73-13986 • .
RESOLUTION NO. 73-13986
WHEREAS, under the provisions of Resolution No. 13015
passed and adopted by this City Council on April 29, 1970, the
proper officials of the City of Miami Beach are authorized and
directed to execute and deliver a suitable deed of conveyance to
Lots 15 through 20, Block 111, OCEAN BEACH ADDITION NO. 3, at
Recorded in Plat Book 2 , page 81, of the Public Records of Dade
County, Florida, to the Miami Beach Public Housing Authority, or
its nominee, for the construction of a low-rent housing project
for the elderly under Federal Turnkey Procedures, and
WHEREAS, said resolution provides that said deed shall
contain a reverter clause, revesting title to the City of Miami
Beach in the event of a failure or default in such condition, and
WHEREAS, it has been represented to the City Council of
the City of Miami Beach that E. D. A. , Inc. , as nominee-grantee
of the Miami Beach Housing Authority, is unable to procure the
necessary and requisite construction mortgage from an appropriate
lending institution unless said reverter clause is rendered
subordinate and inferior to the lien of the mortgage securing
such construction loan, and
WHEREAS, it is in the best interests of the City of
Miami Beach and its residents that such subordination agreement
be entered into, and
WHEREAS, it has been further represented to the City
Council of the City of Miami Beach that the payment of the
consideration of $100, 000 for such conveyance to the said
nominee of the Miami Beach Public Housing Authority at the time
of the conveyance of said property to said nominee creates an
unnecessary hardship upon the Miami Beach Public Housing Authority
and its nominee, E.D.A. , Inc. , and
WHEREAS, no financial interest of the City of Miami Beach
will be jeopardized by the postponement or deferral of the time
for the payment of the said consideration of $100,000,
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY COUNCIL
OF THE CITY OF MIAMI BEACH, FLORIDA, that the deed of conveyance
of the City of Miami Beach to E.D.A. , Inc. , as nominee of the City
of Miami Beach Public Housing Authority, shall contain and set
forth a suitable clause or covenant expressly subordinating the
reverter clause hereinabove described to the mortgage lien of a
construction loan made by an appropriate financial institution,
or, in the alternative, the Mayor and the City Clerk be and they
hereby are authorized to execute and deliver a suitable and
appropriate subordination agreement accomplishing such subordina-
tion to the satisfaction of the lending institution making such
loan, and
IT IS HEREBY FURTHER RESOLVED BY THE CITY COUNCIL OF
THE CITY OF MIAMI BEACH, FLORIDA, that the Warranty Deed conveying
the property to the said nominee of the Miami Beach Public Housing
Authority may be executed and delivered to said nominee upon the
execution and delivery to the City of Miami Beach of a negotiable
promissory note payable to the Order of the City of Miami Beach,
and made and delivered by E.D.A. ,Inc. , and Miami Beach Public
Housing Authority in the sum of $100, 000.00, without interest,
said promissory note to be secured by a suitable and proper purchase
money mortgage, which purchase money mortgage shall be subordinate
and inferior to the construction loan mortgage hereinabove referred
to, said promissory note and purchase money mortgage to be payable
OFFICE OF CITY ATTORNEY 1130 WASHINGTON AVENUE-MIAMI BEACH, FLORIDA 33139
as of the time conveyance of the completed Turnkey project is
made by E.D.A. ,Inc. , to the Miami Beach Public Housing Authority,
or on the 10th day of August , 1974 , whichever date shall
be the later.
PASSED and ADOPTED this 18th day of April 1973.
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Attest:
ledRiet--..--&-o-s-----
City Clerk-Finance Director
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CENCI OF CITY ATTORNEY...+1130 WASHINGTON AVENUE—MIAMI !EACH, FLORIDA 33139
.
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RESOLUTION NO. 73-13986
WHEREAS , under the provisions of Resolution No. 13015
passed and adopted by this City Council on April 29, 1970,. the
proper officials of the City of Miami Beach are authorized and
directed to execute and deliver a suitable deed of conveyance to
Lots 15 through 20, Block 111, OCEAN BEACH ADDITION NO. 3, a's
Recorded in Plat Book 2 , page 81, of the Public Records of Dade
County, Florida, to the Miami Beach Public Housing Authority, or
its nominee, for the construction of a low-rent housing project
for the elderly under Federal Turnkey Procedures , and
WHEREAS, said resolution provides that said deed shall
contain a reverter clause, revesting title to the City of Miami
Beach in the event of a failure or default in such condition, and
WHEREAS , it has been represented to the City Council of
the City of Miami Beach that E. D. A. , Inc . , as nominee-grantee
of the Miami Beach Housing Authority, is unable to procure the
necessary and requisite construction mortgage from an appropriate
lending institution unless said reverter clause is rendered
subordinate and inferior to the lien of the mortgage securing
such construction loan, and
WHEREAS, it is in the best interests of the City of
Miami Beach and its residents that such subordination agreement
be entered into, and
WHEREAS, it has been further represented to the City
Council of the City of Miami Beach that the payment of the
consideration of $100, 000 for such conveyance to the said
nominee of the Miami Beach Public Housing Authority at the time
of the conveyance of said property to said nominee creates an
unnecessary hardship upon the Miami Beach Public Housing Authority
and its nominee, E.D.A. , Inc . , and
WHEREAS , no financial interest of the City of Miami Beach
will be jeopardized by the postponement or deferral of the time
for the payment of the said consideration of $100, 000,
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY COUNCIL
OF THE CITY OF MIAMI BEACH, FLORIDA, that the deed of conveyance
of the City of Miami Beach to E.D.A. , Inc. , as nominee of the City
of Miami Beach Public Housing Authority, shall contain and set
forth a suitable clause or covenant expressly subordinating the
reverter clause hereinabove described to the mortgage lien of a
construction loan made by an appropriate financial institution,
or, in the alternative, the Mayor and the City Clerk be and they
hereby are authorized to execute and deliver a suitable and
appropriate subordination agreement accomplishing such subordina-
tion to the satisfaction of the lending institution making such
loan, and
IT IS HEREBY FURTHER RESOLVED BY THE CITY COUNCIL OF
THE CITY OF MIAMI BEACH, FLORIDA, that the Warranty Deed conveying
the property 'to the said nominee of the Miami Beach Public Housing
Authority may be executed and delivered to said nominee upon the
execution and delivery to the City of Miami Beach of a negotiable
promissory note payable to the Order of the City of Miami Beach,
and made and delivered by E.D.A. , Inc . , and Miami Beach Public
Housing Authority in the sum of $100, 000.00, without interest,
said promissory note to be secured by a suitable and proper purchase
money mortgage, which purchase money mortgage shall be subordinate
and inferior to the construction loan mortgage hereinabove referred
to, said promissory note and purchase money mortgage to be payable
OFFICE OP CITY ATTORNEY-_1130 WASHINGTON AVENUE—MIAMI BEACH, FLORIDA 33139
as of the time conveyance of the completed Turnkey project is
made by E.D .A. ,Inc . , to the Miami Beach Public Housing Authority,
or on the 10th day of August , 1974 , whichever date shall
be the later.
PASSED and ADOPTED this 18th day of April 1973.
0 '
'gi.,e•r
Attest :
A ti' , _,,,A
City Clerk-Finance Director
-2-
OFFICE OF CITY ATTORNEY-1190 WASHINGTON AVENUE-MIAMI BEACH, FLORIDA 331 39