R09-133
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1 RESOLUTION NO. R 09- 1:3.3
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3 A RESOLUTION OF THE CITY COMMISSION OF
4 THE CITY OF BOYNTON BEACH, FLORIDA,
5 APPROVING THE SUBORDINATION OF THE CITY'S
6 MORTGAGE WITH WENDELL WARREN IN FAVOR
7 OF NATIONAL CITY MORTGAGE CO;
8 AUTHORIZING THE CITY MANAGER TO EXECUTE
9 THE SUBORDINATION AGREEMENT BY THE CITY
10 OF BOYNTON BEACH IN FAVOR OF NATIONAL
11 CITY MORTGAGE CO; AND PROVIDING AN
12 EFFECTIVE DATE.
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14 WHEREAS, upon recommendation of staff, the City Commission has determined
15 that it is in the best interests of the residents of the City to execute a Subordination
16 Agreement in favor of National City Mortgage Co., for Wendell Warren.
17 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
18 THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
19 Section 1. The foregoing "Whereas" clauses are hereby ratified and confirmed as
20 being true and correct and are hereby made a specific part of this Resolution upon adoption
21 hereof.
22 Section 2. The City Commission of the City of Boynton Beach, Florida does
23 hereby approve the request for subordination of the City's Mortgages and authorize the City
24 Manager to execute the Subordination Agreement for Wendell Warren in favor of National
25 City Mortgage Co., a copy of which is attached hereto as Exhibit "A".
26 Section 3. This Resolution shall become effective immediately upon passage.
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1 PASSED AND ADOPTED this I Lf day of September, 2009.
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3 CITY OF BOYNTON BEACH, FLORIDA
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18 Marlene Ross
19 ATTEST:
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This Instrument Prepared by and Return to:
JAMES A. CHEROF
GOREN, CHEROF, DOODY AND EZROL, P.A.
3099 East Commercial Boulevard
Suite 200
Fort Lauderdale, Florida 33308
RoC!-/2'3
SUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT (the "Agreement") is made this _ day of
, 2009 by the City of Boynton Beach, a Florida municipal corporation, whose address
is 100 East Boynton Beach Boulevard, Boynton Beach, Florida, 33435 (hereinafter the "CITY") in
favor of NATIONAL CITY MORTGAGE CO., a subsidiary of National City Bank, whose address
is 3232 Newmark Drive, Miamisburg, Ohio 45342 (hereinafter "NATIONAL CITY").
W ITNE SSE TH:
WHEREAS, the CITY is the owner and holder of a certain Promissory Note in the
original principal amount of Fifty-one Thousand Six Hundred and 00/100 Dollars
($51,600.00), executed by Wendell Warren, a single woman (the "Mortgagor"), dated August
10, 2005, which note is secured by that certain Mortgage of even date and recorded on
August 15,2005 in Official Records Book 19081, Page 1321 of the Public Records of Palm
Beach County, Florida (the "City Mortgage"); and
WHEREAS, Mortgagor is the owner in fee simple of the following described real
property (the "Property"), which Property is encumbered by the City Mortgage:
Lot 65, Block 2i, ROLLiNG GREEN RiDGE FiRST ADDiTiON, 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 24. Page 223
through 226.
WHEREAS, NATIONAL CITY has agreed to make a mortgage loan to the
Mortgagor in the amount of $93,638.51, secured by a mortgage encumbering the Property
(hereinafter the "New Mortgage"), provided that the City's Mortgage is subordinated to the
New Mortgage;
THEREFORE, in consideration of the sum ofTen Dollars and 001100 ($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:
I. That the foregoing recitals are true and correct and incorporated herein as if
set forth in full.
2. That the City's Mortgage has not been assigned, pledged or transferred in any
manner whatsoever other than as set forth above.
3. That the City's Mortgage is and shall be subject, subordinate, junior and
inferior to the New Mortgage given by Mortgagor to NATIONAL CITY dated
and recorded in Official Records Book , Page
of the Public Records of Palm Beach County, Florida. The City's
Mortgage is only subordinate to the first $93,638.51 of NATIONAL CITY'S
New Mortgage and is not subordinate to any addition or future advances
which may be made under the New Mortgage.
4. That 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
,2009.
Signed, sealed and delivered CITY OF BOYNTON BEACH
Kurt Bressner
City Manager
STATE OF FLORIDA
COUNTY OF PALM BEACH
The foregoing instrument was acknowledged before me on this day of
, 2009 by ,as
of the City of Boynton Beach, who is either personally known to me or has produced a
Florida Driver's License as identification.
NOTARY PUBLIC
My Commission Expires:
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