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~ 4G ~ ~. RECORDED OS/04/2007 15:04:08
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_~ ~ This instrument prepared by: t' +~!i HARVEY RUVINr CLERK OF COURT
wa., Raul J.Aguila ; ~ ~ ...' tlIAMI-DADE COUNTYF FLORIDA
~" i`.. Office of the City Attorney ~~ ~~ coo xh rvur
min ~ City of Miami Heach ~ nqp F\`"
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o Miami Beach Florida 33139 (space reserved for Clerk oPCoun)
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. ._.__-- - _bECLARATIONOFRESTRICTIVE.COVENANTS.. _-
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This Declaration of Restrictive Covenants (hereinafter the "Covenant"); is made this ~ day of GI' 2007
r~.~„ ~ ,,. F by MBCDC: The Barclay LLC, a Florida limited liability company whose address is 945 Pennsylvania v ue, Miami
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vo Beach; Florida, 33139 (hereinafter the "Owner").
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-°m ~ o RECITALS:
0 o w WHEREAS, Owner is a Florida limited ]iabiUty company whose sole member is Miami Beach Conmrunity
~a ~ ~ Development Corporation, Inc., a Florida not-for-profit housing corporation which is also the City of Miami Beach,
a ~ ~ Florida's designated Connnunity Housing Development Organization (CHDO); and
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ti o ~ WHEREAS, Owner is undertaking a project to acquire and renovatehehabilitate that certain historically
o>- designated real property located at 1940 Park Avenue, Miami Beach; Florida (and hereinafter referred to as the
°J o ~ "Premises", as defuted herein and in Exhibit "A" attached and incorporated hereto) for the purpose of providing
v a x affordable rental housing for low to moderate income individuals and families (the'Praject"); and
WHEREAS, the Premises and Project are/is located within the City Center/Historic Convention Village
Redavolopmont Ana, a comrmmiry redevelopment area in the City of Miami Beach, Florida, designated and created
pursuatt to Sections 163.330 -163.463, Florida Statutes (the "Conununity Redevelopment Act of 1969" or the "Act")
(hereinafter referred to as the "City Center RDA"); and
WHEREAS, We Project is consistent with the City Center/FIistoric Convention Village Redevelopment end
Revitalization Area Plan, as adopted by the City of Miami Beach Commission and the Miami Beach Redevelopment
Agency, respectively, and as approvedby the Miami-Dada County Board of Coumy Commissioners (hereinafter referred
to as the `Redevelopment Plan"); and
WHEREAS, the Project will promote the Redevelopment Plan objectives by (i) restoring and preserving
historically contributing properties within the City Center RDA; and {ii) creating new affordable housing opportunities
within said RDA for low and tnodemte income individuals aad families; and
WHEREAS, pursuant to Miami Beach Redevelopment Agency ResolutionNo.540-2007, passed and adopted
on ]anuary 17, 2007, and Miami BeachRedevelopment Agency ltesolutionNo. 545-2007, passed and adopted on March
14, 2007, end subject further to the retina and conditions hereinafter contained, the RDA has agreed to loan Owner the
funds for Owners acquisition of fire Premises,
WHEREAS, Owner and the Miami Beach Redevelopment Agency, a public body corporate and politic (the
"RDA'7 have entered into a Loan Agreement, dated April 30, 2007 {the "LoanAgreement'~, which principal amount was
utilized by Owner in the purchase of the Premises to accomplish the stated purposes of the Project and
WHEREAS, the RDA desires, and Owner hereby acknowledges and agrees, to impose certeinprovisions ofthe
Loan Agreement as covenants and restrictions upon the Premises and any improvements located or hereinafter to be made
thereon.
NOW, THEREFORE, Owner voluntarily covenants and agrees that the following Premises locatedin the City
of Miami Beach, Miand-Dade County, Florida, and legally described in Exhibit "A" attached and incorporated hereto
(hereinafter the "Premises"), shall be subject to the following restrlctions that are intended end shall be deemed to be
NOTE: This Declaration of Restrictive Covenants is being re-recorded to add
Page 2 which had been inadvertently left out at time of original recording.
covenants running with the land and binding upon Owner, and its successors in interest and assigns, as follows:
1. Thefmdingssetforthinthe.RecitalsofthisCovenantareherebyadoptedbyreferenceandincorparated
herein as if fully set forth in this Section.
