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BRANCH OFFICE CLERK OF THE CIRCUIT COURT BRANCH OFFICE
3117 OVERSEAS HIGHWAY MONROE COUNTY 88820 OVERSEAS HIGHWAY
MARATHON,FLORIDA 33050 500 WHITEHEAD STREET PLANTATION KEY,FLORIDA 33070
TEL.(305)289-6027 KEY WEST,FLORIDA 33040 TEL.(305)852-7145
FAX(305)289-1745 TEL.(305)292-3550 FAX(305)852-7146
FAX(305)295-3660
MEMORANDUM
DATE: September 29, 2000
TO: James Hendrick
County Attorney
ATTN: Jan Hotalen
FROM: Pamela G. Hanc'
Deputy Clerk
At the September 20, 2000, Board of County Commissioner's meeting the Board granted
approval of Rescission of May 17, 2000 approval of executing a Subordination Agreement for a
SHIP loan upon full payment of a second mortgage held by Monroe County, and granted
approval and authorized execution of a new Subordination Agreement whereby, the SHIP
mortgage would be subordinated to a new first mortgage as well as $50,000 of the second
mortgage being subordinated to the same new first mortgage with $103,741.09 to be paid to
Monroe County on the second mortgage.
Enclosed please find two duplicate originals executed on behalf of Monroe County for
your handling. Please be sure that the fully executed "Clerk's Original" is returned to our
office as soon as possible. Should you have any questions please do not hesitate to contact this
office.
cc: County Administrator w/o document
Finance
File
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SUBORDINATION AGREEMENT
WHEREAS, under date of February 4, 1988, a second mortgage was given :by
Clinton LeBaron, Juanita LeBaron, and Ralph Olson, in favor of Monroe County, a political
subdivision of the State of Florida, which mortgage was recorded in Official Records Book
1040, Page 1958, of Monroe County, Florida; and
WHEREAS, under date of March 1, 1997, a third mortgage, also known as a
"SHIP" mortgage, was given by Juanita LeBaron, in favor of .Monroe County, which
mortgage was recorded in Official Records Book 1448, Page 950, of Monroe County,
Florida; and
WHEREAS, the legal description of the property subject to said mortgages is
attached; hereto as Exhibit "A" and made a part hereof; and
WHEREAS, Monroe County has filed a Complaint to Foreclose these mortgages as
a result of the mortgagors' failure to make payments in accordance with the terms of
said agreements; and
WHEREAS, the accelerated amounts due- on the notes secured by the second and
third mortgages, exclusive of interest, fees and costs, total $139,121.19 and
$47,994.00, respectively; and
i
WHEREAS, the owner of the subject property has obtained financing to pay off the
balance of the second mortgage; and
WHEREAS, the owner of the subject property has provided assurances to Monroe
County that the subject property is available as "affordable housing," as defined in §9.5-
i
4(A-5), and complies. with the requirements set forth in §9.5-266(a), Monroe County
Code;
NOW, THEREFORE, in consideration of partial payment of the amount due on the
note secured by the second mortgage in the amount of $103,741.09, and other good
and valuable consideration, Monroe County agrees to subordinate the "SHIP" and the
remaining $50,000 balance of the second mortgage to a new first mortgage in favor of
INTERBAY FUNDING LLC, encumbering the subject property: The "SHIP" mortgage is by
this instrument subordinated and made inferior to the Mortgage to be given by John D.
Jones, in favor of INTERBAY FUNDING LLC.
IN WITNESS WHEREOF, the parties hereto have set their hands and seals this
of , 2000.
k BOARD OF COUNTY COMMISSIONER
NY L. KOLHAGE, CLERK OF MONROE COUNTY, FLORIDA
By By •
Deput Clerk Mayor/Chairperson
OWNERS:
JOHN D. JONES
j
JUANITA LEBARON
jdconmortsubord
APPROVED AS TO FO Y
AND L L SUFFIC
BY ON
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RALPH OLSON
EEITETT A
Situated in the Count f
as:bein a parcel of land
5, of the ReoubdfY4 4
119 r
" on %J pa'..
Of MARATHON BEACH, a subdty
Sect-ion 10,, Township 66- Soil
shown' by -Plat recorded in Plat;
Florida, Public Records, and -a
bottom land in the Gulf of
follows:
i and State of Florida and
ting of all Lots 9 and 10'-�
of Block 2, and all of '"
gin.�of part of Governm R6
eft't-71 .
-Range 32 East on KEY.
VAC
).ok 2. Page 21 of Monroid.'r,ci
arcel of contiguous filf�
cico, bounded and contiguous,
A
Beginning on the -Wes.terly line of First Street . at: --
Southeasterly corner of Lot 9. -Block 2 Of MARATHON BEA
. CH- SVgDl[--
VISION recorded as a fordsaid, bear North 15 degrees, 40 * nu
— '
t
00 seconds West along the said,W6sterly line of First St`e,
re od
Northerly prolongation thereof *166.82. feetl said prolongation -.
being also a portion of the Easterly a
e parcel 0 , sub-
�jl Records Book 339, Pages 472 aftd,
merged land described in Offici - line of
473 of Monroe County Public Records, thence bear- South 74 td e,* e.
grees, 20 minutes, 00 seconds West 200.00 feet to a point on 'the
Westerly line of said submerged lands described in Official
Records Book 339, Pages- 472 and 473 as aforesaid: thence bear
SPuth 15 degrees, 40 minute's, 00 seconds East along the said
Westerly line of said subinerged lands and Westerly lines of said
Lots 10 and 9, Block 2 of MARATHON BEACH SUBDIVISION recorded as
aforesaid 166.82 feet to the SOUthwesterl corner of said Lot 9,
Block 2; thence bear North 74 degrees, 10 minutes, 00 seconds