RELEASE OF LAND USE RESTRICTION AGREEMENT (6)Prepared by: Kara Grande
City of Clearwater
Dept. of Economic Development & Housing -
P.O. Box 4748
Clearwater, FL 33758-4748
CITY OF CLEARWATER
ECONOMIC DEVELOPMENT & HOUSING DEPARTMENT
RELEASE OF LAND USE RESTRICTION AGREEMENT
HOME INVESTMENT PARTNERSHIPS PROGRAM (HOME PROGRAM)
KNOW ALL MEN BY THESE PRESENTS, that the City of Clearwater, Florida, a Florida municipal corporation, does
hereby release the property hereinafter described from a certain Land Use Restriction Agreement bearing the date of May
15, 2015 and recorded on May 19, 2015 in O.R. Book 18786 Page 1602 of the Public Records of Pinellas County, Florida; on
said property and does hereby declare said Land Use Restriction Agreement fully satisfied. Said property described in said
Land Use Restriction Agreement is as follows: Lot 23, Country Club Townhomes, according to the plat thereof recorded in
Plat Book 137, Pages 16 and 17, of the Public Records of Pinellas County, Florida.
Commonly known as: 117 N. Betty Lane, Clearwater FL 33755 Parcel I.D. 15-29-15-18507-000-0230
IN WITNESS WHEREOF, the City of Cle ater, Florida in its corporate capacity, has caused this Release of Land Use
Restriction Agreement to be executed this day of irl / , 2024 by its City Manager, City Clerk and Senior Assistant
City Attorney, and the seal of the City to be here affixed.
Approved as to form:
Matthew Mytych, Se i rstant City Attorney
STATE OF FLORIDA)
COUNTY OF PINELLAS)
By:
Jennifer Poirrier, City Manager
Atte
Rosemarie Call, City Clerk
e
f9regoin instrument was acknowledged before me by means of I p ysical presence or 0 online notarization,
this ()Slog�02'( (date) by Jennifer Poirrier, the City Manager of the City of Clearwater, Florida, why er ovally
known to me or who has produced (type of identification) as identification.
WITNESS my hand and official seal this
My commission expires:
CJI
day of
1 1 2024
Pam.: 2t
tricia DeMlio
``E.. `•' ComHH 3tz7
"�
Expires: April 17,
Notary
(J� PuubGllic (typ�e or pri(nt n elIttot y Public - State of
Prepared by: Terry Malcolm -Smith
City of Clearwater -
Dept. of Economic Development & Housing -
P.O. Box 4748, Clearwater, FL 33758
KEN BURKE, CLERK OF COURT
AND COMPTROLLER PINELLAS COUNTY, FL
INST# 2015142068 05/19/2015 at 02:49 PM
OFF REC BK: 18786 PG: 1602-1603
DocType:AGM RECORDING: $18.50
LAND USE RESTRICTION AGREEMENT
HOME INVESTMENT PARTNERSHIP PROGRAM
HOME BUYER
THIS DECLARATION is entered into this 15TH day of MAY 2015 between
TRISH R. HENNING, an unmarried person , his/her successors, assigns and transferees regarding the
real property described below, hereinafter called (" Borrower") and the City of Clearwater, Florida, unit of local
government organized and existing under the laws of the State of Florida hereinafter called ("City"), whose address is 112
South Osceola Avenue, Clearwater, Florida 33756 (Lender).
WHEREAS, the Borrower shall purchase certain real property described herein and agrees to the City that the real
property which is the subject of a Mortgage and Note executed by Borrower of even date herewith, shall contain the
restrictive covenants set forth herein,
WHEREAS, Borrower agrees that the hereafter described restrictive covenants shall remain in full force and effect against
the real property until the end of the Period of Affordability,
WHEREAS, these covenants shall be properly filed and recorded by City in the Official Public Records of the
Pinellas County, Florida and shall constitute a restriction upon the use of the property subject to and in accordance with
the terms contained herein, and
IN CONSIDERATION of funds the City has provided to the Borrower for a loan to finance the down payment and closing
costs on real property located in the City of Clearwater, Pinellas County Florida described as: (LEGAL DESCRIPTION)
LOT 23, COUNTRY CLUB TOWNHOMES, ACCORDING TO THE PLAT THEREOF RECORDED IN PLAT BOOK 137
PAGES 16 AND 17, OF THE PUBLIC RECORDS OF PINELLAS COUNTY, FLORIDA.
which has the address of: 117 N. BETTY LANE, CLEARWATER, FLORIDA 33755
(herein "Property Address") and which real property is described in the mortgage between the City and the Borrower, the
Borrower acknowledges that these Restrictive Covenants are necessary to comply with the program requirements of the
HOME program stated at 24 CFR §92.254, from which funds were obtained to finance such loan and covenants and
agrees with the following:
1. Covenants and Restrictions on Use of HOME Funds. HOME funds provided to this project will be used for down
payment and dosing costs for the acquisition of the real property. At the time of the application, the Borrower's annual
income should not exceed 80 percent of the area median income, as determined and made available by the U.S.
Department of Housing and Urban Development with adjustments for smaller and larger families at the time of purchase
of the new home. The home must be the principal residence of the family.
a. The value of the HOME assisted unit shall not exceed 95 percent of the median purchase price for that type of
single family housing for the area (FHA 203(b) limits). The maximum per unit subsidy amount shall not exceed
the per dollar limits established under section 221(d)(3)(ii) of the National Housing Act.
b. The Borrower shall have fee simple title to the property.
c. For the purpose of these Covenants, the Period of Affordability shall be a period beginning when the HOME funds
are invested and ending at the end of the THIRTIETH ( 30TH ) year thereafter.
d. During the Period of Affordability, the single family unit must be occupied by the Borrower. Should the Borrower
sell the property to any willing buyer at whatever price the market will bear, the sale will trigger repayment of the
1
• •
HOME assistance. In addition, if the Borrower should rent and/or transfer the property, or if the home shall cease
to be the principal/homestead residence of the Borrower, it will trigger repayment of the HOME assistance.
e. The City will use the recapture provision for repayment of the loan should the Borrower not abide with the
affordability period or any other default provision in the mortgage, note or covenant. In the event of default, the
Borrower shall repay the City in accordance with the following:
(1) The " Net Proceeds" from the sale shall be determined by subtracting the amount of the seller's closing costs
and repayments of the outstanding loans on the property, including the repayments of any loans of HOME or
other funds provided by the City;
(2) The Borrower may recover his or her initial investment from the Net Proceeds. The initial investment included
the amounts he or she contributed to the down payment when the property was originally purchased, to any
permanent improvements to the property and to payment of principal on the permanent financing.
(3) Any balance remaining from the initial investment shall be divided proportionally between the Borrower and
the City according to their investments and formulas. The City's investment shall include all grants and loans
of HOME or other City funds provided to the Borrower, minus any repayments previously made to the City.
(4) In the event the proceeds from the sale of the property are insufficient to permit the Borrower to recover any
of the amounts indicated in (1), (2) or (3) above, neither the City nor any previous owner shall be liable for
such insufficiency.
f. In the event the housing is conveyed pursuant to a foreclosure sale, the provisions of Section 92.254 (a)(5)(ii) of
the HOME Program shall apply. The recapture provision provides for shared net proceeds (if any) from the
foreclosure sale. If there are no net proceeds from the foreclosure, repayment by the City or the Borrower is not
required and HOME Program requirements are considered to be satisfied.
g. Enforcement. Violation or breach of any restrictions or covenant herein contained shall give the City the right to
institute any proceeding at law or in equity necessary to recover the applicable sum set forth in this agreement. If
action is instituted by the City to recover the sum, Borrower or its successors in the title agree to pay all costs to
collection, including court costs and reasonable attorney's fees.
IN WITNESS WHEREOF, this document has been duly signed by the Borrower on or as of the day and year first above
written.
STATE OF FLORIDA,
COUNTY OF PINELLAS
Borrower/Spouse —
The foregoing instrument was acknowledged before me this 15TH day of MAY, 2015 by TRISH R. HENNING, an
unmarried person, personally known to me or who have produced a drivers license as identification.
Notary Public
My Commission expires:
'iir,., R. CARLTON WARD
:.= Commission # FF 83310
Expires February 18, 2018
Banded Diu Troy Fin Insurance 890385.7919