HomeMy WebLinkAboutR-91-0779J-91-756
10/24/91
RESOLUTION NO. 9 1 ~1 7 9
A RESOLUTION WITH ATTACHMENT CONCERNING THE
CHINATOWN PROJECT, LOCATED AT 1801-1859
BISCAYNE BOULEVARD, MIAMI, FLORIDA, AMENDING
RESOLUTION NO. 91-92, ADOPTED JANUARY 24,
1991, WHICH HAD GRANTED A VARIANCE FROM
ORDINANCE NO. 9500, AS AMENDED, THE ZONING
ORDINANCE OF THE CITY OF MIAMI, FLORIDA, BY
ELIMINATING THE REQUIREMENT THAT THE
APPLICANT POST A PERFORMANCE BOND OR LETTER
OF CREDIT IN THE AMOUNT OF $250,000.00 VALID
FOR A PERIOD OF THREE YEARS FOLLOWING THE
DATE OF THE ADOPTION OF RESOLUTION NO. 91-92
TO GUARANTEE THAT THE REQUIRED PARKING BE
PROVIDED AND THAT THE CONSTRUCTION OF THE
SECOND PHASE OF THE APPLICANT'S PROJECT WILL
BE COMMENCED; FURTHER BY ACCEPTING IN LIEU OF
SAID BOND/LETTER OF CREDIT REQUIREMENT THAT
THE CITY BE PLACED IN A POSITION OF MORTGAGEE
WITH RESPECT TO BOTH THE BISCAYNE BOULEVARD
PROPERTY AND THE NORTHEAST 4TH AVENUE
PROPERTY; FURTHER BY CHANGING THE REQUIRED
DATE BY WHICH CONSTRUCTION OF PHASE II SHALL
BE COMMENCED FROM THREE YEARS FOLLOWING THE
DATE OF ADOPTION OF RESOLUTION NO. 91-92 TO
THREE YEARS FOLLOWING THE DATE OF ISSUANCE OF
A FINAL CERTIFICATE OF OCCUPANCY FOR THE
FIRST PHASE OF THE PROJECT; FURTHER BY
WAIVING THE REQUIREMENT THAT ALL MORTGAGEES
JOIN IN THE COVENANT REQUIRED OF THE
APPLICANT; FURTHER CONDITIONED UPON THE CITY
ADMINISTRATION AND THE CITY ATTORNEY
PROVIDING ASSURANCES TO THE CITY COMMISSION
THAT, BY BEING PLACED IN SAID POSITION OF
MORTGAGEE, THE CITY IS GUARANTEED AN EQUITY
IN EXCESS OF $250,000.
WHEREAS, the City Commission at its meeting of January 24,
1991, adopted Resolution No. 91-92 granting a variance from
CITY COIISSION
W=IG OF
OCT 24 1991
Ordinance No. 9500, as amended, the Zoning Ordinance of the City
of Miami, Florida, as set forth in said Resolution a copy of
which is attached hereto as Exhibit "A"; and
WHEREAS, said variance was granted subject to certain
conditions set forth in said Resolution; and
WHEREAS, the applicant requests relief from the requirement
that a performance bond or letter of credit in the amount of
$250,000.00 be posted, valid for a period of three years
following the date of the adoption of Resolution No. 91-92; and
WHEREAS, the applicant requests, in lieu of said bond/letter
of credit requirement, that the City be placed in a position of
mortgagee with respect to both the Biscayne Boulevard property
and the Northeast 4th Avenue property; and
WHEREAS, the applicant requests that the required date by
which construction of the second phase of the project shall be
commenced be changed from three years following the date of
adoption of Resolution No. 91-92 to three years following the
date of issuance of a final Certificate of Occupancy for the
first phase of the project; and
WHEREAS, the City Commission, after careful consideration of
this matter agrees to grant the applicant's requests and to amend
Resolution No. 91-92 subject to certain conditions as hereinafter
set forth;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
-2-
9 :1-- 77 9
i
I
f
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. Resolution No. 91-92, adopted January 24,
1991, is hereby amended in the following particulars:l/
"Section 2. The decision of the Zoning
Board in this matter is affirmed and the request
for a variance from Ordinance No. 9500, as
amended, the Zoning Ordinance of the City of
Miami, Florida, Schedule of District Regulations,
Page 4 of 6, "Minimum Open Space Requirements",
and "Minimum Offstreet Parking Requirements," and
Article 20, Section 2008, Subsection 2008.9.2.1,
Section 2013 and Section 2023, Subsection 2023.4,
to thereby allow the construction of a 70,025
square foot commercial building; providing zero
(0) of 316 required offstreet parking spaces; zero
(0) of three (3) required offstreet loading bays;
0' front setback (10' required); 0' side street
yard (7.5' required); 8' side yard (42.9'
required); 58%/31,639 square feet open space
(64%/34,970.21 square feet required); 17%/9,200.43
square feet of pedestrian open space (21%/11,474.6
square feet required); and eliminating the
required vision clearance at the intersection of
Biscayne Boulevard and Northeast 18th Street for
the property located at 1801-1859 Biscayne
Boulevard, Miami, Florida, also described as Tract
A, Tentative Plat No. 1380 - "CHINATOWN", as per
plans on file dated November 7, 1990, is hereby
granted, said variance having a time limitation
until March 2, 1991 in which a building permit
must be obtained, and being conditioned upon the
following: (1) the 80 parking spaces (as
indicated on plans on file dated November 7, 1990)
must be provided on the back portion of the block
1/ Words and/or figures stricken through shall be deleted.
Underscored words and/or figures shall be added. The remaining
provisions are now in effect and remain unchanged. Asterisks
indicate omitted and unchanged material.
-3- -91-`- 779
(the Northeast 4th Avenue property); (2) parking
spaces (as per plans on file dated November 7,
1990) must be provided prior to issuance of
Certificate of Occupancy; (3) a Unity of Title for
Tract A, whereby the Northeast 4th Avenue property
shall not be sold separately from the Biscayne
Boulevard property, must be provided prior to
issuance of a building permit; (4) in the event
that the applicant provides the 80 parking spaces
at an alternate location in accordance with
applicable City Code provisions and regulations,
the applicant shall be exempt from the requirement
that these spaces be provided on the back portion
of the block; (5) said plan must receive landscape
plan approval by the Planning, Building and Zoning
Department of the City of Miami, Florida; (6) any
request for changes to the herein -referenced plan
for parking spaces must be presented at a public
hearing of the Zoning Board, said request for
public hearing to be initiated and paid for by the
applicant; and (7) a covenant, whereby the
applicant agrees that the property will be subject
to the herein listed conditions subject to the
approval of the City Attorney waiving, however,
the requirement that all mortgagees ioin in said
covenant, must be filed in the Public Records of
Dade County, Florida; said variance being also
conditioned upon the City being placed in a
position of mortgagee with respect to both the
Biscayne Boulevard property and the Northeast 4th
valid for a period of three years following the
date of this Resolution to guarantee that the
required parking will be provided and that the
construction of the second phase of the
applicant's project will be commenced, said
construction to commence within three Xears
following the date o issuance of a final
Certificate of Occupancy for the first phase of
the project; said
Amendment to Variance q
rurtner conaitionea upon the city Aaministration
and the Citv Attornev providing assurances to t e
City Commission tnat oy oeing piacea in a position
of mortgagee with respect to both the Biscayne
Boulevard Property and the Northeast 4th Avenue
Property, the City is guaranteed an a ui� n
excess of 250,000 and upon receipt by the City
-4- .. 779
Attorney of the following documents pertaining to
both the Biscayne Boulevard Property and, the
Northeast 4th Avenue ro ert (a) a current
a raisal; ( opinion of title; (c) CO2Y of
current title insurance policy,_ all in a form
acceptable to the City Attorney; and (d) such
other matters as ma be required by the
A m n strat on and the City Attorney.
Section 3. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 24th day of October , 1991.
i
.VIER . SUAREZ,--MAYOR
ATTES .
MAT Y HIRAI
CITY CLERK
PREPARED AND
�1y? .
IRMA M. ABEL
ASSISTANT CI
APPROVED AS
A QUM JON
CITY A TORN
I MA/ 1 b/gmb/,M
APRr 1 9-9 1 SAT 16 32
P
J-91-57(a)
1/24/91
RESOLUTION NO. 4 J - 92
A RESOLUTION DENYING THE APPEAL FROM AND AFFIRMING
THE DECISION OF THE ZONING BOARD TO GRANT
A VARIANCE FROM ORDINANCE NO. 9500, AS AMENDED, THE
ZONING ORDINANCE OF THE CITY OF MIAMI, FLORIDA,
SCHEDULE OF DISTRICT REGULATIONS, PAGE 4 OF 6,
"MINIMUM OPEN SPACE REQUIREMENTS", AND "MINIMUM
OFFSTREET PARKING REQUIREMENTS," AND ARTICLE 20,
SECTION 2000, SUBSECTION 2008.9.2.1, SECTION 2013
AND SECTION 2023, SUBSECTION 2023.4, TO THEREBY
ALLOW THE CONSTRUCTION OF A 70,025 SQUARE FOOT
COMMERCIAL BUILDING; PROVIDING1 ZERO (0) OF 316
REQUIRED OFFSTREET PARKING SPACES, ZERO (0) OF
THREE (3) REQUIRED OFFSTREET LOADING BAYS] 0' FRONT
SETBACK (10' REQUIRED); 0' SIDE STREET YARD (7.5'
REQUIRED; 8' SIDE YARD (42.9' REQUIRED);
58%/31,6 9 SQUARE FEET OPEN SPACE (64%/34,970.21
SQUARE FEET REQUIRED); 17%/9,200.43 SQUARE FEET OF
PEDESTRIAN OPEN SPACE (2l%/11,474.6 SQUARE FEET
REQUIRED); AND ELIMINATING THE REQUIRED VISION
CLEARANCE AT THE INTERSECTION OF BISCAYNE BOULEVARD
AND NORTHEAST 18TH STREET FOR THE PROPERTY LOCATED
AT 1001-1859 BISCAYNE BOULEVARD, MIAMI, FLORIDA,
ALSO DESCRIBED AS TRACT A, TENTATIVE PLAT NO.
1380 - "CHINATOWN", AS PER PLANS ON FILE DATED
NOVEMBER 71 1990, SAID VARIANCE HAVING A TIME
LIMITATION UNTIL MARCH 21 1991 IN WHICH A BUILDING
PERMIT MUST BE OBTAINED, AND BEING CONDITIONED UPON
THE FOLLOWING! (1) THE 80 PARKING SPACES (AS
INDICATED ON PLANS ON FILE DATED NOVEMBER 71 1990)
MUST BE PROVIDED ON THE BACK PORTION OF THE BLOCK
(THE NORTHEAST 4TH AVENUE PROPERTY); (2) PARKING
SPACES (AS PER PLANS ON FILE DATED NOVEMBER 7,
1990) MUST BE PROVIDED PRIOR TO ISSUANCE OF
CERTIFICATE OF OCCUPANCY] (3) A UNITY OF TITLE FOR
TRACT A, WHEREBY THE NORTHEAST 4TH AVENUE PROPERTY
SHALL NOT BE SOLD SEPARATELY FROM THE BISCAYNE
BOULEVARD PROPERTY, MUST BE PROVIDED PRIOR TO
ISSUANCE OF A BUILDING PERMIT; (4) IN THE EVENT
THAT THE APPLICANT PROVIDES THE 80 PARKING SPACES
AT AN ALTERNATE LOCATION IN ACCORDANCE WITH
APPLICABLE CITY CODE PROVISIONS AND REGULATIONS,
THE APPLICANT SHALL BE EXEMPT FROM THE REQUIREMENT
THAT THESE SPACES 96 PROVIDED ON THE BACK PORTION
OF THE BLOCK; (5) SAID PLAN MUST RECEIVE LANDSCAPE
PLAN APPROVAL BY THE PLANNING, BUILDING AND ZONING
DEPARTMENT OF THE CITY OF MIAMI, FLORIDA; (6) ANY
REQUEST FOR CHANGES TO THE HEREIN-REFERBNCED PLAN
FOR PARKING SPACES MUST BE PRESENTED AT A PUBLIC
HEARING OF THE ZONING BOARD, SAID REQUEST FOR
PUBLIC HEARING TO BE INITIATED AND PAID FOR BY THE
APPLICANT] AND (7) A COVENANT SUBJECT TO THE
APPROVAL OF THE CITY ATTORNEY, WHEREBY THE
APPLICANT AGREES THAT THE PROPERTY WILL BE SUBJECT
TO THE HEREIN LISTED CONDITIONS, MUST BE FILED IN
THE PUBLIC RECORDS OF DADE COUNTY, FLORIDA; SAID
VARIANCE BEING ALSO CONDITIONED UPON THE APPLICANT
POSTING A PERFORMANCE BOND OR LETTER OF CREDIT IN
THE AMOUNT OF $250,000.00 VALID FOR A PERIOD OF
THREE YEARS FOLLOWING THE DATE OF THE ADOPTION OF
THIS RESOLUTION TO GUARANTEE THAT THE REQUIRED
PARKING WILL BE PROVIDED AND THAT THE CONSTRUCTION
OF THE SECOND PHASE OF THE APPLICANT'S PROJECT WILL
Be COMMENCED.
9 :) 779
CITY C01-11-l"SIGN
or
N 24 1991
91- 92
SAT. 6
32
P `ins
te —
wHERgAS, the Miami
zoning
Board at its meeting of
December 3, 1990,
item No.
2, duly
adopted Resolution ZB 115-90
by a site to zero
(6-0) vote granting a variance as hereinafter
set forth; and
WHEREAS, the
Planning,
Building
and Zoning department of the
City of Miami has
taken an
appeal to
the City Commission from the
grant of the variance; and
WHEREAS, the City Commission, after careful consideration of
this matter finds that there are peculiar circumstances affecting
this parcel of land and that practical difficulties and
unnecessary hardships exist which would impair the owner's right
to the reasonable use of the property without the grant of
variance as hereinafter set forth;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDAt
-section i. 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 decision of the Zoning Board in this
matter is affirmed and the request for a variance from Ordinance
No. 9500, as amended, the Zoning Ordinance of the City of Miami,
Florida, Schedule of District Regulations, Page 4 of 6, ~Minimum
Open Space Requirements~, and "Minimum Offstreet Parking
Requirements," and Article 20, Section 2008, Subsection
2008.9.2.1, Section 2013 and Section 2023, Subsection 2023.40 to
thereby allow the construction of a 70,025 square foot commeareial
building; providing zero (0) of 316 required offstreet parking
spaces; zero (0) of three (3) required offstreet loading bays; 0'
front setback (10' required); 0' side street yard (7.5'
required); 8' side yard (42.9' required); 58t/31,639 square feet
open spaces (668/34#970.21 square feet required); 171/91200.43
Square feet -of pedestrian open space ( 21%/11, 474.6 squares feet
r NOW
WE
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required); and eliminating the required vision clearance at the
intersection of Biscayne Boulevard and Northeast 18th Street for
the property located at 1801-1859 Biscayne 9oulevard, Miami,
— Florida, also described as Tract A, Tentative plat No. 1300 -
h
"CHINATOWN", as per plans on file dated November 7, 1990, is
hereby granted, said variance having a time limitation until
March 2, 1991 in which a building permit must be obtained, and
being conditioned upon the followings (1) the 80 parking spaces
(as indicated on plans on file dated November 71 1990) must be
provided on the back portion of the block (the Northeast 4th
=
Avenue property)f (2) parking spaces (as per plans on file dated
November 71 1990) must be provided prior to issuance of
Certificate of Occupancyf (3) a Unity of Title for Tract A,
-
whereby the Northeast 4th Avenue property shall not be sold
separately from the Biscayne Boulevard property, must be provided
=
prior to issuance of a building permits (4) in the event that the
-
applicant provides the 60 parking spaces at an alternate location
in accordance with applicable City Code provisions and
regulations, the applicant *hall be exempt from the requirement
that these space* be provided on the back portion of the block;
(5) said plan must receive landscape plan approval by the
Planning, Building and Zoning Department of the City of Miami,
Florida; (6) any request for changes to the herein -referenced
plan for parking spaces must be presented at a public hearing of
the Zoning Board, said request for public hearing to be initiated
and paid for by the applicant; and (7) a covenant, whereby the
applicant agrees that the property will be subject to the herein
listed conditions subject to the approval of the City Attorney,
must be filed in the Public Records of Dade County, Florida; said
variance being also conditioned upon the applicant posting a
performance bond or letter of credit in the amount of $250,000.00
valid for a period of three years following the date of this
Resolution to guarantee that the required parking will be
(` provided and that the construction of the second phase of the
applicant's project will be commenced•
}
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Section 3. This Resolution $hall become effective
immediately upon its adoption.
PASSED AND ADOPTED this th day of
ATT &IIRtA
4:
HI
CITY CLERK
PREPARED AND APPROVED BY$
M
CHIEF ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNEM
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GMM/rma/1b/M1974
ranuary
_S1JARZZj MXYOR
cct A. Quinn Jones, Mt City Attorney
Matty Hirai ity Clerk`
Joseph W. McManus, Assistant Director�,.t.►�'�~ �.
Planning, Building & Zoning I�'
Guillermo E. Olmedillo, Deputy Directo��'.'<
Planning, Building & Zoning
Teres ita Fernandez
Chief, Hearing Boards Div.
Planning, Building & Zoning
Joseph Genuardi, Zoning Administrator
Planning, Building & Zoning
James J. Kay, Assistant Director
Public Works Department
G. Miriam Maer, Chief Asst. City Attorney
Gary Broom, Esquire
Mr. Isaac Shih
4V
CITY OF MIAMI. FLORIDA0
INFER -OFFICE MEMORANDUM
TO Sergio Rodriguez
Assistant City Manager
FROM
Irma M. Abella
Assistant City Attorney
DATE January 14, 1992 FILE : A-91-73-
SUBJECT : Amendment to Chinatown Variance
Resolution Nos. 91-92 and 91-77,
REFERENCES
ENCLOSURES:
As you well know, the Amendment to the Chinatown Variance
granted by the City Commission on the above -referenced matter at
its meeting of October 24, 1991, was conditioned upon the
following:
1. That the City be provided assurances that, by being
placed in a position of mortgagee with respect to both
the Biscayne Boulevard Property and the Northeast 4th
Avenue Property, the City is guaranteed an equity in
excess of $250,000; and
2. That the applicant proffer a covena t, in a form
-acceptable to the City Attorney, guaranteeing the
occurrence of all other conditions enumerated in
Resolution No. 91-92, as amended by Resolution No.
91-779, upon which this Variance is contingent.
To this date, we have not received either .(a) assurances
that. the City is guaranteed an equity in excess of $250,000 or
(b) an executed covenant meeting the City Attorney's approval.
Enclosed are copies of my letters to Gary Brown, attorney for the
applicant, dated October 31, 1991 and December 13, 1991, and Mr.
Brown's reply letters dated November 5, 1991 and December 26,
1991.
I wish to remind you that, pursuant to Section 2105.2 of
Ordinance 11000, the applicant has 180 days from the date this
amendment to the Variance was granted, that is until April 21,
1992, to pull a building permit under Ordinance No. 9500. Any
building permits pulled after said date will have to comply with
the provisions of Ordinance No. 11000.
V
110
Sergio Rodriguez
January 14, 1992
Page 2
Please advise how you suggest we should proceed regarding
this matter.
IMA/lb/P726
ccs A. Quinn Jones, III, City Attorney
Matty Hirai, City Clerk
Joseph W. McManus, Assistant Director
Planning, Building & Zoning
Guillermo E. Olmedillo, Deputy Director
Planning, Building & Zoning
Teresita Fernandez
Chief, Hearing Boards Div.
Planning, Building & Zoning
Joseph Genuardi, Zoning Administrator
Planning, Building & Zoning
James J. Kay, Assistant Director
Public Works Department
G. Miriam Maer, Chief Asst. City At
Gary Brown, Esquire
Mr. Isaac Shih
4V
of �Itantt
A. 4�LINN (ONES, III
City Attorney
October 31, 1991
Gary Brown, Esquire
Bedzow, Korn, Kan & Glaser, P.A.
11077 Biscayne Boulevard
Penthouse Suite
P.O. Box 61-9002
Miami, Florida 33161-9002
Res Amendment to Chinatown Variance
Item No. PZ-12, City Commission
Meeting of October 24, 1991
Resolution No. 91-92
Our File No .s A-91-7 34
Dear Mr. Brown:
(305): 570.6100
Telecopier: (305) S70.33"
With regard to the Amendment to the Chinatown Variance
granted by the City Commission at its meeting of October 24,
1991, said amendment was conditioned upon the followingt that
the City Administration and the City Attorney's Office guarantee
to the City Commission that, by being placed in a position of,
mortgageewith respect to both the Biscayne Boulevard Property
and the Northeast 4th Avenue Property, the City is guaranteed an
equity:i in excess of the $250,000 which, had originally been
required in the form of a performance bond or a letter of credit.
we look to you to provide such assurances so that we may
guarantee this to the City Commission.
It is also a condition of the variance that you provide us
with an executed covenant, as per the terms stated in my letter
to you dated October 22, 1991, with the exception that the
requirement that all mortgagees join in the covenant, which
requirement, as you know, was waived by the City Commission.
OFFICE OF THE CITY ATTORNEY/1100 Amerilirst Building/One Southeast Third Avenue/Miami, Florida 33131
} — —
�e
Gary grown, Esquire
October 31, 1991.
Page 2
if you have any questions, do not hesitate to call me.
Sincerely,
Irma M. Abella
Assistant City Attorney
IMA/lb/P662 '
cc: A. Quinn Jones, III
City Attorney
Matty Hirai, City Clerk
i Sergio Rodriguez, Assistant City Manager
Joseph W. McManus, Asst. Director
Planning, Building and Zoning
Guillermo E. Olmedillo, Deputy Director
Planning, Building & Zoning
Gloria Fox
Chief, Hearing Boards Div.
- f
Planning, Building & Zoning
=j Joseph Genuardi, Zoning Administrator
jj Planning, Building & Zoning
=fi
James_J. Kay, Asst. Director
Public Works Department
G..' Miriam 'Maer
-; Chief Assistant City Attorney
,t
j
�? Joel E. Maxwell
,;: Chief Assistant City Attorney
Mr. Isaac Shih
f+
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16
A. QUINN )ONES, III
City Attorney
'S
Qlitv of inmi
%%N nr
December 13, 1991
Gary Brown, Esquire
Bedzow, Korn, Kan & Glaser, P.A.
11077 Biscayne Boulevard
Penthouse Suite
P.O. Box 61-9002
Miami, Florida 33161-9002
Re: Amendment to Chinatown Variance
Resolution No. 91-92
Our File No. A-91-734
Dear Mr. Browns
(305): 579.6700
Telecopier: (305) 570.33"
;By,your letter of November 5, 1991 on the above -referenced
matter, of which I enclose a copy, you advised me that you would
provide us with the pertinent mortgagee estoppel letter and title
insurance commitment within two weeks of said letter, that is, by
November, 19, 1991. As of this date, we have not received said
documents, nor, for that matter, any of the documents made
reference to in my letter to you dated October 31, 1991, of which
I also enclose a covv.
Please bear in mind that the Amendment to the variance
granted by the City Commission at its meeting of October 24, 1991
a.
s
OFFICE OF THE CITY ATTORNEY/Dupont Plaza Center, Suite 300/300 Biscayne Boulevard Way/Miami, Florida 33131
t
Gary Grown, Esquire
December 13, 1991
Page 2
was conditioned upon our receipt of said documents. If you have
'any questions, do not hesitate to call me.
Sincerely,
C', M, )14k
Irma M. Abella
Assistant City Attorney
IMA/lb/P706
cc: A. Quinn Jones, III
City Attorney
Matty Hirai, City Clerk
Sergio Rodriguez, Assistant City Manager
Joseph W. McManus, Asst. Director
Planning, Building and Zoning
Guillermo E. Olmedillo, Deputy Director
Planning, Building & Zoning
Gloria Fox
Chief, Hearing Boards Div.
Planning, Building & Zoning
Joseph Genuardi, Zoning Administrator
Planning, Building & Zoning
James J. Kay, Asst. Director
.Public Works Department
G. Miriam Maer
Chief Assistant City Attorney
Joel E. Maxwell
Chief Assistant City Attorney
Mr. Isaac Shih
MIC-AEL 9EOZOW
S.A(*� A Nr}gN
A,,AO4 M *LASER
GAP, 8NOWN
pE3FwCA +S WOWL
1abot t- A StOK
L 1 E_ 1.1 =. . . •-
13r-:DV-()%V, KORN, KAN & GLASf;R. P.A.
ATtOlINVA'S AT LAW
PENTHMME SUITE
11077 BISCATNE 90U1 EVARO
P O a0X 41 • 9002
:�ilA�il, i'•Lt11t111A :1:11t►t•►)ut1•_
Irma MA Abella, Esq.
Assistant City Attorney
Office of the City Attorney
City of Miami
1100 Amerifirst Building
One Southeast Third Avenue
Miami, Florida 33131
November 5, 1991
TELEPHONE 13051 995 • 2S20
130%1 S23 GO0r (13PIOWARTO)
TELECOPIER 13051 b95 • 1421
Re: Amendment to . Chinatown Variance, Resolution No. 91-
92
Your File No.: A-91-734
Our File No.: 1885-0
Dear Ms. Abella:
I am in receipt of your correspondence of October 31, 1991.
It is my understanding that Miami Chinese Community Center, Ltd.
has delivered to Joel Maxwell of your office an original appraisal of
the-subJect property. We will be providing your office with current
estoppel letters from all mortgage holders evidencing the present
outstanding principal balance on each of the mortgages, together with a
Mortgagee Title Insurance Commitment. I would expect to have the
mortgagee estoppel letters and title insurance commitment to you within
the next two weeks.
l
Ver ruly y urs
7
/GARY L. BROWN
For The Firm
GLB/rr
cc: Miami Chinese Community, Ltd.
Attention: Mr. Isaac Shih
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$F,D..ow, Xonx, KAN & GLASA.,R, P.A.
ATTORNEYS AT LAW
PENTHOUSE SUITE
i1077 BISCAYNE BOULEVARD
MICHAEL BEOZOW P.O. BOX 81.9002
GARY A. KORN MIAMI, FLORIDA J0181-9008
ALAN J. K4N TELEPHONE (305) SOS -2520
ALLAN M GLASER (305) 523•d001 (!lROWARO)
GARY L. BROWN TELECOPIER (3051 895-1491
RE9ECCA S.WOHL
ALAN B SCHNEIDER
December 26, 1991
Irma M. Abella, Esq.
Assistant City Attorney
City of Miami
Office of the City Attorney
Dupont Plaza Center, Suite 300
300 Biscayne Boulevard Way
Cn
Miami, Florida 33131
Re: Amendment to Chinatown Variance
Resolution No. 91-92
Your File No.: A-91-734
- —
Our File No.: 1885-0
Dear Ms. Abella:
Thank you for your letter of December 13, 1991. Due to the year
end crunch of title work, we do not yet have the
Mortgagee Commitment.
As soon as we have the Mortgagee Commitment,
I will forward same
together with mortgage estoppel letters to you for
review and approval.
Thank you.
Ver ul ou ,
GARY L. BROWN
GLB/rr For The Firm
cc: Miami Chinese Community Center, Ltd.
xbr000520
t t r t_ r.i -4 7: L. H t•1 r~+ E F• Y P
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N1 E V 4
Miami (11►invbe Commvritty CtiRlec, LtJ,
1923 810cayr►o Q.Su:ovlrrd
du l to 14
mi&!ni r FlorWa $1132 ,
Cctobtit 9, 1491
Vt.!t, I t�t:rnxJ►kU+, ,F�c;V1,1�RV►T4 i979,119')
f' ILm.% M. Af.elltt, Esq.
hvgistat►t City Attorney
city of Miami
Poo Pvqueet foc Amendment of Cons i t torts of VAr ious
Aeesolution No. 9t-92 '
Q>as_JULN, A
' l7rbt ate. llbe!li#t
I:
Pleorite ba advised that the undersigned wishes to proffer in )toy �P'
certain conditions Ot Revolution No. 91-92 the following items:
I 1
1. in lieu of the requirement that a anity 'of thin be pcovIlled
!� for Tract A prior to tho i93uance of a butlding pocn,it,
whQreby the Northeast Fourth Avenue pcope�ty shall not toe s,)W
separately (rota tho lliscayne Soulevard pe*perty, we offer te,
! plane i deed restrietioi► on the Nocth*&st Fourth Aveiue
property, to a f9tm acceptable to the City .Attc-rn►1r,
qua�rahtyinq that the 60 parkiRq eyace:o, •1e lndicateal on 0013
on file dated November 7, 1990, shall be pcov lcl4;d w : t h l n the
warmer x1me !Tame as in Resolution tie. 91-92;
I�
A
R
2. In 1190 of the requtcement that a performance be.•nd z+c 1•,ttac
of, ocedit be posted in thv o1 ount of S2S0,000,00 to quar3:;ty
thi%t the requitord parking will^ bo provided and that the
commencement of the second phase of the plojeat will cor►:�onct ,
we offer than the City be placed as a mortgago holder with
rvepeet to both the eisc:ayne eoulevord pcopocty and Ole
Northeast Fourth avenue pc*porty; and
36 'chat the time Period Coc commvnceme:nt for constr4c•ts.on of
Puree 11 will be three years reols the �atQ of tesuarce of <A
final Cartifleate of Occupancy toe Phaoa t.
T�rdnk you+. .,
very cr�iY yc,ttcs, :
Miami ;chtneso Community Center, 1.0.
Syc Isaac shlh '
• 9� 779
IORCE L. FERNANDEZ
Cav Arturnev
agog. 00.11.
n
rrr ►e��
October 8, 1991
Mr. Isaac Shih
Miami Chinese Community Center, Ltd.
Miami Chinatown Development Corp.
331 N.E. 18th Street
Miami, Florida 33132
Re: .Request for Amendment of
Conditions of variance
Resolution No. 91-92
Dear Mr. Shih:
�l05, 5'9.5700
Telecopier -305, 1-4.4-30
We have received your letter of Wednesday, October 2, 1991,
asking for a continuance from the City Commission meeting of
October 3, 1991, to the City Commission meeting of October 24,
1991, of your request for an amendment of the conditions of the
variance granted by the City Commission by Resolution No. 91-92,
adopted January 24, 1991.
In order that we may properly advertise and place this item
on the agenda for consideration by the City Commission, I must
receive a letter from you, by return facsimile transmission, no
later than the close of bus. -iss, on Wednesday, October 11, 1991,
specifying the conditions wh+ch, as you stated at the meeting you
attended on September 30, 1991 with Sergio Rodriguez, Assistant -
City Manager, and various other members of the Planning, Building
and Zoning Department and the City Attorney's Office, you wish to
proffer in, lieu of certain conditions of Resolution No. 91-92
which you .wish to be relieved of. In my recollection, the
conditions you offered to proffer at the said September 30, 1991
meeting are:
1. In lieu of the requirement that a Unity of Title be
provided for Tract A prior to the issuance of a
building permit, whereby the Northeast 4th Avenue -
property shall not be sold separately from the Biscayne
Boulevard property, you offered to place a deed
restriction on the Northeast 4th Avenue property, in a
form acceptable to the City Attorney, guaranteeing that
the 80 parking spaces, as indicated on plans on file
dated November 7, 1990, shall be provided within the
same time frame as in Resolution No. 91-92; and
91- 779
OFFICE OF THE CITY ATTORNEY/1100 AmeriFirst Building/One Southeast Third Avenue/Miami. Florida 33131
Mr. Isaac Shih
October 8, 1991
Page 2
3. In lieu of the requirement that a performance bond or
letter of credit be posted in the amount of $250,000.00
to guarantee that the required parking will be provided
and that the construction of the second phase of the
project will commence, you offered that the City be
placed in a position no less than that of second
mortgagee with respect to both the Biscayne Boulevard
property and the Northeast 4th Avenue property.
Also discussed at the said September 30, 1991 meeting were
the various documents which must be provided for the City
Attorney's review pertaining to the proffered deed restriction
and second mortgage. Enclosed is a copy of my memorandum to
Sergio Rodriguez, dated September 30, 1991, listing the various
documents required.
With regard to the proposed deed restriction, I suggest that
you ask your attorney to prepare a draft document for our review
prior to the October 24, 1991 City Commission meeting.
If you have any questions, do not hesitate to call me.
Sincerely,
Cc il4.
Irma M. Abella
IMA/lb/P641 Assistant City Attorney
cc: Sergio Rodriguez, Assistant City Manager
Joseph W. McManus, Asst. Director
Planning, Building and Zoning
Guillermo E. Olmedillo, Deputy Director
Planning, Building & Zoning
Gloria Fox
Chief, Hearing Boards Div.
Planning,, Building & Zoning
Joseph Genuardi, Zoning Administrator
Planning, Building & Zoning
James J. Kay, Asst. Director
Public Works Department
G. Miriam Maer
Chief Assistant City Attorney.
91- 779 3i
INTEROFFICE MEMOnA%
Sergio Rodriguez :,rE SepLembzr 30, 199
Assistant pity Manager
���F•�. Chinatown Variance
Irma M. Aballa
Assistant City Attorney
A-•00-903
Pursuant to the meeting held this date, with the applicant,
Mr. Isaac Shih, you, and various other members of the planning,
Building and Zoning Department and the City Attorney's office, I
wish to memorialize the various alternatives discussed with Mr.
Shih regarding the requested amendment to the variance granted
the applicant by Resolution No. 91-92 which would satisfy the
Commission's original intent concerning said Resolution's
requirements:
1. In lieu of the requirement that a Unity of Title be
provided for Tract A prior to the issuance of a
building permit, whereby the Northeast 4th Avenue
property shall not be sold separately from the Biscayne
Boulevard property, we recommend the acceptance of the
placement of a deed restriction on the Northeast 4th
Avenue property, in a form acceptable to the City
Attorney, which guarantees that the 80 parking spaces,
as indicated on plans on file dated November 7, 1990,
shall be provided within the same time frame as in
Resolution No. 91-92.
2. The following documents pertaining to the proposed deed
restriction must be provided for the City Attorney's
review prior to the October 3, 1991 City Commission
meetings
- a) art opinic,n or Title, dated the week f
September 3n, 1991, in a form acceptable to the
City Attorney, for both the Biscayne Boulevard
property and the Northeast 4th Avenue property;
and
b) copies o[ all morLgayes encumbering the Northeast
4th Avenue property.
91779
F• - _. �+ - _ 1 t•1 Cl t1 1 C '+ L_ +r W T E F l F �+ _
4P
Oergid Rodriguez
September 36, 1991
Page 2
_ 3. 11) lieu c,f the requirement that the applicant post a
performance bond or letter of credit in the amount of -
$250,000.00 to guarantee that the required parking will
be provided and that the construction of the :second
phase of the applicant's project will commence, we
recommend that the City's mortgage position be no less
than that of second mortgagee with respect to both the
Biscayne Boulevard property and the Northeast 4th
Avenue property.
4. The following documents pertaining to any such second
mortgage in addition to those documents outlined in
2(a) and 2(b) above, must he provided for the City
Attorney's review prior to the October 3, 1991 City
Commission meeting:
a) current appraisals, prepared by a MAT appraiser,
for both the Biscayne Boulevard and the Northeast
4th Avenue properties;
b) copies of all mortgages encumbering the niscayne
Boulevard property; and
c) copies of the title insurance policies currently
in effect for both the Biscayne Boulevard and the
Northeast 4th Avenue properties.
5. Applicant shall prinvide, within 15 clays from the date
the proposed amendment to the variance becomes
effective, an executed covenant whereby the applicant
agrees that the Biscayne Boulevard property and the
Northeast 4th Avenue property will be subject to the
conditions.of the variance, in a form acceptable to the
City Attorney, aild joinders from all mortgagees.
In addition to the documents discussed at this meeting ani1
made reference to in Pavagraphs 2, 4 and 5 above, the applicant
m114t also provide, within fifteen (15) days from the date the
proposed amendment to the variance becomes effective, a
commitment to issue title insurance policies naming the City as
Additional insured for both the Biscayne Boulevard property and
the Northeast 4th Avenue property, subject only to those
exceptions and encumbrances acceptable to the City Attorney. The
applicant shall be responsible for the payment of all fees
associated with ohtatning and reeoi-ding all the required
documents.
__ A 1 I I 1 14 1 �I •r L 1i W r, F T
i
Sergio Rodriquez
September 10, 1091
Page 3
We will be glad to wotk with you to consider any other
alternatives which may be guggesLed regarding this matter.
YMA/lb/bss/P640
cc: A. Ouinn Jones, iti, Acting City Attorney
Guillermo E. Olmedillo, Deputy Director
Planning, Building & Zoning
G. Miriam Meer, Chief Asst. City Attorney
Joel C. Maxwell, Chief Asst. City Attorney
ZZ
91- 779 6
1 '
Mfb j ., r IPTJ I k, ULt'
91 OCT -2; Pm 5: 25
or
Miami Chinese Community Center, Ltd.
331 N.B. 19th'3treet
Miami, Florid6 33132
October 2, 1991..
i VIA TELLFAX AND REGULAR MAIL (579-339 !
i Joel Maxwell, Esq. '
Assistant City Attorney
City of Miami Office of the City Attorney f
100 AmeriFirst Building
One Southeast Third Avenue
Miami, Florida 33131
Re: Miami Chinese Community Center, Ltd.
Your File No.: A-90-953 ;
Dear Mr. Maxwell:
Please be advised that .we wish for a continuance of the Chinatown
matter which -has .been.set.on,the Commission agenda for the October 31
�•'-1991:..City: Commission meeting. -We request a continuance in order to
`w.'obtdin'additional=facto to'. -.'present to the City Com ission so that they
_# "will''"bave Ysufficient'-knowledge -with which to renoer a decision with
r iregardlto-'our-'pending requests.
In addition, we request that the Commission modify the requirement
for the time to commence construction of Phase II; to be three years
from the date of issuance of a final certificate of -occupancy for phase
We request that our matters be rescheduled to the Commission for
,.October 24, 1991.
Thank you.
Very truly yours,
1
Miami inese Community Center, Ltd.
j By:
j Isaac Oih
CC: Mr. G. 01medillo - Planning Dept.
'r
an
Miami Ching Community ConMr, Ltd. -
Sept. 111. 1991
Thp Ci tf Ni-vmi .
i t : lianager
I;10 Pan Ame r i n Dr i %•e .
Miami . Fl . 31M .
Gmr. t 1 p-nen :
Re: Rpnuest for Amendment to Resolution 91-92. entered
January 24. 1991
- This letter shall serve as our request to amend Resolution
91-92. entered January 24, 1991, in the following respects:
1. Clarify the Declaration of Restrictive Covenants
("Declaration"), to provide that the mortgage -
holders consent to the Declaration of Restrictive
Covenants not be required. This modification is
necessary due to the fact that the Declaration
contains a unity of title. The mortgage holders
have objected to the unity of title set forth in
the Declaration in that each one of the five _
mortgage holder's mortgages encumbers different
pieces of the real property which applicant owns.
Attorneys for the objecting mortgage holders- have
stated that it is not possible for a mortgage
holder to agree that such mortgage holder will
unify the title to the entire property owned by
the applicant. They have stated that each
mortgage holder'must have the ability to foreclose
its mortgage and obtain title to tiTa portion of
the real property on which they have a mortgage.
-By joining into the Declaration the.# are under
the belief that no individual mortgage holder will
be.able to obtain title to the propwrty which
their mortgage encumbers.
a
TO.: (306) 372-IM
vim MOM Owew/ud C".
331 M.E. 10 SWUL MMd, Florida 33132. USA
(306) 3754M
... /Page 1
9 1 --- 779
FU (305) 5774MI 5
CP a U I.. CP <,.
Mimi Chiam Cans vahy Conhr, Ltd.
:'7ge
Sept i i I n 9 i
The City of Miami.
City Manager.
Applicant believes that its covenants set forth in the
Declaration. which provide that no final certificate
of occupancy for the proposed improvements shall be
issued until such time as automobile parking for no
less than 80 automobiles has been provided as per
plans on file with the City of Miami dated November 1.
.�1990. together with the further assurances set forth
in the Declaration provide adequate assurance that
the proposed improvements will be constructed in
accordance with the terms and conditions as agreed to
by the City and applicant.
2. Provide that. in liEu jf performance bond or letter
of credit, that the applicant deliver to the City
the deed for the real property described in Exhibit
"A" attached hereto. to be held in the City's escrow
account for a period of three years. unless released
by the City Commission.
Applicant believes that the escrow so established.
together with the covenants of applicant contained
in the.Declaration provide adequate assurance to the
City that the property will be developed in accord-
ance with the terms and conditions agreed to by the
City and applicant.
Based upon the foregoing. applicant requests that the City
Commission. at public hearing. amend Re9t4lution 91-92, as
requested herein.
Thank you for your kind consideration.
Very truly yours.
Isaac Shi
cc: Gloria Fox. PlannAc . Building & Zoning Department
779
331 M.E. Igo Wale Mimi, fi ft nix.11SA
o AL;Y DEL
oa 3000 w0E'
424 BROADWAY CONDOMINIUM UNIT DEED
THIS INDENTURE, made the 11th clay of Decavher,, 1986 by
and between ISAAC and JOAN SHIM, 3806 Pailev Avenue, Bronx, New
York (Grantor) and ISAAC and JOAN SHIM husband and wife (having
an office/rasidina at) 3806 Bailev Avenue, 1lronx, New York,
(herainafter referred to as the "Cranttee") .
WITN1: S 9 E'T8
That the Grantor. in consHerstion of Ten ($10.00)
Dollars sod other valuable consideration void by t1ho Graaree,
does herdbv *rant sod release unto the Grantee, and the heirs
or auccessore and assigns of the Crantes. forever:
The Condominium Unit (hereinafter referred to as the
"Unit") known as Unit No. 1 in the building
(hereinafter referred to as the "Building") known as
424 Broadway Condominium and by the street number
424-426 Broadwav, county of New York and State of
New York. maid Unit heing disignated and described
and described as Unit No. l in a certain declaration
dated November 13, 1086, made by Grantor vursuant
Article 9-B of the Real Property Law of the State of
New York (hereinafter referred to as the
"Condominium Act"), ootahlishins a elan for
eondocoinium ownership of the Building and the land
(hereinafter referred to as the "Land") upon which
the Building is situated (which Land is more
particularly described in Scb#jdule A annexed beroto
sod by this reference made R—ro'b"TT. which
declaration was rero rded io the Office of the City
Regi&tor of New Yqk Countv on December 10, 1986. in
Reel page I1d-jwhich declaration and amendments
V thereto are ho rtrnafto r collectively referred to as
the "Declaration"). This Unit is also designated as
Tax Lot 1001 In Block 209 of Section l of the Citv
of Now York on the Tax Mao of the Real Property
Assessment Department of tho Countv of Now York and
on the Floor Plans of rho Auildira, certified by
Walter Levi and Associates, Architects. on.November
26. 1986, and filed with the Rea] Property
Assessment Dovartmear. of New York on December 9,
1986, as Condominium Plan No. • 373 &ad also filed in
the Office of the City Reaiater of. New York Countv
on December 10, 1986, so Condominium Plan No. 373;
y...779
iv
601-�
':i .a6 TY TEL 21 _
0000 P RcAt
SCI♦EDtlL,E 'A' CONTINUED VIC,M
PARS —A .
ALL that certain tot, piece or parcel of land. situate, lying and bring in the
Borou h Of Manhattan, Ctty, County sn� State I-' Ne* York, bounded and described
as fo?lows:
BEGINNING at a point on the Easterly side of Broadway distant Northerly 62 fat 1
inch from the Northeasterly corner of Broadway and Canal Street;
RUNNING THENCE Easterly at right angles or nearly so to &roadway, 98 feet 4
Inches; -
THENCE Nortberly and parallel with Broadway or nearly so, 25 feet;
THENCE Westerly and at right angles to Broadway or nearly so, 98 feet, 1.1/2
inches to the said Easterly side or line of,8roadway, and
THENCE Southerly and along same 24 feet 10 inches to the point or place of
BEGINNING, be the said several dimensions more or less.
TOGETHER with all right, .title and interest, in and, to the Northerly portion of
the buildinq standing on above described premises and on the premises adjoining
on the North; said Northerly portion -of said building being erected on land
leased by Elizabeth Clarkson Jay to Elias S. Higgins, by lease dated May 1, 1868
and recorded in the Office of the Register of the County of Now York, on July 1,
1868 and recorded in the Office of the Register of the County of New York, on
July 1, 1868 in Libor 1064 Cp. 439.
BEING the same premises which were conveyed to Elias S. Higgins by Philo T.
Ru999les, referee, by deed date May 12, 1868 and recorded May 12, 1868 in Liter
1050 Cp. 605. ,
it
PA�c�L a
UZOULE 'A` CONTINUED
ALL that certain lot, piece or parcel of land, situate, lying and being in the
Borough of Manhattan. City, County and State of New York, now known as 426
Broadway, in said Borough, being 25 feet in width in front and rear and 100 feet
In depth, be the mo more or less and which lot, piece or parcel of land was in
and by a certain lease thereof dated the 1st of May, 1868 made by Elizabeth
Clarkson Jay to Elias S. Higgins, bounded and described as follows:
ALL that ceratin lot or parcal of land until lately in the occupation of
Cornelius McLean of James M. Mclean and bounded Westerly in front by Broadway,
Southerly'by a lot of land of' Elias S. Higgins until lately in the occupation of
said Cornelius Mclean or James Mclean, Northerly by a line parallel to Howard
Street and distant therefrom 50,feet and in the rear, Easterly by a line paralle!
with Broadway and distant therefrom 200 feet, the said lot hereby demised being
25 feet in width and 100 feet in let+gth, be the same more or less.
TOGETHER with all the right, title and interest in and to any strips or gores of
land embraced within or adjoining the above described premises or any part
thereof,
?remises known as 424-426 Broadway, _ _ Manhattan.
