HomeMy WebLinkAboutSHIP Mortgage and Promissory Note Doe*252n401 Bm#3363pg#568
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Filed and Recorded in Official Records vf
This instrument MONROE Cm0NTy KEVIN MAmOK.CPA
Monroe County SHIP Program
c/o Monroe County Social Services
1100 Simonton Street
Key West, FL33O48
LEASEHOLD MORTGAGE TO SECURE LOAN
FOR AFFORDABLE RENTAL CONSTRUCTION/REHABILITATION STRATEGY
THIS State Housing Initiatives
LOAN ("Mortgage") made this 41 day of -"-IA�a F2026 between the Habitat.for Humangy-gLft
West and-Lower Florida-K Inc. a Florida Not for rofiC&rporation, whose principal address is 471
3040 th7
Overseas Hwy, Ste. 102, Key West, FL 33040 (her inafter referred to as "Mortgagor"), and MONROE
COUNTY, a polifical subdivision of the State of Florida,whose principal address is I 100 Simonton Street,
Key West,Florida 33040(hereinafter referred to as"Mortgagee").
A. Mortgagee is a recipient of SHIP funds pursuant to Chapter 42o. Florida Statutea, and specifically
Section 420.907 et omq., and the associated administrative m|em under Chapter 87. Florida
Administrative Code(hereinafter referred to collectively as the"SHIP Rules and Regulations")and has
agreed 0m loan a portion ofMortgagee's SHIP program funds\o Mortgagor for purposes mfaffordable
rental housing construction/rehabilitation activities upon the real property identified by Monroe County
Property Appraiser Ponm| |D 00128970'000000. on the island of Stock Island and generally situated
at553V 3ndAxenue. Key West,Florida 33040(and as more specifically defined hemin,and referred to
as"Property").
D. Mortgagor is indebted to M
AND ZERO C9Hj9-jjZ92&22M ("Loan"), which indebtedness is evidenced by the Mortgage's
Promissory Note of even date herewith("Note"),attached hereto as"Exhibit A."
NOW,THEREFORE,FOR GOOD AND VALUABLE CONSIDERATION,K8ort0mgprdoeo hereby ago,
grant and convey to Mortgagee its leasehold interest in the Property described in"Attachment A.~located
in the County of Monroe, State of Florida,together with all improvements now or hereafter erected on the
property,and all easements, hQhto,appurtenanoem, nantm, mya|heo, minens!, o||and gas rights and pmfi\s,
water,water rights,and water stock,and all fixtures now or hereafter attached to the property,all of which,
including replacements and additions theeto, shall he deemed to he and remain a part of the property
covered by this Mortgage;and all of the foregoing,together with said property are herein referred to as the
"Property."
Mortgagor agrees to secure to Mortgagee the payment of the Loan as evidenced in the Note, payable to
Mortgagee, and agrees 0o comply with the terms and conditions of this Mortgage and Note,the terms of
the Land Use Restriction Agreement,the terms of the SHIP Rental Monitoring Agreement, and the terms
and conditions set forth in the SHIP Rules and Regu(uUono, including the applicable affordability periods
and eligibility conditions established by the Monroe County, or such other governmental authohty, having
a currently existing legal interest in the Property,with more restrictive eligibility requirements.
The sums secured under this Mortgage are provided in the form of zero percent (0Y6) interest rate,
deferred payment,forgivable loan. Upon the expiration of the term ofthis Mortgage aoprovided in Section
2 hereof,no long am Mortgagor has complied with all the terms cf this Mortgage and the Note,and noEvent
of Default (as defined be|ow) has occurred or is occurring, the Mortgage shall be deemed satisfied and,
upon request of Mortgagor, Mortgagee shall execute a Satisfaction of Mortgage. Mortgagor shall pay all
costs of recordation of the Satisfaction of Mortgage,if any.If,however,the Mortgagor sells or transfers title
to the Property used to secure this Mortgage prior to the full term of the Loan or fails to comply with any
terms and conditions of this Mortgage or the Note, and such other written agreements between the parties
Page Imf12
(to wit: SHIP Rental Monitoring Agreement), the outstanding principal amount of the Note securing this
Mortgage shall immediately become due and payable to Mortgagee.
This Mortgage is expressly made subject to,junior, inferior, and subordinate in payment and in all other
respects to the lien,priority,terms and conditions, in those certain mortgages or declarations stated here:
A. The mortgage given by FIRST STATE BANK as modified and recorded on November 1,
2024,as recorded in The Official Records of Monroe County Public Records at Book 3298, Page 2006.
This Mortgage is expressly made superior to the Land Use Restriction Agreement(LURA)given to Monroe
County FL (Mortgagee), recorded in the Official Records of Monroe County, Florida, at Book 3192 and
Page 228.To the extent there is a conflict between the terms and conditions stated in the LURA and those
in this Mortgage,this Mortgage shall prevail.
Mortgagor hereby further covenants and agrees as follows:
1. Payment of Principal. Mortgagor shall pay when,due the outstanding principal under the Note in
accordance with the terms of the Note.
2. Term of Mortgage.The term of this Mortgage shall be fifteen(15)years from the date of execution of
the Note.
3. Charges.Mortgagor shall pay,prior to becoming delinquent,all taxes,assessments and other charges,
fines and impositions attributable to the Property which may attain a priority over this Mortgage, and
leasehold payments or ground rents, if any, when due, directly to the payee thereof. Mortgagor shall
promptly furnish to Mortgagee receipts evidencing such payments.
4. Insurance.
(a) Mortgagor shall keep the improvements now existing or hereafter erected on the Property insured
against loss by fire,hazards included within the term"extended coverage,"and any other hazards,including
but not limited to floods,for which Mortgagee requires insurance.This insurance shall be maintained in the
amounts(including deductible levels)and for the periods that Mortgagee requires.
(b) The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Mortgagee's
right to disapprove Mortgagor's choice, which right shall not be exercised unreasonably.All premiums on
insurance policies shall be paid by Mortgagor,when due,directly to the insurance carrier.
(c) All insurance policies required by Mortgagee and renewals of such policies shall be subject to a first
priority lender's right to disapprove such policies,shall include a standard mortgage clause,and shall name
Mortgagee as mortgagee and/or an additional loss payee.Mortgagee shall have the right to hold the policies
and renewals thereof,and Mortgagor shall promptly furnish to Mortgagee all receipts of paid premiums.
(d) In the event of loss, Mortgagor shall give prompt notice to the insurance carrier and the Mortgagee.
Mortgagee may make proof of loss If not made promptly by Mortgagor.Unless Mortgagee and Mortgagor
otherwise agree in writing,any insurance proceeds shall be applied to restoration or repair of the Property
damaged,provided such restoration or repair is economically feasible,and the security of this Mortgage is
not thereby impaired. If such restoration or repair is not economically feasible or if the security of this
Mortgage would be impaired,the insurance proceeds shall be applied to the sums secured by this Mortgage
with the excess,if any,paid to Mortgagor.
(e) If Mortgagor abandons the Property,Mortgagee may file,negotiate,and settle any available insurance
claim and related matters.If Mortgagor does not respond within thirty(30)days to a notice from Mortgagee
that the insurance carrier has offered to settle a claim,then Mortgagee may settle the claim.In either event,
Mortgagee is authorized to collect and apply the insurance proceeds at Mortgagee's option either to
restoration or repair of the Property or to the sums secured by this Mortgage.
Page 2 of 12
00 If, under Section 18 hereof, the leasehold interest in the Property is acquired by Mortgagee, all right,
title,and interest uf Mortgagor in and bm any insurance policies and in and b,the proceeds thereof resulting
from damage ho the Property, transfer,sale,or acquisition shall pass b Mortgagee 1n the extent
of the sums secured by this Mortgage immediately prior to such transfer,sale,or acquisition.
5. Purpose of Mortgage. It is expressly agreed and understood that this Mortgage secures the
indebtedness and the obligation of the Mortgagor with respect to the Loan, as the same is evidenced by
the Note, and all vanmwa/s, extnnaionu, and modifications thereof. This Mortgage shall not be deemed
released,discharged,or satisfied until the entire indebtedness evidenced by the Note is satisfied in full.
8. Representations and Warranties. Mortgagor represents and warrants that: (a)there are no ooUono,
suits, or proceedings pending o threatened against nr affecting Mortgagor portion of the Property,
or involving the validity or enforceability of this Mortgage or the priority of its lien, (b) Mortgagor is not in
default under any other indebtedness or with respect to any order, writ, injunction, decree, judgment or
demand of any court or any governmental authority;and(c)in connection with the Loan,Mortgagor has not
made any material misrepresentations of fact relating to Mortgagor's non-profit status and eligibility for the
7. Primary Resident.As an inducement for Mortgagee to make the Lnan. Mortgagor hereby agrees to
and covenants that Mortgagor will be the primary menager of the Property during the entirety of the term of
the Mortgage and Note.
R. Care ofProperty.
(a) Nm building nr other structure or improvement,fixture |property mortgaged hereby shall be
removed or demolished without the prior written consent of Mortgagee. Mortgagor will not make,permit,or
suffer any alteration or addition to any building or other structure or improvement now or which may
hereafter be erected :)r installed upon the mo6gaged property, or any part thereof, except the
improvements,if any,required to be made with the proceeds of the Loan,nor will Mortgagor use,or permit
or suffer the use of, any of the Property for any purpoze other than the purpose or purposes for which the
same is now used,without the prior written consent of Mortgagee.
(b) Mortgagor will maintain the Property in good condition and state of repair and will not suffer or permit
any waste tn any pa/t thereof, impairment, or deterioration nf the Property, or makeur permit hobemade
to the Property any alterations or additions thotwmu|d have the e0effectofmaterially diminishing the value
thereof or take or parmit any action that will in any way increase any ordinary fire or other hazard arising
out of the construction or operation thereof and will promptly comply with all of the requirements offadexo|
m�t . and |ono| governments, orofany departments, divisions or bureaus thereof, pe�oiningto such
`
property or any parc thereof.|f all or any part ofthe Property shall ba damaged by fire or other casualty,the
Mortgagor shall promptly restore the Property to the equivalent of its original condition regardlessofwhether
or not there shall be any insurance proceeds,therefore. If the Property or any part thereof is damaged by
fire or any other the
to Mortgagee. If a part df the Property shall be physically damaged through condemnation,the Mortgagor
shall promptly restore, repair, or alter the remaining property in a manner satisfactory to the Mortgagee.
Mortgagee's approval I of such restorations, repairs,c.,alterations shall not be unreasonably withheld.
S Transfer of the Property.No partof the Property
Mortgagor withcut the written consent of Mortgagee. If Mortgagor sells or transfers any interest in the
Property,the outstanding principal amount of the Noie secured by this Mortgage shall become immediately
due and payable. If the outstanding principal amount of the Note becomes due and payable, Mortgagee
shall provide Mortg;hgor notice of acceleration, in accordance with Section 16 hereof Mortgagor shall pay
the sums declared due and payable within thirty(30)days after the date of the notice. If Mortgagor fails to
timely pay such sums, Mortgagee may, without further notice or demand on Mortgagor, invoke any
remedies permitted by Section 17 hereof. Unless provided herein, the amount of the SHIP award will be
due and payable in full upon sale or transfer of the property,or failure to comply with the terms of this SHIP
Mortgage and Promissory Note, the SHIP Rental Monitoring Agreement, and the Land Use Restriction
*was.3,x12
'
Agreement (LURA) executed by Mortgagor. The SHIP-assisted units under this strategy must maintain
rents that do not exceed the rent maximums published annually by the Florida Housing Finance
Corporation.
10. Hazardous Substances.Mortgagor shall not use,generate,store,or dispose of Hazardous Materials
on the Property.Mortgagor shall not do,nor allow anyone else to do,anything affecting the Property that is
in violation of any Environmental Laws.The preceding two sentences shall not apply to the presence,use,
or storage on the Property of small quantities of Hazardous Substances that are generally recognized to
be appropriate to normal residential uses and to maintenance of the Property. Mortgagor shall promptly
give Mortgagee written notice of any investigation, claim, demand, lawsuit, or other action, of which the
Mortgagor has actual knowledge, by any governmental or regulatory agency or private party involving the
Property and any Hazardous Substance or Environmental Laws. If Mortgagor learns,or is notified by any
governmental or regulatory authority,that any removal or other remediation of any Hazardous Substance
affecting the Property is necessary, Mortgagor shall promptly take all necessary remedial actions in
accordance with Environmental Laws, and provide Mortgagor notice thereof. As used in this section,
"Hazardous Substances"are those substances defined as toxic or hazardous substances by Environmental
Laws, including but not limited to the following substances: gasoline, kerosene, other flammable or toxic
petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or
formaldehyde, and radioactive materials. As used in this section, "Environmental Laws" means federal,
state, and local laws of the jurisdiction where the Property is located that relate to health, safety, or
environmental protection,including but not limited to the Federal Resource Conservation and Recovery Act
and the Federal Comprehensive Environmental Response,Compensation and Liability Act.
11. Compliance with Laws. Mortgagor shall comply with all federal,state,and local laws applicable to the
Loan and the Property, including all requirements of SHIP Rules and Regulations, and when applicable,
the U.S. Department of Housing and Urban Development and 24 C.F.R. Part 570, as may be amended
from time to time.
12. Protection of Mortgagee's Security. If Mortgagor fails to perform the covenants or agreements
contained in this Mortgage, or if any action or proceeding is commenced which materially affects
Mortgagee's interest in the Property, including but not limited to eminent domain, insolvency, code
enforcement, or arrangements or proceedings involving a bankruptcy, Mortgagee, at Mortgagee's option,
upon notice to Mortgagor, may make such appearances, disburse such sums and take such action as is
necessary to protect Mortgagee's interest,including but not limited to disbursement of reasonable attorneys'
fees and entry upon the Property to make repairs.
13. Inspection. Mortgagee may make or cause to*be made reasonable entries upon and inspections of
the Property,provided that Mortgagee shall give Mortgagor reasonable notice prior to any such inspection.
14. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in
connection with any condemnation or other taking of the Property,or part thereof,or for conveyance in lieu
of condemnation, are hereby assigned and shall be paid to Mortgagee. The proceeds referred to in this
paragraph shall be applied to the sums secured by this Mortgage with the excess,if any,paid to Mortgagor.
If the Property is abandoned by Mortgagor or,if after notice by Mortgagee to Mortgagor that the condemner
offers to make an award or settle a claim for damages,Mortgagor fails to respond to Mortgagee within thirty
(30) days after the date of such notice, Mortgagee is authorized to collect and apply the proceeds, at
Mortgagee's option,either to restoration or repair of the Property,or to the sums secured by this Mortgage.
15. Event of Default.The term"Event of Default,"wherever used in this Mortgage,shall mean any one or
more of the following events:
(a) Failure by Mortgagor to duly keep, perform, and observe any other covenant,condition, or agreement
in the Note or this Mortgage,including the vovenant:to pay when due any sums secured by this Mortgage,
for a period of ten(10)days after Mortgagor gives written notice specifying the breach.
Page 4 of 12
(b) If Mortgagor or any endorser or guarantor of the Note shall file a voluntary petition in bankruptcy or
shall be adjudicated bankrupt or insolvent, or shall file any petition or answer seeking any reorganization,
arrangement, composition, readjustment, liquidation, wage earner's plan, assignment for the benefit of
creditors, receivership, dissolution, or similar relief under any present or future Federal Bankruptcy Act or
any other present or future applicable federal,state, or other statute or law, or shall seek or consent to or
acquiesce in the appointment of any trustee, receiver, or liquidator of the Mortgage for all or any of the
properties of Mortgagor or of any guarantor or endorser of the Note; or if within thirty (30) days after
commencement of any proceeding against Mortgagor or any guarantor or endorser of the Note, seeking
any reorganization,arrangement,composition,readjustment,liquidation,dissolution,debtor relief,or similar
relief under any present or future federal,state,or oth-r statute or law,such proceeding shall not have been
dismissed or stayed on appeal; or if within the thirty (30) days after appointment without the consent or
acquiescence of Mortgagor or of any endorser or ruz:-.•sntor of the Note,of any trustee,receiver,or liquidator
of Mortgagor or any endorser or guarantor of the Note, or of all or any portion of the Property, such
appointment shall not have been vacated or stayed cn appeal or otherwise;or if within ten (10)days after
the expiration of any such stay,such appointment shall not have been vacated.
(c) The entry by any court of last resort of a derision that an undertaking by the Mortgagor as herein
provided to pay taxes,assessments,levies,liabilities,obligations or encumbrances is legally inoperative or
cannot be enforced,or in the event of the passage of any law changing in any way or respect the laws now
in force for the taxation of mortgages or debts secured thereby for any purpose or the manner of collection
of any such taxes, so as to effect adversely this Mortgage or the debt secured hereby unless Mortgagor
can and does in a proper and legal manner,pay any and all sums of whatever kind which may be incurred
or charged under such new or modified law.
(d) If foreclosure proceedings should be instituted on any mortgage inferior or superior to the Mortgage,or
if any foreclosure proceeding is instituted on any lien of any kind which is not dismissed or transferred to
bond within thirty(30)days after the service of foreclosure proceedings on Mortgagor.
(e) Any default under any mortgage that is superior or inferior to the Mortgage. Mortgagor shall have the
affirmative obligation to immediately notify Mortgage in writing of the occurrence or existence of any such
default.
(0 Any breach of any warranty or material untruth of any representation of Mortgagor contained in the
Note or this Mortgage, or the SHIP Rental Monitoring Agreement, related to the funding assistance
provided.
(g) Any action prohibited herein; and any actions prohibited in the SHIP Rental Monitoring Agreement
between the Mortgagor and Mortgagee.
(h) The transfer of the Property.SHIP recipients that offer rental housing for sale prior to the maturity date
(fifteen (15)years) must give a right of first refusaft'o eligible non-profit organizations for purchase at the
current market value for continued occupancy by eligible persons.
(I) The lease of the Property to a third party that is not consistent with the requirements of the SHIP Rental
Monitoring Agreement between the Mortgagor and Mortgagee.
0) The abandonment or vacation of the Property by Mortgagor whereby said Mortgagor ceases to occupy
and/or manage the Property.
16. Acceleration; Remedies. Upon the occurrence of an Event of Default, Mortgagee, prior to
acceleration, shall mail notice to Mortgagor as provided in Section 20 hereof specifying: (1) the Event of
Default;(2)the action required to cure such Event of Default; (3)a date,not less than thirty(30)days after
the date the notice is received by Mortgagor, by which such Event of Default must be cured to the
satisfaction of Mortgagee;and(4)that failure to cure such Event of Default on or before the date specified
in the notice may result in any action in !aw or equ;ty, as Mortgagee determines to be most effectual to
Page 5 of 12
enforce Mortgagor's obligations, including an action for specific performance, acceleration of the sums
secured by this Mortgage, foreclosure by judicial proceeding, and sale of the Property. The notice shall
further inform Mortgagor of the right to reinstate after acceleration and the right to assert in the foreclosure
proceeding the non-existence of an Event of Default or any other defense of Mortgagor to acceleration and
foreclosure. If the Event of Default is not cured on or before the date specified in the notice, Mortgagee at
its option may require immediate payment in full of all sums secured by this Mortgage without further
demand and may foreclose this Mortgage by judicial proceeding. Mortgagee shall be entitled to collect all
expenses incurred in pursuing the remedies provided in this paragraph, including but not limited to
reasonable attorneys'fees and costs of title evidence.
17. Remedies Cumulative.All remedies provided in this Mortgage are separate,distinct,and cumulative
to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised
concurrently, independently, or successively. No act of Mortgagee shall be construed as an election to
proceed under any provision or covenant herein to the exclusion of any other, notwithstanding anything
herein to the contrary.
18. Mortgagor's Right to Reinstate. Notwithstanding the Mortgagee's right to acceleration of the sums
secured by this Mortgage, Mortgagor shall have the right to have any proceedings initiated by Mortgagee
to enforce this Mortgage discontinued at any time rzior to entry of a judgment enforcing this Mortgage if:
(a)Mortgagor pays Mortgagee all sums which would be then due under this Mortgage had no acceleration
occurred;(b) Mortgagor cures all breaches of this Mortgage; (c) Mortgagor pays all reasonable expenses
incurred by Mortgagee in enforcing the covenants and agreements of Mortgagor contained in this Mortgage,
including but not limited to reasonable attorneys'fees; and(d) Mortgagor takes such action as Mortgagee
may reasonably require to assure that the lien secured by this Mortgage, Mortgagee's interest in the
Property and Mortgagor's obligation to pay the sums secured by this Mortgage shall remain in full force and
effect as if no acceleration had occurred. Upon such payment and cure by Mortgagor, this Mortgage and
the obligations secured hereby shall remain in foil force and effect as if no acceleration had occurred.
19. Recordation.This Mortgage and the Note shall be recorded in the Official Records of Monroe County,
Florida,by the Mortgagee at the expense of Mortgagor.
20. Notice.Except for any notice required under applicable law to be given in another manner,any notice
to Mortgagor or Mortgagee provided for in this 4'.ortgage shall be given by mailing such notice by certified
mail, return receipt requested, addressed to the pz:rty for whom it is intended at such party's respective
address set forth above in the introductory paragraph to this Mortgage.
21. Governing Law.This Mortgage shall be interpreted and construed in accordance with and governed
by the laws of the State of Florida. The exclusive venue for any lawsuit arising from, related to, or in
connection with this Mortgage shall be in the state courts of the Sixteenth Judicial Circuit in and for Monroe
County, Florida. If any claim arising from, related to, or in connection with this Mortgage must be litigated
in federal court,the exclusive venue shall be in the United States District Court or United States Bankruptcy
Court forthe Southern District of Florida.All meetings to resolve said dispute,including voluntary arbitration,
mediation,or other alternative dispute resolution meci ianism,will take place in this venue.The parties both
waive any defense that the venue in Monroe*County is not convenient. BY ENTERING INTO THIS
MORTGAGE,MORTGAGOR AND MORTGAGEE®tt,:f2EBY EXPRESSLY WAIVE ANY RIGHTS EITHER
PARTY MAY HAVE TO A TRIAL BY JURY OF ANY CIVIL LITIGATION RELATED TO THIS
MORTGAGE.
22. Attorneys' Fees and Costs.As used in this i 9:rigage and in the Note,"attorney's fees"shall include
those fees and costs, if any,which may be awarded by a trial or appellate court.
23. Jointly and Severally Bound. Mortgagor and others who may become liable for all or any part of the
obligations under this Mortgage,hereby agree to be jointly and severally bound by this Mortgage and jointly
and severally waive demand, protest, notice of nonpayment, and any and all lack of diligence or delays in
collection or enforcement hereof, and specifically consent to any extension of time, release of any party
liable for this obligation,including any maker, or acceptance of other security therefor.Any such extension
Page S of'12
or release may be made without notice to said party and without in any way affecting the liability of such
party.
24. No Waiver; Mortgagor Not Released. It is expressly agreed and understood that a waiver by
Mortgagee(which waiver shall only be valid if given in writing)of any right or rights conferred to it hereunder
with regard to any one transaction or occurrence shall not be deemed a waiver of such right or rights to any
subsequent transaction or occurrence. It is further agreed that any forbearance or delay by Mortgagee in
enforcement of any right or remedy hereunder shell not constitute or be deemed a waiver of such right or
remedy. The procurement of insurance or the payment of taxes or other liens or charges by Mortgagee
shall not be a waiver of Mortgagee's right to accelerate the maturity of the indebtedness secured by this
Mortgage.An extension of time for payment or a modification of the amortization of the sums secured by
this Mortgage granted by Mortgagee to Mortgagor or any successor in interest of Mortgagor shall not
operate to release,in any manner,the liability of Mortgagor or Mortgagor's successor in interest.Mortgagee
shall not be required to commence proceedings against such successor or refuse to extend time for
payment or otherwise modify the amortization of the sums secured by this Mortgage by reason of any
demand made by the Mortgagor or Mortgagor's successor in interest.
25. Severability. If any provision,or part thereof,contained in this Mortgage is,for any reason, held to be
invalid, illegal, unenforceable in any respect, or in conflict with applicable law, such invalidity, illegality,
unenforceability,or conflict shall not affect any other provision(or remaining part of the affected provision)
of this Mortgage,but this Mortgage shall be construed as if such invalid,illegal,unenforceable,or conflicting
provision (or part thereof) had never been contained'herein, but only to the extent it is invalid, illegal,
unenforceable,or in conflict with applicable law.
26. Captions.The captions and headings of the paragraphs of this Mortgage are for convenience only and
are not to be used to interpret or define the provisions hereof.
27. Further Assurances.Mortgagor shall cooperate with Mortgagee to modify and re-record this Mortgage
and/or the Note to the extent modification is required(i)to correct any defect or error in the Mortgage and/or
Note, or(ii)for compliance with applicable federal,state,or local law.
(THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.)
Page 7 of 12
IN WITNESS WHEREOF, MORTGAGOR,
ffiQ_RJ?AJjFjy§,INC,,has executed this Mortgage.
WITNESSES: MOLQAGOR.'
HABITAT FOR UMANITY OF KEY WEST AND
Sign Name: LOWER FLORI KEYS,INC.,
Print Name: r By:
Address: Prin., )r-�
' FOR UMAN'T'
LORI A KEYS,IF
m
'y
M
Title:-;�
Sign Name:
Print Name:
Address:
.J
,e/ Uks F—L
STATE OF FLORIDA
'fi'k
SS:
COUNTY OF N 09A
The foregoing instru ent was acknowledged before me,by means;of yeloal pres nee or 13 online
notar ation, this R . .' pre no
-13_M day of 20,a& by �4 , as
✓ 4T AND Ls WEaRF—LOR'113A
of HABITAT MOR HUMANITY or
�Florlda�No,-Pro�fit Corporation, wh esonally known to or who has produced
KEYS, as identification.
[Notary Seal]
I'rint Name:
Notary Pubtic state of Florida Notary Public
Terence S.White Commission Number., ;L0 C>
M y commission —U-4 6
20 Commission Expires: I/-
A., H 201130
E E)(P.I 1 11
Exp.113112026
Page 8 of 12
"Attachment A"
To
Leasehold or SHIP Activity
Address:5530 3rd Ave, Key West, Florida 33040
Parcel ID: 00126970-000000
Legal Description (of land situate in Monroe County, Florida):
Lots 16 and 17, Block 54, according to McDonald's Plat of a part of Stock Island as
recorded in Plat Book 1, Page 55, Public Records of Monroe County, Florida.
Approved as to legal form&sumciency:
DOUI�
Jeni-Lee MacLaugh1!nWd..gh1hOpWby)W-L.
ogees xozaoa M—W
Jeni-Lee MacLaugbbn
Page 0 of 12 Monroe County Assistant County Attorney
EXHIBIT A TO LEASEHOLD MORTGAGE
STATE HOUSING INITIATIVES PARTNERSHIP ISHIP)PROGRAM PROMISSORY NOTE
AFFORDABLE RENTAL CONSTRUCTION I REHABILITATION STRATEGY
Forgivable Loan
�200,000.00� ,����~� ���.2028
FOR VALUE RECEIVED, the undersigned
FLORIDA KEYS, INC., a Elorida blot for Profit Corporation, ("Maker*),whose address is 471 Overseas Hwy, Ste.
102, Key West, FL 33040, promises to pay to the order of MONROE COUNTY, a political subdivision of the State
of Florida("Holder"),whose address is 1100 Simonton Street, Key West, Florida 33040, or such other location or
address as Holder may from time to time designate in writing,the principal sum of IWO HUNDRED THQU,9AND
DOLLARS AND ZERO CENTS($200,000.00)('Loan")to be paid in lawful U.S.currency.
1. The |property("Property")securing this Loan is legally described as set forth in"Attachment A,"attached
hereto and incorporated herein.This State Housing Initiatives Partnership(SHIP)Program Promissory Note("Note")
is secured by a SHIP Mortgage to Secure Loan rMortgage")of even date herewith executed in favor of Holder and
recorded simultaneously therewith in the Official Records of Monroe Counh/. Florida, encumbering the Property,
subject hmnoexceptions.
2. Holder ian recipient ofSH|Pgrantfundofrnm(heSteteofF|uridopursuenttoSeu+ion42V.RO7etoeq, F|e.
0at..ao may be amended from time hmtime.
3. The Loan provided under this Note is a zero percent(10%)interest rate,deferred payment,horgivah|e|nan.
Upon expiration nf the term ofthe Mortgage securing this Note,which date im the fifteenth(15th)anniversary ufthe
execution of this Note, the Mortgage shall be deemed satisfied. Upon request of Maker, Holder shall execute a
Satisfaction of Mortgage, and the outstanding principal amount of this Note shall be forgiven. If, however, Maker
sells or transfers title ho the Property secure this Note prior ho the full term nf the Loan or fails hu comply with
any terms and conditions of the Mortgage or this Note, the outstanding principal amount of this Note mhoU
immediately become due and payable 0oHolder.
'
4. If this Note in reduced to judgment,such judgment shall bear the statutory|nterast rate onjudgments.
5. This Note may be prepaid in whole urin part at any time, without penalty ur premium. Any prepayment
hereunder shall be applied first to unpaid costs of collection,servicing fees,and late charges,if any,then to accrued,
deferred,and unpaid interest,and the balance, if any,to the principal balance.
O. In the event of a default by Maker of any term or condition of this Note, and if the same is enforced by an
attorney at |ew. Maker hereby agree(s) to pay all costs of co||wntion, including reasonable attorneys' fees.
Notwithstanding of the di provisions,Holder shall be entitled to collect e late fee nn any principal amount
due and payable uy Maker, m such amount eo may have been adopted by resolution of the Monroe County Board
of County Commissioners at the time of the execution of this Note.
7. Except for any notice required under applicable law tnbe given in anothermanner, all notices under this
Promissory Note shall bw provided ao specified in Section 2Ouf the Mortgage.
8. No delay or omission on the part of Holder in the exercise of any right hereunder shall operate amewaiver
of such right or of any other right under this Note.No waiver of any of Holder's rights under this Note shall be binding
upon Holder unless Holder approves such waiver in writing.A waiver by Holder of any right or remedy conferred to
it hereunder on any one occasion shall not be construed as a bar to, or waiver of,any such right or remedy as to
any future occasion.
g. This Note shall be interpreted and construed in accordance with and governed by the laws of the state of
Florida.The exclusive venue for any lawsuit arising from, | tadto.orinconnoctionwiththisNoteshaUbeinUhe
state courts of the Sixteenth Judicial Circuit in and for Monroe County, Florida. If any claim arising from,related to,
or in connection with this Note must be litigated in federal court,the exclusive venue for any such lawsuit shall be
In the United States District Court or United States Bankruptcy Court for the Southern District of Florida, BY
ENTERING INTO THIS PROMISSORY NOTE, MAKER AND HOLDER HEREBY EXPRESSLY WAIVE ANY
RIGHTS EITHER PARTY MAY HAVE TO A TRIAL BY JURY OF ANY CIVIL LITIGATION RELATED TO THIS
NOTE.
10, In the event that any provision of this Note is held to be unenforceable under the law, all remaining
provisions of this Note shall be binding,valid,and enforceable.
IN WITNESS WHEREOF, MAKER, H IT F H I KEY D L (Heine Yg
has executed this Note.
WITNESSES: A BIT&T FO A I CV IM00'r
OWER FLORID .
Sign Name: 7
Print Name:
CJ Print Nam
Address:
�- Title:
Sign Name:
Print Name: 111 C
Address:__ t t � t(CCT
AAA-
! sit
STATE OF FLORIDA }
SS:
COUNTY OF r✓ }
The foregoing Instrument was acknowled ad before me,by means of ysical presenceor online notartzadon,this
day of alV 0 by ®1 ®.nyt y<jbvtrl s ` . � of
ITAT F MA ITY OF KEY T AND LOWERFLORIDA KEYS, INC., Florida Non-Profit Corporation, who is
y known to a or who has produced as identification,
[Notary Seal]
Print Name: a o ),
-- --- Notary Public
notary Public State of Florida Commission Number: b t
erence S.White Commission Expires: /
toll;
iff yMM 2oi'`3olon p
x .va'f2o2s
"ATTACHMENT A"
TO SHIP PROMISSORY NOTE
Address:5530 3rd Ave, Key West, Florida 33040
Parcel ID: 00126970-000000
Legal Description(of land situate in Monroe County, Florida):
Lots 16 and 17, Block 54, according to McDonald's Plat of a part of Stock Island as recorded in Plat Book
1, Page 55, Public Records of Monroe County, Florida.
Approved as to legal fom&sufficiency:
ftUY 4red by JM-
Jeni-Lee Mact-aughlin tw lUu-wi-
Lft
"S'N
Jeni-Lee MadaugUn
Monroe County Assistant County Attorney