96-22084 RESO
RESOLUTION NO. 96-22084
A RESOLUTION OF THE MAYOR AND CITY COMMISSION
OF THE CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING
THE MAYOR AND CITY CLERK TO EXECUTE AN
AMENDED AND RESTATED AGREEMENT RELATIVE TO
THE HOME INVESTMENT PARTNERSHIPS PROGRAM
(HOME) AGREEMENT DATED AUGUST 31, 1994,
BETWEEN THE CITY OF MIAMI BEACH AND AFFORDABLE
LANDMARKS, INC., PERTAINING TO THE LAND
ACQUISITION AND CONSTRUCTION OF A CONDOMINIUM
BUILDING AT 1401 BAY ROAD, MIAMI BEACH, FLORIDA,
IN ORDER TO: 1) INCREASE THE TOTAL HOME FUNDS
AUTHORIZED FROM ONE MILLION TWO HUNDRED FIFTY
THOUSAND DOLLARS ($1,250,000) TO ONE MILLION
EIGHT HUNDRED FORTY FIVE THOUSAND NINETY-ONE
DOLLARS ($1,845,091); 2) INCREASE THE NUMBER OF
HOME PROGRAM HOMEOWNERSHIP UNITS FROM 25 TO
A MINIMUM OF 37; 3) DOWNSIZE THE TOTAL NUMBER OF
PROJECT UNITS FROM 96 TO 52 IN COMPLIANCE WITH
NEW ZONING REQUIREMENTS; FURTHER AUTHORIZING
THE MAYOR AND CITY CLERK TO EXECUTE ANY
NECESSARY ACCOMPANYING CLOSING DOCUMENTS
FOR THIS TRANSACTION, SUBJECT TO REVIEW BY THE
CITY ATTORNEY'S OFFICE.
WHEREAS, on July 28, 1993, the Mayor and City Commission approved Resolution
No. 93-20859 authorizing the execution of a HOME Investment Partnerships Act (HOME)
Program Agreement between the City of Miami Beach and Affordable Landmarks, Inc.; and
WHEREAS, the Agreement, in the amount of $1,250,000, provided HOME funding
to be used towards the cost of land acquisition and construction of a mixed-income
condominium at 14th Street and Bay Road; and
WHEREAS, the Agreement provided for a homeownership project that would
provide a set-aside of HOME assisted homeownership units for eligible first-time
homebuyers; and
WHEREAS, on August 31, 1994, the City Manager executed a site transaction
Agreement which further specified the requirements of the HOME program relative to the
project; and
WHEREAS, the August 31, 1994 Agreement provided for a one-time only
assignment from Affordable Landmarks, Inc., to Bay Road Venture, Inc.; and
WHEREAS, Bay Road Venture, Inc., is the successor in interest to Affordable
Landmarks, Inc., and has assumed all of the obligations of Affordable Landmarks, Inc.,
under both the July 28, 1993 and the August 31, 1994 Agreements; and
WHEREAS, Affordable Landmarks, Inc., has reconfigured and downsized the
project to accommodate changing market conditions and to comply with the City's new
zoning of the property; and
WHEREAS, on March 1, 1996 and June 21, 1996, the City's Loan Review
Committee considered the reconfigured project and unit count and approved additional
funding in the amount of $595,091 to provide the additional subsidies needed for the
increased number of HOME units; and
WHEREAS, the City has prior year (fiscal year 1992, 1993 and 1994) HOME
program funds which the City now desires to commit to this project; and
WHEREAS, the parties have negotiated the attached Amended and Restated
Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COMMISSION OF
THE CITY OF MIAMI BEACH, FLORIDA that the Mayor and City Clerk are hereby
authorized to execute the attached Amended and Restated Agreement relative to the
HOME Investment Partnerships Program (HOME) Agreement dated August 31, 1994,
between the City of Miami Beach and Affordable Landmarks, Inc., pertaining to the land
acquisition and construction of a condominium building at 1~01 B~y Road, Miami Beach,
Florida, in order to: 1) increase the total HOME funds authorized from One Million Two
Hundred Fifty Thousand Dollars ($1,250,000) to One Million Eight Hundred Forty Five
Thousand Ninety-One Dollars ($1,845,091); 2) increase the number of HOME program
homeo...merEhip units from 25 to a minimum of 37; 3) downsize the total number of project
units from 96 to 52 in compliance with new zoning requirements; further authorizing the ./
Mayor and City Clerk to execute any necessary accompanying closing documents for this
transaction, subject to review by the City Attorney's Office.
PASSEDANDADOPTEDTHIS 17th DAYOF
July
, 1996.
ATTEST:
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CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH FLORIDA 33139
TO:
FROM:
SUBJECT:
COMMISSION MEMORANDUM NO. ~ 5L -ct to
Mayor Seymour Gelber and
Members of the City Commission
DATE:
July 17, 1996
Jose carcia_pedrosa/!.
City Manager
A RESOLUTIO AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE AN AMENDED AND RESTATED AGREEMENT RELATIVE TO
THE HOME INVESTMENT PARTNERSHIPS PROGRAM (HOME)
AGREEMENT DATED AUGUST 31, 1994, BETWEEN THE CITY OF MIAMI
BEACH AND AFFORDABLE LANDMARKS, INC., PERTAINING TO THE
LAND ACQUISITION AND CONSTRUCTION OF A CONDOMINIUM
BUILDING AT 1401 BAY ROAD, MIAMI BEACH, FLORIDA, IN ORDER TO:
1) INCREASE THE TOTAL HOME FUNDS AUTHORIZED FROM ONE
MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS ($1,250,000) TO
ONE MILLION EIGHT HUNDRED FORTY FIVE THOUSAND NINETY-ONE
DOLLARS ($1,845,091); 2) INCREASE THE NUMBER OF HOME
PROGRAM HOMEOWNERSHIP UNITS FROM 25 TO A MINIMUM OF 37;
3) DOWNSIZE THE TOTAL NUMBER OF PROJECT UNITS FROM 96 TO
52 IN COMPLIANCE WITH NEW ZONING REQUIREMENTS; 4) WAIVE
CERTAIN CITY FEES AS RECOMMENDED BY THE LOAN REVIEW
COMMITTEE; FURTHER AUTHORIZING THE MAYOR AND CITY CLERK
TO EXECUTE ANY NECESSARY ACCOMPANYING CLOSING
DOCUMENTS FOR THIS TRANSACTION, SUBJECT TO REVIEW BY THE
CITY ATTORNEY'S OFFICE.
ADMINISTRATION RECOMMENDATION:
The Mayor and City Commission should adopt the attached Resolution authorizing the
Mayor and City Clerk to execute an Amended and Restated Agreement relative to the
HOME Agreement dated August 31, 1994, between the City of Miami Beach and
Affordable Landmarks, Inc., pertaining to the land acquisition and construction of a
condominium building at 1401 Bay Road, Miami Beach, Florida, in order to: 1) increase
the total HOME funds authorized from One Million Two Hundred Fifty Thousand Dollars
($1,250,000) to One Million Eight Hundred Forty Five Thousand Ninety-One Dollars
($1,845,091); 2) increase the number of HOME Program homeownership units from 25 to
a minimum of 37; 3) downsize the total number of project units from 96 to 52 in compliance
with new zoning requirements; 4) waive certain City fees as recommended by the Loan
AGENDA ITEM 'R 1 L
DATE [-1.]-9 ~
COMMISSION MEMORANDUM
JULy 17,1996
PAGE 2
Review Committee; further authorizing the Mayor and City Clerk to execute any necessary
accompanying closing documents for this transaction, subject to review by the City
Attorney's Office.
BACKGROUND:
On July 28, 1993, the City Commission adopted Resolution NO.93-20859 authorizing the
execution of a HOME Agreement with Affordable Landmarks, Inc., a Miami Beach based
firm specializing in the development, acquisition, rehabilitation, construction and
management of multi-family properties. This agreement was the first for the City under the
newly enacted federal HOME Investment Partnerships Act Program ("HOME"), of which
the City is an entitlement recipient of funding. Affordable Landmarks, Inc., is a Florida
corporation which is wholly owned by Robert S. Saland. The HOME Agreement, in the
amount of $1 ,250,000, provided a reservation offunds and conceptual plans for the future
land acquisition and construction of a mixed-income high-rise condominium project
consisting of approximately ninety-six units at Bay Road and 14th Street. The project was
previously reviewed and recommended for funding by the City's Loan Review Committee.
On August 31, 1994, a site transaction agreement was executed by the City Manager
providing for the project. According to the Agreement, twenty-five condominium units
were set aside for qualified first-time homebuyers consisting of 16 one-bedroom units and
9 two-bedroom units. The remaining units were to be sold at market rate prices. The
City's $1,250,000 HOME investment is secured by a second mortgage on the property.
The HOME investment is structured as a loan to be repaid through the execution of
individual second mortgages on each of the HOME units. As each unit is sold, a portion
of the HOME funds will be passed down in the form of a second mortgage to the
purchaser. These funds will be secured by deed restriction requiring repayment to the
local HOME Trust Fund upon the sale of the unit.
The City has closely monitored the progress of the project since its inception. Project
milestones were accomplished on schedule including the land closing, completion of
construction documents, soil tests, bid documents, building permit application, construction
of an on-site sales office, reservation deposits accepted on twenty-six market rate units
and condominium documents prepared and submitted to the State. The construction was
scheduled to commence in October, 1995.
A market downturn this past year in the sales of condominium units has forced the owner
to alter the original plan due to difficulty in selling the market rate units. Despite extensive
and costly advertising and marketing campaigns, the required 50% pre-sales of the market
rate units needed to start construction, were not met. To date, the owner has invested
COMMISSION MEMORANDUM
JULy 17, 1996
PAGE 3
$700,000 in the project. The sales center has been subsequently closed due to a lack of
improvement in the market.
The project owner has been working with the City since February to restructure the project
to accommodate the current market conditions and to leverage the City's funds at a rate
acceptable to the City. Since the City's investment is protected by a mortgage on the
property, the owner could either return the City's funds, transfer title of the property to the
City or restructure the project in a manner that will allow it to go forward. Given the City's
previous commitment to this project and HUD rules requiring expenditure of funds within
five years of allocation, the latter option is preferred.
ANAL YSIS:
The following revised project proposal was reviewed by the City Administration and
approved by the City's Loan Review Committee on March 1, 1996 and June 21, 1996. As
a result of the January 1994 amendment to the City's Comprehensive Plan and the City's
Planning-in-Progress Ordinance, the property has been down-planned from RM2 to RM1.
Therefore, the overall project will be reduced from fifteen stories to four stories over
ground level parking to comply with these new requirements. The project as revised will
contain a total of 52 two-bedroom units, of which a minimum of 37 two-bedroom units will
be affordably financed utilizing HOME funds to provide silent second mortgages.
Qualified homebuyers earning up to 80% of the Area Median Income for Metropolitan
Dade County will be eligible to purchase these HOME-assisted units. The sales price for
all of the HOME units will be $112,350 which is the maximum sales price/value limit
allowable under the HOME program within the city limits of Miami Beach. The sales price
of the market rate units has not been finalized but it is expected that it will be close to the
price of the HOME-assisted units. The HOME units will be comparable to the market rate
units in all respects. The units will measure approximately 950 square feet.
An additional $595,091 in HOME funds, above the original $1.25 million, was approved
by the Loan Review Committee in order to provide the additional subsidies required by the
increased number of HOME units. The additional funding for the project utilizes 1992,
1993 and 1994 HOME funds. The reconfigured project will result in an average per-unit
subsidy of $49,867, well below the allowable two-bedroom subsidy limit of $81 ,911 under
the HOME program. The mortgage on the HOME units will be a silent second mortgage
that is 100% due on sale. Thus, all of the HOME funding provided will be passed to the
homebuyers and will reduce the monthly payments on the purchaser's first mortgage.
The first mortgage lender, City National Bank, has provided a construction loan
commitment of $2.5 million dollars for the project, and has waived the pre-sale
COMMISSION MEMORANDUM
JULy 17, 1996
PAGE 4
requirements. Therefore, construction can commence immediately upon Design Review
approval. Based on recommendations provided by the Loan Review Committee, the
Amended and Restated Agreement will require construction start-up within 90 days of
Design Review approval, and project completion within fourteen months thereof. The
additional HOME funds requested, $595,091, in combination with the $1.25 million in funds
previously disbursed for the project total $1,845,091, representing 36% of the project
financing. In order to protect the City's investment, the owner will provide the City with
a performance bond which guarantees completion of the project.
At the Loan Review Committee meeting held March 1, 1996, the Committee recommended
that the City consider waiving impact fees to the extent possible to provide a matching
contribution to the federal HOME funds. The City, as an entitlement recipient of federal
HOME funds, is required to make a 12.5 percent matching contributions for the funds
expended for HOME projects each fiscal year. The waiver of certain City fees not to
exceed a $25,000 Parking Impact Fee, a $25,000 Building Permit Fee, and a $14,420
Water and Sewer Impact Fee will provide a portion of the HOME required match.
CONCLUSION:
The Administration recommends that the Mayor and City Clerk execute an Amended and
Restated Agreement relative to the HOME Investment Partnerships Program Agreement
dated August 31,1994, between the City of Miami Beach and Affordable Landmarks, Inc.,
pertaining to the land acquisition and construction of a condominium building at 1401 Bay
Road, Miami Beach, Florida, in order to: 1) increase the total funding amount from One
Million Two Hundred Fifty Thousand Dollars ($1,250,000) to One Million Eight Hundred
Forty Five Thousand Ninety-One Dollars ($1,845,091); 2) increase the number of HOME
program homeownership units from 25 to a minimum of 37; 3) downsize the total number
of project units from 96 to 52 in compliance with new zoning requirements; 4) waive certain
fees as recommended by the Loan Review Committee; further authorizing the Mayor and
City Clerk to execute any necessary accompanying closing documents for this transaction,
subject to review by the City Attorney's Office.
JGP~S
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AMENDED AND RESTATED AGREEMENT
THIS AMENDED AND RESTATED AGREEMENT, entered into this 17th
day of July , 1996, by and between the CITY OF MIAMI
BEACH, a Florida municipal corporation, having its principal office
at 1700 Convention Center Drive, Miami Beach, Florida, hereinafter
referred to as the "City", and BAY ROAD VENTURE, INC., a Florida
corporation, having its principal office at 735 Collins Avenue,
Miami Beach, Florida, hereinafter referred to as "OWNER".
WITNESSETH:
WHEREAS, the U.S. Department of Housing and Urban Development
("HUD") has issued rules providing for the utilization of Federal
funds in the provision of affordable housing for low and moderate
income persons under the HOME Investment Partnerships Act (the
"Act") j and
WHEREAS, the City has established a HOME Investment Partners
Program (the "Program" ) under the HUD rules, which provides
financial assistance for the purpose of providing affordable
housing within the CitYj and
WHEREAS, the Mayor and City Commission, by Resolution No.
93-20859, reserved certain funds for the provision of affordable
housing by OWNERj and
WHEREAS, OWNER desires to provide home ownership housing
through the construction of a fifty two (52) unit condominium
building (the "Project") located on the property legally described
in Exhibit "A" attached hereto (the "Property") in accordance with
the rules of the Actj and
WHEREAS, OWNER will agree to set aside a minimum of thirty
seven (37) of such condominium units for homebuyers in accordance
with the terms of this Agreement (such units referred to herein as
the "HOME Units" or "Qualified Units"), such HOME Units to be
proportionately distributed throughout the projectj and
WHEREAS, it is acknowledged and agreed that funds to be
granted to OWNER to be utilized for the Project derive from Federal
funds appropriated to the City by HUD, for the uses and purposes
herein referred to and, accordingly, it is acknowledged and agreed
that this Agreement is entered into in compliance by the parties
with all applicable provisions of Federal, State and local laws,
statutes, rules and regulationsj and
WHEREAS, Affordable Landmarks, Inc., a Florida corporation
("Affordable") and the City originally entered into that certain
Agreement dated as of August 31, 1994 (the "Initial Agreement!'),
which was assigned by Affordable to the OWNER by Assignment of
Agreement dated as of August 31, 1994, and which governed the use
of the HOME Funds by the OWNER; and
WHEREAS, the Initial Agreement was modified pursuant to that
certain Addendum to the Agreement between the City of Miami Beach
and Affordable Landmarks Inc., dated as of October 10, 1994 (the
"Addendum") . The Initial Agreement and the Addendum are
hereinafter collectively referred to as the "Prior Agreement".
WHEREAS, OWNER and the City now wish to amend and restate the
Prior Agreement in the manner hereinafter set forth;
NOW, THEREFORE, in consideration of the mutual promises
contained herein, the parties do hereby agree as follows:
1. Allocation of HOME Funds. The City agrees to allocate
HOME funds to OWNER in the amount of One Million Eight Hundred
Forty Five Thousand Ninety One Dollars ($1,845,091.00) (referred to
herein as the "HOME Loan" or the "Funds"). The Funds will be used
by OWNER towards the acquisition/construction of a fifty two (52)
condominium unit complex, with associated amenities (the
"Project"), of which a minimum of thirty seven (37) of such units
(the "HOME Units") will be affordable to, and occupied by, eligible
individuals, as more particularly described in Paragraph 10 below,
and will be proportionately distributed throughout the Project.
2. Collateral Security. OWNER has executed a Mortgage and
Security Agreement (the "Project Mortgage") securing OWNER's
obligations under this Agreement, which is recorded in Official
Records Book 16498, at Page 865, of the Public Records of Dade
County, Florida.
3. Disbursement of Funds. OWNER and the City acknowledge
that $1,250,000 of the HOME Loan has been disbursed to the OWNER
prior to the date hereof for the purpose of financing the OWNER's
acquisition of the Property. The remaining $595,091 of the HOME
Loan (the "Construction Funds") shall be disbursed as follows:
(a) The Construction Funds shall be deposited in an account
held by the first mortgage lender for the Project, City
National Bank of Florida ( "Ci ty National"). It is
acknowledged that City National will be providing additional
funds for the construction of the proj ect . Requests for
disbursement of the Construction Funds shall be made
simultaneously with requests made of City National for
advances of City National's funds. Any request for an advance
of the Construction Funds shall be accompanied by any reports,
documents, certificates or other data required by the City in
connection therewith, and any receipts, vouchers or similar
items requested by the City. OWNER agrees to provide City
with copies of all inspection reports performed by City
National and it is hereby agreed and acknowledged that the
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City will not be obligated to undertake any inspections other
than those performed by City National's inspectors. The
Construction Funds shall be disbursed to the OWNER
simultaneously with each disbursement of City National's
funds; each such disbursement of the Construction Funds will
be in an amount which is proportionate to the amount of funds
being advanced by City National. City National shall have no
obligation to disburse any of the Construction Funds unless
the City shall have delivered written instructions to City
National indicating its approval of the requested
disbursement. The City agrees to promptly review each request
for disbursement and not to unreasonably withhold or delay its
approval of same. In the event that the City objects to any
request for disbursement it shall notify both OWNER and City
National promptly (but in no event later than 5 days after
submission to the City of such request) of the item or items
to which it objects. OWNER and City agree to promptly
cooperate to resolve such disputed items so as not to delay
the construction of the Project.
(b) The following shall be additional conditions precedent to
the initial disbursement of the Construction Funds:
(i) All of the conditions
disbursement set forth in the
securing the City National loan
or waived by City National;
precedent to initial
documents evidencing and
shall have been satisfied
(ii) No default shall have occurred under the documents
evidencing and securing the HOME Loan (the "Loan
Documents") ;
(iii) The Loan Documents shall have been executed and
delivered to the City and, if applicable, recorded in the
Public Records of the county wherein the Land is located
and with the Secretary of State, State of Florida;
(iv) The City shall have received a marked-up commitment
to issue a title insurance policy without any exception
from coverage except the Permitted Title Exceptions;
(v) The City shall have received a survey of the
Property;
(vi) The City shall have received an executed copy of the
contract made in connection with the construction of the
Project (the "Construction Contract");
(vii) A Notice of Commencement signed by OWNER shall
have been received by the title agent for recording; and
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(viii) The City shall have received an original
executed Payment and Performance Bond, showing the City
as a dual obligee.
(c) The following shall be conditions precedent to any
subsequent disbursement of the Construction Funds:
(i) All of the conditions
disbursements set forth in the
securing the City National loan
or waived by City National;
precedent to subsequent
documents evidencing and
shall have been satisfied
(ii) No default shall have occurred under the Loan
Documents;
(iii) No litigation, arbitration, or other proceeding
shall have been commenced against OWNER, which materially
impairs, or is likely to impair the OWNER's ability to
complete the Project; and
(iv) An endorsement to the City's title insurance policy
shall have been delivered to the City within five (5)
days following the request for advance, increasing the
amount of coverage to include the amount of the
disbursement then requested, which endorsement shall show
no exceptions to title other than the Permitted Title
Exceptions (as hereinafter defined) .
(d) In connection with each disbursement on account of any
hard cost item due under the Construction Contract (other than
the final disbursement) an amount (the "Retainage") equal to
the greater of (a) 10% of the total amount then due under the
Construction Contract, as approved by the City, for hard cost
items or (b) the amount, if any, of the holdback or Retainage
required as of the time of such disbursement under the terms
of the Construction Contract, shall be withheld from the
amount disbursed. The Retainage shall not be disbursed until
the date of the Final Advance (as hereinafter defined) on
account of the Construction Contract.
(e) The final disbursement of the Construction Funds (the
II Final Advance ") for sums due on the Construction Contract
shall be made following completion of the Project including,
but not limited to, all on-site and off-site improvements and
all utilities, to the satisfaction of the City and the
furnishing of the following documents to the City: (i) all
required affidavits from the construction contractor and the
OWNER, (ii) a certificate from the OWNER's architect
certifying that the Project has been completed in accordance
with the plans, (iii) final releases or waivers of lien from
all applicable contractors and other lienors, which releases
or waivers must be acceptable to the City and its title
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company; provided, however, that OWNER shall obtain and
deliver to the City a final unqualified lien waiver from each
such party at the time of payment of such specific amount to
such party, (iv) a certificate of occupancy for the
Improvements, (v) a final certified "as-built" survey of the
Project satisfactory to the City and (vi) the final
endorsement to the City's title insurance policy, reflecting
no exceptions from coverage except the Permitted Title
Exceptions.
4. Construction Schedule. OWNER shall commence construction
of the Project by no later than the date which is ninety (90) days
following approval of the plans for the Project by the City's
Design Review Board. Completion of the proj ect shall occur no
later than fourteen (14) months after the commencement date,
subject to delays due to strikes, blackouts, acts of God,
restrictions of any governmental authority, failure or inability to
secure materials or labor by reason of priority or similar
regulation or order of any governmental authority, enemy action,
civil disturbance, fire, or any other act beyond the reasonable
control of OWNER.
5. Transfer of Security for Funds. OWNER agrees that each
purchaser of a HOME Unit (each such person referred to herein as a
"Qualified Buyer") will execute a second mortgage document (the
"HOME Mortgage") in a form acceptable to the City that will secure
that portion of the Funds attributable to the HOME Unit sold. It
is understood and agreed by the parties hereto that OWNER will
allocate a portion of the HOME Loan to each HOME Unit sold in the
manner hereinafter set forth in this Paragraph 5. Such HOME
Mortgages will be superior to all other liens other than that of a
first mortgage lender and such permitted title exceptions as are
acceptable to the City (the "Permitted Title Exceptions")
OWNER agrees that it will allocate HOME Funds to each
Qualified Unit in such a manner that will make the purchase and
continued Ownership of a Qualified Unit by a Qualified Buyer
affordable, as contemplated by HUD regulations and as agreed upon
by the City and as limited in the amounts set forth more
particularly in Exhibit "B" attached hereto. In determining
affordability, OWNER shall' ascertain the income of the Qualified
Buyer, the monthly housing costs (including condominium fees) and
the percentage of the Qualified Buyer's income available for
servicing debt on the Qualified Unit (which shall range from 28% to
35% as agreed upon by the City and OWNER)
6. Excess/Shortfall of HOME Funds. In the event that there
shall be "excess" HOME Funds remaining after the allocation of HOME
Funds to Qualified Units in accordance with Paragraph 5, above,
OWNER agrees to either (i) set aside an additional "Qualified Unit"
or "Qualified Units" (if possible) or (ii) return such excess to
the City, or an agreed upon combination thereof. In the event that
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there shall not be sufficient HOME Funds available to OWNER to make
all Qualified Units "affordable" in accordance with Paragraph 5,
above, the City shall either allocate additional HOME Funds to
OWNER (if possible) or the number of Qualified Units provided
hereunder shall be decreased, in City's sole discretion.
7. Restrictive Covenant. The HOME Mortgage to be delivered
to the City in connection with each and every sale of a HOME Unit
will contain a Restrictive Covenant detailing the restrictions
imposed upon the Qualified Buyers in consideration for the
favorable financing provided to such Qualified Buyers.
8. Release of Lien of Prolect Mortqaqe. The Funds will be
repaid by OWNER through the provision to the City of the respective
HOME Mortgages. A partial release and satisfaction of the Project
Mortgage lien will be executed by the City and recorded together
wi th the recording of each HOME Mortgage. The City agrees to
promptly deliver each of such releases as requested by OWNER. The
sum of the obligations secured by the individual HOME Mortgages
shall total the full amount of Funds advanced to OWNER hereunder,
subject to the provisions of Paragraph 12 hereof. In addition, the
City shall provide OWNER, upon request and without payment of any
kind, with partial releases of its Project Mortgage lien for all
Non-HOME Units located in the Project as such Non-HOME Units are
sold. The City agrees to promptly deliver each of such releases as
requested by OWNER.
9. Knowledqe of HOME Requlations. The City is responsible
for ensuring that the Funds are used in accordance with Program
requirements, as outlined in all applicable HOME Regulations (the
"Regulations"). As a condition precedent to the execution of this
Agreement, OWNER herein represents and warrants to the City that it
is knowledgeable of said HOME Regulations, as same may be amended
from time to time. Additionally, OWNER also warrants and
represents to the City at the time of execution of this Agreement,
that it is in compliance with any and all applicable HOME
Regulations, and shall remain in compliance with such Regulations
(including, without limitation, 24 CFR Part 92.505) throughout the
term and duration of this Agreement. In the event of a conflict
between the terms of this Agreement and the HOME Regulations, the
provisions of the applicable HOME Regulations shall prevail.
10. Set Aside of HOME Units. It is herein understood by
OWNER that, as a condition to the City's allocatio~ of the Funds to
OWNER, OWNER covenants that the HOME Units, which shall all be two
bedroom units, will comply with all affordability requirements as
set forth in 24 CFR Part 92.254 and 92.255 (which requirements,
among other things, restrict the income of each Qualified Buyer to
no more than 80% of the area median income) .
11. Definition of "Total Prolect Cost". "Total Project Cost"
shall include, but not be limited to, the cost of acquisition, as
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set forth in the allocation of Funds herein; construction; any soft
costs; and any and all other costs as shall be necessary for the
Project to obtain a Final Certificate of Occupancy.
12. Impact Fees. To the extent the OWNER is required to pay
any impact fees, not otherwise waived, to the City, Dade County,
Florida or other governmental authority in connection with the
construction of the Project, up to $150,000 of the Funds may be
allocated for the payment of such impact fees. Any portion of the
Funds so allocated shall not be required to be repaid to the City,
nor shall such Funds be required to be included within the
provision to the City of the HOME Mortgages.
13. Repavment of Funds; Transfer of Title. The Funds (which
definition shall include the allocation of any additional funds
that may be provided by the City in the future as a result of an
amendment or modification to this Agreement) shall be repaid in
their entirety if the HOME Units are not held for sale to Qualified
Buyers in accordance with the terms of this Agreement and the
Regulations. Any violation of the affordability requirement may,
at the City's option, result in the entire amount of the Funds, to
be returned and/or otherwise repaid by OWNER to the City.
OWNER must obtain the prior written consent of the Mayor and City
Commission prior to the resale or transfer of the entire Project
(it being understood that OWNER will be selling Units in the
ordinary course of its business without the need for prior
approval). The City reserves the right to review compliance with
all affordability requirements, as set forth herein. In the event
of an approved resale or transfer of the Project, as set forth
above, the City herein further reserves the right of first refusal
to purchase the Project, prior to the Project being offered for
sale.
In the event of a transfer of title without prior written consent,
as same is set forth above, the full amount of the Funds provided
to OWNER for the Project, pursuant to this Agreement, including any
increased amount(s) as a result of any modifications and amendments
thereto, shall be repaid to the City, subject to the limitations
set forth in 24 CFR Part 92, and may, at such time, bs used by the
City for additional eligible activities.
14. Certifications and Covenants of OWNER. OWNER shall
certify to the City at the time of sale of each HOME Unit (and each
time thereafter, as to all subsequent sales of HOME Units within
the proj ect) :
a. that each HOME Unit is in compliance with
applicable HUD housing quality standards and the
City's Housing Code requirements;
-7-
b. that all Qualified Buyers must qualify at closing
with the prescribed HUD requirements for a
first-time homebuyer eligible for purchase and
occupancy within the Project in accordance with 24
CFR 92.254 and 92.255;
c. that it has ensured, through a separate individual
agreement with the Qualified Buyer, that each
Qualified Buyer has agreed to maintain his HOME
Unit in good repair and fully tenantable for the
term of the HOME Mortgage;
d. that the initial purchase price for each HOME Unit
shall not exceed (i) 95 percent of the median
purchase price for the Miami Standard Metropolitan
area for condominium units (ii) the purchase price
established in the current HUD-published "FHA
203 (b) Mortgage Limits" for condominiums as
permitted under the HUD guidelines and pursuant to
24 CFR Part 92.254 or (iii) such other purchase
price as may be permitted by HUD in its discretion.
A copy of the current FHA 203(b) mortgage limits is
attached hereto as Exhibit "C".
e. that 100% of the HOME Units are to be occupied by
persons or families whose incomes are below 80% of
the current area median income for the Metropolitan
Dade County area (the latest median income figures
are attached hereto as Exhibit "D") to be qualified
at the time of closing;
f. that at closing each Qualified Buyer will execute,
as a condition to the release of the HOME Unit from
the Project Mortgage, a HOME Mortgage which shall
include a Restrictive Covenant in a form acceptable
to the City.
OWNER shall also provide the City with documentation for each
Qualified Buyer, confirming family size, income, initial purchase
price of the HOME Unit the amount of HOME Funds allocated to such
Qualified Unit.
15. Affirmative Marketinq. Owner shall undertake the
following covenants with respect to marketing the Project:
(a) Definitions: The following definitions shall apply to
this Section 15:
(i)
Affirmative Marketinq is defined as a program
which undertakes good faith efforts to provide
information and otherwise attract eligible
persons from all racial, ethnic, and gender
-8-
( ii)
(iii)
(iv)
(b) Proqram:
groups in the housing market area to available
housing units in projects rehabilitated and/or
constructed with federal funds.
Fair Housinq Laws include the 1968 Federal
Fair Housing Act; Executive Order 11063; Title
VI of the 1964 Civil Rights Act; the Age
Discrimination Act of 1975; Section 504 of the
Rehabilitation Act of 1973; Executive Order
11246; Section 3 of the Housing and Urban
Development Act of 1968; Executive Order Nos.
11265, 12432, and 12138; and all equal
opportunity Rules, regulations or orders
thereof.
Equal Housinq Opportunity slogan or logotype
refers to the use of the slogan or logotype
"Equal Housing Opportunity" in the advertising
of all residential real estate for sale, rent
or financing.
Affirmative Marketinq is intended to implement
the Department of Housing and Urban
Development directive set forth in 24 CFR
92.351 of the HOME Program.
(i) Fair Housinq Practices The OWNER shall agree
to abide by all federal, state or local
regulations relative to equal opportunity in
the housing market to all persons, without
discrimination as to race, color, creed,
religion, sex, marital status, age, and status
with regard to public assistance or
disability.
(ii) Advertisinq
A. The OWNER shall include the official
Equal Housing Opportunity slogan or
logotype in all classified advertising
and all other advertising (including
property for sale/rent sign) regarding
the availability of housing units that
are vacant after rehabilitation or
construction or that later become vacant.
Samples of said slogan and logotype have
been provided to OWNER by the City.
B. When advertising the availability of
housing units, the OWNER shall not select
-9-
(iii)
(iv)
as his/her sole source of advertising, a
specific medium (visual or auditory)
which is clearly intended to indicate
exclusiveness of the basis or race,
color, creed, religion, national origin,
sex, age, or marital status. All
classified notices of availability of
housing units must be published in the
Miami Herald, a newspaper of general
circulation which is definable as
reasonably representing majority and
minority groups in the Project area, and
in a Spanish language newspaper of
general circulation such as El Herald.
Display of Posters The OWNER shall display
the Fair Housing poster, receipt of which is
hereby acknowledged, in a conspicuous location
wi th the said proj ect, available to tenants
and applicants for occupancy. Said poster
provides tenants and applicants for occupancy
with information on fair housing laws and a
telephone number to report discrimination in
housing.
Special Outreach
A. The OWNER shall take every reasonable
step to inform and solicit applications
from persons in the available housing
market who are not likely to apply for
the housing without special outreach and
advertising efforts.
B. The OWNER shall affirmatively solicit
applications from minorities and families
of low and moderate income by forwarding
copies of the advertisement, or notice
thereof (immediately upon publication),
regarding the availability of vacant
housing units, to special outreach
centers such as community organizations,
employment offices, fair housing groups,
or housing counseling agencies. A list
of local sources for compliance with said
outreach efforts has been furnished to
OWNER and OWNER hereby acknowledges
having received same.
-10-
(v) Records to be Maintained
A. The OWNER shall establish and maintain a
current file of all notices, advertisements
and special outreach efforts regarding the
availability of housing units which document
his/her compliance with the use of the Equal
Housing Opportunity logotype or outreach
requirements.
B. The OWNER shall maintain a current file of the
names, addresses, and telephone numbers of
each applicant referred from a special
outreach source and of what action was taken
wi th respect to each individual. I f such
individual was a willing applicant and was not
approved for such housing, this shall be
documented in the file with the reason
therefore, along with whatever additional
action the OWNER may have taken.
(c) Imolementation The OWNER shall adopt and implement the
procedures and requirements set forth in this Addendum for
affirmatively marketing units in HOME assisted projects.
Compliance with good faith efforts is effective upon obtaining
a Final Certificate of Occupancy.
(d) Assessment of Affirmative Marketinq Efforts
(i) Compliance with the affirmative marketing program
described herein shall be based upon a review by
the City of the OWNER'S performance in exercising
good faith efforts to carry out affirmative
marketing activities, including an assessment of
objectives met. In that assessment, greater weight
will be placed on the OWNER'S demonstrated effort
to provide housing opportunities to those
individuals requiring outreach efforts.
(ii) The OWNER shall agree to allow for the periodic
review and monitoring of its adherence to and
performance under the nondiscrimination and
affirmative marketing requirements of this
Agreement, and shall, upon assessment of such
compliance, agree to abide by any and all
recommended corrective action.
(e) Duration
(i) This Section 15 shall remain in effect until the
last HOME Unit is sold to a Qualified Buyer;
provided, however, that any obligation on the part
-11-
of OWNER described herein to provide records or
other information shall continue for such period of
time as is required by HUD Regulations.
(ii) Compliance with the requirements set forth in this
Agreement shall constitute the good faith efforts
required to carry out said affirmative marketing
activities. However, where a review of the OWNER's
performance under this Agreement at any time during
the applicable term reveals that reasonable
progress is not being made toward achieving its
objectives, or in the event of the OWNER's non-
compliance with the affirmative marketing
requirements or with any of the said equal
opportunity rules, regulations, or orders, the City
shall, in accordance with the remedies stated
herein, impose corrective actions and sanctions
such as are authorized by the applicable housing
and equal opportunity laws, including but not
limited to:
A. A determination of ineligibility or debarment
from any further assistance under the HOME
Program, or any other federally funded
program, until the City is satisfied that the
affected OWNER will comply with the
requirements pursuant to this Agreement; and
B. Referral of said OWNER to any federal, state
or local agency entrusted with the legal power
to impose and enforce corrective measures and
sanctions against those found to be in
violation of fair housing practices.
16. Disposition of Funds Upon Cancellation of Aqreement.
OWNER shall, upon expiration or cancellation of this Agreement,
transfer to the City any Funds provided hereunder which remain on
hand at the time of such expiration or cancellation, and any
accounts receivable it holds which are attributable to the use of
the Funds.
17. Termination of AGreement for Convenience. This Agreement
may be terminated, in whole or in part, in accordance with the
provisions of 24 CFR, Part 85.44. A written notification shall be
required, and shall include the reason for the termination for
convenience, the effective date, and in the case of a partial
termination, the actual portion to be terminated for convenience.
Notwithstanding the language set forth herein, the City's reasons
for terminating this Agreement for convenience, in whole or in
part, shall not be arbitrary or capricious.
-12-
18. Term of Aqreement. This Agreement shall be deemed
effective upon being duly executed by both parties, and shall
remain in effect until the last HOME Unit is sold to a Qualified
Buyer; provided, however, that any obligation on the part of OWNER
described herein to provide records or other information shall
continue for such period of time as is required by the Regulations.
19. Amendments. Any amendments, alterations, variations,
modifications or waivers of any provisions to this Agreement,
including an increased allocation of Funds, will only be valid when
such amendments, alterations, variations, modifications, and/or
waivers have been reduced to writing and signed by the parties
hereto.
20. Prolect Review. The City is responsible for monitoring
the operations of the Program, and for taking action when
performance problems arise. Accordingly, not less often than
annually, the City shall review the activities of OWNER, to assess
compliance with the requirements of this Agreement, and with the
Regulations.
21. Financial Statements. At least annually (within ninety
(90) days from the end of OWNER's fiscal year), OWNER shall submit
to the City such financial information pertaining to the Project as
the City shall request including, without limitation, all sales
information with respect to the Project, a statement of income and
expense with respect to the Project and a description of any audit
findings and OWNER's response thereto. Such audits must be
conducted in accordance with 24 CFR Part 44, and with OMB Circular
A-133, and any and all such other audit standards as may be
required by OMB, HUD and/or the City.
22. Maintenance of Records. OWNER agrees that it will
maintain all records required pursuant to 24 CFR Part 92, and other
regulations, as appropriate, and that it will prepare and submit
all reports necessary to assist the City in meeting record keeping
and reporting requirements thereunder. Specifically, OWNER shall
deliver to the City's Housing and Community Development Division,
no less frequently than quarterly during the term of this
Agreement, certified report in form and substance acceptable to the
City, which shall include names of Qualified Buyers, unit size and
type, family size, family income, purchase price for the prior
calendar year and amount of HOME Funds allocated to each Qualified
Unit. This report will be required until such time as all HOME
Units are sold hereunder, beginning on the date of issuance of a
Final Certificate of Occupancy for the Project. Further, OWNER
shall deliver a "final" report at the time the last unit in the
Project is sold setting forth the purchase price of each unit and
such other information as may be requested by the City.
OWNER shall also maintain the following records:
-13-
a. Records that demonstrate that the Project meets the
property standards set forth in 24 CFR, Part
92.251;
b. Records that demonstrate compliance with the
requirements of 24 CFR, Part 92.254. (Records must
be kept for each Qualified Buyer) ;
c.
Equal opportunity
containing:
and
fair
housing
records,
(1) Data on the extent to which each racial and
ethnic group and single-headed households (by
gender of household head) have applied for,
participated in, or benefitted from, any
program or activity funded in whole or in part
with HOME Funds;
(2) Documentation of actions undertaken to meet
the requirements of 24 CFR Part 92.350 which
implements Section 3 of the Housing and Urban
Development Act of 1968, as amended;
(3) Documentation and data on the steps taken to
implement the jurisdiction's outreach programs
to minority owned and female owned businesses,
including data indicating the racial/ethnic or
gender character of each business entity of
each business receiving a contract of $25,000
or more paid with HOME funds; the amount of
the contract or sub-contract, and
documentation of OWNER's steps to assure that
minority and women's business enterprises have
an equal opportunity to obtain or to compete
for contracts or subcontracts as sources of
supplies, equipment construction and services;
(4) Documentation of the actions OWNER has taken
to affirmatively further fair housing; and
(5) Records documenting compliance with the City's
affirmative marketing procedures and
requirements.
d. Records documenting compliance with the
displacement, relocation and real property
acquisition procedures and requirements described
in 24 CFR Part 92.353;
e. Records documenting compliance with the labor
requirements described in 24 CFR Part 92.354,
including contract provisions and payroll records;
-14-
f. Records documenting compliance with the lead based
paint requirements described in 24 CFR Part 92.355;
g. Records supporting requests for waiver of the
conflict of interest prohibition described in 24
CFR Part 92.356;
h. Records of certifications concerning debarment and
suspensions required by 24 CFR Part 92.357, and 24
CFR, Part 24;
i.
Records documenting compliance
insurance requirements described
92.358;
with the flood
in 24 CFR Part
j .
Records documenting sources
repayments, interest, and
investment of HOME Funds;
and
other
amounts
return
of
of
k. Financial and related records required by 24 CFR
Part 92;
1. Records of audits and resolution of audit findings.
Such records are to be maintained, as required by
HUD regulations, for a period of at least three (3)
years after the final HOME Unit is sold.
23. Compliance with Laws. Notwithstanding any of the
provisions of this Agreement, OWNER agrees to comply with all
Federal, State and local regulations as they may apply to the
Project; including, but not limited to, the Federal requirements
set forth in the attached Exhibit "E". Such compliance shall
include, but not be limited to, compliance with Section 718.301,
Florida Statutes, regulating the transfer of control of the
condominium association from OWNER (or its affiliate) to the unit
owners.
24. Assiqnment. This Agreement may not be assigned or
transferred by OWNER without the written consent of the City
thereto. It shall be deemed a default of this Agreement in the
event that OWNER does not strictly comply with the procedures
established herein for obtaining City consent to assignment or
transfer as described in this paragraph. In the event such consent
is not obtained, in the manner prescribed herein, the City shall be
entitled to declare a default, cancel this Agreement, and resort to
its rights and remedies against the defaulting party. In the event
OWNER transfers an interest of more than one percent (1%) ownership
in its stock by pledge, sale, or otherwise; or if OWNER makes an
assignment for the benefit of its creditors, or uses this Agreement
as security or collateral for any loan; or if OWNER is involved in
any bulk transfer of its business or assets, then in that event
each of the foregoing actions shall also be deemed an assignment of
-15-
this Agreement and shall require the City's prior written consent.
A merger, dissolution, consolidation, conversion, liquidation or
appointment of a receivership for OWNER, shall be deemed an
assignment of this Agreement and will require the prior written
consent of the City thereto.
25. Events of Default. The City may place OWNER in default
of this Agreement and may suspend or terminate this Agreement in
whole or in part for cause. "Cause" shall include the following:
a. Failure to comply and/or perform in accordance with
any of the terms and conditions of this Agreement,
or any Federal, State or local regulation;
b. Submitting any required report to the City which is
late, incorrect, or incomplete in any material
respect after notice and reasonable opportunity to
cure, as set forth in subparagraph 25(h) hereof,
has been given by the City to OWNER;
c. Implementation of this Agreement, for any reason is
rendered impossible or infeasible;
d. Failure to respond in writing within 30 days of
notice of same from the City to any concerns raised
by the City, including providing substantiating
documentation when requested by the City;
e. Any evidence of fraud, waste or mismanagement as
determined by the City's monitoring of the Project,
or any violation of applicable HUD rules and
regulations;
f. OWNER's insolvency or bankruptcy;
g. An assignment or transfer of this Agreement or any
interest therein which does not comply with the
procedures set forth in Paragraph 24 herein;
h. Failure to comply and/or perform in accordance with
the affordability requirements, and/or an
unauthorized transfer of title to the Project.
In the event of a default the City may, thirty (30) days
after mailing to OWNER a notice of such default as set forth
herein, automatically cancel and terminate this Agreement without
liability to any party to this Agreement. If the default
complained of is not fully and satisfactorily cured within thirty
(30) days of OWNER's receipt of such notice of default to OWNER, at
the expiration of said thirty (30) day period (or such additional
period of time (as permitted by City in its sole discretion) as
required to cure such default in the event OWNER is diligently
-16-
pursuing curative efforts) this Agreement may, at the City's sole
option and discretion, be deemed automatically cancelled and
terminated, and the City fully discharged from any and all
liabilities, duties and terms arising out of, or accruing by virtue
of this Agreement and the Project. City shall have returned to it
all HOME funds received by OWNER which have not previously been
allocated to Qualified Buyers pursuant to Paragraph 5 hereof.
26. Additional Remedies. In the event of a default, the City
shall additionally be entitled to bring any and all legal and/or
equitable actions which it deems to be in its best interest, in
Dade County, Florida, in order to enforce the City's rights and
remedies against the defaulting party. The City shall be entitled
to recover all costs of such actions, including reasonable
attorney's fees. To the extent allowed by law, the defaulting
party waives its right to jury trial and its right to bring
permissive counterclaims against the City in any such action.
27. Other AGreements. That Certain Agreement by and between
the City and Affordable Landmarks, Inc., a Florida corporation
("Affordable"), predecessor in interest to OWNER, dated July 28,
1993, outlining the agreement of Affordable to undertake certain
activities. In the event of any conflict between this Agreement
and the July 28, 1993 Agreement, the terms of this Agreement shall
prevail.
28.
following
Attorney:
Notices. All notices shall be sent to the parties at the
addresses, with copies to the office of the City
City:
Jose Garcia-Pedrosa, City Manager
City of Miami Beach
1700 Convention Center Drive
Miami Beach, FL 33139
With copies to:
Harry Mavrogenes, Assistant City Manager
Ms. Beth Sweet, Housing Specialist
City Attorney's Office
OWNER:
Robert F. Saland, President
Bay Road Venture, Inc.
735 Collins Avenue
Miami Beach, FL 33139
with copies to:
Brian J. McDonough
Stearns, Weaver, Miller, Weissler,
Alhadeff and Sitterson, P.A.
-17-
150 West Flagler Street
Miami, Florida 33130
The above parties may change such addresses at any time upon
giving the other parties written notification. All notices under
this Agreement must be in writing and shall be deemed to be served
when delivered to the address of the addressee. All notices served
by mail shall be by registered mail, return-receipt requested.
29. LIMITATION OF LIABII...ITY. The City desires to enter into
this Agreement only if in so doing the City can place a limit on
the City's liability for any cause of action for money damages due
to an alleged bI'each by the City of this Agreement, so thati.ts
liability for any such breach never exceeds the sum of
$1,845,091.00. OWNER hereby expresses its willingness to enter
into this Agreement wi th OWNER's recovery from the City for a.ny
damage action for breach of contract to be li.mited to a maximum
amount of Sl,845,091.00. Accordingly, and notwi.thstanding any
other term or condition of this Agreement, OWNER hereby agrees that
the City shall not be liable to the OWNER for damages in an amount
in excess $1,845,091.00, for any action or claim for breach of
contract arising out of the performance or non-performance of any
obligations imposed upon the City by this Agreement. Nothing
conta.ined in this paragraph or elsewhere in this Agreement is in
any way .intended to be a waiver of the limitation placed upon
City's liability as set forth in Florida Statutes, Section 768.28.
30. Amended _and Restated Agreement. This Agreement amends,
restates, supersedes and replaces the Prior Agreement in its
entirety. Should t.here be any conflict between the terms and
condit.ions of the Prior Agreement and the terms and conditions of
this Agreement, the terms and conditions of this Agreement shall
control.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
-18-
IN WITNESS WHEREOF, OWNER has caused this Agreement to be
executed by its duty authorized officer(s), and the City has caused
this Agreement to be executed by its duly authorized officer(s),
the day and year first above written.
BAY ROAD VENTURE,
R~ Saland,
INC.
President
CITY OF MIAMI BEACH
Mayor:
\) ..~ ~\1 "
,
\
\
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: .........,,_,~"_,",'..'J,""
*.._) -
~.
City Clerk:
i<vLw.r PU,LcWA
G:\W-BJM\33867\OOl\HOME-AG.Nl
",'- ,":- .t' r-"
. uhiVI hn'r.\.
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-19-
SCHEDULE OF EXHIBITS
Exhibit A
Exhibit B
Exhibit C
Exhibit D
Exhibit E
Legal Description of Property
HOME Program Per-Unit Subsidy Limits
FHA 203 (b) Mortgage Loan Limits
Current Median Income Figures
Other Federal Requirements
EXHIBIT RA-
LEGAL DESCRIPTION OF PROPERTY
EXHIBIT "A"
LEGAL DESCRIPTION
Lots 1, 2, 3, 9, 10, 11 and 12, in Block 79C, of THE
RESUBDIVISION OF BLOCKS 67 AND 79 OF ALTON BEACH REALTY
COMPANY'S BAY FRONT SUBDIVISION, according to the Plat
thereof, as recorded in Plat Book 16, at Page 1, of the
Public Records of Dade County, Florida.
PARTICIPATING
JURISDICTION
MIAMI BEACH
Effective April 1995
f: bs\sails\agreemt. 96
EXHIBIT "B"
HOME PROGRAM
MAXIMUM PER-UNIT SUBSIDY LIMITS
REGION 04 FIELD OFFICE: 29 JACKSONVILLE, FL.
STATE
ABBREV
EFFICIENCY 1-BEDROOM 2-BEDROOM 3-BEDROOM 4-BE[R()()M
FL
58,764
67,361
81,911
105,964
116,316
EXHIBIT "C"
FHA 203 (B) MORTGAGE LIMITS
EXHIBIT" ."
FHA 203-b MortQa~ Umits.
HUD/FHA MAXIMUM MORTGAGE uMmn.OR ::lINGLE FAMILY RESIDENCES.
CONDOMINIUMS, AND MANUFACTURED HOMES AND LOTS
MoATGAOE~
MaIket 11M ~ ..s Ioc-' luriIl:lIdlClM
TNlIIO AltO Munlc:lQO ........-.........................-................................
VItQIn Ia&anOS:
St CtouC ... ......... ...............-........... ............... .......................... ........
St ThomaS .................................................................................--
Sl John -..........................-.........-..................................... ......--..
Hue FleId 0fl\Ce: Corel GabI" 0f'IlCe
FL Laud.rdale. FL PMSA:
erowara County ..........-..--......................................................-
FL Myers. FL MSA:
Lee CounIY ..............-.----.......................-.......-.....................
R. P1.rce-Port st. LucI'. Fl MSA:
MaI1ln County ....---..-..-..........................................-..-...'
. M.... FL PMSA:
Dade County ..............----....-.-.................................................
Punta GOtda. FL MSA:
cnartotta CountY --.............-.--................--..........................
west Palm BelCh-eoca RaIcln. FL MSA:
PaIITI a..cn County .........--...............---.....................-....
OIW Area:
CollI<< County .-..............-.-...-.............-.............................
MonrOe ~ty .-.............-.-.-..........................-...................
AuguIIa-Aiken. QA.sc MSA: (Part):
Aiken CountY. SC ...............---................-.............................
Edg.fleId CountY .....------.................-.-.-...................
~ CNtI'S1Ol'l. SC MSA:
Bertleley CountY ...................-................-.............................
Q\altes1Cfl CountY ...............-.-....................-...........................
Oorcnester County . ...................................... .......... .................... ....
ChaMft..aas~ Hill. NC-SC MSA (Patt):
York County, SC ...............--..--................-...............................
CQIumbia. SC MSA:
L.aJlin9tO" County .....-......-....-.....-.............................................
Ric:haId CountY ......-.....................-...............................................
AcnnC8. SC MSA:
Flor8nCI County ......-.---.-...........................................................
GrMIMI~
And'rson. SC MSA:.
AnQerSOn County .....-.......----.................................................
ChefOkN COUnty ..............-...........................................................
GleefWile CountY ......-.....----..................--........... ............
PIckenS CountY .....................-...................................................
Spar1anOurg County ..........--.......................................................
MyfU' BeKtl. SC MSA:
Hony County .....................-.................................... ......... ..............
Q1her ArUS:
Beaufort County .........-.....-...-......................................................
Georg.taWft County ..........---.-...-......................-......... ............
HUe FIeld Olftce: GrwllllilOrO Ofb
AIhIril'. Ne MSA:
~ County ....-...--.........................................................
MadSOn COUntY .... . ..-.-.............................................
ChartOCI~.... NC-SC MSA (Part):
MeddenbUf9 CountY. He .._........................................................... 109.250
c.tlarNS CountY -------...-.............--..-................... .-...........................
GastOn COUntY ..........---.-........................................................... ..............................
Unc:Clrt CountY ....-.....-....---...................--..-.................. .....-..-........-.........
ROW8n County ..................-........................................................... ..............................
Union County ..-.....---.........-..........-........-.........................-.,. .......-...... ..............
FeydlWlI. He MSA:
CumDlliand County .._._.._.____............................................. 90.750
Gr_IIOOrO---'Wlnston-~ioh Point. NC MSA:
~ COUnty _.....:.----.............-.....-...........-.......... 98.800
DavidSOn CountY ........-..................................-............................., ..............................
Davte COUntY ...........-..-.-..-.-..........-.........-..-............... .-----.............
Forwyt'l CountY ----.- --..............:....-.--....................... ..-.....-.............-
Gulltord COUntY ........-----.--..--.......--...............-.........-.. ...-......-..-...........
~ COUnty ............--..-..........-.....-....................... ....-...........-........-
SIolCII ~ ..........----.....................-...........-................. .....---......-.........
VAd!dn COUntY ...........-......-.-..-...................-............................- .........-...................
GrMfWilII. He MSA:
Pttl CountY .._...........__...............-...............-.............................. 75.050
14r'WY end con- 2.c.mity 34mIy 4-r.mIIY
dOfWitN" \I'lIt
123.500 138.100 188.100 185.000
187,300 210.950 2.58.300 296.700
..........---...........-.. ......................- ...---- -----.........-
..---.--....-.......- .-..................... ..-.-.-.--- .----...........
111.050 125.050 151.i50 175,300
112.100 126.2S0 153.400 177.000
123.500 139.900 169.000 195.000
(112.350 1215.500 153.700 177.350
75.050 84.500 102.700 118.500
116.550 131.2S0 1S9..sa 184.000
100.700 113.400 137.800 159.000
124.875 140.600 170.200 197.950
96.450 108.600 131.950 152.250
.---.-.........-..-. .....-..-..--..- ....-.--..--.. ------.......
97.800 110.150 133.800 154.400
.............................. ........................ .......-.-.-...-- ---..........
.............................. ........................ -...--.--- .....------...
109.250 123.050 149.soo 172.500
97,350 109.600 133.200 153.700
.............................. ........................ ..............-..- ...---.-......
75.900 85.450 103,850 119.850
90.250 101.650 123.S00 142.soo
.............................. ........................ ........................ ..-.-.---.......
.-....-...-..-............ ....................-.. .-.---- .--..........
.............................. ........................ .---.-...-..--. ...-..-...........
...-......................... ........................ ...-.---.-...-- .----...........
90.250 101.550 123.soo 142.500
94.050 105.900 128.700 148.500
81.600 91.900 111.550 128.850
102.450 115.350 140.150 1151.750
.............................. ......................... ............--.-.- .....---.........
123.050 1..e.500 172.500
.................-..... ...------- ----.-.......
........................... ..............--....-.. ..----........
...........-........... ....-----.- ----.-........
........................ ..-..........-..--. .....--.........
........................ ..........--- -..-----......
102.200 124.150 143.250
111.250 135.200 158.000
........................ .-...---- ....--.....-........
......................- ....-..----.- .-----.-......
------ ..- -----...-
........................ ....--.....--- .----........
.......-............... ..-.-------- -------.......
........................ .....-..-......-- .--..-.....
64.500 102.750 118.soo
67
Pubtisned by warren GomIfIl Lamont
EXHIBIT "0"
CURRENT MEDIAN INCOME FIGURES
\-1)
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EXHIBIT "E"
OTHER FEDERAL REQUIREMENTS
Exhibit "E"
OTHER FEDERAL REQUIREMENTS
As the City of Miami Beach is providing this funding through
federal funds, all parties agree to comply with the following
statutes, regulations and executive orders, as they apply. These
requirements are incorporated herein by reference.
1. Freedom of Information and Privacy Acts
Freedom of Information Act (5 U.S.C. 552), and the Privacy Act
of 1974 (5 U.S.C. 552a).
2. Equal Opportunity
Title VI of the Civil Rights Act of 1964 (42 U.S.C. 2000d) and
24 CFR Part 1;
Title VIII of the Civil Rights Act of 1968 (42 U.S.C. 3601),
as amended;
Executive Order 11063, as amended by Executive Order 12259;
Executive Orders 11246, 11265, 12138 and 12432;
Section 3 of the Housing and Urban Development Act of 1968
(12 U.S.C. 170), as amended;
Section 504 of the Rehabilitation Act of 1973 (29 U.S.C.
794), as amended;
The Age Discrimination Act of 1975 (42 U.S.C. 6101);
The Fair Housing Amendments Act of 1988.
3. Environmental Review
The National Environmental Policy Act (42 U. S. C. 4321, et
seq) ;
The Council on Environmental Quality Regulations (40 CFR Parts
15DO-1508) ;
Environmental Review Procedures (24 CFR Part 58);
National Historic Preservation Act of 1966.
National Flood Insurance Act of 1968 as amended by the Flood
Disaster Protection Act of 1973.
Exhibit "E" {Continued}
4. Lead Based Paint
Lead Based Paint poisoning Prevention Act (42 U.S.C. 4801, et
seq) ;
HUD Lead Based Paint Regulations (24 CFR Part 35) .
5. Asbestos
Asbestos Regulations (40 CFR 61, Subpart M) i
u.s. Department of Labor Occupational Health and Safety (OSHA)
Asbestos Regulations (29 CFR 191.1101).
6. Handicapped Accessibility
Architectural Barriers Act of 1968 (42 U.S.C. 4151 and 24 CFR
Part 41) .
Americans with Disabilities Act of 1994
7. Labor Standards
The Davis-Bacon Act (40 U.S.C. 276a) as amended;
The Contract Work Hours and Safety Standards Act (40 U.S.C.
327-333) ;
Federal Labor Standards provisions (29 CFR Part 5.5).
8. Grant Requlations
HOME Investment Partnership Act;
24 CFR Part 92.
ADDITIONALLY, ALL PARTIES AGREE TO COMPLY WITH ALL EXISTING
FEDERAL, STATE AND LOCAL LAWS AND ORDINANCES HERETO APPLICABLE, AS
G:\W-BJM\33867\OOl\EX-E
This Instrument Was Prepared By:
Brian J. McDonough, Esq.
Stearns Weaver Miller Weissler
Alhadeff & Sitterson, P.A.
150 West Flagler St., Suite 2200
Miami, Florida 33130
Record and Return To:
Brian J. McDonough, Esq.
Stearns Weaver Miller Weissler
Alhadeff & Sitterson, P.A.
150 West Flagler St., Suite 2200
Miami, Florida 33130
(RESERVED)
FUTURE ADVANCE AGREEMENT
THIS AGREEMENT is made and entered into as of the 17th
day of January , 1997 by and between BAY ROAD VENTURE,
INC., a Florida corporation (the "Borrower"), whose post office
address is 755 Collins Avenue, Mi.ami Beach and the CITY OF MIAMI
BEACH, a Florida municipal corporation (the "Lender") whose address
is 1700 Convention Center Drive, Miami Beach, Florida
RECITALS
A. Borrower requested and Lender made a $1,250,000 loan
~the "Loan") to Borrower for the purpose of financing the
acquisition of the real property legally described on Exhibit "A"
attached hereto (the "Mortgaged Property") , which Loan is evidenced
by an Agreement regarding the repayment of the Loan and the set-
aside of certain units to be constructed on the Mortgaged Property
for qualified first-time home buyers (the "HOME Agreement") dated
August 31, 1994.
B. The repayment of the Loan under the terms of the
HOME Agreement is secured by: (i) a Mortgage and Security Agreement
(the "Mortgage") dated as of August 31, 1994, from Borrower, as
mortgagor, in favor of Lender, as mortgagee, recorded in Official
Records Book 16498, at Page 865, of the Public Records of Dade
County, Florida, which Mortgage encumbers the Mortgaged Property;
and (ii) UCC-1 Financing Statements (collectively the "UCC's") from
Borrower, as debtor, in favor of Lender, as secured party, recorded
in Official Records Book 16498, at Page 880, of the Public Records
of Broward County, Florida, and filed with the Secretary of State
of Florida under Clerk's File No. 940000195203.
C. Section 5.1 of the Mortgage provides that the lien
of the Mortgage shall secure future advances made by the Lender to
the Borrower. Borrower has requested that Lender make a $595,091
STATE OF FLORIDA INTANGIBLE TAXES ARE NOT REQUIRED ON THIS
INSTRUMENT PURSUANT TO FLORIDA STATUTES SECTION 199.183 (1).
future advance loan (the "Future Advance Loan II ) and that the Future
Advance Loan shall be secured by the Mortgage, the DCC's and
related security documents (collectively the "Security Documents")
and Lender has agreed to make the Future Advance Loan, subject to
Borrower giving Lender the representations, assurances and other
agreements hereinafter set forth.
Lender is
Agreement.
D.
the
Borrower is the owner of the Mortgaged Property and
owner and holder of the Mortgage and the HOME
AGREEMENT
NOW, THEREFORE, in consideration of the premises and of
the mutual covenants and agreements hereinafter set forth, the
parties hereto do hereby agree as follows:
1. The Recitals hereinabove contained are true and
correct and are made a part hereof.
2. Lender shall concurrently herewith make a $595,091
Future Advance Loan to Borrower under the Mortgage and Borrower
hereby acknowledges that said Future Advance has been made.
3. The lien of the Mortgage and the other Security
Documents shall now secure the Future Advance Loan.
4. It is the intent of the parties hereto that this
Agreement shall not constitute a novation or in any way adversely
affect the lien of the Security Documents. To the extent this
Agreement or any provision hereof shall be construed by a court of
competent jurisdiction as operating to subordinate the lien
priority of the Security Documents to any claim which would
otherwise be subordinate thereto (and provided that ruling is not
appealed or appealable), such provision or provisions shall be void
and of no force and effect; except that this Agreement shall
constitute, as to any provision so construed, a lien upon the
Mortgaged Property subordinate to such third person's claims,
incorporating by reference the terms of the Security Docum~nts as
amended by this Agreement. The Security Documents shall then be
enforced pursuant to the terms therein contained, independent of
any such provisions; provided, however, that notwithstanding the
foregoing, Borrower and Lender, as between themselves, shall be
bound by all terms and conditions hereof until all indebtedness
owing to Lender shall have been paid in full.
5. Borrower has not as of the date hereof filed for
record (pursuant to Florida Statutes 697.04(1) (b)) a notice
limiting the maximum amount which may be secured by the Security
Documents.
-2-
6. Except as modified by this Agreement, no term or
condition of the HOME Agreement or the Security Documents shall be
modified and the same shall remain in full force and effect.
7. This Agreement shall be construed, interpreted,
enforced and governed by and in accordance with the laws of the
State of Florida, excluding the principles thereof governing
conflicts of law.
8. This Agreement shall be binding upon, and shall
inure to the benefit of, the respective successors and assigns of
the parties hereto.
9. This Agreement sets forth the entire agreement
between the parties and supersedes all prior and contemporaneous
negotiations, understandings and agreements, written or oral
between the parties relating to the subject matter herein.
IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed as of the day and year first above
written.
\'7;'
gem ~Eel
Print Name
in the presence of:
BORROWER:
~7n~
::Ju D I T t1 M.I+ R-S tt It LL
Print Name
BAY ROAD VENTURE, INC., a
Flo~a corporation
BY:~
Robert Saland
President
AT
By:
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUTION
~-
/ g,lo/ .-:J
Date
-3-
STATE OF FLORIDA )
)SS:
COUNTY OF DADE )
The foregoing Fut~ement was acknowledged before
me this ~ day of , 1997, by Robert Saland, as
President of BAY ROAD VENTURE, INC., a Florida corporation, on
behalf of the corporation.
x
OR Produced Identification
Personally Known
Type of Identification Produced
~LnM~
Pr in t or S amp Name: .:TIJ!:J rnt M.A-I! s tI- ALL
Notary Public, State of Florida at Large
Commission No.: a~ 'fL{..1.a gs- QU
My Commission Expires: ~i\-:;'~r~ JUDITH MARSHAlL
~*ii:*~ MY COMMISSION' cc 446852
~~~; EXPIRES; AprI/28. 1999
" -If;', ,1(\'- Bondud Thru Notary PuIlIIc lInd8iwr1tn
STATE OF FLORIDA )
)SS
COUNTY OF DADE )
/ +-1., The~ fegoing instrument was a.cknowled~ed before me
') day of _~ ' 1997 by 3~&e fbu'-
as )..)0.. 'lor of the Ci t.y of Miami Beach.
,
this
Personally Known ~
OR Produced Identification
Type of Identification Produced
~~u ~~
Print or Stamp Name: )....111/6;1/ 7];e/lu(!llC(/4/?
Notary Public, State of Florida at La~ge I
Commiss~on. No.: (c. 3l{1 ~~&
My Commlsslon Explres: -- b ? ,ao.;)
Ie ,varY'1 f1"
HICL<\L NOTt\li.Y :;EAL
LILLIAN BEAUCHA:/~P
NOTARY PUBLIC STATE OF FLORlD/,
CO~f~.1ISSION I'JO. CC2./17,S,(32
MY COM~N EX:'. FE2:..13.1?:!:LJ
G:\W-BJM\33867\OOl\FUT-ADV.#1
-4-
This Instrument Was Prepared By:
Brian J. McDOnOu$h, Esq.
Stearns Weaver Mlller Weissler
Alhadeff & Sitterson, P.A.
150 West Flagler St., Suite 2200
Miami, Florida 33130
Record and Return To:
Brian J. McDonOu$h, Esq.
Stearns Weaver Mlller Weissler
Alhadeff & Sitterson, P.A.
150 West Flagler St., Suite 2200
Miami, Florida 33130
(RESERVED)
CONSENT TO
MORTGAGE AND SECURITY AGREEMENT
The City of Miami Beach hereby consents to the foregoing
First Mortgage and Security Agreement, conditioned upon City
National Bank of Florida agreeing to provide the City of Miami
Beach with notice of any default of the underlying Note and
affording the City of Miami Beach a 60 day period, from such
notice, to purchase without recourse and be assigned without
recourse all right, title and interest of City National Bank of
Florida, in the Note and all collateral therewith, it being
understood that this right of election on the part of the City of
Miami Beach to purchase City National Bank of Florida's position is
solely at the option of the City of Miami Beach.
The undersigned Officer of City National Bank of Florida,
hereby agrees to the above condition of consent by the City of
Miami Beach.
City National Bank of Florida
By:
APPROVED ~ TO
FORM & LANGUAGE
& fOR EXECUTION
VICE PRESIDENT
~~v
/ AI; )
Date
By:
[EXECUTION AND ACKNOWLEDGMENTS CONTINUED ON NEXT PAGE]
ATTEST:
\2 0 Lu-t 6 f dA-ck-
City Clerk
By:
STATE OF FLORIDA
)
)SS
)
COUNTY OF DADE
The foregoing instrument was acknowledged before me this
day of January, 1997 by , as vice
President of City National Bank of Florida. Said officer is
personally known to me or has produced
as identification and did or did not take an
oath.
My Commission Expires:
Notary Public
Print Name:
STATE OF f (0 ('-t' do..--
COUNTY OF 1:> ct d. e.-
)
) ss
)
I ~ The foregoing instrument was acknowledged before me this
7 day of January, 1997 by SeLfhovr &.Ihbr- , as
Mayor of the City of Miami Beach. Said officer is personally known
to me or has produced as
identltication and did or did not take an oath.
My Commission Expires:
OHiClAL NOT.AR'I SE:\L
LILliAN BEAUCIlAMP
NOTARY PUBLIC STATE OF FLORIDA
COMMISSION NO. CC347382
MY COMMISSION EXP. FEB. 13,1998
,~~~
Notary Public . 73
Print Name: f..-;1/ftltoJ u:,rJdlift.t/J
.
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