R15-052 1 RESOLUTION NO. R15 -052
2
3 A RESOLUTION OF THE CITY OF BOYNTON BEACH,
4 FLORIDA, APPROVING THE SUBORDINATION OF THE CITY'S
5 MORTGAGE WITH LAURA GARY, IN FAVOR OF JPMORGAN
6 CHASE BANK, N.A.; AUTHORIZING THE CITY MANAGER TO
7 SIGN THE SUBORDINATION AGREEMENT; AND PROVIDING
8 AN EFFECTIVE DATE.
9
10 WHEREAS, upon recommendation of staff, the City Commission has determined
11 that it is in the best interests of the residents of the City to authorize the City Manager to sign
12 a Subordination Agreement in favor of JPMorgan Chase Bank, for Laura Gary.
13 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
14 THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
15 Section 1. The foregoing "Whereas" clauses are hereby ratified and confirmed as
16 being true and correct and are hereby made a specific part of this Resolution upon adoption
17 hereof.
18 Section 2. The City Commission of the City of Boynton Beach, Florida does
19 hereby approve the request for subordination of the City's Mortgage and authorize the City
20 Manager to sign the Subordination Agreement for Laura Gary in favor of JPMorgan Chase
21 Bank, N.A., a copy of which is attached hereto as Exhibit "A ".
22 Section 3. This Resolution shall become effective immediately upon passage.
23
24
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25 PASSED AND ADOPTED this 19 day of May, 2015.
26 CITY OF BOYNTON BEACH, FLORIDA
27
28 YES NO
29
30 Mayor — Jerry Taylor
31
32 Vice Mayor — Joe Casello ✓
33
34 Commissioner — David T. Merker ✓
35
36 Commissioner — Mack McCray
37
38 Commissioner — Michael M. Fitzpatrick
39
40
41 VOTE 5 -0
42
43 ATTEST:
44
46 a-cx.w..4.
47 Jan t M. Prainito, MMC
48 Cl
49 G�� p �
50 e
51
52 e Seal) „;
53 0
' 0 N �yr
54
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This Instrument Prepared by:
Stacey R. Weinger, Esquire
GOREN, CHEROF, DOODY AND EZROL, P.A.
3099 East Commercial Boulevard, Suite 200
Fort Lauderdale, Florida 33308
PI5-D5,
SUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT (the "Agreement ") is made this day of
, 2015 by the City of Boynton Beach, a Florida municipal corporation, (the
"CITY ") in favor of JPMorgan Chase Bank, N.A., ( "Lender ").
WITNESSETH:
WHEREAS, the CITY is the owner and holder of that certain Corrective Mortgage and
Security Agreement in the original principal amount of Twenty Thousand Eight Hundred Fifty and
00 /100 Dollars ($20,850.00), executed on April 25, 2006, which Corrective Mortgage was recorded
on October 12, 2006, in Official Records Book 20957, Page 1125 of the Public Records of Palm
Beach County, Florida (collectively referred to as the "Mortgage ") by Laura Gary, a single woman
(referred to as the "Mortgagor "), and
WHEREAS, Mortgagor is the owner in fee simple of the following described real property
(the "Property"), which Property is encumbered by the Mortgage:
Lot 3, Block 24, ROLLING GREEN RIDGE FIRST ADDITION, according to the
Plat thereof recorded in Plat Book 24, Page 223 of the Public Records of Palm
Beach County, Florida.
Tax Parcel No. 08- 43- 45- 16 -01- 024 -0030
WHEREAS, Lender has agreed to refinance the Mortgagor's loan, and grant a mortgage loan
to the Mortgagor in an amount not to exceed $56,250.00 to be secured by a first mortgage
encumbering the Property (hereinafter the "New Mortgage "), provided that the CITY's Mortgage,
currently in second position, 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. The foregoing recitals are true and correct and incorporated herein as if set forth in
full.
2. The Mortgage has not been assigned, pledged or transferred in any manner
whatsoever other than as set forth above.
3. The Mortgage is and shall be subject, subordinate, junior and inferior to the New
Mortgage in the principal amount not to exceed $56,250.00 given by Mortgagor to
Lender, of even date and simultaneously recorded herewith in the Public Records of
Palm Beach County, Florida. This subordination is only to the extent of the
$56,250.00 loan and does not apply to any addition or future advances which may be
made under the New Mortgage.
4. 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
, 2015.
