09/20/2000 Revised Agreement
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(305) 294.4641
BOARD OF COUNTY COMMISSIONERS
MAYOR George Neugent, District 2
Mayor Pro tem Nora Williams, District 4
Charles McCoy, District 3
Murray Nelson, District 5
Dixie Spehar, District 1
Office of the County Attorney
P.O. Box 1026
Key West, FL 33041-1026
305/292-3470 - Phone
305/292-3516 - Fax
MEMORANDUM
TO:
Pamela G. Hancock
Deputy Clerk
Suzanne A. Hulton ~
Assistant County Attorney
FROM:
DATE:
September 27,2001
SUBJECT:
LeBaron Subordination Agreement
Enclosed please find the executed revised subordination agreement. You may recall that the
County Commission had originally approved one subordination agreement and, later rescinded
that agreement and approved one which subordinated the SHIP Mortgage and $50,00 of the
second mortgage to the new first mortgage. However, someone had recorded page 1 of the later
agreement and page 2 of the earlier agreement. In order to correct the official records, I have
obtained a revised subordination agreement reflecting the improper recording and the
subordination language which the County Commission agreed to. Although I have added one
"Whereas" clause (the sixth) and the language (at the top of the second page) showing that the
revised subordination agreement is entered to supersede the agreement which was improperly
recorded, it is my opinion that it is not necessary to take this item back to the County
Commission because the actual subordination paragraph is the same as that approved by the
County Commission and the document as a whole accurately reflects the intent of the County
Commission.
Also, the Title Company has provided $24, presumably to cover the cost of recording.
Please call if you have any questions. Otherwise, please execute and have the document
recorded with a return to AT! Title Company.
Thank you for your attention to this matter.
Enclosure
MONRO&: COUNTY
OFFICIAL RECORDS
REVISED SUBORDINATION AGREEMENT
WHEREAS, under date of February 4, 1988, a second mortgage was given by
Clinton LeBaron, Juanita LeBaron, and Ralph Olson, in favor of Monroe County, a political
subdivision of the State of Florida, which mortgage was recorded in Official Records Book
1040, Page 1958, of Monroe County, Florida; and
WHEREAS, under date of March 1, 1997, a third mortgage, also known as a
"SHIP" mortgage, was given by Juanita LeBaron, in favor of Monroe County, which
mortgage was recorded in Official Records Book 1448, Page 950, of Monroe County,
Florida; and
WHEREAS, the legal description of the property subject to said mortgages is
attached hereto as Exhibit "A" and made a part hereof; and
WHEREAS, Monroe County has filed a Complaint to Foreclose these mortgages as
a result of the mortgagors' failure to make payments in accordance with the terms of
said agreements; and
WHEREAS, the accelerated amounts due on the notes secured by the second and
third mortgages, exclusive of interest, fees and costs, total $139,121.19 and
$47,994.00, respectively; and
WHEREAS, the owner of the subject property obtained financing to payoff a
portion of the balance of the second mortgage, but the subordination agreement
recorded at Book 1657, Pages 58-59 of the Official Records of Monroe County, Florida,
did not accurately reflect the intentions of the parties; and
WHEREAS, the owner of the subject property has provided assurances to Monroe
County that the subject property is available as "affordable housing," as defined in ~9.5-
4(A-5), and complies with the requirements set forth in ~9.5-266(a), Monroe County
Code; now, therefore
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This Revised Subordination Agreement is entered to supersede that Agreement
recorded at OR 1657, pages 58-59; and
IN CONSIDERATION of partial payment of the amount due on the note secured by
the second mortgage in the amount of $103,741.09, and other good and valuable
consideration, Monroe County agrees to subordinate the "SHIP" and the remaining
$50,000 balance of the second mortgage to a new first mortgage in favor of INTERBAY
FUNDING LLC, encumbering the subject property. The "SHIP" mortgage is by this
instrument subordinated and made inferior to the Mortgage to be given by John D.
Jones, in favor of INTERBAY FUNDING LLC.
IN WITNESS WHEREOF, the parties hereto have set their hands and seals this
September , 200 o.
BOARD OF COUNTY COMMISSIONER
Y L. KOLHAGE, CLERK OF MONROE COUNTY, FLORIDA
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OWNERS:
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Ji . '~ITA LEBARON
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RA H LSON
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FILE NO: 99351766
NOTARY
ACKNOWLEDGEMENT
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STATEOF:5/~
COUNTY OF:Jl1~ ~
The foregoing instrument was acknowtedged before me this Jl day of ~ ~/l ,JmJ
byJUANITA I. LEBARON and JOHN D. JONES
(names of persons acknowledged)
who is/are personally known to me or who has/have produced driver licensees) as identification.
My Commission expires:
~-'<6~
(Name of Acknowledger Typed, Printed, or Stamped)
(Serial Number, ifany)
FILE NO: 99351766
NOTARY
ACKNOWLEDGEMENT
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STATE OF: MICHIGAN
COUNTY OF: DELTA
The foregoing instrument was acknowledged before me this 20th day of September
, 2001 ,
by RALPH OLSON
(names of persons acknowledged)
who is/are personally known to me or who haslhave produced driver license(s) as identification.
My Commission expires:
6-6-04
NANCY J. KOLICH
(Name of Acknowledger Typed, Printed, or Stamped)
(Serial Number, ifany)
EXHIBIT "A"
Situated in the County of Monroe and State of Florida and known
as being a parcel of land consisting of all of Lots 9 and 10,
Block 5 of the resubdivision of part of Block 2, and all of
Block 5 of Marathon Beach, a subdivision of part of Government
Lot 3, Section 10, Township 66 South, Range 32 East on Key
Vaca, as shown by plat recorded in Plat Book 2, Page 21 of
Monroe County, Florida, Public Records, and a parcel of
contiguous, filled bay bottom land in the Gulf of Mexico,
bounded and described together as follows:
Beginning on the Westerly line of first Street at the
Southeasterly corner of Lot 9, Block 5 of Marathon Beach
Subdivision recorded as aforesaid, bear North 15040'00" West
along the said Westerly line of First Street, and Northerly
prolongation thereof 166.82 feet; said prolongation being also
a portion of the Easterly line of a parcel of submerged land
described in Official Record Book 339, Pages 472 and 473 of
Monroe County Public Records; thence bear South 74020'00" West
200.00 feet to a point on the Westerly line of said submerged
lands described in Official Records Book 339, Pages 472 and 473
as aforesaid; thence bear South 15040'00" East along the said
Westerly line of said submerged lands and the Westerly lines of
said Lots 10 and 9, Block 5 of Marathon Beach Subdivision
recorded as aforesaid, 166.82 feet to the Southwesterly corner
of said Lot 9, Block 5; thence bear North 74020'00" East along
the Southerly line of said Lot 9, 200.00 feet back to the point
of beginning and containing 0.765 acres of land above mean high
water.
Quitclaim Deed to correct deed in O.R. Book 1593, Page 648,
Public Records of Monroe County, Florida
MONROE COUNTY
OFFICIAL RECORDS
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