HomeMy WebLinkAbout2003-25131 Reso RESOLUTION NO. 2003-2_5131
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF
THE CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE A SUBORDINATION
AGREEMENT IN FAVOR OF CITIBANK, F.S.B. FOR THAT
CERTAIN HOME PROGRAM AGREEMENT, DATED MAY 12,
1994, BETWEEN THE CITY AND THE MIAMI BEACH
COMMUNITY DEVELOPMENT CORPORATION (MBCDC) FOR
THE ACQUISITION AND REHABILITATION OF UNIT 502 AT
THE BAYVlEW GARDENS CONDOMINIUM, LOCATED AT 1673
BAY ROAD, MIAMI BEACH.
WHEREAS, on May 12, 1994, the City entered into a HOME Program
Agreement with the Miami Beach Community Development Corporation
(MBCDC) for the acquisition and rehabilitation of a unit located at Bayview
Gardens Condominium, 1673 Bay Road, Unit 502, Miami Beach; and
WHEREAS, on March 28, 1995, the City entered into a second HOME
Program Agreement with MBCDC for the acquisition and rehabilitation of an
additional unit located at Victory Condominium, 734 Meridian Avenue, Unit 1,
Miami Beach; and
WHEREAS, MBCDC is securing a seven-year loan from Citibank, F.S.B.
in the amount of $100,000 to repay the Community Reinvestment Group for a
loan in the same amount which is now due; and
WHEREAS, MBCDC is requesting that the City subordinate for seven
years its Restrictive Covenant to Citibank's loan and take a second position on it
in the amount of $100,000 regarding the unit located at 1673 Bay Road, Unit
502; and
WHEREAS, in order to fully cover the City's investment a cross-
collateralization clause has been included in the Subordination Agreement
pertaining to the unit located at the Victory Condominium, 734 Meridian Avenue,
Unit 1; and
WHEREAS, in accordance with both the Bayview and Victory HOME
Program Agreements, if MBCDC uses one of these agreements as security or
collateral for any loan, it will be deemed an assignment of the agreement and
require the prior written consent of the Mayor and City Commission; and
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND
CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the
Mayor and City Clerk are authorized to execute a Subordination Agreement in
favor of Citibank, F.S.B. for that certain HOME Program Agreement, dated May
12, 1994, between the City and the Miami Beach Community Development
Corporation (MBCDC) for the acquisition and rehabilitation of unit 502 at the
Bayview Gardens Condominium, located at 1673 Bay Road, Miami Beach.
PASSED AND ADOPTED this 26th day of February ,2003.
ATTEST:
CI'fy~CEEFfK
Subordination Agreement 1673 Bay Road_Reso.doc
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUTION
-- Date
CITY OF MIAMI BEACH
COMMISSION ITEM SUMMARY
Condensed Title:
IA resolution authorizing the Mayor and City Clerk to execute a Subordination Agreement in favor of
Citibank, F.S.B. for that certain HOME Program Agreement, dated May 12, 1994, between the City and
the Miami Beach Community Development Corporation (MBCDC) for the acquisition and rehabilitation
of unit 502 at the Bayview Gardens Condominium, located at 1673 Bay Road, Miami Beach.
Issue:
Shall the City Commission authorize the Mayor and City Clerk to execute a Subordination Agreement in
favor of Citibank, F.S.B. on the property owned by MBCDC located at 1673 Bay Road, Unit 502, Miami
Beach.
Item Summary/Recommendation:
ICurrently, MBCDC is securing a seven-year loan from Citibank, F.S.B. in the amount of $100,000. MBCDC
intends to use this loan to repay the Community Reinvestment Group for a loan in the same amount which
is now due. Therefore, MBCDC is requesting that the City subordinate for seven years its Restrictive
Covenant to Citibank's $100,000 loan and take a second position on the unit located at 1673 Bay Road,
Unit 502. In this manner, MBCDC would satisfy the bank's collateral requirement by using their two
properties to secure the new loan.
