Mortgage and Security Agreementthis Instmment Was Prepared By, Record and
Retum to:
Raul J. Aquila, Lsq.
Oft3w of the City Attorne}~
City of Miami 13cach
1700 Convention Center llrive
lvlimni Reach, Florida 33139
111111 IIIII IIIII IIIII IIIII IIIII IIIII till IIII
GFM 2r]r>9R0558679
UR [:k 264f.•3 Pss 1041 - 1(7521 (12oss1
REf,GRGED OEi03/21709 10:16:03
M'{G DDG TAX 64F.55
HARVEY RUVINr CLERt; GF COURT
M):AMI-DARE CGUNT•(r FLORIDA
THI~i NI(~R'I'GAGI; ANll S>;CURITY AGRF,F.NiF.NT (the "Mortgage") c~ectrted this
2- day of fl ~ (l-~ , 2009, by M11I3CDC': ~7LLA MARiA, i,i.C, a Florida limited liability company
corporation (tltc "Mortgagor"), whose address is 94S Pennsylvania Avenue; Miami Beach, F[.
33139, and the CITY OF MIAMI REACH, a Florida mmticipal corporation (the "Mortgagee")
(which term as used in every instance shall htchlde the viortcagee's successors altd assigms),
whose address is 1700 Convention Ccntcr llrive, Miatni 13cach. Florida 33139.
WITNESSE'I'lL
That for valuable consideration, and also in consideration of the aggregate sum of money
described in that certai^ Promissory Note (the "Note") of even date herewith, executed by
Mortgagor in favor of Morigagec in the original principal arnount of S1A~,273 (the "Principal
Amount"), the Mortgagor does grant, bargain, sell, alien, remise. release, convey and confirm
unto the Mortgagee, ht fee simple a lien upon and security interest in that certain parcel of real
property located in ~Qianti-llade C'ottnty, Florida, which is described in Cxhibit "A" attached
hereto and made a part hereof. Hcrcit><~fter said real estate, buildings, improvements (including
improvements to he made heroaftcr), fixntres herciu below described and located on said real
estate are sometimes collectively referred to as the "Premises".
'I'O IIAVL AND TO HOLD the Premises attd all parts, rights, utcmbcrs acrd
appurtenances thereof, to the use, benefit and hchalf of the Mortgagee, its successors and assigns
in fee simple forever. and the Mortgagor covenants that the Mortgagor is lawfully seized and
possessed of the Premises in lee simple and has good right to convey the same, and that the
Mortgagor will warrant and defend the title thereto against the claims of all persons
whomsoever, except as hereinafter expressly provided.
PROVIDED ALWAYS that if the Mortgagor shall pay unto the Mortgagee al] sums
required under the temts of the Note, and shall comply with and abide by cacti and every one of
the stipulations, agreements, conditions acrd covenants contahted herein (as such lernt is defined
bclo~a•). then in such event this Mortgage and the estate hereby created shall cease and Ix; null
and void.
t\U fE 7f7 RECORDER: tnlanpble tae is not rcyuiroJ in connection ~~•ith nris Stoitgage pursw~fnt ui florida Statue ticclion
199.1 lt3(I ).
The Mortgagor covenants t<<ilh the Mortgagee as lirllvtvs:
A. Pavmenl of indebtedness. The Mortgagor will pay the Note according to the tenor
thereof and all other sums secured hereby promptly as the same shall become due.
C3. faxes, Liens artd Other C'harnes.
(a) In the event of the passage of any state, fcderal, municipal or other
governmental late, order, rule or regulation, subscyuenl kr the dale hereof, in any
manner changing or modifying the laws now in fitrce governing the taxation of
debts secured by mortgages or the manner of collecting taxes so as to aflecl
adversch• the Mortgagee, the Mortgagor will promptly pay any such tas; if the
Mortgagor fails to make such prompt payment or if any such state, fcderal,
municipal or other govcrnntental lave, order, nde or regulation prohibits the
Mortgagor from making such payment or would penalize the Mortgagee Irom
making such payment or would penalize the Mortgagee if the Mortgagor makes
such payment, then the entire balance of the principal sum secured by this
Mortgage and all interest accnred therecm shall, without notice, uwnediately
tx:comc due and payable at the option of the Mortgagee.
