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R15-088RESOLUTION NO. R15 -088 1 1 1 1 1 1 1 1 1 1 2 2 A RESOLUTION OF THE CITY OF BOYNTON BEACH, FLORIDA, APPROVING THE SUBORDINATION OF THE CITY'S MORTGAGE WITH MONTUS DESULMA IN FAVOR OF SEMPER HOME LOANS, INC.,; AUTHORIZING THE CITY MANAGER TO EXECUTE THE SUBORDINATION AGREEMENT BY THE CITY OF BOYNTON BEACH IN FAVOR OF SEMPER HOME LOANS, INC., 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 Semper Home Loans, Inc., for Montus Desulma. 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 hereof. Section 2. The City Commission of the City of Boynton Beach, Florida does E hereby approve the request for subordination of the City's Mortgages and authorize the City Manager to execute the Subordination Agreement for Montus Desulma in favor of Semper Home Loans, Inc., a copy of which is attached hereto as Exhibit "A". Section 3. This Resolution shall become effective immediately upon passage. E PASSED AND ADOPTED this 18` day of August, 2015. CITY OF BOYNTON BEACH, FLORIDA YES NO Mayor — Jerry Taylor 11 Vice Mayor — Joe Casello _ 1 1 1 1 1 1 1 1 1 1 211 241 Commissioner — David T. Merker Commissioner — Mack McCray Commissioner — Michael M. Fitzpatrick VOTE 5— D ATTEST: J et M. Prainito, MMC ity Clerk This Instrument Prepared by: James A. Cherof, 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 6 day of August, 2015 by the City of Boynton Beach, a Florida municipal corporation, (the "CITY ") in favor of Semper Home Loans, Inc. ( "Semper "). WITNESSETH: WHEREAS, the CITY is the owner and holder of that certain promissory note and mortgage in the original principal amount of Forty Nine Thousand Four Hundred Fifty and 00 /100 Dollars ($49,450.00), executed on May 22, 2012, which Mortgage was recorded on June 2, 2012 in Official Records Book 25238, Page 1792 of the Public Records of Palm Beach County, Florida and that corrective mortgage executed on December 10, 2012 which Mortgage was recorded on January 18, 2013 in Official Records Book 25731, Page 299 of the Public Records of Palm Beach County, Florida (collectively referred to as the "Mortgage ") by Montus Desulma and Rosilienne Desulma, 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 42 of MANGO HEIGHTS, according to the Plat thereof, as recorded in Plat Book 30, Page 55 of the Public Records of Palm Beach County, Florida. Tar Parcel No. 08- 43- 45- 28 -39- 000 -0420 WHEREAS, Oceanside has agreed to refinance the Mortgagor loan, and grant a mortgage loan to the Mortgagor in an amount not to exceed $129,019.00 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. 3. The Mortgage is and shall be subject, subordinate, junior and inferior to the New Mortgage in the principal amount not to exceed $129,019.00 given by Mortgagor, Montus Desulma to Semper, 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 loan amount not to exceed $129,019.00 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 2015. Signed, sealed and delivered in the presence of CITY OF BOYNTON BEACH, a Florida municipal corporation By: Lori LaVerriere, City Manager The foregoing instrument was acknowledged before me on this day of August, 2015 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. 2 of 2 C:\ Users\ Prainitoj \Appdata\Local\Microsoft \Windows \Temporary Intemet Files \Content.IE5\ QXDIPCBU \Subordination_Agreement - _Montus Desulma(Semper).Doc COUNTY OF PALM BEACH This Instrument Prepared by: James A. Cherof, 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, 2015 by the City of Boynton Beach, a Florida municipal corporation, (the "CITY ") in favor of Semper Home Loans, Inc. ( "Semper" ). WITNESSETH: WHEREAS, the CITY is the owner and holder of that certain promissory note and mortgage in the original principal amount of Forty Nine Thousand Four Hundred Fifty and 00 /100 Dollars ($49,450.00), executed on May 22, 2012, which Mortgage was recorded on June 2, 2012 in Official Records Book 25238, Page 1792 of the Public Records of Palm Beach County, Florida and that corrective mortgage executed on December 10, 2012 which Mortgage was recorded on January 18, 2013 in Official Records Book 25731, Page 299 of the Public Records of Palm Beach County, Florida (collectively referred to as the "Mortgage ") by Montus Desulma and Rosilienne Desulma, 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 42 of MANGO HEIGHTS, according to the Plat thereof, as recorded in Plat Book 30, Page 55 of the Public Records of Palm Beach County, Florida. Tax Parcel No. 08- 43- 45- 28 -39- 000 -0420 WHEREAS, Oceanside has agreed to refinance the Mortgagor loan, and grant a mortgage loan to the Mortgagor in an amount not to exceed $129,019.00 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 not to exceed $129,019.00 given by Mortgagor, Montus Desulma to Semper, 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 loan amount not to exceed $129,019.00 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 , 2015. 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 August, 2015 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 2 of 2 C:\ Users\ Prainitoj \Appdata\Local\Microsoft \Windows \Temporary Intemet Files \Content.IE5\ QXDIPCBU \Subordination_Agreement - _Montus_Desulma(Semper).Doc Good Faith Estimate (GFE) Name of Originator Semper Home Loans, Inc. Mti+ttttowJames Sullivan Originator Address 225 Dupont Drive Providence, R102907 oriplit�itoY Pho."54..uRiber 866i330�9?4I'1 41RInator Emall msuillvan@semperhomeloans.com Purpose Shopping for your loan Important dates Summary of your loan Escrow account information Summary of your settlement charges OMB Approval No. 2502 -0265 Borrower Montus Desulma Address 316 SW 5th Avenue Boynton Beach, FL 33435 -5552 Date of GFE 07/21/2015 This GFE gives you an estimate of your settlement charges and loan terms if you are approved for this loan. For more information, see HUD's Special Information Booklet on settlement charges, your Truth -In- Lending Disclosures, and other consumer Information at www. hud.govirespa. If you decide you would like to proceed with this loan, contact us. Only you can shop for the best loan for you. Compare this GFE with other loan offers, so you can find the best loan. Use the shopping chart on page 3 to compare all the offers you receive. 1. The interest rate for this GFE is available through 06/1212015 After this time, the interest rate, some of your loan Origination Charges, and the monthly payment shown below can change until you lock your interest rate. 2. This estimate for all other settlement charges is available through 0810112015 3. Attar you lock your interest rate, you must go to settlement wfthin NA days (your rate lack period) to receive the locked interest rate. 4. You must lock the Interest ra te at least 0 days before settlement. Your initial loan amount.is $ 129 19.00 Your loan term Is 30 y ears 4.500 % Your initial interest rate is Your initial monthly amount owed for principal, - Interest, and any mortgage insurance Is $ 737.63 per month Can your Interest rate rise? ® No ❑ Yes, it can des to a maximum of The first change will be In Even if you make payments on time, can your loan balance rise? No ❑ Yes, it can rise to a maximum of $ _ Even If you make payments on time, can your ® No ❑ Yes, the first increase can be in monthly amount owed for principal, interest, and the monthly amount owed can rise to and any mortgage Insurance rise? $ The maximum it can ever rise to is $ ® No ❑ Yes, your maximum prepayment penalty Does your ban have a prepayment penalty? ® No is $ ❑ Yes, you have a balloon payment of Does your loan have a balloon payment? $ due In years. Some tenders require an escrow account to hold funds for paying. _roperty taxes or other property - related charges in addition to your monthly amount owed of $ 737.63 Do we require you to have an escrow account for your loan? ❑ No, you do not have an escrow account. You must pay these charges directly when due. ® Yea, you have an escrow account. It may or may not cover all of these charges. Ask us. Mi Your Adjusted Origination Charges (See page 2.) $ 0.00 Your Charges for AN Other Settlement Services (See page 2.) $ 7,025.90 Q U13 Total Estimated Settlement charge' r GFE p1 (eft- Jon 2010) - 04/2011 - Encompass360 Good Faith Estimate (HUD -GFE) 1 Understanding your estimated settlement charges Some of these charges can change at sefttement. See the top of page 3 for more information. GFE p2 (eff. Jan 2010) - 0412011 - Enoompmoss s ' Good Fallh Estimele (HUD -GFE) 2 1. Our origination charge This;cha is for "e8l this loan for ou: 0.00 2. Your credit or charge (points) for the specific Interest rate chosen The credit or.iiarge. for the Interest rate of % Is included in � '�ur•o.lginatton etrarye; ": See'kem r shave:)' '�p d t�.a erec�l Oft lorthia9rke*t rats of= % 'I'�is:�ledff tr.duees ytturatt 1ptt chfagws; YDt'4 e a,,dmrge a r>6 : � � fo 1+1s Orerge (point§) inarkeses your tdtal; a rYilie Numraet teto:ot,� eltler�etit'cl)atbes. TV trideoff table on 0 ,golb:gshows that you can change your total settlement charges r5iit►H;f +;O#ffategiintLrate for this loan, � Y +ci�lr)4dj u sted origip Charges 3 to, reB *0nrldl s tfxet aefapt lhbae ahtlu�llx fnrsAl' 1A retepitri s: ;o`eallpteteoursdtNemeatL ' �At{ l: Wil� -f�JQ0619�1i>0'pIDVi>il�iiOt �1110i_t'leFllff;9Q. ;� �r9'e 'Switice Charge. 2,250.50 17.5D F>rtoOd' er"M on _ 14.00 e viii : ce P : 1 2,219.00 s "Itis servtcee and lendee- vVil1e'Utsumnce This gl, Me includes the saivIc Istf A, a ®retie :one d' er if u red: ent,iotaae>�fagle, aaalalrlattWrefj e. e 1,650.50 6. �Ownsr's4ft4nsurance You tri . sse sn pwnef s title &1 - . c4. cW Ce 'rAted: iriefest In 0+e "' 6. Required services that you can shop for Thebec"Fps are for olharseriices that are required to complete your settlement. We can identify providers 'ot or you can shop for them yourself our estimates for providing these services are below. Sei iClpe Chwzw Serv/ce' Charge 000 7. Government recording charges These charges are for state and local fees to record our loan and Me documents. 225 00 8. Transfer taxes These charges are for state and local fees on mortgages and home sales. 709.89 9. Initial deposit for your escrow account This cha a is held In an escrow account to pay future reG�in - chd. esah' ur antl Includes all property taxes, [@a1 insurance, and other 1,951.36 10. Dally Interest charges This charge Is for the dally interest an your loan from the day of your settlement until the first day of the next month or the "I dayof : our normal fnnrigagepayfnent cycle. Thie amount is $ per day for ; days -Of yoursetilement`fs 807015 1 k 238.65 11.1-lomeownees insurance This charge is for the insurance you must buy for the property to protect from a loss, such as 8re. Policy (ha 0.00 © Your Charges for All Other Settlement Services $ 7,025.90 + . a 7,025.90 GFE p2 (eff. Jan 2010) - 0412011 - Enoompmoss s ' Good Fallh Estimele (HUD -GFE) 2 Instructions Understanding which charges can change at settlement Using the tradeoff table In this GFE, we offered you this loan with a particular Interest rate and estimated settlement charges. However: • If you want to choose this same loan with lower settlement charges, then you will have a higher interest rate. • If you want to choose this same loan with a lower interest rats, than you will have higher settlement charges. If you would like to choose an available option, you must ask us for a new GFE. Loan originators have the option to complete this table. Please ask for additional information if the table is not completed This GFE estimates your settlement charges. At your settlement, you will receive a HUD-1, a form that lists your actual costs. Compare the charges on the HUD -1 with the charges on this GFE. Charges can change if you select your own provider and do not the companies we identify. (See below for details.) i he loan in this GFE The same loan with The same loan with a �IOtlr.'.1nidaf'tgenatgot�ht - """ 129,019.00 $ 129,019.00 $ 129,019.00 S 1rOUrdr}I*7plpr M rato 4.500% % % "Kou1 ip a7.inbj�tltly aiiiid t Q�Ygid • i 737.63 $ $ Ching e ll thetnoiifhiy in0uh1 No change You will pay $ You will pay $ from this GFF. Rate lock period more every month less every month Change In the amount you will pay at No change Your settlement charges Your settlement settlement with this interest rate Prepayment penalty? will be reduced by charges will Increase by If your loan is Some lenders may sell your loan after settlement. Any fees lenders receive In the future cannot change the loan you receive sold in the future or the charges you paid at settlement. How much your total estimated 7,025.90 $ $ settlement charges will be This GFE estimates your settlement charges. At your settlement, you will receive a HUD-1, a form that lists your actual costs. Compare the charges on the HUD -1 with the charges on this GFE. Charges can change if you select your own provider and do not the companies we identify. (See below for details.) 'For an ad/'usteble rate Bart, the comparisons above are for the initial interest rate before adjustments are made. Using the x Use this chart to compare GFEs from different loan originators. Fill in the information by using a different column for each shopping chart GFE you receive. By comparing loan offers, you can shop for the best loan. Loan originator name Initial loan amount Loan term Initial interest rate Initial monthly amount owed Rate lock period Can Interest rate rise? Can ban balance rise? Can monthly amount owed rise? Prepayment penalty? Balloon payment? If your loan is Some lenders may sell your loan after settlement. Any fees lenders receive In the future cannot change the loan you receive sold in the future or the charges you paid at settlement. GFE p3 (eft. Jan 2010) - 0412011 - Encompass360® Good Faith Estimate (HUD -GFE) 3 QPV This GFE estimates your settlement charges. At your settlement, you will receive a HUD-1, a form that lists your actual costs. Compare the charges on the HUD -1 with the charges on this GFE. Charges can change if you select your own provider and do not the companies we identify. (See below for details.) I 111111111111111111111111111111 CFN 20130029820 OR BK 25731 PG 0299 RECORDED 01/18/2013 11:50 :58 This instrument was prepared by: Palm Beach County, Florida Community Improvement Division Sharon R. Bock, CLERK & COMPTROLLER The City of Boynton Beach, Florida Pgs 0299 - 301; (3pgo) P.O. Box 310 Boynton Beach, Florida 33425 THIS CORRECTIVE MORTGAGE IS BEING EXECUTED AND RECORDED IN ORDER TO CORRECT THE AMOUNT OF $50,000.00 IN THAT CERTAIN MORTGAGE FROM THE BORROWER TO THE LENDER DATED MAY 22, 2012 AND RECORDED JUNE 2, 2012 IN OFFICIAL RECORDS BOOK 25238, PAGE 1792, PUBLIC RECORDS OF PALM BEACH COUNTY, FLORIDA. DOCUMENTARY STAMP TAXES WERE PAID ON SAID ORIGINAL MORTGAGE. CORRECTIVE MORTGAGE Montus Des ulm a , a married man, and Rosilienne Desulma, his spouse, the Mortgagors, in consideration of the principal sum specified in the promissory note hereafter described,, ceived from THE CITY OF BOYNTON BEACH the Mortgagee, hereby on this U � day of December, 2012, mortgage to the Mortgagee the real property in Palm Beach County, Florida, described as: Lot 42 of MANGO HEIGHTS, according to the Plat thereof as recorded in Plat Book 30, Page 55, of the Public Records of Palm Beach County, Florida. 316 S.W. 5 Avenue, Boynton Beach, Florida 33435 as security for the payment of the promissory note of which the following is a copy: $49,450.00 Boynton Beach, Florida Dated: May 22, 2012 FOR VALUE RECEIVED Montus and Rosilienne Desulma, husband and wife, promise to pay to the order Of THE CITY OF BOYNTON BEACH, FLORIDA the sum of Forty Nine Thousand Four Hundred Fifty and 00/100 DOLLARS ($49,450.00 with interest at the rate of NO (0 %) percent per annum, in the following manner: The obligation assumed under this Promissory Note shall be forgiven at the rate of 1/1 20 per month until forgiven in full ten (10) years from the date above mentioned. For purposes of forgiveness of this loan the amount of $ 412.08 Dollars shall be forgiven each month on the 16 day, beginning August. 2012 This Promissory Note is not assumable and is fully due and payable less the amount of forgiveness in the event the above - described property is sold, or property owner fails to maintain property in accordance to City Code of Ordinances. This note is negotiable and payable at Boynton Beach, Florida, or at such other place as the holder hereof may designate in writing, and if default in payment occurs, may be placed in the hands of an attorney at law for collection, in which event the maker agrees to pay the cost of collection, including a reasonable attorney's fee which shall include costs and attorney's fees on an appeal of any litigation involved in enforcing this obligation. All m rs arV endorsers now or hereafter becoming parties hereto jointly and severally wai e d anp PL As tment, notice of nonpayment and protest. Mortg or T P l 0 (l I I C' rn Iti1 e �) 0 -.�; ul u Mortgagor ROSILIENNE DESULMA and agree: 1. To make all payments required by that note and this mortgage promptly when due or upon sale of the property, or failure to maintain property according to City Code of Ordinances. 2. To pay all taxes, assessments, liens and encumbrances on that property promptly when due. If they are not promptly paid, the Mortgagee may pay them without waiving the option to foreclose, and such payments, with interest thereon from the date of payment at the same rate as specified in that note, shall also be secured by this mortgage. 3. To commit, permit, or suffer no waste, impairment, or deterioration of the mortgaged property. 4. To pay all expenses reasonably incurred by the Mortgagee because of failure of the Mortgagors to comply with the agreements in that note of this mortgage, including reasonable attorney's fees which shall include costs and attorney's fees on an appeal of any litigation involved in enforcing this obligation. The cost thereof, with interest thereon from the date of payments at the same rate as specified in that note, shall also be secured by this mortgage. 5. If any payment provided for in that note is not paid within fifteen days after it becomes due, or if any agreement in this mortgage other than the agreement to make the payments is breached, the entire unpaid principal balance of that note shall immediately become due at the option of the Mortgagee, and the Mortgagee may foreclose this mortgage in the manner provided by law, and have the mortgaged property sold to satisfy or apply on the indebtedness hereby secured. 6. The rents and profits of the mortgaged property are also thereby mortgaged, and if proceedings to foreclose this mortgage shall be instituted, the court having jurisdiction hereof should appoint a receiver of the mortgaged property, and apply those rents and profits to the indebtedness hereby secured, regardless of the solvency of the Mortgagors or the adequacy of the security. 7. To maintain the property in compliance with City Codes. 8. Upon the death of the property owner(s), if the property is acquired through probate, the same terms and conditions of the mortgage remain in effect. If the property is sold, or the inheritor chooses not to reside on the property, or the property is rented out, the city is to be repaid the unforgiven portion remaining. Signed in the presence of: Wi ss 7 ' ��'�"'✓ fitness IN g �` _..8 Mortgagor MON I I ICAA aLQ-�.. . .... RosILIENNE DESULMA - STATE OF FLORIDA COUNTY OF PALM BEACH I hereby certify that on this day, before me, a Notary Public duly authorized in the state and county named above to take acknowledgements, personally appeared Montus and Rosilienne Desulma He /she is personally known to me for has produced c / 4 e-" as identification] to be the person(s) described as Mortgagors in and who executed the foregoing mortgage and acknowledged before me that said persons executed that mortgage. Witness my hand and official seal in the county and state named above this L day of Notark Public: - - Notary Pubpc Stab o! Florida My Commission Expires: e J comelkus My Commission EE 208871 p Expires owl 7/2010 CORRECTIVE PROMISSORY NOTE $49,450.00 Boynton Beach, Florida Dated: May 22, 2012 FOR VALUE RECEIVED Montus Desullma, a married man, and Rosilienne Desulma, his spouse, promises to pay to the order Of THE CITY OF BOYNTON BEACH, FLORIDA the sum of Forty Eight Thousand Three Hundred and 00 /100 DOLLARS $49,450.00 with interest at the rate of NO (0 %) percent per annum, in the following manner: The obligation assumed under this Promissory Note shall be forgiven at the rate of 1/120 per month until forgiven in full ten (10) years from the date above mentioned. For purposes of forgiveness of this loan the amount of $412.08 Dollars shall be forgiven each month on the 16th day, beginning August, 2012. This Promissory Note is not assumable and is fully due and payable less the amount of forgiveness in the event the above described property is sold, or property owner fails to maintain property in accordance to City Code of Ordinances. This note is negotiable and payable at Boynton Beach, Florida, or at such other place as the holder hereof may designate in writing, and if default in payment occurs, may be placed in the hands of on attorney at law for collection, in which event the maker agrees to pay the cost of collection, including a reasonable attorney's fee which shall include costs and attorney's fees on an appeal of any litigation involved in enforcing this obligation. All makers and endorsers now or hereafter becoming parties hereto jointly and severally waive demand presentment, notice of nonpayment and protest. A /-'\ 0 �D s tI (Q" Me b& -s-,, Q Mortgagor ROSILIENNE DESULMA