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R16-123 RESOLUTION NO. R16 -123 A RESOLUTION OF THE CITY OF BOYNTON BEACH, FLORIDA, APPROVING THE SUBORDINATION OF THE - CITY'S MORTGAGE WITH CHARLES W. POWERS, JR., AND PAULA POWERS IN FAVOR OF FREEDOM MORTGAGE CORPORATION; AUTHORIZING THE CITY MANAGER TO n SIGN THE SUBORDINATION AGREEMENT BY THE CITY OF BOYNTON BEACH IN FAVOR OF FREEDOM MORTGAGE 10 CORPORATION; AND PROVIDING AN EFFECTIVE DATE. 1 1. WHEREAS, upon recommendation of staff, the City Commission has determined 1 that it is in the best interests of the residents of the City to authorize the City Manager to 1 , i execute a Subordination Agreement in favor of Freedom Mortgage Corporation, for Charles 1 W. Powers, Jr., and Paula Powers. 1. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF 1 THE CITY OF BOYNTON BEACH, FLORIDA, THAT: 1 g Section 1. The foregoing "Whereas" clauses are hereby ratified and confirmed as 1. being true and correct and are hereby made a specific part of this Resolution upon adoption 20 hereof. 2 Section 2. The City Commission of the City of Boynton Beach, Florida does 2 hereby approve the request for subordination of the City's Mortgages and authorize the City 2 Manager to execute the Subordination Agreement for Charles W. Powers, Jr., and Paula 2 Powers in favor of Freedom Mortgage Corporation, a copy of which is attached hereto as 2 Exhibit "A ". 2. Section 3. This Resolution shall become effective immediately upon passage. 2' 2; 2 • PASSED AND ADOPTED this02o day ofSEPTT)L1 t5SW , 2016. 3 o CITY OF BOYNTON BEACH, FLORIDA 3 3 YES NO 3 / 3 Mayor — Steven B. Grant 3 3 Vice Mayor — Mack McCray 3 36 Commissioner — Justin Katz 39 4 Commissioner — Christina L. Romelus 1 4 4 Commissioner — Joe Casello ./ 4 4 VOTE .5" 4 4 ATTEST: 4 4 4' 5 J jUt175— h A. Pyle, C M 5 terim City Clerk 5 5 x a. 55 (Corporate Seal) x a . ,: ;:' s I � Al r 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 5 day of 2016 by the City of Boynton Beach, a Florida municipal corporation, (the "CITY ") in _ . „, ,•reedom Mortgage Corporation ( "Freedom "). WITNESSETH: WHEREAS, the CITY is the owner and holder of that certain corrective promissory note and corrective mortgage in the original principal amount of Fourteen Thousand Three Hundred Sixty and 85/100 Dollars ($14,360.85), executed on February 15, 2011, which Corrective Mortgage was recorded on February 23, 2011 in Official Records Book 24376, Page 0725 of the Public Records of Palm Beach County, Florida (referred to as the "Mortgage ") by Charles W. Powers, Jr., a single man and Paula J. Powers, a single woman (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 2, Block 10, SEACREST ESTATES, according to the Plat thereof on file in the ofce of the Clerk of the Circuit Court in and for Palm Beach County, Florida, recorded in Plat Book 24, at Page 245; said lands situate, lying and being in Palm Beach County, Florida. Tax Parcel No. 08- 43- 45- 33 -08- 010 -0020 WHEREAS, Freedom has agreed to refinance the Mortgagors loan, and grant a mortgage loan to the Mortgagors in an amount not to exceed $98,893.00 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. 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 $98,893.00 given by Mortgagors, Charles W. Powers, Jr., a single man and Paula Powers, a single woman 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 loan amount not to exceed $98,893.00 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 c- al 2016. 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 thi Q 7day of _ - 2016 by Lori LaVerriere, City Manager of the City of Boynton Beach, on behalf CITY, who is either personally known to me or has produced a Florida Driver's License as identification. NOTA PUBLIC 0""'%_ lTAMMY n L STANZ10flE SSION # FF213683 erg: +,, EXPIRES March 25, 2019 (407398 -015.3 nuridaN u:x- 8er .corn 2 of 2 C:\ Users\ Stanzionet \Appdata\Local\Microsoft \Windows \Temporary Internet Files\ Content. IE5\ VAGZE6P0 \Subordination_Agreement - _Powers_(Freedom_Mtg). Doc