve, an arc length of 16.96 fee; to the point of reverse curvanrre of a cure ID the right, having: a radius of 29-00 felt. a central angle of 5'V21'22". a chord bearing of N.04°25'52"E. and a chord length of 28.28 feet; thence along the arc of card cur.•e• an arc length of 2.9.54 feet to the point of reverse curvature of a curve to the 1cR. having: a radius of 13.00 feet, a central angle of 123`38'33", a chord bearing of N.28' 12'44"W. and a chord length of 22,92 feet; (hence along the art ❑f said curve, an arc length of 28.05 feet to the point of tangency of said eurva; thence 9Lg9°5B'OTW.. a distance of 98.31 feet; thetice S.00'02'00"E., a distance of 79.45 feet; thesiec S.99'58'00"W., a distance of 25-03 Feet, thence 5,00'02'00"E., a distance of 38.42 feel; thence S.54°59'20"W., a distance of 64.89 feet; thc+rce N 'Y5°27'59"W-, a distances of 58 28 feet; thencc S 58°3311" W. a distance of 46.80 D V Doe# 1689982 Bka 2354 Pgo 2121 fete.; !hence 5.45'Z013"W.. a disuutce of 65.74 feet; thence. S.60144'13"W., a distance of 4 3.3 8 fret; !hence 5.45'2073"W., a distant of 105.43 feet; t} mce S,07 10'5 1 " E.. a distance of 24.39 feet; thence SATUG'00'E., a distance of 47.71 feet to the Point of Beginning. Parcei cantains 34.885 square feet or 0.90 acres, more or less. ANi7 LESS AND EXCEPT THE FOU-OWTNQ DESCRIBED PROPERTY! On the island of Key West, Monroe County, Florida and being more panicularly dcseAcd as follows'. Commencing at the intersection of the Easterly Right -of -Way Line of Trumbo Road artd the Northeasterly Right -of -Way Liric of Grinnell Street; thence 5.40TO'00"E„ along the said Nort-heasterly Right-of-WQy Lint of Crinncl! Street a distant of 69.52 feet; thence N.50°00TYT u distance, of 200.D4 feet to the Poin: of Beginning, thtrrce h.49'58'00"E , a dis'.ancc of 35.00 feet; thence SA0°01,T0"E., a distance of 32,98 feet; thence S.d9'5TOO. "W . a distance of 127.50 feet; thence N.40°02'00"W.. a distance of 25.48 feet to the point of curvature 0f a CurN,e to ihr left, hating' a radius of 7.50 feet, a central angle of 89'58'DO a chord bearing oi' N R5'01-00 Y,- and a chord Ien&IF, of 10.60 feet; thenk:a along !lir arc of said curve, an arr icngih cal i ! 75 lac, tc, the i'gint of Beginning PW`C l CIII041ns -1249 square fret or 0 10 a[:es. more or [es Oaeg 1689982 Bkm 2354 P94 2122 RAILWAY CONDOMINIUM LEGAL DESCRIPTION LEGAL i7ESCMP7ioN! (Afrorabre Housing Unite) �3n the 45!and of Key west, Monroe County. Fiord❑ cnd ueinq more Pc'itcdlo';y oescnbec ns ro.laws Ccmmenc,ng at the intersection of the Easter' •�.qh!-of-W❑y L,ne gl rrumlb: + Rood ono the Nortne❑S[efly Righl-of-Woy Line of Grinnell Si- •t thence 5.40'00'0DE. t olonq the soiu Northeosterly Right -or -Way L,ne of Grinnell +et ❑ dPs!cr.'e ar 49 52 feel, thence l+ 50'00'00"L - ❑ desl❑nee or 5 00 feet to the P 07 Beginning. thcnCe n, 517'00'CQ'•C-, o distance of 278.90 reel to ❑ point on 0 cur to Ile left, na.in; c rcd•us of 7.15 feet, o centroi ongle of 84'24'47'• a chard be❑rinq S;.3'08-391. oqd ❑ chord length �! 9.51 feet thence along the Qr pf !Wid curve, 011 enq;h of 1G 53 feel is i", poir.t of tangency ❑f Sava Curve; thence N.5a.'38'5P7"E, o dit a vi 71 76 feet, thence f•i E5 '38'21 "E., a distance of 56 45 feel to the point of curvature 1 curve to the tart. hove . ❑ radius ❑f 25.00 feet- ❑ cenlrol angle of 15-38'49'. ❑ char. •�ecr-nq of h'-57'48-56'E and r chord length of 6.81 leek, thence ❑iang the arc of said C1 . ❑n arc length c,r 6.83 reel t the point or longency of said Curve; [hence N•49'59'32`E., d:stonde of 8B-22 feet tc the point of curvature of a curve to the lest• hgring: o rodiu l :300 reel, ci central angle ❑f 75-23'20", ❑ cnorL bearing of N. 12'17'52"E. ono a i 'd length of 15.90 ieet. thence. along the ore of So,d Curve, ao ere length or 17 t1 fin the powt cI reverse curvo%vre of a curve to the right, hoeing: o radius of 24.00 1. ❑ cen[ny1 angle or Se• 53'48", ❑ Chord be❑anti of Ci-�'+4'03'06`E- and a chars length ',!8.51 feet; :hence oleng the ore of 4md curve, on are length of 29.81 feet t❑ the p: nl' reverse Curyoture of ❑ CUrVe to the Pelt, nosing ❑ radius of 13 00 fact. ❑ centrui rjrPgle of 124'54'23". e ch]fd bearing of N.24 57'' 2 "1^f. and ❑ chard length of 23-05 feel; the-'Ce ❑long the ore. ❑r said curve. -n orc rength of 2B 34 Peet t0 the end of said curve: t6enei: S.99'50 G0' w , ❑ distance or 98 3> feet, 1>.ente 5 00'02'00"E.• ❑ distance ❑f 79 45 fe»t. tnence S 89'56 00't% a distonte of 25.08 feet; thence S.60_02'00'E. ❑ distgnCe of 3847 feel, tl-en[e 5.54' 59'20"w - o d•etonce of 54 90 fee[- thenc❑ N 75'27'48-W., ❑ distance c.r 58 26 reel. then[, S.58'33 42-'w , a dlstonee of 46 86 feet, lhencir 5.45'20'23-W , tr r3,5!anre of 6, b5 feet thence S.60'4113"w. o distance of 43.38 feet; tnencc S45'20'23'W :3 n•3iunr.e r;f i0`•;I feet. [nence 6 00 17 5 t"E.. d d'fl once of 24 39 feet. thence 5 4n (10 _, F , ;lor•Cr 47 71 feel !c the Po�n1 of Seq.-ng Q❑iCC, dan!Q., 34i-'S2 2:7uare fdel ar C a•f1 oCleS mare or lesz AND LEGAL DESCRIPTION; (Loose Ba Ck): OR the: 1Clcnd of Key We❑l. Mc,, de County. Florida and being more p1 lilt Uldrry ❑e5Cr,jed as follows: Corrlmenceng of the Interseclior of the Eostllny Right -of -Way L,nc of �rumnn Roo❑ and the N❑rtn"steftY Rrgh[c ar-Way Line of Grinneti Street; thence 5.40'00'00"E, aldnq the so,') Nor[heasterir Rrgnl-of-Woy L1ne of Grinned 5trea[ ❑ distance of 69 52 feet- !nence h.5C QQ'CQ "E., a distance of 200.04 feet to the Paint of Baginning: thence N.44'5800'E . c• di3tonae of 13S-00 feet; thence 3-40'02'00"E.. b distance of 32.98 fee[; thence S. c9.59'[; "1+• ❑ oislonce ar 127 511 feel; thence N.40'02'Q!7 W., o mstonce of 25.48 feet to the point of rvrvotQre of ❑ curve to the Zell• holing a rgd.us of 7.50 feet• a cen[r❑t angle oP 89 5B'0t7 0 chord teoong of `4.SS'01 QO'W. ono ❑ chord length of 70-60 feel. !hence o+orq me or, of sold cure, on arc length of t t 78 feet to the Point of Rfo+nnnq Porte: conto.n5 424y saaore feel or 0.10 acres• more or r"5 SmEE7 29 DF 30 RAILWAY CONDOMIN UM 1301-M5nGritimil Street, KeyWest• F1 -304C f"REbERi'_K. � rILJEL�F?Ar1[' i En'4'H'Eflt nL4HNER SUIT Vr Ynr+ r.ea- i ., it it �}u.r { iGSW 259As '. fl❑5j l93-0'_. ^. I.�c�%Opel!soul, -er CC]N00M.1141W. SURVEY OG 45i Gte t-- i❑' : antS. 1o/2 r! ro5 •� Fippa e..y i7ie i[ ..e :a.. H'.c ew. /r r .Pr.H- n... a.• a I ir[waors .wo ou rmdna.s 1 2 0) I1p401.6, n - unit n„ratan r• 1121, ❑e nnW .wrar r: e; Ceir 1 Lr r',,a.rhp.lw.r ....�•¢.-er co. ..nleen '- lryc racer 2007' Q10-Fr ed1Gr4 wnj1PL0tey Wes RSteafh P1nnnRarw ay. Jan. N9 6wg Il:11 �200a 9.413 sw AV RAILWAY CONDOMINIUM EASEMENT LEGAL DESCRIPTIONS ICONTJ -D) On the Islcrd of Key Wes',. Monde (.cunty Fl+7rida ]r'a bei•`+,, more described as follows' Commencing at `,hp intersec,;on of the Easterly gh Rit—r,y Li ne of Trumt'o Roa.1 and the Northeosterly Right —of -Woy _,ne of Grinnell Ci Streer,; tf Anne 5 1;J'_'J n :I . r, the so c Northeasterly Right —of —vVoy Line ;�` I;rrnnc! ;-reel. _ d.st❑rce of ac., ` to the P,o+n; of beginning. thence N.50'00'100"E . 0 disfor-(e -° �83 9C feet to .. _ _]in :n ❑ curve to the let}, h❑Virg ❑ redlus o` 15 fE::. ❑ :er-, ra' r'q',F 3 ' 7:1 4' chord neorir.c aF 83'08'39'•E and o chord length 0f 9 EI fee'. trier,=e ;,aria I:he of SCIa CurVe, on arC lerig c�f '0 53 fee[ !.c the p 'L f `.r}nge—y _f 3CIc1 :•.rr• thence 'v.54'38 57 E., n dis?once of 71 . 76, feet, ,hence N.65' 38 21 _. : S*,on,ce 56 46 `eet to the point of cur.,atJre of ❑ curve to the left, hav nc; r- r❑dlu=; +:,= 5 feet. _ centrol angle o' 1 "38 49 •, o ,char." be❑r�ng N.`,7'48`6"E -nd .� 1,,, length •❑f 6.81 feet; tnence :one the arc •uf sold curve, :;r urc +enntr r ..57 rt tc -he point of tcngency ❑i sovi Curve. ,ner,ce 'u.49'S't' �< E.. _ dist'a•,ci= of 5,48 :. fee: io the point of ^urv❑tire of a curare tc the left, hovrnq ❑ radi'.': of 1 '•.0- I.,e, cen:rai prole of 75'?3'2C•. chard oeor'nc, of N 12'1 `52"E. anti ,] chord lerlgh.r• -. }`J 90 `eet, inence airrrlrg t�-,e :irc o' said c'orve, ,r a,( Engii.ri U` 7 •' nee' tf: point •Df reverse curvoture i e-orve. !: the rjghi, h❑v,r.fg o ;din, ; ,,.f 2:`i'., :entrol oriole_ of 58'53'4.3", hc,rC bearing ci N.04'C ?'C6, •E cin i,, .. rC',-1 ir:r c. li 28 5 ieet. 0-,ence o1 DncJ the •]r.