Advisory Board Recommendation:
Financial Information:
Source of Amount Account Approved
Funds: I N/A
2
3
I 4
Finance Dept. Total N/A
City Clerk's Office Legislative Tracking:
I Vivian P. Guzm~.n
Sign-Offs:
Department Director
.....
ity Manager
City Manager
DATE
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
COMMISSION MEMORANDUM
To:
From:
Subject:
Mayor David Dermer and Date: February 26, 2003
Members of the City Commission
Jorge M. Gonzalez ~, .A,~'''/
· City Manager
A RESOLUTION OR AND CITY COMMISSION OF THE CITY
OF MIAMI BEACH, FLORIDA, AUTHORIZING THE MAYOR AND CITY
CLERK TO EXECUTE A SUBORDINATION AGREEMENT IN FAVOR OF
CITIBANK, F.S.B. FOR THAT CERTAIN HOME PROGRAM AGREEMENT,
DATED MAY 12, 1994, BETWEEN THE CITY AND THE MIAMI BEACH
COMMUNITY DEVELOPMENT CORPORATION (MBCDC) FOR THE
ACQUISITION AND REHABILITATION OF UNIT 502 AT THE BAYVIEW
GARDENS CONDOMINIUM, LOCATED AT 1673 BAY ROAD, MIAMI
BEACH.
ADMINISTRATION RECOMMENDATION
Adopt the Resolution.
ANALYSIS
Over the last decade, the City has funded a scattered-site rental housing program utilizing
funds from the HOME Investment Partnerships (HOME) Program to provide rental units for
income-eligible participants. Under this program, the City entered into two HOME Program
Agreements with the Miami Beach Community Development Corporation (MBCDC) for the
acquisition and rehabilitation of a unit located at Bayview Gardens Condominium, 1673
Bay Road, Unit 502, Miami Beach, and second unit located at Victory Condominium, 734
Meridian Avenue, Unit 1, Miami Beach. The City recorded a Restrictive Covenant on each
property to secure total investment of $123,644 of HOME Program funds provided by the
City to MBCDC towards these units.
Currently, MBCDC is securing a seven-year loan from Citibank, F.S.B. in the amount of
$100,000. MBCDC intends to use this loan to repay the Community Reinvestment Group
for a loan in the same amount which is now due. Over the years, MBCDC utilized the loan
from the Community Reinvestment Group to make advance payments and for working
capital. Therefore, MBCDC is requesting that the City subordinate for seven years its
Restrictive Covenant to Citibank's $100,000 loan and take a second position on the unit
located at 1673 Bay Road, Unit 502. In this manner, MBCDC would satisfy the bank's
collateral requirement by using their two properties to secure the new loan. The combined
Commission Memorandum
February 26, 2003
Subordination Agreement, 1673 Bay Road, Unit 502
Page 2
current value of both units has been appraised at $245,000. Consequently, the City's
investment is fully covered by a cross-collateralization clause in the Subordination
Agreement pertaining to the unit located at 734 Meridian Avenue, Unit 1.
In accordance with both the Bayview and Victory HOME Program Agreements, if MBCDC
uses one of these agreements as security or collateral for any loan, it will be deemed an
assignment of the agreement and require the prior written consent of the Mayor and City
Commission.
The Administration recommends that the City Commission approve the Resolution and
authorize the Mayor and City Clerk to execute a Subordinate Agreement in favor of
Citibank, F.S.B. for that certain HOME Program Agreement, dated May 12, 1994, between
the City and the Miami Beach Community Development Corporation (MBCDC) for the
acquisition and rehabilitation of unit 502 at the Bayview Gardens Condominium, located at
1637 Bay Road, Miami Beach.
JMGIRCM/V~MDC/SSL
F:~NEIG~HOUSING\MIGUELL~MEMORANDUIVASUBOROINATION AGREEMENT 1673 BAY ROAD_MEMO.DOC
This Instrument Was Prepared By, Record and
Return to:
Raul J. Aguila, Esq.
Office of the City Attorney
City of Miami Beach
1700 Convention Center Drive
Miami Beach, Florida 33139
SUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT, is made and entered into this 2~-th day of
February, 200B, by and between the following parties: CITY OF MIAMI BEACH, a political
subdivision of the State of Florida ("Prior Lienor"), whose address is 1700 Convention Center Drive,
Miami Beach, Florida, 33139; CITIBANK, F.S.B., ("Senior Lender") whose address is
~qa"o ~a;,nt- ~';~. ~ 34,~'n,t~ ~ '9-~ ~"~' ; and MIAMI BEACH
COMMUNITY DEVELOPMENT CORPORATION, f/k/a Miami Beach Development
Corporation, Inc., a not-for-profit Florida corporation ("Borrower"), whose address is 945
Pennsylvania Avenue, 2'~a Floor, Miami Beach, Florida 33139, the owner of the Property.
RECITALS
1. This Agreement covers the following real property (the "Property"):
BAYVIEW GARDENS CONDOMINIUM, UNIT 502, and an undivided 4.99% interest in
the Common Elements, recorded in O.R. Book 10874, Page 1285 of the Public Records of
Miami-Dade County, Florida, Property Address: 1673 Bay Road, Unit 502, Miami Beach,
FL 33139 ("Parcel 1"); and
VICTORY CONDOMINIUM, UNIT No. 1, undivided 11.00% interest in Common
Elements, Clerk's File 73R-67064, Property Address: 734 Meridian Avenue, Unit 1, Miami
Beach, FL 33139 ("Parcel 2").
2. The Prior Lienor is the owner and holder of a Lien encumbering Parcel 1 evidenced by the
following document (hereinafter referred to as the "Prior Bayview Lien"):
That certain Restrictive Covenant dated 07/15/94, recorded on 08/14/94, in Official Records
Book 16463, at Page 4176 of the Public Records of Miami-Dade County, Florida ("Bayview
Restrictive Covenant").
3. The Senior Lender will be the owner and holder of a loan to Borrower (the "Senior Loan")
evidenced by the following documents (hereinafter collectively referred to as the "Senior Loan
Documents") encumbering Parcel 1:
That certain Promissory Note, in the original principal amount of $100,000.00, secured by a
Mortgage and Security Agreement, an Assignment of Leases and Rents, a UCC-1 Financing
Statement, and other loan-related documents, in favor of Senior Lender, all dated
and recorded at Clerk's file No
through , of the Public Records of Miami-Dade County, Florida. The Senior
Loan Documents encumbering Parcel 1 will be filed after the execution of this Agreement,
with the recording information thereof inserted hereinabove simultaneously with the filing of
this document the Public Records of Miami-Dade County, Florida.
4. The Senior Lender will not make the Senior Loan unless it is secured by a first mortgage lien
senior in priority to the Bayview Restrictive Covenant. The Senior Lender has requested the Prior
Lienor to subordinate the Prior Bayview Lien to the Senior Loan Documents and the Prior Lienor
has consented to do so.
5. The Prior Lienor is also the owner and holder of a Lien encumbering Parcel 2 evidenced by the
following document (hereinafter referred to as the "Prior Victory Lien"):
That certain Restrictive Covenant dated 03/27/95, recorded on 05/31/95, in Official Records
Book 16799, at Page 2946 of the Public Records of Miami-Dade County, Florida ("Victory
Restrictive Covenant").
AGREEMENT
NOW, THEREFORE, in consideration of the sum of Ten Dollars ($10.00) and other good
and valuable consideration paid by each party to the other, the receipt and sufficiency of which are
hereby acknowledged, it is mutually agreed as follows:
6. Recitals. The foregoing recitals are tree and correct and are hereby incorporated into this
Agreement.
A. SUBORDINATION AGREEMENT FOR PARCEL 1
7. Subordination. The Prior Bayview Lien, and any lien, encumbrance, security interest, benefit,
covenant and restriction created pursuant thereto, and all debt evidenced or secured thereby
including principal, interest, costs and expenses, other payments by lender, and any and all
extensions, modifications, amendments, enlargements or renewals thereof, are hereby expressly
made subordinate and inferior to the Senior Loan Documents and to all debt evidenced or secured
thereby including principal, interest, costs and expenses, other payments by lender, and any and all
extensions, modifications, amendments, enlargements or renewals thereof.
The terms, and the Prior Lienor's rights and remedies, contained in the Prior Lien, are hereby
expressly made subordinate and inferior to the terms, and the Senior Lender's rights and remedies
contained in, the Senior Loan Documents.
8. Representations. The Prior Lienor represents and warrants to the Senior Lender that:
8.1 The Prior Lienor is the sole owner and holder of the Prior Bayview Lien.
8.2 The execution and delivery of this Agreement by the Prior Lienor has been duly authorized by
all municipal action required by all applicable laws, ordinances, rules, regulations and resolution,
and the individual executing this Agreement on behalf of the Prior Lienor has been duly authorized
to do so; and
8.3 As of the date hereof, there is no default or event which by notice or the passage of time would
constitute an event of default under the Prior Bayview Lien.
B. CROSS-DEFAULT AGREEMENT
9. Cross Default. In consideration for the Prior Lienor granting the above referenced subordination,
Borrower agrees that any default by Borrower of the terms, conditions and covenants contained in the
Bayview Restrictive Covenant shall automatically constitute a default in, to and under the Victory
Restrictive Covenant, and likewise a default by Borrower of the terms, conditions and covenants
contained in the Victory Restrictive Covenant shall automatically constitute a default in, to and under
the Bayview Restrictive Covenant. Except as provided herein, the Bayview and Victory Restrictive
Covenant shall respectively remain in full force and effect according to their respective terms.
10. Attomeys' Fees and Costs. In connection with any litigation (including all appeals) involving the
parties to this Agreement, arising out of this instrument, the prevailing party shall be entitled to
recover all costs incurred, including reasonable attorneys' fees.
11. Construction. This Agreement shall be interpreted and construed without reference to any rule
requiring that it be interpreted or construed against the party causing it to be drafted.
12. Cooperation. The parties to this Agreement shall fully cooperate with each other, and shall
comply with all reasonable requests for necessary disclosure or documentation.
13. Corporate Authority. If any party hereto is a corporation, all its respective officers,
representatives and agents, by their signature and execution of this Agreement, specifically represent
that their corporation is in good standing, duly organized under the laws of the state of incorporation
and duly authorized to transact business in the State of Florida and that they are acting within the
scope of their corporate authority and in furtherance of corporate business.
14. Persons Bound. The benefits and obligations of this Agreement shall inure to and bind the
respective heirs, personal representatives, successors and assigns of the parties hereto. Whenever
used, the singular shall include the plural, the plural the singular, and the use of any gender shall
include all genders.
15. Waiver of Jury Trial. NEITHER SENIOR LENDER, PRIOR LIENOR, BORROWER NOR
ANY OTHER PERSON LIABLE FOR THE OBLIGATIONS, COVENANTS, WARRANTIES
AND REPRESENTATIONS HEREiN, NOR ANY ASSIGNEE, SUCCESSOR, HEIR OR
PERSONAL REPRESENTATIVE OF SENIOR LENDER, PRIOR LIENOR, BORROWER OR
ANY SUCH OTHER PERSON OR ENTITY SHALL SEEK A JURY TRIAL iN ANY LAWSUIT,
PROCEEDING, COUNTERCLAIM OR ANY OTHER LITIGATION PROCEDURE BASED
UPON OR ARISING OUT OF THIS AGREEMENT, OR THE DEALINGS OR THE
RELATIONSHIP BETWEEN OR AMONG SUCH PERSONS OR ENTITIES, OR ANY OF
THEM. NEITHER SENIOR LENDER, PRIOR LIENOR, BORROWER NOR ANY SUCH
PERSON OR ENTITY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION IN WHICH A
JURY TRIAL HAS BEEN WAIVED, WITH ANY OTHER ACTION IN WHICH A JURY TRIAL
CANNOT BE OR HAS NOT BEEN WAWED. THE PROVISIONS OF THIS PARAGRAPH
HAVE BEEN FULLY DISCUSSED BY THE PARTIES HERETO AND THE PROVISIONS
HEREOF SHALL BE SUBJECT TO NO EXCEPTIONS. NO PARTY HAS AGREED WITH OR
REPRESENTED TO ANY OTHER PARTY THAT THE PROVISIONS OF THIS PARAGRAPH
WILL NOT BE FULLY ENFORCED IN ALL INSTANCES.
iN WITNESS WHEREOF, this Agreement was executed on the day and year above mentioned.
Wimesses:
(Print name)
(Print name)
PRIOR. LIENOR
CITAf ~3F ,MIAMI BEACH, A POLITICAL
;DI~. OF THE STATE OF FLORIDA
/By: //a~/L~ ._
a~ Deemer, Mayor
Attest: ~_~/ ~0,A~
Robert Parcher, City Clerk
STATE OF FLORIDA
COUNTY 0~iIAMI-DADE
On this/_O_day of~, 20g the foregoing instnunent was acknowledged before me
by ~ td ~0f~ ~ ~ , the duly appointed representative of the CITY
OF M~I BEACH on behalf of THE CITY OF M~I BEACH.
ST~P:
[ ,/ cl..G,4 NO, DDI~ e of Florida
Personally ~own ~ or Produced identification T~e of Identification
APPROVED A~ TO
FORM & LANGUAGE
& FOR EXECUTION
OFI°ICIAL NfYI'ARY $FsAL
tiLl.lAN BEAUCHAMP
NOTARY PUBLIC b'FATE OF FLORIDA
COMMISSION NO. DD109289
MY COMMISSION EXP. APR. 292006
Aug-21-2003
12:10pm
F rom-PECKAR AND ABRAhISON
This Instrument Was Prepared By, Record and
Return to:
Raul J. Aguila, Esq.
Office of the City Attorney
Cily of Miami Beach
1700 Convention Center Drive
Miami Beach, Florida 33139
3053750328 T-182 P.002/006 F-05g
21 :"LI p§088.2
SUBORDINATION AGREEMENT
THIS SUBORDINATION ACREEM. RNT, ia made and entered into this 261:h day of
February, 200~, by and between the tbllowing parties: CITY OF MIAMI BEACH, a political
subdivision of the State of Florida ("Prior Lienor"), whose address is 1700 Convention Center Drive,
Mianti Beach, Florida, 33139; CITIBANK, F.S.B., ("Senior Lender") whose address is
00750 Z~,e~,.-_ ~'~,, ,~'.q,a'mL r~- ~3,'7,~ ; and MIAMI BEACH
COMMUNITY DEVELOPMENT CORPORATION, f/k/a Miami Beach Deve]opntent
Coqaoration, [ne., a not-for-profit Florida cozporation ("Borrower"), whose address is 945
Pennsylvania Avenue, 2"a Floor, Miami Beach, Florida 33139, the owner of the Property.
I. This Agreement covers the following re'al property (the "Property"):
BAYVIEW GARDENS CONDOM/NIUM, UNIT 502, and an Undivided 4.99% interest in
the Common Elentents, recorded in O.R. Book 10874, Page 1285 of the Public Records of
Miami-Doric County, Florida, Property Address: 1673 Bay Road, Unit 502, Miami Beach,
FL 33139 ("Parcel 1"); and
VICTORY CONDOMIN/UM, UNIT No. 1, undivided 11.00% interest in Common
Elements, Clerk's File 73R-67064, Property Address: 734 Meddian Avenue, Unit 1, Miami
Beach, FL 33139 ("Parcel 2").
