R93-02RESOLUTION
~ RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING THE CITY MANAGER OF THE CITY
OF BOYNTON BEACH TO EXECUTE SUBORDINATION
AGREE~V~ENTS RELATING TO THE CITY OF
BOYNTON BEACH HOUSING PROGRAm; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Boynton Beach is currently involved in a
Housing Program wherein monies are loaned to homeowners for
improvements to their property; and
WHEREAS, said mortgage is forgiven on a monthly basis and no
monies are repaid to the City as long as the property is maintained
by the mortgagee during the life of the mortgage; and
WHEREAS, the City of Boynton Beach, Florida wishes to
accommodate mortgagees in their attempt to refinance their
prope~y, if necessary, by execution of a Subordination Agreement,
which Subordinates the city mortgage to the lending institution.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY oF BoYNToN BEACH, FLORIDA THAT:
Section i. The City Commission of the City of Boynton
Beach, Florida upon recommendation of staff, and in order to
accommodate Mortgagees in their attempt to refinance their
property, hereby authorizes the City Manager to execute said
Subordfnation Agreements.
Section 2. This Resolution shall take effect immediately
upon passage.
PASSED AND ADOPTED this ~- day of January, 1993.
CITY OF BOYNTON BEACH, FLORIDA
ATTEST:
(Corporate Seal )
Vice Mayor
Co~is's '
Housing. Sub
12/23/92