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RESOLUTION NO. R14 -091
A RESOLUTION OF THE CITY OF BOYNTON BEACH,
FLORIDA, APPROVING THE SUBORDINATION OF THE CITY'S
MORTGAGE WITH ARDEN M. GAYLE AND SANDRA K.
GAYLE, IN FAVOR OF BANK OF AMERICA, N.A;
AUTHORIZING THE CITY MANAGER TO EXECUTE THE
SUBORDINATION AGREEMENT; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, upon recommendation of staff, the City Commission has determined
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 Bank of America N.A., for Arden M. Gayle
and Sandra K. Gayle, his wife.
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
1 f 1 hereof.
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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 Arden M. Gayle and Sandra K. Gayle
in favor of Bank of America, N.A., a copy of which is attached hereto as Exhibit "A ".
Section 3. This Resolution shall become effective immediately upon passage.
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PASSED AND ADOPTED this 16 day of September, 2014
ATTEST:
CITY OF BOYNTON BEACH, FLORIDA
�or —,fie T a1
Vic i M_
e- ayw- Joe Casello
`` e
Commis . grid T. Merker
Commissioner — Michael M.
2.' / / 1 - /
;a J t M. Prainito. MMC
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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 R 14 -091
SUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT (the "Agreement ") is made this day of
September, 2014 by the City of Boynton Beach, a Florida municipal corporation, (the "CITY ") in
favor of Bank of America, N.A., ( "Lender ").
WITNESSETH:
WHEREAS, the CITY is the owner and holder of that certain Second Mortgage and Security
Agreement in the original principal amount of Thirteen Thousand and 00 /100 Dollars ($13,000.00),
executed on February 4, 2009, which Mortgage was recorded on February 18, 2009, in Official
Records Book 23084, Page 0503 of the Public Records of Palm Beach County, Florida (collectively
referred to as the "Mortgage ") by Arden M. Gayle, a married man and Sandra K. Gayle, his spouse
(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 181, Block C, BOYNTON HILLS, according to the Plat thereof, recorded in
Plat Book 4, Page 51 of the Public Records of Palm Beach County, Florida
Tax Parcel No 08- 43- 45- 21 -07- 003 -1810
WHEREAS, Lender has agreed to refinance the Mortgagors loan, and grant a mortgage loan
to the Mortgagors in the amount of $150,722.00 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 $150,722.00 given by Mortgagors to Lender, 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 $150,722.00
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 September,
, 2014.
Signed, sealed and delivered
in the presence of.
CITY OF BOYNTON BEACH, a
Florida municipal corporation
By: Lori LaVerriere, City Manager
STATE OF FLORIDA
COUNTY OF PALM BEACH
The foregoing instrument was acknowledged before me on this _day of September, 2014 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.
NOTARY PUBLIC
\ \Apps3 City Cbb \Auto\ Data\ 220 \Items \211 \3129\4077 \Subordination_ Agreement- _Arden_And_Sandra_Ga,,1e Doc
. InStrUIT)eVit Prepared by:
Stacey R. Weinger, Esquire
P,
GOREN. CHEROF, DOODY AND EZROL f
3099 East Commercial Boulevard, Suite 2 SN
Fort Lauderdale, Florida 333308
SUBORDINATION ACYREEMI'ANT
EA-
THIS SUBORDLIN'ATION AGREI-AIENT (the "Agreentent") is rntide this -
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Sept lie i'C
ember. 1 y tire City of Boy'riton Beach, a Florida ruLfflicipal corporation. *
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Ivor of Bank of America, N.A.., ("Lexidee').
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WTIFREAS, Mortgagors are the owners is fee simple ci the following described real
property (the "Property"), which Propertli is encumbered by the Mortgage:
Lot 181, Block ( B0fN7`0. according to the Plaz thereof,' recorded in
PhaBook 4, Page 5 J qfthe Public Records of Polin each Cotou Florida.
iae Parcel iVo. 08-43--l5-21-07-003-18-10
WHEREAS, Lender has agreed to refinance the Mortgagors l9m ar.0.09rK 1 W.RVIge loan
k" U Itortgatosrs in the amount of $150,722,00 to be secured by a f irst mortgage encumbering the
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Property th the "'Nem Mortgage"), provided that the CHY's Mortgage, currently in second
position, is subordinated to the New Mortgage
THEREFORE in consideration of the surn of Ten Dollar;. and 00/100 ($10.00) and other
good and valuable consickantiont the receipt and sadViciency of - which are hereby acknowledged. the
CITY hereby represents. covenants and agrees as - �)Ilows:
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foregoing recitals qW true and correct and incorporated herein as if s et .-
2. 1"he Morigage. has riot been assigned, pledged or transferred in any manner
whatsooverother 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 $1 given by Mortgagors to Leader, of
even date and simultaneously recorded herewith in the Pubfic, Records of Palm
Beach County, Florida. This subordination is only to the extent of the $150,72100
Lmma-uM Mas mA apply to any addition 01' filtUre advanca6 which may 16 awk
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4, This Agrceme.rit shell bind and inure to the benefit of the parties hereto, their
respective heirs, succes ors and/or assIgns.
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WITNESS WI- ERf-30F the undersigned has duly executed this Agreement on September,
Signed, sealed and delivered
in the presence oti
1 &AM LI&
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STATE OF FLORIDA
COUNTY OF PALM BEACH
('11"Y OF BOYNTON BEACH, a
Florida municipal corporation
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By: I..,ori LaVerriere, City Manager
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'I lie for M ohnioledged I)efc)r-- me a of September, 2 by Lori
LaVerr PjM* A ecity of Boynton Beach, on behalfoof the CITY, who is cither
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I'lersonal ced a Florida Driver's License as identification,
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