HomeMy WebLinkAboutR-94-0888J-94-1022
12/1/94
RESOLUTION NO.
A RESOLUTION CONSENTING TO THE TRANSFER OF
THE PROPERTY LOCATED AT 1401 WEST FLAGLER
STREET, MIAMI, FLORIDA, BY THE SMALL BUSINESS
OPPORTUNITY CENTER, INC. ("SBOC") TO THE
LATIN CHAMBER OF COMMERCE OF THE UNITED
STATES, INC. ("CAMACOL"), SUBJECT TO A
MORTGAGE FROM SBOC TO THE CITY, SECURING A
LOAN IN THE ORIGINAL PRINCIPAL SUM OF
i $117,000; CONSENTING TO THE ASSUMPTION OF
SAID LOAN BY CAMACOL; AUTHORIZING THE
SUBORDINATION OF SAID MORTGAGE TO A NEW
MORTGAGE FROM CAMACOL IN FAVOR OF SUN
BANK/MIAMI, N.A., SECURING A $300,000 LOAN TO
CAMACOL TO FINANCE THE PURCHASE OF THE
PROPERTY; AND FURTHER AUTHORIZING THE CITY
MANAGER TO EXECUTE SUCH DOCUMENTS AS MAY BE
NECESSARY, IN A FORM ACCEPTABLE TO THE CITY
ATTORNEY, TO EVIDENCE THE CITY'S CONSENT TO
THE TRANSFER OF THE PROPERTY, CAMACOL'S
ASSUMPTION OF THE MORTGAGE AND ITS
SUBORDINATION TO THE MORTGAGE IN FAVOR OF SUN
BANK.
WHEREAS, the City Commission is committed to economic
development and the expansion of trade and commerce; and
WHEREAS, pursuant to Resolution No. 87-350, the City
Commission authorized a loan from the Twelfth Year Community
Development Block Grant in favor of the Small Business
Opportunity Center, Inc. ("SBOC"), in the amount of $150,000.00;
and
WHEREAS, said loan was divided to provide two separate
loans, evidenced by two loan agreements, one in the amount of
$33,000.00 and one in the amount of $117,000.00; and
MEETING OF
DEC D 1 1994
.Resolution No,
94- 888
WHEREAS„ the $117,000.00 loan ("the Loan") was earmarked for
the purchase of the property located at 1401 West Flagler Street,
Miami, Florida (the "Property") and the repayment thereof is
secured by a mortgage encumbering said property (the "Mortgage");
and
WHEREAS, the Latin Chamber of Commerce of the United States,
Inc. ("CAMACOL") wishes to purchase the Property from SBOC
subject to the Mortgage which has an outstanding principal
balance of $115,397.76; and
WHEREAS, CAMACOL has requested the City's consent to its
assumption of the Mortgage and has further requested the City to
subordinate the Mortgage to a new mortgage from CAMACOL to Sun
Bank/Miami, N.A. securing a $300,000 loan for the purchase of the
Property;
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 Commission hereby: (1) consents to
the transfer of the property located at 1401 West Flagler Street,
Miami, Florida, by the Small Business Opportunity Center, Inc.
("SBOC") to the Latin Chamber of Commerce of the United States,
Inc. ("CAMACOL"), subject to a mortgage from SBOC to the City,
securing a loan in the original principal sum of $117,000; (2)
consents to the assumption of said loan by CAMACOL; and (3)
-2- 94- 888
authorizes the subordination of said Mortgage to a new mortgage
from CAMACOL in favor of Sun Bank/Miami, N.A., securing a
$300,000 loan to CAMACOL to finance the purchase of the property.
Section 3. The City Manager is hereby authorized`/ to
execute the necessary document(s), in a form acceptable to the
City Attorney, to evidence the City's consent to the transfer of
Property by SBOC to CAMACOL and CAMACOL's assumption of the Loan
and Mortgage, and the subordination of the Mortgage to a new
mortgage from CAMACOL in favor of Sun Bank/Miami, N.A., in the
principal sum of $300,000.00 to finance the purchase of said
property.
Section 4. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 1st day of December 1994.
STE HEN P. CLA , MAYOR
ATT
o ,
MA TY HIRAI, CITY CLERK
PREPARED AND APPROVED BY:
I
0 GA MIREZ-SEI S
ASSI ANT CITY ATTO Y
i
! EB:BSS:ORS:et:M4813
I
APPROVED AS TO FORM AND CORRECTNESS:
9
V 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.
IS-fl
TO :
FROM :
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
A. Quinn Jones, III, City Attorney
Law Deaartme�/
3a;-utrecror
Community Development
DATE : December 2, 1994 FILE
SUBJECT : Small Business Opportunity
Center --Amendment to Loan
Agreement (Restructure), also
REFERENCES : Loan/Mortgage Assumptions
See Res. Numbers 94-648,
ENCLOSURES: Yq , and 9 V - S+' ?
Further to our memorandum of October 13, 1994, as per Resolution #94-648, requesting that
you prepare an Amendment to the loan/mortgage agreement as per conditions stipulated In
our letter to SBOC, of October 11, 1994 (copies enclosed).
Further, yesterday, December 1, 1994, the City Commission approved two (2) Resolutions,
granting Camara de Comercio Latina (CAMACOL) approval to assume the two (2) loans
originally given to SBOC (aT$117,000.00 and $33,000.00).
In addition, on the $117,000.00 loan, the City also approved a loan subordlnatL n ;a eement�t9
SUNBANK, who is taking over the loan from the previous lenders. See letters from SBOC
dated November 16, and 22, 1994, and SUNBANK's commitment letter dated November 8,
1994.
Since the expiration date of SUNBANK commitment letter is December 23, 1994, your very
prompt attention to this matter Is hereby requested.
FC/vh
<misc>gjones
cc: Olga Ramirez-Seijas, Assistant City Attorney
0
PREPARED BY:
Mark A. Jacobs
Bercrman and Jacobs, P.A.
Suite 780
777 Brickell Avenue
Miami, Florida 33131
AGREEMENT FOR SUBORDINATION OF MORTGAGE
THIS AGREEMENT is made and entered into this 19th day of
January, 1995, by and between CITY OF MIAMI acting by and through
the Directorof the Department of Community Development (the
"Existing Mortgagee"), with an address at 300 Biscayne Boulevard
Way, Suite 420, Miami, Florida 33131; SUNBANR/ MIAMI, NATIONAL
ASSOCIATION, (the "New Mortgagee"), 777 Brickell Avenue, Miami,
Florida 33131; and SMALL BUSINESS OPPORTUNITY CENTER, INC., a
Florida not -for profit Corporation, (the "Owner"), 1417 West
Flagler Street, Miami, Florida 33135.
Recitals
Owner is the owner of a certain parcel of land, situated in
the County of Dade, Florida, fully described in Exhibit "A" which
is attached hereto and made a part hereof and of certain buildings
and improvements on the parcel (the "Property").
Owner, by an instrument dated April 13, 1988, granted and
conveyed to the Existing Mortgagee a mortgage encumbering the
Property (the "Existing Mortgage"), securing the payment of
$117,000.00, with interest. The Existing Mortgage was recorded on
April 18, 1988, in Official Records Book 13646 at Page 3040 of the
Public Records of Dade County, Florida and was modified by
instrument dated October 1, 1994 which is being recorded
contemporaneously with this Agreement.
Owner is selling the Property to LATIN CHAMBER OF COMMERCE OF
THE UNITED STATES, INC., a Florida not -for -profit corporation,
("New Owner") and the New Owner by an instrument is granting and
conveying to the New Mortgagee a mortgage encumbering the Property
(the "New Mortgage"), securing the payment of $300,000.00, with
interest, evidenced by a promissory note in the amount of
$300,000.00. The New Mortgage is to be recorded in the office of
the Clerk of the Circuit Court in and for Dade County, Florida
prior to the recording of this Agreement.
1
94- 888
Bergman and Jacobs, P.A.
777 BRICKELL AVENUE. SUITE 780, MIAMI. FLORIDA ;3 1 3 �'
The parties desire that the lien of the Existing Mortgage
shall be subordinated in the full amount to the lien of the New
Mortgage.
In consideration of the sum of $10.00 and other good and
valuable consideration, the receipt of which is acknowledged by the
Existing Mortgagee, the parties , intending to be legally bound,
agree as follows:
1. The Existing Mortgage is subordinated to the lien of the
New Mortgage up to the principal amount of $300,000.00, together
with interest and other sums due thereunder, except that no future
advances shall be made pursuant to the terms of said New Mortgage
without the written consent of the Existing Mortgagee.
2. The subordination of the Existing Mortgage to the lien of
the New Mortgage shall have the same force and effect as though the
New Mortgage had been executed, delivered, and recorded in the
Clerk's office prior to the execution, delivery, and recording of
the Existing Mortgage.
3. If any proceedings are brought by the Existing Mortgagee
or its successors or assigns against the Property, including
foreclosure proceedings on the Existing Mortgage or to execute any
judgment on the note or bond that it secures, the judicial sale in
connection with the proceedings shall not discharge the lien of the
New Mortgage.
4. This subordination also subordinates the lien of any
security agreement or UCC-I Financing Statement.
S. This Agreement shall be binding on and inure to the
benefit of the respective heirs, successors and assigns of the
parties hereto.
Executed and delivered, this AL day of January, 1995.
Print:
OWNER:
SMALL BUSINESS OPPORTUNITY CENTER, INC.
a Florida not -for -profit Corporati
By:
ANTHONY C. RIVAS
As its: President
2
(Corporate Seal)
O • •
Bergman and Jacobs, P.A.
777 BRICKELL AVENUE. SUITE 780, MIAMI. FLORIDA 331 31
NEW OWNER:
LATIN CHAMBER OF COMMERCE OF THE UNITED STATES, INC.
a Florida not -for -profit Corporation
By:
tness Sig ature IS SABINE
Print: � �cb t v,i�:- Z As its: President
zt, (Corporate Seal)
Witness Sign ure
Print: /VcGToit, GfJSCA
/?
Witness Si ature
Print: L�a
i
ness ignat e
Prinft (a--o
AT S
i
MAT7T HIRAI, City Clerk
NEW MORTGAGEE:
SUNBANK/ I, NATIONAL ASSOCIATION
BY!�
P r in-t : J yr
as its: —Vic
EXISTING MORTGAGEE:
CITY OF MIAMI
B y :
Print: �
oep'5 As its:
APPROVED AS TO FORM AND CORRECTNESS:
CITY TT EY(/�
it.
acknowledgements appear on the following page
3
Bergman and Jacobs, P.A. 9 4— 888
777 BRICKELL AVENUE. SUITE 780 MIAMI FLORIDA 33 1'
STATE OF FLORIDA
COUNTY OF DADE
The foregoing instrument was acknowledged before me this 19th
day of January, 1995 by ANTHONY C. RIVAS as President of SMALL
BUSINESS OPPORTUNITY CENTER, INC., a Florida not for profit
corporation, on behalf of the corporation. He/she is ( )
personally known to me or ( V) has produced 4 t�� as
identification and did (did not) take an oath.
NOTARY PUBLIC, State Florida
Print:
_._ --^1
Commission # OFFi IALNOT.ARY� SLAL
CARIDAD YeR`:A4Tti°Z
Em�
ARY PUBLIC S; ATr 0= FLO IDAI
STATE OF FLORIDA ) C0WAISSIOti
COUNTY OF DARE ) COUyi►SSON •;r MIc 'w
The foregoing instrument was acknowledged before me this 19th
day of January, 1995 by LUIS SABINES as President of LATIN CHAMBER
OF COMMERCE OF THE UNITED STATES, INC., a Florida not -for -profit
corporation, on behalf of the corporation. He/sh is ( )
personally known to me or (✓5 has produced as
identification and did (did not) take an oath.
