MORTGAGE SUBORDINATION AGREEMENT TMrP IA:ST p. NT PREPARED BY
Ah.. 0: i
Terry Malcolm-Smith
Housing Division
City of Clearwater l V'
F.Q.Box 4748
Clearwater,FL 33758-4748
KEN BURKE,CLERK OF COURT
PINELLAS COUNTY FLORIDA
r INST# 2011205174 08f0312011 at 01:28 PM
OFF REC BK:IT320 PG: "0-445
U DocType:AGNI RECORDING: $52.50
00
nt
0
s-a
Ln
M
MORTGAGE SUBORDINATION AGREEMENT
w
I�
4-3 THIS SUBORDINATION AGREEMENT (hereinafter referred to an "Agreement") is entered into
this 29th day of September, 2008, by and among HABITAT FOR HUMANITY OF PINELLAS COUNTY INC.
m a Florida not-for-profit corporation, whose address is 3071 118 Avenue, St. Petersburg, Florida 33716
(zip) (hereinafter referred to as "Borrower"); City of Clearwater, whose address is P. O. Box 4748,
Clearwater, Florida 33758-4748, (hereinafter referred to as "Subordinating Party"); and Neighborhood
Lending Partners of West Florida,_Inc., and/or assigns, whose address is 3615 West Spruce Street,
Tampa, FL 33607, (hereinafter referred to as "Lender")
8 RECITALS
0
(A) The Borrower is the owner of that certain real property described in Exhibit "
"A" attached hereto and made a part hereof by reference (hereinafter referred to as "Property") located in
Pinellas County, Florida.
8
4 (B) The Subordinating Party has an interest in the above described Property by virtue of
Hthat certain Mortgage and Note in the amount of�600.000.00, originally given by Borrower to the
E- Subordinating Party, dated the 29th day of September, 2008 and recorded 30th day of September, 2008 in
O.R. Book 16389 , Page 1829 et seq., in the Public Records, Pinellas County, Florida.
a
u�
(C) The Lender has agreed to make a loan to the Borrower in the amount of $500,000.00 to be
secured by the Property, provided that Lender is given a first lien priority in and to said Property, which lien is
to be superior to the interest of the Subordinating Party as described above.
�n
:-� (D) The Subordinating Party desires to subordinate its interest in the Property to that created in the
Lender by virtue of its interest in the Property and to that created in the Lender by virtue of its contemplated
v mortgage and other loan documents.
z
a�
Mortgage Subordination Agreement between the CITY OF CLEARWATER,HABITAT FOR HUMANITY OF PINELLAS
COUNTY,INC.,a Florida not-fdr-profit corporation and NEIGHBORHOOD LENDING PARTNERS OF WEST FLORIDA,INC.
r 1 of 6
n� 6
NOW, THEREFORE, for and in consideration of the mutual covenants herein contained, as an inducement to
Lender to make the above loan, and for other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties agree as follows:
1, Recitals. The above recitals are true and correct and are incorporated herein by reference.
2. Subordination. Subordinating Party hereby covenants, consents and agrees with Lender and hereby
does subordinate and make inferior its interest in and to all of the Property to the lien of Lender in said
Property under Lender's mortgage and other loan documents, given to secure Lender's loan above described,
together with all modifications, extensions and renewals thereof and all future advances thereunder. Lender
agrees to provide Subordinating Party with notice of any default on the part of Borrower under Lender's
mortgage and other loan documents and does herewith grant unto Subordinating Party the right to cure any
such default within thirty {36} days of receipt of such notice. No legal action to enforce the mortgage or
otherwise shall be taken by Lender without first notifying Subordinating Party and, in the event of a forced safe
of collateral, it is agreed by all parties hereto that any surplus resulting from such forced sale shall inure to the
benefit of Subordinating Party so long as its interest in the collateral has not been extinguished.
3. Non-Waiver. No waiver by Lender under its mortgage or other loan documents, delivered by Borrower
in regard to the Property described in Exhibit "A° shall affect this Agreement which shall at all times remain in
full force and effect.
4. Future Advances. In the event future advances are made to the Borrower in excess of the loan
amount stated in paragraph (C), then this Subordination Agreement shall be applicable only to the aforestated
loan amount, and any advance made in excess of this shall not have a superior lien position to the mortgage
of the Subordinating Party.
5. Notice. Any and all notices required or contemplated hereunder shall be provided by certified United
States Mail, or hand delivery, to the parties at the addresses stated above.