Signed, sealed and delivered CITY OF BOYNTON BEACH, a
in the presence of: Florida municipal corporation
By: Lori LaVerriere, City Manager
STATE Oh FLORIDA
COUNTY OF PALM BEACH
The foregoing instrument was acknowledged before me on this day of , 2015 by Lori
LaVerriere, City Manager of the City of Boynton Beach, on behalf of the CITY, who is either
personally known to me or has produced a Florida Driver's License as identification.
NOTARY PUBLIC
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q�QF�Me a � OMB Approval No. 2502 -0265
*
Good Faith Estimate (GFE)
1 j D d w £ Borrower Laura Gary
4 944N DOE'
Nemo of Originator JPMorgan Chase Bank, N.A.
Originator 4900 Memorial Highway, Floor 3, Tampa, FL Property 2501 NE 1ST LN, BOYDTTON BEACH, FL 33435
Address 33634 -7536 Address
Originator Phone Number (561) 738 -5101
Originator Email lynn.simbrat @chase.com Date of GFE April 13, 2015
Purpose This GFE gives you an estimate of your settlement charges and loan terms if you are approved for this loan. For more
information, see HUD's Special Information Booklet on settlement charges, your Truth - in - Lending Disclosures,
and other consumer information at www.hud.gov /respa. If you decide you would Tike to proceed with this loan, contact us.
Shopping for Only you can shop for the best loan for you. Compare this GFE with other loan offers, so you can find the best loan.
your loan Use the shopping chart on page 3 to compare all the offers you receive.
Important 1. The interest rate for this GFE is available through lab /08/2015 . After this time, the interest rate,
dates some of your loan Origination Charges, and the monthly payment shown below can change until you lock your
interest rate.
2. This estimate for all other settlement charges is available through 105/01/2016
3. After you lock your interest rate, you must go to settlement within 160 1 days (your rate lock period) to receive the
locked interest rate.
4. You must lock the interest rate at least IN/A 1 days before settlement.
Summary of
Your initial loan amount is $ 56, 250.00
your loan
Your loan term is 30 years 0 months
Your initial interest rate is 4.750 %
Your initial monthly amount owed for principal,
interest, and any mortgage insurance is $ 293.43 per month
Can your interest rate rise? ® No ❑ Yes, it can rise to a maximum of
N/A %. The first change will be in
N/A
Even if you make payments on time, can your loan balance ® No ❑ Yes, it can rise to a maximum of
rise? $ N/A
Even if you make payments on time, can your monthly ® No ❑ Yes, the first increase can be in
amount owed for principal, interest, and any mortgage N/A and the monthly
insurance rise? amount owed can rise to
$ N/A . The maximum it can
ever rise to i5 $ N/A
Does your loan have a prepayment penalty? 12 No ❑ Yes, your maximum prepayment
penalty is $ N/A
Does your loan have a balloon payment? ® No ❑ Yes, you have a balloon payment of
$ N/A due in years.
•
Escrow Some lenders require an escrow account to hold funds for paying property taxes or other property - related charges in
account addition to your monthly amount owed of $ 293.43 J.
information Do we require you to have an escrow account for your loan?
❑ No, you do not have an escrow account. You must pay these charges directly when due.
® Yes, you have an escrow account. It may or may not cover all of these charges. Ask us.
Summary A Your Adjusted Origination Charges (See page 2.) 5 2,568.56
of your
settlement B Your Charges for All Other Settlement Services (See page 2.) S 3,619.80
charges
A + B Total Estimated Settlement Charges 8 6,188.36
1302393850
Good Faith Estimate (HUD -GFE) 11/17108
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Wolters Kluwer Financial Services o9
"RT11302393650 1296.1122"
Understanding Your Adjusted Origination Charge
your estimated 1. Our origination charge
settlement This charge is for getting this loan for you. 1,092.00
charges 2. Your credit or charge (points) for the specific interest rate chosen
❑ The credit or charge for the interest rate of N/A % is included in "Our
origination charge." (See item 1 above.)
❑ You receive a credit of $ IN /A for this interest rate of 1 N /Al %.
This credit reduces your settlement charges.
0 You pay a charge of $ 1,476.56 for this interest rate of 1 4.751%.
This charge (points) increases your total settlement charges.
The tradeoff table on page 3 shows that you can change your total settlement charges by
choosing a different interest rate for this loan. 1,476.56
A Your Adjusted Origination Charges I $ 2,568.56
Your Charges for All Other Settlement Services
Some of these
3. Required services that we select
charges can These charges are for services we require to complete your settlement.
change at We will choose the providers of these services.
settlement. See Service Charge Service Charge
the top of page 3 Appraisal Fee 410.00 Credit Report Fee 10.00_
for more Flood Certification 11.00
information.