(b) The Mortgagor will pay, belitre the same become delinyuenl, all taxes,
liens, assessments and charges of every character already levied or assessed or
that may hereafter be levied or assessed upon or agautst the Yrcmiscs and all
utility charges, tehether public or private; and upon demand twill furnish the
Mortgagee receipted bills evidencing such payment.
(c) The Mortgagor will not sutler any mechanic's, malerialmen's, laborer's,
statutory or other lien which might ur could be prior to or eyual to the security
interest and mortgage liens of this Mortgage to he created or to remain
outstandutg upon any psrt of the Premises.
C. Intentionally Dclctcd.
Insurance. The Mortgagor will keep all buildings and improvements now or hereafter on
the Premises insured against loss ur damage by lire, extended coverage and other perils.
and agrees to deliver said policy or policies to the Mortgagee when issued with the
receipts for the payment of the premium lherelor; and in the event any sum of money
becomes payable under such policy or policies, the Mortgagee shall permit the Mortgagor
to receive and use it, or any part thereof; for repair or restoration of the Premises, subject
to terms reasonably acceptable to Mortgagee, without thereby waiving or impairing anv
equity, lien or right under or b}• virtue of this Mortgage; and the Mortgagee if it deems
necess.~try may place and pay for such insurance, or any part thereof, vvithotrt losing,
waiving or affecting Mortgagee's option to foreclose for breach of this covenant, or any
part thereof; or any right or option under this Mortgage, and every such payrrtcnl shall
bear interest from date thereof until paid at the default interest rate; and all such payments
with interest as aforesaid shall be secured by the lien hereof. In the event an}• loss ur
damage is suffered 1`4orlgagor shall notify Mortgagec of such loss or dvnage within
seven (7) days after the happening thereof; the failure to give such notice shall constitute
a default and the Ivlortgagce shall have the righ[s herein given Ibr all defaults.
L:. ('arc of Premises.
(a) The Mortgagor will keep the improvements now or hereafter erected on
the Premises in good condition and repair, will not commit or sutler any waste
and will not do or softer to be done am4hina tifiich will increase the risk o1'fire or
ot}tcr hazard to the Premises or tnty parr thereof.
(b) I'hc Mortgagor will not remove or demolish nor alter the design or
structural character of any building (now or hereafrer erected). fixture or chattel
which are part of the security or other part of the Yremiscs without the prior
ttriuen consent of the ~~lortgagec.
(c) If the Premises or any part thereof is damaged by fire or any other cause,
the Mortgagor will give written notice of the same to the Mortgagec.
(d) The Mortgagec or its reprcscntative is hereby uuthorizeJ to enter upon and
inspect the Prcrniscs at any lime during nomtal business hours.
(e) The Mortgagor will promptly comply with all present and fittttrc laws,
ordinances, rules and regulations of auy governmental authority affecting the
Premises or any part thereof.
(f) If all or any part of the Premises shall he damaged by fire or other
casualty, the Mortgagor tell, upon reyuest of the Mortgagee, promptly rostore the
Premises to the equivalent of its condition immediately prior to such darnagc, and
i I' a part of the Premises shall be damaged through condemnation, the Aortgagor
will, upon request of Mortgagec, promptly restore, repair or alter the remaining
part of the Yrcmiscs in a manner reasonably satislacurry to the Morigagee.
F. Further Assurances: Modifications. At any time, and from tirnc to time, upon the
reasonable reyuest by the Mortgagee, the D~lortgagor will make, execute and deliver ur
cause to be made, executed and delivered, to the Mortgagec, any and ull other ILriher
utstruments, certificates and other documents as may, in the opinion of the Mortgagee, he
necessary or desirable in order to ctlcotuate, complete; or perfect or to continue and
present (i) the obligations of the Mortgagor under the Nule, (ii) the security interest of
this Mortgage. and (iii) the mortgage lien hereunder.
G. Expenses. The Mortgagor will pay or reimburse the Mortgagec for all reasonable
attorney's fees, costs and expenses, of any action, legal proceeding or dispute of vty kind
in which the Mortgagec is victorious, affecting the indebtedness secured hereby, this
Mortgage or the utterest created herein, or the Prcrniscs, including but not limited to the.
foreclosure of this D-lortgagc, vty condettutation action involvutg the Yretnises or any
action to protect the security hereof; and any such amounts paid by the Mortgagee shall
be secured by t}tis Mortgage.
