Item F4LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: April 16, 2014 Division: Land Authority
Bulk Item: Yes No X Contact / Phone #: Mark Rosch / 295-5180
Agenda Item Wording: Approval of a resolution authorizing the subordination of a mortgage loan
encumbering a portion of Poinciana Plaza in Key West.
Item Background: This resolution will assist Key West Housing Authority in refinancing, which will
save Key West Housing Authority money and reduce the amount of debt superior to the mortgage loan
issued by the Land Authority.
In 2004 the Key West Housing Authority purchased a portion of Poinciana Plaza as an affordable
housing site from the Navy using a $16 million Section 108 loan from the US Department of Housing
and Urban Development and a $2,210,000 30-year, zero interest second mortgage loan from the Land
Authority. These loans both encumber all of the highlighted areas in the attached drawing.
Key West Housing Authority desires to refinance the Section 108 loan with a first mortgage in an
amount not to exceed $12 million. The new mortgage loan will encumber only the portion of the
property described in Exhibit A and outlined in blue in the attached drawing. Within this same area,
Key West Housing Authority is requesting that the Land Authority subordinate its mortgage loan to the
new mortgage loan. The mortgage position of the Land Authority's mortgage loan will remain intact for
the portion of the property described as Exhibit B and outlined in yellow in the attached drawing. The
Exhibit B area may be developed with additional housing in the future.
Advisory Committee Action: On March 26, 2014 the Committee voted 4/0 to approve this resolution.
Previous Governing Board Action: On June 18, 2003 the Board approved issuing a $2,210,000
mortgage loan in second position.
Contract/Agreement Changes: N/A
Staff Recommendation: Approval
Total Cost: $ Indirect Cost: $ Budgeted: Yes _ No
Cost to Land Authority: $ Source of Funds:
Approved By: Attorney X County Land Steward
Documentation: Included: X To Follow: Not Required:
Disposition: Agenda Item
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RECEIVED MAR 25 2014
OOOOL LN
9wh
Board of Commissioners
Frank Toppino
Bob Dean
Mary Sanchez
John G. Parks, Jr.
Roosevelt Sands, Jr.
February 27, 2014
Mr. Mark Rosch
Executive Director
Housing Authority of the City of Key West, Florida
1400 Kennedy Drive, Key West, FL 33040
Phone: (305) 296-5621 Fax: (305) 296-0932
TTY/Florida Relay Service (FRS)1-800-955-8771
Monroe County Comprehensive Plan
Land Authority
1200 Truman, Suite 207
Key West, FL 33040
Dear Mr. Rosch:
Executive Director
J. Manuel Castillo, Sr.
The purpose of this letter is to request the Monroe County Comprehensive Plan Land Authority
(Land Authority) to subordinate its $2,210,000. second mortgage on Poinciana Plaza made on
January 6, 2004 to the Housing Authority of the City of Key West, Florida, subordinate to a
$16,000,000 Section 108 Loan, guaranteed by the State of Florida, Small Cities CDBG Program
and funded by the U.S. Department of Housing and Urban Development.
Current interest rates and loan terms available will permit us to obtain a lower interest rate and
more favorable terms. We would request that the Land Authority approve the current
subordination for a $12,000,000 first mortgage with a lower interest rate and better terms.
If there is anything additional you need for either your advisory or governing boards, please let
me know. Thank you as always.
Since
J. anuel Castillo, Sr.
Executive Director
JMC:cac
PC: File
RESOLUTION NO.
A RESOLUTION OF THE MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY AUTHORIZING
SUBORDINATION OF THE MORTGAGE LOAN ENCUMBERING
A PORTION OF POINCIANA PLAZA IN KEY WEST.
WHEREAS, in 2004 the Land Authority issued a 30-year, zero interest mortgage loan in the
amount of $2,210,000 to the Housing Authority of the City of Key West, Florida (hereinafter
"Key West Housing Authority") to partially fund the purchase of a portion of the affordable
housing site known as the Poinciana Plaza on Duck Avenue in Key West; and
WHEREAS, the Land Authority's mortgage loan is subordinate to a $16,000,000 Section 108
loan issued by the U.S. Department of Housing and Urban Development and guaranteed by the
Florida Department of Economic Opportunity (formerly the Florida Department of Community
Affairs); and
WHEREAS, Key West Housing Authority desires to refinance and requests the Land Authority
to subordinate its mortgage loan to a first mortgage in an amount not to exceed $12,000,000 in
place of the $16,000,000 Section 108 loan; and
WHEREAS said subordination agreement shall apply only to that portion of the mortgaged land
described in Exhibit A attached and the land described in Exhibit B attached shall not be the
subject of this Resolution; and
WHEREAS, the Land Authority Advisory Committee considered this Resolution at a meeting
held on March 26, 2014 and voted 4/0 to recommend approval; NOW, THEREFORE,
BE IT RESOLVED BY THE MONROE COUNTY COMPREHENSIVE PLAN LAND
AUTHORITY:
The Chairman of the Land Authority Governing Board is hereby authorized to execute the
necessary documents to subordinate the Land Authority's $2,210,000 mortgage loan recorded
in Official Records Book 1965 at Page 1039 to a first mortgage in an amount not to exceed
$12,000,000 in place of the $16,000,000 Section 108 loan referenced in Official Records Book
1965 at Page 1035 as to the land described in Exhibit A. The Land Authority's current
mortgage position shall remain intact as recorded as to the land described in Exhibit B.