2. Miami Beach Redevelopment Agency (RDA) funds, in the amount of Five Million Six Hundred
Ninety Two Thousand Foux Hundred Dollars and .00!100 ($5,692,400.00) (the "Principal Amount"), were utilized in the
_ _ ._ purchase of the.Premises, in o;de; to pmv_ide affordable housing for tenants in accordance with and consistent with the
_ _ __.
powers granted to the RDA pursuant to the Act, and the rents charged and the tenants theieofshsll qualify undbt the rules
and regulations promulgated by the United States Department of Housing and Urban Development, as same maybe
amended frarn time to time. In consideration of these funds, the Premises shall be subject to the following restrictions for
a period of thirty (30) years (Affordability Period), whieh period shall commence upon the date of iasuana by the City of
Miami Hooch Building Daparpnent of a Final Certificate of Completion for the renovation and rehabilitation of the
Premises for the stated use and purposes contemplated by the Project.
3. Restrictive Covenants. Owner shall be subject to the following covenants and restrictions:
(i) Owner moat use the Premises as an affordable rental property for a thirty (30) year period,
commencing from the date of issuance by the City of IvIiami Beach Building Department of a Final
Certificate of Completion for the rehabilitation/renovatfon of the Premises (the "Affordability
Period"), and the rents charged and the tenants thereof must qualify under the roles and regulations
promulgated by the United States Department ofHousing and UrbanDevelopment at CFR Part 92, as
same maybe amended from time to time. Terms defined in 24 CFR Part 92, and any amendments
thereto, not otherwise defined in this Covenant, shall have the meaning set forth therein. In order to
further ensure the enforcement of this Section (3), Owner heroby recognizes, agrees, authorizes, and
covenants that the Promises shall notbe sold, transferred, disposed of; or otherwise conveyed, except
to the RDA, as provided heroin
(ii) If at any time during the' Affordability Period, the Promises are no longer used as an
affordable rentalproparryby the Owner, then the RDA, at its sole opton and discretion, may elect one
ofthe following options:
(s} Require Owner to ro-pay the Principal Amount, in full, together with all interest
thereon, and any and all other amounts as may then be or become due pursuant to the Loan
Agreement; or
(b) Require Owner, automatically and•without further action required by the RDA, to
promptly, on written demand, execute and deliver a Special Warranty Deed (subject to no
liens or encumbrances creatadby tluough or under Owner), conveying good and marketable
fee simple title in the Premises to the RDA. Owner shall be responsible for the cost of
documentary stamps and/or other tax(es) imposed as a result of the conveyance contemplated
by this subsection (ii)(b).
(iii) Upon the conclusion of the Affordability Period, the RDA may, at its sole option and
discretion, elect one of the following options:
(a) Bxtond the Loan Agroement and the Affordability Petiod for an additional term,
with such term to be determined in the sole judgment and discretion of the RDA; or
(b) Require Owner, automatically and without fltrther action required by the RDA, to
promptly, on written demand, execute and deliver s Special Warranty Deed (subject to no
liens or encumbrances created by though orunder Owner), conveying good and marketable
fee simple title in the Premises to the RDA. Owner shall be responsible for the cost of
NOTE: Added Page
documentary stamps and/or other tax(es) imposed as a result ofthe conveyance conterrq~lated
by this subsection (ii)(b).
(iv) The Principal Amount, together with ell interest thereon, and any and ell otheramounts which
may become due and payebla to the RDA under the Loan Agreement, shall remain a lien superior in
dignity to all other liens, titles, claims, Agreements, and/or other encumbmncea, until satisfied in the
manner provided in this Covenant, or in the Loan Agreement
4. IT IS SPECIFICALLY ACKNOWLEDGED BY THE PARTIES HERETO THAT THE
PREMI3E5 ARE TO BE USED, OPERATED, AND MAINTAINED ONLY AS AN AFFORDABLE HOUSING
RESIDENTIAL RENTAL PROPERTY, AND FOR NO OTHER PURPOSE. USE OF THE PREMISES FOR
PURPOSES OTHERTHAN AS AN AFFORDABLE HOUSING RESIDENTIAL RENTAL PROPERTY SHALL
BE DEEMED A DEFAULT UNDER SECTION 3 HEREOF.
5. The foregoing covenants and restrictions shall be considered and construed as covenants and
restrictions running with the lend, and the same shall bind all person4 claiming ownership of all, or soy portion of, the
Premises. Tha Owner hereby ae}mowledges end agrees-that the RDA and the City of Miami Beech, Florida ("City',
respectively, era intended to be the sole beneficiaries of this Covenant, and nothing in this Covenant shall confer upon
any person or entity, other than the RDA and/or the City, arty rights or remedies under or by mason of this Covenant.
6. The Owner shall not release or amend this Covenant without rho prior written consent of the RDA.
7. Invalidation of any of these covenants by a court of competent jurisdiction shall inns way affect any of
the other covenants, which shall remain in fhll force and effect.
8. This Covenant shall be recorded in the Public Records ofMiami-Dade County, Florida, at the cost oY
the Owner.