(a) Gstoppcl Affidav_ its. 'fhc Mortgagor, upon ten (10) days prior written
notice, shall famish the Mortgagee with a to°ritten statcrnent, duly acknowledged,
selling lirrth the unpaid principal ol; and interest on, the indebtedness secured
hereby and wfiether or not any olf=sets or defenses exist against such principal
and interest. The Mortgagee shall provide a similar estoppel aflidavit to
1\•forigagor, upon ten (10) days prior written notice to Mortgagee.
I1. Performance by Mortg<gee of Defaults by Mortgagor. If the Mortgagor shall default ht
the payment of any tax, lien, assessment or charge levied or assessed against the
Prcmiscs; in the payment of any utility charge, whether public or private; in the payment
of any insuratnce premium; in the procurement of insurance coverage and the delivery of
the insurance policies required hereunder; in the perforntance of any covenant. term or
condition of any leases ati'ecting all or any part. of the Premises; or in the perfomtartce or
observance of arty covenant. condition or tcnn of this Mortgage; then the 1Vlortgagec, at
its option, may perform or obsr;rvc the same, and all payments made or costs incurred b}•
the Mortgagee in connection therewith, shall he secured hereby and shall he, without
demand, immediately repaid by the Mortgagor to the Mortgagee. The Mortgagee is
hereby empowered to enter and to authorize others to enter upon the Premises or arty part
thereof for the purpose of performing or observing any such defaulted covenant,
condition or term, taithout thereby becoming liable to the Mortgagor or any other person
in possession holding under the Mortgagor.
1. Restrictive Covenants. Mortgagor shall he subject to the following recapture provisions,
covenants and restrictions:
(a) If, during the Affordability Period (as said term is hcrcalter delined).. the
Premises are sold, translerred or refinanced other than in the mtutner stipulated in
subsection (c), the Mortgagor shall return to the Mortgagee, the Principal Atrtount
applied toward this trvtsaction, at the time of any sale, transfer or refinance of the
Prcmiscs. If the net proceeds from such sale arc Icss than the Principal Amount,
the Mortgagee shall recapture the entire balance of w•hxtever net proceeds are
available (alter deducting the Mortgagor's down payment and contribution,
including closing costs) lirr use in other eligrible ITOh~IE Tm~esunenl Partnership
Program activities as authorised under 24 CFR Part 92.
(b) The Principal Amount shall be payable at the thne and in the manner
stipulated in subsection (a) above; and with the exception of the Senior Mortgages
on the Prcmiscs, shall remain a Licn superior in dignity to all otitcr liens, titles.
claims, mortgages, artd!or other cncumbranecs, until paid.
(c) Tt is acknowledged by the parties hereto that the Mortgagor must use the
Premises as an alfixdahle rental properh firs a lilieen (15) year period Isom the.
date of issuance of the tinal cu;rtit7eate oY completion ([hc "Affordability Period")
and the rents charged and the tenants thereof must qualify under the roles and
regulations promulgated by the United States Department of Tkrusing and Tlrhan
Development al CFR Part 92 as same may he amended from lime to time. It;
during the Affordability Period, the Premises are no longer used as an aifbrdable
rental property by the Mortgagor, the Principal Amomtt shall be due within thirty
(30) days of such change of use. "1'he Mortgagor must notifi~ the Mortgagee of
any ch'tttgc in ttse. After the expiration al' the Affordability Ycriod, this
Restrictive Covenant shall lapse and be ol'no further litrce and effect.
(d) Notwithstanding the restrictions contained ut Paragraph 1(a) above,
Mortgagor shall be allowed to refinance the Premises without being subject to the
provisions set lirrth therein so long as the amount of the refmanchtg does not
exceed the then outstanding balance of the Senior Mortgages.
In order to fitrther ensure the enforcement of subsection }.(c) above, any and all
successors, heirs and assigns herein must obktin the prior written consent of the Ciq
Manager prior to the resale of the Yrcmises which consent shall not be unreasonably
withheld. The Mortgagee reserves the right to review compliance with all affordability
requirements, as described above.
Norivithstattding an}thing to the contrary contained herein; in the event of a foreclosure
and resale of the Yrcmises or a deed ut lieu of fitreclosure. this Restrictive Covenant shall
lapse and be of no fitrther force and effect.