Page 1 of 2
PASSED AND ADOPTED by the Monroe County Comprehensive Plan Land Authority at a
regular meeting on this day of 12014.
(Seal)
ATTEST:
Mark J. Rosch
Executive Director
Chairman Heather Carruthers
Commissioner Danny Kolhage
Mayor Sylvia Murphy
Commissioner George Neugent
Vice Chairman David Rice
MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY
Heather Carruthers
Chairman
Page 2 of 2
EXHIBIT "A"
LEGAL DESCRIPTION, Key West Housing Authority:
Prepared by Undersigned:
A tract of land lying on the Island of Key West, Monroe County, Florida and being known as a
portion of Lots 5-12, Block 17, Lots 2-7, Block 18, "KEY WEST FOUNDATION COMPANY'S Plat No.
2", as recorded in Plat Book 1, at Page 189, of the Public Records of Monroe County, Florida
and lands located North of Block 17 of said Plat and being more particularly described as
follows:
Commence at the intersection of the Northerly Right -of -Way line of Duck Avenue and the
Westerly Right -of -Way fine of 19th. Street, said point also being the Southeast corner of Lot 1,
Block 17. of the "KEY WEST FOUNDATION COMPANY'S Plat No. 2; thence N 19'04'00" W along the
said Westerly right-of-way Line of 19th.. Street for a distance of 248.62 feet to the Point of
Beginning;
thence S 70'56'00" W a distance of 117.42 feet; thence S 70'56'00" W a distance of 54.95 feet;
thence S 18'44'29" E a distance of 74.73 feet; thence S 37'53'13" W a distance of 78.40 feet;
thence S 19*04'00" E a distance of 81.04 feet; thence S 70'56'00" W a distance of 130.00 feet;
thence S 19'04'00" E a distance of 50.00 feet; thence S 70`56'00" W a distance of 244.40 feet;
thence N 19'04'00" W a distance of 177,09 feet; thence S 70'56'00" W a distance of 128.96
feet; thence S 19'04'00" E a distance of 71.61 feet; thence S 70'56'00" W a distance of 76.47
feet; thence N 19*04'00" W a distance of 9.97 feet; thence S 70'56'00" W a distance of 190.42
feet; thence N 18'58'04" W a distance of 84.06 feet; thence S 70'56'00" W a distance of 89.47
feet; thence N 87'03'31" W a distance of 108.14 feet; thence S 02'47'50" W a distance of 19.63
feet; thence N 87'20'47" W a distance of 8,02 feet; thence S 02'39'13" W a distance of 6.82
feet; thence N 87'20'47" W a distance of 36,33 feet; thence with a curve turning to the left with
an arc length of 27,94', with a radius of 19.88', with a chord bearing of S 40'14'27" W, with a
chord length of 25,70% with a delta angle of 80'32'18",; thence with a compound curve turning
to the left with on arc length of 18.03% with a radius of 155.85', with a chord bearing of S
06' 1 1'42" E, with a chord length of 18.02', with a delta angle of 06'37'45",; thence with a
compound curve turning to the left with on arc length of 25.14', with a radius of 155.85', with
a chord bearing of S 14'07'53" E, with a chard length of 25.12', with a delta angle of
09'14'35",; thence with a compound curve turning to the left with an arc length of 2.23% with ❑
radius of 155,85'. with a chord bearing of S 19'09'43" E, with a chord length of 2.23', with a
delta angle of 00'49'06",; thence with a reverse curve turning to the right with an arc length of
2.23', with a radius of 155,85', with a chord bearing of N 19'09'43" W, with a chord length of
2.23'. with a delta angle of 00'49'06",; thence S 19'18'04" E a distance of 41.18 feet; thence S
70'56'00" W a distance of 93.02 feet; thence N 19'04`00" W a distance of 129,35 feet; thence
S 86'05'47" W a distance of 29,11 feet; thence N 19'37'19" W a distance of 344,10 feet;
thence N 72'47'35" E a distance of 188.81 feet; thence N 40'51'10" E a distance of 208.64
feet; thence N 65'13'55" E a distance of 105,78 feet; thence N 17'37'03" W a distance of 57.73
feet; thence N 70'56'31" E a distance of 447,26 feet; thence S 19'03'29" E a distance of
100.00 feet; thence N 70'56'31" E a distance of 185.00 feet; thence N 19'03'29" W a distance
of 100.00 feet; thence N 70'56'31" E a distance of 293.71 feet; thence S 19'04'00" E a
distance of 263,56 feet; thence S 70'56'00" W a distance of 100.00 feet; thence S 19'04'00" E
