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Item S2 BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Meeting Date: October 15, 2003 Division: Monroe County Housing Authority Bulk Item: Yes X No_ Department: Special Programs Office AGENDA ITEM WORDING: A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA AUTHORIZING MONROE COUNTY'S STATE HOUSING INITIV ATIVE PARTNERSHIP (SHIP) PROGRAM ADMINISTRATOR TO EXECUTE SHIP MORTGAGE SUBORDINATIONS ON BEHALF OF HABITAT FOR HUMANITY OF THE UPPER KEYS. ITEM BACKGROUND: Monroe County SHIP Program has issued four mortgage loans to Habitat for Humanity of the Upper Keys for the construction of four affordable single-family homes. Habitat is in the process of selling the units and providing buyers a no interest mortgage loan. Habitat for Humanity. of the Upper Keys has requested the SHIP mortgages to be assigned to eligible buyers be subordinated to the Habitat for Humanity mortgages. It has been intended that the SHIP loans would be subordinate to the Habitat for Humanity primary mortgage. PREVIOUS RELEVANT BOCC ACTION: Res. 078-2002 BOCC authorized to the S~.Administrators execution of subordination of SHIP mortgages under certain conditions (specific conditions which were favorable to the bOlTOwers without jeopardizing Monroe County's interest) Res. XXX-2OO3 BOCC approved the assignment and assumption of four SHIP mortgage loans from Habitat for Humanity of the Upper Keys to four individual homebuyers. CONTRACT/AGREEMENT CHANGES: N/A STAFF RECOMMENDATION: Approval. TOTAL COST: COST TO COUNTY: $-0- $-0- BUDGETED: Yes nla No nla , SOURCE OF FUNDS: nla REVENUE PRODUCING: Yes No X AMOUNT PER: Month nla Year nla APPROVED BY: Risk Management_ DIVISION DIRECTOR APPROVAL: J. el Castillo, Sr., Executive Director M nrae County Housing Authority DOCUMENTATION: Included X To Follow Not Required_ AGENDA ITEM # C;7;(;7 _ DIsPosmON: Rev. 01103 RESOLUTION -2003 A RESOLUTIO~ OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA AUTHORIZING MONROE COUNTY'S STATE HOUSING INITIVATIVE PARTNERSHIP (SHIP) PROGRAM ADMINISTRATOR TO EXECUTE SHIP MORTGAGE SUBORDINATIONS WHEREAS, Monroe County provided Habitat for Humanity of the Upper Keys, Inc. four mortgage loans under the Monroe County State Housing Initiatives Partnership (SHIP) Programs, Homeownership Development 8tra~gy for the construction of four single family affordable homeownership units,.and; WHeREAS, the Monroe County Board of County Commissioners has previously approved tho assumption and assignment of said mortgages from Habitat for Humanity of the Upper Keys, Inc. to the eligible homebuyers . andi . WHEREAS, Habitat for Humanity of the Upper Keys, Inc. inrcnds to provide homcbuycrs a no cost mortgage loan which contain terms which provide for affordable resale and ensure long tenn affordability. and; WHEREAS. it is customary and had been intended that the Monroe County SHIP mortgages be second and/or junior to the mortgage of the primary lender, Habitat for Humanity of the Upper Keys, Inc., and; NOW. THERBFORB, BB IT RESOLVED. by the Board of County Commissioners of Monroe County, Florida. that the County hereby: Authorkl$ Ma~ CaWlty's Stat~ Housing Initiatives PartMTship (SHIP) Program Administrator to ~cut~ SHIP mongage subordinatioTlS 01 four uisring mongages to Habitat for Humrmily oj 1M Upper Keys. Inc. for four properties loctlled in the Wimton Parle subdivision, Key Largo, as attached hereto. PASSED AND ADOPTED. by the Board of County Commissioners of Monroe County, Florida at a regular meeting on said Board on the _ day of . AD., 2003 Mayor Spehar Commissioner Nelson Commissioner Neugent Commissioner McCoy Commissioner Rice BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA By: Mayor Spehar SEAL ATIEST: Approved as to form and legal sufficiency: A MONROE COUNTY AlTO NEY PP V RM: Date: Pale 1 of 1 Rev. 01103 RESOLUTION . 2003 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA AUTHORIZING MONROE COUNTY'S STATE HOUSING INITIV A TIVE PARTNERSIDP (SHIP) PROGRAM ADMINISTRATOR TO EXECUTE SmP MORTGAGE SUBORDINATIONS WHEREAS, Monroe County provided Habitat for Humanity of the Upper Keys, Inc. four mortgage loans under the Monroe County State Housing Initiatives Partnership (SHIP) Programs, Homeownership Development strategy for the construction of four single family affordable homeownership units, and; WHEREAS, the Monroe County Board of County Commissioners has previously approved the assumption and assignment of said mortgages from Habitat for Humanity of the Upper Keys, Inc. to the eligible homebuyers , and; WHEREAS, Habitat for Humanity of the Upper Keys, Inc. intends to provide homebuyers a no cost mortgage loan which contain terms which provide for affordable resale and ensure long term affordability, and; WHEREAS, it is customary and had been intended that the Monroe County SHIP mortgages be second andlor junior to the mortgage of the primary lender, Habitat for Humanity of the Upper Keys, Inc., and; NOW, THEREFORE, BE IT RESOLVED, by the Board of County Commissioners of Monroe County, Florida, that the County hereby: Authorizes Monroe County's State Housing Initiatives Partnership (SHIP) Program Administrator to execute SHIP mortgage subordinations of four existing mortgages to Habitat for Humanity of the Upper Keys, Inc. for four properties located in the Winston Park subdivision, Key Largo, as attached hereto. 