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R16-079RESOLUTION NO. R16 -079 11 1' 1: 1: 1� 1; 1E 1� 1. 1! 2E 2' 2; 2: 2 1 Z 21 2' 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. 6V 291 31 411 411 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 2 of 2 C:\ Users\ Stanzionet \Appdata\Local\Microsoft \Windows \Temporary Intemet Files\ Content. IE5\ TQFSZ5NC \Subordination_Agreement - _Maj eune_(World_Savings).Doc