9. It is understood and agreed that any official of the Miami Beachltedevelopment Agency (RDA) may
have the right at any time during nomtal working hours of entering and investigating the use of rho Premises, to detemtine
whethor the conditions of this Covenant and the requirements sat forth hereht, are being complied with.
10. An action to enforce the terms and conditions ofthis Covenant may bebrought bytheRDA and/ordra
City end may be by action at law or in equity against anyparly dr parson violating or attempting to violate any provision
of this Covenant, either to restrain violations or to recover damages. Tha prevailing party in the action or suit shall be
entitled to recover costs and reasonable attorneys' fees, at all levels oftrial and appeal. This enforcement provision strait
be in addition to any other remedies available under the law.
11. This Covenant is to be construed is all respects and enforced according to the ]aws of the State of
Florida. This Covenant shall ba governed by, and construed in accordance with, the laws of the State of Florida, both
substantive and remedial, without regard to the principles of conflict of laws. Tha exclusive venue for any litigation
arising out of this Covenant shall be Miami-Dade County, Florida, if in State court, on the U.S. District Court, Southern
District of Florida, if in federal court.
F:~attoUGURV~GREEMNTV.IECDC (The 8erclay, LLC CIwInU - ResMctive Covenant (Float 4-27A7).dao
[REMAINDER OF THIS PAGE LBFT INTENTIONALLY BLANK]
IN WITNBSS ~F, the Owner bee hereunto caused these presents to be signed and, attested by the
respective witnesses on thi day of ~ 2007.
WITNESSES: OWNER:
MBCDC; TheBarcleY,f~LC,aFloridalimitadliabiHtycompany
By: Miami Beach Comnnutity Development Cotporatiort, A
Florida non-pro5tcorporation,itssolametnber-- - - -
By, Name; Rob~"to'lDnierra
Title: Prosidont
STATE OF FLORIDA )
COUNTY OF MIAMI-DARE )
The forogoing Restrictive Covettant was aclmowledged before me tbis tl~ dey of t ' r 2009, by
RobertoDatorre,asPreaidentofMiaxniBeachCownunityDevalopxnentCorpoxation,aFloridaxmnproF orpoxation,
theaolemanberofMBCDC: 7haBarclay,LLC,aFloridalimitedliabilitycompany,onbohalfofthaaoxporat:oa Heia
personel~ to ma ox has produced Florida Driver's License No. as identification.
Name:
Notary Public
State of Florida at Large
My commission expires:
.yr~v~ I Plnatle
3g' My Commission DD295722
~i~q w~ Expires FaOruary 08 2008
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1_AST PAGE
EXHIBIT "A"
LEGAL DESCRIPTION
The Premises aha]I be defined as the real property (the Land) located at 1940 Park Avenue, Miami Beach, Miami-Dade
County, Florida, and legally described es follows:
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LotTwo(2)andlheSoutherlylrventy(20)feetof LotOne(1),iriHlock"H",ofPlafofResu vrsiou
of Blocks "G", "H", "J" and "K" of the Ocean Front Property of the Miami Beach Improvement
Company, according to the Plat thereof, as recorded in Plat Book 6, Page 102, oftha Public Records
ofDade County, Florida, dra said SoutherlypoRion of said Lot 1 being more particularlydescribed u
follows;
Begin at the Southeast comer of said Lot 1, in Block "H"; thence Northerly along the Easterly line of
aforesaid Lot 1, (Westerly line of Park Avenue) for a distance of 20 feet to a point, thence
Northwesterly aloes a line puallel to and 20 feet North of the North line of Lot 2 of said Block "H"
for a distance of 214 feet, more or leas to the most Westerly Ene of said Lot 1, (Bast lino of
Washington Avenue); thence South along Westerly line of said Lot 1, (Beat Lino of Washington
Avenue), for a distance of 21.5 &ek ire or less, to the Northwesterly corner of said Lot 2; thence
SautheasterlyalongtheNortheasterlyline ofsaidLot2;thenceSoutheasterlyalongdaeNortheesterly
line of said Lot 2 for a distance of 206 feet, more or less, to the Point of Beginning.
and shall include the Land themof together with anybuildings (including footings and foundations},.equipment, fixtures,
and other improvements and appurtenances of every kind and description now or hereafter executed, constructed or
placed upon the Land and any and all alterations and replacements thereof, additions thereto and substitutions therefor.
STATE l7F FLORIDA, COUNTY OF DADE ""~'~
I HEREBY CERTIFY that Ibis fsa ecoy tthe
an9ma! fletl~a~t ~ on ar!~ da I
AD 20~
NITNESS ~ hand antl O'tflcia! Seal.
HARVEY RUVIN, CLER otQ'rcu' Codnrycourts
BY D ;C.