MORTGAGE MODIFICATION AGREEMENT AND RECEIPT OF FUTURE ADVANCEThis Agreement was Prepared By
And To Be Returned To:
Richard E. Deutch, Jr., Esquire
Stearns Weaver Miller Weissler
Alhadeff & Sitterson, P.A.
150 West Flagler Street
Miami, Florida 33130
KEN BURKE, CLERK OF COURT
pINELI-AS COUNTY FLORIDA
l�ST# 20121�75825PG�2508-2513 5 PM
OFF REC BK=
�TY�;MOD RECORDING: 532-50
M DOC STAMP: $�31'85
MORTGAGE MODIFICATION AGREEMENT AND RECEIPT OF FUTURE
ADVANCE
THIS MORTGAGE MODIFICATION AGI�EEMENT AND RECEIPT OF FUTURE
ADVANCE (the "Agreement") is made as of the �`h day of May, 2012, by and between
Greenwood Apartments, LLC, a Florida limited liability company (hereinafter called
"Mortgagor"), with an address of 100 N. Tryon Street, l lth Floor, Charlotte, NC 28255-0001,
and the City of Clearwater, a municipal corporation of the State of Florida, (hereinafter called
"Mortgagee"), with an address of 112 S. Osceola Avenue, Clearwater, Florida 33756.
WITNESSETH:
WHEREAS, Mortgagee previously extended a loan to Mortgagor in the original principal
amount of Seven Hundred Thousand Dollars ($700,000) which loan (the "Original Loan") is
evidenced by that certain Prorrussory Note dated April 1, 2002 (the "Original Note"), the
Original Promissory Note was modified pursuant to that certain Modified Promissory Note
("Modified Note" and collectively with the Original Note, the "Note"), dated May 27, 2005,
which increased the Original Loan amount to One Million Dollars ($1,000,000) (the "Loan")
which Note is secured by that certain Mortgage and Security Agreement, dated April 3, 2002,
and recorded on Apri14, 2002, in Official Records Book 11928, Page 2494 of the Public Records
of Pinellas County, Florida (the "Mortgage"), as affected by that certain Subordination
Agreement, recorded on Apri14, 2002, in Official Records Book 11928, Page 2476 of the Public
Records of Pinellas County, Florida (collectively, the "Loan Documents");
WHEREAS, the Loan Documents encumber certain real property located and situated in
Pinellas County, Florida (the "Property"), as more particularly described as follows:
Attached hereto as Exhibit "A" and made a part hereof.
WHEREAS, Mortgagor is the owner of fee simple title to the Property; and
#1744512 v6 SHIP_ Mortgage Modificadon and FA 40545-0001
NOTE TO TAX EXANIINER: This instrument increases and renews the outstanding principal balance of the Note
defined herein. Florida documentary stamp and intangible taar on the earisting Note is aff'ixed to the Mortgage defined
herein. F7orida documentary stamp tax hereon is calculated on the sum of $209,062, being the amount by which this
Modified Promissory Note exceeds the sum of the unfunded amount and the outstanding principal balance of the existing
Note. No Intangible taxes are due hereon as the Lender is a municipal corporation of the State of F7orida
WHEREAS, Mortgagor has requested, and Mortgagee has agreed, to make certain
modifications to the Note and to the Mortgage, subject to the terms and conditions hereinafter set
forth;
NOW, THEREFORE, Mortgagor and Mortgagee, in consideration of the agreements
hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, agree as follows:
1. The recitals above are true and correct and are incorporated herein by this reference.
2. The Note has been modified as provided in the "Amended and Restated Promissory
Note" of even date herewith, (together with the Original Note dated April 1, 2002 and the
Modiiied Promissory Note dated May 27, 2005, the "Note"), such that the Note has a
term of thirty (30) years, with a maturity date of May 1, 2042. The Note shall be due and
payable, full principal sum plus interest accrued, on or before the maturity date. The
Note is further amended to provide that annual payments will be required only if
sufficient cash-flow, as defined in the Note, exists to pay the Note. If Greenwood
Apartments is unable to make the annual mortgage payments to the Lender, Greenwood
Apartments, LLC, must provide the Lender with an audited financial statement, from an
independent third party, substantiating that there is insufficient cash-flow to make the
annual payment due under the Note. In those years where there is sufficient cash-flow to
pay the annual loan payment, the payment should be made to Lender and the Housing
Finance Authority of Pinellas County as a pro-rata share of each jurisdiction's
investment. In the years where the Housing Finance Authority of Pinellas County loan is
deferred, payment shall be made solely to the Lender. The Note is further amended to
delete the Section titled Subordinate Note, in its entirety.
3. The Mortgage is hereby amended by modifying any and all references: (i) to the Note, to
be the Note, as modified by that certain Modified Promissory Note, dated May 27, 2005,
and as further modified by that certain Amended and Restated Promissory Note of even
date herewith and (ii) to the loan amount secured by the Mortgage, to be the sum of One
Million Two Hundred and Nine Thousand Sixty Two and 00/00 Dollars ($1,209,062.00).
The Amended and Restated Promissory Note renews the outstanding amount of the Note,
increasing the principal amount by $209,062.00 (the "Increase") and extending the
Maturity Date as set forth above.
Mortgagor acknowledges that the amount of the Increase constitutes a future advance
under the Mortgage, and that the total mortgage loan by Mortgagee to Mortgagor
consisting of the indebtedness evidenced by the Amended and Restated Promissory Note
is secured by the Mortgage as first lien upon the Property, as set forth below, to the same
extent and effect as though it were advanced the date of first recording of the Mortgage.
#1744512 v6 SHIP_ Mortgage Modification and FA 40545-0001
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4. The fourth recital of the Mortgage is deleted in its entirety.
Mortgagor and Mortgagee acknowledge that simultaneously with the execution of this
Agreement, Mortgagor shall payoff and satisfy certain obligations with a lien superior to
the Mortgage and the Mortgage shall become a first priority lien in equal dignity and
priority with that certain Mortgage, in favor of the Housing Finance Authority of Pinellas
County, Florida, dated Apri13, 2002, and recorded in Official Records Book 11928, Page
2526 of the Pinellas County Records Office, as amended, and as further modified by
modification executed simultaneously herewith.
6. Mortgagor agrees that the terms and conditions of this Agreement shall in no manner
impair the Note or the Mortgage, or the other Loan Documents, or any other instruments
or documents now or hereafter evidencing, securing or pertaining to the indebtedness
evidenced by the Note, that the lien of the Mortgage shall not in any manner be waived
hereby and that nothing herein or in any instrument now or hereafter executed in
connection herewith shall be construed to subordinate the priority of the lien of the
Mortgage to any other liens or encumbrances.
7. Acceptance of this Agreement by Mortgagee shall be without prejudice to its rights at any
time in the future to exercise any and all rights conferred upon it by the Note, the
Mortgage, or other Loan Documents, or by any other instrument, document, agreement or
writing evidencing, securing or otherwise relating or pertaining hereto with reference to
both the past, present and future defaults.
8. Mortgagor and Mortgagee hereby acknowledge and agree that no other person or entity
has, or ever had, any interest in or to the Loan to the Mortgagor, or any proceeds thereof,
and that any reference to any other party was in error.
9. This Agreement may not be changed except by written instrument signed by each of the
parties hereto. Except as modified herein, the Mortgage and Note shall remain in full
force and effect in accordance with their terms.
10. This Agreement shall be binding upon and inure to the benefit of Mortgagor, Mortgagee,
and their respective heirs, legal representatives, successors and assigns.
11. This Agreement may be executed in multiple counterparts, each of which shall constitute
an original instrument, but all of which together shall constitute one and the same
instrument. Whenever used herein, the singular number shall include the plural, the
plural the singular and the use of any gender shall be applicable to all genders.
[SIGNATURES APPEAR ON FOLLOWING PAGES]
#1744512 v6 SHIP_ Mortgage Modification and FA 40545-0001
3
COUNTERPART SIGNATURE PAGE TO
MORTGAGE MODIFICATION AGREEMENT AND RECEIPT OF FUTURE
ADVANCE
(Greenwood Apartments)
IN WITNESS WHEREOF, Greenwood and the City have caused this Agreement to be
signed, sealed and delivered by their duly authorized representatives, all as of the date first
written above.
WIT`NESSES:
GREENWOOD:
GREENWOOD APARTMENTS, LLC, a Florida
limited liability company
� �� By•
P ��r U �.a � �
��' ���
Print: 7Zyri' 8,�� w <v
STATE OF /1/oJ� C�G/o� �
COUNTY OF
BANC OF AMERICA COMMUNITY
DEVELOPMENT CORPORATION; its
managing member.
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Its: � ��'crlc
Address: �GG � l"�56.,� �?��c.� `� gC���-.,
�it..c,.—� /l� .�� .2�'1uZ
[SEAL]
The foregoing instrument was acknowledged before me this � day of /y1 a.�_,
2012, by Q r�.�,l� �, (',o� , as (/�� f���� of BANC OF
AMERICA COMMiJNITY DEVELOPMENT CORPORATION, the managing member of
GREENWOOD APARTMENTS, LLC a Florida limited liability company, on behalf of the
corporation and limited liability company. Said person is personally known to me or has
produced a valid driver's license as identification.
#1744512 v4 SHIP'
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�ge��MaBiL�atione�i�.'FA 40545-0001
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Print Name: % �^�•, �. '
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My Commission Expires: �* �Z3 �,'
4
COUNTERPART SIGNATURE PAGE TO
MORTGAGE MODIFICATION AGREEMENT AND RECEIPT OF FUTURE
ADVANCE
(Greenwood Apartments)
IN WITNESS WHEREOF, Greenwood and the City have caused this Agreernent to be
signed, sealed and delivered by their duly authorized representatives, all as of the date first
written above.
WITNESSES:
— ��or�e � C����t
George N. Cretekos
Mayor
Approved as to Form:
Laura Ma ony
Assistant City Attorney
STATE OF FLORIDA
COUNTY OF PINELLAS
CITY:
CITY OF CLEARWATER, FLORIDA
,
BY� �Q�_ 1����! �.� a
William B. Horne II
City Manager
Attest:
Rosemarie Call
City Clerk
The foregoing instrument was acknowledged before me this ��day of (�_,
2012, by W� �1 �'. an.� �. �►��e ,..5� , as C, r-vwr� of the City of
Clearwater, Florida, on behalf of the City of Clearwater, Florida. aid person is ersonally
known to me or has produced a valid driver's license as identiiication.
StANDRA HARRIGER
� NOTARY PUBUC
°a STATE OF FLORIDA
Comm# EE142238
�s�� Expires 1/4/2016
#1744512 v6 SHIP_ Mortgage Modification and FA 40545-0001
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Notary Public; �
Print Name: .50.r�C�-r'� ��-�-esn �i �2��
My Commission Expires: t��t I aa � �„
My Commission No.: E� 1� �a a 3�
5
EXHIBIT "A"
LEGAL DESCRIPTION
1'arc�l l:
At] that c�z�ain parce! of land lying and beirsg in the C�ernty of Pixiettas, �tate of Fiarida, m+�ze
Particula� ly describeci �s foilaws:
Th� Sot�ihwest'le of t�re Sau�easc /, af the Narthwesi'/. af�ec#ion i0,1'oumship 29 Sc�uih, Rat�ge
15 East, less and except eaeh of the fotlowing; The Narth i 22 fe�ei of the West 175 f�et th�f, and
a portion therec�f de�cribed as: �egiin �t khe Southwest cvrner of said Sauthwest 1< of€he Southe�st !�
of �*iorthwest'/. for Point of Beginnin�, at�d nut thence North 0°�'41" F.ast 663.23 feet �inng the
fi�ctior�at sectian liz�e; tt�nce Soath 89°23'29" East i3.6 �'e�E; thence Svuth Q°4'7" :Eas�C 6439C f�e�
thence long a cuxve to th� left whvse charci ts��ars Soutf� 44°37'21" �t 21.�45 fee� and whus� radius
is 15 f�et; th.ence South 89°16'T' EEasst G33.86 fe�t; thenc� Sauth 0°5'30" West 2.9 feet; t}�enc� N�ort3i
89°23'8" '4Vest 6�4.7& f�t to the Foint s�f BeSiz�ing;+ 13'ing in Pinellas Caunty, Florida.
And Less at�d �cept #he Follt�wi�g Parcet.
A portian of t�ie Northwest %. of Section 10, Townshrp 29 SOUth, Range I S�ast, Finellas C�unty,
�lorida, more particularly describ�i as foilaws:
Fram the Southw�st comer of the Southeusk'/ nfthc Northwest'l. of said Seci�an 14, Tvwnship 29
Savtb, �rn��e I 5 E�st, nu� North 30.{l fee� thence East 3UA €eet fc� a F'aint afBe�inning„ thence S
8�3'45.35" F,��, 60AU feet; th�nce North St)°OQ`OU" W�st, 3Q.00 feet; �hence iVorth 15°00't}t3"West,
XOO.UO feet� thenc� North QS"�0'n0" West,115.7269 fe�et; th�nce South dU°IS'36.94" W�st, 23U.5�25 feet
to fhe P�rini of Beginning.
Pttrcel Z:
i,ots 13 as�d 14, Hlacic "B", ofN0.1 SPRCNGFIET.D StIBD:V. LF,�S3 AND E3�CEPT t1�e South 6 feet
of said Lot 13, according to the map oz pla� th�rea� as racor+�ed in Plat Boak 3, at Page 56, of t�s Fubiic
Rect�rcis of Pi�ltas County, Fiarida.
#1744512 v6 SHIP_ Mortgage Modification and FA 40545-0001