LOAN COMMITMENTApril , 2024
Kathleen M. Kelly, CEO
The Kimberly Home, Inc
1189 NE Cleveland Street
Clearwater, Florida 33755
RE: Loan Commitment —1180 Grove Street, Clearwater, Florida 33755
Dear Kate:
We, the City of Clearwater, Economic Development & Housing Department, are pleased to offer
the Kimberly Home, Inc, a commitment to finance the rehabilitation of real property with
following terms and conditions:
1. Borrower: The Kimberly Home, Inc, a Florida not-for-profit corporation.
2. Loan: A non -revolving loan in the amount of One Hundred Seventy -Eight Thousand
Two Hundred Fourteen Dollars and 05/100 Cents. ($178,214.05).
3. Purpose: To rehabilitate Building 1180A on the property for the preservation of
affordable housing.
4. Interest Rate: The interest rate will be zero (0%) percent per annum.
5. Loan Term: The term of the loan shall not exceed twenty (20) years.
6. Repayment: Payments will be deferred during the life of the loan and forgiven upon the
maturity date, provided that the borrower abides by the terms of the agreement and no
default occurs.
7. Loan Fund Source: Community Development Block Grant (CDBG Program).
7. Rehabilitation: Upon completion, the property must be at minimum code standards and
pass all applicable inspections. Where applicable, licensed subcontractors must perform
all work and the work must be completed in a workman -like manner.
8. Contractor: Borrower must hire a licensed subcontractor to oversee the work or have
one general contractor overseeing all the work. City of Clearwater — Housing Division
will perform periodic inspections, in addition to any inspections required by the City of
Clearwater's Planning and Development Department. An inspection by the City's
Housing Division must be performed prior to the disbursement of any draws made in
connection with this loan.
Page 2 of 2
The Kimberly Home, Inc.
1189 NE Cleveland Street
Clearwater, Florida 33755
9. Rental Tenant: Upon completion of the rehabilitation, the borrower must rent to an
individual or family whose income does not exceed 80% of median income based upon
HUD guidelines in effect at the time of execution of the rental lease.
10. Collateral: A second mortgage on the following described property:
Legal Description: Lots 35 and 36, Block D, Bassedena Subdivision, according to the
map or plat thereof, as recorded in Plat Book 6, Page 26, of the Public Records of
Pinellas County, Florida.
Parcel I.D. 15-29-15-03060-004-0350
11. Subrecipient Application: The borrower must comply with all elements of its
application dated January 10, 2024, and any amendments thereof.
12. This commitment becomes null and void in the event that it is established that there is
anyone currently residing in the above referenced property or in the event that someone
will be displaced as a result of this transaction.
13. This loan is not assumable by another party without a written request from the borrower
and written approval from the City of Clearwater.
14. The loan will be evidenced by a CDBG Agreement, Land Use Restriction Agreement,
Mortgage, and Note. The borrower must adhere to any and all covenants of the
preceding documents.
Thank you for your commitment to the provision of affordable housing for the City's residents.
Sincerely,
Charles H. Lane, Jr.
Assistant Director, Economic Development & Housing Department
The undersigned agrees to the above referenced terms and conditions and further agrees to abide
by the requirements of the City of Clearwater's Housing Division and Community Development
Block Grant (CDBG) Program.
Kathleen M. Kelly, CEO Date
A. SETTLEMENT STATEMENT
Somers Title Company
1290 Court Street
Clearwater, Florida 33756
(727)441-1088 far. (727)449-1359
B. TYPE OF LOAN
1. 1 {FHA 2.
FMHA 3. I I CONV. UNINS.
4. E VA 5. CONV. INS.
6. Fde Numb,,:
2401001C
7, roan Numbs
8. Mortgage Ins. Case No.:
C. NOTE: This form is furnished to give you a statement of actual settlement costs. Amounts paid to and by the settlement agent are shown. Items marked
(poc) were paid outside the closing. They are shown here for informational purposes and are not included in the totals.
The Kimberly Home, Inc., a Florida Not For Profit Corporation
D. Borrower. 1189 N.E. Cleveland St
Clearwater, Florida 33755
E. Seller.
F. Lender:
G. Properties:
City of Clearwater
600 Cleveland St.
Clearwater, Florida 33755
1180 Grove St
Clearwater, Pinellas County, Florida 33755
BASSEDENA BLK D, LOTS 35 AND 36, Pinellas
County, Florida
IL Settlement Agent: Somers Title Company
Place of Settlement: 1290 Court Street, Clearwater, Florida 33756 Pinellas County
L Settlement Date: April 5, 2024
Disbursement Date: April 10 2024
.8. Summary of Borrower's Transaction
K. Summary of Seller's Transaction
100. Gross Amount Due From Borrower:
400. Gross Amount Due To Seller.
101. Contract Sales Price
401. Contract Sales Price
102. Personal Property
402. Personal Property
103. Settlement Charges to Borrower (line 1400)
178,214.05
403.
Adjustments for Items Paid by Seller in Advance:
Adjustments for Items Paid by Seller in Advance:
106. City / Town Taxes
406. City / Town Taxes
107. County / Parish Taxes
407. County / Parish Taxes
108. Assessments
408. Assessments
120. Gross Amount Dne from Borrower.
178,214.05
420. Gross Amount Due to Seller.
200. Amounts Paid by or in Behalf of Borrower:
500. Reductions in Amount Dne to Seller:
201. Deposit / Earnest Money
501. Excess Deposit (see instructions)
202. Principal Amount of New Loan
178,214.05
502. Settlement Charges to Seller (Line 1400)
203. Existing Loan(s)
503. Existing Loan(s)
204.
504. Payoff of First Mortgage
205.
505. Payoff of Second Mortgage
206.
506. Purchase Money Mortgage
Adjustments for Items Unpaid by Seller
Adjustments for Items Unpaid by Seller.
210. City / Town Taxes
510. City / Town Taxes
211. County / Parish Taxes
511. County / Parish Taxes
212. Assessments
512. Assessments
220. Total Paid by / for Borrower.
178,214.05
520. Total Reductions in Amount Due Seller.
300. Cash at Settlement from / to Borrower:
600. Cash at Settlement to / from Seller:
301. Gross Amount due from Borrower (line 120)
178,214.05
601. Gross Amount due to Seller (line 420)
302. Less Amount Paid by/for Borrower (line 220)
178,214.05
602. Os Reductions Amount due Seller (line
303. Cash To Borrower.
$0.00
603. Cash From Seller.
May 2007
April 1, 20241:14 PM
Settlement Date:April 5, 2024
File Number: 2401001C
L. Settlement Charges
700. Total Sales / Broker's Commission:
Division of Commission as follows
Paid from
Borrower's
Funds at
Settlement
Paid from
Seller's
Funds at
Settlement
701.
702.
703. Commission Paid at Settlement
800. Items Payable in Connection with Loan:
801. Loan Origination Fee
802. Loan Discount
803. Appraisal Fee
804. Credit Report
805. Lender's Inspection Fee
806. Mortgage Insurance Application Fee
807. Assumption Fee
808. Construction Contract
160,003.00
809. Contingency
16,000.00
900. Items Required by Lender to be Paid in Advance:
901. Daily interest charge from Apr 10, 2024
902. Mortgage Insurance Premium
903. Hazard Insurance Premium
904. Flood Insurance Premium
1000. Reserves Deposited with Lender:
1001. Hazard Insurance
1002. Mortgage Insurance
1003. City Property Taxes
1004. County Property Taxes
1005. Annual Assessments
1100. Title Charges:
1101. Settlement or Closing Fee to Somers Title Company
350.00
1102. Abstract or Title Search to Tony Gatliff
100.00
1103. Title Examination
1104. Title Insurance Binder
1105. Document Creation Fee
1106. Notary Fees
1107. Attorney Fees
(includes above item numbers:
1108. Title Insurance to Chicago Title Insurance Company
(includes above item numbers:
966.50
1109. Lender's Coverage 178,214.05 Risk Trate $966.50
Premium:
1110. Owner's Coverage 0.00
1109.
1111. Archiving Fee to Closers Choice
42.00
1112. Wire Fee to Somers Title
25.00
1200. Government Recording and Transfer Charges:
1201. Recording Fees: Deed 0.00 Mortgage 103.50 Releases 0.00
103.50
1202. City/County Tax/Stamps: Deed 0.00 Mortgage 0.00
624.05
1203. State Tax/Stamps: Deed 0.00 Mortgage 624.05
1204. Intangible Tax to Clerk of the Circuit Court
1205.
1300. Additional Settlement Charges:
1301. Survey
1302. Pest Inspection
1400. Total Settlement Charges (Enter on line 103, Section J and line 502, Section K)
8178,214.05
I bave carefully reviewed the Settlement Statement and to the best of my knowledge and belie£ it is a true and accurate statement of all receipts and disbtasemeats
made on my account or by me in this transaction. I father certify that I have received a copy of Settlement Statement.
Borrower:
The Kimberly Home, Inc.
Kathleen M. Kelly, CEO
The Settlement Statement which I have prepared is a true and accurate account of this transaction. I have caused or wall cause the funds to be disbursed in accordance
with the insntctions of the parties hereto.
Settlement Agent
Mikell L St. Germain
May 2007
April 1, 20241:14 PM
Date: Apn15, 2024