MORTGAGE MODIFICATION AGREEMENTThis Instrument prepared by: Matthew J. Mytych, Esq.
Return to: Terry Malcolm -Smith
City of Clearwater
Economic Development & Housing
Post Office Box 4748
Clearwater, Florida 33758
THIS MORTGAGE MODIFICATION AGREEMENT SECURES AN AMENDED AND
RESTATED PROMISSORY NOTE IN THE AMOUNT OF $1,097,340.00 DATED
DECEMBER ,2024. DOCUMENTARY STAMP TAXES ARE AFFIXED TO THE
MORTGAGE SECURING THE ORIGINAL PROMISSORY NOTE AND FIRST MORTGAGE
MODIFICATION AGREEMENT WHICH WERE RECORDED IN O.R. BOOK 17034, PAGE
2326 AND O.R. BOOK 17433, PAGE 2109, PUBLIC RECORDS OF PINELLAS COUNTY,
FLORIDA RESPECTIVELY. ACCORDINGLY, THIS AGREEMENT IS NOT SUBJECT TO
FLORIDA DOCUMENTARY STAMP TAXES FOR ADDITIONAL INDEBTEDNESS
PURSUANT TO FLORIDA STATUTE SECTION 201.09.
MORTGAGE MODIFICATION AGREEMENT
This Mortgage Modification Agreement (this "Fourth Modification") is entered into as of
December ,2024, by and between THE CITY OF CLEARWATER, FLORIDA, a Florida
municipal corporation ("Mortgagee") and HOMELESS EMERGERCY PROJECT, INC., a
Florida not-for-profit corporation ("Mortgagor" and collectively with Mortgagee the "Parties").
WHEREAS, Mortgagee and Mortgagor entered into that certain Mortgage dated August 31,
2010 and recorded on September 20, 2010 in O.R. Book 17034, Page 2326, of the Public Records
of Pinellas County, Florida, in the original principal balance of Three Hundred Seventy -Two
Thousand Three Hundred Forty Dollars and 00/100 Cents ($372,340.00) otherwise referred to
as Loan No. CFI -336 (the "Original Mortgage") encumbering the property located at 1101 Holt
Ave., Clearwater, FL 33755 situated, lying and being in Pinellas County, Florida, described in
Exhibit "A" attached hereto and made part hereof with the parcel identification number as follows:
10-29-15-00000-130-0400 (the "Mortgaged Premises"); and
WHEREAS, a modification to the Original Mortgage was executed on December 9, 2011,
and recorded on December 13, 2011 in O.R. Book 17433, Page 2109 of the Public Records of
Pinellas County, Florida (the "First Modification") which increased the principal balance to One
Million Ninety -Seven Thousand Three Hundred Forty Dollars and 00/100 Cents
($1,097,340.00); and
WHEREAS, a second modification to the Original Mortgage was executed on May 4, 2016,
and recorded on May 13, 2016 in O.R. Book 19191, Page 1863 of the Public Records of Pinellas
County, Florida (the "Second Modification"); and
WHEREAS, a third modification to the Original Mortgage was executed on December 13,
2019, and recorded on December 27, 2019 in O.R. Book 20824, Page 801 of the Public Records of
Pinellas County, Florida (the "Third Modification" and collectively with the Original Mortgage, the
First Modification, and the Second Modification the "Mortgage"), and
MORTGAGE MODIFICATION AGREEMENT between Homeless Emergency Project, and the
City of Clearwater
Page 1 of 7
WHEREAS, the Parties wish to further defer payments of the loan under the Mortgage for
an additional (5) year period with the deferred period beginning January 1, 2025; and
WHEREAS, the Maturity Date of the Note shall be December 1, 2049. If not sooner paid,
all outstanding unpaid balance and applicable accrued interest hall be due and payable on the
Maturity Date; and
WHEREAS, it has been agreed by and between the Parties, to modify said Mortgage and
Note secured by the Mortgage, through this Fourth Modification.
NOW, THEREFORE, in consideration of the mutual covenants and conditions contained
herein and in consideration of the sum of $1.00 and other valuable consideration accruing to each of
the Parties, the Parties hereby agree as follows:
1. Recitals. The foregoing recitals are true and correct and are incorporated in and form a part of
this Fourth Modification.
2. The Mortgage has a current principal balance of One Million Ninety -Seven Thousand
Three Hundred Forty Dollars and 00/100 Cents ($1,097,340.00). Monthly payments shall
be deferred for an additional five (5) years commencing January 1, 2025 and shall become
payable at the end of the five (5) year period (the "Deferral Period") in accordance with the
Amended and Restated Mortgage Note executed on even date herewith and attached hereto
as Exhibit `'B" (the "Amended Note"), and all other indebtedness which the Mortgagor is
obligated to pay to Mortgagee pursuant to the provisions of the Note and this Fourth
Modification. Upon default of the terms of the Mortgage or the Amended Note, Mortgagor
shall pay all sums due to Mortgagee at the default interest rate provided for in the Amended
Note.
3. No interest will accrue during the Deferral Period. At the end of Deferral Period, interest
will accrue on the outstanding principal balance at one and a half percent (1.5%). Upon
default of the terms of the Mortgage, Mortgagor shall pay the sum due to Mortgagee at the
default interest rate provided in the Amended Note.
4. Mortgagee, at its option may elect the above remedy of a Deed in Lieu of foreclosure, but
does not waive the right of foreclosure, or any right or remedy otherwise available to it at
law or equity.
5. The Maturity Date of the Amended Note and Mortgage is December 1, 2049.
6. Mortgagor represents to Mortgagee that there is no subsequent lien now outstanding against
the Mortgaged Premises. Nothing contained in this Fourth Modification shall in any manner
impair the Amended Note and the Mortgage, as modified, or the lien created or any other
documents executed by the Mortgagor in connection with the Amended Note and the
Mortgage, or alter, waive, vary of affect any promise, agreement, covenant or condition
recited in any of the above-mentioned documents, except as expressly modified by this
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recited in any of the above-mentioned documents, except as expressly modified by this
Fourth Amendment, nor affect or impair any rights, powers, or remedies of the Mortgagee
under any of the above-mentioned documents.
7. Except as otherwise provided in this Fourth Modification, all terms, conditions, and
provisions of the Amended Note, the Mortgage, and other instruments and documents
executed in connection with the subject mortgage loan, shall remain in full force and effect
and shall be binding upon the Parties hereto, their successors, and assigns.
8. All questions with respect to the construction of this Fourth Modification and the rights and
liabilities of the Parties to this Agreement shall be governed by the laws of the State of
Florida.
9. This Agreement shall inure to the benefit of, and shall be binding on, the assigns, successors
in interest, personal representatives, estates, heirs, and legatees of each of the Parties of this
Agreement.
10. This Fourth Modification contains the entire agreement of the Parties and supersedes any
prior written or oral agreements among them concerning the subject matter of this
Agreement. There are no representations, agreements, arrangements, or understandings, oral
or written, between and among the Parties relating to the subject matter contained in this
Fourth Modification that are not fully expressed in this Fourth Modification.
IN WITNESS WHEREOF, this Fourth Modification has been duly signed by the Parties on the date
and year first above written.
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IN WITNESS WHEREOF, this Fourth Modification has been duly signed by the Parties on the date
and year first above written.
(MORTGAGOR SIGNATURE PAGE)
In the presence of: HOMELESS EMERGENCY PROJECT, INC.,
a Florida not-for-profit corporation.
Witness name: Print name:
Address: Title:
Date:
Witness name:
Address:
STATE OF FLORIDA )
COUNTY OF PINELLAS )
The foregoing instrument was acknowledged before me by means of ❑ physical presence
or ❑ online notarization, this day of , 2024, by , as
of Homeless Emergency Project, Inc., who is personally known to me or
who has produced as identification.
Notary Public, State of Florida
(NOTARIAL SEAL) Name of Notary:
My Commission Expires:
My Commission No.:
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(MORTGAGEE SIGNATURE PAGE)
CITY OF CLEARWATER, FLORIDA,
Approved as to form: a Florida municipal corporation.
Matthew J. Mytych, Esq.
Assistant City Attorney
Date: tVA7)-`'�
STATE OF FLORIDA
COUNTY OF PINELLAS )
By:
Date:
Attest:
Je if Po •ier
City�arpag rho
Rosemarie Call
City Clerk
Date: id! ei `( ✓
The foregoing instrument was acknowledged before me by means of 2'physical presence
or ❑ online notarization, this 40\ day of (( .(Qayli,r , 2024, by Jennifer Poirrier, as City
Manager of the City of Clearwater, Florida, who s,persorxally known to me or who has produced
as identification.
(NOTARIAL SEAL)
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o��*„''''' Patricia DeMilo
=_` Comm.: HH 387353
V4461, Expires: April 17, 2027
` Notary Public - State of Florila
Notary Public, St f Flori
Name of Notary:ac\ Q \o
My Commission Expires: Ay.A , 0-7
My Commission No.: SS 3
EXHIBIT "A"
LEGAL DESCRIPTION
Parcel I:
That part of the SW 1/4 of the NE 1/4 of Section 10, Township 29 South, Range 15 East, Pinellas
County, Florida, described as follows:
Beginning at the SW corner of Lot 6, Block H, Fair Burn Addition, as recorded in Plat Book 9, Page
97, Public Records of Pinellas County, Florida, as a Point of Beginning; run North 150 feet along
the West boundary of said Block H; thence West to intersection with East boundary of Holt Street;
thence South 150 feet along said East boundary of Holt Street to North boundary of Palmetto Street;
thence East along North boundary of Palmetto Street to the Point of Beginning.
Parcel II:
That part of the Southwest Quarter (SW 1/4) of the Northeast Quarter (NE 1/4) of Section 10,
Township 29 South, Range 15 East, lying East of the East right of way line of Holt Avenue, and
South of the South right of way line of Engman Street,
LESS AND EXCEPT the two parcels described as follows:
(a) The East Four Hundred and Ninety-five (495) feet of said tract.
(b) That part beginning at a point in the West boundary of said East Four hundred Ninety-five (495)
feet, which is Nine Hundred and Thirty-one and Eighty-nine hundredths (931.89) feet North, along
said West boundary, from the South boundary of said Northeast Quarter (NE 1/4); and from this
Point of Beginning, run thence North along said West boundary Two Hundred Eight (208) feet;
thence North Eighty-nine degrees Twenty-five minutes and Thirty-five seconds West (N 89°25'35"
W), Three Hundred and Eighty and Ninety-two hundredths (380.92) feet; thence South Zero degrees,
Thirty-four minutes and Twenty-five seconds West (S 01°34'25" W) Two Hundred and Eight (208)
feet; thence South Eighty-nine degrees, Twenty-five minutes and Thirty-five seconds East (S
89°25'35" E), Three Hundred and Eighty-two and Thirty-nine Hundredths (382.39) feet, to the Point
of Beginning.
Parcel III:
Beginning at the Southwest corner of the Northeast Quarter (NE 1/4) of Section 10, Township 29
South, Range 15 East and proceed thence Easterly along the Quarter Section Line whose bearing is
North 89 deg. 23' 59" West a distance of approximately 834.36 feet to a point; proceed thence
Northerly along a line North 0 deg. 10' 05" East a distance of approximately 931.89 feet to a point,
said point being the Point of Beginning; proceed thence Northerly along a line North 0 deg. 10' 05"
East a distance of approximately 208 feet to a point; proceed thence Westerly along a line North 89
deg. 25' 35" West a distance of approximately 380.92 feet; proceed thence Southerly along a line
South 0 deg. 34' 25" West a distance of approximately 208 feet to a point; proceed thence easterly
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along a line South 89 deg. 23' 35" East, a distance of approximately 382.39 feet to Point of
Beginning, excluding Holt Avenue right-of-way, and LESS AND EXCEPT that part thereof lying
West of the West right of way line of Holt Avenue.
LESS AND EXCEPT FROM SAID Parcels II and III that part, if any, of the land as conveyed to the
City of Clearwater for right of way by Warranty Deed recorded in Official Records Book 2410, Page
349, Public Records of Pinellas County, Florida.
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Prepared by: Matthew J. Mytych
Return to: Terry Malcolm -Smith
City of Clearwater
Dept. of Economic Development & Housing -
P. 0. Box 4748
Clearwater, FL 33758
CITY OF CLEARWATER
AMENDED AND RESTATED PROMISSORY NOTE
Exhibit 'B"
Loan Amount: $1,097,340.00
Closing Date: December , 2024
Property Address: 1101 Holt Avenue, Clearwater, FL 33755 (the "Property")
Parcel I.D. 10-29-15-00000-130-0400
1. BORROWER'S PROMISE TO PAY
For value received, Homeless Emergency Partnership, Inc. ("Borrower") promises to pay the sum of
One Million Ninety -Seven Thousand Three Hundred Forty Dollars and 00/100 Cents
($1,097,340.00) in U.S. dollars (this amount is called "principal") to the order of the City of
Clearwater, Florida, a Florida municipal corporation ("Lender") whose mailing address is P.O. Box
4748, City of Clearwater, FL 33758. Lender or anyone who takes this note by transfer and who is
entitled to receive the value as evidenced by this note (this "Note" or "Security Instrument") is called
the "Note Holder".
The payment of this Note is secured by that certain mortgage recorded in O.R. Book 17034, Page
2326 as modified by that certain mortgage modification agreement recorded at O.R. Book 17433,
Page 2109, as modified by that certain mortgage modification agreement recorded at O.R. Book
19191, Page 1863, as modified by that certain mortgage modification agreement recorded at O.R.
Book 20824, Page 801, and as modified by that certain mortgage modification agreement entered
into on even date herewith all recorded in the Public Records of Pinellas County, Florida
(collectively the "Mortgage").
2. INTEREST
The interest rate on this Security Instrument will be 1.50% per annum. Should Borrower, transfer,
assign, sell, mortgage, or refinance without prior written approval of the Note Holder, or fail to meet
the obligations established by this Note, the Mortgage, or the Declaration of Restrictive Covenants
recorded in O.R. Book 17034, Page 2333 of the Public Records of Pinellas County, Florida (the
"Restrictive Covenants") (collectively, "Loan Documents"), or any applicable restrictions or laws, or
in any manner dispose of all or a portion of the property which is subject to this Note and the
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Mortgage, other than to provide for affordable rental housing, then the principal and interest, if
any, hereunder shall at the option of the Note Holder, become immediately become due and payable,
and such outstanding principal shall begin to bear interest immediately at the rate of three percent
(3%) per annum from the date of such default (the "Default Rate").
3. PAYMENTS
No payments on principal or interest shall be due or accrue for a period of sixty (60) months from
January 1, 2025 (the "Deferral Period"). Beginning on January 1, 2030, payments will commence
on the outstanding Principal balance, less the forgiven principal balance specified below, plus
interest at a rate of one and a half percent (1.5%) per annum, shall be due and payable in monthly
installments. Payments on this Note are due and payable on the first (1st) day of every month in two
hundred forty (240) consecutive monthly installments of principal and interest, commencing on
January 1, 2030, and ending on December 1, 2049 (the "Due Date") in lawful money of the United
States.
Lender will forgive Two Hundred Ninety -Nine Thousand Two Hundred Fifty Dollars And
00/100 Cents ($299,250.00) of the principal balance (the "Forgiven Principal Balance") upon the
Due Date, provided Borrower has utilized the Property to provide affordable rental housing in
compliance with the Restrictive Covenants on the Property, Lender's conditions, and has not
otherwise defaulted under the Loan Documents. Interest will neither be paid nor accrued on the
Forgiven Principal Balance.
Monthly payments will be in the amount of Three Thousand Eight Hundred Fifty -One Dollars
and 15/100 Cents ($3,851.15) in U.S. Dollars, blended of principal and interest. Borrower will
make monthly payment to the Note Holder at P.O. Box 4748, Clearwater, Florida 33758, or at a
different place if required by the Note Holder. If the Note Holder has not received the full amount of
any monthly payments by the end of fifteen (15) calendar days after the date it is due, Borrower will
pay a late charge to the Note Holder. The amount of the late charge will be the lesser of $ 25.00 or
five percent (5%) of the overdue payment of principal and interest. Borrower will pay this late
charge promptly but only once for each late payment.
Demand, protest and notice of demand and protest are hereby waived and Borrower hereby waives,
to the extent authorized by law, any and all homestead and other exemption rights which otherwise
would apply to the debt evidenced by this Note.
4. BORROWER'S RIGHT TO PREPAY
Borrower has the right to prepay the balance due on this Note according to the amount owed. A
payment of principal only before such amount is due is known as a "Prepayment". When a
Prepayment is made, Borrower must notify the Note Holder, in writing, that they are doing so. Full
Prepayment or partial Prepayments may be made without paying any Prepayment charge. The Note
Holder will use all Prepayments to reduce the amount of principal that is owed under this Note. If a
partial Prepayment is made, there will be no change in the Due Date, unless the Note Holder agrees,
in writing, to this change.
5. LOAN CHARGES
If a law, which applies to this loan and which sets maximum loan charges, is finally interpreted so
Initials 2
that the interest or other loan charges collected in connection with this loan exceed the permitted
limit, then any sum already collected which exceeded permitted limits shall be credited as a payment
of principal, unless Borrower shall notify the Note Holder, in writing, that Borrower elects to have
such excess sum returned to it forthwith.
6. DEFAULT AND REMEDIES
The occurrence of any event of default or a failure to perform in accordance with any of the terms
and conditions set forth in this Note, the other Loan Documents, or any other applicable restriction
or laws shall constitute a default of this Note. A default under this Note or the Mortgage shall entitle
the Note Holder to accelerate the sums due under this Note and file suit to recover on the amount
owed. If suit is instituted by the Note Holder to recover on this Note, Borrower agrees to pay all
costs of such collection including reasonable attorney's fees and court costs. Failure of the Note
Holder to exercise any option to which it may be legally entitled to enforce the terms of this Note
shall not constitute a waiver of such default, enforcement of any other terms and conditions, or any
rights or remedies.
In the event of default under this Note or the Mortgage, the Note Holder's remedies shall include but
not be limited to the right to acceleration of all sums due under this Note and foreclosure on the land
subject to the Mortgage; and, the Note Holder shall be entitled to collect any costs related to
foreclosure, including reasonable attorney's fees. The Note Holder retains all other rights and
remedies available at law or in equity.
7. BORROWER'S FAILURE TO PAY AS REQUIRED
(A) No Waiver By Note Holder
The remedies of the Note Holder, as provided herein, shall be cumulative and concurrent and may be
pursued regularly, successively or together, at the sole discretion of the Note Holder, and may be
exercised as often as occasion therefore shall arise. No act of omission or commission of the Note
Holder, including specifically any failure to exercise any right, remedy or recourse, shall be deemed
to be a waiver or release of the same, such waiver or release to be affected only through a written
document executed by the Note Holder, and then only to the extent specifically recited therein. A
waiver or release with reference to any one event shall not be construed as continuing as a waiver or
release of any subsequent right, remedy or recourse as to a subsequent event. Even if, at a time
when Borrower is in default, the Note Holder does not require immediate payment in full, as
described above, the Note Holder will still have the right to do so if a default occurs at a later time.
(B) Payment of Note Holder's Costs and Expenses
In the event the Note is collected by law or through an attorney at law, or under advice therefrom,
the Note Holder will have the right to be paid back for all of its costs and expenses in enforcing this
Note to the extent not prohibited by applicable law. Those expenses include, for example,
reasonable attorney's fees, which are defined to include, without limitation, all fees incurred in all
matters of collection and enforcement, construction, and interpretations, before, during and after
trial, proceedings and appeals, as well as appearances in reorganization or similar proceedings, and
the cost of paraprofessional personnel working under supervision of an attorney.
8. GIVING OF NOTICES
Unless applicable law requires a different method, any notice that must be given to Borrower under
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this Note will be given by personally delivering it or by mailing it by first class mail to Borrower at
the address noted above for the Property, or at a different address if Borrower gives the Note Holder
a notice of my different address.
Any notice that must be given to the Note Holder under this Note will be given by delivering it or by
mailing it by first class mail to the Note Holder, at the address stated in Section 1 or at a different
address if the Note Holder gives notice of that different address.
9. OBLIGATIONS OF PERSONS UNDER THIS NOTE
If more than one person signs this Note, each person is fully and personally obligated to keep all of
the promises made in this Note, including the promise to pay the full amount owed. Any person who
is a guarantor, surety or endorser of this Note is also obligated to do these things. Any person who
takes over these obligations, including the obligations of a guarantor, surety or endorser of this Note,
is also obligated to keep all of the promises made in this Note. The Note Holder may enforce its
rights under this Note against each person individually or against all of obligated persons together.
This means that any one of the signing persons may be required to pay all of the amounts owed
under this Note.
10. WAIVERS
All persons now or at any time liable, whether primarily or secondarily, for the payment of the
indebtedness hereby evidenced, for themselves, their heirs, legal representatives, successors and
assigns respectively, hereby (a) expressly waive the rights of presentment, demand for payment,
notice of dishonor, protest, notice of nonpayment or protest, and diligence in collection.
"Presentment" means the right to require the Note Holder to demand payment of amounts due.
"Notice of Dishonor" means the right to require the Note Holder to give notice to other persons that
amounts due have not been paid. (b) consent that the time of all payments or any part thereof may
be extended, rearranged, renewed or postponed by the Note Holder hereof and further consent that
the collateral security or any part thereof may be released, exchanged, added to or substituted for by
the Holder hereof, without in anyway modifying, altering, releasing, affecting or limiting their
respective liability or the lien of any security instrument; (c) agreed that the Note Holder, in order to
enforce payment of this Note, shall not be required first to institute any suit or to exhaust any of its
remedies against Borrower or any other person or party to become liable hereunder. This Note and
the instruments securing it have been executed and delivered in, and their terms and provisions are to
be governed and construed by the laws of the State of Florida.
In this Note, whenever the context so requires, the neuter gender includes the feminine and/or
masculine, as the case may be, and the singular number includes the plural.
11. COPY RECEIVED
Borrower hereby acknowledges receipt of a copy of this instrument.
Notice to Borrower
Do not sign this Note if it contains blank
spaces. All spaces should be completed before you sign.
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IN WITNESS WHEREOF, this Note has been duly signed by Borrower on or as of this day of
, 2024.
(BORROWER SIGNATURE PAGE)
In the presence of: HOMELESS EMERGENCY PROJECT, INC.,
a Florida not-for-profit corporation.
Witness name: Print name:
Address: Title:
Date:
Witness name:
Address:
STATE OF FLORIDA )
COUNTY OF PINELLAS )
The foregoing instrument was acknowledged before me by means of ❑ physical presence or
❑ online notarization, this day of , 2024, by , as
of Homeless Emergency Project, Inc., who is personally known to me or
who has produced as identification.
Notary Public, State of Florida
(NOTARIAL SEAL) Name of Notary:
My Commission Expires:
My Commission No.:
Initials 5