R17-070 RESOLUTION NO. R17-070
A RESOLUTION OF THE CITY OF BOYNTON BEACH,
FLORIDA, APPROVING THE SUBORDINATION OF THE
CITY'S MORTGAGE WITH LEONARD WILLIAMS IN FAVOR
OF PNC BANK, NA ISAOA; AUTHORIZING THE CITY
MANAGER TO SIGN THE SUBORDINATION AGREEMENT
BY THE CITY OF -BOYNTON BEACH IN FAVOR OF PNC
BANK,NA ISAOA; AND PROVIDING AN EFFECTIVE DATE.
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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 PNC Bank, NA ISAOA, for Leonard
1 Williams.
1 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
1; THE CITY OF BOYNTON BEACH,FLORIDA, THAT:
1 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
1 hereof.
2o 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 Leonard Williams in favor of PNC
2; Bank,NA ISAOA, a copy of which is attached hereto as Exhibit"A".
2 Section 3. This Resolution shall become effective immediately upon passage.
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27 PASSED AND ADOPTED this 15th day of August, 2017.
28 CITY OF BOYNTON BEACH, FLORIDA
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30 YES NO
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32 Mayor— Steven B. Grant
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34 Vice Mayor—Justin Katz
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36 Commissioner—Mack McCray
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38 Commissioner—Christina L. Romelus
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40 Commissioner—Joe Casello
41 r�
42 VOTE
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4, ATTEST:
4
4: Judi A. Pyle, CMC
4' Ctsty Clerk
51,
5
Axa
5.
5 (Corporate Seal)