- = So 'J Jf @, 3n ❑r- enq;r, n* �gint r reG'erse _ rvat.Jr f —rv? 1 the lei , rlo�::r•g. „erl rai oriole ;7€ 124•- tie rig ._ 'r ::8 _ _ � n.. L3 1'S ie?t, thence clona ?he. ']rid c.f $O,i: '.:ur' e. 7r1 r: ru'.n C, r4 fF•e end a' s❑ld [urge thence S.Bc's'Sn l]C"'uV Y!s rl e ': _!i 02,C0"N . di=_tgn•-e n+ 22 01 fien •rcF r, 89.5,6'44' Ir, p. f•: Cher- 3`_''5t le?! ,143-29 `ee'. ih,enc? I, 4s]'02"DO • .J�' d,stnnr_e if ?2.93 A+=t. it er, distance ❑' ' 35.06 reef. than•:e 50'0000 W , dis'an: _ o! _,Jr! _1, 40'00'013' 'uV a dis;anc-e of 20100 feet -o the a,n! of Beairlr-,I�il P❑rcei contoins 16934 square feet cr 0.39 acres, mcr, or INs; LESS I:)UT [Water Oao•inq rawer is On the Island o€ Key West. M ;mroe -curly, Florid❑ and be -mg rr••:rF ;r';•:lalrri. described 0s follows C',orrr-nen•-inq at Ft,e r+terse.:`.icj) .-'f the Easterly F?ight— ,f—rVn,' Inca _ Tr,.rrrb_- 0nd the fvortheasteriv R,c}ht--ai—W•7'r Lire c,f Grinr•e!I Stree:; t`r Fr.: +' _ 4 •I)'` !i;j = 7Ir,..,y the said N•orthe:s'--erl.v .7-C t—•nf—Woy Line .,f r;Yir,nel.'I ,5t•�rra 'ee`• t.ne-)CC 'V 50-DO 00..F a •Jistcirlre ,)f 200 Cj4 feet; t^Ph F• 4l1 CI .1- �I 7rl• c-.€ 2r G5 feet: thence N 49'5g !]+.D' _ , c d's!anc:e of 26.22 teen. f.hr rir.,r,t Beginning- thence-ontlnue N.49'58'00"E., 0 d Mori:e of j 46 f,=et: tie -ice 4�'L'? C' "4V., o d=st.�oCe 8 feet, then•-e S 61"23'12"'.' , odi;'.,:I'•-r of thence S.57'09'25 a distance of 9.21'8 feet; thence S.SJ'SJ �? 'A'„ d,siori•:.f" 19 8Q f e e F t•❑ _ p❑int nrr, C curve to the Pe -fit, having: a r:!di,_s -f S 5: nee?. _r,tri l ❑hole cf 38"54'59•, 0 chord beor,.nq of 5.09'20'09" A'. ❑nc a thence along the arc a`: said curve, cr, arc- of 4 fAet o d.stonce 16.84 'eet bacv '.c :h P,):nf o` Begir,n.inq. Pcr.cel cc-,to.ns 685 sq.Jare feei, rnore or less - 5' Er f lip g RAILWAY CONDOMINIUM 301-305 Grinnell Street, Key West, n. 33040 F. pecr Ic Purpose Survey DWQ r•-,a:rl==�.- �r,E,_ r Sketch to Accompany Legal Description 08-11 2 Scale } = 3C. Floes Pane, Nc- 'SiF K 0— By F.H 4 Frood Zone %E YI Dote 1 /l � 48 pod E!ar rj' - REVISIONS AND/OR AEpMONS H e ',Il .•g+ .i 5:_. = - 2 4 a8: Revised '''S .?cl , I6t 2/6/08 Revise eosemea[ 3 26/08: IJ dote• area. ie vi •.d•n,.nga\key .eit'ro�.or �nnarm,...,,m •;co�•�o :I :. fix+ - IIP-) i 1]— G RAILWAY / STEAMPLANT Coco 1689982 Bk# 2354 PgK 2124 E] Transformer L] Easement Area �dPl .•e. r.. •rr �c.00�•.lor Easement Area a T - ��-- ��, \�4 l " I; ^� Faseme�t Ar.r IN tit 3/26/08: Update- area, legal , 2/25/08 access Emergancy Eosarr.er.t sHEE ` I of [I RAILWAY cap DMNIUM 301-305 Grinneli Street, Key West, H- 33040 r is :, ,- I. L-4 air, r 2r- r Specific Purpose Survey Sketch to Accompany Legal Description 08-112 SCOIe T' = 100 ° Flood Panel ^40 1555 K Own- 5y F -r ti ❑Ote is] 28 05 Ffocd Zonr AP F'Mod Elev, 7' _ +, r rl.• • ,. . iff PENSIONS {NO/OR ADDI ONS 7 %2 'C7: Updated, mornin. unit numb,jrs F-moi surve - - 2/4/08: Shaded area car�ecm,�,�n, •,cw.rc t•�: k�l t0,+T D RAILWAY CONDOMINIUM UocP 158SS82 8kk 2354 PvU 2125 1 IfCt'R71lIE•7nr�t • 1 1 T0RY C B. S. Hui•_ DlN C 4 City Elcctrtc St"m Plant $•gs s$Q�'�1• `1 1 .a ,a F.FI 7"L3' 25.18 T E A M P L A N T 0 ?4 D O H I N 1 L+ Li E, 44 r iH L1 T A P fv R �g.42 — :aft.•.. J . L f I 1 ',t" 114 O.S. f r Afforable �. H!ou5i�q I � 4 s� C fj PVF, �r No. RADIUS 6ELTA ARC -HORD CHORD 6EARINO r t 7.15, 54'24.47•' 19-53 c 4P' 9 61, N 83'OS•39"W 2 25.00' t5'39'OO" 6.83' :.. fi 9t' : 5TAR 5. 13.00' '4'L4'10•' 16.9ff' 3 15.78 S 12'�"15"W ' \ 4 2S.00' S8'21.22" 29"54' 6.I,28.28' -N D4'i5.52"E `7 5 :3.fl0' +23'38'33" 29.05' 22.92' � 28't2 A? P.O.;. E 7.:0' 89.58'DD'• 1 17s, - SD 10.60' S ?.: C•t'Cp'E A'forOble H-- sm•7 �l Pmz; " ❑r, RAILWAY CONN)MR-1I.,IM �01-305 Gfifinel! S11eet, Ke West, -1. 33040 Scole 1"= 60' v rlood Ppne1 No. 15' late 10/28 /05 i Flccd zon. AE REVISION' AND/OR ADDITIONS 7 07: Updates. name unit number lam. /na. c:-,,I ........ 1 /31 /08: Correct lease bock 2/4/06: shaded in ❑ioa c�drvwinga�key wva1�rvI.py condomini�m�condp dots 453 SHEET 5 0-- 3( FPEDEPP N. H0 DEE ENGlNEEP •.r.I+1EF .11EYO� - 2D1 I• N r WL s t, F 1 33040 i05) 292-0456 x f305� 243-`_123- •le t exNibl T E 0 It RAILWAY CONDOMINIUM EASEMENT Access Easement Oaca 1689982 Oka 2354 P90 2126 3 �' 'I.89'S5'40• N6. RADIUS DELTA ARC. 1 715 84'24'47 'C-53 2506' 15.38'43" 6.83 3 3 1.00' 5"2 73'20 1;' 1 1 4 29.00 58'53'48' 29 81 13.00 24'54'23" 28 3� RAILWAY CONDOMINIUM 301-305 Grinnell Street, Key West, f1. 33040 pecl lc Purpose urvey -'Wq Sketch to Accompany Legal Descrfptior. 08-112 Scale 7"= 80' Rer Ino.d Pone no 1519 r: 0 Br F.H k Date 1 /11 08 flood Zane n£ rood Elegy A' RPASIONS AND/OR QD171ONS 2/4/08 Ravosed 2/6/08: Revise easement 3/26/08: Up(jute, area. 1ego+Up(jute, area. 1ego+ c�o�o.�ngs'�key wea!�ror.oy cnndomnlu•�'��nn,1e �ocs �c v,,, TAW[ ENT i:HOFZD CHORD BEARING 5 48' 0.61' N 83'OS•39'w. 3 44' 6.81- S 5 �'48 5b'•V;. 9 93' 15 90' 5.1?..7'52••'N :6.19 28 5' N 04'G3'06'E ' HEF. ,--,- P MIBIT nGn Roca 1689982 Oka 2354 Ps# 21.27 Generotor Easement Area 0n the Island of Key West, Monroe County, Florida and being more particularly described as follows: Commencing at the intersection of the Easterly Right -of -Way Line of Trumbc Road and the Northeasterly Right -of -Way Line of Grinnell Street, thence 5.40'00'00"E.. along the said Northeasterly Right -of -Way Erne of Grinnell Street a distance of 69.52 feet; thence N.50'00'00"E , a distance of 200.04 Feet; thence 5.40'02'00"E.. .a distance of 32.98 feet; thence N-49'58'00"E., a aistonce of 214.46 feet, thence N 40'iD2'00"W„ ❑ distence of 57,24 Feet to the Paint of Beginning; thence PJ.02'0D'00"W., a distance of 31.50 feet; thence S.2•8'00'00"W., a distance of 13.86 feet, thence 5.02'0G'00"E., a distance of 31.50 feet; thence N,88'00'00"E., ❑ distance of 13.86 feet back la the Point of Beginning. Parcel contains 436 square feet, more or less. D.- l 3 KXHIRIT "s^ aoe37 1689982 Oka 2354 Pop 2128 Transformer Easement Area; On the island of Key West, Monroe County, Florid❑ and being more porticularl,. described as follows Commencing at the intersection of the Easterly Right—af—Way Line of Trumbo Road and the Northeosterly Right —of —Way tine of Gr;nnell Street; thence 5.40'Q0,0(),rE., along the said Northeasterly Right—of—W❑y Line of Grinnell Street a distance of 59.52 feet; thence N.50'00'00"E.. a distance of 200.04 feet; thence 5.40'02'00"E., a distance of 32.98 feet; thence r4.49'58'00"E., a distance of 271.'03 feet; thence N.40'00'00"W., ❑ distance of 107.54 feet to the Point of Beginning; thence rJ.00'22'46"E., ❑ iistonr_e of 25-62 feet; thence N.89'37'14"W., o distance of 12.04 feet to a point on ❑ curve to the left, having- a radius of 20.00 feet, a central angle of 21'31'20", ❑ cr.ard bearing of 5.14'35'17"W. and a chord length of 7.47 feet; thence along the orc of said curve, on arc length of 7.51 feet; thence 5.00'44'00"E., ❑ distance of 1841 feet. thence 5.89'42'01 "E., a distance of 13.51 feet bock to the Point of 8eginninr; Parcel contains 347 squares feet, more or less. D-fL4 RAILWAY CONDOMINIUM i n NEW FENCE LINE �a Al 2 S T 0 R Y C. B.5. Cky Goctric Stphm FJ) - 7.23' B U I L Q I N 0 Plant New Fence, J! Af}problp Nou�inp F Deed _ ne l ❑ G.B. � � a / eCr- nQC4 1689982 8ku 2354 aqp 2129 L15 i L,ne M1 Bear-r,,) ..` i'is'-c7 nre \ \ L3 h+.36'26'25"E 4U.4r�' \ L4 ^.52'22'12"F 4 �\ !-5 N 52'21'Sr3"E a ° 38 L5 N 51' 1 3'48"E 6 5S ) _ It, 33,47-17"C c4 , _8 5.a5'.33 D1 = 3y.5:,' ' G S.72 1 S 36 3` L 11) N.54.59'c0E 65 106' I 1 + N.OQ' 11'' 5_.A' 95- L1 Z S.89'48'4.5'W :.00' L1 3 N,00'30', 3"W 1 i .90 L14 5.88'20'23"E 38.14' L15 N.00'01 51 "A' 97 25 N 8$'S8'O5"E 6 �9 Q� Lj7 N D0't71..';'W 23 i0,. - LEGAL DESCRIPTION: (New Fence Line): I Z i1 cS� P-O.C. New Fence Line n the Island of the Key West. Monroe County, Fiorico c;nd being -nor^ �•[.,=,Ic1r!y described as follows Commencing of the intersection of the Easterly Righ.t--uf—Wcy L-ne ct Tr_r-bc, Pond and the Northeasterly Rig ht-at--Woy Line of Grinnelf=treet: thence N 0:7''�. 51 "w otong the sold Easterly Line of rrumGo Road n distor•ce of 46.85 faet tc• the Point of Beginriinq of o fence line, thence N.89'4G'32" E , o distance of 2"�_39 fArt- thence N.49' 19'16"E., a distonce of 10-78 Fee+.; thence t4.36' 26'25"E., - o•5toc of 40,45 feet; them,ce N.52'22'12"£._ o distance Of 34-4e Feet; thence N-E2' 2C'S0"E , a drstonce of 34.85 feet; thence N.5 t" 3'd5"E a distance cr 4i .`9 Feet, thence N.33'47' f 7"E., a distance of 44.77 feet; then�,e S.d5-33'O l "E .1 a,=_t•ancc o! 39.52 feet; thence 5.72'15'35"E., ❑ dlstcnce of 3735 feet: thence N.5;-5Ll2D'E. a distance of 65.06 Feet; thence N.00.11' l5"W., a alstonce or 7 95 feet, trey e ;.89 48'45"W., o distance of 4.00 Feet to the Easterly well ar the steam tlor! ❑-1 me ❑f the fence line; thence along the said Easterly wW' of the SteGm P'larir. DC 30'13"w., ❑ distance of i 1.98 feet to the continuation Of the ten�.e ..ne. th nee 5.89'20'23"E., a distance of 36.14 feet; thence N.00''7 t 5 J.Stor< of 25 feet; thence N-89'58'05"E. a distonce of 6 79 '"t, thence N 0,1'01 'q"4v.. ❑ dis hknce cF 23.01 feet to the Point of Terminus. RAILWAY CONDOMINIUM 01-345 Grinnell Street, Ke _y West, FI. 3040 .Legal Description to accompany uwg. o Sketch for new fence line D�-141 Scale 1 60° flood Ponrr No 151E K tt 7Z 1 31 06 rlouo Ionr AE REM51ONS AN0/0R ADDIT*HS /31/O9: Rerireo point or tertnlnus -\drawingrrkey +.9s1lruilwo), condommlvm•tc9ndo dots FREDr RII:'i< H H,1-DE t ^.I.Jr_. 315r N!,r-hslee Cr"•e 5�!e jo1 Key est. = 3304r (Y,15) 293-04FE.• Fox. ;3C5j 293-023' fh-lr_f?bl@>be S o,_,tl• -, Feb 29 38 04i33p fh hildebrandt 3052930237 P'2 RAILWAY / STEAMPLANT ACCESS EASEMENT m� I N 1p Al I cJ •a a c' m El I L Tr1]Rs�u1111ar �; EoaalrAant Area 1 f i10.T GI.R fu�V.iw• I , ►Il . ly i1 -A 111. •►VxYr ►►e.�YiVY VT enerator y./ { _ a e. ... n EGt Ano f e' r ; � �Nf ti �� •'� Water Coaling TawA,r y 4 - tveeman[ Area +} J• 0 r` � � y /26/08: Access Emergoncy Easement SHEET l or 8 i ALWAY COHUM" 91-,V5 Ci"I Sheet, Key west, R MW FR,EDERICK H. HILDE3RAN L" pact iC Purpose Survey UW9. P40. ENGINEER PLANNER SiJRVIE r0r, ketch tv Accompany Legal Description 08 1 ] �aiE S 100, ey eta 1D 28 Q5 nooe Za,. tie oae 0"- •r 3152 H.-jrrr,.slde F, F AND /OR D/OR ►M710N5 Suite Key vresid5i. � 3'30�7 !2 c37: 0 doted. name. n� numLera (305) '93-046e. ya) (3m) 2Q3-Q,-37 7 0 �nGl Tv fh'd eDl ftel!5QU[h r4l { p8: $hod�d area I a ant •dr4v"\6.r wfatVdiray caveanfniY.n�coAwv exf E,Z�•--I 1 6,1 T a i RAILWAY CONDOMINIUM OVERALL SITE PLAN nocil 1689982 Bkb 2354 PqU 2131 ��rACrtal ij h it t V l P LVY �r rMM1 l a I \•� A ■ � �Ij t j� � J r E a SHEET a OF SO RAILWAY' CGNDOMIlr4LM 71-305 Grinnell Street Key West, tl- 33040 FPFDERIC'y i Hi DF"r-yP;,';,^IT CONDOMINIUM SURVEY 05-453 ENGtiNLER f-L6-1FJEF '_up%,E-r!.0 Cote 1 ' = 100R.I.F7oco Pvnel Wv 15)6 K D. ay z M r+ a!e 1028IOS flood 2onn ,tE Flood 6ev 7 31';, _ ' RENSIONS FN01QR AOolnOnS Key Weis[. F: 331-,)a�] Z ❑7 U datol. name, unit numhers ' 1 ❑8: Fin i 3urve ry'. �'•05) 2y3— 323' 's 08: Shaded area fr„�;±;:t1�4e��so�t� ne' �4rvwinge�key wes; frail way cvndvminiumlcondc data MONROE COUNTY OFFICIAL RECORDS -- i r into homes. Habitat for Humanity' of Key West and Lower Florida Keys Creating horne ownership opportunities by partnering 1vith our community unitzy Ownershipto build and renovate -Applicati Pre 1 ion For Home I I<��tlaf t,r��rie°s;17c�tar,{r � >cilx tc�c7 nr7, ; nccdrvgarHuss iclr rtcnic or, rc ] g :c ur; z:cl;z ��{tnc� I he canii Ioicd I c nic,,S tyre ,€aicl C _c, i1 c ,-r i_s {~r d at . c .�r.