HomeMy WebLinkAboutR-94-0413J-94-486
6/2/94
RESOLUTION NO. 9 413
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE THE CONFIRMATIONS OF SUBORDINATION OF
MORTGAGE, IN A FORM ACCEPTABLE TO THE CITY
ATTORNEY, THEREBY SUBORDINATING TO THE
EXTENSION TO THE EXISTING FIRST MORTGAGE
FROM FIRST UNION NATIONAL BANK OF MIAMI, THE
THIRD AND FOURTH MORTGAGES HELD BY THE CITY
OF MIAMI WHICH SECURE AN INDEBTEDNESS OF A
TOTAL OF $204,000 ON THE REAL PROPERTY OWNED
BY THE BAKEHOUSE ART COMPLEX.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The City Manager is hereby authorized/ to
execute the Confirmations of Subordination of Mortgage, in a form
acceptable to the City Attorney, thereby subordinating to the
extension to the existing first mortgage from First Union
National. Bank of Miami, the Third and Fourth Mortgages held by
the City of Miami which secure an indebtedness of a total of
$204,000 on the real property owned by the Bakehouse Art Complex.
The herein authorization is further subject to compliance
with all requirements that may be imposed by the City
Attorney, including but not limited to those prescribed by
applicable City Charter and Code provisions.
CITY COVWSSION
bMETI,NG OF
iUN Q 9 T94
,y A�oluHon Na
Section 2. This Resolution shall beoome effective
immediately upon its adoption.
PASSED AND ADOPTED this 9th day of June 1994.
Oki < 4
STEPHEN P. CL RK, MAYOR
AT
�,-
MATTY HIRAI
CITY CLERK
PREPARED AND APPROVED BY:
IRMA M. ABELLA
ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
A. Q N JfS , III
CITY ATTORT
BSS:M4379
4- 413
-2-
aL4%i Lit
w OiTY OF MIAMI, Ft 0AIDA
INTEROFFICE MEMORANDUM 41B
to. The Houurable Mayor and DATL `UN 2 1994 VILE
Mc+abora of th-A City CommiBaion
3U►uECT Bakehouse ALL Complex, Ins.
FROM Cebu
Ci ty
BACKGROUND:
p REfERtNCC). First Union Bank
Subordination of Mortgage
ENLLOSURe5 '
The Bakehouse Art Complex, tuc. (SAC) has an outstanding
loan/mortgage wisti Ft,:bt Union Bank fnr approximately $2330632.
They alau have a Crant/Loan Recond mortgage with Dade County in
the amount of $ 150.000 and a third and forth Grant/Loan mortgage
with the City of Miami for $150,000 and $54,000 respecLrully.
The BAC is in the process of rebtructuring their maturing loan
with First Union Bank under new terms and conditions. They have
asked and obtained a stahnrdination of the Grant/Loan from Dade
County and is asking the same from the City of Miami. Since tItI.„
iR only a restructure of a former loan/mortgage, the
loan/mortgage positions do not change. Therefore, the Department
of Community Development aloo recommends thob subordination of
mortgage.
Upon apprnval, please Instruct the City's Law uepar[;menL to
immediately prepare the neceaeary documentation.