The foregoing covenants and restrictions shall be considerod and constnted as covenants
and restrictions recorded against the Premises, and the s~trnc shall bind all persons
claiming ownership of all or any portion o1' the Premises. The Mortgagor hcrcbv
acknowledges and agrees that the Mortgagee is a beneficiary of this Restrictive Covenant
and the Mortgagor shall not release or amend this Kestrictivc Covenant without. the prior
written consent of the T-tortgagee.
Invalidation of arty of these covenants by a Court of competent jurisdicdion shall in no
way affect any of the other covenants which shall remain in full force and effect.
Condemnation. If all or any material part of the Yrentises shall be damaged or taken
through condemnation (which term when used in this Iviortgagc shall include any damage
or takutg by any govemmenlal authority, and any trtutsfer by private sale in lieu thereof),
either temporarily or permanently, the entire indebtedness sccurod hereby shall at the
option of the Mortgagee, become immediately due and payable. 'fhc Mortgagee shall be
entitled to all compensation awards, and other payments or relief therefor and is hereby
authorircd, at its optiat, to continence, appear in and prosecute, in its own or the
Mortgagor's narrte, any action or proceeding relating to any condemnation, and to setllo
or compromise any claim in connection therewith. All such compensation, awards,
damages, claims, rights of action utd proceeds and the right thereto are hereby assitmed
by the Mortgagor to the Mortgagee, who, after deducting therefrom all its expenses,
including attorney's fees, may release any moneys so received by it to Mortgagor without
al'iecting the lien of this Mortgage or may apply the saruc to the reduction of the sums
scoured hereby, and to any prepayment charge horcut provided. and any balance of such
moneys then remaining shall be paid to the D-lortgagor. The Mortgagor agrees to execute
such further assignments of arty compensations, awards, damages, claims, rights of action
anJ proceeds as the Mortgagee tnay reasonably require. Notwithstanding the foregoing.
\4ortgagee shall allow any proceeds or other stuns payable ITOm a condemnation
proceeding to be applied for restoration of the Premises, suhjcct to such terms and
conditions as are reasonably satisfactory to Mortgagee.
K. hazardous Waste Slora~e. The Morigagor covenants with the Mortgagee that the
Premises have not been used and will not be used in whole or in part for the storage of
hazardous waste other than in accordance with all applicable govertunental requirements.
A. Dcfault.:\ default shall have occurred hereunder it
(a} The Mortgagor shall fail to pay in full within fifteen (1~) days from when
due any installment of principal, interest, or late charges required by the Notc, this
Mortgage and otherwise; or
(b) the Mortgagor shall fail to duly obscnc on time atny other covenant,
condition or agreement of this Mortgage or of any other instrument evidencing,
securing or executed in connection tyith the indebtedness secured hereby. (herein
this Mortgage, Note atnd said other instruments are sometimes collectively called
the "Loan Ducumenlti') and such failure remains uncured for a period of thirty
(~0) days after notice thereof' shall have been given by the Mortgagee to the
Mortgagor (or for an extended period approved by Mortgagee if such default
stated in such notice can be corrected, but not within such thirty (30) day period,
and if the Morigagor commences such correction vvilhin such thirty (,0) day
period and thereafter diligently pursues the same to completion within such
extended period).
(c) Any warrtutties or representatiorts made or agreed to be made in any of the
llocuments executed ut cotntcction with tltc Notc shall be breached by the
Mortgagor or shall prove to be false or rnislcading in any material respect; or
(d) Any lien lift labor or material or otherwise shall he tiled against the
Premises, and such lien is not canceled, removed, transferred, or bonded off
within thirty (30) days; or
(e) A terry shall be made tinder any process on, or a receiver be appointed for,
the Premises or any other property of the Mortgagor; or
(f) fhe Mortgagor shall file a voluntary petition in bankruptcy, or any other
petition or answer seeking or acquiescing in any reorganization, arrangement.
composition, readjustment, liquidation or similar relief li>r the Mortgagor under
any present or firture federal, state or other statute, law or regulation relathtg to
bankruptcy, insolvency or other relief' iiir debtor; or
(g) The Mortgagor shall seek or consent to or acquiesce in the appointment of
arty tntstec, receiver or liquidator of dtc Mortgagor or of all or any part of the
Premises or of arty or all of the rents, revenues, issues, earnings. profits or income
thereof; or
(h) The Mortgagor slwll make any general assignment for the benefit of
creditors: or
(i) In any legal proceeding the Mortgagor shall be adjudged to be ittsoh~ent or
unable to pay the Mortgagor's debts as tltcy become due; or
(j) The Mortgagor shall do; or shall omit to do, any act, or any event shall
occur, as a result of which any obligation of the Mortgagor, not arising hcrctmder,
may be declared inmtediately due and payable by the holder thereof-, or
(k) Failure by Mortgagor to comply with the Restrictive Covenants set forth
in Section I herein: or
(1) An F.vcnt of Default occurs under the terms of the documents executed in
connection w~ilh Lhe Note.
B. Acceleration of Maturity. If a delaull shall have occurred hereunder; then the whole
unpaid principal sum of the indebtedness secured hereby with interest accrued thereon
shall, at the option of the Mortgagee, become due artd payable without notice or demand,
lime being of the essence of this Mortgage and of the Note secured hcrcby; and no
omission on the purl ul'the Mortgagee to exercise such option vyhcn entitled so to do shall
be considered as a waiver of such right.
C. Right of Lcndcr to linter and 'Lake Possession.
(a) If any default shall have occurred and he continuing beyond :uty
applicable grace period, the Mortgagor, upon demand of the Mortcagcc, shall
li>rthcvith surrender to the Mortgagcc the actual possession of the Prctniscs artd if,
and to the extent permitted by law, the Mortgagcc may enter and take possession
of the Premises and may exclude the Mortgagor and the )\Aortgagor's agents and
employees wholly therefrom.
(h) For the purpose of carrying out the provisions of this paragraph. the
Mortgagor hcrcby constihttes artd appoints the Mortgagcc the tote vtd lawful
attorney in fact of the Mortgagor to do and perform, from time to time, any and all
actions necessary and incidental to such purpose and does, by these presents,
ratifi~ and conlirnt any and all actions of said attorney in fact in $tC Prctniscs.
(c) R'henever all such defaults have been cured and kttislicd, the Mortgagcc
shall surrender possession of the Premises to the Mortgagor, provided that the
right of the Mortgagcc to take possession, from tune to time, pursuant to this
subparagraph shall exist if guy subsequent default shall occur and he continuing.
D. Annoitttruent of a Keceiyer and Foreclosure.
(a) If a default shall have. occurred hereunder, then the whole debt secured by
this Mortgage, with all interest thereon, and all other amounts hcrcby sccurcd
shall, al the option of Mortgagee, become immediately due and payable, attd may
lirrthwith or al any time thereafter be collected by suit at law, foreclosure of or
other proceeding upon this Mortgage or by arty other proper, legal ur equitable
procedure without declaration of such option and without notice.
(b) Upon, or at any time altee the filing of a complaint. to foreclose this
Mortgage, the court in which such complaint is filed may appoint. a receiver of the
Premises. Such appointment may be made either before or after salt, without
notice, without regard to the sohency or insolvency of Mortgagor at the time of
application Ibr such receiver and without regard to the then value of the Premises.
Such receiver shall have power to collect the rents, issues artd prolils oh the
Premises during the pendency of such foreclosure suit and in case of a sale and a
deficiency. during the firll statutory period of redemption, if any, whether there he
redemption or not, as well as during anv further limes when Mortgagor except fbr
the intervention of such receiver, would he entitled ht collect such rents, issues
and profits, and all other powers which may he necessary or are usual ht such
cases litr the protection. possession, control, management and operation of the
Premises during the whole of said period.
(c) Mortgagor shall deliver to Mortgagee at am• time un its reyuest, all
agreements for decd; contracts, leases, abstracts; title insurance policies,
muniment of title. surveys and other papers relating to the Premises, and in case
of firreclosure thereof and failure to redeem, the same shall be delivered to and
become the property of the person obtaittittg a deed to the Premises by reason of
such foreclosure.
C. Discontimatncc of Proceedings and Kestoration of the Parties. In case the Mortgagee
shall have proceeded to enti~rcc any right or remedy under this Morigage by receiver,
entry or olhenvise, and such proceedings shall have been discontinued or abandoned for
any reason or shall have been deterntined adverse to the Mortgagee, then utd in every
such case the Mongagor and the Mortgagee shall be restored to their former positions and
rights hereunder, and all ri~~ rts, powers and remedies of Utc Mortgagcc shall continue as
if no such proceeding had been taken.
F. Kemedies Cumulative. No right; power or remedy amlerred upon or reserved by the
Mortgagee by this Morigage is intended to he exclusive of any other right, power or
remedy, but each and every such right, power and remedy shall he cumulative and
concurrent and shall be in addition to any other right, power and remedy given hereunder
or now or hereafter existing at law or in equity or by statute.
III
A. Successors and Assigns Included in Parties. Whenever in this Mortgage one of the
parties hereto is Warned or referred to, the heirs, legal representatives, successors and
assigns of such parties shall be included and all covenants and agreements contained in
this indenture by or on behalf of dte Mortgagor and by or on behalf of the Mortgagcc
shall bind and inure to the benelil 01' their respective heirs, legal representatives,
successors and assigns, whether so expressed or not. Provided, however, that the
Mortgagor shall have no right to assign its oblications hereunder without the prior written
consent of the Mortgagee, which consent shall not be unduly withheld, conditioned or
dclavcd.
B. TTeadinss. The headings of the sections, paragraphs and subdivisions of this Mortgage
are tier the cum~enience of reference only, arc not to be considered a part hereof' and shall
not limit or otherwise al7ect any of the terms hcrcof.
C. Invalid Provisic»ts to Allect No Others. if fu11111ment of any provision hereof or any
trattstu;tion related hereto or to the Note, at the tintc performance of such provisions shall
be due, shall involve transcending the limit of validity prescribed by law, then ipso facto.
the obligation to be fulfilled shall he reduced k> the limit of such validity; and if arty
clause or provision herein contained operates or would prospectively operate to invalidate
this Mortgage in whole or in part. then such clause or provision only shall he held fix
naught, as though not herein contained, and the remainder of this Mortgage shall remain
operative and in full litrce and effect. Notvvithstattding arty provision contauted herein,
the total liability of Mortgagor Ibr payment of interest, including service charges,
penalties or any other fees pursuant to this Agreement, shall not exceed the maximum
amount of such interest pemtitted by applicable lata• to he charged, and if any payments
by Mortgagor include interest in excess of the maximum allowable amount then s<•tid
excess shall he applied to the reduction of the unpaid principal amount due pursuant
hereto.
ll. Number and Gender. Whenever the singular or plural number, masculute or femutitte or
neuter gender is used herein. it shall equally include the other.
F.. Future Advances. Arty loan of money from Mortgagee to Mortgagor made within
twenty (20) years from the date hcrcof 'fhe total amount of the loan from Mortgagee to
Mortgagor may decrease or inercau from tune to time, but the total unpaid aggregate
balance secured by this Mortgage at any one time shall not exceed X2,000.000.00, plus
interest thereon, attd any disbursements made litr the payment of taxes, levies, insurance
or other liens on the Yrentises, with interest on such dishut:u:mcnts.
1V.
A. Notice. Any notice or other eomtnunieation required ar permitted la he given hereunder
shall he sufficient if in writing and delivered ut person or sent by Thtited Slates Certified
Mail, postage prepaid, to the parties being given such notice at the Ibllovving addresses:
MORTCiACiOR: MRCllC: Villa Maria. LLC
94~ Ycmtsyh,vtia Avenue
D9iami Reach. FT. 33139
Attention: Roherio Datorre, Yresidcnt
M(7RTCiACiF.F.: CI fY Oh Ad1AMl REACH
1700 Convention Center Thivc
Miami l3cach, Florida 33139
Attention: City Manager
With acopy to: OClice ol'Real Fsutte,
Housing & Community Development
CITY OF MIAMI BF.ACII
1700 Convention Center Drive
Miami Beach, Florida 33139
Any party may change said address by givinc the other paRies hereto notice of such change of
address. 1\otice given as hereinabovc provided shall be deemed given on the date of its deposit
in the United States Mail and, unless sooner roccived, shall be deemed received by the party to
whom it is addressed nn the third calendar day fitllowing the date on which said notice is
deposited in the mail, or if an etturier system is used, on the date ul'delivery of the notice.
A. Assigttntent of Rents and Lcascs. As fitrthcr security fur payment of principal interest
and other amounts due Mortgagee now or hereafter secured hereby, Mortgagor hereby
transfers, assigns and sets over unto Mortgagee all leans; i f any, now ur hereafter entered
into by Mortgagor with respect to all or any part of the Premises, and all renewals.
extensions, subleases ur assignments thereol; and all other written or oral occupancy
agreements, by concession, license or otherwise, together with all of the rents, utcome,
receipts, revenues, issues and profits arising therefrom. Mortgagee shall have, in addition
to all other ri~* tts and remedies hereunder, those rights of a mortgagee under Florida
Statutes Section 697.07, as now or hcroaftcr in eflcd.
B. Seeurity Agreement. This instrument also creates a security interest in any and all
eyuipmenl and furnishings as are considered or deterntined W be personal property or
fixtures, together with all replacements, substihrtions, additions, products and proceeds
thereof, in favor of the Mortgagee under the l~lorida Uniform Commercial Codc to secure
payment of principal interest and other amounts due hlortgagcc now or hereafter secured
hereby, and Mortgagee shall also have all the rights and remedies of a secured party
under the Florida Ilnilitnn Commercial Code; and without limitation upon ar in
derogation of the rights and remedies created and accorded to the Mortgagee by this
Mortgage pursuant to the common law or any other laws of the Stale of Florida or any
other jurisdiction, it being understood that the rights and remedies of J~fortgagee under
the Florida ilnilbrm Commercial Code shall he cumulative and in addition to all other
rights and remedies of Tvfortgagee arising under the common law or any other laws of the
State of Florida or any other jurisdiction.
C. Choice of Law. 'i'bis Mortgage is to be constnted in all respects and enforced according
to the laws of the State of Florida.
D. Binding E17cct. 'I~his Mortgage shall be binding upon and umre to the benefit of the
Mortgagor and i\-lortgagce hereto, vtd their respective heirs, successors and assigns.
tsic~nrcire
IN ~ti'IT'NCSS WIICREOF, Mortgagor has caused this Mortgage to be executed on the date
first above ~rritten.
Wl'fNIsSS ~ ':
~~ ~ l ~-Q.~~_~~
Print Vane: ~ 2C- o~vA/=/~
Print Name: LQ rr~[ . [~•f~~,~
MBCDC: VILLA A`IARIA, LLC, a Florida limited
liabiliq` company
E3y:
Na~ erlu )awrre, President
STATE OF FLOKIllA )
COUNTY OF MIAMI(-DAllE )
7 The foregoing Mortgage and Security .Agreement evas acknoevledged before me this
day of ~~ I1,Q_ , 2009, by Roberto Datorre, as President of 1\`liami Beach C'onmurnity
Development orporation, a Florida not-for-profit corporation, the sole member of ;\4BCllC:
Villa Maria; LLC, a Florida limited liabilit}' company on lxhalf of the company. His
per~onal~` known ur me or has produced Florida Driver's I:icense No.
as identilication.
7
Name: t Yl~ -0 ~
Notary Public
Syr e 1 hr G tlii SIB c' Ronda
~~ ~~ , F~ ~~ State of b~lorida at Large
i F I r.~~ ~ „~,n ~D58 ~2° My' commission expires:
~ ~o,~o L I,~«, I~~ 211C:
ri:Rl IC'D'~S-+\LL11 hG-C'D'c\NNl'rl L'b7l3000'.Villa hfaria:Villa Maria Mortga~c I SSA Aoc
OP. er, ~~sn: FG liDS2
LAST h'ACiE
LXHIBI'I' "A"
Legal Description
Lots 1 and '.Block 10, Amended ~4ap of the Ocean Front Propet-ty of the ~4iami Beach
Lnprovcmcnt ('mupany, according w the plat thereof, as recorded in Plat Bool: ~, Page 7, of the
Public Records al Niiaini-Dade County, Florida.
OFFICE OF 7HE CITY ATTORNEY, Jose Smith, City Attorney
Interoffice Memorandum
To: Bob Parcher Date: October 15, 2009
Ciry Clerk
From: Raul J. Aguila
Deputy City Attorney
Subject: $185,273 HOME Loan to MBCDC: Villa Maria. LLC
Villa Maria Apartments: Miami-Dade County, Florida
Bob:
Enclosed herewith is the recorded Mortgage and Security Agreement regarding the
above-referenced matter.
cc: Anna Parekh, Housing and Community Director