R13-023 I
1 RESOLUTION NO. R13- 1i74
2
3 A RESOLUTION OF THE CITY COMMISSION OF
4 THE CITY OF BOYNTON BEACH, FLORIDA,
5 APPROVING THE SUBORDINATION OF THE CITY'S
6 MORTGAGE WITH MARTY DUNCAN IN FAVOR OF
7 U.S. BANK NATIONAL ASSOCIATION;
8 AUTHORIZING THE CITY MANAGER TO EXECUTE
9 THE SUBORDINATION AGREEMENT BY THE CITY
10 OF BOYNTON BEACH IN FAVOR OF U.S. BANK
11 NATIONAL ASSOCIATION; AND PROVIDING AN
12 EFFECTIVE DATE.
13
14 WHEREAS, upon recommendation of staff, the City Commission has determined
15 that it is in the best interests of the residents of the City to authorize the City Manager to
16 execute a Subordination Agreement in favor of U.S. Bank National Association for Marty
17 Duncan.
18 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
19 THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
20 Section 1. The foregoing "Whereas" clauses are hereby ratified and confirmed as
21 being true and correct and are hereby made a specific part of this Resolution upon adoption
22 hereof.
23 Section 2. The City Commission of the City of Boynton Beach, Florida does
24 hereby approve the request for subordination of the City's Mortgages and authorize the City
25 Manager to execute the Subordination Agreement for Marty Duncan in favor of U.S. Bank
26 National Association, a copy of which is attached hereto as Exhibit "A ".
27 Section 3. This Resolution shall become effective immediately upon passage.
28
1 PASSED AND ADOPTED this 5 -.41 day of March, 2013.
2
3 CITY • F BOYNTON BEACH . FLORIDA
4
5 4/ i a
6 Mayor - ::.
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9 - ayor - Ma
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14 4 .. 111 411P r'.
15 Commiss - o zman
17
18 Commi oner - Wa e Segal
19 ATTEST:
20
21
22 t'r
23 Ja -t M. Prainito, MMC
24 it Clerk
30 eif
31 (St I .ova . e al)
This Instrument Prepared by and Return to:
JAMES A. CHEROF
GOREN, CHEROF, DOODY AND EZROL, P A.
3099 East Commercial Boulevard
Suite 200
Fort Lauderdale, Florida 33308
SUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT (the "Agreement ") is made this day of
, 2013 by the City of Boynton Beach, a Florida municipal corporation, whose address
is 100 East Boynton Beach Boulevard, Boynton Beach, Florida, 33435 (hereinafter the "CITY ") in
favor of US BANK NATIONAL ASSOCIATION, whose address is 3151 Highland Pointe Drive,
Owensboro, KY 42303 (hereinafter "US BANK ").
WITNESSETH:
WHEREAS, the CITY is the owner and holder of a certain Promissory Note in the
original principal amount of Thirty-three Thousand Six Hundred and 00 /100 Dollars
($33,600.00), executed by Marty James Duncan, a single man (the "Mortgagor "), dated
December 31, 2007, which note is secured by that certain Mortgage of even date and
recorded on January 11, 2008 in Official Records Book 22378, Page 0643 of the Public
Records of Palm Beach County, Florida (the "City Mortgage "); and
WHEREAS, Mortgagor is the owner in fee simple of the following described real
property (the "Property"), which Property is encumbered by the City Mortgage:
Lot 140 and the South 25 feet of Lot 141, LAUREL HILLS THIRD
ADDITION, according to the Plat thereof on file in the Office of the Clerk
of the Circuit Court in and for Palm Beach County, Florida, recorded in
Plat Book 23, Page 126.
WHEREAS, US BANK has agreed to make a mortgage loan to the Mortgagor in the
amount of $117,300.00, secured by a mortgage encumbering the Property (hereinafter the
"New Mortgage "), provided that the City's Mortgage is subordinated to the New Mortgage;
THEREFORE, in consideration of the sum of Ten Dollars and 00 /100 ($10.00) and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the CITY hereby represents, covenants and agrees as follows:
1. That the foregoing recitals are true and correct and incorporated herein as if
set forth in full.
2. That the City's Mortgage has not been assigned, pledged or transferred in any
manner whatsoever other than as set forth above.
3. That the City's Mortgage is and shall be subject, subordinate, junior and
inferior to the New Mortgage given by Mortgagor to US BANK dated
and recorded in Official Records Book , Page
of the Public Records of Palm Beach County, Florida. The City's
Mortgage is only subordinate to the first $117,300.00 of US BANK'S New
Mortgage and is not subordinate to any addition or future advances which
may be made under the New Mortgage.
4. That this Agreement shall bind and inure to the benefit of the parties hereto,
their respective heirs, successors and/or assigns.
IN WITNESS WHEREOF the undersigned has duly executed this Agreement on
, 2013.
Signed, sealed and delivered CITY OF BOYNTON BEACH
Lori LaVerriere
City Manager
STATE OF FLORIDA
COUNTY OF PALM BEACH
The foregoing instrument was acknowledged before me on this day of
, 2013 by , as
of the City of Boynton Beach, who is either personally known to me or has produced a
Florida Driver's License as identification.
NOTARY PUBLIC
My Commission Expires:
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