431.00
4. Title services and lender's title insurance
This charge includes the services of a title or settlement agent, for example, and title
insurance to protect the lender, if required. 1,158.00
5. Owner's title insurance
You may purchase an owner's title insurance policy to protect your interest in the property. 0.00
6. Required services that you can shop for
These charges are for other services that are required to complete your settlement. We can
identify providers of these services or you can shop for them yourself. Our estimates for
providing these services are below.
Service Charge Service Charge
Survey Fee 325.00
325.00
7. Government recording charges
These charges are for state and local fees to record your loan and title documents. 185.00
S. Transfer taxes
These charges are for state and local fees on mortgages and home sales. 309.38
9. Initial deposit for your escrow account
This charge is held in an escrow account to pay future recurring charges on your property
and includes El all property taxes, El all insurance, and ❑ other N/A
1,065.02
10. Dally interest charges
This charge is for the daily interest on your loan from the day of your settlement until the
first day of the next month or the first day of your normal mortgage payment cycle. This
amount is SL?.32 1 per day for 120 days (if your settlement isI 05/12/20151). 146.40
11. Homeowner's insurance
This charge is for the insurance you must buy for the property to protect from a loss, such
as fire.
Policy Charge Policy Charge
0.00
g I Your Charges for All Other Settlement Services $ 3,619.80
A "f'1 B J Total Estimated Settlement Charge � a 1 $ 6,188.36
1302393860
Good Faith Estimate (HUD-GFE1 +- *It��i� 11/17/08
VMP
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Instructions This GFE estimates your settlement charges. At your settlement, you will receive a HUD -1, a form that lists your actual costs.
Compare the charges on the HUD -I with thc charges on this GFE. Charges can change if you select your own provider and do not use
the companies we identify. (See below for details.)
Understanding l 'ri e r The total of these - charges These cllargos
which charges cannot incre can increase up to 10 °r can change
Ettl �rnen ; of settlement: at sett 3 neat
can change at
settlement • Our origination charge :Required services th at we select . Required services that you can shop for
• Your credit or charge (points) for the Title services and lender's title (tf you do nat use companies we
specific interest rate chosen (after you insurance (V we select them or you Titles )
lock in your interest rate) use companies we identify) Title services and lender s title
• Your adjusted origination charges (after . Owner's title insurance (rfyou use insurance (lfyou do not use
you lock in your interest rate) companies we identify)
campanies we identify)
•Transfer taxes .Required services that you can shop • Owner's title insurance (fyou do not
for (rf you use companies we use companies we identify)
identi6) . Initial deposit for your escrow account
• Govemrnent recording charges . Daily interest charges
. Homeowner's insurance
Using the In this GFE, we offered you this loan with a particular interest rate and estimated settlement charges. However:
tradeoff table • If yo u want to choose th s ame Loan with lowe settlement charges, then you will have a higher interest rate.
• If you want to choose this same loan with a lower interest rate, then y ou will have higher settlement charges.
If you would like to choose an available option, you must ask us for a new GFE.
Loan originators have the option to complete this table. Please ask, for add information ijthe table is not completed
The same loan with The same loan �'itol a
1 ��� �lnan m This C + Iavve+ �ettiern +1t ch rges iOwr interest rate
Your initial loan amount $ 56, 250.00 $ $
Your initial interest rate l 4.750 %
Your initial monthly amount
owed $ 293.43 $ $
Change in the monthly No change You will pay S You will pay $
amount owed from this GFE more every month less every month
Change in the amount you will pay No change Your settlement charges Your settlement charges
at settlement with this interest rate will be reduced by will increase by
$ $
How much your total estimated
settlement charges will be $ 6,188.36 $ $
i For an adjustable rate loan, the comparisons above are for the initial interest rate before adjustments are mode,
Using the Use this chart to compare GFEs from different loan originators. Fill in the information by using a different column for each GFE you
shopping chart receive. By comparing loan offers, you can shop for the best loan.
lth'islnan
Loan originator name
Initial loan amount $
Loan term years
Initial interest rare
Initial monthly amount owed $ —
Rate lock period
Can interest rate rise?
Can loan balance rise?
Can monthly amount owed rise?
Prepayment penalty?
Balloon navment?
T ti Setttenn nt
Char+. yw " $ 6,188.36
If your loan is Some lenders may sell your loan after scttkment. Any fees lenders re ceive in the future cannot change the loan you receive or the
sold in the future charges you paid at settlement.
