Item M1
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: June 21, 2006
Division:
Monroe County Housing Authority
Bulk Item: Yes X
No
Department: Special Programs Office
AGENDA ITEM WORDING: A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF MONROE COUNTY, FLORIDA APPROVING THE ASSIGNMENT AND
ASSUMPTION OF MORTGAGES FROM MONROE COUNTY TO HABITAT FOR HUMANITY
OF THE UPPER KEYS, INC. TO ELIGIBLE BUYERS (2).
ITEM BACKGROUND: Habitat for Humanity of the Upper Keys, Inc. secured funding from the
Monroe County SHIP Program Homebuyer Assistance Strategy for the construction of two detached
single-family homes in Ocean Isles Estates, Key Largo. Each property is subject to a Monroe County
SHIP mortgage in the sum of $45,000.00. Habitat for Humanity has completed construction and now
requests assignment and assumption of said mortgages to buyer as provided for in the Monroe County
Housing Assistance Plan.
PREVIOUS RELEVANT BOCC ACTION: Approval of Resolution 157-2004 approving the
Monroe County Local Housing Assistance Plan (LHAP) that provides for the SHIP Homebuyer
Assistance Strategy to provide loans to non-profit affordable housing development organizations for the
construction of affordable housing. The strategy provides that said loans (mortgages) may be assumed
by qualified buyers subject to approval.
CONTRACT/AGREEMENT CHANGES: N/A
STAFF RECOMMENDATION: Approval
TOTAL COST:
COST TO COUNTY:
$-0-
$-0-
BUDGETED: Yes
No_X
SOURCE OF FUNDS:
N/A
REVENUE PRODUCING: Yes
No
x
AMOUNT PER: Month
Year
APPROVED BY:
County Atty._
Risk Management _
DIVISION DIRECTOR APPROVAL:
1. anuel Castillo, Sr., Executive Director
Monroe County Housing Authority
DOCUMENTATION:
Included
X
To Follow
Not Required_
DISPOSITION:
AGENDA ITEM #
RESOLUTION
- 2006
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA, APPROVING THE ASSIGNMENT AND ASSUMPTION OF
MORTGAGES FROM MONROE COUNTY TO HABITAT FOR HUMANITY OF THE UPPER
KEYS, INC. TO ELIGIBLE BUYERS (2)
WHEREAS, Monroe County has provided Habitat for Humanity of the Upper Keys, Inc. funding in the
aggregate sum $90,000.00 for the purpose of providing partial funding for the construction of two
detached single family affordable homeownership units through the Monroe County State Housing
Initiatives Partnership (SHIP) Program, Homebuyer Assistance Strategy, and;
WHEREAS, Monroe County holds a mortgage interest in each of the two subject properties for the
amount of the public funds, and;
WHEREAS, a condition of said mortgage is that the mortgage is assumable to qualified buyers, subject
to written approval of the Monroe County Board of County Commissioners, and;
WHEREAS, Habitat for Humanity of the Upper Keys, Inc. has completed construction of the subject
properties and has identified buyers for each unit.
NOW, THEREFORE, BE IT RESOLVED, by the Board of County Commissioners of Monroe County,
Florida, that the County hereby:
1.) Approve the assignment and assumption of mortgages from Monroe County to
Habitat for Humanity of the Upper Keys, Inc. using the instruments attached hereto
as Exhibits A and B for the following eligible buyers:
Deborah Santos, Lot 2, Block 2, Ocean Isles Estates
Shauna Gionfriddo, Lot 3, Block 2, Ocean Isles Estates
2.) Designate Thomas Willi, County Administrator, or his designee to execute the
assignment and assumption documents described above.
PASSED AND ADOPTED, by the Board of County Commissioners of Monroe County, Florida at a
regular meeting on said Board on the _ day of , A.D., 2006
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
Mayor McCoy
Commissioner Patton
Commissioner Neugent
Commissioner McCoy
Commissioner Rice
By:
Mayor Charles "Sonny" McCoy
SEAL
ATTEST:
Approved as to form and legal sufficiency: <-iwtQA^,"",,~..f.c......
7u-J~~--d
Date: Sf ~~ (': )-OCJ~
Exhibit A
This Document Prepared By:
Special Programs Office
Monroe County Housiog Authority
1400 KeIUledy Drive
Key West, FLorida 33040
MORTGAGE ASSIGNMENT AND ASSUMPTION
THIS AGREEMENT, made and entered into this _ day of
2006, by and between, MONROE COUNTY (hereinafter referred to as "Mortgagor"),
and DEBORAH SANTOS (hereinafter referred to as "Buyer");
WITNESSETH:
WHEREAS, Mortgagor is the owner of real property located at 21 North End Drive, Key
Largo, Florida, and more particularly described as:
Lot 2, Block 2, Ocean Isles Estates according to the plat thereof as recorded in Plat
Book 5, Page 14 of the Public Reco/'ds of Monroe County, Florida
WHEREAS, Monroe County is the owner and holder of a certain Mortgage dated _
day of , 2006, and recorded on _ day of , 2006, in
Book , Page in the Official Records of Monroe County, Florida;
Said Mortgage encumbers the real property described above; and
WHEREAS, Mortgagor and Buyer have entered into a sell/purchase agreement for said
real property; and
WHEREAS, Mortgagor and Buyer wish to transfer the mortgage as part of the purchase
Plice; as
WHEREAS, all parties are desirous of the assignment and assumption of said mortgage
and Note;
NOW THEREFORE;
1. TIle recitals contained herein are true and correct.
2. The Mortgagee (Monroe County) agrees that said Mortgage and Promissory Note
may be assigned by the Mortgagor and assumed by the Buyer.
3. The principal balance under the Note and Mortgage IS FORTY-FIVE
THOUSAND DOLLARS AND NO CENTS ($45.000.00).
4. The Mortgagor hereby transfers and assigns the Buyer all of his obligations and
liabilities provided in the Note and Mortgage documents, which documents are
recorded at OR Book ---' Page _, Monroe County, Florida.
5. The Buyer does hereby expressly assume and agree to pay the aforementioned
unpaid indebtedness as of the date above. The principal and interest shall be
payable in accordance with the Promissory Note, and Buyer shall be perso!1ally
liable therefore as fully and to the same extent as though he was the original
maker of said Note and Mortgage.
6. The property hereinabove described shall remain subject to the lien, charge and
encumbrance of said original mortgage and nothing herein contained or done
pursuant hereto shall in any manner or way affect, alter or modify any of terms
and conditions of said original mortgage, except as herein expressly changed and
modified.
Page 2 of3
Exhibit A
7. This Agreement applies to and insures to the benefit of and binds all parties hereto
and their respective heirs, administrators, executors, successors and assigns.
8. All other tenns and conditions of said Mortgage and Note are hereby ratified and
reaffinned and shall remain in full force and effect, except as modified by this
Agreement, and nothing contained herein shall in any way impair the security
now held for the said indebtedness.
IN WITNESS WHEREOF, the parties hereto have set their hands and seals this _
day of , 2006.
Witnesses:
MORTGAGOR:
By:
Signature of Witness
Inc.
Habitat for Humanity, Upper Keys,
Printed Name of Witness
Witness:
Signature of Witness
Printed Name of Witness
Attest:
MORTGAGEE:
By:
Momoe County Clerk of Court
By:
Monroe County
Witnesses:
BUYER(S):
Signature of Witness
By:
Deborah Santos
Printed Name of Witness
Witness:
Signature of Witness
Printed Name of Witness
MONROE COUNTY ATTORNEY
APPROV, D AS T? FOAM:
& ~1-ct;
Exhibit A
Page 3 of4
NOTARY PAGE OF MORTGAGE ASSIGNMENT AND ASSUMPTION
STATE OF FLORIDA
COUNTY OF MONROE
BEFORE ME, the undersigned authority, personally appeared, of
to me well known, and Agreement for the purposes therein
expressed.
WITNESS my hand and seal this _ day of
,2006.
My Commission Expires:
Notary Public Signature
(SEAL)
Printed Name ofNolary
STATE OF FLORIDA
COUNTY OF MONROE
BEFORE ME, the undersigned authority, personally appeared, of
to me well known, and Agreement for the purposes therein
expressed.
WITNESS my hand and seal this _ day of
,2006.
My Commission Expires:
Notary Public Signature
(SEAL)
Printed Name of Notary
STATE OF FLORIDA
COUNTY OF MONROE
BEFORE ME, the undersigned authority, personally appeared, of
to me well known, and Agreement for the purposes therein
expressed.
WITNESS my hand and seal this _ day of
,2006.
My Commission Expires:
Notary Public Signature
(SEAL)
Printed Name of Notary
THIS PROMISSORY NOTE IS GIVEN TO MONROE COUNTY AND IS EXEMPT FROM TAXATION
PURSUANT TO FLORIDA STATUES 199,183.
PROMISSORY NOTE
COUNTY OF MONROE
SHIP LOAN
Date
May -----' 2006
Property Address
City, State
Key Largo Florida
23 North End Drive City Key Largo State Florida Zip Code 33037
I. BORROWER'S PROMISE TO PAY
We, Habitat For Humanity Of The Upper Keys, Inc., (the "Borrower"), promise to pay
Forty Five Thousand Dollars and No Cents ($45,000.00) (this amount will be called
"principal") to the order of the County Of Monroe, as agency and instrumentality of the
State of Florida, whose address is Monroe County Courthouse, 500 Whitehead Street, Key
West, Florida 33040 (the "Lender,") or to any other holder ofthis Note. I understand that the
Lender may transfer this Note. The Lender or anyone who takes this Note by transfer and
who is entitled to receive payments under this Note will be called the ''Note Holder."
2. INTEREST
Interest on this Note shall be zero percent (0%) per annum; except that if I fail to pay this
Note as required. The interest rate shall be twelve percent (12%) per annum from the date
when payment of this Note is due until I pay it in full.
3. PAYMENTS
Principal payments shall be deferred for the term of the first mortgage loan or until the May
-' 2036. In the event that I sell, transfer, or rent my home or refinance or satisfy the
first mortgage loan, I agree to pay immediately the entire sum due under this Note. My total
payment shall be Forty Five Thousand Dollars and No Cents ($45,000.00)
I will make my payment at Lender's address as stated in Section I above or at a different
place if required by the Note Holder.
4. BORROWER'S PAYMENT BEFORE THEY ARE DUE
I have the right to make payment in full on this Note at any time before it is due. Such
payment is known as a "full payment." No partial prepayments can be made at any time on
the principal of the loan. When I make full prepayment, I will tell the Note Holder in a letter
that I am doing so.
5. BORROWER'S FAILURE TO PAY AS REQUIRED
(A) Default
If I do not pay the full amount as required in Section 3 above, I will be in default. If I
am in default, the Note Holder may bring about any actions not prohibited by applicable
law and require me to pay Holder's cost and expenses as described in (B) below.
(B) Payment of Note Holder's Costs and Expenses
If the Note Holder takes such actions as described above, the Note Holder will have the
right to be paid back for all of its cost and expenses, including but not limited to
reasonable attorney's fees.
6. THIS NOTE SECURED BY A MORTGAGE
In addition to the protections given to the Note Holder under this Note, a Mortgage, dated
May _, 2006, protects the Note Holder from possible losses that might result if I do not
keep the promises that I make in this Note. That Mortgage describes how and under what
conditions I may be required to make immediate payment in full of all amounts that I owe
under this Note.
7. BORROWER'S WAIVER
I waive my rights to require the Note Holder to do certain things. Those things are: (A) to
demand payment of amount due (known as "presentment"); (B) to give notice that amounts
have not been paid (known as "notice of dishonor"); (C) to obtain an official certification of
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nonpayment (known as a "protest.") Any co-signer, guarantor, surety or endorser who agrees
to keep the promises I have made in this Note by signing this Note or by executing a separate
agreement to make payments to the Note Holder ifI fail to keep my promises under this Note
also waives these rights.
8. GIVING OF NOTICES
Any notice that must be given to me under this Note will be given by delivering it or by
mailing it by certified or registered mail, postage prepaid, addressed to me at the Property
address above. A notice will be mailed to the Note Holder at a different address if I am given
a notice of that different address.
9. RESPONSIBILITY OF PERSONS UNDER THIS NOTE
If more than one person signs this Note, each of us is fully and personally obligated to pay the
full amount owed and to keep all of the premises made in this Note. Any guarantor, surety or
endorser of this Note (as described in Section 7 above) is also obligated to do these things.
The Note Holder may enforce its rights under this Note against each of us individually or
against all of us together any may enforce its rights against any of us in any order. This
means that anyone of us may be required to pay all of the amounts owed under this Note.
1 O. PRINCIPAL PAYMENT
Lender shall give the Borrower the right to negotiate a repayment schedule for 90 days after
the last payment is due on the First Mortgage for all sums secured by this mortgage that have
been deferred. The terms and conditions of the repayment schedule negotiated after the last
payment. is due on the First Mortgage shall provide for a below market interest rate, a term
for up to thirty (31) years, a principal and interest payment and such payment of principal and
interest when combined with real estate taxes and property insurance shall not exceed twenty
five percent (25%) of the household income.
NOTICE TO BORROWER
DO NOT SIGN THIS NOTE IF IT CONTAINS BLANK SPACES.
ALL SPACES SHOULD BE COMPLETED BEFORE YOU SIGN.
BORROWER, Habitat for Humanity ofthe
Upper Keys, Inc.
Date
(SIGN ORIGINAL ONLY)
THIS PROMISSORY NOTE IS GIVEN TO MONROE COUNTY AND IS EXEMPT
FROM TAXATION PURSUANT TO FLORIDA STATUES 199.183.
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THIS MORTGAGE IS GIVEN TO MONROE COUNTY AND IS SUBJECT TO PAYMENT OF
DOCUMENTARY STAMP TAXATION PURSUANT TO FLORIDA STATUE 420.513
THIS IS A BALLOON MORTGAGE WHERE THE PRINCIPAL BALANCE DUE
UPON MATURITY IS $45,000.00, TOGETHER WITH ACCRUED INTEREST, IF
ANY, AND ALL ADVANCEMENTS MADE BY THE MORTGAGE UNDER THE
TERMS OF THIS SECOND MORTGAGE.
SECOND MORTGAGE
COUNTY OF MONROE
SHIP PROGRAM
THIS SECOND MORTGAGE is made this May . 2006, between the Mortgagor,
Habitat For Humanity Of The Upper Keys, Inc., a Florida Corporation, (herein the
"Borrower,") and the Mortgagee, the County Of Monroe, an agency and instrumentality of
the State of Florida, whose address is Monroe County Courthouse, 500 Whitehead Street,
Key West, Florida 33040 (herein the "Lender.")
WHEREAS, the Borrower has applied to the County of Monroe Special Programs Office for
a State Housing Initiatives Partnership (SHIP) Program loan in the original principal amount
of Forty Five Thousand Dollars and No Cents ($45,000.00) the "Loan," the Borrower
along intends construct for the benefit of very low and low income households the Property
(as defined herein,) which Property is a single-family residence, and;
WHEREAS, the Borrower is indebted to Lender in the principal sum of Forty Five
Thousand Dollars and No Cents ($45,000.00), which indebtedness is evidenced by the
Borrower's Promissory Note dated May _, 2006 and extensions and renewals thereof
(herein "Note,") providing for payment of principal indebtedness if not sooner paid, due and
payable on May -----.:> 2036. TO SECURE to the Lender the repayment of the indebtedness
evidenced by the Note: the payment of all other sums, advanced in accordance herewith to
. protect the security of this Mortgage: and the performance of the covenants and agreements
of the Borrower herein contained the Borrower does hereby mortgage, grant and convey to
Lender the following described property located in the County of Monroe, State of Florida:
Lot 3, Block 2, Ocean Isles Estates according to the Plat thereof as recorded in Plat Book 5,
Page 14 of the Public Records of Monroe County, Florida
Which has the address of 23 North End Drive
(Street)
Kev Lan!O.
(City)
Florida 33037
(State) (Zip Code)
(herein the "Property Address:")
TOGETHER with all the improvements now or hereafter erected on the property, and all
easements, rights, appurtenances, and rents all of which shall be deemed to be and remain a
part of the property covered by this Mortgage; and all of the foregoing, together with said
property (or the leasehold estate ifthis Mortgage is on a leasehold) are hereinafter referred to
as the "Property."
This instrument was prepared by:
Special Programs Office
1400 Kennedy Drive
Key West, FL 33040
(305) 292-1221
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BORROWER COVENANTS, represents and warrants to the Lender and its successors and
assigns that Borrower is lawfully seized of the estate hereby conveyed and has the right to
mortgage, grant and convey the Property, and the Property is unencumbered, except for the
mortgage lien of the First Mortgage in favor of Participant, and for other encumbrances of
record. Borrower covenants, represents and wan-ants to the Lender and its successors and
assigns that Borrower will defend generally the title to the Property against all claims and
demands, subject to the mortgage lien of the First Mortgage and other encumbrances of
record.
BORROWER FURTHER COVENANTS and agrees with the Lender as follows:
1. Payment. The Borrower shall promptly pay when due the indebtedness evidenced by the
Note.
2. Prior Morhml!es and Deeds of Trust; Chan.!es; Liens. Lender and Borrower
acknowledge and agree that this Mortgage is subject and subordinate in all respects to the
liens, terms, covenants and conditions of the First Mortgage and to all advances
heretofore made. The Borrower shall perform all of the Borrower's obligations under the
First Mortgage and any other mortgage, deed of trust or other security agreement with a
lien that has priority over this Mortgage, including the Borrower's covenants to make
payments when due. The Borrower shall payor cause to be paid all taxes, assessments
and other charges, fines and impositions attributable to the Property that may attain a
priority over this Mortgage, and leasehold payments or ground rents, if any.
3. Hazard Insurance. The Borrower shall keep the improvements now existing 01'
hereafter erected on the Property insured against loss by fire, hazards included within the
term "extended coverage," and such other hazards as the Lender may require and in such
amounts and for such period as the Lender may require.
The insurance carrier providing the insurance shall be chosen by the Borrower subject to
approval by the Lender, orovided that such approval shall not be unreasonably withheld.
All insurance policies and renewals thereof shall be in a form acceptable to the Lender
and shall include a standard mortgage clause in favor of, and in a form acceptable to the
Lender. The Lender shall have the right to hold the policies and renewals thereof, subject
to the terms of the First Mortgage and any other mortgage, deed of trust or other security
agreement with a lien that has priority over this Mortgage.
In the event of loss, the Borrower shall give prompt notice to the insurance carrier and to
the Lender. The Lender may make proof of loss if not made promptly by the Borrower.
If the Property is abandoned by the Borrower, or if the Borrower fails to respond to the
Lender within thirty (31) days from the date notice mailed by the Lender to the Bon-ower
that the insurance carrier offers to settle a claim for insurance benefits, the Lender is
authorized to collect and apply the insurance proceeds at the Lender's option either to
restoration or repair of the Property or to the sums secured by this Mortgage.
4. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned
Unit Developments. The Borrower shall keep the Property in good repair and shall not
commit waste or permit impairment or deterioration of the Property and shall comply
with the provisions of any lease if this Mortgage is subject to a leasehold. If this
Mortgage is on a unit in a condominium or a planned unit development, the Borrower
shall perfonn all of the Borrower's obligations under the declaration or covenants
creating or governing such condominium or planned unit development, the by-raws and
regulations of the condominium or planned unit development, and constituent documents.
5. Protection of Lender's Security. If the Borrower fails to perform the covenants and
agreements contained in this Mortgage, or if any action or proceeding is commenced that
materially affects the Lender's interest in the Property. Then the Lender, at the Lender's
option upon notice to the Borrower, may make such appearances, disburse such sums,
including reasonable attorney's fees, and take such action as is necessary to protect the
Lender's interest in the Property.
Any amounts disbursed by the Lender pursuant to this Paragraph 5, with interest thereon,
at the rate of twelve percent (12%) per annum, shall become additional indebtedness of
the Borrower secured by this Mortgage. Unless the Borrower and the Lender agree to
other terms of payment, such amounts shall be payable upon notice from the Lender to
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the Borrower requesting payment thereof Nothing contained in this Paragraph 5 shall
require the Lender to incur any expense or take any action hereunder.
6. Inspection. The Lender may make or cause to be made reasonable entries upon the
inspections of the Property, provided that the Lender shall give Borrower notice prior to
any such inspection specifying reasonable cause therefor to the Lender's interest in the
Property.
7. 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 the Lender, subject to the tenus of any mortgage, deed of trust or to the security
agreement with a lien that has priority over this Mortgage.
8. Borrower Not Released; Forbearance bv Lender Not a Waiver. Extension of the time
for payment or modification of amortization of the sums secured by this MOligage
granted by the Lender to any successor in interest of the Borrower shall not operate to
release, in a manner, the liability of the original Borrower and the Borrower's successors
in interest. The Lender shall not be required to commence proceedings against such
successor or refuse to extend time for payment or otherwise modifY amortization of the
sums secured by this Mortgage by reason of any demand made by the original Borrower
and the Borrower's successors in interest. Any forbearance by the Lender in exercising
any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a
waiver of or preclude the exercise of any such right or remedy.
9. Successors and Assie:ns Bound; Joint and Several Liability; Co-Sie:ners. The
covenants and agreements herein contained shall bind, and the rights hereunder shall
inure to, the respective successors and assigns for the Lender and the Borrower, subject to
the provisions of Paragraph 14 hereof If more than one Borrower executes this
Mortgage, all covenants, representations, warranties and agreements of Borrower shall be
joint and several. Any Borrower who co-signs this Mortgage, but does not execute the
Note: (a) is co-signing this Mortgage only to mortgage. Grant and convey that
Borrower's interest in the Property to the Lender under the terms of this Mortgage, (b) is
not personally liable on the Note or under this Mortgage, and (c) agrees that Lender and
any other Borrower hereunder may agree to extend, modifY, forbear, or make any other
accommodations with regard to the tenus of this Mortgage or the Note without the
Borrower's consent and without releasing that Borrower or modifying this Mortgage as to
that Borrower's interest in the Property.
10. Notice. Except for any notice required under applicable law to be given in another
manner: (a) any notice of the Borrower provided for in this Mortgage shall be given by
delivering it or by mailing such notice by certified or registered mail, postage prepaid,
addressed to the Borrower at the Property Address or at such other address as the
Borrower may designate by notice to the Lender as provided herein, and (b) any notice to
the Lender and/or the Federal National Mortgage Association ("Fannie Mae") shall be
given by certified or registered mail, postage prepaid, and if to the Lender at the Lender's
address stated on page I hereof with a copy to Servicer, if to Fannie Mae, addressed to
950 East Paces Ferry Road, Atlanta, Georgia 31326, Attention: Loan Administration, or
to such other address as the Lender may designate by notice to the Borrower as provided
herein. Any notice provided for in this Mortgage shall be deemed to have been given to
the Borrower or the Lender when given in the manner designated herein.
11. Governine: Law; Severability: Costs. This Mortgage shall be governed by the'laws of
the State of Florida, and, to the extent applicable hereto, the laws and regulations of the
United States of America. In the event that any provision or clause of this Mortgage or
the Note conflicts with applicable law, such conflict provision, and to this and the
provisions of this Mortgage or the Note that can be given effect without the conflicting
provision, and to this and the provisions of this Mortgage and the Note are declared to be
severable. As used herein, "costs," "expenses," and "attorneys' fees" include all sums to
the extent not prohibited by applicable law or limited herein.
]2. Borrower's COpy. Borrower shall be furnished a conformed copy of the Note and of this
Mortgage at the time of execution or after recordation hereof.
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13. Rehabilitation Loan Aereement. Borrower shall fulfill all of Borrower's obligations
under any home rehabilitation, improvement, repair, or other loan agreement that
Borrower enters into with the Participant, the Lender, at the Lender's option, may require
Borrower to execute and deliver to the Lender, in a form acceptable to the Lender, as
assignment of any rights, claims or defenses that Borrower may have against parties who
supply labor, materials or services in connection with improvements made to the
Property.
14. Transfer of the Property. If all or any part of the Property or any interest in it is sold,
transferred, gifted or otherwise conveyed, whether by voluntary act, involuntarily, by
operation of law or otherwise, or if the Borrower is divested of title by judicial sale, levy
or other proceeding, or if foreclosure action is instituted against the Property, or if the
First Mortgage is satisfied or refinanced, or if the Property is leased or rented, all sums
secured by this Mortgage may immediately become due and payable.
This mortgage shall be assumable only by an individual who has qualified in accordance
with Florida Statue 420.907-420.9079, Florida Administrative Rule, Chapter 67-37 and
Monroe County's approved SHIP Local Housing Assistance Plan, under which tlus
mortgage was issued. Any assignment by the lender or assumption by a third party must
be in writing and approved by the Monroe County Board of County Commissioners as
evidenced by the Mayor or Mayor pro tem's execution. The assignment of mortgage
must be recorded in the Official Records of Monroe County. In the event of an
assignment and assumption, all conditions and requirements placed upon the original
borrower by this document or a promissory note are binding on the assignees.
Lender shall give Borrower notice of acceleration. The notice shall provide a period of
not less than thirty (31) days from the date the notice is given provided in Paragraph 10
hereof within which the Borrower must pay all sums secured by this Mortgage. If
Borrower fails to pay these sums prior to the expiration of this period, the Lender may
invoke any remedies permitted by this Mortgage without further notice or demand on the
Borrower.
15. Acceleration: Remedies. Except as provided in Paragraph 14 hereof, upon the
Borrower's breach of any covenant or agreement of the Borrower in this Mortgage,
including the covenants to pay when due any sums secured by this Mortgage, or in the
event that the Borrower shall have made material misrepresentations or material
omissions in hislher/their application for a SHIP Loan, the Lender, at the Lender's option,
may declare all of the sums secured by this Mortgage to be immediately due and payable
without further demand and may foreclose this Mortgage by judicial proceeding. Prior to
taking any defaults action including acceleration of this Mortgage, the Lender shall give
notice to the Senior Lien Holder and to the Borrower as provided in Paragraph 10 hereof
specifying (1) the breach (if the breach is curable; (2) the action required to cure such
breach; (3) a date, not less than ten (10) days form the date the notice is mailed to
Borrower, by which such breach must be cured; and (4) that failure to cure such breach on
or before the date specified in the notice may result in acceleration of the sums secured by
this Mortgage, foreclosure by judicial proceeding, and sale of the Property. The nbtice
shall further inform Borrower of the right to reinstate after acceleration and the right to
assert in the foreclosure proceeding the nonexistence of a default or any other defensive
of Borrower to acceleration and foreclosure. The Lender shall be entitled to collect in
such proceeding all expenses of foreclosure, including, but not limited to, reasonable
attorneys' fees, court costs, and costs of documentary evidence, abstracts and title reports.
16. Borrower's Rieht to Reinstate. Notwithstanding the Lender's acceleration ofthe sums
secured by this Mortgage due to the Borrower's breach, the Borrower shall have the right
to have any proceedings begun by the Lender to enforce this Mortgage discontinued at
any time prior to entry of a judgment enforcing this Mortgage if: (a) the Borrower pays
the Lender all sums that would be then due under this Mortgage and the Note had no
acceleration occurred; (b) the Borrower cures all breaches of any other covenants or
agreements of the Borrower contained in this Mortgage; (c) the Borrower pays all
reasonable expenses incurred by the Lender in enforcing the covenants and agreements of
the Borrower contained in this Mortgage, and in enforcing the Lender's remedies as
provided in Paragraph 15 hereof, including, but not limited to, reasonable attorneys' fees
and court costs; and (d) the Borrower takes such action as the Lender may reasonably
require to assure that the lien of this Mortgage, the Lender's interest in the Property and
the Borrower's obligation to pay the sums secured by this Mortgage shall continue
C:\Doeumcnts and Scltings\rnincr-dcbra\Loeal SCltings\Tcmporal}' Internet Files\OLKAOlNote and Mortgage 23 North End.doePage 4
unimpaired. Upon such payment and cure by the Borrower, this Mortgage and the
obligations secured hereby shall remain in full force and effect as if no acceleration had
occurred.
17. Assie:nment of Rents: Appointment of Receiver. As additional security hereunder, the
Borrower hereby assigns to the Lender the rents of the Property, provided that the
Borrower shall, prior to acceleration under Paragraph 15 hereof or abandonment of the
Property, have the right to collect and retain such rents as they become due and payable.
Upon acceleration under Paragraph IS hereof or abandonment of the Property, the Lender
shall be entitled to have a receiver appointed by a court to enter upon, take possession of
and manage the Property and to collect the rents of the Property including those past due.
All rents collected by the receiver shall be applied first to the payment of the costs of
management of the Property and collection of rents, including, but not limited to,
receiver's fees, premiums on receiver's bonds and reasonable attorneys' fees, and then to
the sum secured by this Mortgage. The receiver shall be liable to account only for those
rents actually received.
18. Release. Upon payment of all sums secured by this Mortgage, Lender shall release this
Mortgage without charge to Borrower. Borrower shall pay all costs of recordation, if any.
19. Attornevs' Fees. As used in this Mortgage and in the Note, "attorneys' fees" shall
include attorneys' fees, if any, incurred in connection with the collection or enforcement
of this Mortgage or of the Note, whether or not suit is brought and whether incurred at
trial, on appeal, in bankruptcy proceedings or otherwise.
20. Special SHIP Proe:ram Covenants. Representations. The Borrower covenants,
represents, and warrants to the Lender that; (a) the Borrower along with hislherltheirl
family, intends to reside as a household in the Property; (b) the Property is a single-family
residence; (c) the Borrower's total annual family income at the time of its application for
the Loan did not exceed the income limit by family size for eligibility to participate in the
SHIP Program, (d) at least three percent (3%) of the required five percent (5%) down
payment must be paid by the Borrower from his or her own resources.
21. Principal Payment. Lender shall give the Borrower the right to negotiate a repayment
schedule for 90 days after the last payment is due on the First Mortgage for all sums
secured by this Mortgage that have been deferred. The terms and conditions of the
repayment schedule negotiated after the last payment is due on the First Mortgage shall
provide for a below market interest rate, a term for up to thirty (31) years, a principal and
interest not to exceed the original First Mortgage principal and interest payment and such
payment of principal and interest when combined with real-estate taxes and property
insurance shall not exceed twenty five percent (25%) of the household income.
IN WITNESS WHEREOF, the Borrower has executed this Mortgage.
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NOTICE TO BORROWER
DO NOT SIGN THIS MORTGAGE IF IT CONTAINS BLANK SPACES.
ALL SPACES SHOULD BE COMPLETED BEFORE YOU SIGN.
THIS IS A BALLOON MORTGAGE WHERE THE PRINCIPAL BALANCE DUE
UPON MATURITY IS $45,000.00, TOGETHER WITH ACCRUED INTEREST, IF
ANY, AND ALL ADVANCEMENTS MADE BY THE MORTGAGEE UNDER
THE TERMS OF THIS SECOND MORTGAGE.
Signed, sealed, and delivered in the presence of:
Witness Signature
Printed Name:
Borrower
Address:
Witness Signature
Name:
Witness Signature
Printed Name:
Borrower
Address:
Witness Signature
Name:
STATE OF FLORIDA
COUNTY OF MONROE
The foregoing was acknowledged before me this day of
2006 by , who is personally
known to me or who has produced a valid driver license as identification and who did not take an
oath.
Notary Signature
SEAL
Printed Name:
Commission Number:
My Commission Expires:
THIS MORTGAGE IS GIVEN TO MONROE COUNTY AND IS SUBJECT TO
PAYMENT OF DOCUMENTARY STAMP TAXATION PURSUANT TO FLORIDA
STATUE 420.513
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Exhibit B
This Document Prepared By:
Special Programs Office
Monroe County Housing Authority
1400 Kennedy Drive
Key West, Florida 33040
MORTGAGE ASSIGNMENT AND ASSUMPTION
THIS AGREEMENT, made and entered into this _ day of
2006, by and between MONROE COUNTY (hereinafter referred to as "Mortgagor"), and
SHAUNA GIONFRIDDO and (hereinafter referred to as "Buyer");
WITNESSETH:
WHEREAS, Mortgagor is the owner of real property located at 23 North End Drive, Key
Largo, Florida, and more particularly described as:
Lot 3, Block 2, Ocean Isles Estates according to the plat thereof as recorded in Plat
Book 5, Page 14 of the Public RecOI"ds of Monroe County, Florida
WHEREAS, Monroe County is the owner and holder of a certain Mortgage dated _
day of , 2006, and recorded on _ day of , 2006, in
Book , Page in the Official Records of Monroe County, Florida;
Said Mortgage encumbers the real property described above; and
WHEREAS, Mortgagor and Buyer have entered into a sell/purchase agreement for said
real property; and
WHEREAS, Mortgagor and Buyer wish to transfer the mortgage as part of the purchase
pnce; as
WHEREAS, all parties are desirous of the assignment and assumption of said mortgage
and Note;
NOW THEREFORE;
1. The recitals contained herein are true and correct.
2. The Mortgagee (Monroe County) agrees that said Mortgage and Promissory Note
may be assigned by the Mortgagor and assumed by the Buyer.
3. The principal balance under the Note and Mortgage IS FORTY-FIVE
THOUSAND DOLLARS AND NO CENTS ($45.000.00).
4. The Mortgagor hereby transfers and assigns the Buyer all of his obligations and
liabilities provided in the Note and Mortgage documents, which documents are
recorded at OR Book _' Page _, Monroe County, Florida.
5. The Buyer does hereby expressly assume and agree to pay the aforementioned
unpaid indebtedness as of the date above. The principal and interest shall be
payable in accordance with the Promissory Note, and Buyer shall be personally
liable therefore as fully and to the same extent as though he was the original
maker of said Note and Mortgage.
6. The property hereinabove described shall remain subject to the lien, charge and
encumbrance of said original mortgage and nothing herein contained or done
pursuant hereto shall in any manner or way affect, alter or modify any of terms
and conditions of said original mortgage, except as herein expressly changed and
modified.
Page 2 of3
Exhibit B
7. This Agreement applies to and insures to the benefit of and binds all parties hereto
and their respective heirs, administrators, executors, successors and assigns.
8. All other terms and conditions of said Mortgage and Note are hereby ratified and
reaffirmed and shall remain in full force and effect, except as modified by this
Agreement, and nothing contained herein shall in any way impair the security
now held for the said indebtedness.
IN WITNESS WHEREOF, the parties hereto have set their hands and seals this _
day of , 2006.
Witnesses:
MORTGAGOR:
By:
Habitat for Humanity, Upper Keys, Inc.
Signature of Witness
Printed Name of Witness
Witness:
Signature of Witness
Printed Name of Witness
Attest:
MORTGAGEE:
By:
Monroe County Clerk of Court
By:
Monroe County
Witnesses:
BUYER(S):
Signature of Witness
By:
Shauna Gionfriddo
Printed Name of Witness
Witness:
Signature of Witness
Printed Name of Witness
MONROE COUNTY ATTORNEY
~s TO FO~M;
GU~l, . ~~,
ASSISTANT COUNTY ATTORNEY
~ (p I oLe>a6
Exhibit B
Page 3 of3
NOTARY PAGE OF MORTGAGE ASSIGNMENT AND ASSUMPTION
STATE OF FLORIDA
COUNTY OF MONROE
BEFORE ME, the undersigned authority, personally appeared, of
to me well known, and Agreement for the purposes therein
expressed.
WITNESS my hand and seal this ~ day of
,2006.
My Commission Expires:
Notary Public Signature
(SEAL)
Printed Name of Notary
STATE OF FLORIDA
COUNTY OF MONROE
expressed.
BEFORE ME, the undersigned authority, personally appeared, of
to me well known, and Agreement for the purposes therein
WITNESS my hand and seal this ~ day of
,2006.
My Commission Expires:
Notary Public Signature
(SEAL)
Printed Name of Notary
STATE OF FLORIDA
COUNTY OF MONROE
BEFORE ME, the undersigned authority, personally appeared, of
to me well known, and Agreement for the purposes therein
expressed.
WITNESS my hand and seal this ~ day of
,2006.
My Commission Expires:
Notary Public Signature
(SEAL)
Printed Name of Notary
THIS PROMISSORY NOTE IS GIVEN TO MONROE COUNTY AND IS EXEMPT FROM TAXATION
PURSUANT TO FLORIDA STATUES 199.183.
PROMISSORY NOTE
COUNTY OF MONROE
SHIP LOAN
Date
May -' 2006
Property Address
City, State
Key Largo Florida
21 North End Drive City Key Largo State Florida Zip Code 33037
1. BORROWER'S PROMISE TO PAY
We, Habitat For Humanity Of The Upper Keys, Inc., (the "Borrower"), promise to pay
Forty Five Thousand Dollars and No Cents ($45,000.00) (this amount will be called
"principa]") to the order of the County Of Monroe, as agency and instrumentality of the
State of Florida, whose address is Monroe County Courthouse, 500 Whitehead Street, Key
West, Florida 33040 (the "Lender,") or to any other holder of this Note. I understand that the
Lender may transfer this Note. The Lender or anyone who takes this Note by transfer and
who is entitled to receive payments under this Note will be called the ''Note Holder."
2. INTEREST
hlterest on this Note shall be zero percent (0%) per annum; except that if I fail to pay this
Note as required. The interest rate shall be twelve percent (12%) per annum from the date
when payment of this Note is due until I pay it in full.
3. PAYMENTS
Principal payments shall be deferred for the term of the first mortgage loan or until the May
--J 2036. In the event that I sell, transfer, or rent my home or refinance or satisfy the
first mortgage loan, I agree to pay immediately the entire sum due under this Note. My total
payment shall be Forty Five Thousand Dollars and No Cents ($45,000.00)
I will make my payment at Lender's address as stated in Section r above or at a different
place if required by the Note Holder.
4. BORROWER'S PAYMENT BEFORE THEY ARE DUE
I have the right to make payment in full on this Note at any time before it is due. Such
payment is known as a "full payment." No partial prepayments can be made at any time on
the principal of the loan. When I make full prepayment, I will tell the Note Ho]der in a letter
that I am doing so.
5. BORROWER'S FAILURE TO PAY AS REQUIRED
(A) Default
If I do not pay the full amount as required in Section 3 above, I will be in default. If I
am in default, the Note Holder may bring about any actions not prohibited by applicable
law and require me to pay Holder's cost and expenses as described in (B) below.
(B) Payment of Note Holder's Costs and Expenses
If the Note Holder takes such actions as described above, the Note Holder will have the
right to be paid back for all of its cost and expenses, including but not limited to
reasonable attorney's fees.
6. THIS NOTE SECURED BY A MORTGAGE
In addition to the protections given to the Note Holder under this Note, a Mortgage, dated
May -' 2006, protects the Note Holder from possible losses that might result if I do not
keep the promises that I make in this Note. That Mortgage describes how and under what
conditions I may be required to make immediate payment in full of all amounts that I owe
under this Note.
7. BORROWER'S WAIVER
I waive my rights to require the Note Holder to do certain things. Those things are: (A) to
demand payment of amount due (known as "presentment"); (B) to give notice that amounts
have not been paid (known as "notice of dishonor"); (C) to obtain an official certification of
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nonpayment (known as a "protest.") Any co-signer, guarantor, surety or endorser who agrees
to keep the promises I have made in this Note by signing this Note or by executing a separate
agreement to make payments to the Note Holder if I fail to keep my promises under this Note
also waives these rights.
8. GIVING OF NOTICES
Any notice that must be given to me under this Note will be given by delivering it or by
mailing it by certified or registered mail, postage prepaid, addressed to me at the Property
address above. A notice will be mailed to the Note Holder at a different address if! am given
a notice of that different address.
9. RESPONSIBILITY OF PERSONS UNDER THIS NOTE
If more than one person signs this Note, each of us is fully and personally obligated to pay the
full amount owed and to keep all ofthe premises made in this Note. Any guarantor, surety or
endorser of this Note (as described in Section 7 above) is also obligated to do these things.
The Note Holder may enforce its rights under this Note against each of us individually or
against all of us together any may enforce its rights against any of us in any order. This
means that anyone of us may be required to pay all ofthe amounts owed under this Note.
10. PRINCIPAL PAYMENT
Lender shall give the Borrower the right to negotiate a repayment schedule for 90 days after
the last payment is due on the First Mortgage for all sums secured by this mortgage that have
been deferred. The terms and conditions of the repayment schedule negotiated after the last
payment is due on the First Mortgage shall provide for a below market interest rate, a term
for up to thirty (31) years, a principal and interest payment and such payment of princi pal and
interest when combined with real estate taxes and property insurance shall not exceed twenty
five percent (25%) of the household income.
NOTICE TO BORROWER
DO NOT SIGN THIS NOTE IF IT CONTAINS BLANK SPACES.
ALL SPACES SHOULD BE COMPLETED BEFORE YOU SIGN.
BORROWER, Habitat for Humanity of the
Upper Keys, Inc.
Date
(SIGN ORIGINAL ONLY)
THIS PROMISSORY NOTE IS GIVEN TO MONROE COUNTY AND IS EXEMPT
FROM TAXATION PURSUANT TO FLORIDA STATUES 199.183.
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THIS MORTGAGE IS GIVEN TO MONROE COUNTY AND IS SUBJECT TO PAYMENT OF
DOCUMENTARY STAMP TAXATION PURSUANT TO FLORIDA STATUE 420.513
THIS IS A BALLOON MORTGAGE WHERE THE PRINCIPAL BALANCE DUE
UPON MATURITY IS $45,000.00, TOGETHER WITH ACCRUED INTEREST, IF
ANY, AND ALL ADVANCEMENTS MADE BY THE MORTGAGE UNDER THE
TERMS OF THIS SECOND MORTGAGE.
SECOND MORTGAGE
COUNTY OF MONROE
SHIP PROGRAM
THIS SECOND MORTGAGE is made this May , 2006, between the Mortgagor,
Habitat For Humanity Of The Upper Keys, Inc., a Florida Corporation, (herein the
"Borrower,") and the Mortgagee, the County Of Monroe, an agency and instrumentality of
the State of Florida, whose address is Monroe County Courthouse, 500 Whitehead Street,
Key West, Florida 33040 (herein the "Lender.")
WHEREAS, the Borrower has applied to the County of Monroe Special Programs Office for
a State Housing Initiatives Partnership (SHIP) Program loan in the original principal amount
of Forty Five Thousand Dollars and No Cents ($45,000.00) the "Loan," the Borrower
along intends construct for the benefit of very low and low income households the Property
(as defined herein,) which Property is a single-family residence, and;
WHEREAS, the Borrower is indebted to Lender in the principal sum of Forty Five
Thousand Dollars and No Cents ($45,000.00), which indebtedness is evidenced by the
Borrower's Promissory Note dated May -' 2006 and extensions and renewals thereof
(herein "Note,") providing for payment of principal indebtedness if not sooner paid, due and
payable on May -,2036. TO SECURE to the Lender the repayment of the indebtedness
evidenced by the Note: the payment of all other sums, advanced in accordance herewith to
. protect the security of this Mortgage: and the perfonnance of the covenants and agreements
of the Borrower herein contained the Borrower does hereby mortgage, grant and convey to
Lender the following described property located in the County of Monroe, State of Florida:
Lot 2, Block 2, Ocean Isles Estates according to the Plat thereof as recorded in Plat Book 5,
Page 14 of the Public Records of Monroe COl/nty, Florida
Which has the address of 21 North End Drive
(Street)
Kev Larl!:o.
(City)
Florida 33037
(Slnle) (Zip Code)
(herein the "Property Address:")
TOGETHER with all the improvements now or hereafter erected on the property, and all
easements, rights, appurtenances, and rents all of which shall be deemed to be and remain a
part of the property covered by this Mortgage; and all of the foregoing, together with said
property (or the leasehold estate iftms Mortgage is on a leasehold) are hereinafter referred to
as the "Property."
This instrument was prepared by:
Special Programs Office
1400 Kennedy Drive
Key West, FL 33040
(305) 292-1221
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BORROWER COVENANTS, represents and warrants to the Lender and its successors and
assigns that BOlTOwer is lawfully seized of the estate hereby conveyed and has the right to
mortgage, grant and convey the Property, and the Property is unencumbered, except for the
mortgage lien of the First Mortgage in favor of Participant, and for other encumbrances of
record. Borrower covenants, represents and warrants to the Lender and its successors and
assigns that Borrower will defend generally the title to the Property against all claims and
demands, subject to the mortgage lien of the First Mortgage and other encumbrances of
record.
BORROWER FURTHER COVENANTS and agrees with the Lender as follows:
1. Payment. The Borrower shall promptly pay when due the indebtedness evidenced by the
Note.
2. Prior Mort!1;ages and Deeds of Trust; Chan!es; Liens. Lender and Borrower
aclmowledge and agree that this Mortgage is subject and subordinate in all respects to the
liens, terms, covenants and conditions of the First Mortgage and to all advances
heretofore made. The Borrower shall perfonn all ofthe Borrower's obligations under the
First Mortgage and any other mortgage, deed of trust or other security agreement with a
lien that has priority over this Mortgage, including the Borrower's covenants to make
payments when due. The Borrower shall payor cause to be paid all taxes, assessments
and other charges, fines and impositions attributable to the Property that may attain a
priority over this Mortgage, and leasehold payments or ground rents, if any.
3. Hazard Insurance. The Borrower 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 such other hazards as the Lender may require and in such
amounts and for such period as the Lender may require.
The insurance carrier providing the insurance shall be chosen by the Borrower subject to
approval by the Lender, provided that such approval shall not be unreasonably withheld.
All insurance policies and renewals thereof shall be in a form acceptable to the Lender
and shall include a standard mortgage clause in favor of, and in a form acceptable to the
Lender. The Lender shall have the right to hold the policies and renewals thereof, subject
to the terms of the First Mortgage and any other mortgage, deed of trust or other security
agreement with a lien that has priority over this Mortgage.
In the event of loss, the Borrower shall give prompt notice to the insurance carrier and to
the Lender. The Lender may make proof of loss if not made promptly by the Borrower.
If the Property is abandoned by the Borrower, or if the Borrower fails to respond to the
Lender within thirty (31) days from the date notice mailed by the Lender to the Borrower
that the insurance carrier offers to settle a claim for insurance benefits, the Lender is
authorized to collect and apply the insurance proceeds at the Lender's option either to
restoration or repair of the Property or to the sums secured by this Mortgage.
4. Preservation and Maintenance of Property: Leaseholds; Condominiums: Planned
Unit Developments. The Borrower shall keep the Property in good repair and shall not
commit waste or permit impairment or deterioration of the Property and shall comply
with the provisions of any lease if this Mortgage is subject to a leasehold. If this
Mortgage is on a unit in a condominium or a planned unit development, the Borrower
shall perform all of the Borrower's obligations under the declaration or covenants
creating or governing such condominium or planned unit development, the by-laws and
regulations of the condominium or planned unit development, and constituent documents.
5. Protection of Lender's Security. If the Borrower fails to perfonn the covenants and
agreements contained in this Mortgage, or if any action or proceeding is commenced that
materially affects the Lender's interest in the Property. Then the Lender, at the Lender's
option upon notice to the Borrower, may make such appearances, disburse such sums,
including reasonable attorney's fees, and take such action as is necessary to protect the
Lender's interest in the Property.
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Any amounts disbursed by the Lender pursuant to this Paragraph 5, with interest thereon,
at the rate of twelve percent (12%) per annum, shall become additional indebtedness of
the Borrower secured by this Mortgage. Unless the Borrower and the Lender agree to
other terms of payment, such amounts shall be payable upon notice from the Lender to
the Borrower requesting payment thereof. Nothing contained in this Paragraph 5 shall
require the Lender to incur any expense or take any action hereunder.
6. Inspection. The Lender may make or cause to be made reasonable entries upon the
inspections of the Property, provided that the Lender shall give Borrower notice prior to
any such inspection specifying reasonable cause therefor to the Lender's interest in the
Property.
7. 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 the Lender, subject to the terms of any mortgage, deed of trust or to the security
agreement with a lien that has priority over this Mortgage.
8. Borrower N ot Rcleased~ Forbearance bv Lender Not a Waiver. Extension of the time
for payment or modification of amortization of the sums secured by this Mortgage
granted by the Lender to any successor in interest of the Borrower shall not operate to
release, in a manner, the liability of the original Borrower and the Borrower's successors
in interest. The Lender shall not be required to commence proceedings against such
successor or refuse to extend time for payment or otherwise modifY amortization of the
sums secured by this Mortgage by reason of any demand made by the original Borrower
and the Borrower's successors in interest. Any forbearance by the Lender in exercising
any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a
waiver of or preclude the exercise of any such right or remedy.
9. Successors and Assigns Bound~ Joint and Several Liabilitv; Co-Signers. The
covenants and agreements herein contained shall bind, and the rights hereunder shall
inure to, the respective successors and assigns for the Lender and the Borrower, subject to
the provisions of Paragraph 14 hereof. If more than one Borrower executes this
Mortgage, all covenants, representations, warranties and agreements of Borrower shall be
joint and several. Any Borrower who co-signs this Mortgage, but does not execute the
Note: (a) is co-signing this Mortgage only to mortgage. Grant and convey that
Borrower's interest in the Property to the Lender under the terms of this Mortgage, (b) is
not personally liable on the Note or under this Mortgage, and (c) agrees that Lender and
any other Borrower hereunder may agree to extend, modifY, forbear, or make any other
accommodations with regard to the terms of this Mortgage or the Note without the
Borrower's consent and without releasing that Borrower or modifYing this Mortgage as to
that Borrower's interest in the Property.
10. Notice. Except for any notice required under applicable law to be given in another
manner: (a) any notice of the Borrower provided for in this Mortgage shall be given by
delivering it or by mailing such notice by certified or registered mail, postage prepaid,
addressed to the Borrower at the Property Address or at such other address as the
Borrower may designate by notice to the Lender as provided herein, and (b) any notice to
the Lender and/or the Federal National Mortgage Association ("Fannie Mae") shall be
given by certified or registered mail, postage prepaid, and ifto the Lender at the Lender's
address stated on page I hereof with a copy to Servicer, if to Fannie Mae, addressed to
950 East Paces Ferry Road, Atlanta, Georgia 31326, Attention: Loan Administration, or
to such other address as the Lender may designate by notice to the Borrower as provided
herein. Any notice provided for in this Mortgage shall be deemed to have been given to
the Borrower or the Lender when given in the manner designated herein.
] 1. Governine Law: Severabilitv: Costs. This Mortgage shall be governed by the laws of
the State of Florida, and, to the extent applicable hereto, the laws and regulations of the
United States of America. In the event that any provision or clause of this Mortgage or
the Note conflicts with applicable law, such conflict provision, and to this and the
provisions of this Mortgage or the Note that can be given effect without the conflicting
provision, and to this and the provisions of this Mortgage and the Note are declared to be
severable. As used herein, "costs," "expenses," and "attorneys' fees" include all sums to
the extent not prohibited by applicable law or limited herein.
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12. Borrower's COpy. Borrower shall be fumished a confOlmed copy of the Note and of this
Mortgage at the time of execution or after recordation hereof
13. Rehabilitation Loan Al!reement. Borrower shall fulfill all of Borrower's obligations
under any home rehabilitation, improvement, repair, or other loan agreement that
Borrower enters into with the Participant, the Lender, at the Lender's option, may require
Borrower to execute and deliver to the Lender, in a form acceptable to the Lender, as
assignment of any rights, claims or defenses that Borrower may have againsfparties who
supply labor, materials or services in connection with improvements made to the
Property.
14. Transfer of the Property. If aU or any part of the Property or any interest in it is sold,
transferred, gifted or otherwise conveyed, whether by voluntary act, involuntarily, by
operation oflaw or otherwise, or if the Borrower is di vested of title by judicial sale, levy
or other proceeding, or if foreclosure action is instituted against the Property, or if the
First Mortgage is satisfied or refinanced, or if the Property is leased or rented, all sums
secured by this Mortgage may immediately become due and payable.
This mortgage shall be assumable only by an individual who has qualified in accordance
with Florida Statue 420.907-420.9079, FIOlida Administrative Rule, Chapter 67.37 and
Monroe County's approved SHIP Local Housing Assistance Plan, under which this
mortgage was issued. Any assignment by the lender or assumption by a third party must
be in writing and approved by the Monroe County Board of County Commissioners as
evidenced by the Mayor or Mayor pro tern's execution. The assignment of mortgage
must be recorded in the Official Records of Monroe County. In the event of an
assignment and assumption, all conditions and requirements placed upon the original
borrower by this document or a promissory note are binding on the assignees.
Lender shall give Borrower notice of acceleration. The notice shall provide a period of
not less than thirty (31) days from the date the notice is given provided in Paragraph 10
hereof within which the Borrower must pay all sums secured by this Mortgage. If
Borrower fails to pay these sums prior to the expiration of this period, the Lender may
invoke any remedies permitted by this Mortgage without further notice or demand on the
Borrower.
]5. Acceleration: Remedies. Except as provided in Paragraph ]4 hereof, upon the
Borrower's breach of any covenant or agreement of the Borrower in this Mortgage,
including the covenants to pay when due any sums secured by this Mortgage, or in the
event that the Borrower shall have made material misrepresentations or material
omissions in his/her/their application for a SHIP Loan, the Lender, at the Lender's option,
may declare all of the sums secured by this Mortgage to be immediately due and payable
without further demand and may foreclose this Mortgage by judicial proceeding. Prior to
taking any defaults action including acceleration of this Mortgage, the Lender shall give
notice to the Senior Lien Holder and to the Borrower as provided in Paragraph 10 hereof
specifYing (1) the breach (if the breach is curable; (2) the action required 'to cure such
breach; (3) a date, not less than ten (IO) days form the date the llotice is mailed to
Borrower, by which such breach must be cured; and (4) that failure to cure such breach on
or before the date specified in the notice may result in acceleration ofthe sums secured by
this Mortgage, foreclosure by judicial proceeding, and sale of the Property. The notice
shall further inform Borrower of the right to reinstate after acceleration and the right to
assert in the foreclosure proceeding the nonexistence of a default or any other defensive
of Borrower to acceleration and foreclosure. The Lender shall be entitled to collect in
such proceeding all expenses of foreclosure, including, but not limited to, reasonable
attorneys' fees, court costs, and costs of documentary evidence, abstracts and title reports.
16. Borrower's Ril!ht to Reinstate. Notwithstanding the Lender's acceleration of the sums'
secured by this Mortgage due to the Borrower's breach, the Borrower shall have the right
to have any proceedings begun by the Lender to enforce this Mortgage discontinued at
any time prior to entry of a judgment enforcing this Mortgage if: (a) the Borrower pays
the Lender all sums that would be then due under this Mortgage and the Note had no
acceleration occurred; (b) the Borrower cures all breaches of any other covenants or
agreements of the Borrower contained in this Mortgage; ( c) the Borrower pays all
reasonable expenses incurred by the Lender in enforcing the covenants and agreements of
the Borrower contained in this Mortgage, and in enforcing the Lender's remedies as
provided in Paragraph 15 hereof, including, but not limited to, reasonable attorneys' fees
and court costs; and (d) the Borrower takes such action as the Lender may reasonably
C:\Documcnts .nd Scttings\mincr-debm\Loc.1 Settings\Tempomry Internet FilL-s\OLKAO\Note .nd Mortgage 21 North End S.doePage 4
require to assure that the lien of this Mortgage, the Lender's interest in the Property and
the Borrower's obligation to pay the sums secured by this Mortgage shall continue
unimpaired. Upon such payment and cure by the Borrower, this Mortgage and the
obligations secured hereby shall remain in full force and effect as if no acceleration had
occurred.
17. Assignment of Rents: Appointment of Receiver. As additional security hereunder, the
Borrower hereby assigns to the Lender the rents of the Property, provided that the
Borrower shall, prior to acceleration under Paragraph 15 hereof or abandonment of the
Property, have the right to collect and retain such rents as they become due and payable.
Upon acceleration under Paragraph 15 hereof or abandonment of the Property, the Lender
shall be entitled to have a receiver appointed by a court to enter upon, take possession of
and manage the Property and to collect the rents of the Property including those past due.
All rents collected by the receiver shall be applied first to the payment of the costs of
management of the Property and collection of rents, including, but not limited to,
receiver's fees, premiums on receiver's bonds and reasonable attorneys' fees, and then to
the sum secured by this Mortgage. The receiver shall be liable to account only for those
rents actually received.
18. Release. Upon payment of all sums secured by this Mortgage, Lender shall release this
Mortgage without charge to Borrower. Borrower shall pay all costs of recordation, if any.
19. Attornevs' Fees. As used in this Mortgage and in the Note, "attorneys' fees" shall
include attorneys' fees, if any, incurred in connection with the collection or enforcement
of this Mortgage or of the Note, whether or not suit is brought and whether incurred at
trial, on appeal, in bankruptcy proceedings or otherwise.
20. Special SHIP Program Covenants. Representations., The Borrower covenants,
represents, and warrants to the Lender that; (a) the Borrower along with hislher/their/
family, intends to reside as a household in the Property; (b) the Property is a single-family
residence; C c) the Borrower's total annual family income at the time of its application for
the Loan did not exceed the income limit by family size for eligibility to participate in the
SHIP Program, Cd) at least three percent (3%) of the required five percent (5%) down
payment must be paid by the Borrower from his or her own resources.
21. Principal Payment. Lender shall give the Borrower the right to negotiate a repayment
schedule for 90 days after the last payment is due on the First Mortgage for all sums
secured by this Mortgage that have been deferred. The terms and conditions of the
repayment schedule negotiated after the last payment is due on the First Mortgage shall
provide for a below market interest rate, a term for up to thirty (31) years, a principal and
interest not to exceed the original First Mortgage principal and interest payment and such
payment of principal and interest when combined with real-estate taxes and property
insurance shall not exceed twenty five percent (25%) of the household income.
IN WITNESS WHEREOF, the Borrower has executed this Mortgage.
C:\Documcnts .nd Sel1ingslrainer.debm\loe.1 Settlngs\Tempomry Intemet Fllcs\OLKAO\Nole .nd Mortgage 21 North End s,docPage 5
NOTICE TO BORROWER
DO NOT SIGN THIS MORTGAGE IF IT CONTAINS BLANK SPACES.
ALL SPACES SHOULD BE COMPLETED BEFORE YOU SIGN.
THIS IS A BALLOON MORTGAGE WHERE THE PRINCIPAL BALANCE DUE
UPON MATURITY IS $45,000.00, TOGETHER WITH ACCRUED INTEREST, IF
ANY, AND ALL ADVANCEMENTS MADE BY THE MORTGAGEE UNDER
THE TERMS OF THIS SECOND MORTGAGE.
Signed, sealed, and delivered in the presence of:
Witness Signature
Printed Name:
Borrower
Address:
Witness Signature
Name:
Witness Signature
Printed Name:
Borrower
Address:
Witness Signature
Name:
STATE OF FLORIDA
COUNTY OF MONROE
The foregoing was acknowledged before me this day of
2006 by , who is personally
known to me or who has produced a valid driver license as identification and who did not take an
oath.
Notary Signature
SEAL
Printed Name:
Commission Number:
My Commission Expires:
THIS MORTGAGE IS GIVEN TO MONROE COUNTY AND IS SUBJECT TO
PAYMENT OF DOCUMENTARY STAMP TAXATION PURSUANT TO FLORIDA
STATUE 420.513
C;\Dooumonls and Setlingslr.liner-debm\loeal SettingslTempomJY Internet FileslOLKAOlNote and Mortgage 21 North End S.docPage 6
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MONROE COUtITY COMPREIIENSlVE
r.L.AN LAND AUmOIUIT
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NOTAK ~COMMlSSlQ~EJa'IMllaS
BiOlIBIT . A"
FIL~ .1338796
RESOlunONNO.~ 81<11840 PG'349
A RESO~unON OF THE MONROE COUNTY
COMPREHENSIVE PlAN LAND AUTHORITY AUTHORIZING
THE PURCHASE AND CONVEYANCE OF PROPERTY IN
HARBOR SHORES AND OCEAN IS~E ESTATES
SUBDIVISIONS IN PARTNERSHIP WITH HABITAT FOR
HUMANITY OF THE uPPER KEYS, INC. FOR THE PURPOSE
OF PROVIDING AFFORDABLE HOUSING.
WI-IEREAS. soction 360.0600(3}, Florida Slll1u!eo (FS) and soction 9.3-2, Monroe County Code,
empower \lie Monroe COIlnty Comproha""",,, Plan Land Authority (horeinafter 'I..and Authority"}
to acquIre an lolorosl in real property lor \lie purpo... of pmvidlog _abla hOUllIng to V8lY low.
low. an~ modemte Income persons as Qcfo>ed In llellIion 420.0004, FS, where SllId acqulllltion.
am conoiol.ntwllh a comproh....iva ptan adopted pursuant ta Chapter 350, FS; and
WI-IERCAS. Hobllot for Humanl!y of 1119 Upper Kays, Inc. (horejna1ler HFH) I. a not-for;>rolit
Florid. ccrporatlon and .n approved affillat. of Habitallntemational and I. "'llanlzad to pmvido
.af", d.cent, and offonlable houalog to peoploln need within IIle Upper Keys oreo; and
WI-IERCAS, HFH requosllllhal lha Land AutItorIty purch.... certain lots in Harbor Shores and
Ocoan Isl. Estates subdMalon. and calMlY lha subject properties to HFH and allow HFH to
dovelop the property wlth affonlablo t>ousrog; .nd
WHEREAS, at a meeting Mid on AugU&l28. 2002 tho Land Authority AdVisory Commitlee voted
3ID 10 recommend .pproval of purd1uIng lhe subjact lols and conveying s.ma to HFH; and
WI-IEREAS. tha Governing Board wishes \0 .pprgvo lha AdVisory Committee'.
rocommondalion; NOW, THEREFORE,
BE IT RESO~VEO !lY THE MONROE COUNTY COMPREHENSIVE PlAN LAND AUTHORITY:
Se<:Iion 1. TlHl Chairman of tho Land AulhOOty Governing Board Is noreby authortzed to sign
contracts for lha purthllllO of prope<ty 0$ foll<>ws:
~
B1lld< l,lotS, Harbor Shores .ubdMaion (FB 3-<<)
B1oek. 2, ~ots 2 and 3, 0...... Isle EoIale$ sulldivlslon (PB 5-14)
Pu_ Prlce
$17,500.00
$30,000.00
Sedion 2. At cloolng. \lie Ch.i"".... of \lie l.llnd AulhorIly Gov<linlng Board ia hemby authorized
\0 olgn a deed convoylng \lie eubjecl property to HobitaI for Humanity of the Uppor KeY", Inc.
SIIid dliCd shall rmlrlcl flltu", u.e of \he prDpIlrty to slngle-fam~y rwidenUal units for occupancy
by very low, low, or moderale income persona 0$ defined In seetlen 420.0004. FIOOda Statui...,
for 0 peliod at fifty (50) YOa.., and os furthlJr .....!rioted by Monroe Catlnty alfordabllity
...gulatlon. and AUaehment A-
Pagelof2
FILS 11338796
BKI:1.840 PGI3S0
PASSED AND ADOPTED by tho Mnnroe CIlunty Comprohensivo Plan Land Authnrtty at a
regular mooting on thllI ~ day of Sop<""""" 2002.
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Mark J. Ro
Elooculive Directo
MONROE COUNTY COMPREHENSWE
Pl.AN lAND AllTHORJTY
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Murrny~
VIce Chalrman
~ncy
Larry R. Erskine
Page 2 012
ATTACHMENT A
AFFOROABIUTY COVENANTS
FILB t1338796
BU1 a 40 PG.a 51.
1. Affordabifity Porlod. Thos" afTordabillty requiremont. ohall run with 11>0 propo/ly for a period
of filly (SO) yeo",.
2. Income l.imno, U... and Transfer Restrictions. Hall/lel for Humanity of t1le Upper KeY". Inc.
(he",inafter HFH) .hllll _01"1' t1le aubl<>ct properly and moke ..me avaHobIo ... OWTlemfJlp
housIng in accorda""" with tho conditio... specified below.
3. Use orld OCCUpllllCY. "The otlbject properly sholl be OWTlef occupi<>d and uoed as the
homoowno(s primsry ",sldenco and such other u_ incidental 10 reGldanHal uso os may be
permiffed by locol zoning and land use regulations.
4. Income Qualified Buy..... Owne.-shlp"",," be ...._ to h""""llo/ds eaming I... lhon or
equal to 100% of the Monroe Counly modion Incom<> adjuotod for hOUllOhold siza .1 the time
ofconv_.
S. AffomabiJ;ty. Monlhly haUling costs, dafined ao Pfindpal. InIereGl, tax... inourance (Pin).
and ham""""",r ..soclatioo r....s Vf any] ol1o[ I1Q1 e><ceed tho annual adjuoled groGG
hou..llo/d incmne multiplied by 0.30 and divided by 12, oU In aecordanco 'MIh !i420.0004,
Florida StaMe..
6. Resale Umits. The prope/ly and the Im__ Ioca1Od thomon may be lransfemld,
subject to the provisIons of P....gmp/>ll <I and 5 _. pmvfded the lraniler prico d""s not
exceed thtl sum of thtl prlco thtl """"'nt "..."',,, paid plus 25% of tho amount by whicl1lhe
u""".trfctcd mark6l value of the properly may have a;>predatod dul1ng tho culTOnl 0WI\Il(.
peri<<! of _hip. Alllransfe.. ore contingent upon HFH maintaining the right of firs!
refusal 10 either purchase the property Dr provide tho Sel!&r a qualiflOO BuYef.
7. RDfinanclng Umils. The propo/ly may nol be omromboJOd for any _se wlthoU1 the pliOf
a""Ill,,"' oIlhll Monroe County Campmhc"",,, Plan land Authortty (herolnafter MCtA),
except for encumbrances for projecls resulling in co~ improvemen!$lo tho pt"opo/ly ond
encumbron.... imposIng addilionalaflordabilily CO'lO!1llnl..
B. Alrordability Monnol1ng. HFH wiD "" reoponsiblo for ensuring thtl.. offonfabJrIly requirements
are ma!nlained. Whenever the properly is tramflllfed HFH ohaU provide cortilicatlon to 1110
MetA documoming th~D nffordabitity requirements have been met.
HORROI: eOUR1'Y
O~rleIAL RBeOROS
RESOLUTION NO. ....liL.. R2004
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA APPROVING MONROE COUNTY'S LOCAL HOUSING
ASSISTANCE PLAN FOR STATE OF FLORIDA FISCAL .YEARS 2004-2005,2005-2006,
2{)06...2007; AUTHORIZING THE SUBMISSION OF TIlE weAL HOUSING ASSISTANCE
PLAN FOR REVIEW AND APPROVAL BY THE FLORIDA HOUSING FINANCE
CORPORA TION
WHEREAS, the State of Florida enacted the William E. Sadowski Affordable Housing Act, Chapter 92-317
ofFJorida Sessions Laws, allocating a portion of documentary stamp taxes on deeds to local governments for
the development and maintenance of affordable housing; and
WHEREAS, the State Housing Initiatives Partnership (SIllP) Act, ss. 420.907420.9079, Florida Statutes
(1992), and Rule Chapter 67 - 37, Florida Administrative Code, requires local governments to develop a one- to
three-year Local Housing Assistance Plan outlining how funds will be used; and
WHEREAS, it continues to be found that 5% of the Local Housing Distribution is insufficient to adequately
pay the administrative costs of the SHIP Program. The cost of administering the program may not exceed
10% of the local housing distribution; and
WHEREAS, the Special Programs Office, Monroe County Housing Authority, as Administrator of Monroe
County's SHIP Program, has conducted a public hearing to accept input on the matter and prepared a three-
year Local Housing Assistance Plan for submission to the Florida Housing Finance Corporation,
NOW THEREFORE, BE IT RESOLVED, by the Board of County Commissioners of Monroe County,
Florida. that the County hereby:
Approves the 2004-2005, 2005-2006, 2006-2007 Monroe Cozmty Local Housing Assistance Plan,
attached hereto as "Exhibit A" for submission to the Florida Housing Finance Corporation as
required by FS 420.907-420-9079, Florida Statute, and authoriz.es the Mayor to execute the
required Certifications necessary for submission, attached hereto as "Exhibit B ".
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 April, A.D., 2004
Mayor Nelson Absent
MaY~Q~emRice Yes
.~~,.
Co~Neugent Yes
Cn~ '~~Co Yes
C~~!bt~~h: Yes
(S~~~ '.X . -/
~t: Clerk
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY FLORD?t\ sg
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By: _ ~~/1, "'~-<
~ an~ I
DAVID P. RICE. C::$;:.- co
MAYOR PRO TEM :Sc.,~ ;:.
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Approved. as to form and legal sufficiency
!Soc.c. E)(~IBlT A
MONROE COUNTY
LOCAL HOUSING ASSISTANNCE PLAN
Prepared in conjunction with the
STATE HOUSING INITIA VITES
PARTNERSHIP (SHIP) PROGRAM
;:
For State Fiscal Years
2004- 2005
2005-2006
2006-2007
Prepared by
Special Programs Office
Monroe County Housing Authority
1403 12th Street
Key West, Florida 33040
APRIL 2004
MONROE COUNTY
STATE HOUSING INITIATIVE PARTNERSHI,P (SHIP) PROGRAM
LOCAL HOUSING ASSISTANCE PLAN (LHAP)
FOR STATE FISCAL YEARS 2004-2005, 2005-2006 & 2006-2007
TABLE OF CONTENTS
I. PROGRAM DESCRIPTION
A. Participating Local Government
B. Purpose and Description of the program
C. Fiscal years covered by the plan
D. Public Input
E. Support Services and Counseling
F. Governance
G. Discrimination
H. Purchase Price Limits
II. INTERLOCAL AGREE:MENTS
DI. LOCAL HOUSING PARTNERSHIPS
IV. STRATEGIES
V. AFFORDABILITY
VI. ADVERTISEMENT AND OUTREACH
VII. ADl\fiNISTRA TIVE EXPENSES
VIII. CERTIFICA TION
IX. EXHmITS
Exhibit A - Timetable
Exhibit B - Housing Delivery Goals Charts (3)
Exhibit C - Certification
Exhibit D Adopting Resolution
Exhibit E - Program Information Sheet
Page 1
I. PROGRAM DESCRIPTION
A. Name of the participating local government
Monroe County
B. Purpose and Description of the program
Creation of the Plan is for the purpose of meeting the housing needs of the very low,
low and moderate-income households, to expand production of and preserve affordable
housing, to further the housing element of the local government comprehensive plan
specific to affordable housing. Monroe County.
C. Fiscal years covered by the Plan
State of Florida fiscal years 2004-2005,2005-2006 and 2006-2007
D. Public Input
This plan was developed based on eleven years SHlP administrative experience,
previously approved Local Housing Assistance Plans and a public meetings conducted
for the sole purpose of soliciting comment specific to the preparation of this mAP.
Advertisement of the public meeting was placed in a newspaper serving Monroe
County. This public meeting was conducted at Marathon Government Center (MM48)
Marathon, Florida. This facility was handicapped accessible. Existing and proposed.
strategies, budget allocations and SHIP state program requirements were distributed and
discussed. Draft copies of the Plan were posted at all county public libraries. Public
input was incorporated into the plan.
E. Support Services and Counseling
Support services for the implementation of Monroe County's SIllP program will
continue to be provided through the Special Programs Office, Monroe County Housing
Authority. This office has provided continued affordable housing support services
through participation in the HOME Program, Single Family Mortgage Revenue Bond
(MRB) Program, Community Development Block Grant Programs on behalf of Monroe
County and the City of Marathon, Village of Islamorada, Florida Department of
Community Mairs programs, U.S. Department of Housing and Urban Development
programs and Federal Emergency Management Agency (FEMA) programs. This office
also coordinates with the Key West Community Development Office providing support
services. Further, the Special Programs Office provides administrative support to the
Monroe County Housing Finance Authority.
F. Governance
The SHIP Program is established in accordance with Section 420.907-9079, Florida
Statutes and Chapter 67-37.007 Florida Administrative Code. The SHIP Program does
further the housing element of the local government Comprehensive Plan. Monroe
County and the Monroe County Housing Authority executed an interlocal agreement in
1993 that establishes Special Programs Office, Monroe County Housing Authority, as
Page 2
the Program Administrator of Monroe County's SIDP Program.
G. Discrimination:
In accordance with the provisions of 5S. 760.20~ 760.37, it is unlawful to discriminate on
the basis of race, creed, religion, color, age, sex, marital status, familial status, national
origin, or handicap in the award application process for eligible housing.
H. Purchase Price Limits:
The sales price or value of new or existing eligible housing may not exceed 90% of the
average area purchase price in the statistical area in which the eligible housing is
located. Such average area purchase price may be that calculated for any 12-month
period beginning not earlier than the fourth calendar year prior to the year in which the
award occurs. The sales price of new and existing units, which can be lower but may
not 90% of the median area purchase price established by the U.S. Treasury Department
or as described above. The methodology used by Monroe County is U.S. Treasury
Revenue Proclamation 2004-18. The purchase price limit for Monroe County is
$332,466 for new homes and $332.466 for existing homes.
II. INTERLOCAL AGREEMENTS
Since the initiation of Monroe County's local SHIP program in 1993, the program has
been for countywide participants within the unincorporated and incorporated areas of
the county. This includes unincorporated Monroe County and incorporated areas of The
Village of Islamorada, City of Layton, City of Marathon, City of Key Colony Beach and
the City of Key West. There is not any need for interlocal agreements between Monroe
County and incorporated municipalities within Monroe County
III. LOCAL HOUSING PARTNERSHIPS
The Plan is intended to increase the availability of affordable residential units by o:ni:iIli~
local resources and cost saving measures into a local housing partnership and using public
and private funds to reduce the cost of housing. SHIP funds may be leveraged with or used
to supplement other Florida Housing Finance COlporation programs and to provide local
match to obtain federal housing grants or programs. Monroe County has been and will
continue to use the SHIP Program to develop successful partnerships and additional
resources to assist in reducing the cost of housing acquisition, construction andlor
rehabilitation. These partnerships include local governments, lending institutions, housing
developers, community based housing and service organizations. A summary of these
partnerships and resources include the following:
The Monroe County Land Authority for Monroe County
The Monroe County Land Authority for City of Key West
Community Development Block Grant - Monroe County
Community Development Block Grant - Monroe County
$1,573.600
$1,956.000
$ 750,000
$ 750,000
Page 3
Community Development Block Grant - City of Marathon
Community Development Block Grant - Village of Islamorada
Monroe County Housing Finance Authority
Florida Department of Environmental Protection
City of Key West's Mayor's Revolving Loan Fund
DCA Residential Mitigation Grant ProgramlHabitat
Federal Emergency Management Agency (FEMA)
$ 750,000
$ 700,000
$ 75,000
$ 100,000
$ 500,000
$ 889,000
$2,750,000
These resources were obtained in partnership with Monroe County SIDP Program in order
to reduce the cost of housing.
Page 4
IV. STRATEGIES:
A. HOMEOWNESmP STRATEGIES
Name: W ASTEW A TER IMPROVEMENT
Description: Funding assistance to upgrade wast4ewater treatment and disposal
systems. Eligible activities include cesspool replacement, septic system
upgrade and central sewer lateral connection.
Fiscal Years: 2004~2005, 2005-2006 and 2006-2007
Income Levels: Very low, low, moderate
Selection Criteria: Applications accepted from public entities developing or homeowners
upgrading residential wastewater treatment and disposal systems.
Applications received at initiation of fiscal year application cycle will be
ranked/processed in order of greatest dollar amount of leverage funds
committed to the project. Subsequent applications processed on first
come/first qualified basis until annual funding committed.
Type of Assistance: Mortgage loans to individual households not to exceed $8,000, inclusive
of closing costs. Loan terms of zero percent (0%) interest, no regular
payment for a term of twenty (20) years. SHIP commitments to public
entities on behalf of individual beneficiaries not to exceed $150,000.
Recapture: Due and payable upon sale or transfer of the property or failure to
comply with the terms of the SHIP mortgage.
Other: SHIP commitments to public entities will be committed to provide direct
benefit to eligible persons occupying eligible properties.
Page 5
Name: HOUSING REHABILITATION
Description: Funding assistance for housing rehabilitation.
Fiscal Years: 2004-2005,2005-2006 and 2006-2007
Income Level: Very low and low
Selection Criteria: Applications accepted from public entities, non-profit housing providers
and individual homeowners for rehabilitation of existing housing.
Applications received at initiation of fiscal year application cycle will be
ranked/processed in order of greatest dollar amount of leverage funds
committed to the project. Secondary ranking will be in order of receipt
of application. Subsequent applications processed on tirst come/tirst
qualified basis until annual funding expended.
Type of Assistance: Mortgage loans not to exceed $35,000 inclusive of closing costs.
Mortgage loans will be for a term of twenty (20) years, zero interest with
no regular payment.
Recapture: Due and payable upon sale or transfer of the property or failure to
comply with the terms of the mortgage.
Other: For the purposes of this strategy rehabilitation is defined as those
improvements necessary for the subject unit to meet the V.S Department
of Housing and Urban Development's Housing Quality Standards
(HQS). All HQS deticiencies must be addressed for units rehabilitated
under this strategy. Any households receiving rehabilitation assistance
under this strategy are not eligible for additional SIDP funding for a
period of three (3) years. SlllP commitments to public/non-profit
entities will be committed to provide direct benefit to eligible persons
occupying eligible properties.
Page 6
Name:
Description:
Fiscal Years:
Income Levels:
Selection Criteria:
Type of Assistance:
Recapture:
Shared
Appreciation
Provision
Other:
HOMEBUYER ASSISTANCE
Funding assistance for the purchase or"construction of single-family
residential property, including condominiums or townhouses.
2004-2005, 2005-2006 and 2006-2007
Low and moderate
Applications accepted from public entities and non-profit affordable
housing providers will be ranked in order of greatest amount of leverage
funds committed to the project. Secondary ranking will be in order of
receipt of application. Annually, 50% of funds budgeted under this strategy
will be set aside for public entities and non-profit affordable housing
providers who have submitted applications during the annual application
cycle. In the event all set aside funds are not committed, those funds are
available for commitment to individual applicants.
Applications accepted from individuals will be ranked based on the results
of a random lottery. The date, place and time of the random lottery will be
publicly noticed and open to the public.
Mortgage loans to public entities and non-profit affordable housing
providers not to exceed $35,000, inclusive of closing costs. Mortgage
loans to individual households not to exceed $25,000 inclusive of closing
costs. Mortgage loans will be for a period of thirty (30) years with zero
interest and no regular payments.
Due and payable upon sale or transfer of the property, thirty years, or
failure to comply with the terms of the mortgage, whichever comes first.
All SHIP funds under this strategy are subject to a mortgage that shall
contain recapture provisions which provides for shared appreciation
between the buyer(s) and the Monroe County SHIP Program. The
amount due Monroe County upon sale or transfer of the property shall be
determine by calculating the sum of the principal balance of the SHIP
loan and 50% of the appreciated value. The appreciated value shall be
the difference between the purchase price at the time of purchase and the
sales price at the time of sale, less the value of permitted improvements
and real estate sales commission.
Buyer(s) must contribute a minimum three percent (3%) buyer
contribution. Property must meet minimum health and safety standards
as defined under the V.S Department afRousing and Urban
Page 7
Development's, Housing Quality Standards (HQS). Any HQS
deficiencies must be corrected prior to or as part of the purchase
transaction. In the case of new constniction. a Certificate of Occupancy
(CO) may be substituted for the HQS inspection.
Entities and applicants proposing to construct new housing will be
required to provide sufficient evidence of readiness to proceed prior to
the issuance of a SHIP commitment (site control, permit allocation,
fmancial capacity. . .).
Public agencies andlor non-profit affordable housing development
organizations will be required to provide sufficient evidence affordability
prior to the issuance of a SHIP commitment (deed restrictions,
affordability criteria, initial sales price, resale price restrictions, land
lease, client selection criteria, construction budget...).
Public agencies andlor non~profit affordable housing development
organizations may request the SHIP loan be assumed by subsequent
buyer(s) if the following conditions are determined to exist at the time of
sale:
1. Prospective buyer meets SHIP income eligibility guidelines.
2. The transaction maintains the properties affordability to the
prospective buyer.
3. Long term affordability criteria are recorded, enforced and for a
period not less than the term of the SHIP mortgage and the
transaction is consistent with such affordability criteria.
Mortgage loans to entities, which retain control of the land under the
terms of a ground lease, shall extend to land and improvements.
Page 8
Name:
DISASTER MlTIGA TION
Description:
Funds provided to homeowners to make emergency repaiIs
In the event of a state or federal disaster declaration affecting all or part
of Monroe County, the SHIP Administrator, on behalf of the Board of
County Commissioners, shall be authorized to:
1. Request and administer additional state funds to assist with
disaster recovery.
2. Use unencumbered local SHIP funds to meet the priorities of the
Disaster Mitigation Strategy in an amount not to exceed twenty
percent (20%) of the state's annual SHIP funding allocation
Fiscal Years: 2004-2005,2005-2006 and 2006-2007
Income Category: Very low and low
Selection Criteria: Applications processed on a first come/first qualified basis from uninsured,
elderly andlor disabled homeowners.
Type of Assistance: Grants not to exceed $5.000.
Recapture: NI A
Other: For the purposes of this strategy. emergency repairs are defined as those
repairs to damages resulting from a declared disaster that pose an
immediate health and safety hazard to occupant(s).
Page 9
B. RENTAL STRATEGIES
Name: CONSTRUCTIONIREHABILIT A TION
Description: Funds provided for the construction or rehabilitation of affordable
housing rental units.
Fiscal Years: 2004-2005,2005-2006 and 2006-2007
Income Level: Very low and low (tenants)
Selection Criteria: Applications received at initiation of fiscal year application cycle win be
ranked/processed in order of greatest dollar amount of leverage funds
committed to the project. Secondary ranking will be in order of receipt
of application. Subsequent applications processed on first comelfirst
qualified basis until annual funding expended.
Type of Assistance: Awards not to exceed $20,000 per SHIP set aside unit and maximum of
$40,000 to for profit entities and $80,000 to public and non-profit entities,
plus closing costs.
Awards to for profit entities that exceed $3,000 shall be provided subject to
a promissory note secured by a mortgage on the subject property for a term
of twenty-five (25) years. The SHIP mortgage loan shall accrue no interest
and require no regular payments for the term of the loan. The principal
balance shall be due and payable upon maturity.
Awards to public entities and non profit entities which exceed $3,000 and
the property is owned. fee simple, shall be provided subject to a promissory
note and mortgage on the subject property for a term of twenty-five (25)
years. The SHIP mortgage loan shall accrue no interest and require no
regular payments for the term of the loan. The principal balance shall be
forgiven upon maturity so long as affordability has been maintained.
Awards which exceed $3,000 and the property is on long-term lease (fifteen
years or greater) shall be subject to and required to execute a SHIP Rental
Monitoring Agreement
Recapture:
Due and payable upon sale or transfer of the property, termination of the
long-term lease or failure to comply with the terms of the SHIP Rental
Monitoring Agreement.
Other:
All entities funded under this strategy will be required to execute a SIllP
Page 10
Rental Monitoring Agreement for a term of fifteen (15) years. SHIP set
aside units assisted under this strategy must have rents that do not exceed
the rent maximums published annually by the Florida Housing Finance
Corporation. SHIP recipients that offer rental housing for sale within
fifteen years of the SHIP award or that have remaining mortgages funded
under this strategy must give a right of first refusal to eligible non-profit
organizations for purchase at the current market value for continued
occupancy by eligible persons.
Page 11
Name: DISASTER MITIGATION
Description: Funds provided to public and private owners'of rental units dedicated by legal
instrument (long term lease agreement, deed restriction, mortgage covenant...) for
occupancy by households with very low or low incomes to make emergency
repairs.
In the event of a state or federal disaster declaration affecting all or part of Monroe
County, the SHIP administrator, on behalf of the Board of County Commissioners,
shall be authorized to:
1. Request and administer additional state funds to assist with disaster
recovery.
2. Use unencumbered local SIllP funds to meet the priorities of the
Disaster Mitigation Strategies (Homeownership and Rental) in an
amount not to exceed twenty percent (20%) of the state's annual SHIP
funding allocation.
Fiscal Years: 2004-2005,2005-2006 and 2006-2007
Income Category: Very low and low
Selection Criteria: Priority consideration to very low and low-income households on a first
comelfirst qualified basis.
Type of Assistance: Grants not to exceed $5,000 per unit.