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 ATIEST: Approved as to form and legal sufficiency: Date: Page 1 of 1 AGREEMENT TO SUBORDINATE LOAN TIllS AGREEMENT made this day of October, 2003 between MONROE COUNTY, herein referred to as "Lienholder," having its principal office at Monroe County Courthouse, 500 Whitehead Street, Key West, FL 33040, and HABITAT FOR HUMANITY OF THE UPPER KEYS, INC., herein referred to as "Lender", a Non-Profit Corporation organized under the laws of the State of Florida. THE PARTIES STIPULATE AND RECITE THAT: A. By reason of that Mortgage given by Lienholder to Habitat for Humanity of the Upper Keys, Inc., a Non-Profit Corporation, herein referred to as "Lender," in the amount of TIDRTEEN rnOUSAND EIGHT HUNDRED NINETY THREE DOILARS AND FlFTY CENTS ($13.893.50), dated the 25th day of July 2003 and recorded the 2Sh day of July 2003 in Official Records Book 1912, Page 639 upon the property hereinafter described, Lot 20, Block I, Winston Park Subdivision, according to the Plat thereof as recorded in Plat Book 4, Page 104 of the Public Records of Monroe County, Florida Which has the street address of 982 Gibraltar. Key Largo. Florida 33037 B. Owner desires to negotiate a loan from Lender, and lienholder acknowledges that such loan is in his best interest. C. Lender is willing to loan money to Owner if Lienholder will subordinate his present lien against the above-described property of Owner. FOR THE REASONS SET FORTII ABOVE AND IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES OF THE PARTIES HERETO, LIENHOLDER AND LENDER AGREE AS FOllOWS: The lien of Lienholder against the above-described property of Owner shall be subordinate to the claim of Lender under the Mortgage Deed (security agreement) executed by Owner, dated the _ day of 200_ and recorded on the of 200_ in O.R. Book ,Page , of the Public Records of Monroe County, Florida. Future loans made by Lender to Owner shall not be subordinate to the claims of Lienholder. Lienholder shall assign to Lender all sums presently due to Lienholder from Owner until the above-described loan of Lender is paid in full. Lienholder shall execute such additional assignments as Lender may require to give effect to this agreement. IN WITNESS WHEREOF, the parties have executed this agreement at Monroe County, State of Florida, the day and year first above written. WITNESSES MONROE COUNTY Witness Signature Printed Name: By: J. Manuel Castillo, Sr., SHIP Administrator Witness Signature Printed Name: STATE OF FLORIDA COUNTY OF MONROE I HEREBY CERTIFY that on this day of , 20_ before me, an officer duly qualified to take acknowledgments, personally appeared , to me known to be the person/s described in and who executed the foregoing instrument and acknowledged before me that he/they executed the same. _ SEAL NOTARY PUBUC SIGNATURE Printed Name of Notary Commission No.: My Commission Expires: Witness Signature Printed Name: BABITA T FOR HUMANITY OF TIlE UPPER KEYS, INC. By: Title: Witness Signature Printed Name: STATE OF FLORIDA COUNTY OF MONROE I HEREBY CERTIFY that on this day of 20_ before me, an officer duly qualified to tak:e acknowledgments. personally appeared , to me known to be the penonls described in and who executed the foregoing instnJment and acknowledged before me that heJthey executed the same. Drivers License shown as identification. SEAL NOTARY PUBLIC SIGNATURE Printed Name of Notary Commission No.: My Commission Expires: AGREEMENT TO SUBORDINATE LOAN TffiS AGREEl\fENT made this day of October, 2003 between MONROE COUNTY, herein referred to as "Lienholder," having its principal office at Monroe County Courthouse, 500 Whitehead Street, Key West, PI.. 33040, and HABITAT FOR HUMANrrv OF THE UPPER KEYS, INC., herein referred to as "Lender", a Non-Profit Corporation organized under the laws of the State of Florida. THE PARTIES STIPULATE AND RECITE THAT: A. By reason of that Mortgage given by lienholder to Habitat for Humanity of the Upper Keys, Inc., a Non-Profit Corporation, herein referred to