1302393650
Good Faith Estimate (HUD -GFE) 3 . 1' �� li 11/17/08
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i
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1302393650
04/13/2015
ADDITIONAL INFORMATION
EXPLAINING ASPECTS OF THE GOOD FAITH ESTIMATE (GFE)
The Good Faith Estimate is a requirement of the Federal Government. It gives you an estimate of settlement
charges and loan terms. We are providing you this additional document to explain which of your settlement
charges are being paid by Chase. The table below starts with the charges shown on the Good Faith Estimate
(GFE) and shows you an estimate of the cash you will need for settlement (closing) charges.
Total of Boxes 1 -8 on pg 2 of GFE + $ 4,976.94
Total of Boxes 9 -11 on pg 2 of GFE + $ 1,211.42
Total Charges $ 6,188.36
LESS charges paid by Chase - $ 0.00
LESS charges paid by Seller - $ 0.00
LESS charges paid at application - $ 410.00
LESS other credits - $ 0.00
LESS closing cost rebate - $ 420.00
Estimated cash you will need for Settlement Charges $ 5,358.36
ESTIMATED MONTHLY PAYMENT DETAIL
Your monthly payment covers principal and interest due and also other items such as taxes and insurance.
The table below shows the detail of your estimated monthly mortgage payment.
Principal & Interest* $ 293.43
Second Payment $ 0.00
Hazard Insurance $ 147.67
Property Taxes $ 29.83
Mortgage Insurance $ 0.00
Homeowner Association Dues $ 0.00
Flood Insurance $ 0.00
Other $ 0.00
Estimated Total Monthly Payment $ 470.93
*If you applied for a loan with Initial Interest Only payments, the amount shown is an Interest Only payment.
1302393850
Additional Info Explaining Aspects of GFE
C8111 (5/10) (replaces 4/10) Page 7011
'RTL13023 6501364 2 * 111 11 _
111 1:1
11111111111111111 111111111111111111111 111111
CFN 20060580279
OR BK 20957 PG 1125
RECORDED 10/12/2006 12:16:33
This instrument was prepared by: Palm Beach County, Florida
Community Improvement Division Sharon R. Bock, CLERK & COMPTROLLER
The City of Boynton Beach, Florida Pgs 1125 - 1127; (3pgs)
P.O. Box 310
Boynton Beach, Florida 33425
THIS CORRECTIVE MORTGAGE IS BEING EXECUTED AND RECORDED IN ORDER TO CORRECT
THE AMOUNT IN THAT CERTAIN MORTGAGE FROM THE BORROWER TO THE LENDER DATED
APRIL 25, 2006 AND RECORDED MAY 11, 2006 IN OFFICIAL RECORDS BOOK 20328, PAGE 0999,
PUBLIC RECORDS OF PALM BEACH COUNTY, FLORIDA. DOCUMENTARY STAMP TAXES WERE
PAID ON SAID ORIGINAL MORTGAGE.
MORTGAGE
Laura Gary, a single woman,
the Mortgagors, in consideration of the principal sum specified in the promissory note hereafter
described, received from THE CITY OF BOYNTON BEACH, the Mortgagee, hereby on this
25 day of April, 2006 mortgage to the Mortgagee the real property
in Palm Beach County, Florida, described as:
Lot 3, Block 24, ROLLING GREEN RIDGE FIRST 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 24, Page 223.
2501 N.E. 1 Lane, Boynton Beach, Florida 33435
as security for the payment of the promissory note of which the following is a copy:
$20,850.00 Boynton Beach, Florida
Dated: April 25, 2006
FOR VALUE RECEIVED Laura Gary
promise to pay to the order of THE CITY OF BOYNTON BEACH, FLORIDA, the sum of
Twenty Thousand Eight Hundred Fifty and 00/100 DOLLARS
(20,850.00), with interest at the rate of NO (0 %) percent per annum, in the following manner:
The obligation assumed under this Promissory Note shall be forgiven at the rate of
1/120 per month until forgiven in full ten (10) years from the date above mentioned. For
purposes of forgiveness of this loan the amount of 173.75 Dollars shall be forgiven each
month on the 16 day, beginning June, 2006. This Promissory Note is not assumable
and is fully due and payable less the amount of forgiveness in the event the above
described property is sold, or property owner fails to maintain property in accordance to
City Code of Ordinances.