Recapture: N/ A
Other: For the purposes of this strategy, emergency repairs are defined as those
repairs to damages resulting from a declared disaster that pose an immediate
health and safety hazard to occupant(s).
Page 12
v. TIMETABLEFOREXPENDITURES M See attached as EXHIBIT A
VI. AFFORDABILITY
Homeownership
The Income limits, adjusted for household size, shall be in the amounts allocated for Monroe
County as published annually by the Florida Housing Finance Corporation for participation in
the State Housing Initiatives Partnership Program.
Rental
Monthly rental maximums of SHIP assisted units, adjusted to bedroom size, shall be in the
amounts established for Monroe County by the as published annually by the Florida Housing
Finance Corporation for participation in the State Housing Initiatives Partnership Program.
VB. ADVERTISEMENT AND OUTREACH
SHIP Program applications will continue to be placed in all county libraries which provides access to
all county residents. Applications may also be requested directly from the Special Programs Office,
1403 12th Street, Key West, Florida 33040. Availability of applications will also be advertised on the
Monroe County bulletin board that appears on cable TV countywide. Radio PSA's will be issued.
News releases will be furnished to the countywide newspapers. To the extent possible, SHIP program
information and applications may be accessible via the internet at Monroe County's official website.
Further, a display advertisement in a newspaper with countywide circulation announcing the
availability of funding wiII be published at least 30 days prior to the acceptance of applications each
year. If no funding is available due to a waiting list, no notice of funding availability is required.
VIIL ADMlNISTRATIVE EXPENSES
The Monroe County Local Housing Assistance Plan shall continued to be administered by the Special
Programs Office, Monroe County Housing Authority, 1403 12th Street, Key West, Florida 33040, (305)
292-1221, pursuant to the Interlocal Agreement approved by BOCC Resolution 162-1993, April 14,
1993, until further written notification to the Florida Housing Finance Corporation by the Board of
County Commissioners, Monroe County. The Director of the Special Programs Office shall be Monroe
County's official SHIP Program Administrator responsible to the Florida Housing Finance
Corporation's SHIP Program until written notification from the County Administrator.
The SHIP Administrator shall:
(1) be responsible for the implementation of the Local Housing Assistance Plan and to meet the
county's responsibilities under Florida Statute, Sections 420.907 - 420.9079 and Chapter 67-37,
Florida Administrative Code
Page 13
(2) after 6O-calendar days from the publication oflocal Housing Assistance Funding Availability, have
the authority to re-allocate the SHIP dollars within the specific homeownership strategies and within
the specific rental strategies as the Administrator deems necessary to meet actual needs of applicants
and in meeting the SHIP regulations.
The previous experience of implementing numerous strategies countywide has provided a sufficient finding
that five (5%) percent of the Local Housing distribution is insufficient to adequately pay administrative
costs of the SHIP Program and the BOCC recognizes and approves the maximum amount allowable of ten
percent (10%) of the Local Housing Distribution to be used for required administrative costs. Any
applicable program income/recaptured funds shall be subject to a five percent (5%) administrative cost in
theirre-allocation to eligible clients through approved strategies. The BOCC shall consider any additional
expense required to administer the local Housing Assistance Plan during its annual budget process. The
SIllP administrative funds shall be allocated as follows:
ESTIMATED ADMINISTRATIVE EXPENDITURE BUDGET ..
Descriotion FY 04-05 FY05.06 FY 08-07
Salaries
Administrator $ 10,000 $ 10,000 $ 10,000
Program Coordinator $ 28,000 $ 28,000 $ 28,000
Program Assistant $ 0,000 $ 0,000 $ 0,000
Administrative Assistant $ 2,000 $ 2,000 $ 2,000
Comptroller $ 1,000 $ 1,000 $ 1,000
Bookkeeper $ 3,000 $ 3,000 $ 3,000
Benefits (28%) $ 12,600 $ 12,600 $ 12,600
Heath Insurance $ 1,000 $ 1,000 $ 1,000
Advertising $ 500 $ 500 $ 500
Printing/Copying $ 500 $ 500 $ 500
Postage $ 500 $ 500 $ 500
Phones $ 400 $ 400 $ 400
Supplies $ 500 $ 500 $ 500
Rent $ 1,500 $ 1,500 $ 1,500
Equipment (>$750) $ 500 $ 500 $ 500
Repairs/Maintenance $ $ $
Utilities $ 500 $ 500 $ 500
Books/Publications $ 331 $ 331 $ 331
Travel $ 500 $ 500 $ 500
Professional Service $ $ $
TOTAL $ 63.331 $ 63.331 $ 63,331
oj< Estimated Expenditure Administrative Budget based on 10% ofFY 05.06 State Allocation estimated by Florida Housing
Coalition April 2004 estimates and does not include administrative allocation of program income.
Page 14
IV. EXHIBITS:
A. Timeline for Encumberance and Expenditure:
Attached as Exhibit A.
B. Housing Delivery Goals Chart (HDGC) For Each Fiscal Year
Covered in the Plan:
Attached as Exhibit B.
c. Certification Page:
Attached as Exhibit C.
D. Adopting Resolution:
Attached as Exhibit D
E. Program Information Sheet:
Attached as Exhibit E
Page 15
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Exhibit C
CERTIFICATION TO
FLORIDA HOUSING FINANCE CORPORATION
Name of Local Government: MONROE COUNTY
(1) The local government will advertise the availability of SHIP funds pursuant to Florida
Statutes.
(2) All SIDP funds wiH be expended in a manner which will insure that there will be no
discrimination on the basis of race, creed, religion, color, age, sex, familial or marital
status, handicap. or national origin.
(3) A process for selection of recipients for funds has been developed.
(4) The eligible municipality or county has developed a qualification system for applications for
awards.
(5) Recipients of funds will be required to contractually commit to program guidelines.
(6) The Florida Housing Finance Corporation will be notified promptly if the local
government (or interlocal entity) will be unable to comply with the provisions the plan,
(7) The Local Housing Assistance Plan shall provide for the expenditure of SHIP funds within
24 months following the end of the State fiscal year in which they are received.
(8) The plan conforms to the Local Government Comprehensive Plan. or that an amendment to
the Local Government Comprehensive Plan will be initiated at the next available opportunity
to insure conformance with the Local Housing Assistance Plan.
(9) Amendments to the approved Local Housing Assistance Plan shall be provided to the
Corporation with in 21 days after adoption.
(10) The trust fund shall be established with a qualified depository for all SHIP funds as well
as moneys generated from activities such as interest earned on loans.
(11) Amounts on deposit in the local housing assistance trust fund shall be invested as permitted
bylaw.
(12) The local housing assistance trust fund shall be separately stated as a special revenue fund in
the local governments audited financial statements, copies of the audits will be forwarded to
the Corporation as soon as available.
13) An interlocal entity shall have its local housing assistance trust fund separately audited
for each state fiscal year, and the audit forwarded to the Corporation as soon as possible.
1
October 2lllI3
Exhibit C
Page 2
Certification
(14) SHIP funds will not be pledged for debt service on bonds or as rent subsidies.
(15) Developers receiving assistance from both SHIP and the Low Income Housing Tax
Credit (LllITC) Program shall comply with the income, affordability and other LllITC
requirements. Similarly, any units receiving assistance from other federal programs shall
comply with all Federal and SHIP program requirements.
(16) Loans shall be provided for periods not exceeding 30 years, except for deferred payment
loans or loans that extend beyond 30 years which continue to service eligible persons.
(17) Rental Units constructed or rehabilitated with SffiP funds shall be monitored at least
annually for 15 years for compliance with tenant income requirements and affordability
requirements or as required in Section 420.9075 (3)(e)
(18) The Plan meets the requirements of Section 420-907~9079 FS, and Rule Chapter 67-37 FAC,
and how each of those requirements shall be met.
(19) The provisions of Chapter 83-220, Laws of Florida _has or '\/"has not
been implemented.
,&~ or designee
Witness
n~uin P R;~p, M~ynr Prn TQm
Type Name and Title
Witness
A f:Jr," ;;L/, .:J 00 L}
,
~/'~ ',,,~~.. "'!;vT' AJ ~noN
" " I v" EY
o
Date
. '.E ~, HUTTON
~ ~/,';y ATTORNEY
---7/ / ~ fl.!/-
2
Oclober2003
EXHIBIT D
BOARD OF COUNTY COMl\fiSSIONERS
AGENDAITEMSUMMARY'
Meeting Date: April 21, 2004
Division: Monroe County Housing Authority
Bulk Item: Yes X No Department:
AGENDA ITEM WORDING: A RESOLUTION OF TIffi BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA APPROVING MONROE COUNTY'S LOCAL HOUSING ASSISTANCE
PLAN FOR STATE OF FLORIDA FISCAL YEARS 2004~2005, 2005-2006, 2006-2007 AS REQUIRED
UNDER 420.907-420.9079, FLORIDA STATUTES; AND RULE CHAPTER 67-37, FLORIDA
ADMINISTRATIVE CODE; AUTHORIZING THE SUBMISSION OF THE LOCAL HOUSING
ASSISTANCE PLAN FOR REVIEW AND APPROVAL BY THE FLORIDA HOUSING FINANCE
CORPORATION
ITEM BACKGROUND: Florida Statute and Administrative Code require the submission of a Local
Housing Assistance Plan in conjunction with the administration of the State Housing Initiatives
Partnership (SIDP) Program. Plans must meet the parameters established within Statue/Rule: The benefit
of assistance provided through the SHIP Program must accrue to eligible persons occupying eligible
housing; 65% of funds must be expended in support of homeownership; 75% of funds must be expended
in support of construction activities. The current LHAP was modified in 2003 and the strategies, award
maximums and terms of assistance for the proposed plan are unchanged.
PREVIOUS RELEVANT BOCC ACTION:
Approval by Resolution of prior Monroe County Local Housing Assistance Plans and Plan Amendments
beginning in 1993.
CONTRACT/AGREEMENT CHANGES:
N/A
STAFF RECOMMENDA nON:
Approve
TOT AI.. COST:
$-0-
BUDGETED: Yes No
COST TO COUNTY:
$-0-
SOURCE OF FUNDS: N/A
REVENUE PRODUCING: Yes _ No X AMOUNT PER: Month Year
APPROVED BY:
County Attny. ~ OMBlPurchasing _ Risk Management_
DNISION DIRECTOR APPROVAL:
J. Manuel Castillo, Sr., Executive Director
Monroe County Housing Authority
Exhibit E
STATE HOUSING INITIATIVES PARTNERSHIP (SHIP) PROGRAM
INFORMATION SHEET
SHIP ADMINISTRATOR:
ADDRESS:
MONROE COUNTY
MA YOR MURRAY NELSON ADDRESS:
99198 OVERSEAS HIGHWAY,
KEY LARGO, FLORIDA 33040
MARK BELL
SPECIAL PROGRAMS OFFICE
1403 121H STREET, KEY WEST. FLORIDA 33040
FAX:( 305) 292-1162
bellm@kwha.org
RICHARD CASEY, JR,
1403 121H STREET, KEY WEST, FLORDIA 33040
LOCAL GOVERNMENT:
CHIEF ELECTED OFFICIAL (Mayor. Cllairman, etc,):
TELEPHONE: (305) 292-1221
EMAIL ADDRESS:
ADDITIONAL SHIP CONTACTS:
ADDRESS:
TELEPHONE: (305) 292-1221
EMAU... ADDRESS:
FAX: (305)292-1162
caseyr@kwha.org
INTERLOCAL AGREEMENT: YES~ (IF yes, list other participants in the inter-local agreement):
The following information must be furnished to the Corporation before any funds can be disbursed.
LOCAL GOVERNMENT EMPLOYER FEDERAL ID NUMBER: 59.6000749
MAIL DISBURSEMENT TO:
ADDRESS:
OR:IF YOUR FUNDS ARE ELECTRONICALLY TRANSFERRED PLEASE COMPLETE THE ATTACHED
FORM:
~ NO CHANGE FROM PREVIOUS ELECTRONIC FORM SUBMITTED.
Provide any additional updates the Corporation should be aware of in the space below:
Please return this fonn to: SHIP PROGRAM MANAGER, FHFC 227 N. BRONOUGH ST, STE 5000
TALLAHASSEE, FL 32301 Fax: (850) 922-7253