R16-037 RESOLUTION NO. R16 -037
A RESOLUTION OF THE CITY OF BOYNTON
BEACH, FLORIDA, APPROVING THE
SUBORDINATION OF THE CITY'S MORTGAGE
WITH JAMES AND KAREN HANNIGAN IN FAVOR
OF FREEDOM MORTGAGE CORPORATION;
AUTHORIZING THE CITY MANAGER TO EXECUTE
THE SUBORDINATION AGREEMENT BY THE CITY
10 OF BOYNTON BEACH IN FAVOR OF FREEDOM
1 1 MORTGAGE CORPORATION, AND PROVIDING AN
1 ' EFFECTIVE DATE.
1:
1 WHEREAS, upon recommendation of staff, the City Commission has determined
1, that it is in the best interests of the residents of the City to authorize the City Manager to
1 execute a Subordination Agreement in favor of Freedom Mortgage Corporation, for James
1 and Karen Hannigan.
1 • NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
1 ^ THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
20 Section 1. The foregoing "Whereas" clauses are hereby ratified and confirmed as
2 1 being true and correct and are hereby made a specific part of this Resolution upon adoption
2.) hereof.
2: Section 2. The City Commission of the City of Boynton Beach, Florida does
2 hereby approve the request for subordination of the City's Mortgages and authorize the City
2 , Manager to execute the Subordination Agreement for James and Karen Hannigan in favor of
24 Freedom Mortgage Corporation, a copy of which is attached hereto as Exhibit "A ".
2' Section 3. This Resolution shall become effective immediately upon passage.
23
2"
PASSED AND ADOPTED this 1st day of March, 2016.
CITY OF BOYNTON BEACH, FLORIDA
YES NO
Mayor — Jerry Taylor
Vice Mayor — Joe Casello
1 n Commissioner — David T. Merker
1
1 Commissioner — Mack McCray
1. Commissioner — Michael M. Fitzpatrick
1•
1.
1 r VOTE --1 "
1
1° ATTEST:
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2' �4` < _4 raTE
2:: Judith A. Pyle, CMC rt M
2 . Interim City Clerk ` ,\f 1
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2 (Corporate Seal)
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This Instrument Prepared by:
James A. Cherof, Esquire
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 S day of
March, 2016 by the City of Boynton Beach, a Florida municipal corporation, (the "CITY ") in favor of
Freedom Mortgage Corporation ( "Freedom ").
WITNESSETH:
WHEREAS, the CITY is the owner and holder of that certain promissory note and mortgage
in the original principal amount of Twenty -Nine Thousand and 00 /100 Dollars ($29,000.00),
executed on July 8, 2008, which Mortgage was recorded on July 14, 2008 in Official Records Book
22754, Page 0939 of the Public Records of Palm Beach County, Florida (referred to as the
"Mortgage ") by James Hannigan, a married man and Karen Hannigan, his spouse, (collectively
referred to as the "Mortgagors "), and
WHEREAS, Mortgagors are the owners in fee simple of the following described real
property (the "Property"), which Property is encumbered by the Mortgage:
Lot 13, Block 79, PLAT OF SEVENTH SECTION PALM BEACH LEISUREVILLE,
Plat Book 29, Page 145, Palm Beach County, Florida.
Tax Parcel No. 08- 43- 45- 29 -12- 079 -0130
WHEREAS, Freedom has agreed to refinance the Mortgagor loan, and grant a mortgage loan
to the Mortgagor in an amount not to exceed $98,893.00 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 /1.00 ($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 $98,893.00 given by Mortgagors,
James Hannigan and Karen Hannigan to Freedom, 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 loan amount not to exceed $98,893.00 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
March 8 , 2016.
Signed, sealed and delivered CITY OF BOYNTON BEACH, a
in the presence of: Florida municipal corporation
° de ICY LAELLIS do L v -°
By: Lori LaVerriere, City Manager .
6 (1 ' ' Catherin On'Y
C— t..c.�/� P I1 �'a� �
STATE OF FLORIDA
COUNTY OF PALM BEACH
The foregoing instrument was acknowledged before me on this 3 day of March, 2016 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.
61/29z.,11):5 ee)>LSZ.
kk TAMMY L STANZIONE
=' I.. NOTA Y PUBLIC
• '. MY COMMISSION # FF213683
,� EXPIRES March 25, 2019
i4C7, - C 53 floridallowySorvke.wm
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