a distance of 110.00 feet; thence N 71'05'44" E a distance of 0.70 feet; thence with a curve
turning to the right with an arc Length of 109.11', with a radius of 138.75', with a chord
bearing of S 88'07'10" E, with a chord length of 106.32', with a delta angle of 45'03'29",;
thence S 19'04'00" E a distance of 122.41 feet to the point of beginning, having an area of
814614.84 square feet, or 18,701 acres
EXHIBIT "B"
LEGAL DESCRIPTION, Assistance Living,
Prepared by Undersigned:
A tract of land lying on the Island of Key West, Monroe County, Florida and being known as a
portion of Lots 1 —12, Block 18, "KEY WEST FOUNDATION COMPANY'S Plat No. 2", as recorded in
Plat Book 1, at Page 189, of the Public Records of Monroe County, Florida and being more
particularly described as follows:
Commence at the intersection of the Northerly Right —of —Way line of Duck Avenue and the
Westerly Right —of —Way line of 19th. Street, said point also being the Southeast corner of Lot 1,
Block 17, of the "KEY WEST FOUNDATION COMPANY'S Plat No. 2; thence S 70'56'00" W along the
said Northerly right—of—way Line of Duck Avenue for a distance of 1260.50 feet to the Point of
Beginning;
thence N 19'04'00" W a distance of 98.16 feet; thence N 70'56'00' E a distance of 153.38 feet;
thence N 19'04'00" W a distance of 84.40 feet; thence N 87'20'47" W a distance of 106.06
feet; thence N 02'47'50" E a distance of 19.63 feet; thence S 87'03'31 " E a distance of 108.14
feet; thence N 70'56`00" E a distance of 89.47 feet; thence S 18'58'04" E a distance of 84.06
feet; thence N 70'56'00" E a distance of 190.42 feet; thence S 19'04'00" E a distance of 9.97
feet; thence N 70'56'00" E a distance of 75.47 feet; thence N 19'04'00" W a distance of 71.61
feet; thence N 70'56'00" E a distance of 128.96 feet; thence S 19'04'00" E a distance of
177.09 feet; thence S 70'56'00" W a distance of 647.59 feet to the point of beginning, having
an area of 89571.71 square feet or 2.056 acres
LEGAL DESCRIPTION, Parcel 1
Prepared by Undersigned:
A tract of land lying on the Island of Key West, Monroe County, Florida and being known as a
portion of Lots 5-8, Block 17, "KEY WEST FOUNDATION COMPANY'S Plat No. 2", as recorded in
Plat Bock 1. at Page 1139, of the Public Records of Monroe County, Florida and lands located
North of Block 17 of said Plot and being more particularly described as follows:
Commence at the intersection of the Northerly Right —of —Way line of Duck Avenue and the
Westerly Right —of —Way line of 19th. Street, said point also being the Southeast corner of Lot 1,
Block 17, of the "KEY WEST FOUNDATION COMPANY'S Plat No. 2; thence S 70'56'00" W along the
said Northerly right—of—woy Line of Duck Avenue for a distance of 238.52 feet to the Point of
Beginning; thence continue S 70'56'00" W along the said Northerly right—of—way Line of Duck
Avenue for a distance of 130.00 feet; thence N 19'04'00" W for a distance of 50.00 feet;
thence N 70'56'00" E for a distance of 130.00 feet; thence S 19'04'00" E for a distance of
50.00 feet to the siod Northerly right—of—woy line of Duck Avenue and the Point of Beginning;
contoining 6,500 square feet.
1 of 2
EXHIBIT "B"
LEGAL DESCRIPTION, Parcel 2:
Prepared by Undersigned:
A tract of land lying on the Island of Key West, Monroe County, Florida and lying Northerly of
"KEY WEST FOUNDATION COMPANY'S Plat No. 2", as recorded in Plat Book 1, at Page 189, of
the Public Records of Monroe County, Florida and being more particularly described as follows:
Commence at the intersection of the Northerly Right —of —Way line of Duck Avenue and the
Westerly Right —of —Way line of 19th. Street, said point also being the Southeast corner of Lot 1,
Block 17, of the "KEY WEST FOUNDATION COMPANY'S Plat No. 2; thence N 19'04'00" W along the
sold Westerly right—of—way line of 19th, Street for a distance of 371.04 feet to the Point of
Beginning; thence continue N 19'04'00" W along the said Westerly right—of—way line of 19th.
Street for a distance of 122.41 feet; thence S 70'56'00" W a distance of 100.00 feet; thence S
19'04'00" E a distance of 110.00 feet; thence N 71'05'44" E a distance of 0.70 feet; thence
with a curve turning to the right with an arc length of 109.11', with a radius of 138.75% with a
chord bearing of S 88'07'10" E, with a chord length of 106.32', with a delta angle of 45'03'29"
to the point of beginning, having an area of 12,130.5 square feet, or 0.3 acres
LEGAL DESCRIPTION, Parcel 3:
Prepared by Undersigned:
A tract of land lying on the island of Key West, Monroe County, Florida and lying Northerly of
"KEY WEST FOUNDATION COMPANY'S Plat No. 2", as recorded in Plat Book 1, at Page 189, of
the Public Records of Monroe County, Florida and being more particularly described as follows:
Commence at the intersection of the Northerly Right —of —Way line of Duck Avenue and the
Westerly Right —of —Way IFne of 19th. Street, said point also being the Southeast corner of Lot .1,
Block 17, of the "KEY WEST FOUNDATION COMPANY'S Plat No. 2; thence N 19'04'00" W along the
said Westerly right—of—way line of 19th. Street for a distance of 782.61 feet; thence S 70'56'31"
W along o drainage easement parallel with Donald Avenue for a distance of 298.71 feet to the
Point of Beginning; thence continue S 70'56'31" W along the said Drainage easement for a
distance of 185.00 feet; thence S 19'03'29" E for a distance of 100.00 feet; thence N 70'56'31"
E for a distance of 185.00 feet; thence N 19'03'29" E for a distance of 100.00 feet to the said
drainage easement and the Point of Beginning;
containing 18,500 square feet.
2of2
Prepared by and after recorded mail to:
Robert C. Reid, Esq.
Bryant Miller & Olive P.A.
201 S. Monroe Street
Suite 500
Tallahassee, Florida 32301
MONROE COUNTY
OF CC[AL, RECORDS
FILE # 1 4 1 E3 4 0 5
BK#1 9 E 5 PG#1 0 3 5
RCD Jan 06 2004 02.31PM
DANN'Y L KOLHAGE, CLERK
i
ASSIGNMENT OF MORTGAGE AND SECURITY AGREEMENT,
ASSIGNMENT OF LEASES AND RENTS AND
UCC-1 FINANCING STATEMENTS
FROM CITY TO CUSTODIAL AGENT
(Poinciana Plaza Apartments)
KNOW ALL MEN BY THESE PRESENTS: that, in consideration of the sum of TEN AND
NO/100 DOLLARS ($10.00) and other good and valuable consideration, in hand paid by
FIRST STATE BANK OF THE FLORIDA KEYS, as custodial agent (the "Custodial Agent")
on behalf of the United States Department of Housing and Urban Development ("HUD") to
the CITY OF KEY WEST, FLORIDA, a municipal corporation duly existing under the laws
of the State of Florida (the "Assignor") and pursuant to that certain Acquisition and
Rehabilitation Loan Agreement dated as of December 1, 2003 (the "Acquisition and
Rehabilitation Loan Agreement"), by and among the Assignor, the Custodial Agent and The
Housing Authority of The City of Key West, Florida (the "Authority"), relating to the
Authority's $16,000,000 Housing Revenue Note, Series 2003, (Poinciana Plaza Apartments)
(the "Series 2003 Note"), to evidence a loan of the proceeds of a Section 108 Loan from HUD
by the Assignor to the Authority pursuant to the Acquisition and Rehabilitation Loan
Agreement. at or before the ensealing and delivery of these presents, the receipt and
sufficiency of which are hereby acknowledged, and in accordance with the terms of the
Acquisition and Rehabilitation Loan Agreement, the Assignor has granted, bargained, sold,
assigned, transferred and set over, and by these presents does grant, bargain, sell, assign,
transfer and set over unto Custodial Agent all of the Assignor's rights, title and interest in, to
and under that certain Mortgage and Security Agreement, dated as of December 1, 2003 (the
"Mortgage") made by the Authority, as mortgagor, upon lands situate and being in Monroe
County, and more particularly described in Exhibit "A" attached ereto and made a part
hereof (the "Property"), as recorded under Clerk's File No. 1 �Sd in the Public
Records of Monroe County, Florida;
FILE # 1 4 1 8 4 0 5
8K# 1 9 F 5 PG# 1 0 3 E
TOGETHER with all the Assignor's rights, title and interest in, to and under that
certain Assignment of Leases and Rents dated as of Decerpber 1, 2003 from the Authority to
the Assignor, as recorded under Clerk's File No. l J WO 3, in the Public Records of
Monroe County, Florida.
