R13-0721
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RESOLUTION NO. R13 -072
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
APPROVING THE SUBORDINATION OF THE CITY'S
MORTGAGE WITH JAMES HANNIGAN AND KAREN
HANNIGAN IN FAVOR OF RESIDENTIAL FINANCE
CORPORATION; AUTHORIZING THE CITY
MANAGER TO EXECUTE THE SUBORDINATION
AGREEMENT BY THE CITY OF BOYNTON BEACH
IN FAVOR OF RESIDENTIAL FINANCE
CORPORATION; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, upon recommendation of staff, the City Commission has determined
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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 Residential Finance Corporation for James
Hannigan and Karen Hannigan.
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
II 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 James Hannigan and Karen Hannigan
in favor of Residential Finance Corporation, a copy of which is attached hereto as Exhibit
1�
Section 3. This Resolution shall become effective immediately upon passage.
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PASSED AND ADOPTED this 6 1 day of August, 2013.
ATTEST:
t M. Prainito, MMC
ity Clerk
(Corporate Seal)
CITY OF BOYNTON BEACH, FLORIDA
Mgqr —Jerry aylor /
v'
e M yor — Woo row L. Hay
Commi stoner — _David T. rker i
Cpm f itzpdric
missi c er — hael M
A
Coknmissioner — Joe Casello
This Instrument Prepared by:
Stacey R. Weinger, 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 day of
August, 2013 by the City of Boynton Beach, a Florida municipal corporation, (the "CITY ") in favor
of Residential Finance Corporation ( "Residential ").
WITNESSETH:
WHEREAS, the CITY is the owner and holder of that certain promissory note and mortgage
in the original principal amount of Twenty Nine Thousand and 00 /100 Dollars ($29,000.00),
executed on July 8, 2008, which Mortgage was recorded on July 14, 2008 in Official Records Book
22754, Page 0939 of the Public Records of Palm Beach County, Florida (hereinafter referred to as the
"Mortgage ") by James Hannigan and Karen Hannigan, husband and wife (collectively 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 13, Block 79, PLAT OF SEVENTH SECTION P ALMBEACH LEISURE VILLE,
according to the Plat thereof, as recorded in Plat Book 29, Page 145 of the Public
Records of Palm Beach County, Florida.
Parcel Control No. 08- 43- 45 -29 -12 -079 -0130
WHEREAS, Residential has agreed to refinance the Mortgagors loan, and grant a mortgage
loan to the Mortgagors in the amount of $103,426.00 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.
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 of $103,426.00 given by Mortgagors to
Residential, 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 $103,426.00 loan 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 August
, ' 20 13.
Signed, sealed and delivered
in the presence of.
The foregoing instrument was acknowledged before me on this 0 day of August, 2013 by Lori
F,aVerriere I Citv Mana I er of the Ci A of B;;nton Beach, • behalf • the CITY who- is- either
OUkAkj�LULj A)MCUk
P'%np!%, CMERINECHERRY-GUBM9W
MY COMMISSION # EE 207630 NOTARY PUBLIC+ —111V
EXPIRES: June 12, 2016
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STATE OF FLORIDA
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