�fit {t� , i l no M inLei { 4,C cha v { Cl' E r Ln L C) _ M *+s 00LL _ y Ln x�' wil IN y )4 06 * em Do qualify to apply for a Habitat o °° °° it°o P. °° °° A °o 0°° °° °o °o °° °° °o 00000000 You must meet our 3 basic criteria.Need? n° If you Can answer Y to our basic qualifications on the left, o° Do you have a Hauling Nee you have the Ability Pay the mortgage please complete and submit this Pre -Application form and return to Habitat: °° Are Habitat r Huest Are you Willing to Partner with Habitat far Humanity? e Habitat for Humanity of Key West A Lower FL'Keten P.O. Box 5873, Key West, FL 33045 °° Or FAX 15-550-8863 °o 1. lose have been a full-time resident of Monroe County, Florida for at least 1 Please note that this Pre -Application is intended to ascertatn,f you meet the basic criteria needed to °° in the full Habitafwill dour Pre year. YES NO participate application process. review -Application and contact you about applying to be become a Habitat home owner. °o 2. I/We derive 70°fa of my income nco eYfromES orki Monroe County. Feel free to call us with questions Oin YES a° 3. I/e have a housing need. n° APPLICANT List EVERYONE, Including Yourself, fil. • I do not own the home I live in. who will live in the home: °° STREET APT YEAR °o • My current housing is inadequate and/or the conditions are SAME SEX OF BIRTH substandard. YES =NO p° CITY STATE'. ZIP o° 4. lose fit the income and housing qualifications below: fit. F I M °o Habitat strives to house those families whose income is 80°le CONTACT PHONE F / M of the Area Median Income. The collective incomes of all o° °o family members should fall within the following guidelines: EMAIL' Minimum Income $40,000 YES = NO um Co -APPLICANT °o Household Size Maximum Income * F / IS Please list all sources of income. it °° 1 person $48.550 STREET APT This includes employment, social security, disability, 2 people $5S500 °° food stamps, child support, etc. CITY STATE ZIP p° 3people $62450 4 people $6X350 °01 SOURCE OF INCOME GROSS ANNUAL INCOME CONTACT PHONE -° 5 people $74A00 (BEFORE TAXES) n° $ o° 6 people $8X450 EMAIL Guidelines good thru April 2014 Are you (and Co Applicant) a US Citizen or legal, °o 5. Wife have the ability to pay: As rmanerlt resident? YESE NO E$ • I do not have excessive credit _° card debt or multiple bills in collections (excluding medical debt). p° �� APPLICANT SIGNATURE • p° am CO -APPLICANT SIGNATURE Ir 00 have not declared bankruptcy in YES NO' the last 3 , years. • I have had continuous, stable Income for the no DATE SIGNED n° Habitat ia}L o° o0 last 12 months. 6. (iWe am Willing t0 partner With Habitat: for Humanity ql AL HOUSING RELEASE: By my signature I affirm that the above information is 01 Key West and OPPORTUNITY true. I understand that providing false information could cause me I/We will partner with Habitat putting in 350 hours of "sweat °° Lower Florida Keys not to qualify to purchase aHabitat home. ©o equityrshbuilding s. and si YES NO neighbors' homes. (Consider that a° °° °° °° 4 °° °°