STATE OF FLORIDA
COUNTY OF DADE
The foregoing instrument was
day. January, 1995, by
y c e Res of SUNBANK/
behalf of the corporation. He/she
( ) has produced
not take an oath.
`Q—�' X6,
NOTARY PU LIC,- State Florida
Print:
Commission # : OFFI iAL tiOTARY SEAL
CARIDAQ HERtiAAiDEZ
NOTARY PUBLIC STATE OF FLORIDA
CoNimir'SION W. CC?62=81
vIY CO,+ti!l'o3i0N�gAR. '_,199i
acknowledgedbefore me this 19th
Jo�4e_ /l�i4ie�e� as
MIAMIy N IONAL ASSOCIATION on
( is personally known to me
as identific4jtafon and did/did
117it
P L2mbe
T�II�-F�-6RIDA
Pame:
CSionr:
MARK A. JACOBS
4
MY COMMISSION A CC2819pg IXPIRES
March 71997
BONDED THHU TROY FAIN INSUMCEN.INC.
Bergman and Jacobs, P.A.
777 SRICKELL AVENUE. SUITE 780. MIAMI FLORIDA J31 3 1 9 4 888
STATE OF FLORIDA )
COUNTY OF DADE )
The foregoing instrument as ackn wled ed before me this �y day of January, 1995 by as
of CITY OF MIAMI, a on
be if of t e city. He/she is ( ) pdrsona6ily knowH to me or
has produced as identification and did (did not)
take an oath.
NOTARY PUBLIC, tate of Florida
Print:
Commission #:
OFFICIAL NOTARY SEAL
X M CONCEPCION
NOTARY PUBLIC STATE OF FLORIDA
COMMISSION NO, CC387665
MY COMMISSION EXP. JUNE 14,1998
5
Bergman and Jacobs, P.A. 9 4- 888
777 BRICKELL AVENUE, SUITE 780. MIAMI. FLORIDA 33� J
EXHIBIT "A"
LEGAL DESCRIPTION
Lots 19 and 20, in Block 63, of LAWRENCE ESTATE LAND
COMPANY'S SUBDIVISION, according to the Plat thereof, as
recorded in Plat Book 2 at Page 46, of the Public Records
of Dade County, Florida.
Bergman and Jacobs, P.A. 9 4- 888
777 EIRICKELL AVENUE. SUITE 780. MIAMI. FLORIDA 33 � 3 i
0
ASSUMPTION OF MORTGAGE AND LOAN DOCUMENTS
This Agreement, dated as of this 19th day of January, 1995,
by and between the Latin Chamber of Commerce of the United
States, Inc., a Florida not -for -profit corporation, having its
principal offices at 1417 West Flagler Street, Miami, Florida
33135 ("New Mortgagor") and the City of Miami, a municipal
corporation, acting by and through the Director of the Department
of Community Development or its successors, having its offices at
300 Biscayne Boulevard Way, Suite 420, Miami, Florida 33131
("Mortgagee").
W I T N E S S E T H
WHEREAS, the New Mortgagor has purchased the following
i
i described real property from Small Business Opportunity Center,
i
i
Inc., a Florida corporation (the "Original Mortgagor"):
i
Lots 19 and 20, Block 63 of LAWRENCE ESTATE
LAND COMPANY'S SUBDIVISION, according to the
Plat thereof, recorded in Plat Book 2, at
Page 46, of the Public Records of Dade
County, Florida (the "Property").
WHEREAS, the Property is encumbered by a mortgage given by
Original Mortgagor to Mortgagee, recorded on April 18, 1988 in
Official Records Book 13646, Page 3040 of the Public Records of
Dade County, Florida (the "Mortgage"), securing a loan in the
original principal sum of $117,000 from Mortgagee to Original
i
Mortgagor (the "Loan"); and
RETURN TO AND PREPARED BY:
City of Miami Law Department
Dupont Plaza Center, Suite 300
300 Biscayne Boulevard Way
Miami, Florida 33131
94- 888
WHEREAS, the Loan is evidenced by a Promissory Note dated
April 13, 1988 and a Loan Agreement dated April 8, 1988, and is
further secured by an Assignment of Rents dated April 13, 1988,
(which documents, together with the Mortgage, are collectively
referred to herein as the "Loan Documents"); and
WHEREAS, the Loan Documents have been modified by
Modification of Note, Mortgage and Loan Agreement dated as of
October 1, 1994, filed simultaneously herewith in the Public
Records of Dade County, Florida (the "Modification Agreement");
and
WHEREAS, as part of the consideration paid by New Mortgagor
I
to Original Mortgagor for the purchase of the Property, New
Mortgagor has agreed and does hereby agree to assume all of
I
i Original Mortgagor's obligations, and pay all sums due under the
j Mortgage and the Loan Documents, and to perform and observe all
of the terms and conditions set forth in the Loan Documents;
NOW, THEREFORE, in consideration of ten dollars ($10.00) and
other good and valuable consideration, the receipt and
i
sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:
1. The foregoing are true and correct.
2. The New Mortgagor acknowledges that the principal
balance owed to Mortgagee as of the date hereof is $116,181.18,
and further acknowledges that there are no defenses, set -offs or
counterclaims to the payment of said indebtedness.
Notwithstanding the same, the New Mortgagor hereby waives any
such defenses, set -offs or counterclaims that it may have.
i 3. The New Mortgagor hereby agrees to make all payments
and to comply with each and every term and condition of Mortgagor
under the Loan Documents, as modified by the Modification
Agreement.
4. The assumption of the Mortgage and the other Loan
Documents by New Mortgagor is in no way intended to relieve
Original Mortgagor from any liability to Mortgagee thereunder.
5. Except as modified by the Modification Agreement or as
otherwise provided herein, the terms and provisions of the Loan
Documents are hereby ratified and affirmed.
IN WITNESS WHEREOF, the parties hereto have hereunto set
their hands and seals as of the day and year first above written.
MORTGAGEE:
CITY OF MIAMI,
/j a Municipal Corporation of the
G� State of Florida.
(Witness) 4 /fir-�erz — Ci i,✓rs.20 1
By �� =
(Witness) Il2Gzna I-, /�j(eSl�s CESAR H. ODIO
CITY MANAGER
CITY CLERK
NEW MORTGAGOR:
THE LATIN CHAMBER OF COMMERCE
OF USA, INC., a Florida Not -
For -Profit Corporation.
( ness ) ./, y 20 D/0145_ E _
BY
(Witness)//��R cA IS SABIN , PRESIDENT
APPROVED AS TO FORM AND
CORRECTNESS:
A QU N J N , TII
CITY TTO Y O
STATE OF FLORIDA
COUNTY OF DADE
foregoing instrument was acknowledged before me this
/Ihday of January, 1995, by Cesar H. Odio, City Manager,
of the City of Miami, a municipal corporation, on behalf of the
City. He is personally known to me or has produced
as identification and who did (did
not) take an oath.
Name (signatu )
/\/- M . rat)Cc�1-0A)
Name (print)
Notary Public -State of Florida
Commission No.:
My Commission Expires:
QFFICIAL !NOTARY SEAL
Y NI CO,NCEPCIOv
FLORIDA
STATE OF FLORIDA
COUNTY OF DADE
The foregoing instrument was acknowledged before me this
day of January, 1995, by Luis Sabines, President of The
Latin Chamber of Commerce of USA, Inc., a Florida not -for -profit
corporation, on behalf of the cofforcyn. -He is personally
known to me or has produced AXA,, -e_ p';' e_,A C� as
identification and who did (did not) take an oath.
M538/ORS/et
Name (signature)
Name (print)
Notary Public -State of Florida
Commission No.:
My Commission Expires:
QFFK1.\L. N'JTA;gl 5:-AL
CAR`.DAD f ,':'_! ANE)1:Z '
NOT.1,YY 111: LIC STATE OF rLC)RIDA
MAR- 2,1997
I
94- 888