Unrecorded Mortgage 2olo- 273 Y
Return to: (enclose self- addressed stamped envelope)
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Name:
Gerald K. Schwartz, Esquire
Address:
1691 Michigan. Avenue Suite 320
Miami. B each, Florida 33139
'this Instrument Prepared by:
Gerald K. Schwartz, Esquire
169.1 Michigan Avenue Suite 320
Miami Beach, Florida 33139
SPACE ABOVE THIS LINE FOR PROCESSING DATA. SPACE ABOVE THIS LINE FOR PROCESSING DATA
STATE OF FLORIDA INTANGIBLE TAXES AND DOCUMENTARY
STAMPS IN THE AMOUNT REQUIRED BY LAW WITH REGARD
TO THE .INDEBTEDNESS BEING EXTENDED HEREBY WERE
AFFIXED TO OR PROOF OF PAYMENT NOTED ON THE
FLORIDA.REAL ESTATE MORTGAGE RECORDED IN OFFICIAL.
RECORDS BOOK 27170 PAGE 2725 -27371 OF THE PUBLIC
RECORDS OFIVIIAMI -DARE COUNTY, FLORIDA. THE AMOUNT
OF INDEBTEDNESS UNDER THE NOTE IS NOT BEING
INCREASED BY THIS MODIFICATION. DOCUMENTARY STAMPS
OR INTANGIBLE TAX ARE' NOT ".DUE 'IN CONNECTION
HEREWTTH.
MODIFICATION OF PROMISSORY NOTE AND FLORIDA REAL
. ESTATE MORTGAGE
THIS MODIFICATION OF NOTE and MORTGAGE dated as of
.2011 ("Agreement"), by and among MIAMI BEACH .COMMUNITY DEVELOPMENT.
CORPORATION a Florida -not .for., profit icorporation ( "Borrower" or "Mortgagor "),
MADELEINE VILLAGE, LLC, .a Florida limited liability . not. for _profit corporation .whose
sole Member and'Managing Member is the Mortgagor.( "Madeleine ") and the CITY 'OF MIAMI
BEACH, FLORIDA, a Florida municipal corporation ( "Mortgagee
WITN
They circumstances which give rise to this Agreement are as .follows:
:WHEREAS, Mortgagee is owner and holder of a certain Florida Real Estate Mortgage, and
Security Agreement .executed by Mortgagor on January 10, 2010..encumbering certain.. property
located in Miami - Dade County, Florida, as described .therein and also described in. Exhibit. "A"
attached ereto .(the "Property "), which Mortgage secured the payment of that certain Promissory
Note dat d January 29,. 2010 in the original principal sum of TWO MILLION, THREE
- HUNDRED, SEVENTY SIX THOUSAND, ONE HUNDRED EIGHTY-ONE DOLLARS and
FIFTY THREE CENTS ($2,376,181.53)) (the "Note".), and which Mortgage was filed for record
on February 3, 2010 in Official Records Book .27170,, Page 2725- 27371 Public Records of Miami-
Dade County, Florida (the "Mortgage"); and
WHEREAS a Mort or has requested and Mortgagee has a agreed to pen Mort a or to
Mortgagor q �' P gg
simultaneously herewith convey the Property to M4D E L E I N E:
NOW, THEREFORE, for. and inconsideration of TEN AND 00 /100 DOLLARS ($10.00) .
and other good and valuable consideration, the receipt, sufficiency and adequacy of which is hereby
acknowledged, the parties hereto hereby agree as follows:
1. The above recitals are true and correct and are incorporated herein by reference.
2. Except as specifically modified hereby, all of the tenns, provisions and representations of the
Note, and Mortgage together with \all otl er. loan documents executed by Mortgagor in connection
therewith (collectively sometimes hereafter. referred .to as : the "Loan. Documents" )- are hereby
specifically reaffirmed by Madeleine,and are incorporated herein by this reference.
3. Simultaneous with the conveyance the Property to Madeleine, Miami Beach Community
Development Corporation is hereby'released from all obligations set forth in the Note, Mortgage
e and other Loan Documents and Madeleine does hereby assume all obligations of the Mortgagor and
as the new successor mortgagor, . agrees to: comply with the terms and conditions as set forth in the
Note,•Mortgage and other Loan Documents in - the same manner and - to the same extent as if
Madeleine:were the original mortgagor.
4. - The provisions of this Agreement shall control in the event of any conflict with the provisions
of the Loan Documents, the unaffected provisions of which are specifically - reaffirmed and.
incorporated herein by reference. Madeleine further agrees that, :except as specifically provided by
this Agreement, no part of the Note, Mortgage or other Loan Documents are in any .way altered,
amended or- changed. Madeleine hereby affirms and validates the full force and effect of the Note,
Mortgage and other Loan Documents as modified hereby:
5-. Madeleine and Mortgagor hereby affirm, warrant and represent that all of the warranties and
representations made in the Note, Mortgage and any other documents or instruments recited herein or
executed with respect thereto directly or indirectly, are true.and correct as of the,date hereof and that,
Mortgagor is,not in default of any of the foregoing nor aware of any default with respect thereto, and -
that Mortgagor has no defense or right of offset with respect to any indebtedness to Mortgagee.
Madeleine and Mortgagor hereby,releases Mortgagee from any cause of action against it existing as
of the date..of execution hereof. The rights and defenses being waived and released hereunder
include without limitation.any claim or defense based on the Mortgagee having charged or collected
interest at a greater - than that allowed to'be contracted for by applicable law as changed from
time.to time, provided, however, in no event shall such waiver and release. be deemed to change or
modify the terms of the Note or Mortgage which provide that sums paid or received in excess of the
.maximum rate of interest allowed to contracted for or by applicable law, as changed from time to
time, reduce the principal sum due, said provision to be in full force and effect.
2 .
MADELEINE VILLAGE, LLC., a Florida limited
liability not for profit corporation
By: MIAMI.. BEACH COMMUNITY
DEVELOPMENT CORPORATION a Florida Not •
For Profit corporation, the Managing Member
ROBERTO- TORRE, President
STATE OF FLORIDA ) SS:
COUNTY OF MIAMI -DADS )
I HEREBY CERTIFY that on this day, before me, an officer duly,: authorized in the State aforesaid
ar d the County aforesaid to take acknowledgments, the foregoing instrument was acknowledged,
before me by ROBERTO DATORRE, President of MIAMI ..BEACH COMMUNITY
DEVELOPMENT CORPORATION' a Florida Not For Profit corporation, the Managing Member
of IVIADELEINE VILLAGE, LLC., a Florida limited liability riot for profit corporation freely and
voluntarily under authority duly vested in him by said corporation and thatthe seal affixed thereto is
the - true corporate seal of said - corporation. H is personally known to ,me or has .provided
as identification:
WITNESS.my hand and official seal the County -and State Est aforesaidahis day of
( V�Uu ✓� _ 2011:
Notary Public, State of Florida at .Large
. Commission Expires: l GiV1;� 14tl.(�
Typed, printed or stamped name of Notary
� "afar, F�biic state of Florida THE CITY OF MIAMI BEACH, -
Bian a
qf� ' o 09/19/2014
My commi si n EE O2�48� FLORIDA a Florida municipal co' oration
of F�� Expires ' h . .
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STATE, OF FLORIDA ) SS:
COUNTY OF MIAMI =DADS )
THEREBY CERTIFY that on this day, before me, an officer duly authorized in the State
.aforesaid and in the County aforesaid to take acknowledgments, the foregoing instrument was .
acknowledged before me by Sc> R G o t f z -tPr Le;E- of the : CITY OF MIAMI
BEACH FLORIDA, a.Florida Municipal corporation, freely and voluntarily under author duly
vested in theirs by said limited liability company and that the seal affixed thereto is the true seal of
said limi ed liability. company. They are ersonally known to - me or have produced
.✓ as identification.
6. During term of the Mortgage, Miami Beach Community Development Corporation, as the
sole member of Madeleine, shall, not, without the written consent of the Mortgagee, which consent
may be unreasonably withheld, sell, assign, transfer or encumber any portion of its membership
interest. in Madeleine.
7. Paragraph I. c) of theMortgage be and is hereby modified and amended to provide that the
Affordability Penod'is extended from a term of fifteen (15) years - to - a term of 30 years.
8. This Agreement shall not be construed more..strictly against either party by virtue of
p reparation hereof and defined. terms in the Note shall be like wise defined herein.
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IN WITNESS WHEREOF', the Mortgagor, Madeleine and. Mortgagee have executed this
Agreement effective as of the day and year noted above.
MIAMI BEACH- COMMUNITY
.DEVELOPMENT CORPOIZAT'ION., a
• Florida For Profit corporation
B y:
RORERT6 DATORRE, President
'STATE OF FLORIDA ) SS
COUNTY OF MIAMI -DADE }
I HEREBY CERTIFY that on this day, before me, an officer duly authorized in the State
aforesaid .and - in the County aforesaid to take acknowledgments, the foregoing instrument was
acknowledged ,before me by ROBERTO DATORRE. as President of MIAMI BEACH
COMMUNITY DEVELOPMENT CORPORATION.. a Florida Not For Profit corporation, freely
and voluntarily under authority duly vested in them by said limited liability company and that the
seal affixed thereto is the true .seal of said limited liability company. T are persoriall_yk ow n to
me r have produced as identification.
WITNESS my hand and`official seal in the County and State last aforesaid this' day of
(00'
0 0' &vim , 2011
My Commission Expires: Not Public
Typed, printed or stamped name of Notary Public
?o Notary Public state. of. Florida
• ® Bianga Fonseca
v f My C ommission. EE027487. 0 r_ Expires 09 /19/2014
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W ITNESS my hand and official seal in the County and State last aforesaid this — A ay of
IAI14AO -q , 2011.. �.
., evL C - PA
My Commission Expires: Notary Public
2 7, -TA-A
NOTARY PUBLIC -STATE OF FLORIDA
Robert E. Parcher
Commission # DD896080 Typed, printed or stamped name of Notary Public
Expires: JUNE 03, 2013
BONDED THRU ATLAN'TIC BONDING CO., INC.
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