Item R3
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: July 16, 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 MORTGAGES FROM MONROE COUNTY TO HABITAT FOR HUMANITY
OF THE UPPER KEYS, INC. TO ELIGLBLE BUYERS (4)
ITEM BACKGROUND: Habitat for Hwnanity of the Upper Keys, Inc. secured funding from the
Monroe CoUnty SHIP Program, Homeownership Development Strategy, for the construction of four
detached single-family homes in the Winston Park Subdivision, Key Largo. Each property is subject to
a Monroe County SHIP mortgage in the aggregate swn of $62,986.00. Habitat for Hwnanity has
completed construction and now requests assignment and asswnption of said mortgages to 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 (LRAP) that provides for the SHIP, Homeownership Development
strategy to provide loans to non-profit affordable housing development organizations for the
construction of affordable housing. The strategy provides that said loans (mortgages) may be asswned
by qualified buyers subject to approval.
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
AMOUNT PER: Month ~ Year ~
APPROVED BY:
Risk Management_
DIVISION DIRECTOR APPROVAL:
J el Castillo, SHIP Administrator
onroe County Housing Authority
DOCUMENTATION:
Included X
To Follow
Not Required -~ '2
AGENDA ITEM # ~
DISPOSITION:
Rev. 01/03
JUL-02-03 14,17 FROH,HONROE COUNTY ATTV OFFICE 10,3052823516
PACE
1/1
RESOLUTION
- 2003
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE' '-
COUNTY, FLORIDA APPROVING THE ASSIGNMENT AND ASSUMPTION OF
MORTGAGES FROM MONROE COUNTY TO HABITAT FOR HUMANITY OF THE
UPPER KEYS, INC. TO ELIGIBLE BUYERS (4)
WHEREAS, Monroe County ha~ provided Habitat for Humanity of the Upper Keys, Inc" funding in the
aggregate sum of $62,986.00 for the purpose of providing partial funding for the construction of four
detached single family affordable homeowncrship units tluough the Monroe County State Housing
Initiatives Partnership (SHIP) Program, Homeownership Development Strategy, and;
WHEREAS, Monroe County holds a mortgage interest in each of the four subject properties for the
amount of the public funds, and;
WHEREAS, a condition of said mortgage is that the mortgage is assumable to qualified buyers, subject
lo wriuen approval of the Monroe County Board of County Commissioner. and;
WHEREAS, Habitat for Humanity of the Upper Keys. Inc. has completed construction of the subject
properties and has identified buyers for each unit
NOW, THEREFORE, BE IT RESOLVED. by the Board of County Corn.rnissioners of Monroe County,
Florida, that the County hereby;
1. Approves the assignment and assumption of mortgages from Monroe County 10 HabiTat for
Humanity of the Upper Keys. Inc. using the imitrumenr aItached hereto as "Exhibit A" as a
template. /I) the/ollowing eligible buyen.
Maria Lor; Adad Lot 20, Block I. Winston Park Subdivision
Be'!iamin and Kerry Cosme Lot 5 Block 1, Winston Park Subdivision
Evelyn K. Hardee Lot 6, Block J. Wins/on Park Subdivision
Karina L. Vllughn J.o/21, Block 1, Winston Park Subdivision
2. DesignaTe... .James Roberts. County AdminisrralOr to execute the assignmem and assumption
dm:umenrs 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
Mayor Pro Tem Nelson
Mayor Emeritus Neugent
Commissioner McCoy
Commissioner Rice
By:
Mayor Spehar
SEAL
ATTEST:
Approved as to form and legal ~ufticienc)': D
ate: .~/OJ
Page 1 of1
This Document Prepared By:
Special Programs Office
Monroe County Housing Authority
1403 12/h Street
Key West, Florida 33040
EXHIBIT A
MORTGAGE ASSIGNMENT AND ASSUMPTION
THIS AGREEMENT, made and entered into this
between
and
day of , 20_, by and
, (hereinafter referred to as "Mortgagor"),
, (hereinafter referred to as "Buyer");
WITNESSETH:
WHEREAS, Mortgagor is the owner of real property located at
, Florida, and more particularly described as:
SEE LEGAL DESCRIPTION ATTACHED AS EXHIBIT "A"
WHEREAS, Monroe County is the owner and holder of a certain Mortgage dated
and recorded on , in Book , Page 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
($
).
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 _, Page _, rvtonroe County, Florida.
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
Mortgage Assumption Agreement
Monroe County SHIP Program
Page I of3
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
day of
Witnesses:
MORTGAGOR:
Signature of Witness
By:
Habitat of Humanity, Upper Keys, Inc.
Printed Name of Witness
Signature of Witness
Printed Name of Witness
Attest:
By:
MORTGAGEE:
By:
Monroe County Clerk of Courts
Deputy Clerk
Monroe County
Witnesses:
BUYER(S):
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
Mortgage Assumption Agreement
Monroe County SHIP Program
Page 3 of3