AMENDMENT TO LAND USE RESTRICTION AGREEMENTTHIS INSTRUMENT PREPARED
BY AND RETURN TO:
Richard E. Deutch, Jr., Esq.
Stearns Weaver Miller
Weissler Alhadeff & Sitterson, P.A.
150 West Flagler Street, Suite 2200
Miami, Florida 33130
KEN BURKE, CLERK OF COURT
PINELLAS COUNTY FLORIDA
INST# 2012140078 05I15/2012 at 02:35 PM
OFF REC BK: 17582 PG: 2502-2507
DocType:AGM RECORDING: 552.50
ABOVE SPACE RESERVED FOR
RECORDING PURPOSES ONLY
AMENDMENT TO
LAND USE RESTRICTION AGREEMENT
(Greenwood Apartments)
THI5 AMENDMENT TO LAND USE RESTRICTION AGREEMENT (the
"Amendment") is made and entered into as of May 6� f�' , 2012, between GREENWOOD
APARTMENTS, LLC, a Florida limited liability company ("Greenwood") and the CITY OF
CLEARWATER, a municipal corporation of the State of Florida (the "City").
This Amendment amends that certain Land Use Restriction Agreement dated as of April
l, 2002, and recorded April 4, 2002, in Official Records Book 11928, Page 2470 in the Public
Records of Pinellas County, Florida (the "LURA", all capitalized terms used herein but not
otherwise deimed shall be as defined in the LURA).
WITNESSETH:
WHEREAS, Greenwood received funding from the City's State Housing Initiatives
Partnership (SHIP) Program for the rehabilitation of a one hundred ninety two (192) unit
multifamily rental community, benefitting very-low and low income persons, known as the
Greenwood Apartments (the "Development");
WHEREAS, as a condition of the receipt of SHIP funds, Greenwood agreed to the
restricted use of the property (the "Property"), as described on Exhibit A attached hereto and
incorporated herein by reference, and executed the LURA, the terms of which are incorporated
herein by this reference, setting forth certain terms and conditions relating to the Development
and which sets forth various other covenants and agreements that run with the land;
WHEREAS, to evidence the loan from the City to Greenwood, Greenwood executed that
certain Promissory Note dated April 1, 2002 (the "Original Note"), the Original Promissory Note
was modified pursuant to that certain Modified Promissory Note ("Modiiied Note" and
collectively with the Original Note, the "Note"), dated May 27, 2005, which Note is secured, by
#1712710 v6 SHIP: Amendment to LURA 40545-0001
that certain Mortgage and Security Agreement, dated April 3, 2002, and recorded on April 4,
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
April 4, 2002, in Official Records Book 11928, Page 2476 of the Public Records of Pinellas
County, Florida (collectively, the "Loan Documents");
WHEREAS, Greenwood has requested and the City has approved certain modifications
to the Loan Documents, which require the LURA to be amended in accordance with this
Amendment; and
WHEREAS, this Amendment shall be effective as of the date hereof.
NOW, THEREFORE, in consideration of the mutual covenants and undertakings set
forth in this Amendment and Ten Dollars ($10.00) and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the City and Greenwood do hereby
contract and agree to amend the LURA, as follows:
SECTION 1. Change in Number of Units. The LURA shall be modified such that all
references to the Development as a"192 unit" housing complex shall be modified to recognize
that the Development is a"179 unit" housing complex, including that certain reference in the
third recital of the LURA and that certain reference in Section I of the LURA.
SECTION 2. Extension of Proiect Period. Section VI of the LURA is modified and
amended as follows:
The City and Greenwood acknowledge and agree that the Project Period, as
defined in the LURA, shall expire on March 26, 2021 (the "Initial Project
Period"). The parties further agree, pursuant to this Amendment, that the Project
Period shall be extended from the end of the Initial Project Period until May 1,
2042 (the "Extended Project Period").
SECTION 3. Affordabilitv Requirements for E�ension of LURA. All affordability
requirements set forth in the LURA shall remain unchanged for the Initial Project Period,
including those set forth in Section II of the LURA. However, upon the expiration of the Initial
Project Period, and for the remainder of the term of the Extended Project Period, the rental
restrictions set forth in Section II shall be deleted and replaced with the following:
During the Extended Project Period, twenty (20) units which are part of the
project shall be rented or held available for rental on a continuous basis for
persons or families who, at the commencement of occupancy by each tenant of
such unit shall have annual incomes which do not exceed eighty percent (80%) of
the median family income for the area, as determined by the Department of
Housing and Urban Development ("HUD") and distributed annually by the
Florida Housing Finance Corporation, as the tax credit allocating agency for the
State ("FHFC") with adjustments for smaller and larger families.
#1712710 v6 SHIP: Amendment to LURA 40545-0001
2
SECTION 4. Remaining Provisions Unaffected. Except as expressly modified and
amended by this Amendment, the covenants, terms and conditions of the LURA shall remain
unaffected and shall remain in full force and effect.
SECTION 5. Recordin� and Filing; Covenants to Run With the Land.
(a) Upon execution and delivery of this Amendment, Greenwood shall cause
this Amendment to be recorded and iiled in the public records of Pinellas County, Florida;
Greenwood shall pay all fees and charges incurred in connection therewith.
(b) This Amendment and the covenants contained herein shall run with the
Land and shall bind Greenwood, and its successors and assigns, and the benefits shall inure to
the City and its successors and assigns during the Project Period, as amended herein; provided,
however, nothing contained in this paragraph shall be deemed to authorize or consent to any
assignment by Greenwood.
(c) This Amendment is not intended to affect the priority of the LURA.
