Item Q2
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date:
February 21, 2001
Division: County Attorney
AGENDA ITEM WORDING:
Approval of subordination of mortgage agreement and authorizing Mayor to
execute same.
ITEM BACKGROUND:
A SHIP mortgage was executed for Elizabeth M. Smith. The first mortgagee is
refinancing the primary mortgage at a more favorable rate and County needs to
agree to subordinate its existing secondary mortgage to the new primary
mortgage.
PREVIOUS RELEVANT BOCC ACTION:
Approval of original SHIP mortgage.
STAFF RECOMMENDATION:
Approval.
TOTAL COST
Cost to County:
BUDGETED: Yes_ No
APPROVED BY:
County Attorney X
OMB/Purchasing
Risk Management
~~
DIVISION DIRECTO _
DOCUMENTATION: Included -2L To F w _ Not required
AGENDA ITEM #
W2
l\[JJORQmATION A<iBIDIENT
This ~ m..... altered into tbb _tla..., or J~. JOOlINIhrwa
COUft'" aI~....r ....~ to Q "Montqeel'. _lItIt J'ba~ ~
hereinafter refaond to . "Lcmc1w".
WJTlUSSKTH:
WHEREAS. .rtp~ II . owner of. t'C1t.ia PNIDiNotr ..... ... bJ COUIdy 0'
MOIlrw Ida or about die I" cJa, orNCMlllbu. 1_. ia.. -riD- pn.dp.I..oaat of
516.soo.00, ...... .. L~'ory .. illetured by . a:,.. -rtcace for.... ... ....
iateteII., ..... by W'L · ........ A Si"pPenoD . ...._M, " III ~ dated
tbe 1" M1 ofN~bcr,l~'" recorded on tIla 3~ ..., .rN~ 1'", ia die Oftice
of tile CimIit Cb" &1..-. ea..ty .110rRta , Book 13" r... 5D ..... covwml tbe
ronowiq dacribaI P.....:
TIle N......... 58 r.t.". Nortb-..t 150 feet.,.. NOI1II ".tBluck 3Z. KEY
war BULTY COMPANY'S nSRT SmRJIVISIOK ofJ*l ofThd 21_ lAta
I, Z, 3, 4. 5 ... , 011 __ 1.....11 of Key Watt 1CC<<a.. to dill PIll dIa IOf, 011 to. at
I~.... vi...... 01.. drcait court 01.. ~..... ofMaDI'1IC COIIaty.
flDrid. ill "'--'1, r. 43. . '.'
. .
, - -
WIIERKAS. LeMer II abeut to Iou "I11III of S95pOO.OO EIiIUetIa M Sadtb,
-1Iieb fUIII will" ~ by. promi,sory-IUIII! ad AItIlHd by alDOl'tp&e oa IIId
COftriac" pj~ acI real tltate _bave cftKribed: ...
~
\\'IDltEAS tbt..... b)' Led... to aM MortpCOI' wiD ...,~.... ~ of dae lieu of
MOrll'ae"s IDDrtppI .....
WHI:RJtAS. to _lICe Leader to .... qdf 10.... it. Q8a1UY tIIu die .....rtc.
..... by .. Motta...... ,.bonlQted to tile _ orth,lUtC&act .. to .,. ..... ~
loader III .... MIl ftttJa.
NOW. TJD:UrOR&. for tile reaso.. set fotth ..... ..... at COIIIidentiwa of tbt
mutual co.......tI .. pa..,. of tile P4r1ia HI to16 ..., .... .. ClI".. . da-aIloa ... 11.00
uad vtbet ...... ~ ft.. .. rcccipt of wbicb is ....., lIdmowWcaIby .
" MonIICW, tile Mortppc alld t..adcr COYCGlI1t ad qne as (ottUM:
1. SUBOaDIN-,nON: M4)ItI...lunby mw.Ulb. c........ Del ..teet widI
LccuIer.... ....w.... Mid by Mortl~..... NO~ iI ReG.... i. tbe
0I6a: or.. Ciruit Clerk, M..rae COUllI)'. look 1376." m it ... .... ~"' be
IUbjeu .. Hbonlialdc in hi Co the litn or the IQvrtellt" " be lIIde by Le.lder .. ad
fwda dom_
2. CONlIDD.'TION: 111 ccnuickratio.. "Mo.1~.. .......,...., file
monplC IaeW .., .... .. tIt:....... 10 be made by LeMIr to .. 1Co...., L~"ckC'
Ilgfta to IUk die .raraald 10. .. the unount leI fortll 80ft.
3. MJSClUANEOV5: Thb *1*0aeIIt .... ... --. .._ tile JIArtia
hereto, tbeit -cc.o.-.. ......;~r.. ell~n, bdn ... ........ .... .. .. he
modified atcpt.. WI'itiaI.... ~~ U!'fOD the mutual ~I .fdle pania henco.
. '
IN WITNESS WIIEREO" the p.rt~s UYe eRe1dld'" ~ ~.. rt tbe", MCl
JUI' fint Ibeft _a~
MORTGAGD~", of"'"
B,.:
APPROVED AS TO FORM
AND ~~GAl SUFFICIEN
I,ENnU PIrJt VlllaciaI Blink
By:
.. ACKNOWLUGMENT
STATE 0.. J'Iorida
COUNTY Of Maaroe
BE IT ~IIJJ,... oM em., CaIDe be,...", __~. "ata..,
N>>1it JIritbiIr IIId fo,...... CouIIt dIres~ dlll1 ~........ -.I ...
.. : or11ae ea.tt or.... to IIIC well "0_.
. ..~~ ift tile ,........CI..~ ad stated .M tlleyW eqcutaI the lime rot
the' J"UPOICI Cbtrtill ~"ecI_ let fortlJ.
I
WITNESS IRJ ...... aad seal 4IS ~Uth Not.ry Publie. 6i.
.200L
d., of
#
NOTAIlY PUBLIC
My CO_..... &q.8ra:
SEAL
STATE OF ARKANSAS
COllNl'Y OF UNION
BE IT RD1DCIIJtED, tlaal 00 this daJ' aide Wan a.c .......,.~ . NOC8J
hblic waw. ....Ior till: CauM7 .ron:sllicl, duly coaai..111 d ad "'1Iodac11~
Jr. t~ 1'P1i44111 of rll'lt .......~ IbIIk to me wen 1m,.. ... Modppa_ChI
fonc~ --......,...... dI.t the, had uttutfd 1M... for.... PUtpOla tIacreia
IIICIltioaed &lid let I'oa1II.
WITNESS III,f 1IaacIoIAd .... as sud. Not.ry Pub&&:, .... __ cia, of'
,_L
NOTARY PUBLIC
My Co~oa EKpit1l:
PA61:. 11:L
1fflilf..
SPECIAL PROGRAMS OFFICE
c/o Monroe County Housing Authority
1403 12th Street
Key West, Aorida 33040
(305) 292.1221 FAX (305) 292-1162
January 22, 200 I
INTEROFFICE MEMORANDUM
TO:
S. Hutton, Assistant County Attorney r:7. {"-
R. Casey, Programs Administrator, MCHA ~
Monroe County SIDP Mortgage, Proposed Subordination
FR:
RE:
Attached please fInd a proposed Subordination Agreement between Monroe County and
First Financial Bank. First Financial is prepared to refinance its existing primary
mortgage with Ms. Elizabeth M. Smith, the owner of real property located at 2108
Fogarty Avenue. Key West. They have both requested Monroe County consider
executmg the attached Subordination Agreement that would be required.
Faced with a number of these requests each time mortgage rates drop we have established
several standards for evaluating individual requests. We have agreed to such requests
when it is a "no cash out" refinance, exclusive of closing costs; the new loan to value
(L TV) ratio was less than 105%; the new primary mortgage was an improvement in rate
and/or term. A review of the underwriting and appraisal indicate that these conditions
have been satisfied. The Special Programs Office, with a fiduciary responsibility to
protect Monroe County SHIP funds, is recommending approval of this request.
Please review the Subordination Agreement prepared by the lender as to fonn and
content. Should you have any questions, please feel free to call me directly.
- dedfcated to the quality of lif. Ihroup housi"i Bnd
community Initiatives-