as "Lender," in the amount of SIXTEEN THOUSAND THREE HUNDRED EIGHT DOLLARS AND EIGHTY SEVEN CENTS ($16,308.87), dated the 25th day of July 2003 and recorded the 25h day of July 2003 in Official Records Book 1912, Page 633 upon the property hereinafter described, Lot 6 , Block I, Winston Park Subdivision, according to the Plat thereof as recorded in Plat Book 4, Page 104 of the Public Records of Monroe County, Florida Which has the street address of 985 Valencia Road. Key Largo. Florida 33037 D. Owner desires to negotiate a loan from Lender, and Lienholder acknowledges that such loan is in his best interest. E. Lender is willing to loan money to Owner if Lienholder will subordinate his present lien against the above-described property of Owner. FOR THE REASONS SET FORTH ABOVE AND IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES OF THE PARTIES HERETO, LIENHOLDER AND LENDER AGREE AS FOLLOWS: The lien of Lienholder against the above-described property of Owner shall be subordinate to the claim of Lender under the Mortgage Deed (security agreement) executed by Owner, dated the _ day of 200_ and recorded on the of 200_ in O.R. Book ,Page , of the Public Records of Monroe County, Florida. Future loans made by Lender to Owner shall not be subordinate to the claims of Lienholder. Lienholder shall assign to Lender all sums presently due to Lienholder from Owner until the above-described loan of Lender is paid in full. Lienholder shall execute such additional assignments as Lender may require to give effect to this agreement. IN WITNESS WHEREOF, the parties have executed this agreement at Monroe County, State of Florida, the day and year first above written. WITNESSES MONROE COUNTY By: Witness Signature Printed Name: 1. Manuel Castillo, Sr., SHIP Administrator Witness Signature . Printed Name: STATE OF FLORIDA COUNTY OF MONROE I HEREBY CERTIFY that on this day of , 20_ before me, an officer duly qualified to take acknowledgments, personally appeared , to me known to be the personls described in and who executed the foregoing instrument and acknowledged before me that he/they executed the same. SEAL NOTARY PUBUC SIGNATURE Printed Name of Notary Commission No.: My Commission Expires: Witness Signature Printed Name: HABITAT FOR HUMANITY OF THE UPPER KEYS, INC. By: Title: Witness Signature Printed Name: STATE OF FLORIDA COUNTY OF MONROE I HEREBY CERTIFY that on this day of 20_ before me, an officer duly qualified to take acknowledgments, personally appeared . to me known to be the personls described in and who executed the foregoing instrument and acknowledged before me that he/they executed the same. Drivers License shown as identification. SEAL NOTARY PUBLIC SIGNATURE Printed Name of Notary Commission No.: My Commission Expires: AGREEMENT TO SUBORDINATE LOAN TIllS AGREEMENT made this day of October, 2003 between MONROE COUNTY, herein referred to as "Lienholder," having its principal office at Monroe County Courthouse, 500 Whitehead Street, Key West, FL 33040, and HABITAT FOR HUMANITY OF THE UPPER KEYS, INC., herein referred to as "Lender", a Non-Profit Corporation organized under the laws of the State of Florida. THE PARTIES STIPULATE AND RECITE THAT: A. By reason of that Mortgage given by Lienholder to Habitat for Humanity of the Upper Keys, Inc., a Non-Profit Corporation, herein referred to as "Lender," in the amount of THIRTEEN THOUSAND SEVEN HUNDRED EIGHTY TWO DOLLARS AND TWENTY FIVE CENTS ($13,782.25), dated the 25th day of July 2003 and recorded the 25th day of July 2003 in Official Records Book 1912, Page 610 upon the property hereinafter described, Lot 22, Block 1, Winston Park Subdivision, according to the Plat thereof as recorded in Plat Book 4, Page 104 of the Public Records of Monroe County, Florida Which has the street address of 986 Gibraltar. Key Largo. Florida 33037 F. Owner desires to negotiate a loan from Lender, and Lienholder acknowledges that such loan is in his best interest. G. Lender is willing to loan money to Owner if Lienholder will subordinate his present lien against the above-described property of Owner. FOR THE REASONS SET FORTH ABOVE AND IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES OF THE PARTIES HERETO, LIENHOLDER AND LENDER AGREE AS FOLLOWS: The lien of Lienholder against the above-described property of Owner shall be subordinate to the claim of Lender under the Mortgage Deed (security agreement) executed by Owner, dated the _ day of 2003 and recorded on the of 2003 in O.R. Book , Page ,of the Public Records of Monroe County, Florida. Future loans made by Lender to Owner shall not be subordinate to the claims of Lienholder. Lienholder shall assign to Lender all sums presently due to Lienholder from Owner until the above-described loan of Lender is paid in full. Lienholder shall execute such additional assignments as Lender may require to give effect to this agreement. IN WITNESS WHEREOF, the parties have executed this agreement at Monroe County, State of Florida, the day and year first above written. WITNESSES MONROE COUNTY By: Witness Signature Printed Name: 1. Manuel Castillo, Sr., SIDP Administrator Witness Signature - Printed Name: STATE OF FLORIDA COUNTY OF MONROE I HEREBY CERTIFY that on this day of , 20_ before me, an officer duly qualified to take acknowledgments, personally appeared , to me known to be the person/s described in and who executed the foregoing instrument and acknowledged before me that he/they executed the same. SEAL NOTARY PUBUC SIGNATURE Printed Name of Notary Commission No.: My Commission Expires: BABITA T FOR HUMANITY OF THE UPPER KEYS, INC. By: Title: Witness Signature Printed Name: Witness Signature Printed Name: STA TE OF FLORIDA COUNTY OF MONROE I HEREBY CERTIFY that on this day of 20_ before me, an officer duly qualified to take acknowledgments, penonaIly appeared . to me known to be the personJs described in and who executed the foregoing instrument and acknowledged before me that he/they executed the same. Drivers Ucense shown as identification. SEAL NOTARY PUBUC SIGNATURE Printed Name of Notary Commission No.: My Commission Expires: AGREEMENT TO SUDORDINA TE LOAN TIllS AGREEMENT made this day of October, 2003 between MONROE COUNTY, herein referred to as "Lienholder," having its principal office at Monroe County Courthouse, 500 Whitehead Street, Key West, FL 33040, and HABITAT FOR HUMANITY OF THE UPPER KEYS, INC., herein referred to as "Lender", a Non-Profit Corporation organized under the laws of the State of Florida. TIm PARTIES STIPULATE AND RECITE TIlAT: A. By reason of that Mortgage given by Lienholder to Habitat for Humanity of the Upper Keys, Inc., a Non-Profit Corporation, herein referred to as "Lender," in the amount of SIXTEEN THOUSAND NINE HUNDRED FIVE DOIl..ARS AND SIXTY TWO CENTS ($16,905.62), dated the 25th day of July 2003 and recorded the 25h day of July 2003 in Official Records Book 1912, Page 626 upon the property hereinafter described, Lot 5, Block 1, Winston Park Subdivision, according to the Plat thereof as recorded in Plat Book 4, Page 104 of the Public Records of Monroe County, Florida Which has the street address of 987 Valencia Road. Key Lareo. Florida 33037 H. Owner desires to negotiate a loan from Lender, and lienholder acknowledges that such loan is in his best interest. I. Lender is willing to loan money to Owner if Lienholder will subordinate his present lien against the above-described property of Owner. FOR THE REASONS SET FORTI! ABOVE AND IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES OF THE PARTIES HERETO, LIENHOLDER AND LENDER AGREE AS FOLLOWS: The lien of Lienholder against the above-described property of Owner shall be subordinate to the claim of Lender under the Mortgage Deed (security agreement) executed by Owner, dated the _ day of 200_ and recorded on the of 200_ in O.R. Book , Page , of the Public Records of Monroe County, Florida. Future loans made by Lender to Owner shall not be subordinate to the claims of Lienholder. Lienholder shall assign to Lender all sums presently due to lienholder from Owner until the above-described loan of Lender is paid in full. Lienholder shall execute such additional assignments as Lender may require to give effect to this agreement. . IN WITNESS WHEREOF, the parties have executed this agreement at Monroe County, State of Florida, the day and year first above written. WITNESSES MONROE COUNTY Witness Signature Printed Name: By: J. Manuel Castillo, Sr., SHIP Administrator Witness Signature Printed Name: STA TE OF FLORIDA COUNTY OF MONROE I HEREBY CERTIFY that on this day of , 20_ before me, an officer duly qualified to take acknowledgments. personally appeared . to me known to be the person/s described in and who executed the foregoing instrument and acknowledged before me that he/they executed the same. SEAL NOTARY PUBUC SIGNATURE Printed Name of Notary Commission No.: My Commission Expires: BABITA T FOR HUMANITY OF THE UPPER KEYS, INC. By: Witness Signature Printed Name: Title: Witness Signature Printed Name: STA TE OF FLORIDA COUNTY OF MONROE I HEREBY CERTIFY that on this day of 20_ before me, an officer duly qualified to take acknowledgments, personally appeared . to me known to be the personIs described in and who executed the foregoing instrument and acknowledged before me that he/they executed the same. Drivers license shown as identification. SEAL NOTARY PUBUC SIGNATURE Printed Name of Notary Commission No.: My Commission Expires: