Resolution 038-2004
RESOLUTION
038 - 2004
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA AUTHORIZING MONROE COUNTY'S STATE HOUSING
INITIVATIVE PARTNERSHIP (SHIP) PROGRAM ADMINISTRATOR TO EXECUTE SHIP
MORTGAGE SUBORDINATIONS
WHEREAS, Monroe County provided Bahama Conch Community land Trust, Inc. a mortgage loan
under the Monroe County State Housing Initiatives Partnership (SHIP) Programs, Homeownership
Development strategy for the construction of a single family affordable homeownership unit, and;
WHEREAS, the Monroe County Board of County Commissioners has previously approved the
assumption and assignment of said mortgages from Bahama Conch Community land Trust, Inc. to the
eligible home buyers KaplanlFreeman, and;
WHEREAS, buyers Kaplan/Freeman have secured a primary loan commitment from Key West Bank
conditioned upon securing a subordination of the existing mortgage with Monroe County to the
proposed mortgage from Key West Bank, and;
WHEREAS, it is customary and had been intended that the Monroe County SHIP mortgages be second
and/or junior to the mortgage of the primary lender, and;
NOW, THEREFORE, BE IT RESOLVED, by the Board of County Commissioners of Monroe County,
Florida, that the County hereby:
Authorizes Monroe County's State Housing Initiatives Partnership (SHIP) Program
Administrator to execute SHIP mortgage subordination in favor of proposed primary
financing from Key West Bank on behalf of buyers Kaplan/Freeman for the existing SHIP
mortgage to Bahama Conch Community Land Trust, Inc. for the property known as 1031
Howe Street, Key West, as attached hereto.
PASSED AND ADOPTED, by the Board of County Commissioners of Monroe County, Florida at a
regular meeting on said Board on the 21st day of January, A.D., 2004
BOARD OF COUNTY COMMISSIONERS
OF M NROE COUNTY, FLORIDA a c:>
Mayor Nelson ~ (~~~")~
Commissioner Rice Yes By. ~'~=<
Commissioner Neugent Yes Mayor Nelson g(.,:
Commissioner McCoy ~ ~;=o~
Commissioner Spehar ~ ~~c:
~~Sa~~g~~ "'.c.. MONROE COUNTY ATTORNEY t' ~
~PPROV. 0 FORM:
Approved as to form and legal ~ ate: r-v.hj!oJ
~ SUZ NNE A, HUTTON Page 1 of 1
ASSISTANT COUNTY ATiORNEY
Date
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AGREEMENT TO SUBORDINATE LOAN
THIS AGREEMENT made this
day of
, 2004 between MONROE
COUNTY, herein referred to as "Lienholder," having its principal office at Monroe County Courthouse,
500 Whitehead Street, Key West, FL 33040, and KEY WEST BANK, herein referred to as "Lender", a
Corporation organized under the laws of the State of Florida.
THE PARTIES STIPULATE AND RECITE THAT:
A. By reason of that Mortgage given by Lienholder to BAHAMA CONCH COMMUNITY
LAND TRUST, INC, a non-profit Corporation, and Assigned and Assumed by Donna A. Kaplan and
James Freeman, herein referred to as the "Owner", after in the amount of THIRTY SIX THOUSAND
DOLLARS ($36.000.00), dated the 13th day of August. 2001 and recorded the 31 st day of December
2002 in Official Records Book 1841, Page 551 upon the property hereinafter described,
On the Island of Key West and known as part of Lot 8 in Sq. 6 of Tract 10 according to C. W
Tift's map of the City of Key West, Florida delineated in 1874. Commence at the Intersection of the
Northeasterly Right of Way Line of Howe Street and the Northwesterly Right of Way Line of Virginia
Street; thence in a Northwesterly direction along the said Northeasterly right of Way Line of Howe
Street for 51.92 feet to the Point of Beginning; thence continue in a Northwesterly direction along the
said Northeasterly Right of Way Line of Howe Street for 35.00 feet; thence at a right angle and in a
Northeasterly direction for 59.50 feet; thence at a right angle and in a Southeasterly direction for 35.00
feet; thence at a right angle and in a Southwesterly direction for 59,50 feet to the said Northeasterly
Right of Way line of Howe Street and the Point of Beginning. Containing 2082.50 Square Feet, more or
less,
which has the street address of 1031 Howe Street. Kev West. Florida 33040
B. Owner desires to negotiate a loan from Lender, and Lienholder acknowledges that such
loan is in his best interest.
C. Lender is willing to loan money to Owner if Lienholder will subordinate his present lien
against the above-described property of Owner.
FOR THE REASONS SET FORTH ABOVE AND IN CONSIDERATION OF THE MUTUAL
COVENANTS AND PROMISES OF THE PARTIES HERETO, LIENHOLDER AND LENDER
AGREE AS FOLLOWS:
The lien of Lienholder against the above-described property of Owner shall be subordinate to the
claim of Lender under the Mortgage Deed (security agreement) executed by Owner, dated the _ day
of 200 and recorded on the of 200 in O.R. Book
, Page , of the Public Records of Monroe County, Florida. Future loans made by
Lender to Owner shall not be subordinate to the claims of Lienholder.
Lienholder shall assign to Lender all sums presently due to Lienholder from Owner until the
above-described loan of Lender is paid in full. Lienholder shall execute such additional assignments as
Lender may require to give effect to this agreement.
IN WITNESS WHEREOF, the parties have executed this agreement at Monroe County, State of
Florida, the day and year first above written.
WITNESSES
MONROE COUNTY
By:
Witness Signature
Printed Name:
Mark A. Bell, SHIP Administrator
Witness Signature
Printed Name:
STATE OF FLORIDA COUNTY OF MONROE
I HEREBY CERTIFY that on this day of, 20_ before me, an officer duly qualified to take
acknowledgments, personally appeared , to me
known to be the person/s described in and who executed the foregoing instrument and acknowledged before me that he/they
executed the same.
SEAL
NOTARY PUBLIC SIGNATURE
Printed Name of Notary
Commission No.:
My Commission Expires:
KEY WEST BANK
Witness Signature
Printed Name:
By:
Title:
Witness Signature
Printed Name:
STATE OF FLORIDA COUNTY OF MONROE
I HEREBY CERTIFY that on this day of 20_ before me, an officer duly qualified to take
acknowledgments, personally appeared , to me
known to be the person/s described in and who executed the foregoing instrument and acknowledged before me that he/they executed the
same, Drivers License shown as identification,
SEAL
NOTARY PUBLIC SIGNATURE
Printed Name of Notary
Commission No.:
My Commission Expires: