Item O4
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date:
February 13, 2002
Division:
Cou nty Attorney
AGENDA ITEM WORDING:
Approval of rescission of approval of Subordination of SHIP Mortgage Agreement in
the amount of $16,500.
ITEM BACKGROUND:
In January, 2001, Elizabeth Smith undertook to refinance her property on which a SHIP
mortgage was held by the County. By the time the BOCC approved her request on February
21, 2001, Ms. Smith had decided not to proceed with the refinancing because of the increase in
interest rates. Since the BOCC approved an agreement which was not executed, a rescission of
said action is now needed.
PREVIOUS RELEVANT BOCC ACTION:
Approval of subordination of SHIP mortgage agreement on February 21, 2001; and approved of
original SHIP mortgage.
CONTRACT/AGREEMENT CHANGES:
N/A
STAFF RECOMMENDAnONS:
Approval.
TOTAL COST:
COST TO COUNTY:
BUDGETED: Yes 0 No 0
APPROVED BY:
County Attorney. OMB/Purchasing 0 Risk Management 0
DIVISION DIRECTOR APPROVAL~.~
ES~RICK
DOCUMENTAnON: Included 0 To Follow 0 Not Required 0
AGENDA ITEM #
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PAGE .r 01
January 28.2002
INTEROFFICE MEMORANDUM
TO: Suzanne Hutton. Assistant County Attorney --7. - , I .
FR: Richard Casey, Programs Administrator, MCHA ~
RE: Subordination Agreement, Elizabeth Smith
Per OUT conversation, please be advised that the action appro"ed by the BOCC at the
February 2001 meeting regarding a request for Mortgage Subordination for Ms. Elizabeth
Smith may be rescinded. It is my understanding that due to a change in market
conditions and the timing of the necessary approvals. the proposed refinance loan did not
close.
Thank you for your attention to this matter, if I may be of further assistance, please fen
free to call me.
rm;::, ,--" , :--1C'"J
)~L[;;; JAN 2 9 2002
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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
OMS/Purchasing
Risk Management
DIVISION DIREc:ro~~ -=---
DOCUMENTATION: Included --.1L To F w _ Not required
AGENDA ITEM #
mlBO~ATION AGBlEMENT
This ~c m8dc.. altered into t.tU$ _th _ or JDAI'y, 1001 bctwetD
COUftCJ at Maaroe ~r "'I~ to as "Mort&azce-, _ Ane J'bo~ ...
hc...inaftu mvRd to . "Lcmcla"'.
WITNESSETH:
WHEREAS. Mortppw II !be owner of. a:JtaiD PI'OIDiNory ... IDIlde by Covaty or
MOIlfW all Dr about.. I" ~ orN~bu. 1995. ia tile -ricial pn.dp.Iaaowat of
$16,soo.00, ......lDv ':...0'7" it le(ured by . anaa. -rtcace for.... .... ucI
iAtetat. .... by 1l'J.':..~ II s-ith, A Sillp Fa-SOD. M..~ to .... ~ dated
tbe 1'" Ib1 ofNOwaIbcT, 1m,..... recorded on Ula 3'" dey arN~ 1995, ill tile 0fIiu
of tJac Orwit Ocr" Moaroc CMJIlCy, l10ricfa , Book 13" r... m ud covwiDl tk
rohowml dewibcd praaisa:
The N'orC!IaIt 58 feet of die NOr1b1Wdt 150 feet of" NonII ~ fit Block 3J, KEY
WZST REALTY COMPANY'S nS~T SUBDIVISION 01 pwt of Tract 21 ad Lota
I, Z, J, 4. , act , OD ~ Itl.ad of Key Wat, .~ 10 .... PI8l dIenof, 011 fill ill
Ibc aau, oldie dcrk of. m-tail court oU" ~ ReaJnh ofMaDllII: COuaty.
Florid. ill PIIt~ 1, p. O. . .
\ - .
W$RKAS. LtGder II about to Iou tJq R1III of D5,OOO.00 EliIUctJa M Sadtb,
..
-bidl 'WD will be ~ by . promi,sory DOtI! and HtIlNd by alDCl1tEaee oa usd
ClIftriaC 1M po ~ ad real fttate lb()ye dtxribed: and.
WID.REM tbe 10M b, Ledck.. to aM Mortptor will UnproYle 1M ~ of tile lieu 01
MOrll'~s IIIOrtpccJ ad.
WIIi:RJtAS. to iaducc Lader to make 5Qdw 10.... it iJ ~uy tbat the IIIOrtcace
WcI by die Motta... k ,.bonfl,,1ted to lhe Uat or the ........ &bo1It to bt IIWIe by
l.eJtder at "'qq" fotds.
NOW.1'III:UrOR&, for-the rea$Ollf set forth aben...... iIll COIIIidentioa oftbc
Dlutual co.....utt ud ,.~ 01 tile putia HI farlb b.n:ia, ...d Ua ~aIloa of Sl.00
Uld vtbtt ~ ~ au. till receipt of wbitb is ~ KlmowWp:d by tt.:
MortelEft, tile Mortpsft .lId 1APdcr c;oycoant aod acne a (oU,,":
1. SUBOaDIN_,nON; MOI'tI...llert." COWWIIUltr, c....~ UCS ..ten wid.
LccuIcr U. . __.w aacnpp beld by Mort~.pe, .welt .....rtpp ia nCGfdtd ;d tbe
Oftin aftbe Ciruk a...tc. M..roe Coulli)'. Book Il'16..Pace m iI..sh... cOGtbl1ae to be
subject - Hbonliaacc in IRa Co the lien or the IIIVrttllt abowt to be made by LftIcfer .. ad
fortb afora_
2.. CONSIDD.'TION: ID c:cnuideratio.. "Mort~~... ...botdMl.ti.., the
monEaEC bdd by dIaD tv tit: aIW'tpp (0 be made by Le.aIder to __ Mortppr" L~"ckt
~ to IIIak die dJraald laMia the unount X( fDrtJI abaft.
). MlSCELUNEOUS: This Icr<<OIeJJt .... be bbuIiAa "00 the ~
btrtto, ~ tuc:caIOC~. ad.....i~nJ n","O", ban ud ..,~ uuldad ACIt be
modified Qtcpt iD writiat Qd ~fEPl U!JOD dR: mutual COIIIaII of die partia hereto.
IN WITNESS WBEREO" the p.rt~s h~~.....", az.~ tbc datt ADd
JCu fint Iboft "".~
MOBTGAGU ~~ olMOI!I'Oe
By:
APPROVED AS TO FORM
AND LEGAL SUFF1CIEN
I,DQ)U llkJt r...1IICiaI Banis
By;
ACKNOWL~MENT
STATE OJ'll'IorJda
COUNTY OF Monro.
BE IT REM.EMIIEJul;D, dtllt d tM day CUIC bel'o,. tbc -dcr~ . Notary
Publit; JWitbar II&d fora. Coudt .teraQd, dulYJ:oauPiuiotlM .. adiq.
- -. . orne Couatt afM9lU'~ to IDe well boWII a
. ~.~~ iia tbefoncoinl ~t. ad ~ diM 1IIey bad eQCUtad the JUDe ro..
thc'JMUPOJeI ~G iMaIio"e4.. ..t fortb.
,.
WITNESS My b8d :sad Hal p ~Uth Notary Pubk. Qai,
.200L
d~of
NOTAIlY PUBLIC
My eolaQliJJiag ~:
SIW.
STATE OF ARKANSAS
COllNl'Y OF UNION
BE IT UMIMDbED, tlad 00 this ~ &:aade Won tile ~ . Noc.ry
)-abUt wuw. -.1101' die CIIUtT .torcs.d. duly tCNnaIi"i..... oIDd .... llo.,. I~
Jr - t_ ..,.......r Df ....ant ........~..lbrak to me wen Imo.. . rIM Mcn1ppa ie the
fon&oiac ia~., .. ttaIecI th.t they had ottuftd rM... for tilt purpOla tIIcreia
IIIaltioned ud Mt fotcb.
WITNESS lIlY IaIIId .lAd .... as such Not.ry Pub&-., d1d__ cia, of
.2ODL
NOTARY pUBLIC
My CollUDiuioa Ezpi....: