HOME INVESTMENT PARTNERSHIP PROGRAM HOMEBUYER AGREEMENTHOME INVESTMENT PARTNERSHIPS PROGRAM
HOMEBUYER AGREEMENT
BY AND BETWEEN CITY OF CLEARWATER, FLORIDA AND
MARISSA SATOR HENDRICK
NOTICE TO HOMEBUYER: This agreement explains the terms of the homeownership
assistance you are receiving through the HOME Investment Partnerships Program. This
Agreement is separately enforceable from the Note, Mortgage, and the Land Use Restriction
Agreement. Read each paragraph carefully and ask questions regarding any section you do not
fully understand before you sign.
THIS HOME INVESTMENT PARTNERSHIPS AGREEMENT (this "Agreement")
is made and entered into by and between the CITY OF CLEARWATER, FLORIDA, a Florida
municipal corporation, whose mailing address is P.O. Box 4748, Clearwater, Florida 33758 (the
"City") and MARISSA SATOR HENDRICK, whose mailing address is 701 South Madison
Avenue, #506, Clearwater, FL 33755 (the "Homebuyer").
WHEREAS, the City is a Participating Jurisdiction under the HOME Investment
Partnerships Program (the "HOME Program") administered by the United States Department of
Housing and Urban Development ("HUD"); and
WHEREAS, on August 7, 2025, the City of Clearwater City Council through approval of
the FY 25/26 Annual Action Plan authorized the City to proceed with its "Homeownership
Assistance Program" providing loan funds to help first time homebuyers to cover part of their
down payment, closing costs, and gap assistance when purchasing homes within the city limits of
the City Clearwater (the "Program"); and
WHEREAS, the HOME regulations at 24 CFR 92 govern the City's implementation of
the HOME Program and are made a part this Agreement; and
WHEREAS, the City has partnered with Clearwater Neighborhood Housing Services,
Inc. through that certain HOME Agreement dated January 13, 2026, under which Clearwater
Neighborhood Housing Services, Inc. administers the Program on the City's behalf and the City
provides the HOME funding directly to the Homebuyers; and
WHEREAS, the City has determined that the Homebuyer meets the HOME Program
eligibility requirements to purchase the housing unit located at 701 South Madison Avenue, #506,
Clearwater, FL 33755 (the "Property") at the purchase price of $160,000.00 (the "Purchase
Price") and will assume fee simple ownership upon closing; and
WHEREAS, the City has approved a loan from its Homeownership Assistance Program
in an amount not to exceed $40,000.00.
NOW THEREOF, for and in consideration of the mutual covenants and agreements of
the parties, and other good and valuable considerations, the receipt and sufficiency of which is
hereby acknowledged and agreed by each of the parties, the City and the Homebuyer do hereby
covenant and agree as follows:
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SECTION I: GENERAL PROVISIONS AND FUNDINGS ASSISTANCE
a) Recitals. The recitals set forth above are true and correct and are incorporated herein
and made part of this Agreement.
b) Definitions. The following defined terms are used throughout this Agreement:
I. The "Mortgage": means the recorded security agreement securing the
Property as collateral for payment of the Note.
II. The "Note": means the written promise to pay the loan specified in this
Agreement given to the Homebuyer by the City.
III. The "LURA": means the land use restriction agreement between the
Homebuyer and City that places certain restrictions on the Property to
ensure the affordability requirements of the HOME Program.
c) Legal Description of the Property. The legal description for the Property purchased by
the funds provided under this Agreement is attached hereto as Exhibit "A".
d) The City will provide the Homebuyer a loan in the amount not to exceed Forty
Thousand Dollars & 00/100 Cents ($40,000.00) (the "Loan") to assist the Homebuyer
with a down payment, closing costs, and gap financing (if needed) therefore
representing direct assistance to the Homebuyer.
e) The Homebuyer agrees that the Loan will be used. at closing for a down payment,
closing cost, and gap financing (if needed). The Homebuyer may not receive any
portion of these funds as cash back. The Loan will reduce the total amount of funds the
Homebuyer will be required to borrow from a bank, credit union, or other lending
institutions in order to purchase the Property.
f) Separate from the HOME funds awarded under this Agreement, the City may in
accordance with 24 CFR § 92.206(d) use its allocation of HOME funds to pay for
certain reasonable and necessary soft costs incurred not more than twenty-four (24)
months before HOME funds were committed to this project including but not limited
to environmental reviews and property inspections.
g)
Low -Income Homebuyer: The Homebuyer attests, and the City has verified, that the
Homebuyer qualifies as a low-income individualor household as defined by the HOME
Program. "Low-income" is defined as an individual or household whose income does
not exceed eighty percent (80%) of the Area Median Income (AMI) as defined by
HUD.
h) Decent Safe Affordable Housing: the City has verified that the Purchase Price of the
housing does not exceed 95 percent (95%) of the median price of homes for the area,
as set forth in 24 CFR § 92.254(a).
i) Property Standards: Pursuant to HOME Program rules, the Property must meet all State
and local housing quality standards and code requirements.
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SECTION II. AGREEMENT AND LOAN TERMS
The Homebuyer hereby agrees to the following terms and conditions:
a) This Agreement shall automatically terminate if the Homebuyer does not close and take
title to the Property on or before March 13, 2026.
b) The Homebuyer must contribute a minimum of one thousand dollars and 00/100 cents
($1,000.00) of the Purchase Price towards the purchase of the Property.
c) The Maximum Debt to Income ("DTI") ratio cannot exceed fifty percent (50%).
d) Total household assets cannot exceed fifty thousand dollars and 00/100 cents
($50,000.00).
e) The Homebuyer shall comply with the repayment terms specified in the Mortgage and
the Note.
f) The Homebuyer must have sufficient cash reserve after closing of at least two (2) times
the total monthly housing expenses, including principal, interest, taxes, insurance, and
any association fees.
g) If the Homebuyer is determined to be in violation of this Agreement, the full amount
of the Loan may at the City's discretion become due and payable.
h) Any material discrepancies or misstatements may result in the disqualification from
participation in the Program and shall be deemed a breach of this Agreement and the
other loan documents which may cause the full amount of the Loan to become due and
payable.
SECTION III. PERIOD OF AFFORDABILITY AND TERM OF AGREEMENT
a. Period of Affordability. The period of affordability for the Property will begin on the
date the LURA is recorded in Public Records of Pinellas County, Florida and remain
in effect for ten (10) years (the "Period of Affordability). During the Period of
Affordability (barring a sale or transfer of title of the Property which shall be governed
by Section VII.) the Homebuyer shall at all times maintain the Property as their
principal residence. Should the Homebuyer cease to maintain the Property as their
principal residence, the Homebuyer will be in breach of this Agreement and subject to
the default and enforcement provisions under this Agreement, the Mortgage, the Note,
and the LURA.
b. Term of Agreement. This Agreement shall be effective upon the date of its execution
and remain in effect until the end of the Period of Affordability (the "Tenn").
SECTION IV. HOMEBUYER REPRESENTATIONS
By signing this Agreement, the Homebuyer attests that the following is true and correct:
a) That all information and documentation provided by the Homebuyer are true and
correct.
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b) The Homebuyer has fully disclosed all income and assets warrants that their household
or financial situation has not changed materially since the application for assistance
under the HOME Program was made.
c) The Homebuyer completed the 8 -Hour Homeownership Education Class, held by a
HUD -approved housing counseling agency.
d) The Homebuyer has agreed to purchase a housing unit that meets HOME Program
requirements, and understands that the housing unit must meet the Program's property
standards prior to purchase.
e) The Homebuyer understands and agrees to all other requirements stated in this
Agreement.
SECTION V. HOMEBUYER RESPONSIBILITIES
The Homebuyer agrees to the following requirements:
a) The Homebuyer will occupy the Property as their principal residence, as described in
Section VI, for the Period of Affordability.
b) The Homebuyer will maintain the Property, maintain hazard insurance, and pay all
required taxes during the term of this Agreement as described in Section VIII.
c) The Homebuyer will comply with the refinancing policy stated in Section IX.
d) Pursuant to 8 U.S.C. § 1611, Homebuyer certifies that they are either a U.S. citizen or
a qualified alien as defined under 8 U.S.C. § 1641 (b) eligible to receive a Federal public
benefit under this Agreement, unless an exemption applies.
e) In the event of sale of the Property during the Period of Affordability, the Homebuyer
will notify the City and comply with recapture requirements in Section VII. Notice to
the City of such an event shall be sent to:
City of Clearwater
Economic Development & Housing Department
P.O. Box 4748
Clearwater, FL 33758
SECTION VI. PRINCIPAL RESIDENCE
a) The housing is single-family housing as required under 24 CFR § 92.2554(a)(1).
b) The Homebuyer intends to occupy the Property as their principal homestead residence
for a period of ten (10) years from the date of initial occupancy in keeping with
requirements of 24 CFR Part 92.254(a)(4).
c) In the event the Homebuyer fails to occupy the Property as their principal residence
during the Period of Affordability, the Homebuyer shall be in default of this
Agreement.
SECTION VH. RECAPTURE AND SHARED EQUITY
Should the Homebuyer convey their home during the Period of Affordability, the City shall initiate
the following recapture process:
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A. Upon voluntary conveyance of the home, the City shall recapture from the net proceeds of
the sale, the unpaid balance of the HOME funds. If the Property is transferred without a
sale, the City shall recapture the unpaid balance of the HOME funds.
B. After the City has been repaid the unpaid balance of the HOME funds, the Homebuyer may
then recover their initial investment of the remaining net proceeds from the sale. The initial
investment shall include the amount they contributed to the down payment when the
Property was initially purchased and any documented permanent improvements made to
the Property at time of acquisition.
C. Any balance of the net proceeds remaining after repayment of the unpaid balance of the
City's HOME funds and the Homebuyer's recoupment of their initial investment shall be
divided proportionally between the Homebuyer and the City in accordance with each
parties' initial investment percentage in the Property compared to each other. The City's
initial investment percentage shall be calculated to include all grants and loans of HOME
or other City funds provided to the Homebuyer, minus any repayments previously made to
the City.
Pursuant to 24 CFR § 92.254(a)(5)(ii), Under no circumstances may the City recapture funds
exceeding the net proceeds. The net proceeds are the sales price minus superior loan repayment
(other than HOME funds) and any closing costs.
In the event the Property is conveyed pursuant to a foreclosure sale, the provisions of 24 CFR §
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 Homebuyer is not required, and HOME Program requirements are
considered to be satisfied
Notwithstanding the above provision, the City may recapture the unpaid balance of HOME funds
should the Homebuyer otherwise default under the terms of any mortgage, note, land use
restriction agreement, or any other agreement or covenant executed in connection with the
acquisition.
SECTION VIII. INSURANCE AND TAXES
The Homebuyer shall pay all property taxes due on the Property prior to any delinquency, and
shall maintain adequate casualty and property insurance on the Property until the Mortgage is
satisfied. Such insurance coverage shall be in an amount sufficient to cover either (i) the principal
balance of all mortgages encumbering the Property, or (ii) the estimated replacement cost of the
property, as determined by the insurance company insuring the Property.
Subject to any senior mortgage, the Homebuyer shall keep the improvements now existing or
hereafter erected on the Property insured against loss by fire, hazards included within the term
"extended coverage", and such other hazards as the City may require, and in such amounts and for
such periods as the City may require; provided, that the City shall not require that the amount of
such coverage exceed that amount of coverage required to pay the sums secured by the Mortgage.
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SECTION IX. REFINANCING
During the Term, the Homebuyer shall notify the City of their intent to refinance any loan that is
senior to the Mortgage. The City may only approve subordination of the Loan to a new loan in
compliance with its then current refinancing policy.
SECTION X. CITY RESPONSIBILITIES
The City, as the Participating Jurisdiction, is ultimately responsible to HUD for compliance with
all HOME requirements, including the ongoing enforcement of this Agreement.
a) The City has determined the Homebuyer's household qualifies as income -eligible using
24 CFR § 5.609.
b) The City has determined the Property is eligible under the HOME Program's
requirements, including program purchase price limits and property standards.
c) The City has completed the environmental review required by 24 CFR Part 58 and
determined that the Property and assistance meet federal requirements.
d) The City has determined the amount of the Loan to be reasonable and in compliance
with Program requirements and its underwriting policy and may adjust the assistance
based on final price, costs, and underwriting.
e) The City will record the Mortgage, the Note, and the LURA.
f) The City shall retain this Agreement, the LURA, the Mortgage, and the Note for the
Term.
g) The City will monitor the Homebuyer's file on an annual basis to ensure compliance
with program regulations. The monitoring will include, but not be limited to:
o Property Taxes Inquiry; and
o Homeowners Insurance Review:
SECTION XI. DEFAULT AND ENFORCEMENT
In the event that the Homebuyer violates any terms of this Agreement, or any other
agreement between the Homebuyer and the City related to the Loan, the City shall issue a notice
of violation to the Homebuyer. Upon receipt of such a notice, the Homebuyer agrees to remedy
the violation within thirty (30) days of the date of the City's notice or, in the case of violations
requiring longer cure periods, the City may allow for a period of up to ninety (90) days to correct
the violation. Upon the Homebuyer's failure to correct the violation within the allocated time, the
City may take corrective action including but not limited to suing for specific performance,
requiring repayment of all or a portion of HOME funds provided under this Agreement, initiating
foreclosure proceedings, barring the Homebuyer from participation in any future allocation of
HOME or other grant funds, and seeking any other available legal or equitable remedies.
SECTION XII. NOTICE
Except for any notice required under applicable law to be given in another manner, all
notices provided for herein shall be sent by certified or registered return receipt requested mail,
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addressed to the appropriate party at the address designated for such party in the preamble to this
Agreement, or such other address as the party who is to receive such notice may designate in
writing. Notice shall be completed by depositing the same in a letterbox or other means provided
for the posting of mail addressed to the party with the proper amount of postage affixed thereto.
Actual receipt of notice shall not be required to effect notice hereunder.
SECTION XIII INDEMNIFICATION
The Homebuyer agrees to indemnify, defend, and save harmless the City, its officers, agents,
directors and employees from any claims or losses resulting to any person or firm injured or
damaged by the erroneous, willful, or negligent acts or omissions, including disregard of Federal,
State, or local statutes or regulations by the Homebuyer in the performance of this Agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on this la►
day of(& , 2026.
(CITY OF CLEARWATER SIGNATURE PAGE)
Approved as to Form:
Matthew J. Mytych, Esq.
Assistant City Attorney
Date:
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City of Clearwater, Florida,
a Florida municipal corporation.
Je ' er irrier
City Man �a',
Date: Y0
Attest:
Rosemarie Call
City Clerk
040
A, 20No
(HOMEBUYER SIGNATURE PAGE)
MARISSA SATOR HENDRICK
Print name:
Date:
STATE OF FLORIDA )
COUNTY OF PINELLAS )
The foregoing instrument was acknowledged before me by means ❑ physical presence or o online
notarization, this day of , 2026 by , who 0 is/are
personally known to me or o who has/have produced a driver's license as identification.
Notary Public, State of Florida
(NOTARIAL SEAL) Name of Notary:
My Commission Expires:
My Commission No.:
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Exhibit "A"
Legal Description
Unit 506 of LAKESIDE CROSSING, a Condominium according to the Declaration of
Condominium thereof recorded in Official Records Book 15411, page 2126, of the Public Records
of Pinellas County, Florida, and all amendments thereto, together with its undivided share in the
common elements.
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