Item G16 G16
BOARD OF COUNTY COMMISSIONERS
COUNTY of MONROE �� i Mayor Holly Merrill Raschein,District 5
The Florida Keys Mayor Pro Tern James K.Scholl,District 3
Craig Cates,District 1
Michelle Lincoln,District 2
' David Rice,District 4
Board of County Commissioners Meeting
March 20, 2024
Agenda Item Number: G16
2023-2238
BULK ITEM: No DEPARTMENT: Land Authority Governing Board
TIME APPROXIMATE: STAFF CONTACT: Christine Hurley
9:25 AM
AGENDA ITEM WORDING:
Approval of a Resolution of the Monroe County Comprehensive Plan Land Authority authorizing
subordination of the mortgage loan encumbering a portion of Poinciana Plaza in Key West.
ITEM BACKGROUND:
In 2004 the Monroe County Comprehensive Plan Land Authority("the Authority") issued a 30-year,
zero interest mortgage loan in the amount of$2,210,000 to the Housing Authority of the City of Key
West, Florida (hereinafter"KWHA). The Authority's mortgage loan was subordinate to a $16,000,000
Section 108 loan issued by the U.S. Department of Housing and Urban Development.
In 2014, the KWHA refinanced the HUD Section 108 loan with a mortgage loan from First State Bank
of the Florida Keys (Bank) in the aggregate principal amount of$12,000,000 (Series 2014 Bonds),
which were secured by a mortgage on the Poinciana Plaza property exclusive of the property set aside
for an assisted living facility to be built. The Series 2014 Bonds mature on May 1, 2024.
On April 16, 2014, the Authority passed Resolution 03-2014 agreeing to subordinate its mortgage to the
Bank's mortgage so the Bank would have a first lien position on the Poinciana Plaza property.
The KWHA has indicated in a letter dated March 4, 2024, that they intend to refinance the outstanding
principal balance of approximately $7,287,000 from the Series 2014 Bonds and to also request an
additional $5,100,000 to make necessary capital repairs and improvements to all the buildings at
Poinciana Plaza and to pay the costs of issuing approximately $10,000,000 in new debt; and
1869
In the future, as part of the redevelopment project, the KWHA plans on seeking additional funding to
build approximately 54 new units.
They are seeking subordination of the Authority's mortgage loan from the new debt they are about to
issue and from the future debt to build 54 new units in a total amount not to exceed $40,000,000.
Finally, the Subordination Agreement does not subordinate the affordability requirement in the Land
Use Restriction Agreement, which requires all units on the land the Authority loaned funding to, to be
restricted to affordable housing for low-income or moderate-income persons as defined in Section
420.0004, Florida Statutes:
(11) "Low-income persons" means one or more natural persons or a family, the total
annual adjusted gross household income of which does not exceed 80 percent of the median
annual adjusted gross income for households within the state, or 80 percent of the median
annual adjusted gross income for households within the metropolitan statistical area (MSA)
or, if not within an MSA, within the county in which the person or family resides, whichever
is greater.
(12) "Moderate-income persons" means one or more natural persons or a family, the total
annual adjusted gross household income of which is less than 120 percent of the median
annual adjusted gross income for households within the state, or 120 percent of the median
annual adjusted gross income for households within the metropolitan statistical area (MSA)
or, if not within an MSA, within the county in which the person or family resides, whichever
is greater.
This income level is well within the statutory Powers of the Land Authority as follows:
380.0666 Powers of land authority.—The land authority shall have all the powers necessary
or convenient to carry out and effectuate the purposes and provisions of this act, including
the following powers, which are in addition to all other powers granted by other provisions
of this act:
(3)(a) To ... provide affordable housing to families whose income does not exceed 160
percent of the median family income for the area.
PREVIOUS RELEVANT BOCC ACTION:
April 16, 2014 Governing Board approved Resolution 03-2014
INSURANCE REQUIRED:
No
CONTRACT/AGREEMENT CHANGES:
N/A
1870
STAFF RECOMMENDATION: Approval.
DOCUMENTATION:
Proposed MCLA Resolution Authorizing Subordination of Mortgage Loan for Refinance and Rehab
Mortgage Deed OR1965-1039.pdf
MCLA Resolution 03-2014.pdf
Mortgage Subordination Agreement OR-2683-384.pdf
Land Use Restriction Agreement ORI 965-976.pdf
FINANCIAL IMPACT:
N/A
1871
RESOLUTION NO.
A RESOLUTION OF THE MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY AUTHORIZING
SUBORDINATION OF THE MORTGAGE LOAN ENCUMBERING
A PORTION OF POINCIANA PLAZA IN KEY WEST.
WHEREAS, IN 2004 the Monroe County Comprehensive Plan Land Authority ("the Authority")
issued a 30-year, zero interest mortgage loan in the amount of $2,210,000 to the Housing
Authority of the City of Key West, Florida (hereinafter "KWHA); and
WHEREAS, the Authority's mortgage loan was subordinate to a $16,000,000 Section 108 loan
issued by the U.S. Department of Housing and Urban Development; and
WHEREAS, in 2014, the KWHA refinanced the HUD Section 108 loan with a mortgage loan
from First State Bank of the Florida Keys (Bank) in the aggregate principal amount of
$12,000,000 (Series 2014 Bonds), which were secured by a mortgage on the Poinciana Plaza
property exclusive of the property set aside for an assisted living facility to be built; and
WHEREAS, on April 16, 2014, the Authority passed Resolution 03-2014 agreeing to
subordinate its mortgage to the Bank's mortgage so the Bank would have a first lien position on
the Poinciana Plaza property; and
WHEREAS, the Series 2014 Bonds mature on May 1, 2024, at which time the Series 2014
Bonds need to be paid off or refinanced; and
WHEREAS, the KWHA has indicated in a letter dated March 4, 2024, that they intend to
refinance the outstanding principal balance of approximately $7,287,000 and to also request an
additional $5,100,000 to make necessary capital repairs and improvements to all the buildings
at Poinciana Plaza and to pay the costs of issuing the 2024 new debt; and
WHEREAS, it is currently anticipated that debt in the principal amount of $10,000,000 will be
issued by the KWHA to the Bank in 2024, with the balance of the rehabilitation costs to be
financed in 2025; and
WHEREAS, KWHA also intends on financing the cost of construction and equipping of
additional residential rental units on the property which would be secured by a future advance
under the new 2024 First Mortgage, but the total costs for these improvements cannot be
determined at this time since the total number of building permits for the additional units have
not been determined although KWHA has requested permits for an additional 54 residential
rental units; and
WHEREAS, KWHA intends to finance the remaining rehabilitation costs in 2025, the
construction of the new residential units when permits are issued, and the potential refunding of
the 2024 new debt in 2034 through a future advance clause in the Bank's new mortgage in a
principal amount of up to $30,000,000, allowing for the advance of up to $40,000,000 under the
Bank's new mortgage over the next 10 years; and
WHEREAS, the Authority subordination agreement shall apply only to that portion of the
mortgaged land described in Exhibit "A" attached to the form of Subordination Agreement
attached hereto as Exhibit "A".
Page 1 of 2
1872
NOW, THEREFORE, BE IT RESOLVED BY THE MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY:
Section 1. The above recitals are true and correct, and are incorporated herein as if fully set
forth herein in their entirety.
Section 2. The form of Subordination Agreement attached hereto as Exhibit "A" is hereby
approved, and the Chairman is hereby authorized to execute and deliver on behalf of the Land
Authority the Subordination Agreement and such other necessary documents to subordinate the
Authority's $2,210,000 mortgage loan recorded in Official Records Book 1965, Page 1039 to the
new first mortgage to be granted by KWHA to the Bank.
PASSED AND ADOPTED by the Monroe County Comprehensive Plan Land Authority at a
special meeting on this day of 2024.
(Seal)
ATTEST: MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY
Christine Hurley David P. Rice
Executive Director Chairman
Approved for Legal Sufficiency
Gregory S. Oropeza
Page 2 of 2
1873
Exhibit "A"
This Instrument Prepared by
And Return After Recording to:
Robert C. Reid, Esq.
Bryant Miller Olive P.A,
1545 Raymond Diehl Road, Suite 300
Tallahassee, Florida 32308
MORTGAGE SUBORDINATION AGREEMENT
This MORTGAGE SUBORDINATION AGREEMENT (this "Subordination Agreement")
is made April _, 2024, by and between the MONROE COUNTY COMPREHENSIVE PLAN
LAND AUTHORITY (hereinafter referred to as "Land Authority"), a land authority created
pursuant to Section 380.0663(1), Florida Statutes and Monroe County Ordinance No. 031-1986,
whose address is 1200 Truman Avenue, Suite 207, Key West, Florida 33040, and FIRST STATE
BANK OF THE FLORIDA KEYS (hereinafter referred to as "Lender"), whose address is 1201
Simonton Street, Key West, Florida 33040.
THE PARTIES STIPULATE AND RECITE THAT:
A. The Housing Authority of the City of Key West, Florida, a public body corporate
and politic, organized and existing under Chapters 421 and 423, Florida Statutes (hereinafter
referred to as "Housing Authority")executed that certain Promissory Note dated January 6,2004
in the amount of$2,210,000.00 secured by a Mortgage Deed dated January 6,2004 in favor of Land
Authority as recorded in Official Records Book 1965,at Page 1039 in the Public Records of Monroe
County, Florida (the "Land Authority Mortgage"), encumbering the property more particularly
described therein, together with all improvements located thereon (the "Property").
B. Housing Authority has executed a Mortgage and Security Agreement in favor of
Lender, dated [April] _, 2024, securing the original principal sum of TEN MILLION DOLLARS
AND NO/100 DOLLARS ($10,000,000.00), executed by Housing Authority, dated April_, 2024
and recorded in Official Records Book at Page of the Public Records of Monroe
County, Florida (the "First Mortgage"), which First Mortgage encumbers the real property
described on Exhibit A thereto, and includes a future advance allowance of$30,000,000.
C. Housing Authority has requested that Land Authority subordinate its rights
under the Land Authority Mortgage to the lien and priority of the First Mortgage, and Land
Authority has agreed to do so under the terms and conditions set forth herein.
D. Lender is willing to accept the said First Mortgage from Housing Authority
provided that Land Authority will subordinate its Land Authority Mortgage.
Page 1 of 4 pages
1874
NOW THEREFORE, in consideration of the sum of Ten and No/100 Dollars ($10.00) and
other good and valuable consideration, in hand paid, the receipt and sufficiency of which are
hereby acknowledged, Land Authority hereby agrees as follows:
1. The above recitals are true and correct and are hereby made a part of this
Agreement as if fully set forth herein.
2. Land Authority agrees that the lien of the Land Authority Mortgage pertaining to
the real property described on Exhibit A hereto (but not other land encumbered by the Land
Authority Mortgage not described on Exhibit A hereto), shall be subordinate to the lien and claim
of Lender under the First Mortgage,including any renewal or extension thereof or future advance
secured thereunder.
3. Except for subordinating the lien of the Land Authority Mortgage in the manner
specified herein as to the Property, all of the terms, conditions and provisions of the Land
Authority mortgage and the Land Use Restriction Agreement as recorded in Official Records
Book 1965, at Page 976 in the Public Records of Monroe County, Florida shall remain unchanged
and in full force and effect.
4. Land Authority shall execute such additional documents as Lender may
reasonably require giving effect to this Subordination Agreement.
5. This Subordination Agreement shall be binding upon the successors and assigns
of the respective parties hereto.
[Remainder of page intentionally left blank]
Page 2 of 4 pages
1875
IN WITNESS WHEREOF, the parties have executed this Subordination
Agreement at Monroe County, State of Florida, the day and year first above written.
MONROE COUNTY COMPREHENSIVE PLAN
LAND AUTHORITY
WITNESSES: By:
Chairman
Print Name:
Address:
Print Name:
Address:
STATE OF FLORIDA
COUNTY OF MONROE
The foregoing instrument was acknowledged before me by means of ❑ physical
presence or ❑ online notarization, this_day of , 2024, by [ ], as
Chairman of the Monroe County Comprehensive Plan Land Authority, on behalf of said
Authority. Such person is personally known to me or has produced a valid driver's license
as identification.
Notary Public; State of Florida
Print Name:
My Commission Expires:
My Commission No.:
(Signature page to Subordination Agreement-Poinciana Plaza Project)
Page 3 of 4 pages
1876
FIRST STATE BANK OF THE FLORIDA KEYS
WITNESSES: By:
Kurt Lewin, Sr.,Vice President
Print Name:
Address:
Print Name:
Address:
STATE OF FLORIDA
COUNTY OF MONROE
The foregoing instrument was acknowledged before me by means of ❑ physical
presence or ❑ online notarization, this_day of 2024,by Kurt Lewin, Sr., as Vice
President of First State Bank of the Florida Keys,on behalf of said entity. Such person is personally
known to me or has produced as identification.
Notary Public; State of Florida
Print Name:
My Commission Expires:
My Commission No.:
(Notary Seal)
(Signature page to Subordination Agreement-Poinciana Plaza Project)
Page 4 of 4 pages
1877
EXHIBIT A
A tract of land lying on the Island of Key West, Monroe County, Florida and being known as a
portion of Lots 5-12, Block 17, Lots 2-7, Block 18, "KEY WEST FOUNDATION COMPANY'S Plat
No. 2", as recorded in Plat Book 1, at Page 189, of the Public Records of Monroe County, Florida
and lands located North of Block 17 of said Plat and being more particularly described as follows:
Commence at the intersection of the Northerly Right-of-Way line of Duck Avenue and the
Westerly Right-of-Way line of 19th. Street, said point also being the Southeast corner of Lot 1,
Block 17,of the"KEY WEST FOUNDATION COMPANY'S Plat No.2;thence N 19"04'00"W along
the said Westerly right-of-way Line of 19th .. Street for a distance of 248.62 feet to the Point of
Beginning; thence S 70'56'00" W a distance of 117.42 feet; thence S 70"56'00" W a distance of 54.95
feet; thence S 18'44'29" E a distance of 74.73 feet; thence S 3753'13" W a distance of 78.40 feet;
thence S 19"04'00" E a distance of 81.04 feet; thence S 70'56'00" W a distance of 130.00 feet; thence
S 19"04'00" E a distance of 50.00 feet; thence S 70'56'00" W a distance of 244.40 feet; thence N
19"04'00" W a distance of 177.09 feet; thence S 70'56'00" W a distance of 128.96 feet; thence S
19'04'00"E a distance of 71.61 feet;thence S 70"56'00"W a distance of 76.47 feet;thence N 19"04'00"
W a distance of 9.97 feet; thence S 70'56'00" W a distance of 190.42 feet; thence N 18'58'04" W a
distance of 84.06 feet;thence S 70"56'00"W a distance of 89.47 feet;thence N 87'03'31"W a distance
of 108.14 feet; thence S 024750"W a distance of 19.63 feet; thence N 872047"W a distance of 8.02
feet; thence S 02'39'13" W a distance of 6.82 feet; thence N 872047" W a distance of 36.33 feet;
thence with a curve turning to the left with an arc length of 27.94', with a radius of 19.88', with a
chord bearing of S 40"14'27" W, with a chord length of 25.70', with a delta angle of 80'32'18",;
thence with a compound curve turning to the left with an arc length of 18.03', with a radius of
155.85', with a chord bearing of S 061742" E, with a chord length of 18.02', with a delta angle of
06"37'45",; thence with a compound curve turning to the left with an arc length of 25.14', with a
radius of 155.85', with a chord bearing of S 14'07'53" E, with a chord length of 25.12', with a delta
angle of 09"14'35",; thence with a compound curve turning to the left with an arc length of 2.23',
with a radius of 155.85', with a chord bearing of S 19.0943" E, with a chord length of 2.23', with a
delta angle of 00"49'06",; thence with a reverse curve turning to the right with an arc length of
2.23', with a radius of 155.85', with a chord bearing of N 19'09'43"W, with a chord length of 2.23',
with a delta angle of 00'49'06",; thence S 19"18'04" E a distance of 41.18 feet; thence S 70'56'00" W
a distance of 93.02 feet; thence N 19'04'00" W a distance of 129.35 feet; thence S 86"05'47" W a
distance of 29.11 feet; thence N 19"37'19" W a distance of 344.10 feet; thence N 72"47'35" E a
distance of 188.81 feet; thence N 40"51'10" E a distance of 208.64 feet; thence N 55.73'55" E a
distance of 105.78 feet; thence N 173703" W a distance of 57.73 feet; thence N 70"56'31" E a
distance of 447.26 feet;thence S 19'03'29"E a distance of 100.00 feet;thence N 70"56'31"E a distance
of 185.00 feet; thence N 19"03'29" W a distance of 100.00 feet; thence N 70"56'31" E a distance of
293.71 feet; thence S 19"04'00" E a distance of 263.56 feet; thence S 70'56'00"W a distance of 100.00
feet; thence S 19'04'00" E a distance of 110.00 feet; thence N 71"05'44" E a distance of 0.70 feet;
thence with a curve turning to the right with an arc length of 109.11',with a radius of 138.75',with
a chord bearing of S 88"07'10" E, with a chord length of 106.32', with a delta angle of 45"03'29";
1878
thence S 19"04'00"E a distance of 122.41 feet to the point of beginning,having an area of 814,614.84
square feet, or 18. 701 acres
LESS AND EXCEPT THE FOLLOWING:
A tract of land lying on the Island of Key West, Monroe County, Florida and lying Northerly of
"KEY WEST FOUNDATION COMPANY'S Plat No. 2", as recorded in Plat Book 1, at Page 189, of
the Public Records of Monroe County, Florida and being more particularly described as follows:
Commence at the intersection of the Northerly Right-of-Way line of Duck Avenue and the
Westerly Right-of-Way line of 19th. Street, said point also being the Southeast corner of Lot 1,
Block 17,of the"KEY WEST FOUNDATION COMPANY'S Plat No. 2;thence N 19'04'00"W along
the said Westerly right-of-way line of 19th. Street for a distance of 782.61 feet; thence S 70'56'31"
W along a drainage easement parallel with Donald Avenue for a distance of 298. 71 feet to the -
Point of Beginning;thence continue S 70"56'31"W along the said Drainage easement for a distance
of 185.00 feet; thence S 19"03'29" E for a distance of 100.00 feet; thence N 70"56'31" E for a distance
of 185.00 feet; thence N 19"03'29" E for a distance of 100.00 feet to the said drainage easement and
the Point of Beginning; containing 18,500 square feet.
AND
A tract of land lying on the Island of Key West, Monroe County, Florida and being known as a
portion of Lots 1-12,Block 18, "KEY WEST FOUNDATION COMPANY'S Plat No. 2", as recorded
in Plat Book 1, at Page 189, of the Public Records of Monroe County, Florida and being more
particularly described as follows:
Commence at the intersection of the Northerly Right-of-Way line of Duck Avenue and the
Westerly Right-of-Way line of 19th. Street, said point also being the Southeast corner of Lot 1,
Block 17, of the "KEY WEST FOUNDATION COMPANY'S Plat No. 2; thence S 70"56'00"W along
the said Northerly right-of-way Line of Duck Avenue for a distance of 1260.50 feet to the Point of
Beginning; thence N 19"04'00"W a distance of 98.16 feet; thence N 70"56'00" E a distance of 153.38
feet; thence N 19'04'00"W a distance of 84.40 feet; thence N 87"20'47"W a distance of 106.06 feet;
thence N 02"47'50" E a distance of 19.63 feet; thence S 87"03'31" E a distance of 108.14 feet; thence
N 70"56'00" E a distance of 89.47 feet; thence S 18"58'04" E a distance of 84.06 feet; thence N
70"56'00" E a distance of 190.42 feet; thence S 19"04'00"E a distance of 9.97 feet; thence N 70"56'00"
E a distance of 76.47 feet; thence N 19'04'00" W a distance of 71.61 feet; thence N 70"56'00" E a
distance of 128.96 feet; thence S 19"04'00" E a distance of 177.09 feet; thence S 70"56'00" W a
distance of 647.59 feet to the point of beginning, having an area of 89571.71 square feet or 2.056
acres.
AND
A tract of land lying on the Island of Key West, Monroe County, Florida and being known as a
portion of Lots 5-8, Block 17, "KEY WEST FOUNDATION COMPANY'S Plat No. 2", as recorded
1879
in Plat Book 1, at Page 189, of the Public Records of Monroe County, Florida and lands located
North of Block 17 of said Plat and being more particularly described as follows:
Commence at the intersection of the Northerly Right-of-Way line of Duck Avenue and the
Westerly Right-of-Way line of 19th. Street, said point also being the Southeast corner of Lot 1,
Block 17, of the "KEY WEST FOUNDATION COMPANY'S Plat No. 2; thence S 70"56'00"W along
the said Northerly right-of-way Line of Duck Avenue for a distance of 238.52 feet to the Point of
Beginning; thence continue S 70'56'00" W along the said Northerly right-of-way Line of Duck
Avenue for a distance of 130.00 feet; thence N 19"04'00" W for a distance of 50.00 feet; thence N
70"56'00" E for a distance of 130.00 feet; thence S 19'04'00" E for a distance of 50.00 feet to the said
Northerly right-of-way line of Duck Avenue and the Point of Beginning; containing 6,500 square
feet.
AND
A tract of land lying on the Island of Key West, Monroe County, Florida and lying Northerly of
"KEY WEST FOUNDATION COMPANY'S Plat No. 2", as recorded in Plat Book 1, at Page 189, of
the Public Records of Monroe County, Florida and being more particularly described as follows:
Commence at the intersection of the Northerly Right-of-Way line of Duck Avenue and the
Westerly Right-of-Way line of 19th. Street, said point also being the Southeast corner of Lot 1,
Block 17,of the"KEY WEST FOUNDATION COMPANY'S Plat No.2;thence N 19"04'00"W along
the said Westerly right-of-way line of 19th. Street for a distance of 371.04 feet to the Point of
Beginning;thence continue N 19"04'00"W along the said Westerly right-of-way line of 19th.Street
for a distance of 122.41 feet; thence S 70'56'00" W a distance of 100.00 feet; thence S 19'04'00" E a
distance of 110.00 feet; thence N 71"05'44" E a distance of 0.70 feet; thence with a curve turning to
the right with an arc length of 109.11',with a radius of 138.75,with a chord bearing of S 88"07'10"
E, with a chord length of 106.32', with a delta angle of 45"03'29" to the point of beginning,having
on area of 12,130.5 square feet, or 0.3 acres
1880
MONROE COUNTY
OFFICIAL RECORDS
This Instrument Prepared By
and return after recording to: ( T L E #1. 4 1 O 4 0 6
s BK#T 9 6 5 , PG#1 0 3 99
John A Spottswood,Jr.
SPOTTSWOOD,SPOTTSWOOD&SPOTTSWOOD RC D Jan 06 2 0 0 4 0 2 : 3 l P M
500 Fleming Street p A N.N Y L K O L R A G E, CLERK
Key West,FL 33040
rti
THIS MORTGAGE DEED
Executed the 6 day of January,2004 A.D.,by The Housing Authority of the City of
Key West,Florida,whose address is 1V0'Q ►LL�4 (V�1. ,Key West,Monroe County,Florida
33040 hereinafter called the mortgagor(s),to
MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY, a land authority
under Section 380.0663(1),Florida Statutes, and Monroe County Ordinance No. 031-1986,
whose address is 1200 Truman Avenue,Suite 207,Key West,FL,33040.
hereinafter called the mortgagee(s):
(Wherever used herein the terms"mortgagor"and"mortgagee"include all the parties to this instrument and the heirs,
legal representatives and assigns of individuals,and the successors and assigns of corporation;and the term "note"
includes all the notes herein described if more than one).
WITNESSETH,that for good and valuable-consideration,and also in consideration of the
aggregate sum named in the promissory note of even date herewith, hereinafter described, the
Mortgagor(s)does hereby grant,bargain,sell,alien,remise,release,convey and confirm unto the
Mortgagee(s),in fee simple,all the certain tract of land of which the Mortgagor is now seized and
possessed,and in actual possession,situate in MONROE County,Florida,viz:
SEE EXHIBIT"A"ATTACHED HERETO AND MADE A PART HEREOF.
THIS IS A SECOND MORTGAGE.
TO HAVE AND TO HOLD the same, together with the tenements, hereditaments and
appurtenances thereto belonging,and the rents,issues and profits thereof,unto the mortgagee in fee
simple.
AND the mortgagor covenants with the mortgagee that the mortgagor indefeasibly seized of
said land in fee simple;that the mortgagor has full power and lawful authority to convey said land in
fee simple as aforesaid; that the mortgagor will make such further assurances to perfect the fee
simple title to said land in the mortgagee as may reasonably be required;that the mortgagor hereby
fully warrants the title to said land and will defend the same against the lawful claims of all persons
whomsoever;and that said land is free and clear of all encumbrances.
PROVIDED ALWAYS that if said mortgagor shall pay unto said mortgagee the certain
promissory note hereinafter substantially copied or identified to wit:
SEE EXHIBIT"B" ATTACHED HERETO AND MADE A PART HEREOF.
Page 1 of 3
1881
and shall perform,comply with and abide by each and every the agreements,stipulations,conditions
and covenants thereof,and of this mortgage,then this mortgage and the estate hereby created,shall
cease,determine and be null and void.
AND the mortgagor hereby further covenant s and agrees:
1. To pay promptly,all and singular,when due the principal and interest and other sums
of money provided for in said note and this mortgage,or either.
2. To pay all and singular the taxes, assessments, levies, liabilities, obligations, and
encumbrances of every nature on said property each and every,and if the same be not promptly paid
the said mortgagee may at any time pay the same without waiving or affecting the option to foreclose
or any right hereunder,and every payment so made shall bear interest from the date thereof at the
rate of the highest rate allowable by law.
3. To pay all and singular the costs, charges, and expenses, including lawyer's fees,
reasonably incurred or paid at any time by said mortgagee because of the failure on the part of the
said mortgagor to perform,comply with and abide by each and every the stipulations,agreements,
conditions and covenants of said note and this mortgage,or either,and every such payment shall bear
interest from date at the highest rate allowable by law.
4. To keep the buildings now or hereafter on said land fully insured in a sum of not less than
the highest insurable value to include Fire, Wind and Flood, in a company or companies
acceptable to the mortgagee,and the policy or policies to be held by,and payable to,said mortgagee,
and in the event any sum of money becomes payable by virtue of such insurance the mortgagee shall
have the option to receive and apply the same on account of the indebtedness hereby secured or to
permit the mortgagor to receive and use it,or any part thereof,for other purposes,without thereby
waiving or impairing any equity lien or right under or by virtue of this mortgage,and may place and
pay for such insurance or any part thereof,without waiving or affecting the option to foreclose or any
right hereunder,and each and every such payment shall bear interest from date at the highest rate
allowable by law.
5. To permit,commit or suffer no waste, impairment or deterioration of said land or the
improvements thereon at any time.
6. To perform, comply with and abide by each and every the stipulations, agreements,
conditions and covenants in said promissory note and in this mortgage as set forth.
7. If any sums of money herein referred to be not promptly paid within THIRTY(30)days
next after the same severally becomes due and payable, or if each and every the agreements,
stipulations, conditions and covenants of said note and this mortgage, or either, are not duly
performed,complied with and abided by,the said aggregate sum mentioned in said promissory note
then remaining unpaid shall become due and payable forthwith or thereafter at the option of the
mortgagee as fully and completely as if the said aggregate sum of the then remaining balance was
originally stipulated to be paid on such day, anything in said note or herein to the contrary
notwithstanding.
8. The mortgagee may, at any time while a suit is pending to foreclose or to reform this
mortgage or to enforce any claims arising hereunder,apply to the court having jurisdiction thereof
for the appointment of a receiver,and such court shall forthwith appoint a receiver of the premises
and all other property covered hereby,including all and singular the income,profits,rents,issues and
revenues from whatever source derived, and such receiver shall have all the broad and effective
functions and powers in anywise entrusted by a court to a receive and such appointment shall be
made by such court as an admitted equity and a matter of absolute right to said mortgagee, and
Page 2 of 3
1882
FILE #=L 4 1- 8 4 0 6
BR# I e' PC4-L 0 4 :L
without reference to adequacy or inadequacy of the value of the property mortgaged or to the
solvency or insolvency of said mortgagor or the defendants,and such income,profits,rents,issues
and revenues shall be applied by such receiver according to the lien of this mortgage and the practice
of such court.
9. Mortgagee,at their expense,shall provide mortgagor with a Satisfaction of Mortgage,in
recordable form upon receipt of full payoff of this mortgage and note.
10. If all or any part of the subject property or any interest in it is sold or transferred,then
this mortgage and the note which it secures shall be immediately due and payable at the option of the
mortgagee.
11. Neither the Mortgagor nor any of its partners shall have any personal liability for the
payment of any portion of the indebtedness evidenced by his Mortgage. In the event of default by the
Mortgagor under this mortgage the sole remedy of the Mortgagee shall be limited to exercising its
rights under the mortgage to foreclose upon the property secured hereby but shall not include a right
to proceed directly against the Mortgagor or any of its partners.
IN WITNESS WHEREOF, the said mortgagor has hereunto signed and sealed these
presents the day and year first above written.
Signed,sealed and delivered in our presence:
(TWO WITNESSES REQUIRED)
THE HOUSING AUTHORITY OF
THE CITY OF KEY WEST,
FLORIDA
By: irate.w. oD J0 `'—
Wi s S gn Prinf Name
W' ess ign&Pn'nt Name
1-.-,q A .eNouS
STATE OF FLORIDA )
COUNTY OF MONROE )
The oregoing instr ent as acknowledged before me this day of January,2004,by
O 'al-Aro , to me known to be the person described in and who
executed the foregoing instrument and acknowledged before me that he executed same. He is
personaliknown to me or has produced as identification.
� .
(Seal) 4ary Public
"' Linda Kay Arnold Printed,typed or st ped Notary N me
.Conunisaion#Qa 894627 M Commission Expires:
!/a�
Expir y es Jan. 22,2004 p
Bonded Thxv
'"'n�;�`• Atlantic Banding Co.,Inc.
Page 3 of 3
1883
FILL # 1 4 1 8 4 0 H
B:K# 1 9 6 5 PG# 1 0 4 2
Exhibit A
A Tract of land lying on the Island of Key West, Monroe County, Florida and
being known as a portion of Lot 5, Lots 6 thru 12, Block 17, and Lots 1 thru 8, a
portion of Lots 9 thru 12, Block 18 and land lying North of said Blocks and being
more particularly described as follows:
COMMENCE at the intersection of the Northerly Right-of-Way Line of Duck
Avenue and the extension of the Easterly Right-of-Way Line of 16th Street, said
point also being the Southwest corner of Lot 12, Block 19 of the "KEY WEST
FOUNDATION COMPANY'S Plat No. 2; thence N 70156'00" E, and along the
said Northerly Right-of-Way of Duck Avenue a distance of 660.00 feet to the
Southwest corner of said Lot 12, Block 18; thence N 19004'00" W, and along the
Westerly line of said Lot 12, Block 18 a distance of 135.00 feet; thence S
70056'00 W, a distance of 16.98 feet to the Point of Beginning; thence S
70056'00" W, a distance of 93.02 feet; thence N 19004'00" W, a distance of
129.38 feet; thence S 86005'47" W, a distance of 29.11 feet; thence N 19037'19"
W, a distance of 344.10 feet; thence N 72047'35" E, a distance of 188.81 feet;
thence N 40051'10" E, a distance of 208.64 feet; thence N 65013'55" E, a
distance of 105.78 feet; thence N 17037'03" W, a distance of 57.73 feet; thence N
70056'31" E, and along the Northerly Boundary of Poinciana Housing a distance
of 925.97 feet to the Westerly Right-of-Way Line of 19th Street; thence S
19004'00" E, and along the said Westerly Right-of-Way Line of 19th Street a
distance of 533.99 feet; thence S 70056'00" W, a distance of 172.38 feet; thence
S 18044'29" E, a distance of 74.73 feet; thence S 37053'13" W, a distance of
78.40 feet; thence S 19004'00" E, a distance of 131.14 feet to the Northerly Right-
of-Way Line of Duck Avenue; thence S 70056'00" W, and along the said Northerly
Right-of-Way Line of Duck Avenue a distance of 1021.99 feet; thence N
19004'00" W, and along the said Westerly line of Lot 12, Block 18 a distance of
98.16 feet; thence N 70056'00" E, a distance of 153.38 feet; thence N 19004'00"
W, a distance of 84.40 feet; thence N 87020'47" W, a distance of 114.08 feet;
thence S 02039'13" W, a distance of 6.82 feet; thence N 87020'47" W, a distance
of 36.33 feet to a point on a curve to the left having a radius of 19.88 feet, a
central angle of 80032'18", a chord bearing of S 40114'27" W, and a chord length
of 25.70 feet; thence along the arc of said curve, an arc length of 27.94 feet to a
point on a curve to the left having a radius of 155.85 feet, a central angle of
15052'21", a chord bearing of S 10049'00" E and a chord length of 43.04 feet;
thence along the arc of said curve, an arc length of 43.18 feet to the end of said
curve; thence S 19018'04" E, a distance of 41.18 feet to the Point of Beginning.
1884
FILE # 1 4 1 8 4. 0 6
B:K# 1. 9 E, s PG# 1 0 4 3
PROMISSORY NOTE
/f
$2,210,000.00 Key West, Florida ` ��z��cr2 , 2004
FOR VALUE RECEIVED, the undersigned promises to pay in lawful money of
the United States of America, to the order of MONRQE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY, ZCu%r��L�� t= i5�� �c<, c'�a'" /Cc 1 ,, Florida
, or such other place as the payee hereof may designate in writing, the
principal sum of TWO MILLIION TWO HUNDRED TEN THOUSAND and 00/100
DOLLARS ($2,210,000.00), without interest. The payment of the entire principal
balance of TWO MILLION TWO HUNDRED TEN THOUSAND DOLLARS AND 00/00
($2,210,00.00) is due and payable Thirty (30) years from the date hereof.
The right is reserved to the maker of this note to prepay all of any part of the principal
indebtedness represented hereby.
The maker and endorser of this note hereby agrees to waive demand, notice of non-
payment and protest, and in case suit shall be brought for the collection hereof, or the
same has to be collected upon demand of an attorney, to pay reasonable attorney's
fees for making such collection, and/or attorney's fees and costs incurred by payee, or
holders hereof in prosecuting or defending litigation to effect collection, including costs
and attorney's fees in Appellate Courts.
This is a nonrecourse loan and the payee shall look solely to the property securing
same for payment.
This promissory note is secured by the lien of a mortgage deed upon real estate situate
in the State of Florida, and it, together with the mortgage deed securing same, is to be
construed in accordance with the laws of the State of Florida.
THE HOUSING AUTHORITY OF THE
CITY OF KEY WEST, FLORIDA
MONROE COUNTY
OF.F.IC.IAL RECORDS
1885
to
00
00
RESOLUTION NO. 03-2014
A RESOLUTION OF THE MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY AUTHORIZING
SUBORDINATION OF THE MORTGAGE LOAN ENCUMBERING
A PORTION OF POINCIANA PLAZA IN KEY WEST.
WHEREAS, in 2004 the Land Authority issued a 30-year, zero interest mortgage loan in the
amount of $2,210,000 to the Housing Authority of the City of Key West, Florida (hereinafter
"Key West Housing Authority") to partially fund the purchase of a portion of the affordable
housing site known as the Poinciana Plaza on Duck Avenue in Key West; and
WHEREAS, the Land Authority's mortgage loan is subordinate to a $16,000,000 Section 108
loan issued by the U.S. Department of Housing and Urban Development and guaranteed by the
Florida Department of Economic Opportunity (formerly the Florida Department of Community
Affairs); and
WHEREAS, Key West Housing Authority desires to refinance and requests the Land Authority
to subordinate its mortgage loan to a first mortgage in an amount not to exceed $12,000,000 in
place of the $16,000,000 Section 108 loan; and
WHEREAS said subordination agreement shall apply only to that portion of the mortgaged land
described in Exhibit A attached and the land described in Exhibit B attached shall not be the
subject of this Resolution; and
WHEREAS, the Land Authority Advisory Committee considered this Resolution at a meeting
held on March 26, 2014 and voted 4/0 to recommend approval; NOW, THEREFORE,
BE IT RESOLVED BY THE MONROE COUNTY COMPREHENSIVE PLAN LAND
AUTHORITY:
The Chairman of the Land Authority Governing Board is hereby authorized to execute the
necessary documents to subordinate the Land Authority's $2,210,000 mortgage loan recorded
in Official Records Book 1965 at Page 1039 to a first mortgage in an amount not.to exceed
$12,000,000 in place of the $16,000,000 Section 108 loan referenced in Official Records Book
1965 at Page 1035 as to the land described in Exhibit A. The Land Authority's current
mortgage position shall remain intact as recorded as to the land described in Exhibit B.
Page 1 of 2
ti
00
00
PASSED AND ADOPTED by the Monroe County Comprehensive Plan Land Authority at a
regularirg"pg on this 16th day of April , 2014.
O
Chairman Heather Carruthers Yes
Commissioner Danny Kolhage Yes
F='� Mayor Sylvia Murphy Yes
Commissioner George Neugent Yes
Vice Chairman David Rice Yes
(Seal)
ATTEST: MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY
Ib
Mark J. Rosc Heathe Car t rs
Executive Director Chair an
Approved as to form and legality:
A eie V.Stones, Esquire
Page 2 of 2
aD
aD
aD
EXHIBIT "A"
LEGAL DESCRIPTION, Key West Housing Authority,
Prepared by Undersigned:
A tract of land lying on the Island of Key West, Monroe County, Florida and being known as a
portion of Lots 5-12, Block 17, Lots 2-7, Block 18, "KEY WEST FOUNDATION COMPANY'S Plat No.
2", as recorded in Plat Book 1, at Page 189, of the Public Records of Monroe County, Florida
and lands located North of Block 17 of said Plat and being more particularly described as
follows:
Commence at the intersection of the Northerly Right-of-Way line of Duck Avenue and the
Westerly Right-of-Way line of 19th. Street, said point also being the Southeast corner of Lot 1,
Block 17, of the "KEY WEST FOUNDATION COMPANY'S Plat No. 2; thence N 19'04'00" W along the
said Westerly right-of-way Line of 19th.. Street for a distance of 248.62 feet to the Point of
Beginning;
thence S 70'56'00" W a distance of 117,42 feet; thence S 70'56'00" W a distance of 54.95 feet;
thence S 1644'29" E a distance of 74.73 feet; thence S 37'53'13" W a distance of 78.40 feet;
thence S 19'04'00" E a distance of 81.04 feet; thence S 70'56'00" W a distance of 130.00 feet;
thence S 19'04'00" E a distance of 50.00 feet; thence S 70'56'00" W a distance of 244,40 feet;
thence N 19'04'00" W a distance of 177.09 feet; thence S 70'56'00" W a distance of 128.96
feet; thence S 19'04'00" E a distance of 71.61 feet; thence S 70'56'00" W a distance of 76.47
feet; thence N 19'04'00" W a distance of 9.97 feet; thence S 7956'00" W a distance of 190.42
feet; thence N 18'58'04" W a distance of 84.06 feet; thence S 70'56'00" W a distance of 89,47
feet; thence N 87*03*31" W a distance of 108.14 feet; thence S 02'47'50" W a distance of 19,63
feet; thence N 87'20'47" W a distance of 8.02 feet; thence S 02'39'13" W a distance of 6.82
feet; thence N 87'20'47" W a distance of 36.33 feet; thence with a curve turning to the left with
an arc length of 27.94% with a radius of 19.88'. with a chord bearing of S 40'14'27" W, with a
chord length of 25.70', with a delta angle of 80'32'18",; thence with a compound curve turning
to the left with on arc length of 18.03', with a radius of 155.85', with a chord bearing of S
06'11'42" E, with a chord length of 18.02', with a delta angle of 06'37'45%; thence with a
compound curve turning to the left with an arc length of 25.14', with a radius of 155.85', with
a chord bearing of S 14'07'53" E, with a chord length of 25.12', with a delta angle of
09'14'35",; thence with a compound curve turning to the left with an arc length of 2.23', with a
radius of 155.85', with a chord bearing of S 19'09'43" E, with a chord length of 2.23', with 'a
delta angle of 00'49'06",; thence with a reverse curve turning to the right with an arc length of
2.23', with a radius of 155.85', with a chord bearing of N 19'09'43" W, with a chord length of
2.23', with a delta angle of 00'49'06",; thence S 19'18'04" E a distance of 41.18 feet; thence S
70'56'00" W a distance of 93.02 feet; thence N 19'04'00" W a distance of 129.35 feet; thence
S 86'05'47" W a distance of 29.11 feet; thence N 19*37*19" W a distance of 344.10 feet;
thence N 72'47'35" E a distance of 188.81 feet; thence N 4951'10" E a distance of 208.64
feet; thence N 65'13'55" E a distance of 105.78 feet; thence N 17'37'03" W a distance of 57.73
feet; thence N 70'56'31" E a distance of 447.26 feet; thence S 19'03'29" E a distance of
100.00 feet; thence N 70'56'31" E a distance of 185.00 feet; thence N 19'03'29" W a distance
of 100.00 feet; thence N 70'56'31" E a distance of 293.71 feet; thence S 19'04'00" E a
distance of 263.56 feet; thence S 70'56'00" W a distance of 100.00 feet; thence S 19'04'00" E
a distance of 110.00 feet; thence N 71'05'44" E a distance of 0.70 feet; thence with a curve
turning to the right with an arc length of 109.11', with a radius of 138.75', with a chord
bearing of S 88'07'10" E, with a chord length of 106.32', with a delta angle of 45'03'29",;
thence S 19*04*00" E a distance of 122.41 feet to the point of beginning, having an area of
814614.84 square feet, or 18.701 acres
0)
aD
aD
EXHIBIT "B"
LEGAL DESCRIPTION, Assistance Living:
Prepared by Undersigned:
A tract of land lying on the Island of Key West, Monroe County, Florida and being known as a
portion of Lots 1-12, Block 18, "KEY WEST FOUNDATION COMPANY'S Plat No. 2", as recorded in
Plat Book 1, at Page 189, of the Public Records of Monroe County, Florida and being more
particularly described as follows:
Commence at the intersection of the Northerly Right—of—Way line of Duck Avenue and the
Westerly Right—of—Way line of 19th. Street, said point also being the Southeast corner of Lot 1,
Block 17, of the "KEY WEST FOUNDATION COMPANY'S Plat No. 2; thence S 70'56'00" W along the
said Northerly right—of—way Line of Duck Avenue for a distance of 1260.50 feet to the Point of
Beginning;
thence N 19*04*00" W a distance of 98.16 feet; thence N 70'56'00" E a distance of 153.38 feet;
thence N 19'04'00" W a distance of 84.40 feet; thence N 87*20*47" W a distance of 106.06
feet; thence N 02'47'50" E a distance of 19.63 feet; thence S 87'03'31" E a distance of 108.14
feet; thence N 7956'00" E a distance of 89.47 feet; thence S 18'58'04" E a distance of 84.06
feet; thence N 70'56'00" E a distance of 190.42 feet; thence S 19'04'00" E a distance of 9.97
feet; thence N 70'56'00" E a distance of 76.47 feet; thence N 19'04'00" W a distance of 71.61
feet; thence N 7956'00" E a distance of 128.96 feet; thence S 19'04'00" E a distance of
177.09 feet; thence S 70'56'00" W a distance of 647.59 feet to the point of beginning, having
an area of 89571.71 square feet or 2.056 acres
LEGAL DESCRIPTION, Parcel 1
Prepared by Undersigned:
A tract of land lying on the Island of Key West, Monroe County, Florida and being known as a
portion of Lots 5-8, Block 17, "KEY WEST FOUNDATION COMPANY'S Plot No. 2", as recorded in
Plot Book 1, at Page 189, of the Public Records of Monroe County, Florida and lands located
North of Block 17 of said Plot and being more particularly described as follows:
Commence at the intersection of the Northerly Right—of—Way line of Duck Avenue and the
Westerly Right—of—Way line of 19th. Street„said point also being the Southeast corner of Lot 1,
Block 17, of the "KEY WEST FOUNDATION COMPANY'S Plat No. 2; thence S 70'56'00" W along the
said Northerly right—of—way Line of Duck Avenue for a distance of 238.52 feet to the Point of
Beginning; thence continue S 70'56'00" W along the said Northerly right—of—way Line of Duck
Avenue for a distance of 130.00 feet; thence N 19'04'00" W for a distance of 50.00 feet;
thence N 7956'00" E for a distance of 130.00 feet; thence S 19'04'00" E for a distance of
50.00 feet to the siod Northerly right—of—way line of Duck Avenue and the Point of Beginning;
containing 6,500 square feet.
1 of 2
0
0)
00
EXHIBIT "B"
LEGAL DESCRIPTION, Parcel 2:
Prepared by Undersigned:
A tract of land lying on the Island of Key West, Monroe County, Florida and lying Northerly of
"KEY WEST FOUNDATION COMPANY'S Plat No. 2", as recorded in Plat Book 1, at Page 189, of
the Public Records of Monroe County, Florida and being more particularly described as follows:
Commence at the intersection of the Northerly Right—of—Way line of Duck Avenue and the
Westerly Right—of—Way line of 19th. Street, said point also being the Southeast corner of Lot 1,
Block 17, of the "KEY WEST FOUNDATION COMPANY'S Plat No. 2; thence N 19'04'00" W along the
said Westerly right—of—way line of 19th. Street for o distance of 371.04 feet to the Point of
Beginning; thence continue N 19'04'00" W along the said Westerly right—of—way line of 19th.
Street for a distance of 122.41 feet; thence S 70'56'00" W a distance of 100.00 feet; thence S
19'04'00" E a distance of 110.00 feet; thence N 71'05'44" E a distance of 0.70 feet; thence
with a curve turning to the right with an arc length of 109.11', with a radius of 138.75', with a
chord bearing of S 88'07'10" E, with o chord length of 106.32', with o delta angle of 45'03'29"
to the point of beginning, having an area of 12,130.5 square feet, or 0.3 acres
LEGAL DESCRIPTION, Parcel 3:
Prepared by Undersigned:
A tract of land lying on the Island of Key West. Monroe County, Florida and lying Northerly of
"KEY WEST FOUNDATION COMPANY'S Plat No. 2", as recorded in Plat Book 1, at Page 189, of
the Public Records of Monroe County, Florida and being more particularly described as follows:
Commence at the intersection of the Northerly Right—of—Way line of Duck Avenue and the
Westerly Right—of—Way line of 19th. Street, said point also being the Southeast corner of Lot 1,
Block 17, of the "KEY WEST FOUNDATION COMPANY'S Plat No. 2; thence N 19'04'00" W along the
said Westerly right—of—way line of 19th. Street for a distance of 782.61 feet; thence S 70'56'31"
W along a drainage easement parallel with Donald Avenue for a distance of 298.71 feet to the
Point of Beginning; thence continue S 70'56'31" W along the said Drainage easement for a
distance of 185.00 feet; thence S 19'03'29" E for a distance of 100.00 feet; thence N 70'56'31"
E for a distance of 185.00 feet; thence N 19'03'29" E for a distance of 100.00 feet to the said
drainage easement and the Point of Beginning;
containing 18,500 square feet.
2 of 2
tb
This Instrument Prepared By r
andret after recording to:
ERICA H. Doca 1979841 05/08/2014 11:39AM
H.STERLING.ESQ Filed $ Recorded in Official Records of
SPOTTSWOOD.SPOTTSWOOD&SPOTTSWOOD MONROE COUNTY ANY NF.AVILIN
i00 Fleming Street
Key Wes(.Florida 33040
DOOM 1979841
Bk# 2683 P9N 384
MORTGAGE SUBORDINATION AGREEMENT
1 Ain
p��T�HIS MORTGAGE SUBORDINATION AGREEMENT made this U' day of
t-�1 ,2014,by and between the Monroe County Comprehensive Plan Land Authority
a land authority pursuant to Section 380.0663(1),Florida Statutes and Monroe County Ordinance
No. 031-1986, whose address is 1200 Truman Avenue, Suite 207, Key West, Florida 33040,
(hereinafter referred to as"Junior Mortgagee") and FIRST STATE BANK OF THE FLORIDA
KEYS (hereinafter referred to as "Lender") whose address is 1201 Simonton Street, Key West,
Florida 33040.
RECITALS:
A. Housing Authority of the City of Key West,FL a body politic,(the"Mortgagor")
executed that certain Promissory Note dated January 6, 2004 in the amount of$2,210,000.00
secured by a Mortgage Deed dated January 6,2004 in favor of Junior Mortgagee as recorded in
Official Records Book 1965,at Page 1039 in the Public Records of Monroe County,Florida(the
"Junior Mortgage"), encumbering the property more particularly described on the attached
Exhibit A, together with all improvements located thereon (the"Property"). This Subordination
is not applicable to the property described in Exhibit B.
B. Mortgagor has executed a Mortgage Deed in favor of Lender,dated the IS'—day
of MGt y , 2014, securing the original principal sum of TWELVE MILLION AND
NO/100 DOLLARS ($12,000,000), intended to be recorded simultaneously herewith (the"First
Mortgage"),which First Mortgage encumbers the Property.
C. Mortgagor has requested Junior Mortgagee to subordinate its rights under the
Junior Mortgage to the lien and priority of the First Mortgage and Junior Mortgagee has agreed
to do so under the terms and conditions set forth herein.
NOW THEREFORE, in consideration of the sum of Ten and No/100 Dollars ($10.00)
and other good and valuable consideration,in hand paid,the receipt and sufficiency of which are
hereby acknowledged,Junior Mortgagee hereby agrees as follows:
1. The above recitals are true and correct and are hereby made a part of this
Agreement.
2. Junior Morigagee agrees that the lien of the Junior Mortgage, from and after the
date hereof shall be inferior and subordinate to the lien of the First Mortgage on the Property.
This Subordination Agreement shall be applicable to the First Mortgage and or any renewal or
extension thereof. Junior Mortgagee shall execute such additional documents as Lender may
require giving effect to this Agreement. The parties hereby agree that this Subordination is not
applicable to the property described in Exhibit B; therefore, Junior Mortgagee shall have a first
lien on said property described in Exhibit B.
3. Except for subordinating the lien of the Junior Mortgage in the manner specified
herein as to the Property,all of the terms,conditions and provisions of the Junior Mortgage shall
remain unchanged and in full force and effect.
4. This Agreement shall be binding upon the successors and assigns of the respective
parties hereto.
(Signature pages follow.)
Page I of I
J/urt1 r Mortgagee Initials nde Initials
l
N
t)
00
Doc# 1979841
Sk# 2683 P9# 385
Signed,sealed and delivered
In the presence of. MONROE COUNTY
COMPREHENSIVE PLAN LAND
AUTHORITY
v11, Y
Print nam n a v ( DSt"..1T
By:4,.
Print name: ors, � f3r� f Carruthers
n
STATE OF FLORIDA )
ss:
COUNTY OF MONROE )
The foregoing Mortgage Subordination Agreement was acknowledged before me this
day of 2014 by �.9,'�,e= IACr A+J cx as of
MONROE couistry COMPREHENSIVE PLAN LAND AUTHORITY. H she 's personally
known to me or has eed
KIMBERLYA NYSTROM c
:.; Commission#EE 050221 NOTARY P k
,State of�d
Expires A0119,2015
j At Large
My Commission Expires:
Approved as to form atid legality:
A ele V.Stones,Esquire
Page 2 of 2
M
M
00
DOCK 1979841
8k4 2683 Pgq 386
Signed,sealed and delivered
In the presence of: FIRST STATE BANK OF THE
FLORIDA KEYS
rent name:__ ERICA .STER ING
Pri name:_ JENNY M.STERLING By.
Na e:
Title: I W Y((t 'Y yl
STATE OF FLORIDA )
COUNTY OF MONROE ) ss:
The foregoing Mortgage Subordination Agreement was acknowledged before me this
day of , 2014 by V jA6 LCWiVk , as S61i0yYkj--fViS &*Fof
FIRST STATE BANK OF THE FLORIDA KEYS. He/she is personally known to me or has
produced as identification.
JENNY M.lion#F 04 N A Y PUBLIC,State of
Commission#FF 047218
a= Expires December 21,2017 At Large
h�
My Commission Expires:
Page 3 of 3
d
ao
EXHIBIT "A"
Bkga268398Pgq 387
LEGAL DESCRIPTION, Key West Housing Authority:
Prepared by Undersigned:
A tract of land lying on the Island of Key West, Monroe County, Florida and being known as a
portion of Lots 5-12, Block 17, Lots 2-7, Block 18, "KEY WEST FOUNDATION COMPANY'S Plat No.
2", as recorded in Plat Book 1, at Page 189, of the Public Records of Monroe County, Florida
and lands located North of Block 17 of said Plat and being more particularly described as
follows:
Commence at the intersection of the Northerly Right-of-Way line of Duck Avenue and the
Westerly Right-of-Way line of 19th. Street, said point also being the Southeast comer of Lot 1,
Block 17, of the "KEY WEST FOUNDATION COMPANY'S Plot No. 2; thence N 19'04'00" W along the
said Westerly right-of-way Line of 19th.. Street for o distance of 248.62 feet to the Point of
Beginning;
thence S 70'56'00" W a distance of 117.42 feet; thence S 70'56'00" W a distance of 54.95 feet;
thence S 18'44'29" E a distance of 74.73 feet; thence S 37'53'13" W a distance of 78.40 feet;thence S 19*04'00" E a distance of 81.04 feet; thence S 70'56'00" W a distance of 130.00 feet;
thence S 19'04'00" E a distance of 50.00 feet; thence S 70'56'00" W a distance of 244.40 feet;
thence N 19'04'00" W o distance of 177.09 feet; thence S 70'56'00" W a distance of 128.96
feet; thence S 19'04'00" E a distance of 71.61 feet; thence S 70'56'00" W a distance of 76.47
feet; thence N 19'04'00" W a distance of 9.97 feet; thence S 71756'00" W a distance of 190.42
feet; thence N 1658'04" W a distance of 84.06 feet: thence S 70'56'00" W a distance of 89,47
feet; thence N 87'03'31" W a distance of 108.14 feet; thence S 02'47'50" W a distance of 19.63
feet; thence N 87'20'47" W a distance of 8.02 feet; thence S 02'39'13" W a distance of 6.82
turning to the left wit
feet; thence N 87'20'47" W a distance of 36.33 feet; thence with a curve h
an arc length of 27.94', with o radius of i 9.88', with a chord bearing of S 40'14'27" W, with a
chord length of 25.70', with a delta angle of 8932'18",; thence with a compound curve turning
to the left with on arc length of 18.03', with a radius of 155.85', with a chord bearing of S
06'11'42" E, with a chord length of 18.02'. with o delta angle of 06'37'45",; thence with a
compound curve turning to the left with an arc length of 25.14', with a radius of 155.85', with
a chord bearing of S 1,V07'53" E, with a chord length of 25.12', with a delta angle of
09'14'35",; thence with a compound curve turning to the left with an arc length of 2.23'. with a
radius of 155.85', with a chord bearing of S 19'09'43" E. with a chord length of 2.23'. with *o
delta angle of 00'49'06",; thence with a reverse curve turning to the right with an arc length of
2.23', with a radius of 155.85% with a chord bearing of N 19'09'43" W, with a chord length of
2.23'. with a delta angle of 00'49'06",; thence S 19'18'04" E a distance of 41.18 feet; thence S
70'56'00" W a distance of 93.02 feet; thence N 19'04'00" W a distance of 129.35 feet; thence
S 86'05'47" W a distance of 29.11 feet; thence N 19'37'19" W a distance of 344.10 feet;
thence N 72'47'35" E a distance of 188.81 feet; thence N 40'51'10" E o distance of 208.64
feet; thence N 65'13'55" E a distance of 105.78 feet; thence N 17'37'03" W a distance of 57.73
feet; thence N 70'56'31" E a distance of 447.26 feet; thence S 19'03'29" E a distance of
100.00 feet; thence N 70'56'31" E a distance of 185.00 feet; thence N 19'03'29" W a distance
Of 100.00 feet; thence N 70'56'31" E a distance of 293.71 feet; thence S 19'04'00" E a
distance of 263.56 feet; thence S 70'56'00" W a distance of 100.00 feet; thence S 19'04'00" E
a distance of 110.00 feet; thence N 71'05'44" E a distance of 0.70 feet; thence with a curve
turning to the right with on arc length of 109.11', with a radius of 138.75', with a chord
bearing of S 88'07'10" E, with a chord length of 106.32', with a delta angle of 45'03'29",;
thence S 19'04'00" E a distance of 122.41 feet to the point of beginning, having an area of
814614.84 square feet, or 18.701 acres
ao
EXHIBIT 46W
Docip 1979841
Bktt 2683 Pg# 388
LEGAL DESCRIPTION, Assistance Living:
Prepared by Undersigned:
A tract of land lying on the Island of Key West, Monroe County, Florida and being known as a
portion of Lots 1-12, Block 18, "KEY WEST FOUNDATION COMPANY'S Plat No. 2", as recorded in
Plat Book 1, of Page 189, of the Public Records of Monroe County. Florida and being more
particularly described as follows:
Commence at the intersection of the Northerly Right—of—Way line of Duck Avenue and the
Westerly Right—of—Way line of 19th. Street, said point also being the Southeast corner of Lot 1,
Block 17, of the "KEY WEST FOUNDATION COMPANY'S Plat No. 2; thence S 70'56'00" W along the
said Northerly right—of—way Line of Duck Avenue for a distance of 1260.50 feet to the Point of
Beginning;
thence N 19'04'00" W a distance of 98.16 feet; thence N 70'56'00" E a distance of 153.38 feet;
thence N 19'04'00" W a distance of 84.40 feet; thence N 8T20'47" W a distance of 106.06
feet; thence N 02'47'50" E a distance of 19.63 feet; thence S 87'03'31" E a distance of 108.14
feet; thence N 70'56'00" E a distance .of 89.47 feet; thence S 18'58'04" E a distance of 54.06
feet; thence N 70'56'00" E a distance of 190.42 feet; thence S 19'04'00" E a distance of 9.97
feet; thence N 70'56'00" E a distance of 76.47 feet; thence N 19'04'00" W a distance of 71.61
feet; thence N 70'56'00" E a distance of 128.96 feet; thence S 19'04'00" E a distance of
177.09 feet; thence S 70'56'00" W a distance of 647.59 feet to the point of beginning, having
on area of 89571.71 square feet or 2.056 acres
LEGAL DESCRIPTION, Parcel 1
Prepared by Undersigned:
A tract of land lying on the Island of Key West, Monroe County, Florida and being known as a
ports recorded in
Ploton of t Block , S Book 1 at Page 189. of the Public Records DAof Monroe TION PCou County, FloriANY'S Plot lda anda
alands located
North of Block 17 of said Plot and being more particularly described as follows:
Commence at the intersection of the Northerly Right—of—Way line of Duck Avenue and the
Westerly Right—of—Way line of 19th. Street„said point also being the Southeast corner of Lot 1,
Block 17, of the "KEY WEST FOUNDATION COMPANY'S Plat No. 2; thence S 70'56'00" W along the
said Northerly right—of—way Line of Duck Avenue for a distance of 238.52 feet to the Point of
Beginning; thence continue S 70'56'00" W along the said Northerly right—of—way Line of Duck
Avenue for a distance of 130.00 feet; thence N 19'04'00" W for a distance of 50.00 feet;
thence N 7956'00" E for a distance of 130.00 feet; thence S 19'04'00" E for a distance of
50.00 feet to the siod Northerly right—of—way line of Duck Avenue and the Point of Beginning;
containing 6,500 square feet.
I of 2
cfl
00
EXHIBIT "B"
Doca 1979841
Bkp 2683 Pgp 389
LEGAL DESCRIPTION, Parcel 2:
Prepared by Undersigned:
A tract of land lying on the Island of Key West, Monroe County, Florida and lying Northerly of
"KEY WEST FOUNDATION COMPANY'S Plat No. 2", as recorded in Plat Book 1, at Page 189. of
the Public Records of Monroe County, Florida and being more particularly described as follows:
Commence at the intersection of the Northerly Right—of—Way line of Duck Avenue and the
Westerly Right—of—Way line of 19th. Street, said point also being the Southeast corner of Lot 1,
Block 17, of the "KEY WEST FOUNDATION COMPANY'S Plat No. 2; thence N 19'04'00" W along the
said Westerly right—of—way line of 19th. Street for a distance of 371.04 feet to the Point of
Beginning; thence continue N 19'04'00" W along the said Westerly right—of—way line of 19th.
Street for a distance of 122.41 feet; thence S 70'56'00" W a distance of 100.00 feet; thence S
19'04'00" E a distance of 110.00 feet; thence N 71'05'44" E a distance of 0.70 feet; thence
with a curve turning to the right with an ore length of 109.11', with a radius of 138.75'. with a
chord bearing of S 88'07'10" E, with a chord length of 106.32', with a delta ongle of 45'03'29"
to the point of beginning, having an area of 12,130.5 square feet, or 0.3 acres
LEGAL DESCRIPTION, Parcel 3:
Prepared by Undersigned:
A tract of land lying on the Island of Key West, Monroe County, Florida and lying Northerly of
"KEY WEST FOUNDATION COMPANY'S Plot No. 2", as recorded in Plat Book 1, at Page 189, of
the Public Records of Monroe County, Florida and being more particularly described as follows:
Commence at the intersection of the Northerly Right—of—Way line of Duck Avenue and the
Westerly Right—of—Way line of 19th. Street, said point also being the Southeast corner of Lot .1.
Block 17, of the "KEY WEST FOUNDATION COMPANY'S Plat No. 2; thence N 19'04'00" W along the
said Westerly right—of—way line of 19th. Street for a distance of 782.61 feet; thence S 70'56'31"
W along a drainage easement parallel with Donald Avenue for a distance of 298.71 feet to the
Point of Beginning; thence continue S 70'56'31" W along the said Drainage easement for a
distance of 155.00 feet; thence S 19'03'29" E for a distance of 100.00 feet; thence N 70'56'31"
E for a distance of 185.00 feet; thence N 19'03'29" E for a distance of 100.00 feet to the said
drainage easement and the Point of Beginning;
containing 18,500 square feet.
2 of 2
MONROE COUNTY
OFFICIAL RECORDS
3/4/24, 1:19 PM Landmark Web Official Records Search
THIS INSTRUMENT PREPARED M O N R O E COUNTY
BY AND RETURN TO: OFFICIAL RECORDS
John M.Spottswood,Jr. FILE # 1 4 I E3 4 0 1
SPOTTSWOOD,SPOTTSWOOD&SPOTTSWOOD 8 K# 1. S E 5 p G#9 7 6
500 Fleming Street
Key West,FL 33040 RCD Jars 06 2004 02 ; 28PM
DANNY I, KOLEAGE, CLERK
�a
LAND USE RESTRICTION AGREEMENT
(Poinciana Plaza Naval Housing Complex)
THIS LAND USE RESTRICMNAGREFENT (hereinafter "Agreement") is made
and entered into as of the day of 200 ,between THE HOUSING AUTHORITY
OF THE CITY OF KEY WEST, FLORIDA, a public body corporate and politic (hereinafter
"Borrower"), the MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY, a
land authority pursuant to section 380.0663(1), Florida Statutes and Monroe County Ordinance
No. 031-1986 (hereinafter "Land Authority"), the STATE OF FLORIDA DEPARTMENT OF
COMMUNITY AFFAIRS, a Department of the State of Florida created by section 20.18,Florida
Statutes (hereinafter"DCA"),and their respective successors and assigns.
RECITALS
A. The City of Key West, Florida, (the "City") on behalf of the Borrower, has
requested and the Land Authority has agreed, under certain conditions, to provide a loan in the
amount of TWO MILLION, TWO HUNDRED TEN THOUSAND AND NO/100 DOLLARS
($2,210,000) (the "Land Authority Loan") for the purchase of that certain multifamily rental
housing development known as the Poinciana Naval Housing Complex located on property in
Key West, Florida, more particularly described in Exhibit "A" attached hereto and incorporated
herein by this reference(the "Property").
B. The City, on behalf of the Borrower, has requested and the U.S. Department of
Housing and Urban Development ("HUD") has agreed, under certain conditions, to provide a
Section 108 Loan in the amount of SIXTEEN MILLION AND NO/100 DOLLARS
($16,000,000)(the"Section 108 Loan")for the purchase and rehabilitation of the Property.
C. The City, on behalf of the Borrower, has requested and the DCA has agreed,
under certain conditions, to provide a guarantee in the amount SIXTEEN MILLION AND
NO/100 DOLLARS ($16,000,000) (the "DCA Loan Guarantee") to HUD of repayment of the
City's note for the Section 108 Loan.
D. The Borrower has agreed that the Property shall comply with the affordable
housing requirements specified herein.
1897
https://or.mon roe-clerk.com/Land markWeb/search/index?theme=.blue§ion=searchCriteriaName&q u ickSearchSelection=#
3/4/24, 1:19 PM Landmark Web Official Records Search
FILE # 1 4 1 8 4 0 1
BK# �. �3El I PG# 9 7 7
NOW, THEREFORE, in consideration of the mutual covenants and undertakings set
forth herein, and other good and valuable consideration,the receipt and sufficiency of which are
hereby acknowledged,the Borrower, Land Authority, and DCA do hereby contract and agree as
follows:
ARTICLE I
COMPLIANCE WITH LAND AUTHORITY REQUIREMENTS
In order to comply with the Land Authority's requirements pursuant to section
380.0663(1), et seq., Florida Statutes and Monroe County Ordinance No. 031-1986, the
Borrower hereby covenants and agrees as follows:
1.01 Use of the Property shall be restricted to affordable housing for low income or moderate
income persons as defined in section 420.0004,Florida Statutes.
1.02 The restrictions contained in this Article I shall not expire, shall run with the Property in
perpetuity and shall be binding upon the Borrower, its successors or assigns,
notwithstanding any future repayment of the Land Authority Loan.
ARTICLE II
COMPLIANCE WITH DCA REQUIREMENTS
In order to comply with the requirements imposed by DCA as a condition to granting the
DCA Loan Guarantee,the Borrower hereby covenants and agrees as follows:
2.01 Use of the Property shall be restricted to affordable housing for low income or moderate
income persons as defined in section 420.0004, Florida Statutes, and as further specified
below.
2.01.1 A minimum of 60% of the Property's housing units (87 units) shall be rented to
and occupied by persons or families whose income is at or below 80%of the Area
Median Income, adjusted for family size. Rent for said units shall not exceed
30% of 80% of the Area Median Income, adjusted for family size, less any
applicable utility allowance.
2.01.2 The remaining housing units on the Property shall be rented to and occupied by
persons or families whose income is at or below 120% of the Area Median
Income, adjusted for family size. Rent for said units shall not exceed 30% of
120% of the Area Median Income, adjusted for family size, less any applicable
utility allowance.
2.02 Any Very Low Income tenants residing on the Property at the time of recording this
Agreement who are displaced shall be provided safe, suitable, affordable housing at the
same rent level in accordance with the Uniform Relocation Act.
2
1898
https://or.monroe-clerk.com/LandmarkWeb/search/index?theme=.blue§ion=searchCriteriaName&quickSearchSelection=# �..
3/4/24, 1:19 PM Landmark Web Official Records Search
FrL9 # 1 4 4 0 1
2.03 This Agreement shall be recorded in the Public Records of Monroe County just after the
recordation of the deed conveying title of the Property to the Borrower. The conditions
of this Agreement shall survive any sale of the Property as a result of foreclosure.
2.04 The Borrower shall hire a Servicer, acceptable to DCA, for the Section 108 Loan. Said
Servicer shall review, inspect, and monitor the construction work and draws during the
construction portion of the loan.
2.05 The Borrower shall maintain a Debt Service Reserve Account of at least Seven Hundred
Thousand Dollars ($700,000.00) during the entire life of the Section 108 Loan. Said
Debt Service Reserve Account shall be held by First State Bank of the Florida Keys, or
its successors in interest, as custodial agent (the "Custodial Agent") for and on behalf of
the Secretary of HUD as described in the HUD Contract for Loan Guarantee Assistance
under Section 108 (the "HUD Contract") and in the Acquisition and Rehabilitation Loan
Agreement (the "Loan Agreement") between the City of Key West, the Custodial Agent
and the Borrower.
2.06 As provided for in Ordinance 03-17 of the City of Key West, the City will execute a
Guaranty and Interiocal Agreement with the Borrower to replenish said Debt Service
Reserve Account to be held by the Custodial Agent.
2.07 The restrictions contained in this Article II shall not expire, shall run with the property in
perpetuity and shall be binding upon the Borrower, its successors or assigns,
notwithstanding any future repayment of the Section 108 Loan.
ARTICLE III
CONSIDERATION
In addition to other purposes, the Land Authority has authorized and issued the Land
Authority Loan and the DCA has authorized and issued the DCA Loan Guarantee as
inducements to the Borrower to acquire the Property and provide affordable housing for the
benefit of persons or families whose incomes are equal to or less than the amounts specified in
this Agreement. In consideration of said Land Authority Loan and DCA Loan Guarantee for the
foregoing purposes,the Land Authority,DCA, and Borrower have entered into this Agreement.
ARTICLE IV
RELIANCE
In performing its duties hereunder, the Land Authority and the DCA may rely upon
statements and certificates of the Borrower and tenants of the Property believed to be genuine
and to have been executed by the proper person or persons, and upon audits of the books and
records of the Borrower pertaining to occupancy of the Property. In addition,the Land Authority
and the DCA may consult with counsel, and the opinion of such counsel shall be full and
complete authorization and protection with respect to any action taken or suffered by the Land
Authority or the DCA in good faith and in conformity with the opinion of such counsel.
3
1899
https://or.mon roe-clerk.com/Land markWeb/search/index?theme=.blue§ion=searchCriteriaName&q u ickSearchSelection=#
3/4/24, 1:19 PM Landmark Web Official Records Search
FILE # 1 4 1 B 4 0 1
3 K# 1 � E� 5 FG# � 7
ARTICLE V
TERM
This Agreement shall become effective upon its execution and delivery, and shall remain
in full force and effect without expiration, unless modified by mutual written consent of the
parties.
ARTICLE VI
DAMAGE,DESTRUCTION OR CONDEMNATION
In the event that the Property's improvements are damaged or destroyed or title to the
Property, or any part thereof, is taken by any governmental body through the exercise or the
threat of the exercise of the power of eminent domain, subject to the rights, if any,of the holders
of superior mortgages, the Borrower shall, to the extent any insurance proceeds or any
condemnation awards are available,promptly commence to rebuild, replace,repair or restore the
Property or repay the Land Authority Loan and the Section 108 Loan, in such manner as is
consistent with this Agreement,the Loan Agreement and the HUD Contract.
ARTICLE VII
ENFORCEMENT
If the Borrower defaults in the performance of its obligations under this Agreement or
breaches any material covenant, agreement or warranty of the Borrower set forth in this
Agreement, and if such default remains uncured for a period of thirty (30) days after written
notice thereof shall have been given by the Land Authority or the DCA to the Borrower(or for
an extended period approved by the parties if such default stated in such notice can be corrected,
but not within such thirty(30) day period, and if the Borrower adopts a plan to correct or cure
such default and commences such correction within such thirty (30) day period (subject to any
rights of tenants in possession of units under a valid lease agreement), and thereafter diligently
pursues the same to completion within such extended period), then the Land Authority or the
DCA may take any action at law or in equity or otherwise, for specific performance or
mandamus of any covenant in this Agreement or such other remedy as may be deemed most
effectual by the Land Authority or the DCA to enforce the obligations of the Borrower with
respect to the Property. Notwithstanding any of the foregoing, the Land Authority and the DCA
shall have the right to seek specific performance of any of the covenants and requirements of this
Agreement, and the Borrower recognizes and acknowledges that the remedy of specific
performance is the most appropriate remedy available to the Land Authority or the DCA. The
enforcement of this Agreement is not secured by the mortgage to the Land Authority securing
the Land Authority Loan.
ARTICLE VIII
RECORDING AND FILING; COVENANTS TO RUN WITH THE LAND
8.01. Upon execution and delivery by the Borrower, the Borrower shall cause this
Agreement and all amendments and supplements hereto to be recorded and filed in the official
public records of the County and shall pay all fees and charges incurred in connection therewith,
4
1900
https://or.mon roe-clerk.com/Land markWeb/search/index?theme=.blue§ion=searchCriteriaName&q u ickSearchSelection=#
3/4/24, 1:19 PM Landmark Web Official Records Search
FILE # 1418401
Ax# 24e; 9 PG#9s0
including,without limitation, all documentary stamp tax, intangible tax or any other excise taxes
which may be due and payable in connection with the transaction contemplated by the Land
Authority Loan or the Section 108 Loan.
8.02 This Agreement and the covenants contained herein shall run with the land and
shall bind, and the benefits shall inure to, respectively, the Borrower, Land Authority, and DCA
and their respective successors and assigns during the Term of this Agreement.
ARTICLE IX
GOVERNING LAW
This Agreement shall be governed by and construed in accordance with the laws of the
State of Florida, with respect to both substantive rights and with respect to procedures and
remedies.
ARTICLE X
NOTICE AND EFFECT
All notices and other communications to be made or permitted to be made hereunder
shall be in writing and shall be delivered to the addresses shown below or to such other addresses
that the parties may provide to one another in accordance herewith. Such notices and other
communications shall be given by any of the following means: (a)personal service; (b)national
express air courier,provided such courier maintains written verification of actual delivery; or(c)
facsimile. Any notice or other communication given by the means described in subsection(a) or
(b) above shall be deemed effective upon the date of receipt or the date of refusal to accept
delivery by the party to whom such notice or other communication has been sent. Any notice or
other communication given by the means described in subsection (c) above shall be deemed
effective the date on which the facsimile transmission occurs or if such date is not a business day
on the business day immediately following the date on which the facsimile transmission occurs.
Land Authority: Monroe County Land Authority
1200 Truman Avenue, Suite 207
Key West,FL 33040
Attention: Executive Director
FAX: (305)295-5181
Borrower: Key West Housing Authority
1403 121h Street
Key West,FL 33040
Attention: Executive Director
FAX: (305)292-0932
DCA: Florida Department of Community Affairs
2555 Shumard Oak Boulevard
Tallahassee, FL 32399-2100
Attention: General Counsel
5
1901
https://or.mon roe-clerk.com/Land markWeb/search/index?theme=.blue§ion=searchCriteriaName&q u ickSearchSelection=#
3/4/24, 1:19 PM Landmark Web Official Records Search
FILE # 1 4 1 8 4 0 1
B t(# 1 �? 6 5 PG# 9 8 1
FAX: (850) 922-2679
Any party may change said address by giving the other parties hereto Notice of such
change of address in accordance with the foregoing provisions.
ARTICLE XI
MISCELLANEOUS
11.01. If any provision of this Agreement shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining portions shall not in any way be affected or
impaired.
11.02. This Agreement may be simultaneously executed in multiple counterparts, all of
which shall constitute one and the same instrument and each of which shall be deemed to be an
original.
6
1902
https://or.mon roe-clerk.com/Land markWeb/search/index?theme=.blue§ion=searchCriteriaName&q u ickSearchSelection=#
3/4/24, 1:19 PM Landmark Web Official Records Search
FILE # 1 4 1 8 4 0 1
HK# 1 9 E 5 PG# 9 8 2
COUNTERPART SIGNATURE PAGE TO
LAND USE RESTRICTION AGREEMENT
(Poinciana Plaza Naval Housing Complex)
IN WITNESS WHEREOF, the Borrower, Land Authority, and DCA have caused this
Agreement to be signed, sealed and attested on their behalf by duly authorized representatives,
all as of the date first set forth above.
W HOUSING AUTHORITY OF THE CITY IY
7-� OF KEY WEST,FLORIDA
P t: -.l +4 �y L.J[yd
By:E� -4.1, b � •�6
6ent: �� W ,eiyO
Address: 1403 12'h Street
Key West,FL 33040
STATE OF FLORIDA
COUNTY OF MONROE
�k
. The regoing ins ent was ac owledged before in this day of l9ecetnber,
200 by i , as A�rmA of the HOUSING AUTHORITY OF
THE CITY OF KEY ST, FLORIDA, a public body corporate and politic duly created and
existing under the laws of the State of Florida, on behalf of the Borrower. Said person is
personally known to me or has produced a valid driver's license as identification.
�* S-� dA�
NPubli • Sta of Flo a- lvs G�Z
My Commission Expires: L
My Commission No.:
" Linda Kq Arnold
Commission CC 994627
Expires Jan. 22,2004
Bonded Thm
Atlankio Bondiiq`00 toa
7
1903
https://or.mon roe-clerk.com/Land markWeb/search/index?theme=.blue§ion=searchCriteriaName&q u ickSearchSelection=#
3/4/24, 1:19 PM Landmark Web Official Records Search
FILE # 1 4 PG# S4 g
COUNTERPART SIGNATURE PAGE TO
LAND USE RESTRICTION AGREEMENT
(Poinciana Plaza Naval Housing Complex)
IN WITNESS WHEREOF, the Borrower, Land Authority, and DCA have caused this
Agreement to be signed, sealed and attested on their behalf by duly authorized representatives,
all as of the date first set forth above.
WITNESSES: MONROE COUNTY COMPREHENSIVE PLAN
LAND AUTHORITY
Print: f"1 R R 1< T• R&5CH
By:
_ 6,/
Charles " McCoy„ Vice Chairman
Print: Kimb A. Nys om
Address: 1200 Truman Avenue
Suite 207
Key West,FL 33040
[SE� f
STATE OF FLORIDA '
COUNTY OF MONROE
The foregoing instrument �v cseacknowledged before me this 11th day of December,
2003, by Charles "sonny" 69y1lairman of the MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY, a land authority pursuant to section 380.0663(1), Florida Statutes
and Monroe County Ordinance No. 031-1986, on behalf of the Land Authority. Said person is
personally known tome or-hasproduced a vatirl .
kVC*� DM9W Notary PublicUtate of Florida
BonAW119,211W Print Name: Kimberly A. Nystrom
My Commission Expires: April 19, 2007
My Commission No.: DD190997
8
1904
https://or.mon roe-clerk.com/Land markWeb/search/index?theme=.blue§ion=searchCriteriaName&q u ickSearchSelection=#
3/4/24, 1:19 PM Landmark Web Official Records Search
FIFE # 1 4 1 B401
BK# 1_ 9 /_> 5 PG# 9 8 4
COUNTERPART SIGNATURE PAGE TO
LAND USE RESTRICTION AGREEMENT
(Poinciana Plaza Naval Housing Complex)
IN WITNESS WHEREOF, the Borrower, Land Authority, and DCA have caused this
Agreement to be signed, sealed and attested on their behalf by duly authorized representatives,
all as of the date first set forth above.
WITNESSES: FLORIDA DEPARTMENT OF
�7�, COMMUNITY AIRS
Print: C-O N N i P9 H-DS
By:
Anderson,Chief of Staff
Print: cd a
Address: 2555 Shumard Oak Boulevard
Tallahassee, FL 32399-2100
[SEAL]
STATE OF FLORIDA
COUNTY OF LEON
The foregoing instrument was acknowledged before me this day of December,
2003, by Oscar Anderson, as Chief of Staff of the FLORIDA DEPARTMENT OF
COMMUNITY AFFAIRS (DCA"), an agency of the State of Florida, on behalf of DCA. Said
person is personally known to me or has produced a valid driver's license as identification.
S
Notary Public; St f Florida
Print Name: c \
My Commission Expires:
My Commission No.:
Sherry K Skary
n''► MYCOMMISSION# DD194 0 EIS
March Ill 2007
R� BONDED TNRL?TROY FAIN INSURANCE W-
9
1905
https://or.mon roe-clerk.com/Land markWeb/search/index?theme=.blue§ion=searchCriteriaName&q u ickSearchSelection=#
3/4/24, 1:19 PM Landmark Web Official Records Search
FILE # 1 4 1 B 4 0 1
B K# 1 9 15 5 PG#9 B 5
Exhibit A
A Tract of land lying on the Island of Key West, Monroe County, Florida and
being known as a portion of Lot 5, Lots 6 thru 12, Block 17, and Lots 1 thru 8, a
portion of Lots 9 thru 12, Block 18 and land lying North of said Blocks and being
more particularly described as follows:
COMMENCE at the intersection of the Northerly Right-of-Way Line of Duck
Avenue and the extension of the Easterly Right-of-Way Line of 16th Street, said
point also being the Southwest corner of Lot 12, Block 19 of the "KEY WEST
FOUNDATION COMPANY'S Plat No. 2; thence N 70056'00" E, and along the
said Northerly Right-of-Way of Duck Avenue a distance of 660.00 feet to the
Southwest corner of said Lot 12, Block 18; thence N 19004'00"W, and along the
Westerly line of said Lot 12, Block 18 a distance of 135.00 feet; thence S
70056'00 W, a distance of 16.98 feet to the Point of Beginning; thence S
70056'00" W, a distance of 93.02 feet; thence N 19104'00" W, a distance of
129.38 feet; thence S 86105'47"W, a distance of 29.11 feet; thence N 19037'19"
W, a distance of 344.10 feet; thence N 72047'35" E, a distance of 188.81 feet;
thence N 40051'10" E, a distance of 208.64 feet; thence N 65013'55" E, a
distance of 105.78 feet;thence N 17037'03"W, a distance of 57.73 feet; thence N
70056'31" E, and along the Northerly Boundary of Poinciana Housing a distance
of 925.97 feet to the Westerly Right-of-Way Line of 19th Street; thence S
19004'00" E, and along the said Westerly Right-of-Way Line of 19th Street a
distance of 533.99 feet; thence S 70156'00" W, a distance of 172.38 feet; thence
S 18144'29" E, a distance of 74.73 feet; thence S 37053'13" W, a distance of
78.40 feet;thence S 19°04'00" E, a distance of 131.14 feet to the Northerly Right-
of-Way Line of Duck Avenue; thence S 70056'00"W, and along the said Northerly
Right-of-Way Line of Duck Avenue a distance of 1021.99 feet; thence N
19°04'00" W, and along the said Westerly line of Lot 12, Block 18 a distance of
98.16 feet; thence N 70°56'00" E, a distance of 153.38 feet; thence N 19004'00"
W, a distance of 84.40 feet; thence N 87020'47" W, a distance of 114.08 feet;
thence S 02039'13"W, a distance of 6.82 feet; thence N 87020'47" W, a distance
of 36.33 feet to a point on a curve to the left having a radius of 19.88 feet, a
central angle of 80032'18", a chord bearing of S 40014'27" W, and a chord length
of 25.70 feet; thence along the arc of said curve, an arc length of 27.94 feet to a
point on a curve to the left having a radius of 155.85 feet, a central angle of
15052'21", a chord bearing of S 10°49'00" E and a chord length of 43.04 feet;
thence along the arc of said curve, an arc length of 43.18 feet to the end of said
curve; thence S 19018'04" E, a distance of 41.18 feet to the Point of Beginning.
MONROE COUNTY
OFFCCIAL RECORDS
1906
https://or.mon roe-clerk.com/Land markWeb/search/index?theme=.blue§ion=searchCriteriaName&q u ickSearchSelection=#