R16-079RESOLUTION NO. R16 -079
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A RESOLUTION OF THE CITY OF BOYNTON BEACH,
FLORIDA, APPROVING THE SUBORDINATION OF THE
CITY'S MORTGAGE WITH ODNEY MAJEUNE IN FAVOR OF
WORLD SAVINGS BANK, FSB; AUTHORIZING THE CITY
MANAGER TO SIGN THE SUBORDINATION AGREEMENT
BY THE CITY OF BOYNTON BEACH IN FAVOR OF WORLD
SAVINGS BANK, FSB; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, upon recommendation of staff, the City Commission has determined
that it is in the best interests of the residents of the City to authorize the City Manager to
execute a Subordination Agreement in favor of World Savings Bank, FSB, for Odney
Maj eune.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
Section 1. The foregoing "Whereas" clauses are hereby ratified and confirmed as
being true and correct and are hereby made a specific part of this Resolution upon adoption
hereof.
Section 2. The City Commission of the City of Boynton Beach, Florida does
hereby approve the request for subordination of the City's Mortgages and authorize the City
Manager to execute the Subordination Agreement for Odney Majeune in favor of World
Savings Bank, FSB, a copy of which is attached hereto as Exhibit "A ".
Section 3. This Resolution shall become effective immediately upon passage.
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PASSED AND ADOPTED this 5 th day of July, 2016.
CITY OF BOYNTON BEACH, FLORIDA
ATTEST:
Judith A. Pyle, CMC(J
Interim City Clerk
31
(Corporate Seal)
YES NO
Mayor — Steven B. Grant
&I.,
Vice Mayor — Mack McCray
"
Commissioner — Justin Katz
Commissioner — Christina L. Romelus
Commissioner — Joe Casello
VOTE
ATTEST:
Judith A. Pyle, CMC(J
Interim City Clerk
31
(Corporate Seal)
This Instrument Prepared by:
James A. Cherof, Esquire
GOREN, CBEROF, 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
July, 2016 by the City of Boynton Beach, a Florida municipal corporation, (the "CITY ") in favor of
World Savings Bank, FSB ( " World Savings ").
WITNESSETH:
WHEREAS, the CITY is the owner and holder of that certain corrective promissory note and
corrective mortgage in the original principal amount of Twenty -Three Thousand Nine Hundred
Fifteen and 00 /100 Dollars ($23,915.00), executed on October 26, 2015, which Corrective Mortgage
was recorded on October 30, 2015 in Official Records Book 27898, Page 0362 of the Public Records
of Palm Beach County, Florida (referred to as the "Mortgage ") by Odney Majeune, an un- remarried
man, (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 21, Block 9,GOLFVIEW HARBOUR 1 sT SECTION, 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 26, at Page 178; said lands situate, lying
and being in Palm Beach County, Florida.
Tax Parcel No. 08- 43- 45- 32 -02- 009 -0120
WHEREAS, World Savings has agreed to refinance the Mortgagor loan, and grant a
mortgage loan to the Mortgagor in an amount not to exceed $178,301.35 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:
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.
The Mortgage is and shall be subject, subordinate, junior and inferior to the New
Mortgage in the principal amount not to exceed $178,301.35 given by Mortgagor,
Odney Majeune to World Savings, 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 $178,301.35 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
2016.
Signed, sealed and delivered
in the presence of
CITY OF BOYNTON BEACH, a
Florida municipal corporation
STATE OF FLORIDA
COUNTY OF PALM BEACH
By: Lori LaVerriere, City Manager
The foregoing instrument was acknowledged before me on this day of July, 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.
NOTARY PUBLIC
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_Maj eune_(World_Savings).Doc