Resolution 343-2003
RESOLUTION
343 - 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.
Mayor Spehar
Commissioner Nelson
CQ1llroi~sioner Neugent
.'Co~s~i6n~r McCoy
.COb'lINSs1()QirRice
PASSED AND ADOPTED, by the Board of County Commissioners of Monroe County, Florida
at a regular meeting on said Board on the 20th day of August, A.D., 2003 ~t ""
c 0 ~ '."
~}>........ r:=
BOARD OF COUNTY COMMISSIONE~r2~ ~ f'T'!
OF MONROE COUNTY, FLORIDA n?'~;::; ~
/ / . ~ ~_. / / _ ~~:, ~ a
/lL!.la / //. ~n12 :bo ;
::< :-I :::: :x: t1'1
Mayor Spehar ;:') ?,.: s; {J
p'-' .:::;
Yes
Yes
Yes
~
Abstain
By:
~ J
rl',j ;::~,,",,-~:
MONROE COUNTY ATTORNEY
~
c?" ASSISTANT e,o" t7<'!l)'EY
Date / ()
Page 1 of 1
C>.c...
This Document Prepared By:
Special Programs Office
Monroe County Housing Authority
1403 12th Street
Key West, Florida 33040
EXHIBIT 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 EXHIBIT "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
Monroe County SHIP Program
Page 1 of3
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
Attest:
By:
MORTGAGEE:
By:
Signature of Witness
Printed Name of Witness
Monroe County Clerk of Courts
Deputy Clerk
Monroe County
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 of 3
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
Momoe County SHIP Program
Page 3 of 3
THIS MORTGAGE REPLACES THE ORGINAL DOCUMENT EXECUTED AUGUST 13,2001
THIS IS A BALLOON MORTGAGE WHERE THE PRINCIPAL BALANCE DUE
UPON MATURITY IS $36,000.00, TOGETHER WITH ACCRUED INTEREST, IF
ANY, AND ALL ADVANCEMENTS MADE BY THE MORTGAGE UNDER THE
TERMS OF THIS SECOND MORTGAGE.
SECOND MORTGAGE -1.
(Due on Sale, Refmancing or Rental)
COUNTY OF MONROE SHIP LOAN PROGRAM
THIS SECOND MORTGAGE is made this 13th day of August, 2001 between the
Mortgagor, Bahama Conch Community Land Trust of Key West, Inc., 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 defined 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 Thousand Dollars 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 Dollars 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 August 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 performance 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
(Sllecl)
Key West
(City)
FL 33040
(State) (Zip Code)
(herein the "Property Address"):
TOGETHER with all the improvements now or hereafter erected on the property, and all
easements, rights, appurtenances, 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".
This instrument was prepared by:
Speeial Programs Office
1403 12th Street
Key Wes~ Fl. 33040
o:;r::
'200
'20 Z
t-< !D
no
....""
~
t""'n
o
<0 c::
liOlz:
no-'!!
0..::
<0
o
rn
tI:l....
!::ol....
'"' t""'
1-'''''
00-
~I-'
I-'W
W
'tj\O
~~
Ul5)
UlW
I-'
Oro
:<on
ZO
z
"::0
(I)
l:""'n
:>00....
Ow
t""'
lZlN
>...
Q...
""N
nlS>
t""'N
"" ..
<0...
!::ol....
'"C
:;r::
....:z:
N ...
-'Q
.....
wo
-. 0
N(")
IS>
"'00
No-'!!
I~
ON
""""
"C.
...
n..,
t""'
,.,