RESOLUTION 88-19414 RESOLUTION NO. 88-19414
RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING
THE MAYOR TO EXECUTE A SUBSIDY AGREEMENT
WITH PAN AMERICAN MORTGAGE CORP. AND
ESPLANADE ASSOCIATES, LTD. , RELATING TO A
TRANSFER OF SUBSIDY BALANCE IN THE
APPROXIMATE AMOUNT OF $176,000.00 FROM
NCNB NATIONAL BANK OF FLORIDA FOR THE
BENEFIT OF PAN AMERICAN MORTGAGE CORP.
AND AUTHORIZING THE MAYOR TO EXECUTE AN
ESCROW AGREEMENT WITH ESPLANADE
ASSOCIATES LTD. , PAN AMERICAN MORTGAGE
CORP. AND INTERCONTINENTAL BANK WHEREBY
INTERCONTINENTAL BANK WILL ACT AS ESCROW
AGENT FOR THE PURPOSE OF HOLDING AND
DISBURSING SUBSIDY FUNDS.
WHEREAS, on or about January 27, 1987, the City of Miami
Beach ("City") entered into a subsidy agreement with Esplanade
Associates Ltd. , ("Mortgagor") and NCNB National Bank of Florida
for the Esplanade Apartments, and pursuant thereto City made an
interest subsidy deposit of $212 , 723 . 00 with NCNB National Bank
of Florida; and
WHEREAS, Mortgagor has requested the City to consent to the
transfer of the balance of the interest subsidy currently held by
NCNB National Bank of Florida in the amount of $176, 000 for the
benefit of a new Mortgagee (Pan American Mortgage Corp. ) with the
funds to be escrowed with Intercontinental Bank, the parent
company of Pan American Mortgage Corp. ; and
WHEREAS, a Subsidy Agreement and an Escrow Agreement, copies
of which are attached hereto, have been prepared, are recommended
by the City Manager, and approved as to form by the City
Attorney.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY COMMISSION
OF THE CITY OF MIAMI BEACH, FLORIDA that the Mayor is authorized
to execute a Subsidy Agreement with Pan American Mortgage Corp.
and Esplanade Associates Ltd. , relating to a transfer of subsidy
balance in the approximate amount of $176, 000. 00 from NCNB
National Bank of Florida for the benefit of Pan American Mortgage
Corp. , (subject to minor changes in the subsidy amount and
monthly payment amount depending on the interest at closing) and
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the Mayor is further authorized to execute an Escrow
Agreement with Esplanade Associates Ltd. , Pan American Mortgage
Corp. and Intercontinental Bank, whereby Intercontinental Bank
will act as escrow agent for the purpose of holding and
disbursing subsidy funds.
PASSED and ADOPTED this 19th day of October , 1988 .
ICE MAYOR
Attest:
61.t."/
City Clerk
Form Approved
Legal Department
Date: _/°6 cI e
PNB/mml
10/17/88
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ORIGINAL
RESOLUTION NO. 88-19414
(Authorizing the Mayor to execute a subsidy
agreement with Pan American Mortgage Corp.
and Esplanada Associates, LTD. relating
to a transfer of subsidy balance in the
approximate amount of $176.,000.00 from
NCNB National Bank of Florida for the bene-
fit of Pan American Mortgage Corp. and
authorizing the Mayor to execute an Escrow
agreement with Esplanada Associates, LTD.
Pan American Mortgage Corp. and Inter-
ontinental Bank whereby Intercontinental
Sank will act as escrow agent for the pur-
-)ose of holding and disbursing subsidy
:-ands)