R13-1191 RESOLUTION NO. R13 -119
2
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 JAMES HANNIGAN AND KAREN
7 HANNIGAN IN FAVOR OF FREEDOM MORTGAGE
8 CORPORATION; AUTHORIZING THE CITY
9 MANAGER TO EXECUTE THE SUBORDINATION
10 AGREEMENT BY THE CITY OF BOYNTON BEACH
11 IN FAVOR OF RESIDENTIAL FINANCE
12 CORPORATION; AND PROVIDING AN EFFECTIVE
13 DATE.
14
15 WHEREAS, upon recommendation of staff, the City Commission has determined
16 that it is in the best interests of the residents of the City to authorize the City Manager to
17 execute a Subordination Agreement in favor of Freedom Mortgage Corporation for James
18 Hannigan and Karen Hannigan.
19 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
20 THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
21 Section 1. The foregoing "Whereas" clauses are hereby ratified and confirmed as
22 being true and correct and are hereby made a specific part of this Resolution upon adoption
23 hereof.
24 Section 2. The City Commission of the City of Boynton Beach, Florida does
25 hereby approve the request for subordination of the City's Mortgages and authorize the City
26 Manager to execute the Subordination Agreement for James Hannigan and Karen Hannigan
27 in favor of Freedom Mortgage Corporation, a copy of which is attached hereto as Exhibit
28
29 Section 3. This Resolution shall become effective immediately upon passage.
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31
1 PASSED AND ADOPTED this 5 day of November, 2013
CITY OF BOYNTON�BEACH, FLORIDA
4
r — Jep�y Tayl�
dJ
Commissioner - - ' BQvicd T. Merker
Con missioner — Mic aM Fitzpatrick
Co missioner — 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
1 @
THIS SUBORDINATION AGREEMENT (the "Agreement") is made this 6 day of
November, 2013 by the City of Boynton Beach, a Florida municipal corporation, (the "CITY ") in
favor of Freedom Mortgage Corporation ( "Freedom ").
WITNESSETH:
WHEREAS, the CITY is the owner and holder of that certain promissory note and second
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 (collectively
referred to as the "Mortgage ") by James 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 SEVENTHSECTIONP ALMBEACHLEISUREVILLE,
Plat Book 29 Page 145 of the Public Records of Palm Beach County, Florida.
Tax Parcel No. 08- 43- 45- 29 -12 -79 -0130
WHEREAS, Freedom has agreed to refinance the Mortgagors loan, and grant a mortgage
loan to the Mortgagors in the amount of $104,452.00 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 $104,452.00 given by Mortgagors 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 $104,452.00
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 November,
2013.
Signed, sealed and delivered
in the presence of
UATE OF FLORIUDA
The foregoing instrument was acknowledged before me on this 1,
-� of November, 2013 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.
(-
1
JUDITH A PYLE
M IN COMMISSIM # EE 01706 NOTARY PUBL
EXPIRES: April 21,2017
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HA CLIENTSM 306\900182 GM\AGREEMENTS\Subordinafion Agreement- James and Karen Hannigan.doc
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