R16-123 RESOLUTION NO. R16 -123
A RESOLUTION OF THE CITY OF BOYNTON BEACH,
FLORIDA, APPROVING THE SUBORDINATION OF THE -
CITY'S MORTGAGE WITH CHARLES W. POWERS, JR., AND
PAULA POWERS IN FAVOR OF FREEDOM MORTGAGE
CORPORATION; AUTHORIZING THE CITY MANAGER TO
n SIGN THE SUBORDINATION AGREEMENT BY THE CITY OF
BOYNTON BEACH IN FAVOR OF FREEDOM MORTGAGE
10 CORPORATION; AND PROVIDING AN 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 , i execute a Subordination Agreement in favor of Freedom Mortgage Corporation, for Charles
1 W. Powers, Jr., and Paula Powers.
1. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
1 THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
1 g Section 1. The foregoing "Whereas" clauses are hereby ratified and confirmed as
1. being true and correct and are hereby made a specific part of this Resolution upon adoption
20 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 Charles W. Powers, Jr., and Paula
2 Powers in favor of Freedom Mortgage Corporation, a copy of which is attached hereto as
2 Exhibit "A ".
2. Section 3. This Resolution shall become effective immediately upon passage.
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2;
2 • PASSED AND ADOPTED this02o day ofSEPTT)L1 t5SW , 2016.
3 o CITY OF BOYNTON BEACH, FLORIDA
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3 YES NO
3 /
3 Mayor — Steven B. Grant
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3 Vice Mayor — Mack McCray
3
36 Commissioner — Justin Katz
39
4 Commissioner — Christina L. Romelus 1
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4 Commissioner — Joe Casello ./
4
4 VOTE .5"
4
4 ATTEST:
4
4
4'
5 J jUt175—
h A. Pyle, C M
5 terim City Clerk
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5
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55 (Corporate Seal) x
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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 5 day of
2016 by the City of Boynton Beach, a Florida municipal corporation, (the "CITY ") in
_ . „, ,•reedom Mortgage Corporation ( "Freedom ").
WITNESSETH:
WHEREAS, the CITY is the owner and holder of that certain corrective promissory note and
corrective mortgage in the original principal amount of Fourteen Thousand Three Hundred Sixty and
85/100 Dollars ($14,360.85), executed on February 15, 2011, which Corrective Mortgage was
recorded on February 23, 2011 in Official Records Book 24376, Page 0725 of the Public Records of
Palm Beach County, Florida (referred to as the "Mortgage ") by Charles W. Powers, Jr., a single man
and Paula J. Powers, a single woman (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 2, Block 10, SEACREST ESTATES, according to the Plat thereof on file in the
ofce of the Clerk of the Circuit Court in and for Palm Beach County, Florida,
recorded in Plat Book 24, at Page 245; said lands situate, lying and being in Palm
Beach County, Florida.
Tax Parcel No. 08- 43- 45- 33 -08- 010 -0020
WHEREAS, Freedom has agreed to refinance the Mortgagors loan, and grant a mortgage
loan to the Mortgagors 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 /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.
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 $98,893.00 given by Mortgagors,
Charles W. Powers, Jr., a single man and Paula Powers, a single woman 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
c- al 2016.
Signed, sealed and delivered
in the presence of:
CITY OF BOYNTON BEACH, a
Florida municipal corporation
By: Lori LaVerriere, City Manager
The foregoing instrument was acknowledged before me on thi Q 7day of _ - 2016 by
Lori LaVerriere, City Manager of the City of Boynton Beach, on behalf CITY, who is
either personally known to me or has produced a Florida Driver's License as identification.
NOTA PUBLIC
0""'%_ lTAMMY n L STANZ10flE
SSION # FF213683
erg: +,, EXPIRES March 25, 2019
(407398 -015.3 nuridaN
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