MORTGAGE SUBORDINATION AGREEMENTTHIS INSTRUMENT PREPARED BY
Matthew J. Mytych, Esq.
RETURN TO:
Terry Malcolm -Smith
Housing Division
City of Clearwater
P. O. Box 4748
Clearwater, FL 33758-4748
MORTGAGE SUBORDINATION AGREEMENT
THIS MORTGAGE SUBORDINATION AGREEMENT (this "Agreement") is
entered into this, ,I) day of July, 2024, by and between CLEARWATER NEIGHBORHOOD
HOUSING SERVICES, INC., a Florida not-for-profit corporation, whose address is 608 N.
Garden Avenue, Clearwater, Florida 33755 (the "Borrower"); THE CITY OF CLEARWATER,
FLORIDA, a Florida municipal corporation, whose address is P.O. Box 4748, Clearwater, Florida
33758 (the "Subordinating Party"); and VALLEY NATIONAL BANK, a national banking
association, whose address is 180 Fountain Parkway, Suite 200, Saint Petersburg, FL 33715 (the
"Lender" and collectively with the Borrower and the Subordinating Party the "Parties")
RECITALS
WHEREAS, the Borrower is the owner of that certain real property described in Exhibit
"A" attached hereto and made a part hereof by reference (the "Property") located in Pinellas
County, Florida; and
WHEREAS, the Subordinating Party has an interest in the above-described Property by
virtue of that certain Mortgage and Note in the amount of One Hundred Seventv-Seven
Thousand Seven Hundred Five Dollars and 80/100 Cents ($177,705.80), originally given by
the Borrower to the Subordinating Party, dated and recorded on June 28, 2024 in O.R. Book
22846, Page 783 of the Public Records of Pinellas County, Florida (the "Subordinated Loan"); and
WHEREAS, The Lender has agreed to make a loan to the Borrower in the amount of One
Hundred Seventy -Five Thousand Dollars and 00/100 Cents $175,000.00 to be secured by a
mortgage on the Property (the "Senior Loan"), provided that the Lender is given a first lien priority
in and to the Property, which lien is to be superior to the interest of the Subordinating Party; and
WHEREAS, The Subordinating Party desires to subordinate its interest in the Property to
the interest of the Lender.
AGREEMENTS
NOW, THEREFORE, for and in consideration of the mutual covenants herein contained,
as an inducement to the 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.
Mortgage Subordination Agreement between the CITY OF CLEARWATER, CLEARWATER NEIGHBORHOOD
HOUSING SERVICES, INC., a Florida not-for-profit corporation and VALLEY NATIONAL BANK, a national
banking association
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2. Subordination. The Subordinating Party hereby covenants, consents and agrees with the
Lender and hereby does subordinate and make inferior its interest in and to all the Property under
the Subordinated Loan to the lien of the Lender in said Property under the Senior Loan and other
associated loan documents, given to secure the Senior Loan, together with all modifications,
extensions, and renewals thereof and all future advances thereunder except as otherwise provided
under Paragraph 4 of this Agreement. The Lender agrees to provide the Subordinating Party with
notice of any default on the part of the Borrower under the Senior Loan and other loan documents
and does herewith grant unto the Subordinating Party the right to cure any such default within
thirty (30) days of receipt of such notice. No legal action to enforce the Senior Loan or otherwise
shall be taken by the Lender without first notifying the 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 the Subordinating Party so long as its interest in the collateral has
not been extinguished.
3. Non -Waiver. No waiver by the Lender under the Senior Loan 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 connected to the Senior Loan, 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 Subordinated Loan.
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 unless
otherwise agreed to in writing.
6. Governing Law and Binding Effect. This Agreement shall be governed by the laws of the
State of Florida and this Agreement shall inure to the benefit of and be binding upon the Parties
and their respective successors, heirs, and assigns. This Agreement shall be enforced only in a
court of competent jurisdiction in Pinellas County, Florida.
7. Severance. If any provision of this Agreement shall be invalid or unenforceable to any
extent, then the other provisions of this Agreement, shall not be affected thereby and shall be
enforced to the greatest extent permitted by law.
8. Attorney's Fees. In the event that any of the Parties seek 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. Time. Time is of the essence to this Agreement.
Mortgage Subordination Agreement between the CITY OF CLEARWATER, CLEARWATER NEIGHBORHOOD
HOUSING SERVICES, INC., a Florida not-for-profit corporation and VALLEY NATIONAL BANK, a national
banking association
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10. Amendment. This Agreement shall not be amended except by written instrument signed
by all the Parties hereto.
11. Recording. This Agreement shall be recorded in the Public Records of Pinellas County,
Florida.
12. Term. The term of this Agreement shall commence on the date first above written and
shall continue until the earliest to occur of the following events: (1) the payment in full of the
principal of, interest on and other amounts payable under the Senior Loan; (2) the payment in full
of the principal of, interest on and other amounts payable under the Subordinate Loan; (3) the
acquisition by Senior Lender of title to the Property pursuant to a foreclosure or a deed in lieu of
foreclosure of, or the exercise of a power of sale contained in, the Senior Loan documents, but
only if such acquisition of title does not violate any of the terms of this Agreement; or (4) the
acquisition by Subordinate Lender of title to the Property pursuant to a foreclosure or a deed in
lieu of foreclosure of, or the exercise of a power of sale contained in, the Subordinate Loan
documents, but only if such acquisition of title does not violate any of the terms of this Agreement.
13. Default. If the Subordinating Party or the Lender defaults in performing or observing any
of the terms, covenants, or conditions to be performed or observed by it under this Agreement, the
other, non -defaulting lender shall have the right to all available legal and equitable relief.
14. 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.
15. 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 the Parties.
IN WITNESS WHEREOF, the Parties hereunder have set their hand and seal the day and
year first above written.
Mortgage Subordination Agreement between the CITY OF CLEARWATER, CLEARWATER NEIGHBORHOOD
HOUSING SERVICES, INC., a Florida not-for-profit corporation and VALLEY NATIONAL BANK, a national
banking association
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IN WITNESS WHEREOF, the Parties hereunder have set their hand and seal the day and
year first above written.
(LENDER SIGNATURE PAGE)
In the presence of:
Print Witness Name:
Address:
Print Witness Name:
Address:
STATE OF FLORIDA )
COUNTY OF PINELLAS )
ss.
VALLEY NATIONAL BANK., a national
banking institution.
Print Name:
Title:
The foregoing instrument was acknowledged before me by means of 0 physical presence
or 0 online notarization this day of , 2024, by , as
of VALLEY NATIONAL BANK. He/She is personally known to me or
has produced the following identification:
Notary Public; State of Florida
Print Name:
(NOTARY SEAL) My Commission Expires:
My Commission No.:
Mortgage Subordination Agreement between the CITY OF CLEARWATER, CLEARWATER NEIGHBORHOOD
HOUSING SERVICES, INC., a Florida not-for-profit corporation and VALLEY NATIONAL BANK, a national
banking association
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(BORROWER SIGNATURE PAGE)
In the presence of:
Print Witness Name:
Address:
Print Witness Name:
Address:
STATE OF FLORIDA )
COUNTY OF PINELLAS )
ss.
CLEARWATER NEIGHBORHOOD
HOUSING SERVICES, INC., a Florida not-
for-profit corporation.
Print Name:
Title:
The foregoing instrument was acknowledged before me by means of 0 physical presence
or 0 online notarization this day of , 2024, by , as
of CLEARWATER NEIGHBORHOOD HOUSING SERVICES, INC.
S/he is personally known to me or has produced the following identification:
Notary Public; State of Florida
Print Name:
(NOTARY SEAL) My Commission Expires:
My Commission No.:
Mortgage Subordination Agreement between the CITY OF CLEARWATER, CLEARWATER NEIGHBORHOOD
HOUSING SERVICES, INC., a Florida not-for-profit corporation and VALLEY NATIONAL BANK, a national
banking association
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(SUBORDINATIONG PARTY SIGNATURE PAGE)
CITY OF CLEARWATER, FLORIDA,
a Florida municipal corporation.
Approved as to form:
Matthew J. Mytych, " "q.
Assistant City A orny
Date: WI 9/akt.
STATE OF FLORIDA )
COUNTY OF PINELLAS )
ss.
By:
Jennifer Poirrier
City Manager
Date:
Attest:
Rosemarie Call
City Cle k
Date:dl1Is/ NA, MO
The foregoing instrument was acknowledged before me by means ofEI-physical presence
or ❑ online notarization this 1-1- day of ‘k.30kj , 2024, by Jennifer Poirrier, as City
Manager of the City of Clearwater, Florida. She is personally known toil -1p or has produced the
following identification:
(NOTARY SEAL)
"",,/ Courtney M. Holzwarth
_° Comm.: HH 387361
Expires: April 17, 2027
Notary Public - State of Florida
v\trktlim-b.
Notary Public' State of Florida
Print Name: ����� tA. nba"liAxA`�-
My Commission Expires: (.e d 4.u'r
My Commission No.: AV\ 10% \J\
Mortgage Subordination Agreement between the CITY OF CLEARWATER, CLEARWATER NEIGHBORHOOD
HOUSING SERVICES, INC., a Florida not-for-profit corporation and VALLEY NATIONAL BANK, a national
banking association
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EXHIBIT "A"
(Legal Description of Property)
Lot 14, Block 3, C.E. Jackson's Subdivision, according to the map or plat thereof, as recorded in
Plat Book 2, Page 96 of the Public Records of Hillsborough County, Florida, of which Pinellas
County was formerly a part, LESS road.
Parcel Number 10/29/15/43596/003/0140
Mortgage Subordination Agreement between the CITY OF CLEARWATER, CLEARWATER NEIGHBORHOOD
HOUSING SERVICES, INC., a Florida not-for-profit corporation and VALLEY NATIONAL BANK, a national
banking association
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