6. Governing Law. This Agreement shall be governed by the laws of the State of Florida and shall inure
to the benefit of and be binding upon the parties hereto and their respective successors and assigns, and shall
be enforced only in a court of competent jurisdiction in Pinellas County, Florida.
7. Severance. The invalidity or unenforceability of any portion of this Agreement shall in no way affect the
remaining provisions and portions hereof.
Mortgage Subordination Agreement between the CITY OF CLEARWATER, HABITAT FOR HUMANITY OF PINELLAS COUNTY,
INC.,a Florida not-for-profit corporation and NEIGHBORHOOD LENDING PARTNERS OF WEST FLORIDA,INC
2 of 6
8. Attorney's Fees. In the event that either party seeks to enforce this agreement or to interpret any
provision of this agreement, by law or through attorneys at law, or under advice therefrom, the parties agree
that all costs including reasonable attorney's fees (including charges for paralegals and others working under
the direction or supervision of such attorneys), whether or not suit is brought, and whether incurred in
connection with settlement, trial, appeal, bankruptcy or other creditor's proceedings or otherwise, shall be
awarded to the prevailing party.
9. Binding Effect. This agreement shall bind the successors, heirs and assigns of the parties hereto.
10. Captions. The paragraph captions used throughout this agreement are for the purpose of reference
only and are not to be considered in the construction of this agreement or in the interpretation of the rights or
obligations of the parties hereto.
11. Time. Time is of the essence to this agreement.
12. Entire Agreement. It is agreed that this document contains the entire agreement between the parties
as to the matters herein contained and the agreement shall not be modified in any respect except by an
amendment in writing signed by all parties hereto.
Mortgage Subordination Agreement between the CITY OF CLEARWATER, HABITAT FOR HUMANITY OF PINELLAS COUNTY,
INC.,a Florida not-for-profit corporation and NEIGHBORHOOD LENDING PARTNERS OF WEST FLORIDA,INC
3of6
IN WITNESS WHEREOF, the parties hereunder have set their hand and seal the day and year first above
written.
WITNESSES:
By:
HABITAT FOR HUMANITY OF
PINELLAS COUNTY, INC.
By:
By:
NbU-601111-1100115 L DI
PARTNERS OF WEs)1rFtOR1DA, INC.
CITY OF CLEARWATER, FLORIDA
Approved as to form:
, 1 41/;&.ubordinatin[gi Party"
iLfi(L L 1 -II-C B 6. > 4d
Y
Laura Mahony William B. Horne II
Assistant City Attorney City Manager OFIV
Attest
Rosemarie Call n _
City Clerk
STATE OF FLORIDA
COUNTY OF PINELLAS }
BEFORE ME personally appeared Barbara Inman, Executive Director of HABITAT FOR HUMANITY OF
PINELLAS COUNTY, a Florida not-for-profit corporation,who has acknowledged that she executed the
foregoing instrument. She is personally known to me and has also produced a drivers license as identification.
WITNESS roy hand and official seal this day of, •A)L-�4 ,.2Q
r f '
Print/Type Name:
Notary Public
+r..0 iurinm e.[i.i.i raiv ur run.w u.i rr
AMY P.MEEK
COMM#DD080743T
Mares 7r2=12
• Fbdda NuWr/Aun.,Inc }
•
Mortgage Subordination Agreement between the CITY OF CLEARWATER, HABITAT FOR HUMANITY OF PINELLAS COUNTY,
INC.,a Florida not-for-profit corporation and NEIGHBORHOOD LENDING PARTNERS OF WEST FLORIDA,INC
4of6
STATE OF FLORIDA )
COUNTY OF � }
BEFORE ME personally appeared I , b c; as
of NEIGHBORHOOD LENDING PARTNERS OF VVEST FLORIDA, INC., a Florida corporation, who
acknowledged that he/she executed the foregoing instrument. He/she is personally known to me and/or has
also produced a drivers license as identification.
WITNE S my hand and official seal this `� day of ,20 1 L.
Print(Type Name: Le't'c N� ti l ry L
Notary Public
e&'% Notary Public State of Floridtl
Leeanne Devine
'7� MY Commission DD805284
STATE OF FLORIDA ) °r�„�o Expires 08!0512012
COUNTY OF PINELLAS }
BEFORE ME personally appeared William B. Horne II, the City Manager of the City of Clearwater, Florida,
on behalf of the City, who acknowledged that he executed the foregoing instrument. He is personally known
to me and did not take an oath.
