HomeMy WebLinkAboutRestrictive Covenant
111111I1111111111111I11111I1111111111111I1111
This instrument prepared by:
Office oftbe City Attorney
City of Miami Beach
1700 Convention Center Drive
Miami Beach, Florida 33139
(Space reserved for Clerk of Court)
CFN 2007R0156455
OR Bk 25363 P9S 1655 - 1657; (3.9S)
RECORDED 02/13/2007 14:48:54
HARVEY RUVIN, CLERK OF COURT
MIAMI-DADE COUNTY, FLORIDA
RESTRICTIVE COVENANT
MBCDC Meridian Place LLC, a Florida limited liability corporation ("Owner"),
its successors, heirs and assigns, owner(s) of tbe following property, hereby agree and covenant tbat tbe following
property, located in the City of Miami Beach, Miami-Dade County, Florida and legally described as:
SEE A IT ACHED EXHIBIT "A"
("Subject Property"), shall be subject to tbe following recapture provisions, covenants and restrictions:
Miami Beach Redevelopment Agency (RDA) funds, in the amount of One Million Five Hundred Thousand
Dollars ($1,500,000.00), were utilized in tbe purchase oftbe Subject Property, in order to provide affordable housing for
tenants in accordance witb and consistent witb tbe powers granted to the RDA pursuantto Chapter 163, Patt III, Sections
163.330 through 163.463 , as tbe same shall be amended from time to time (tbe "Community Redevelopment Act of
1969") and tbe rents charged and tbe tenants tbereof shall qualifY under the rules and regulations promulgated by the
United States Depattment of Housing and Urban Development, as same may be amended from time to time. In
consideration ofthese funds, tbe Subject Property shall be subject to tbe following restrictions for a period of thirty (30)
years (Affordability Period), which period shall commence upon tbe date of issuance by the City of Miami Beach
Building Department of a final Certificate of Completion for tbe rehabilitation of the Subject Property.
The Owner(s) hereby covenant and agree as follows:
a) If the Subject Property is sold, transferred, rented or refmanced, otber tban in tbe manner stipulated in
subsection (c) below, during the above-referenced thirty (30) year Affordability Period, the Owner shall repay to tbe
RDA, the full amount of tbe $1,500,000 fimds applied toward this transaction, at the time of any such sale, transfer,
rental or refmancing of the Subject Property.
b) The RDA fimds referenced herein shall be payable at tbe time and in tbe manner stipulated in subsection (a)
above and, with tbe exception oftbe Senior Mortgages, as said term is dkmed in tbat certain Mortgage by and between
the Owner and the RDA of even date herewith, tbe Subject Property shllil remain a lien superior in dignity to all otber
liens, titles, claims, mortgages, and/or otber encumbrances, until paid.
c) It is specifically acknowledged by the parties hereto that the Subject Property is to be used, operated,
and maintained only as an affordable housing residential rental property, and for no other purpose. Use oftbe
Property for purposes otber than for affordable housing residential rental ptoperty shall be deemed an event of default
hereunder.
The foregoing covenants and restrictions shall be considered and construed as covenants and restrictions running
with the land, and tbe same shall bind all persons claiming ownership of all, or any portion of, tbe Subject Property. The
Owner hereby acknowledges and agrees tbatthe RDA is a beneficiary oftbis Restrictive Covenant, and the Owner shall
not release or amend tbis Restrictive Covenant without tbe prior written consent of tbe RDA. Notwitbstanding tbe
Affordability Period set forth herein, tbe patties hereto expressly agree and acknowledgetbat tbis Restrictive Covenant
shall continue in full force and effect, as to subsection (c) above, beyond tbe expiration oftbe initial tbirty (30) year
Affordability Period and, commencing with tbe date of expiration of said initial tbirty (30) year Affordability Period, tbis
Covenant shall be automatically extended for successive periods often (10) years, unless modified, amended, orreleased
by the RDA.
Invalidation of any oftbese covenants by a court of competent jurisdiction shall in no way affect any oftbe other
covenants, which shall remain in full force and effect.
This Covenant shall be recorded in tbe Public Records of Miami-Dade County, Florida, at tbe cost oftbe Owner.
It is understood and agreed tbat any official of tbe City of Miami Beach and/or tbe Miami Beach Redevelopment
Agency (RDA) may have tbe right at any time during normal working hours of entering and investigating tbe use ofthe
Subject Property, to determine whetber tbe conditions ofthis Covenant and tbe requirements set forth herein, are being
complied witb.
An action to enforce the terms and conditions ofthis Covenant may be brought by tbe City and/or RDA and may
be by action at law or in equity against any party or person violating or attempting to violate any provision of tbis
Covenant, eitber to restrain violations or to recover damages. The prevailing party in tbe action or suit shall be entitled to
recover costs and reasonable attorneys' fees, at all levels of trial and appeal. This enforcement provision shall be in
addition to any otber remedies available under tbe law.
IN WITNESS WHEREOF, tbe Owner(s) haslhave hereunto caused tbese presents to be signed and, attested by
the respective wituesses on tbis ~ day of February, 2007.
WITNESSES:
OWNER:
&w.c. E~
Print Name: cr Isl1lo-P'~
~~~'
Priut Name: tc:--A 1'2-1 ""~ '--
MBCDC Meridian Place, LLC, a Florida not-for-profit
corporation
By: Miami Beach Community Development Corporation, A
Florida non-profit corporation, its sole member
By: -~tf}~t~e
Title: President
STATE OF FLORIDA )
COUNTY OF MIAMI-DADE )
-
The foregoing Restrictive Covenant was acknowledged before me tbis L day of February, 2007, by
Roberto Datorre, as President of Miami Beach Community Development Corporation, a Florida non-profit corporation,
the sole member ofMBCDC Meridian Place, LLC, a Florida limited liability cQmpany, on behalf of the corporation. He
is personally known to me or has produced Florida Driver's License No. ><.._ '>'- as identification.
~~~
~"\I\lII"''',,,,
~,~'\<. BROCItIJ~III'
~~' ........'1' '~
~r~ ...~~V.PfR€:..... ~
:'Oii:/':-J..~~ 20 U . 'Z
~""'..{(; "1,.\. 11 .."'~
:s~:~ iii" ~~;;;
---8:::' ~ .0:
i\j;:_~ '._"~~:V<t=
--.':0 '<l""....
~~.. fJ -~~, :Q
~ -.. ~...!:!!;.
~.. .....~!t...Il.~~
~111~rARY PU'1i0\,~
II"""",,\\I"~
Name:
Notary Public
State of Florida at Large
My commission expires:
OR BK 25363 PG 1657
LAST PAGE
EXHIBIT "Au
LOT 4, in Block 74 of OCEAN BEACH
FLORIDA, ADDITION NO.3, according to the
Plat thereof, as recorded in Plat Book 2,
Page 81, of the Public Records of Miami-
Dade County, Florida