This note is negotiable and payable at Boynton Beach, Florida, or at such other place as the
holder hereof may designate in writing, and if default in payment occurs, may be placed in the
hands of an attorney at law for collection, in which event the maker agrees to pay the cost of
collection, including a reasonable attorney's fee which shall include costs and attorney's fees on
an appeal of any litigation involved in enforcing this obligation. All makers and endorsers now or
hereafter becoming parties hereto jointly and severally waive demand presentment, notice of
nonpayment and protest.
alibittartriss,„„sr
Err • _I or LAURA GAR
Mortgagor
and agree:
1. To make all payments required by that note and this mortgage promptly when due or upon
sale of the property, or failure to maintain property according to City Code of Ordinances.
2. To pay all taxes, assessments, liens and encumbrances on that property promptly when
due. If they are not promptly paid, the Mortgagee may pay them without waiving the option to
foreclose, and such payments, with interest thereon from the date of payment at the same rate
as specified in that note, shall also be secured by this mortgage.
3. To commit, permit, or suffer no waste, impairment, or deterioration of the mortgaged
property.
4. To pay all expenses reasonably incurred by the Mortgagee because of failure of the
Mortgagors to comply with the agreements in that note of this mortgage, including reasonable
attorney's fees which shall include costs and attorney's fees on an appeal of any litigation
involved in enforcing this obligation. The cost thereof, with interest thereon from the date of
payments at the same rate as specified in that note, shall also be secured by this mortgage.
5. If any payment provided for in that note is not paid within fifteen days after it becomes due,
or if any agreement in this mortgage other than the agreement to make the payments is
breached, the entire unpaid principal balance of that note shall immediately become due at the
option of the Mortgagee, and the Mortgagee may foreclose this mortgage in the manner
provided by law, and have the mortgaged property sold to satisfy or apply on the indebtedness
hereby secured.
6. The rents and profits of the mortgaged property are also thereby mortgaged, and if
proceedings to foreclose this mortgage shall be instituted, the court having jurisdiction hereof
should appoint a receiver of the mortgaged property, and apply those rents and profits to the
indebtedness hereby secured, regardless of the solvency of the Mortgagors or the adequacy of
the security.
7. To maintain the property in compliance with City Codes.
8. Upon the death of the property owner(s), if the property is acquired through probate, the
same terms and conditions of the mortgage remain in effect. If the property is sold, or the
inheritor chooses not to reside on the property, or the property is rented out, the city is to be
repaid the unforgiven portion remaining.
Signed in the presence of:
A VIMP F
* i
Witness Mortgagor LAU • ' ARY
Witnes Mortgagor
STATE OF FLORIDA
COUNTY OF PALM BEACH
I hereby certify that on this day, before me, a Notary Public duly authorized in the state
and county named above to take acknowledgements, personally appeared
LAURA GARY
He /she is personally known to me [or has produced
identification] to be the person(s) described as Mortgagors in and who executed the
foregoing mortgage and acknowledged before me that said persons executed that mortgage.
Witness my hand and official seal in the county and state named above this 25 day of
April, 2006.
�,►+� Notary Public State of Florida •• 4x^ ,�+. r�`^ (SEAL)
Debbie A Reamsnyder Notary Public: 3
.; A My m D0195810 My Commission Expires:
CORRECTIVE PROMISSORY NOTE
$20,850.00 Boynton Beach, Florida
Dated: April 25, 2006
FOR VALUE RECEIVED Laura Gary, a single woman,
promises to pay to the order of THE CITY OF BOYNTON BEACH, FLORIDA, the sum of
Twenty Thousand Eight Hundred Fifty and 00/100 DOLLARS
($20,850.00), with interest at the rate of NO (0 %) percent per annum, in the following
manner:
The obligation assumed under this Promissory Note shall be forgiven at
the rate of 1 /120 per month until forgiven in full ten (10) years from the
date above mentioned. For purposes of forgiveness of this loan the
amount of $173.75 Dollars shall be forgiven each month on the 16 day,
beginning June, 2006. This Promissory Note is not assumable and is fully
due and payable Tess the amount of forgiveness in the event the above
described property is sold, or property owner fails to maintain property in
accordance to City Code of Ordinances.
This note is negotiable and payable at Boynton Beach, Florida, or at such other place as
the holder hereof may designate in writing, and if default in payment occurs, may be
placed in the hands of an attorney at law for collection, in which event the maker agrees
to pay the cost of collection, including a reasonable attorney's fee which shall include
costs and attorney's fees on an appeal of any litigation involved in enforcing this
obligation. All makers and endorsers now or hereafter becoming parties hereto jointly
and severally waive demand presentment, notice of nonpayment and protest.
11V(
ortgagor LAURA G, F
/
Mortgagor