WITNESS my hand and official seal this lv� day of u 201.
PrintlType Name:—��� r-= SANDRA HAR?JGER
CC)MMISSiON#�fl733691 Notary Public
Holz
EXPIRES:3sana] •-
4SI1w3N(•7'NtY
n NolarS his ,t Asaoc.Co.
Mortgage Subordination Agreement between the CITY OF CLEARWATER,HABITAT FOR HUMANITY OF PINELLAS COUNTY,
INC.,a Florida not-for-profit corporation and NEIGHBORHOOD LENDING PARTNERS OF WEST FLORIDA,INC
5 of 6
EXHIBIT "A„
Legal Description of Property)
That portion of the West '/2 of the Southeast %of section 3, Township 29 South, Range 15 East, Pinellas
County, Florida, being more particularly described as follows:
For a point of reference, commence at the Southeast corner of said section 3,township 29 South, Range 15 East,
thence run North 00°08'18" West along the Easterly line of said Section 3, a distance of 858.00 feet; thence run
North 89°36'07" West, a distance of 1372.75 feet to a point on the West right of way line of Betty Lane (60'
R/W), thence run North 00 007'27" West along said right of way, a distance of 1057.22 feet to the point of
Beginning,thence run North 89°12'39"West, a distance of 504.62 feet; thence run South 00"11'44" East, a
distance of 220.4 feet, thence run North 89°12'39" West, a distance of 100.00 feet to a point on the East right of
way line of Pineland Drive (60'RJW),thence run North 00 011'44" West along said right of way, a distance of
776.10 feet to the intersection of said right of way with the center line of Springtime Branch, thence run in a
.Southeasterly and Northeasterly direction along the center line of said Springtime Branch to a point of
intersection of Springtime Branch and the South right of way line of Sunset Point Road (83' RIW),thence run
South 89012'39"East along said right of way, a distance of 147.49 feet to a point on the West right of way line
of Betty Lane (60' RIW), thence run South 00 007'27" East a distance of 698.49 feet to the Point of Beginning.
6 of 6
-*ATE'
'
CITY OF CLEARWATER, FLORIDA
OFFICE OF THE CITY ATTORNEY
Phone Number (727) 562-4010
Fax Number (727) 562-4021
INTERDEPARTMENTAL MEMORANDUM
DATE: July 12, 2011
TO: Bill Home, City Manager
FROM: Patty Kuligowski, Legal Staff Assistant
RE: Mortgage Subordination Agreement — Habitat for Humanity
of Pinellas County, Inc.
Attached is the above referenced document that has been reviewed and signed by
Laura Mahony and is being forwarded to you for signature.
Please forward to Rosemarie Call for signature and then to Jim Donnelly in
Economic Development.
Thanks,
Patty
Confidentiality Notice
The information contained in this facsimile message is privileged and confidential, intended
for the use of the addressee above. If you are neither the intended recipient nor the
employee or agent responsible for delivering this message to the intended recipient,you are
hereby notified that any disclosure,copying,distribution or the taking of action in reliance on
the contents of this telecopied information is strictly prohibited. If you have received this
telecopy in error, please notify counsel above immediately by telephone to arrange for return
of the original documents to the counsel named above.
THIS INSTRUMENT PREPARED BY
AND RETURN TO:
Terry Malcolm-Smith
Housing Division
City of Clearwater
P. O. Box 4748
Clearwater, FL 33758-4748
MORTGAGE SUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT (hereinafter referred to an "Agreement") is entered into
this 29th day of September, 2008, by and among HABITAT FOR HUMANITY OF PINELLAS COUNTY, INC.,
a Florida not-for-profit corporation, whose address is 3071 118th Avenue, St. Petersburg, Florida 33716
(zip) (hereinafter referred to as "Borrower"); City of Clearwater, whose address is P. O. Box 4748,
Clearwater, Florida 33758-4748, (hereinafter referred to as "Subordinating Party"); and Neighborhood
Lending Partners of West Florida, Inc., and/or assigns, whose address is 3615 West Spruce Street,
Tampa, FL 33607, (hereinafter referred to as "Lender")
RECITALS
(A) The Borrower is the owner of that certain real property described in Exhibit "
"A" attached hereto and made a part hereof by reference (hereinafter referred to as "Property") located in
Pinellas County, Florida.
