HomeMy WebLinkAboutR-95-0462A
N
J-95-298
3/17/95
RESOLUTION NO.
95- 462
A RESOLUTION, WITH ATTACHMENTS, RELATING TO
THE 150 UNIT MELROSE TOWNHOME PROJECT LOCATED
IN THE ALLAPATTAH NEIGHBORHOOD; AUTHORIZING
THE CITY MANAGER TO EXECUTE THE ATTACHED
CONFIRMATION OF SUBORDINATION AGREEMENT
BETWEEN THE CITY OF MIAMI, CODEC, INC. AND
BARNETT BANK OF SOUTH FLORIDA, N.A. IN
CONNECTION WITH THE FINANCING OF THE MELROSE
TOWNHOME PROJECT.
WHEREAS, since the mid-1980's, the City of Miami has
coordinated and provided City financial assistance in connection
with the development/rehabilitation of over 941 affordable
housing units in the City through the cooperative efforts of City
government, not -for -profit housing community development
corporations and private local financial institutions; and
WHEREAS, in order for many of these joint housing ventures
between the City, not -for -profit housing community development
corporations and private financial institutions to come to
fruition, it is necessary in many instances that the City of
Miami take an inferior position and subordinate its mortgage for
site acquisition cost and/or construction financing to a private
financial institution; and
WHEREAS, in October of 1989, through Resolution No. 89-966,
the City Commission designated CODEC, Inc. as project sponsor for
the development of a 150 unit townhome project on the former 8.5
acre city -owned Melrose Nursery site; and
ATTACHMENT (S)
A
B
CITY CC)MSSION
MEETING OF
J U N 0 1 1995
Resolution No.
95- 462
p I
1
WHEREAS, through Resolution No. 89-985, the City Commission
approved and established $750,000 as the reimbursement amount to
the City for the Melrose Nursery site in connection with the
townhome project to be undertaken by CODEC, Inc.; and
WHEREAS, through Resolution No. 90-547, the City Commission
authorized making available to CODEC, Inc. $1,000,000 in City
r�
assistance as an interim construction loan at an interest rate of
three percent (3%) during the project's construction phase; and
WHEREAS, Barnett Bank of South Florida, N. A. provided
$3,000,000 in construction financing to CODEC, Inc. in connection
with the development of the Melrose Townhome project; and
WHEREAS, Barnett Bank of South Florida, N. A. erroneously
satisfied the Mortgage and Security Agreement dated April 30,
1992 from CODEC, Inc. to Barnett Bank and certain other loan
documents executed in connection with the Barnett Bank mortgage;
and
WHEREAS, the City of Miami also holds two mortgages for the
site reimbursement in the amount of $750,000 and a $1,000,000
site infrastructure loan on the Melrose Townhome Project; and
WHEREAS, in order to correct the aforementioned mistake,
CODEC, Inc. and Barnett Bank executed a Rescission of
Satisfaction and Re -Establishment of Mortgage and Other Loan
Documents dated July 15, 1994; and
95- 462
-2-
WHEREAS, in order to confirm the respective priorities of
the Barnett Bank mortgage and the City of Miami mortgage, Barnett
Bank is requesting the execution of a Confirmation of
Subordination Agreement; and
WHEREAS, in an effort to resolve and correct this
inadvertent error by Barnett Bank of South Florida, N.A. relative
to the financing arrangement of the Melrose Townhome Project, the
City Administration recommends approval of the resolution;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the
Preamble to this Resolution are hereby adopted by reference
thereto and incorporated herein as if fully set forth in this
Section.
Section 2. The City Manager is hereby authorized to
execute the attached Confirmation of Subordination Agreement, in
substantially the attached form with CODEC, Inc. and Barnett Bank
of South Florida, N.A., in connection with the financing of the
Melrose Townhome Project.
Section 3. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this lst
ATTEST:
- ( Y4 ; 611 �, " �; - -
WALTER J. FO N, CITY CLERK
-3 -
day of June , 1995.
77�
S PHEN P. CIJARK, MAYOR
95- 462
J
N
PREPARED AND APPROVED BY:
L A�K�.KCEARYS NT
4 0
ASSISTANT
T IT ATTORNEY
m
APPROVED AS TO FORM AND CORRECTNESS:
AI
A. Q NN J
i TTO
CITY OATTO Y
-4-
This instrument was prepared by:
Sherry A. Stanley, Esq.
Coll Davidson Carter Smith
Salter & Barkett, P.A.
201 S. Biscayne Blvd., Suite 3200
Miami, FL 33131
CONFIRMATION OF SUBORDINATION AGREEMENT
This Confirmation of_Subqrdination Agreement is made and
executed this 310tday of , 1994, by CODEC INC., a Florida
not -for -profit corporation ("Borrower"), CITY OF MIAMI, a Florida
municipal corporation ("Mortgagee"), and BARNETT BANK OF SOUTH
FLORIDA, N.A., a national banking association ("Lender").
W I N E S S E T H:
WHEREAS, Lender is the owner and holder of the following
documents:
1. Revolving Promissory Note dated April 30, 1992 in the
principal amount of $3,000,000 executed by Borrower to
the order of Lender (the "Note");
2. Mortgage and Security Agreement dated April 30, 1992
executed by Borrower to Lender and recorded in Official
Records Book 15499, Page 3532, of the Public Records of
Dade County, Florida (the "Mortgage");
3. Assignment of Leases, Rents and Profits dated April 30,
1992 executed by Borrower to Lender and recorded in
Official Records Book 15499, Page 3559, of the Public
Records of Dade County, Florida (the "Assignment"); and
4. UCC-1 Financing Statement naming Borrower as Debtor and
Lender as Secured Party and recorded in Official
Records Book 15499, Page 3565, of the Public Records of
Dade County, Florida ("Financing Statement"; and the
Note, Mortgage, Assignment, Financing Statement and all
other documents executed in connection with the loan
evidenced by the Note are collectively called the "Loan
Documents");
WHEREAS, Mortgagee is the owner and holder of the following
mortgages (collectively, the "Subordinate Mortgages"):
1
95- A62
A. Mortgage dated September 18, 1991 executed by Borrower
in favor of Mortgagee and recorded in Official Records
Book 15219, Page 872, of the Public Records of Dade
County, Florida; and
B Mortgage dated September 18, 1991 executed by Borrower
in favor of Mortgagee and recorded in Official Records
Book 15219, Page 878, of the Public Records of Dade
County, Florida;
WHEREAS, the Subordinate Mortgages have been subordinated to
the Mortgage pursuant to that certain Subordination Agreement
dated April 23, 1992 executed by Borrower, Mortgagee and Lender
and recorded in Official Records Book 15499, Page 3568, of the
Public Records of Dade County, Florida (the "Subordination
Agreement");
WHEREAS, Lender erroneously executed and recorded a
Satisfaction of Mortgage dated May 6, 1994 (the "Satisfaction")
and recorded in Official Records Book 16382, Page 4181, of the
Public Records of Dade County, Florida, which referenced the
Subordination Agreement as one of the documents being released;
WHEREAS, the Borrower and Lender have rescinded the
Satisfaction and re-established the Note, Mortgage, Assignment,
Financing Statement and other Loan Documents pursuant to a
Rescission of Satisfaction and Re -Establishment of Mortgage and
other Loan Documents dated July 15, 1994 and recorded under
Clerk's File No. 94R347472 of the Public Records of Dade County,
Florida;
WHEREAS, the parties hereto desire to confirm that the
Subordinate Mortgages are and shall remain subject and
subordinate to the Mortgage and other Loan Documents and to re-
establish the Subordination Agreement.
NOW, THEREFORE, for $10.00 and other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree as follows:
1. The recitals contained above are true and correct and
are hereby incorporated into and made a part of this Agreement.
2. Mortgagee represents and warrants to Borrower and
Lender that it has not assigned, pledged or otherwise transferred
all or any part of its interest in and to the Subordinate
Mortgages or either of them.
3. Mortgagee hereby subordinates the Subordinate Mortgages
to the Mortgage and other Loan Documents and all of the
2
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respective terms and conditions thereof. The parties hereto
hereby ratify, confirm and re-establish the Subordination
Agreement and the terms and provisions thereof to the same
extent, and with the same effect, as if the Subordination
Agreement were set forth in its entirety in this Agreement. The
parties hereby agree that the Subordination Agreement is and
shall remain in full force and effect. The Subordination
Agreement is hereby incorporated into this Agreement by this
reference.
3. This Agreement shall be binding upon, and inure to the
benefit of, the parties hereto and their respective successors
and assigns.
4. THE PARTIES DO HEREBY WAIVE THE RIGHT TO A TRIAL BY
JURY IN RESPECT OF ANY LITIGATION BASED ON THIS AGREEMENT OR THE
SUBORDINATION AGREEMENT, OR ARISING OUT OF, UNDER OR IN
CONNECTION WITH ANY COURSE OF CONDUCT, COURSE OF DEALINGS,
STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY.
IN WITNESS WHEREOF, the parties have executed this Agreement
as of the date first above written.
tness
PrYnte
ss
n uc.�a
Printed Name of Witness
nted ,Name of Witness
Witnes,6)
ted Name of Witness
CODEC INC/a Florida corporation
not-for-i Zfib( /7
Name: j' L -r -r 2 2• ILK N �9
Title: C A n/n,m6/J o F TIfE 6oAkO
Address:
300 S.W. 12th Avenue
Third Floor
Miami, FL 33130
BARNETT BANK OF SOUTH
FLORIDA, N.4.
By
Nam A 69 f�19/
Tit e: e6 la
Address:
701 Brickell Avenue, 6th Floor
Miami, FL 33131
Attn: Commercial Real Estate
Lending
3
95+ 462
Witness
Printed Name of Witness
Witness
Printed Name of Witness
STATE OF FLORIDA )
)SS
COUNTY OF DADE )
CITY OF MIAMI, FLORIDA
By
Name: Cesar H. Odio
Title: City Manager
Attest_
Name:
Title:
Address:
3500 Pan American Dr.
Miami, FT, 33133
APPROVED AS TO FORM AND
CORRECTNESS
The foregoing Cgafir ation � Subordination Agreement was
�
acknowledged me this 19- da of Cce� bey, 1994, by
/d ie A36eX1,AC- , the of CODEC INC.,
a Florida not -for-pkno .�i, on behalf of that
corporation. He is rsonally to me or produced
as identification and did not take an oath.
ARY PUBLIC,'
My Commission Expire Pr nted Name of Notary:
[Notary Seal]
is O 1FF crAL NC)Tr1hy SEAL
LAURA 1 A�\'DR L
NOTARY 1'UBL1C STATE OF FLORIDA
C0'MmISS10N' NO. CC 18496$
�'' f),�iM! S!ON EXI'
~- 1UUINF. �.I.. 7'99��
4
95- 462
STATE OF FLORIDA )
)SS
COUNTY OF DADE )
The foregoing Confirmation of Subo
a nowledg before me this gay of
as r-
S UTH FL RID , N.A., a national bank' g
that association. -fie/She is persona 1
take an oath.
NOTARY PL
My Commission Expires: P:�J,pt-od
di t'on Agreement was
d , 1994, by
o B TT BANK OF
association on behalf of
known to and did not
C
MA of teary;
MARILYN RLGG
COTTON
STATE OF FLORIDA MY COMMISS�3004SS x : D(PlfifS: Deco9.8COUNTY OF DADEBmW 1hr'� m
The foregoing Confirmation of Subordination Agreement was
acknowledged before me this day of , 1994, by
and as
and , respectively, the CITY
OF MIAMI, FLORIDA, a Florida municipal corporation, on behalf of
said corporation. They are personally known to me or produced
as identification and did not take an oath.
My Commission Expires:
47157
NOTARY PUBLIC
Printed Name of Notary:
5
95- 462
This instrument was prepared by:
Sherry A. Stanley, Esq.
Coll Davidson Carter Smith.
Salter & Barkett, P.A.
201 S. Biscayne Blvd., Suite 3200
Miami, FL 33131
RESCISSION OF SATISFACTION
AND RE-ESTABLISHMENT OF
MORTGAGE AND OTHER LOAN DOCUMENTS
This Agreement is made and executed this -day of July,
1994, by CODEC INC., a Florida not -for -profit corporation
("Mortgagor"), and BARNETT BANK OF SOUTH FLORIDA, N.A., a
national banking association ("Mortgagee").
W I N E S S E T H:
WHEREAS, Mortgagee is the owner and holder of the following
documents:
1. Revolving Promissory Note dated April 30, 1992 in the
principal amount of $3,000,000 executed by Mortgagor to
the order of Mortgagee (the "Note");
2. Mortgage and Security Agreement dated April 30, 1992
executed by Mortgagor to Mortgagee and recorded in
Official Records Book 15499, Page 3532, of the Public
Records of Dade County, Florida (the "Mortgage");
3. Assignment of Leases, Rents and Profits dated April 30,
1992 executed by Mortgagor to Mortgagee and recorded in
Official Records Book 15499, Page 3559, of the Public
Records of Dade County, Florida (the "Assignment"); and
4. UCC-1 Financing Statement naming Mortgagor as Debtor
and Mortgagee as Secured Party and recorded in Official
Records Book 15499, Page 3565, of the Public Records of
Dade County, Florida ("Financing Statement");
WHEREAS, the Mortgage, Assignment and Financing Statement
encumbered the real property described in Exhibit "A" attached
hereto and made a part hereof (the "Property");
WHEREAS, Mortgagee is a party to a Subordination Agreement
dated April 23, 1992 and recorded in Official Records Book 15499,
1 95- A62
3568, of the Public Records of Dade County, Florida (the
"Subordination Agreement");
WHEREAS, Mortgagee erroneously marked the Note "PAID" and
executed and recorded a Satisfaction of Mortgage dated May 6,
1994 (the "Satisfaction") and recorded in Official Records Book
16382, Page 4181, of the Public Records of Dade County, Florida;
and
WHEREAS, the parties hereto desire to rescind and cancel the
Satisfaction and re-establish the Note, Mortgage, Assignment,
Financing Statement, Subordination Agreement and all other
documents executed in connection with the loan evidenced by the
Note (collectively, the "Loan Documents").
NOW, THEREFORE, for $10.00 and other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree as follows:
1. The Satisfaction is hereby rescinded and shall be void
ab initio and of no force or effect. The Mortgagor acknowledges
and agrees that the Note was marked "PAID" in error and
accordingly authorizes Mortgagee to strike through such notation
and otherwise indicate on the face of the Note that the Note was
stamped "PAID" in error.
2. Mortgagor hereby ratifies, confirms and re-establishes
the Note, Mortgage, Assignment, Financing Statement,
Subordination Agreement and all other Loan Documents and all
respective terms and provisions thereof to the same extent, and
with the same effect, as if the Loan Documents were set forth in
their entirety in this Agreement. Mortgagor hereby agrees that
the Note, Mortgage, Assignment, Financing Statement and all other
Loan Documents are and shall remain in full force and effect, and
the Mortgage, Assignment and Financing Statement shall constitute
valid liens and encumbrances on the Property and all other
property described therein. The Note, Mortgage, Assignment,
Financing Statements and all other Loan Documents are hereby
incorporated into this Agreement by this reference.
3. Mortgagor hereby acknowledges and agrees that as of the
date hereof $663,834.11 in principal is outstanding under, and
evidenced and secured by, the Loan Documents and interest has
been paid to, but not including, July 1, 1994. Mortgagor has no
setoffs, counterclaims or defenses to its obligations under the
Loan Documents, and Mortgagor hereby releases and forever
discharges the Mortgagee and its affiliates and their respective
employees, officers, directors and agents of and from any and all
claims, demands or liabilities of every kind or nature arising
(directly or indirectly) in connection with or with respect to
the loan (the "Loan") evidenced and secured by the Loan
2
95- 462
-j
Documents, the administration thereof, the collateral therefor or
any action or inaction of Mortgagee, its affiliates or their
respective representatives on or before the execution of this
Agreement.
4. This Agreement shall be binding upon, and inure to the
benefit of, the parties hereto and their respective successors
and assigns; provided, however, that the assignability by the
Mortgagor of its rights under the Loan Documents shall be subject
to the restrictions and prohibitions contained in the Loan
Documents.
5. MORTGAGEE AND MORTGAGOR HEREBY KNOWINGLY, VOLUNTARILY,
IRREVOCABLY, UNCONDITIONALLY AND INTENTIONALLY WAIVE THE RIGHT TO
A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON THE LOAN,
THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY OTHER DOCUMENTS NOW
EXISTING OR HEREAFTER EXECUTED IN CONNECTION WITH THE LOAN, OR
ARISING OUT OF, UNDER OR IN CONNECTION WITH THE LOAN, OR ANY
COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL
OR WRITTEN) OR ACTIONS OF MORTGAGEE OR MORTGAGOR.
IN WITNESS WHEREOF, the parties have executed this Agreement
as of the date first above written.
ness
Printed Na
' ness
WitnE'ss.�
Printed Name of Witness
/7
Witness_
Printed -Ndrhe of Witness
Witness
Printed Name of Witness
CODEC INC., a Florida corporation
not -for -profit
BY�G
Name : E- "L4j1 « 1 DA• L IA.
Title: MF sk p r=-,u T'
Address:
300 S.W. 12th Avenue
Third Floor
Miami, FL 33130
BARNETT BANK OF SOUTH
FLORIDA, N.A.
i
BJz-'-6-4V
Name:
Title:
Address:
701 Brickell Avenue, 6th Floor
Miami, FL 33131
Attn: Commercial Real Estate
Lending
3
95- 462
STATE OF FLORIDA )
) SS
COUNTY OF DADE )
The foregoing Rescission of Satisfaction and Re -
Establishment of Mortgage and other Loan Documents was
acknowledged before me this j 5 day of JvL.c 1994, by
(;-ue-rz iopm bLd-x , the p2ssio=L) r of CODEC INC.,
a Florida not -for -profit corporation, on behalf of that
corporation. H2 is personally known to me or produced
as identification and^ d t take an oath.
My Commission Expires:
[Notary Seal]
STATE OF FLORIDA )
) SS
COUNTY OF DADE )
r
NOTARY PUBLIC
Printed Name of Notary:
i�V— Iex l� JMR M1 e% rt M—
t e_1 Jp q Y-D-
The foregoing Rescission of Satisfaction and Re -
Establishment of Mortgage and other Loan Documents was
ac nowled ed befo e me this f_� day - 1994, by
Eq? , as BARNETT BANK OF
SOUT FLORIDA, N.A., a national banking association, on behalf of
that association. He/She is personally known•to me and dio not
take an oath. f
NOTARY PUBLIC '
My Commission Expires: Printed Nam T tary:
47107
`r' ► AI LYN R. CDTMN
MY coMralsslIN� ! cC 2as�
'•: DPFZs: oeumbe� k IV6
4 95- 462
J
EXHIBIT "All
LEGAL DESCRIPTION
PARCEL 1:
That part of FRITZ HOMESITE, recorded in Plat Book 30 at Page 46,
of the Public Records of Dade County, Florida lying,West of N.W.
25th Avenue, Miami, Dade County, Florida.
LESS:
All that part of FRITZ HOMESITE, according to the plat thereof as
recorded in Plat Book 30 at Page 46, of the Public Records of Dade
County, Florida, which lies within the external area formed by a
15.00 foot radius arc, concave to the Northeast, tangent to the
Southerly boundary of said Tract of FRITZ HOMESITE, and tangent to
the East Line of the West 15.00 feet of said Tract of FRITZ
HOMESITE, all lying in the SW 1/4 of Section 27, Township 53 South,
Range 41, East, Dade County, Florida.
PARCEL 2:
Lot 1, the North 40 feet of Lot 2, and the South 45 feet of Lot 3,
Block 2, of GROVELAND, according to the Plat thereof as recorded in
Plat Book 11, at Page 54, of the Public Records of Dade County,
Florida.
PARCEL 3:
The South 20 feet of Lot 2 and the North 20 feet of Lot 3, Block 2,
GROVELAND, according to the Plat thereof as recorded in Plat Book
11, at Page 54, of the Public Records of Dade County, Florida.
95- 462
CITY OF MIAMI. FLORIDA
• INTER -OFFICE MEMORANDUM
27
TO Honorable Mayor and DATE FILE
Members of the City Commission
SUBJECT Resolution Relating to
150 Unit Melrose Townhome
Project
FROM Cesar REFERENCES City Commission Agenda
City MO ENCLOSURES Item - April 13, 1995
F
It is respectfully recommended that the City Commission adopt the
attached resolution relating to the development of the 150 unit
Melrose Townhome Project in the Allapattah neighborhood. The
attached resolution authorizes the City Manager to execute the
attached Confirmation of Subordination Agreement between the City
of Miami, CODEC, Inc. and Barnett Bank of South Florida, N. A.,
in connection with the financing of the Melrose Townhome Project.
The Department of Development and Housing Conservation recommends
ratification of the attached resolution, authorizing the City
Manager to execute the attached Confirmation of Subordination
Agreement between the City of Miami, CODEC Inc. and Barnett Bank
of South Florida, N. A., in connection with the financing of the
150 unit Melrose Townhome Project located in the Allapattah
neighborhood.
Since the' mid-1980's, the City of Miami has coordinated and/or
provided City financial assistance in connection with the
development/rehabilitation of over 941 affordable housing units
in the City through the cooperative efforts of City government,
not -for -profit housing community development corporations and
private local financial institutions. In order for many of these
joint housing ventures between the City, not -for -profit housing
community development corporations and local financial
institutions to come to fruition, it has been necessary for the
City of Miami to take an inferior position and subordinate its
mortgage for site acquisition cost and/or construction financing
to a private financial institution.
95- A62
Honorable Mayor and
Members of the City Commission
Page 2
In October of 1989, through Resolution No. 89-966, the City
Commission designated CODEC, Inc. as project sponsor for the
development of a 150 unit townhome project on the former 8.5 acre
city -owned Melrose Nursery. In order to move the construction of
the Melrose Townhome Project forward, the City agreed to provide
CODEC, Inc. a $1,000,000 site infrastructure loan, in addition to
holding a mortgage of $750,000 for the cost for site acquisition.
Barnett Bank has provided construction financing in the amount of
$3,000,000 to CODEC, Inc. in connection with the development of
the project.
Several months ago, Barnett Bank notified the City that it had
erroneously executed and recorded a Satisfaction of Mortgage
dated May 6, 1994, which satisfied and released the Mortgage and
Security Agreement dated April 30, 1992 form CODEC, Inc. to
Barnett Bank relative to the $3,000,000 construction loan. In
order to correct this error, CODEC, Inc. and Barnett Bank
executed a Rescission of Satisfaction and Re -Establishment 6f
Mortgage and Other Loan Documents dated July 15, 1994.
In an effort to completely resolve and correct this inadvertent
error, relative to the financing structure of the Melrose
Townhome Project, Barnett Bank is requesting the City to execute
the attached Confirmation of Subordination Agreement between the
City, CODEC, Inc. and Barnett Bank dated October 31, 1994.
City Commission ratification of the attached resolution is
recommended.
95- A62
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1.
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COLL DAVIDSON' CARTER SMITH SALTER & BARKETT
PROFESSIONAL ASSOCIATION
ATTORNEYS AT LAW
JANIE L. ANDERSON
3200 MIAMI CENTER
JOHN M, BARKETT
201 SOUTH BISCAYNE BOULEVARD
FRANCIS L. CARTER
MATTHEW P. COGLIANESE
MIAMI, FLORIDA 33131 -2312
NORMAN A. COLL
[305) 373-5200
MICHAEL J. COMPAGNO
TED C. CRAIG
TELECOPIER 305 374-7296
BARRY R. DAVIDSON
YALE J. FISHMAN
DAVID P, HARTNETT ,
MICHAEL J. HIGER
JIMMY L. MORALES
JOHN J. MCNALLY
GARY M. MURPHREE
PHYLLIS SHAMPANIER
DARRELL W. PAYNE
OF COUNSEL
VANCE E. SALTER
HARRIS C. tSISKIND
RICHARD C. SMITH
SHERRY A.STANLEY July 20, 1994
COURTNEY B. WILSON
i
Mr. Jeffrey Hepburn
Assistant Director -Housing Division
City of Miami Development
Housing Department
r
.300 Biscayne Boulevard Way
Suite 400
Miami, FL 33131
Re: CODEC Inc.
Dear Jeff:
As indicated in our telephone conversation, Barnett Bank of
South Florida, N.A. ("Barnett") erroneously satisfied the
Mortgage and Security Agreement dated April 30, 1992 from CODEC
Inc. to Barnett (the "Barnett Mortgage") and certain other loan
documents executed in connection with the Barnett Mortgage. I
enclose, for your reference, a copy of the Satisfaction of
Mortgage.
In order to correct the mistake, CODEC Inc. and Barnett
executed the Rescission of Satisfaction and Re -Establishment of
Mortgage and Other Loan Documents. A copy of that corrective
document is also enclosed.
The City of Miami also holds two mortgages on the property
encumbered by the Barnett Mortgage. The City of Miami mortgages
were subordinated to the Barnett Mortgage pursuant to the
Subordination Agreement dated April 23, 1992 (a copy of which is
enclosed).
In order to confirm the respective priorities of the Barnett
Mortgage and City of Miami mortgages, the title company is
requiring the execution of a confirmation of the Subordination
95- 462
Mr. Jeffrey Hepburn
July 20, 1994
Page 2
Agreement. Accordingly, I enclose for your review a Confirmation
of Subordination Agreement which has been executed by both CODEC
Inc. and Barnett."
If the form and substance of the enclosed Confirmation of
Subordination Agreement is acceptable to the City, please have
the document executed and returned to me for recording in the
Public Records of Dade County, Florida.
If you have any questions or comments whatsoever with
respect to this matter or the Confirmation and Subordination
Agreement, please do not hesitate to call me.
Ve urs,
Sherry A. Stanley
SAS/cj
Enclosures
47694
95- 462