Resolution 105-2005
RESOLUTION NO. 105
- 2005
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY,
FLORIDA, PROVIDING FOR A SUBORDINA TION OF MORTGAGE FOR PROPERTY
ENCUMBERED BY A MORTGAGE TO MONROE COUNTY IN CONJUNCTION WITH THE
MONROE COUNTY STATE HOUSING INITITIA VES PARTNERSHIP (SHIP) PROGRAM
WHEREAS, Monroe County State Housing Initiatives Partnership Program contributed funding in the
amount of $50,000 for rehabilitation of five (5) of seven (7) rental apartments located at 3918 Overseas
Highway, Marathon, Florida, and;
WHEREAS, in consideration of said funding Monroe County placed a subordinate (2nd position) mortgage
lien on the property containing affordability restrictions for a term of fifteen (15) years subject to a forgiveness
of principal at the rate of 15% annually, and;
WHEREAS, the owner now desires to refinance the existing primary mortgage, borrowing additional funds in
the amount of $20,000 for the purpose of rehabilitating the remaining two (2) unoccupied and uninhabitable
rental units on the subject property, and;
WHEREAS, upon review of an appraisal and proposed primary mortgage terms, the combined loan to value
after refinance of the primary mortgage will result in a combined loan to value of 80%, which is within but at
the maximum amount allowable under lending industry norms,
WHEREAS, the results of approval of the applicants request, is expected to be the creation of two additional
habitable rental units subject to the affordability restrictions contained within the existing SHIP mortgage.
NOW, THEREFORE, BE IT RESOLVED, by the Board of County Commissioners of Monroe County,
Florida, that the County hereby:
Hereby authorizes the County Administrator to execute a Subordination of Mortgage,
attached hereto as "Exhibit A".
PASSED AND ADOPTED, by the Board of County Commissioners of Monroe County, Florida, at a regular
meeting on said Board on the 16th day of March , A.D., 2005.
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
Mayor Spehar
Mayor Pro Tern Nelson
Commissioner Neugent
Co cCoy
"
Yes
Yes
Yes
Yes
Yes
L)# >n ~
By:
Mayor Dixie Spehar
AGREEMENT TO SUBORDINATE LOAN
THIS AGREEMENT made this I U f_Aday of ftta. (Con 2005, between the COUNTY OF MONROE,
herein referred to as "Leinholder," having its principal office at Monroe County Courthouse, 500 Whitehead
Street, Key West, FL 33040, and HOME FEDERAL BANK OF HOLLYWOOD, 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 Sheri a Sawyer, Irving Sawyer and Delores
Sawyer, herein referred to as "Owner," in the amount of FIFTY THOUSAND
DOLLARS AND NO CENTS ($50,000.00) dated the 1st day of December 2001 and
recorded the 21st day of December 1995 in Official Records Book 1747, Page 1922,
upon the property hereinafter described,
Lot 13 of Block 5, Resubdivision of part of Block 2 and all of Block 5 of Marathon Beach, a
subdivision of part of Government Lot 3, Section 10, Township 66 South, of Range 32
East, according to the plat thereof as recorded in Plat Book 2 at Page 21, of the Public
record of Me
Which has the street address of 3918 Gulfside A venue. Marathon. Florida 33050
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 _ day of
, 200_ in Official Records 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.
Page 10f2
Subordination- Sawyer/Home Federal
IN WITNESS WHEREOF, the parties have executed this agreement at Monroe County, State of
Florida, the day and year first above written,
c;r;;;~~fC~
Witness Signature i '
Prin ed N~e~ FreQerd<:
:x. , ,r: 'lLLJ ',--. - l,
. ness Signature
Printed Name: G;n~)junct' ~ eYf
STATE OF FLORIDA COUNTY OF MONROE
I HEREBY CERTIFY that on this JU d~>, of Jone... .20 OJ' before me, an officer duly qualified to take
acknowledgments, personally appeared -Jh~YYl O.A J. w ,'II j , to me known to be the personls
described in and who executed the foregoing instrument and acknowledged before me that he/they executed the same, Driver
Liccn<<j, ,hown" identification. ~ J, -fl.W\M
SEAL NOTARY PUBLIC SIGNATURE
By:
MONROE COUNTY .
-;/7~
County Adn'iinistrator '
MONROE COIj,\j"' v .;nORNEY
AP. M'
~
"",)
Witness . n;ture q
Printed Name: Cathryn L.
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~
Printed Name of Notary:
~~().lJlO1i&ston No, :
My Commission Expires: .
Schlegel
,_GeJ.U\A'Q'-J€ N~Uu~~
Witness Signature
Printed Name: Genevieve Maxwell
ST A TE OF FLORIDA COUNTY OF
Broward
I HEREBY CERTIFY that on this 24 day of Mqy ,20.-05.- before me, an officer duly qualified to take
acknowledgments, personally appeared (~I1Y T .r:l7'7~r; I pr~5; nent ' to me known to be the personls
described in and who executed the foregoing instrument and acknowledged before me that he/they executed the same. Driver
License/s shown as identification. ?e t:S ~ t~~
SEAL NOT~~CSIGN~ &-
print::~ ~
"'~~~Y""" Cathry~ 1. Schlegel
:::~' 'e~~ '-:. C0!llll11SSI00 #DD3124S2
~;:" ~,~:j Expires: lun 04, 2008
, ,~'Ii OFf~~'" Bonded Thru
"I,,,,,,,, Atlantic Bonding Co., Inc.
Commission No.:
My Commission Expires:
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