TOGETHER with all of the Assignor's rights, title and interest in that certain UCC- 1
Financin Statement, naming the Authority, as debtor, as recorded under Clerk's File No.
r (41 1/d LL in the Public Records of Monroe County, Florida.
SUBJECT TO certain rights that the Assignor has reserved under the Acquisition and
Rehabilitation Loan Agreement, dated as of December 1, 2003, by and among the Assignor,
the Custodial Agent and the Authority to collect certain fees and costs due to the Assignor
and certain other persons, and subject to the provisions of the Acquisition and
Rehabilitation Loan Agreement of certain payments required to be paid under the Series
2003 Note secured by the Mortgage and Assignment of Leases and Rents, and to exercise
certain rights under the foregoing documents.
THIS ASSIGNMENT is made without recourse and without warranties of any kind.
[SIGNATURE PAGE TO FOLLOW]
FILE # 1 4 1 E3 4 0 5
Bit# 1 9 6 5 PG# 1 0 .3 i
SIGNATURE PAGE FOR ASSIGNMENT OF MORTGAGE AND SECURITY AGREEMENT,
UCC-1 FINANCING STATEMENT, PROMISSORY/MORTGAGE NOTE
(Poinciana Plaza Apartments)
IN WITNESS WHEREOF, this instrument has been duly executed as of this 1st day
of December, 2003.
ASSIGNOR:
CITY OF KEY WEST, FLORIDA
STATE OF FLORIDA )
COUNTY OF MONROE )
The fory�S 2C) VENT was executed and acknowledged before me this
day of er, 0Xy Jimmy Weekley, Mayor and 6m. 5'-" 2 , City Clerk
respectively of the City of Key West, Florida, who executed the within Assignment and
acknowledged to me that they did such on behalf of the Authority.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my seal the day
and year in this Assignment first above written.
Personally Known
OR
Produced Identification
Type of Identification
Produced
ARY PUBLIC -- TATE OF .
FLORIDA
,rue "tned
Nam_ ; hRl1��
Printw Ii�xbtia. 22,2004
�. Honded Thxu
,�''•�,e�ti�•`� Atlantic Bonding Co., Inc.
My Commission Expires: Ya�0?`
FILE # 1 4 1 8 4 0 5
Sit# 1 9 6 5 PG# 1 0 3 E
Exhibit A
A Tract of land lying on the Island of Key West, Monroe County, Florida and
being known as a portion of Lot 5, Lots 6 thru 12, Block 17, and Lots 1 thru 8, a
portion of Lots 9 thru 12, Block 18 and land lying North of said Blocks and being
more particularly described as follows:
COMMENCE at the intersection of the Northerly Right -of -Way Line of Duck
Avenue and the extension of the Easterly Right -of -Way Line of 16tt' Street, said
point also being the Southwest corner of Lot 12, Block 19 of the "KEY WEST
FOUNDATION COMPANY'S Plat No. 2; thence N 70056'00" E, and along the
said Northerly Right -of -Way of Duck Avenue a distance of 660.00 feet to the
Southwest corner of said Lot 12, Block 18; thence N 19004'00" W, and along the
Westerly line of said Lot 12, Block 18 a distance of 135.00 feet; thence S
70056'00 W, a distance of 16.98 feet to the Point of Beginning; thence S
70056'00" W, a distance of 93.02 feet; thence N 19004'00" W, a distance of
129.38 feet; thence S 861305'47" W, a distance of 29.11 feet; thence N 19037'19"
W, a distance of 344.10 feet; thence N 72047'35" E, a distance of 188.81 feet;
thence N 40051'10" E, a distance of 208.64 feet; thence N 65013'55" E, a
distance of 105.78 feet; thence N 17037'03" W, a distance of 57.73 feet; thence N
70056'31" E, and along the Northerly Boundary of Poinciana Housing a distance
of 925.97 feet to the Westerly Right -of -Way Line of 19th Street; thence S
19004'00" E, and along the said Westerly Right -of -Way Line of 19th Street a
distance of 533.99 feet; thence S 70056'00" W, a distance of 172.38 feet; thence
S 18044'29" E, a distance of 74.73 feet; thence S 37053'13" W, a distance of
78.40 feet; thence S 19004'00" E, a distance of 131.14 feet to the Northerly Right -
of -Way Line of Duck Avenue; thence S 70056'00" W, and along the said Northerly
Right -of -Way Line of Duck Avenue a distance of 1021.99 feet; thence N
19004'00" W, and along the said Westerly line of Lot 12, Block 18 a distance of
98.16 feet; thence N 70056'00" E, a distance of 153.38 feet; thence N 19004'00"
W, a distance of 84.40 feet; thence N 87020'47" W, a distance of 114.08 feet;
thence S 02039'13" W, a distance of 6.82 feet; thence N 87020,47" W, a distance
of 36.33 feet to a point on a curve to the left having a radius of 19.88 feet, a
central angle of 80032'18", a chord bearing of S 40014'27" W, and a chord length
of 25.70 feet; thence along the arc of said curve, an arc length of 27.94 feet to a
point on a curve to the left having a radius of 155.85 feet, a central angle of
15052'21 ", a chord bearing of S 10049'00" E and a chord length of 43.04 feet;
thence along the arc of said curve, an arc length of 43.18 feet to the end of said
curve; thence S 19018'04" E, a distance of 41.18 feet to the Point of Beginning.
MONROF COUNTY
OFFICIA[, RECORDS
MONROE COUNTY
OF'EIC.IAL RECORDS
This Instrument Prepared By
and return after recording to:
FILE # 1 4 1 E34 0 6
bK# 1 9 6 5 P G # 1 0 3 9
John M. Spottswood, Jr.
SPOTTSWOOD, SPOTTSWOOD & SPOTTSWOOD R C D Jan 06 2 0 0 4 0 2: 3 1 P M
500 Fleming Street
D A N N Y L K O L H A G E, CLERK
Key West, FL 33040
l
THIS MORTGAGE DEED
Executed the day of January, 2004 A.D., by The Housing Authority of the City of
Key West, Florida, whose address is/y(w /4--1tt--� 921 _ Key West, Monroe County, Florida
33040 hereinafter called the mortgagor(s), to
MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY, a land authority
under Section 380.0663(1), Florida Statutes, and Monroe County Ordinance No. 031-1986,
whose address is 1200 Truman Avenue, Suite 207, Key West, FL, 33040.
hereinafter called the mortgagee(s):
(Wherever used herein the terms "mortgagor" and "mortgagee" include all the parties to this instrument and the heirs,
legal representatives and assigns of individuals, and the successors and assigns of corporation; and the term "note"
includes all the notes herein described ifmore than one).
WITNESSETH, that for good and valuable consideration, and also in consideration of the
aggregate sum named in the promissory note of even date herewith, hereinafter described, the
Mortgagor(s) does hereby grant, bargain, sell, alien, remise, release, convey and confirm unto the
Mortgagee(s), in fee simple, all the certain tract of land of which the Mortgagor is now seized and
possessed, and in actual possession, situate in MONROE County, Florida, viz:
SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF.
THIS IS A SECOND MORTGAGE.
TO HAVE AND TO HOLD the same, together with the tenements, hereditaments and
appurtenances thereto belonging, and the rents, issues and profits thereof, unto the mortgagee in fee
simple.
AND the mortgagor covenants with the mortgagee that the mortgagor indefeasibly seized of
said land in fee simple; that the mortgagor has full power and lawful authority to convey said land in
fee simple as aforesaid; that the mortgagor will make such further assurances to perfect the fee
simple title to said land in the mortgagee as may reasonably be required; that the mortgagor hereby
fully warrants the title to said land and will defend the same against the lawful claims of all persons
whomsoever; and that said land is free and clear of all encumbrances.
PROVIDED ALWAYS that if said mortgagor shall pay unto said mortgagee the certain
promissory note hereinafter substantially copied or identified to wit:
SEE EXHIBIT "B" ATTACHED HERETO AND MADE A PART HEREOF.
Page I of 3
FILE #3 4 184015
bK# 1 e .5 PG# 1 040
and shall perform, comply with and abide by each and every the agreements, stipulations, conditions
and covenants thereof, and of this mortgage, then this mortgage and the estate hereby created, shall
cease, determine and be null and void.
AND the mortgagor hereby further covenant s and agrees:
1. To pay promptly, all and singular, when due the principal and interest and other sums
of money provided for in said note and this mortgage, or either.
2. To pay all and singular the taxes, assessments, levies, liabilities, obligations, and
encumbrances of every nature on said property each and every, and if the same be not promptly paid
the said mortgagee may at any time pay the same without waiving or affecting the option to foreclose
or any right hereunder, and every payment so made shall bear interest from the date thereof at the
rate of the highest rate allowable by law.
3. To pay all and singular the costs, charges, and expenses, including lawyer's fees,
reasonably incurred or paid at any time by said mortgagee because of the failure on the part of the
said mortgagor to perform, comply with and abide by each and every the stipulations, agreements,
conditions and covenants of said note and this mortgage, or either, and every such payment shall bear
interest from date at the highest rate allowable by law.
4. To keep the buildings now or hereafter on said land fully insured in a sum of not less than
the highest insurable value to include Fire, Wind and Flood, in a company or companies
acceptable to the mortgagee, and the policy or policies to be held by, and payable to, said mortgagee,
and in the event any sum of money becomes payable by virtue of such insurance the mortgagee shall
have the option to receive and apply the same on account of the indebtedness hereby secured or to
permit the mortgagor to receive and use it, or any part thereof, for other purposes, without thereby
waiving or impairing any equity lien or right under or by virtue of this mortgage, and may place and
pay for such insurance or any part thereof, without waiving or affecting the option to foreclose or any
right hereunder, and each and every such payment shall bear interest from date at the highest rate
allowable by law.
5. To permit, commit or suffer no waste, impairment or deterioration of said land or the
improvements thereon at any time.
6. To perform, comply with and abide by each and every the stipulations, agreements,
conditions and covenants in said promissory note and in this mortgage as set forth.
7. If any sums of money herein referred to be not promptly paid within THIRTY (30) days
next after the same severally becomes due and payable, or if each and every the agreements,
stipulations, conditions and covenants of said note and this mortgage, or either, are not duly
performed, complied with and abided by, the said aggregate sum mentioned in said promissory note
then remaining unpaid shall become due and payable forthwith or thereafter at the option of the
mortgagee as fully and completely as if the said aggregate sum of the then remaining balance was
originally stipulated to be paid on such day, anything in said note or herein to the contrary
notwithstanding.
8. The mortgagee may, at any time while a suit is pending to foreclose or to reform this
mortgage or to enforce any claims arising hereunder, apply to the court having jurisdiction thereof
for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises
and all other property covered hereby, including all and singular the income, profits, rents, issues and
revenues from whatever source derived, and such receiver shall have all the broad and effective
functions and powers in anywise entrusted by a court to a receive and such appointment shall be
made by such court as an admitted equity and a matter of absolute right to said mortgagee, and
Page 2 of 3
FILE # 1 4 1 8 4 0 (5
BK # 1 9 E 5 PG# 1 0 4 1
without reference to adequacy or inadequacy of the value of the property mortgaged or to the
solvency or insolvency of said mortgagor or the defendants, and such income, profits, rents, issues
and revenues shall be applied by such receiver according to the lien of this mortgage and the practice
of such court.
9. Mortgagee, at their expense, shall provide mortgagor with a Satisfaction of Mortgage, in
recordable form upon receipt of full payoff of this mortgage and note.
10. If all or any part of the subject property or any interest in it is sold or transferred, then
this mortgage and the note which it secures shall be immediately due and payable at the option of the
mortgagee.
11. Neither the Mortgagor nor any of its partners shall have any personal liability for the
payment of any portion of the indebtedness evidenced by his Mortgage. In the event of default by the
Mortgagor under this mortgage the sole remedy of the Mortgagee shall be limited to exercising its
rights under the mortgage to foreclose upon the property secured hereby but shall not include a right
to proceed directly against the Mortgagor or any of its partners.
IN WITNESS WHEREOF, the said mortgagor has hereunto signed and sealed these
presents the day and year first above written.
Signed, sealed and delivered in our presence:
(TWO WITNESSES REQUIRED)
THE HOUSING AUTHORITY OF
THE CITY OF KEY WEST,
FLORIDA
Name
Withess ign & P%71'nt Name
A /7�P-✓✓OG(S
STATE OF FLORIDA )
COUNTY OF MONROE )
The�oregoing ins _entt s acknowledged before me this - day of January, 2004, by
tiiG.9i✓/L /0z1.oVo , to me known to be the person described in and who
executed the foregoing instrument and acknowledged before me that he executed same. He is
personal known to me or has produced as identification.
(Seal) 4/,r,y,pk.
c //
.C.S.
•" ""'•., Linda Kay Arnold Printed, typed or stdmped Notary N me
s Commi esion * 00 994627
Expires Jan. 22, 2004 My Commission Expires: �a�oZ
Bonded Thru
Atlantic Bonding Co., Inc.
