Resolution 111-1988
County Commission
RESOLUTION NO.
111 -1988
A RESOLUTION AUTHORIZING THE MAYOR TO EXECUTE
LOAN AGREEMENTS AND ACCEPTANCE OF MORTGAGES
WITH RESPECT TO CDBG LOANS FOR THE REHA-
BILITATION OF LOW INCOME HOUSING AT THE ROCK
IN MARATHON.
WHEREAS, the Board of County Commissioners of Monroe County,
Florida, has previously authorized the acceptance of a grant from
the Department of Community Affairs to provide low interest loans
to developers to rehabilitate low income housing at the Rock in
Marathon; and
WHEREAS, the Commission has further authorized the hiring of
an administrator to administer the grant, to-wit Paul Wick; and
WHEREAS, two loan agreements have been negotiated on behalf
of the County to De1ton Leigh and Associates and Clinton LeBaron
and Associates for the purpose of lending money procured from
CDBG to provide for refurbishing and rehabilitating of low income
housing at the Rock; now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, as follows:
That the Board of County Commissioners
ex'
of Monroe O".QtUnty,
..".
Florida does hereby authorize the Mayor to execute the loan
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agreements attached hereto for the above-stated purposes.
-,
PASSED AND ADOPTED by the Board of County Commissioners of
Monroe County, Florida, at a regular meeting of said :Board neld .'
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on the \ day of --tJ....ClJ--~ , A. D., 1988.
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
Byg~, ~
Mayor a1rman
(SEAL)
At t est: DANNY L. KOLHAGE, Clerk
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APPROv.5D t TO Fl~/i;'~
8Y AND~t;zmcid~
AUort/ov's G.ffi(;e
LOAN AGREEMENT
day of
A.D.,
THIS AGREEMENT made this
1988, between MONROE COUNTY, a political subdivision of the State
of Florida, hereinafter called LENDER, and DELTON LEIGH and
VICTORIA LEIGH, his wife, and AMEDEO DE SANCTIS, hereinafter
called BORROWERS; which term shall include the heir, successors,
assigns, and personal representatives of the respective parties
wherever and whenever applicable,
WIT N E SSE T H:
1. That the LENDER agrees to lend and the BORROWERS agree
to borrow the sum of Two Hundred Eighty-six Thousand
($286,000.00) Dollars upon the terms and conditions as hereinaf-
ter set forth.
2. That the loan shall be for a period of Fifteen (15)
years, payable in 180 monthly installments and bearing interest
at Three (3%) percent per annum.
3. The loan shall be secured by a second mortgage on the
following described property, subordinated only to a first
mortgage in favor of the Marine Bank of Monroe County in the
amount Three Hundred Thirty Thousand Five Hundred Ninety-three
($330,593.00) Dollars:
Lot 7, Block 1, Marathon Beach Subdivision,
according to the plat thereof recorded in
Plat Book 2, page 16, of the Public Records
of Monroe County, Florida.
4. The BORROWERS shall at their expense furnish to the
LENDER a mortgagee title insurance policy certifying that the
mortgage made hereunder is a valid second lien against the
property superior in dignity to all other liens save the first
mortgage hereinbefore mentioned. BORROWERS further agree to pay
all taxes, recording fees or other charges imposed by lawful
authority as a consequence of this mortgage.
5. The Parties agree that the funds to be loaned hereunder
shall be used exclusively for improving and rehabilitating the
structures located on the subject property and for no other
purpose.
6. The Parties agree that the funds shall be disbursed to
the BORROWERS in accordance with the draw schedule attached
hereto and that all required practices and procedures of the
Florida Mechanics Lien law with respect to affidavits and notices
shall be followed by the BORROWERS and their contractor.
7. During the life of the mortgage to be given pursuant to
this Agreement, the BORROWERS agree to keep the property avail-
able as "Affordable Housing" as that term is defined in the
Monroe County Comprehensive Land Use Plan and Land Development
Regulations, especially Section 9-306.
8. The BORROWERS further agree to keep the rentals within
the limits prescribed by said Plan and to increase them only in
accordance with such permission as the LENDER may grant.
9. The funding for this loan is provided for from a
Community Development Block Grant. The BORROWERS agree to follow
all Federal, State and County regulations concerning such pro-
grams and to execute any and all documents and affidavits which
may be required in connection therewith now or in the future in
order to ensure compliance with said Plans.
10. The obligation to maintain the subject property as
"Affordable Housing" shall continue and shall run with the land
during the fifteen (15) year term of this mortgage. In the event
the property is sold or involuntary transfer of any sort takes
place the BORROWERS agree that nevertheless the obligation to
maintain the property as "Affordable Housing" shall continue
until the term of the mortgage is complete. In the event that
the mortgage or any condition thereof is breached by the BORROW-
ERS or their successors in interest in that event all impact fees
previously waived shall immediately become due and payable and
the mortgage may at the option of the LENDER become due and
payable in a like manner.
11. The BORROWERS agree that they will annually furnish to
the LENDER an affidavit certifying that all tenants currently
occupying units on the mortgaged property qualify under the
2
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"Affordable Housing" standards of the County and shall catalogue
the amount collected as rent from each such tenant.
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
By
R~;,~/ ~.
ayor '1rman
(SEAL)
Attest:
Clerk
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VICTORIA LEI~ ~
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