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Item Q2 BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Meeting Date: August 20, 2003 Division: Monroe County Housing Authority Bulk Item: Yes X No Department: Special Program Office AGENDA ITEM WORDING: A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA APPROVING THE ASSIGNMENT AND ASSUMPTION OF A STATE HOUSING INITIVIES PARTNERSHIP (SHIP) MORTGAGE ORIGINALLY TO THE BAHAMA CONCH COMMUNITY LAND TRUST, INC. TO BUYER DONNA KAPLAN. ITEM BACKGROUND: The Bahama Conch Community Land Trust, Inc. secured funding from the Monroe County SHIP Program's Homeownership Development strategy, for the construction of a detached single family home in Key West. The property is subject to a Monroe County SHIP mortgage in the amount of $36,000. The Bahama Conch Community Land Trust has completed construction and requests assignment and assumption of said mortgage to the buyer as provided for in the Monroe County Housing Assistance Plan. PREVIOUS RELEVANT BOCC ACTION: Resolution 161-2001- Approval of Monroe County Local Housing Assistance Plan (LHAP) that provides for SHIP Homeownership Development strategy loans to non-profit affordable housing development organizations. Said loans (mortgages) may be assumed by qualified buyers subject to BOCC approval. Resolution 270-2003 - Providing similar assignment and assumption for properties constructed by Habitat for Humanity of the Upper Keys. CONTRACT/AGREEMENT CHANGES: N/A STAFF RECOMMENDATION: Approval. TOTAL COST: COST TO COUNTY: $-0- $-0- BUDGETED: SOURCE OF FUNDS: N/A N/A REVENUE PRODUCING: Yes No X AMOUNTPER:Month~ Year~ APPROVED BY: Risk Management_ DIVISION DIRECTOR APPROVAL: . anuel Castillo, SHIP Administrator Monroe County Housing Authority DOCUMENTATION: Included X To Follow Not Required_ AGENDA ITEM # ~ 4:!- DISPOSITION: Rev. 01/03 RESOLUTION - 2003 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA APPROVING THE ASSIGNMENT AND ASSUMPTION OF A MONROE COUNTY STATE HOUSING INITIATIVES PARTNERSHIP (SHIP) PROGRAM MORTGAGE ORIGINALLY TO THE BAHAMA CONCH COMMUNITY LAND TRUST, INC. TO BUYER DONNA KAPLAN. WHEREAS, Monroe County has provided Bahama Conch Community Land Trust, Inc. funding in the amount of $36,000.00 for the purpose of providing partial funding for the construction of a detached single family affordable homeownership unit through the Monroe County State Housing Initiatives Partnership (SHIP) Program, Homeownership Development strategy, and; WHEREAS, Monroe County has secured the loan with a mortgage interest in the subject properties for the amount of $36,000.00, and; WHEREAS, a condition of said mortgage is that the instrument is assumable to qualified buyers, subject to approval of the Monroe County Board of County Commissioner, and; WHEREAS, Bahama Conch Community Land Trust, Inc. has completed construction of the subject property and identified Ms. Donna Kaplan as the buyer. NOW, THEREFORE, BE IT RESOLVED, by the Board of County Commissioners of Monroe County, Florida, that the County hereby: 1. Approves the assignment and assumption of an existing mortgage from the Bahama Conch Community Land Trust, Inc. to buyer Donna Kaplan by the instrument attached hereto as "Exhibit A". 2. Designates James Roberts, County Administrator to execute the assignment and assumption documents described above. PASSED AND ADOPTED, by the Board of County Commissioners of Monroe County, Florida at a regular meeting on said Board on the _ day of , A.D., 2003 BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA Mayor Spehar Commissioner Nelson Commissioner Neugent Commissioner McCoy Commissioner Rice By: Mayor Spehar SEAL Approved as to form and legal sufficiency: MONROE COUNTY ATTORNEY ~ V""Oal. ASSISTANT c~ ~IJJ'EY Page 1 of 1 ATTEST: This Document Prepared By: Special Programs Office Monroe County Housing Authority 1403 12th Street Key West, Florida 33040 EXIDBIT A MORTGAGE ASSIGNMENT AND ASSUMPTION TIllS AGREEMENT, made and entered into this day of ,2003, by and between MONROE COUNTY, (hereinafter referred to as "Mortgagor"), and DONNA K. KAPLAN, (hereinafter referred to as "Buyer"); WITNESSETH: WHEREAS, Mortgagor is the owner of real property located at 1031 Howe Street. Key West. Florida, and more particularly described as: SEE LEGAL DESCRIPTION ATTACHED AS EXHffiIT "A" WHEREAS, Monroe County is the owner and holder of a certain Mortgage dated August 13. 2001 and recorded on December 31. 2002, in Book 1841, Page 551 in the Official Records of Monroe County, Florida: Said Mortgage encumbers the real property described above; and WHEREAS, Mortgagor and Buyer have entered into a sell/purchase agreement for said real property; and WHEREAS, Mortgagor and Buyer wish to transfer the mortgage as part of the purchase price; and WHEREAS, all parties are desirous of the assignment and assumption of said mortgage and Note; NOW THEREFORE; 1. The recitals contained herein are true and correct. 2. The Mortgagee (Monroe County) agrees that said Mortgage and Promissory Note may be assigned by Mortgagor and assumed by the Buyer. 3. The principal balance under the Note and Mortgage is THIRTY SIX THOUSAND DOAALRS AND NO CENTS ($36.000.00). 4. The Mortgagor hereby transfers and assigns to the Buyer all of his obligations and liabilities provided in the Note and Mortgage documents, which documents are recorded at OR Book 1841, Page 551, Monroe County, Florida. Mortgage Assumption Agreement Momoe County SHIP Program Page 1 of 3 5. The Buyer does hereby expressly assume and agree to pay the aforementioned unpaid indebtedness as of the date of above. The principal and interest shall be payable in accordance with the Promissory Note, and Buyer shall be personally liable therefore as fully and to the same extent as though he was the original debtor and original maker of said Note and Mortgage. 6. The property hereinabove described shall remain subject to the lien, charge and encumbrance of said original mortgage and nothing herein contained or done pursuant hereto shall in any manner or way affect, alter or modify any of the terms and conditions of said original mortgage, except as herein expressly changed and modified. 7. This Agreement applies to and inures to the benefit of and binds all parties hereto and their respective heirs, administrators, executors, successors and assigns. 8. All other terms and conditions of said Mortgage and Note are hereby ratified and reaffirmed and shall remain in full force and effect, except as modified by this Agreement, and nothing contained herein shall in any way impair the security now held for the said indebtedness. IN WITNESS WHEREOF, the parties hereto have set their hands and seals this ,2003. day of Signature of Witness MORTGAGOR: By: Bahama Conch Community Land Trust, Inc. Witnesses: Printed Name of Witness Monroe County Clerk of Courts Deputy Clerk Monroe County Signature of Witness Printed Name of Witness Attest: By: MORTGAGEE: By: Witnesses: BUYER: By: Signature of Witness By: Printed Name of Witness Signature of Witness Printed Name of Witness Mortgage Assumption Agreement Monroe County SHIP Program Page 2 of3 NOTARY PAGE OF MORTGAGE ASSIGNMENT AND ASSUMPTION STATE OF FLORIDA COUNTY OF MONROE BEFORE ME, the undersigned authority, personally appeared, of ' to me well known, and acknowledged to and before me that he executed the foregoing Mortgage Assumption Agreement for the purposes therein expressed. WITNESS my hand and seal this day of ,2003. My Commission Expires: Notary Public Signature (SEAL) Printed Name of Notary STATE OF FLORIDA COUNTY OF MONROE BEFORE ME, the undersigned authority, personally appeared, of ' to me well known, and acknowledged to and before me that he executed the foregoing Mortgage Assumption Agreement for the purposes therein expressed. WITNESS my hand and seal this day of ,2003. My Commission Expires: Notary Public Signature (SEAL) Printed Name of Notary STATE OF FLORIDA COUNTY OF MONROE BEFORE ME, the undersigned authority, personally appeared, of ' to me well known, and acknowledged to and before me that he executed the foregoing Mortgage Assumption Agreement for the purposes therein expressed. WITNESS my hand and seal this day of ,2003. My Commission Expires: Notary Public Signature (SEAL) Printed Name of Notary Mortgage Assumption Agreement Monroe County SHIP Program Page 3 of3 THIS MORTGAGE REPLACES THE ORGINAL DOCUMENT EXECUTED AUGUST 13,1001 THIS IS A BALLOON MORTGAGE WHERE THE PRINCIPAL BALANCE DUE UPON MATURITY IS 536,000.00, TOGETHER Wlm ACCRUED INTEREST, IF ANY, AND ALL ADVANCEMENTS MADE BY THE MORTGAGE UNDER THE TERMS OF TmS SECOND MORTGAGE. SECOND MORTGAGE ~ (Due on Sale, Refinancing or Rental) COUNTY OF MONROE SHIP LOAN PROGRAM TInS SECOND MORTGAGE is made this 13lb day of AUlUst, 2001 between the Mortgagor, Bahama Conch Community Land Trust of Key West, Ine., a 501 (c)(3) approved not for profit corporation incorporated under the laws of the state of Florida, (herein the "Borrower"), and the Mortgagee the COUNTY OF MONROE, an agency and instrumentality of the State of Florida, whose address is Monroe County Courthouse, 500 Whitehead Street, Key West, Florida 33040 (herein the "Lender"). WHEREAS, the Borrower has applied to Key West Bank ("Participant") for a loan for the purchase of the Property (as dermed herein), which Mortgage Loan shall be secured by a First Mortgage lien (the "First Mortgage'') in favor of Participant. The Borrower has applied to the County of Monroe Special Programs Office for a SHIP Program Loan in the original principal amount of Thirty Six Thou.and Dolla" and No Cents ($36,000.00), the "Loan", the Borrower along with hislher/their family, intends to reside as a household in the Property (as defined herein), which Property is a single-family residence, and WHEREAS, the Borrower is indebted to Lender in the principal sum of Thirty Six Thousand Dona" and No Cents ($36,000.00), which indebtedness is evidenced by the Borrower's Promissory Note dated August 13, 2001, and extensions and renewals thereof (herein "Note"), providing for payment of principal indebtedness if not sooner paid, due and payable on Augut 13,2031 TO SECURE to the Lender the repayment of the indebtedness evidenced by the Note: the payment of all other sums, advanced in accordance herewith to protect the security of this Mortgage: and the perfonnance of the covenants and agreements of the Borrower herein contained the Borrower does hereby mortgage, grant and convey to Lender the following described property located in the County of Monroe, State of Florida: See Attached "EXHIBIT A" Which has the address of 1031 Howe Street (5_1) Key West FL 33040 (City) (State) (ZIp Code) (herein the "Property Address''): TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights, appurteJU\J1ces, and rents all of which shall be deemed to be and remain a part of the property covered by this Mortgage; and all of the foregoing, together with said property (or the leasehold estate if this Mortgage is on a leasehold) are hereinafter referred to as the "Property". 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