2. The Prior Lienor is the owner and holder of a Lien encumbering Parcel 1 evidenced by the
following document {hereinafter referred to as the "Prior Bayview Liex~"):
That certain Restrictive Covena~at dated 07/15/94, recorded on 08/14/94, in Official Records
Book 16463, at Page 4176 of the Public Records of Miami-Doric County, Florida ("Bayview
Restrictive Covenant")_
T-1B2 P.003/005 F-059
3. The Senior Lender will be the owner and holder of a loan to Borrower (the "Senior Loan")
evidenced by the following documents (hereinafter collectively referred to as the "Senior Loan
Documents") encumbering Parcel 1:
That certain Promissory Note, in thc original principal amount of $100,000.00, secured by a
Mortgage and Security Agreemem, all Assignment of Leases and RenI& a UCC-I Financing
Statement, and other loan-related documents, i.n, favor of Senior Lender. all dated
n~4~k'l~ ~ ~"/.~,~p,o..3, ~d recorded at Clerk s ale No l~)~ ,~ ! ~ q / l~'Z/t-
through " .... of the Public Records of Miami-Dare County, Flotilla.' The Sen~0r
Loan Documents encumbering Parcel I will be filed after the execution of this Agreement,
with the recording information thereof inserted hereinabove simultaneously with the fffing of
this document the Public Records of Miami-Dare County, Florida_
4. Thc Senior Lender will not make the Senior Loan unless it is secured by a flint mortgage lien
senior in priority to the Bayview Restrictive Covenant. The Senior Lender has requested the Prior
l.ienor to subordinate the Prior Bayvicw Lien to the Senior Loan Documents and the Prior Lienor
has consented to do so.
5. The Prior Lienor is also thc owner and holder of a Lien encumbering Parcel 2 evidenced by the
lbllowing document (hereinafter referred to as the "Prior Victory Lien"):
That certain Restrictive Covenant dated 03/27/95, recorded on 05/31/95, in Official Records
Book 16799, at Page 2946 of the Public Records of Miami-Dude County, Florida ("Viclory
Reatrictive Covenant").
AGREEMENT
NOW, THEREFORE, in consideration of thc sum ofTen Dollars ($10.00) and other good
and valuable consideration paid by each party to thc other, the receipt and sufficiency of which are
hereby acknowledged, it is mutually agreed as follows:
6. Recitals. The foregoing recitals are truc and correct and are hereby incorporated into this
Agreement.
A. SUBORDINATION AGREEMENT FOR PARCEL 1
7. Subordilaatipn. Thc Prior Bayview Lien, and any lien, encumbrance, security interest, benefit,
covenant and restriction created pursuant thereto, and all debt evidenced or secured thereby
including principal, interest, costs and expenses, other payments by lender, and any and all
extensions, modifications, amendments, enlargements or renewals thereof, are hereby expressly
made subordinate and inferior to the Senior Loan Documents and to all debt evidenced or secured
thereby including principal, interest, costs and expenses, other payments by lender, and any and all
extensions, modifications, amendments, enlargements or renewals theTeof.
The terms, and the Prior Lienor's rights and remedies, contained in the Prior Lien, are hereby
Au¢-Zl-2003 12:10pm From-PECKAR AND ABRAU$OH 3053?50328
2i it i PrOBB'Li
T-182 P.004/006
F-059
expressly made subordinate and inferior to the terms, and the Smior Lender's rights and remedies
contained in, the Senior Loan Documents.
Representations. The Prior Lienor represents and warrants to the Senior Lender that:
8.1 The Prior Lienor is the sole owner and holder of the Prior Bayview Lien.
8.2 The execution and delivery of this Agreement by [he Prior Lienor has been duly authorized by
all municipal action required by all applicable laws, ordinances, roles, regulations and resolution,
and the individual executing this Agreement on behalf of the Prior Lienor has been duly authorized
to do so; and
8.3 As of the date hereof, there is no default or event which by notice or the passage of time would
constitute an event of default under the Prior Bayview Lien.