SECTION 6. Severabilitv. If any provision of this Amendment or the LURA shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
portions hereof or thereof shall in no way be affected or impaired, nor shall such holding of
invalidity, illegality or unenforceability affect the validity, legality or enforceability of such
provision under other dissimilar facts or circumstances.
SECTION 7. Multiple Counternarts. This Amendment may be simultaneously
executed in one or more counterparts, all of which shall constitute the same instrument and each
of which shall be deemed an original.
[COUNTERPART SIGNATURE PAGES TO FOLLOW]
#1712710 v6 SHIP: Amendment to LURA 40545-0001
COUNTERPART SIGNATURE PAGE TO
AMENDMENT TO LAND USE RESTRICTION AGREEMENT
(Greenwood Apartments)
IN WITNESS WHEREOF, Greenwood has caused this Amendment to be signed,
sealed and delivered by its duly authorized representatives, as of the date first written above.
GREENWOOD:
WITNESSES: GREENWOOD APARTMENTS, LLC, a Florida
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limited liability company
By: BANC OF AMERICA COMMUNITY
DEVELOPMENT CORPORATION; its
managing member.
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Address:
STATE OF /�/��� �cro%�
COUNTY OF f
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[SEAL]
The foregoing instrument was acknowledged before me this �U �' day of � ,
2012, by �('�F �• �oo � , as �/�`� P r� s t�+-�- F of BA�F
AMERICA COMMLTNITY 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.
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# 1712710 v4 SHIP: Amendment to LURA 40545-0001
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Notary Public;
Print Name: � o.N� 1 � • ,�«�
My Commission Expires: (, (z 3 �i �r-'
My Commission No.:
COUNTERPART SIGNATURE PAGE TO
AMENDMENT TO LAND USE RESTRICTION AGREEMENT
(Greenwood Apartments)
IN WITNESS WHEREOF, the City of Clearwater has caused this Amendment to be
signed, sealed and delivered by its duly authorized representatives, as of the date %rst written
above.
WITNESSES:
_ c� �or�� � cre�.l�f
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
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By:
William B. Horne II
City Manager
Attest:
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Rosemarie Call
City Clerk
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The foregoing instrument was acknowledged before me this �`�day of �,
2012, by �, l�;� cl.-v� �: L�-a r✓�e , iY- , as C� , of the City of
Clearwater, Florida, on behalf of the City of Clearwater, Florida. aid person is personally
known to me or has produced a valid driver's license as identi�cation.
�� y SANDRA HARRIGER
NOTARY PUBLIC
a STATE OF FLORIDA
�; , Comm# EE142238
N� � Expires 1/4/2016
#1712710 v6 SHIP: Amendment to LURA 40545-0001
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Notary Public;
Print Name: -�'l�i.�, � r"'i��
My Commission Expires: �� y � aa �b
My Commission No.: EE ly z.Z.3g
EXHIBIT "A"
LEGAL DESCRIPTION
�'arrell:
AI1 tha# certain parr�el af land �ying and 6eing in the C�unty c�f Pinetlas, State of Florida, mvre
Particularly d�scribed �ss faIlows:
Th� Sau�Yiwest %< t�f'tl�e Southcast'l< ofti�e Northwr:si r'. csf S�ction 1 Q, Tc�wnship 29 Sauth, Range
3 5 E�tst, less and e�cccept e,ach uf the foliowin�: The Nact1� 122 Peet of tha West 175 fc�t thcereof, amd
a pnrtion thereofd�scri�i as: Begin aithe Southwest c€�rner af said Saut�west'� a�the Southeast %,
of Northvw�st'/. fur Point of Beginnits�, and run t.h�nce Alortii �"�''4 i" East 663.23 feet �nng the
�rac#ianal section ��ne; thence South 89°23'29" �ast i3,6 feet; thence South 0°4,7„ �nst b43.96 f+ee�
thenc� long a curve W the fe� vvhose cliard taears Sout% 4�°37'2i" East 2.1.45 feei and �vhose radius
is 15 fee�; thence South �9°2l�'T' East b33.86 feet, th� South 0°6'3�" West �.9 fezt; thcnc�e North
89°23'8" West b64.76 f�t to the P�int �f Beginning, S}'in,� in Psnelias Caunty, Florida.
Aud Le�� and Except f6e Folic�wing ParceL
A portion oi t�i� Northw�st. %. af Sectia� 10, '%wnsship 29 South� R�ge 15 �ast, Finel�as Gounty,
Florida, mare particularly d�sc�°ibeci as f�ilows:
�`mm the Sc�uthw�t comerofthe South�ast'/ nfthe 3�Iortixwest'/. oisaict Sectian lU, Tavvnshi� 29
�auth, R;atsge 15 Ea�tt, nu� North 30.€1 fee� thence East 3#�.0 feet fc�r a Point af Beginning; thence S
�9°�3"45.35" �st, b0.0U feet; th�Ge North SQ°(?Q'+OU" W'est, 30.i� feet; ih�ne� North 15°00'UI�"West,
10U.4(3 feet; th�nce North �5°UO'00" W e�t,115.7269 fe�eit, th�nce Sot�th U�'°15'36.94" �'�st, 230.5325 feet
ta t�te Point of Beginning.
Purccl Zt
Lats i3 and 14, Block "F3", ofNO. 1 S�'RCNGFIEI,I3 SUBDN, LFSS ANi) ��CE,PT ti�@ South �i feet
of said Lot 13, according to fhe map nr ptat t�erea�, as r�cor�i�l in Plat Boak 3, at Page 5S, �f tFi� FuM:ie
Reeords c�f Finellas Ccrunty, �"iarrrda.
# 1712710 v6 SHIP: Amendment to LURA 40545-0001