(B) The Subordinating Party has an interest in the above described Property by virtue of
that certain Mortgage and Note in the amount of $600,000.00, originally given by Borrower to the
Subordinating Party, dated the 29th day of September, 2008 and recorded 30th day of September, 2008 in
O.R. Book 16389 , Page 1829 et seq., in the Public Records, Pinellas County, Florida.
(C) The Lender has agreed to make a loan to the Borrower in the amount of $500,000.00 to be
secured by the Property, provided that Lender is given a first lien priority in and to said Property, which lien is
to be superior to the interest of the Subordinating Party as described above.
(D) The Subordinating Party desires to subordinate its interest in the Property to that created in the
Lender by virtue of its interest in the Property and to that created in the Lender by virtue of its contemplated
mortgage and other loan documents.
Mortgage Subordination Agreement between the CITY OF CLEARWATER, HABITAT FOR HUMANITY OF PINELLAS
COUNTY, INC.,a Florida not-for-profit corporation and NEIGHBORHOOD LENDING PARTNERS OF WEST FLORIDA, INC.
1 of 6
NOW, THEREFORE, for and in consideration of the mutual covenants herein contained, as an inducement to
Lender to make the above loan, and for other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties agree as follows:
1. Recitals. The above recitals are true and correct and are incorporated herein by reference.
2. Subordination. Subordinating Party hereby covenants, consents and agrees with Lender and hereby
does subordinate and make inferior its interest in and to all of the Property to the lien of Lender in said
Property under Lender's mortgage and other loan documents, given to secure Lender's loan above described,
together with all modifications, extensions and renewals thereof and all future advances thereunder. Lender
agrees to provide Subordinating Party with notice of any default on the part of Borrower under Lender's
mortgage and other loan documents and does herewith grant unto Subordinating Party the right to cure any
such default within thirty (30) days of receipt of such notice. No legal action to enforce the mortgage or
otherwise shall be taken by Lender without first notifying Subordinating Party and, in the event of a forced sale
of collateral, it is agreed by all parties hereto that any surplus resulting from such forced sale shall inure to the
benefit of Subordinating Party so long as its interest in the collateral has not been extinguished.
3. Non-Waiver. No waiver by Lender under its mortgage or other loan documents, delivered by Borrower
in regard to the Property described in Exhibit "A" shall affect this Agreement which shall at all times remain in
full force and effect.
4. Future Advances. In the event future advances are made to the Borrower in excess of the loan
amount stated in paragraph (C), then this Subordination Agreement shall be applicable only to the aforestated
loan amount, and any advance made in excess of this shall not have a superior lien position to the mortgage
of the Subordinating Party.
5. Notice. Any and all notices required or contemplated hereunder shall be provided by certified United
States Mail, or hand delivery, to the parties at the addresses stated above.
6. Governing Law. This Agreement shall be governed by the laws of the State of Florida and shall inure
to the benefit of and be binding upon the parties hereto and their respective successors and assigns, and shall
be enforced only in a court of competent jurisdiction in Pinellas County, Florida.
7. Severance. The invalidity or unenforceability of any portion of this Agreement shall in no way affect the
remaining provisions and portions hereof.
Mortgage Subordination Agreement between the CITY OF CLEARWATER, HABITAT FOR HUMANITY OF PINELLAS COUNTY,
INC.,a Florida not-for-profit corporation and NEIGHBORHOOD LENDING PARTNERS OF WEST FLORIDA, INC
2 of 6
8. Attorney's Fees. In the event that either party seeks to enforce this agreement or to interpret any
provision of this agreement, by law or through attorneys at law, or under advice therefrom, the parties agree
that all costs including reasonable attorney's fees (including charges for paralegals and others working under
the direction or supervision of such attorneys), whether or not suit is brought, and whether incurred in
connection with settlement, trial, appeal, bankruptcy or other creditor's proceedings or otherwise, shall be
awarded to the prevailing party.
9. Binding Effect. This agreement shall bind the successors, heirs and assigns of the parties hereto.
10. Captions. The paragraph captions used throughout this agreement are for the purpose of reference
only and are not to be considered in the construction of this agreement or in the interpretation of the rights or
obligations of the parties hereto.
11. Time. Time is of the essence to this agreement.
12. Entire Agreement. It is agreed that this document contains the entire agreement between the parties
as to the matters herein contained and the agreement shall not be modified in any respect except by an
amendment in writing signed by all parties hereto.
Mortgage Subordination Agreement between the CITY OF CLEARWATER, HABITAT FOR HUMANITY OF PINELLAS COUNTY,
INC.,a Florida not-for-profit corporation and NEIGHBORHOOD LENDING PARTNERS OF WEST FLORIDA, INC
3 of 6
IN WITNESS WHEREOF, the parties hereunder have set their hand and seal the day and year first above
written.
WITNESSES:
By:
HABITAT FOR HUMANITY OF
PINELLAS COUNTY, INC.
By:
By:
NEIGHBORHOOD LENDING
PARTNERS OF WEST FLORIDA, INC.
CITY OF CLEARWATER, FLORIDA
Approved as to form:
(40,1„.(pv " u�b�ordinating Party"
By: �j
Laura Mahony G� William B. Home II
Assistant City Attorney City Manager
KI OF lam^
Attesti �471t
...'‘4Ib
Rosemarie Call %n = p,
City Clerk � - ,/
STATE OF FLORIDA ) +1) , s5
COUNTY OF PINELLAS ) +'�� gTE��C,
BEFORE ME personally appeared Barbara Inman, Executive Director of HABITAT FOR HUMANITY OF
PINELLAS COUNTY, a Florida not-for-profit corporation, who has acknowledged that she executed the
foregoing instrument. She is personally known to me and has also produced a drivers license as identification.
WITNESS my hand and official seal this day of , 20_
Print/Type Name:
Notary Public
Mortgage Subordination Agreement between the CITY OF CLEARWATER, HABITAT FOR HUMANITY OF PINELLAS COUNTY,
INC.,a Florida not-for-profit corporation and NEIGHBORHOOD LENDING PARTNERS OF WEST FLORIDA, INC
4 of 6
STATE OF FLORIDA )
COUNTY OF PINELLAS )
BEFORE ME personally appeared as
of NEIGHBORHOOD LENDING PARTNERS OF WEST FLORIDA, INC., a Florida corporation, who
acknowledged that he/she executed the foregoing instrument. He/she is personally known to me and/or has
also produced a drivers license as identification.
WITNESS my hand and official seal this day of ,20_
Print/Type Name:
Notary Public
STATE OF FLORIDA )
COUNTY OF PINELLAS )
BEFORE ME personally appeared William B. Horne II, the City Manager of the City of Clearwater, Florida,
on behalf of the City, who acknowledged that he executed the foregoing instrument. He is personally known
to me and did not take an oath.
WITNESS my hand and official seal this to< day of mow`1 2011
Print/Type Name: Pa-r°e—,V�Q r"' ,,,�� SANDRA HARRIGER
Notary Public - MY COMMISSION#DD733691
EXPIRES:January 04,2012
a FI.Notary Discaunt Assoc.Co.
I-200-3-NOTARY
Mortgage Subordination Agreement between the CITY OF CLEARWATER, HABITAT FOR HUMANITY OF PINELLAS COUNTY,
INC.,a Florida not-for-profit corporation and NEIGHBORHOOD LENDING PARTNERS OF WEST FLORIDA, INC
5 of 6
EXHIBIT "A"
Legal Description of Property)
That portion of the West 1/2 of the Southeast % of section 3, Township 29 South, Range 15 East, Pinellas
County, Florida, being more particularly described as follows:
For a point of reference, commence at the Southeast corner of said section 3, township 29 South, Range 15 East,
thence run North 00°08'18" West along the Easterly line of said Section 3, a distance of 858.00 feet; thence run
North 89°36'07" West, a distance of 1372.75 feet to a point on the West right of way line of Betty Lane (60'
R/W), thence run North 00°07'27" West along said right of way, a distance of 1057.22 feet to the point of
Beginning, thence run North 89°12'39" West, a distance of 504.62 feet; thence run South 00°11'44" East, a
distance of 220.0 feet, thence run North 89°12'39" West, a distance of 100.00 feet to a point on the East right of
way line of Pineland Drive (60'R/W), thence run North 00°11'44" West along said right of way, a distance of
776.10 feet to the intersection of said right of way with the center line of Springtime Branch, thence run in a
Southeasterly and Northeasterly direction along the center line of said Springtime Branch to a point of
intersection of Springtime Branch and the South right of way line of Sunset Point Road (83' R/W), thence run
South 89°12'39" East along said right of way, a distance of 147.49 feet to a point on the West right of way line
of Betty Lane (60' R/W), thence run South 00°07'27" East a distance of 698.09 feet to the Point of Beginning.
6 of 6