B. CROSS~DlgFAUI~T AGREEMENT
9, Cross Default. 1~ consideration for the Prior Lienor granting the above referenced subordination,
Borrower agrees that any default by Borrower of the terms, conditions and covenants contained in the
Bayview Restrictive Covenant shall automatically constitute a default in, to and under the Victory
Restrictive Covenant, and likewise a de~ault by Borrower of the terms, conditions and covenants
contained in the Victory Restrictive Covenant shall automatically constitute a default in, to and under
the Bayview R.estrictive Covenant. Except as provided herein, the Bayview and Victory Restrictive
Covenant shall respectively remain in full force and effect according to their respective tm-ms.
10_ Attorneys' Fees and Costs. In connection with any litigation (including all appeals) involving the
parties to this Agreement, arising out of this instrument, the prevailing party shall be entitled to
recover all costs incurred, including reasonable attorneys' fees.
11. Construction. This Agreement shall be interpreted and construed without reference to any rule
requiring that it be interpreted or construed against the party causing it to be drafted.
12. _Cooperafioo_ The parties to this Agreement shall fully cooperate with each other, and shall
comply with all reasonable requests for necessary disclosure or documentation.
13. Corporate Amhor~ty. If any party hereto is a corporation, all its respective officers,
representatives and agents, by their signature and execution of this Agreement, specifically represent
~ their corporation is in good standing, duly organized under the laws of the state of incorporation
and duly authorized to transact business in the Stale of Florida and that they are acting within the
scope of their corporate authority and in furtherance of corporate bushless_
14. Persons Bound. The benefits and obligations of this Agreemertt shall inure to and bind the
respective heirs, personal representatives, successors and assigns of the parties hereto_ Whenever
used, the singular shall include the plural, the plural the singular, and the use of any gender shall
include all genders.
Aug-21-2003 12:10pm From-PECKAR AND ABRAMSON 3053?50326
' tli'k itt~ I~.
' ;' :S I 1'21 P606..66
%182 P.005/006
F-059
15. ~W_aiver of Jury_Trial. NEITHER SENIOR LENDER, PRIOR LIENOR, BORROWER NOR
ANY OTHER PERSON LIABLE FOR TIKE OBLIGATIONS, COVENANTS, WARRANTIES
AND REPRESENTATIONS HEREIN, NOR ANY ASSIGNEE, SUCCESSOR, HEIR OR
PERSONAL REPRESENTATIVE OF SENIOR LENDER, PRIOR LIENOR, BORROWER OR
ANY SUCH OTHER PERSON OR ENTITY SHALL SEEK A JURY TRIAL IN ANY LAWSUIT,
PROCEEDING, COUNTERCLAIM OR ANY OTHER LITIGATION PROCEDUR. E BASED
UPON OR ARISING OUT OF THIS AGREEMENT, OR THE DEALINGS OR THE
RELATIONSHIP BETWEEN OR AMONG SUCH PERSONS OR ENTITLES, OR ANY OF
THEM. NEITHER SENIOR LENDER, PRIOR LIENOR, BORROWER NOR ANY SUCH
PERSON OR ENTITY WILL SEEK TO CONSOLIDATE ANY -qUCH ACTION IN WHICH A
JURY TRIAL HAS BEEN WAIVED, WITH ANY OTHER ACTION IN WHICH A JURY TRIAL
CANNOT BE OR HAS NOT BEEN WAIVED. THE PROVISIONS OF THIS PARAGRAPH
HAVE BEEN FULLY DISCUSSED BY THE PARTIES HERETO AND THE PROVISIONS
HEREOF SHALL BE SUBJECT TO NO EXCEPTIONS. NO PARTY HAS AGREED WITH OR
REPRESENTED TO ANY OTHER PARTY THAT THE PROVISIONS OF THIS PARAGRAPH
WILL NOT BE FULLY ENFORCED 1N ALL INSTANCES.
IN WITNESS WHEREOF, this Agreement was executed on the day ;md yBat above mentioned.
STATE OF FLORIDA
COUNTY _~IAMI-DADE
'
OF M~I BEACH o~_b~h~lfofTHE CITY ~F
/
P~onally bo~ ~or Produc~ identification
)
)
,200t~, the foregoing immanent was acknowledged before me
, the duly appointed representative of the CITY
~~~ BEACH. ,
NoT~-y Public Sta~e of Florida
Type of Identification
APPROVED A8 TO
FORM & LANGUAGE
& FOR EXECUTK)N
^u~-Z1-ZO03 12:11pm
Wituesses:
From-PECKAR AND ABRAMSON
3053750326
T-182 P.006/006
CITIBANK F.S.B.
F-OSg
STATE OF FLORIDA )
CO[YNTY OF MIAMI-DADE )
On this
CITIBANK F.S-B., on beh~alf of CITIBANK F.S.B.
I ~ c ~~ I
Person~ly kno~ '~Or ProdUced identification.
day of /~ 4 ~c~ ,2002, the foregoing iuslrument was acknowledged before me
the duly appointed_ representative of
~lic orida
_ Type of Identification
Wimcsses:
BO~d~OWER
MIAMI BEACH COMMUNITY
DEVELOPMENT CORPORATION
STATE OF FLORIDA )
COUNTY OF MIAMI-DADE )
o. ~i~.~ day or 7~'" ,20oZ ~e roregoins ~=~men~ w~ ~o~g~a ~o~ m~
b~ ~~ ~~ , ~e' duly appointed r~res~iafive of MI~I
BEAC~ ~OMM~ITY DE~LOP~ CO.OPTION, on b~lf of M~I BEACH
CO~TY DEVE~OP~ ~ORPO~TION ~,.~
. ~ bhc Sm~c o~onda
~sonally ~o~ ~or Produc~ idenfifica~on T~e
Wimesses:
(Print name)~
SENIOR LENDER
~iyi~l~'.(..../71B~_~
STATE OF FLORIDA
COUNTY OF MIAMI-DADE
fi_ day of /'~ atc~
)
)
,2002, the foregoing instnunent was acknowledged before me
On tl~s
the duly appointed representative of
CITIBANK F.S .B., on behalf o~ CITIBANK F.S.B. · omo^~ ~r~¥s~ ' [
STAMP:
I NOTARY PUBLIC SI'ATE OF FLORIDA
/ COMMISSION NO. DDllS205 i ~No{ary Publi'c Start(of Florida "
L ,t co,uumoN m'. 6;,0 I
Personally known ~_'or Produced identification Type of Identification
Witnesses:
BORROWER
MIAMI BEACH COMMUNITY
DEVELOPMENT CORPORATION
By: ~
Attest:
STATE OF FLORIDA )
COUNTY OF MIAMI-DADE )
~ . ~49f~A__ oaa? ,h~ f,~reeoin~ instrument was acknowledged before me
On this -~ clay oI ;-, o~,~., ..,.v.~, ...- -~ o ¥ . ' IAMI
by ~ ~t~;P--xSL , the duly appointed representative of M
BEACH~OMMUNITY DEVELOPMENT CORPORATION, on behalf of MIAMI BEACH
COMMUNITY DEVELOPMENT CORPORA ~TION ~,
I ukb~^ ~CDO~^r~O I ..~-~ ~ ~t~t~L / '7 coc~, 0 -
STAMP: [Nor~¥m~ucsr^~o~ morro^ ]' ,,~',"~_?h.a.n~ c,~ ,t of Florida
! ¢OMMF~S~OIq NO.C~
Personally known ~ or Produced identification Type"of Identification