Page 3 of 3
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BK# 1 9 6 5 PG# 10 4 Z
Exhibit A
A Tract of land lying on the Island of Key West, Monroe County, Florida and
being known as a portion of Lot 5, Lots 6 thru 12, Block 17, and Lots 1 thru 8, a
portion of Lots 9 thru 12, Block 18 and land lying North of said Blocks and being
more particularly described as follows:
COMMENCE at the intersection of the Northerly Right -of -Way Line of Duck
Avenue and the extension of the Easterly Right -of -Way Line of 96th Street, said
point also being the Southwest corner of Lot 12, Block 19 of the "KEY WEST
FOUNDATION COMPANY'S Plat No. 2; thence N 70056'00" E, and along the
said Northerly Right -of -Way of Duck Avenue a distance of 660.00 feet to the
Southwest corner of said Lot 12, Block 18; thence N 19004'00" W, and along the
Westerly line of said Lot 12, Block 18 a distance of 135.00 feet; thence S
70056'00 W, a distance of 16.98 feet to the Point of Beginning; thence S
70056'00" W, a distance of 93.02 feet; thence N 19004'00" W, a distance of
129.38 feet; thence S 86005'47" W, a distance of 29.11 feet; thence N 19037'19"
W, a distance of 344.10 feet; thence N 72047'35" E, a distance of 188.81 feet;
thence N 40151'10" E, a distance of 208.64 feet; thence N 65013'55" E, a
distance of 105.78 feet; thence N 17037'03" W, a distance of 57.73 feet; thence N
70056'31" E, and along the Northerly Boundary of Poinciana Housing a distance
of 925.97 feet to the Westerly Right -of -Way Line of 19th Street; thence S
19104'00" E, and along the said Westerly Right -of -Way Line of 19th Street a
distance of 533.99 feet; thence S 70056'00" W, a distance of 172.38 feet; thence
S 18°44'29" E, a distance of 74.73 feet; thence S 37153'13" W, a distance of
78.40 feet; thence S 19004'00" E, a distance of 131.14 feet to the Northerly Right -
of -Way Line of Duck Avenue; thence S 70156'00" W, and along the said Northerly
Right -of -Way Line of Duck Avenue a distance of 1021.99 feet; thence N
19004'00" W, and along the said Westerly lime of Lot 12, Block 18 a distance of
98.16 feet; thence N 70156'00" E, a distance of 153.38 feet; thence N 19004'00"
W, a distance of 84.40 feet; thence N 87020'47" W, a distance of 114.08 feet;
thence S 02039'13" W, a distance of 6.82 feet; thence N 87020'47" W, a distance
of 36.33 feet to a point on a curve to the left having a radius of 19.88 feet, a
central angle of 80032'18", a chord bearing of S 40014'27" W, and a chord length
of 25.70 feet; thence along the arc of said curve, an arc length of 27.94 feet to a
point on a curve to the left having a radius of 155.85 feet, a central angle of
15052'21 ", a chord bearing of S 10049'00" E and a chord length of 43.04 feet;
thence along the arc of said curve, an arc length of 43.18 feet to the end of said
curve; thence S 19018'04" E, a distance of 41.18 feet to the Point of Beginning.
FILE # 1 4 1 8 4 0 6
BK# 1 9 6 5 PG# 1 0 4 3
PROMISSORY NOTE
$2,210,000.00 Key West, Florida 2004
FOR VALUE RECEIVED, the undersigned promises to pay in lawful money of
the United States of America, to the order of MONR E C UNTY COMPREHENSIVE
PLAN LAND AUTHORITY, Z�;. /�r��r�}�. �� ,r Florida
, or such other place as the payee hereof may designat in writing, the
principal sum of TWO MILLIION TWO HUNDRED TEN THOUSAND and 00/100
DOLLARS ($2,210,000.00), without interest. The payment of the entire principal
balance of TWO MILLION TWO HUNDRED TEN THOUSAND DOLLARS AND 00/00
($2,210,00.00) is due and payable Thirty (30) years from the date hereof.
The right is reserved to the maker of this note to prepay all of any part of the principal
indebtedness represented hereby.
The maker and endorser of this note hereby agrees to waive demand, notice of non-
payment and protest, and in case suit shall be brought for the collection hereof, or the
same has to be collected upon demand of an attorney, to pay reasonable attorney's
fees for making such collection, and/or attorney's fees and costs incurred by payee, or
holders hereof in prosecuting or defending litigation to effect collection, including costs
and attorney's fees in Appellate Courts.
This is a nonrecourse loan and the payee shall look solely to the property securing
same for payment.
This promissory note is secured by the lien of a mortgage deed upon real estate situate
in the State of Florida, and it, together with the mortgage deed securing same, is to be
construed in accordance with the laws of the State of Florida.
THE HOUSING AUTHORITY OF THE
CITY OF KEY WEST, FLORIDA
KCNROE COUNTY
OFFICIAL RECORDS