.1 C
Together with on undivided 7.57 interest in the Common
Elemerte (as such term is defined in the Declaration):
Together with the spnurtenPnces and all the estate and
rights of the Grantor in and to the► Unit.
il'!Ok� 1Z),
Together with, and suhiecr to, the rights, ohlipre- tions.
easements, restrictions and other nrovisioos set forth in tha
Declaration and the By -Loos of 424 Broadwav Condominium, as the
same may be amended from time to tune .(hereinafter referred to
as the "Bv-Laws"), olI of which shall constitute covenants
runnina with the Lord and ahall hind anv person havins at env
time anv interest or estar.e in cha 11ri t as though recited and
stipulated at lonath herein:
TO HAVE AND TO HOLD the asme unto the Grantee, and r.he
heirs or successors and anaiara of rhp Grantee, forever.
If env provision of the Declaration or the By -Lowe is
invalid under, or would cause the Declaration or the By -Laws to
ha insufficient to subunit the Property to the provisions of the
Condominium Act, or if anv proviaion that is nocesaary to cause
the Declaration and the Av-Laws to he sufficient to submit the
Property to the provisions of the Condominium Act is misains
from the Declaration or the By -Laws, or if the Declaration and
the By -Laws are insufficient to submit the Property to the
Provisions of the Condominium Act, the applicable provisione of
Article 18 of the Declaration shell control.
The Grantor, in comolisoce with Section 13 of the Lien
Law of the State of Nov York, covorantR that the Grantor will
receive the covsideration for this convevanc* and will hold the
right to receive much conaidarstfor as A trust fund for the
purpose of paving the cost of the improvementa at the Property
and will apply the aamo first to tSo navment of the cost of
such imorovementa hafore uAinr anv part of rho some for env
other purposes.
The Grantee accepts and ratifiea the provisions of the
Declaration and the By -Lays (and anv Rules and Rosulationa
adopted under the By -Laws) and *areas to comoly with all the
terms and provisions thereof, as the name may ho amended from
time to time by inst nimentm recorded in the Office of the
Resister of the City of New York, New York Counrv.
The term "Grantee" shall he react as "Granteee" wWenever
the sons* of this indenture Ao renuirat+.
91- 779
1170M 12M
IN WITNESS WMEOPO tb# Gr*ntor am the Grootea have
duly *Xacutd tbim lVdattUre &A of the Aav "d vast first shove
written,
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.91--- 773 IV
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WORDS USED OFTEN IN THIS DOCUMENT
(A) "Mortgage" This document, which is dated' .1uJy 30, 1990
will be called the "Mortgage."
(8) "Borrower" T S W S li T H a n d J O A N 5 H 211.hh,i s w l zt_________.
residing at .-J60-4 1Dailey Aveim(:�, #Is1, Bronx, Now Y617 IUZ()y
wil.1 be called "Borrower" and sometimes simply "I" or "me".'
(C) "Lender" Asia Bank, N.A. will be callei "Lender."
Lender is a corporation which exists under the laws of the
United States. Lender's address is 13534 Roosevelt Avenue,
Flushing N.Y. 11354
(D) "Note" 'rhe note: zignod by Borrower and dated
Null 30, 1990 will be called the "Note."
The Note shows that•I owe iender ONE, MILLION ONLY ---------
------------------------------- _ and 00/100 U.S. DOLLARS
($ 1,000,000.00 ) plus interest. I have promised to pay this
debt in monthly payments of `) 1.')0 at the yearly
rats of 12.5t _ and to pay the debt in full by August 1, 1995.
(E) "Property" The property that is described below in the
paragraph titled "Description of' the. Property" will be called the
"Property.',
(F) "Sums secured" The amount dezttribed below in the paragraph
titled "BorrowQr's Transfer to Lender of Rights in the Property"
sometimes will be called the "Sums secured."
1. BORROWERS TRANSFER TO LENDER OF RIGHTS IN THE PROPERTY I•
I mortgage, grant and convey the Property to Lander subject
to the terms of this Mortgage. This means that, by signing this
Mortgage, I am giving Lender those rights that are stated in this
Mortgage and also those rights that the law gives to Lenders who
hold mortgages on real property. I am giving Lender these rights
to protect Lender from possible losses that might result if -
fail to:
(A) Pay all the amounts that I owe Lender as stated in the Note;
(B) Pay, with interest, any amounts that Lender spends under.
Paragraphs 6 and it of this Mortgage to protect the value of the
property and Lender's rights in the Property; and
(C) Keep all of my other promises and agreements under this
Mortgage. -
2. DESCRIPTION OF THE PROPERTY
I give Lender rights in the Property described in !Al,
through (J) below:
(A)) The Property which in located at 424-426 !iroddway, Unit
Nn, 1 (Basement and Ist Floor), New York, new
This Property is in uc;w ynrle County. It has the
following legal description:
SEE SCHEDULE "A" HERETO ATTACHED
91-- 779
16
goo. 3 '91 i6:aa 0000
pW, R�a:rY tFl 212i
ANTHONY F. LAMA REALTY SERVICES INC.
NEW YORK, N.Y. — HOAOKBN, NJ.
REAL 3STA11 AMRAISING AND CONSULTING
ANTHONY E LAMA. MAJ. AA 1 i9 RAST JIN 571A>!'f
n�aan Mw YOU. NY 10016
3I2•iSf•9iSA
any TO:
$29 ADAMS S'i'IM
14010KBN, Nj oroso
sos4m "so
TURAX 9 201-420•6714
LEE 0!' 26�i'AL
Septeoober 22, 1969
Mr. John` G. Kenyon, MAI
vice President
Chemical sank
277 Park kvwm
Nov York, New York 10172
floc0000avew
ftv �oeinitao tkeit I
f New To** UmIY Yoek
910dc W9 Lot L001
Dear Mr. Xonvon:
Pursuant to your request, we have appraised the captioned condominim
unit located within the 424 Broadway Sportswear Condominim Building situated
on the east aide of Broadway between Canal and Howard streets in the borough
of Manhattan, New York Oounty, Now York.
The property is UgeoveO with a 6-stocy and basement commercial/loft
condominium building constructed about 1900, containing 26,400 W of gross
building area. The subject condominium unit contains 4,020 W an the first
floor and 3,551 st in the bassim t foc a total of 7,571 W. it is situated an
a site containing 4,920 square feet (5013/40 x 9a'4k") and Based Ml-55, Light
Manufacturing District.
The purpose of the appraisal is to eatimatb the market value of the
herein described property subject to the harket value definitions and Limiting
Conditions set forth in the appraisal report.
The property rights appraised are of the unencumbered fee simple estate
in the herein described property.
9 -- 779
11
Or
ANTHONY F. LAMA REALTY SERVICES, INC.
Mr. Jda 0. wmwm
Res 424*M 8r o Wwy, New Yack, Nw York
dsgo- es w 22, 1909
9esn, 2
We have inspected the subject property on Septafter 22, 1989' and
researched available market data. In our opinion, sufficient data was
obtained to enable us to reach an estimate of value. Descriptive astarial and
supporting data togethee with our findings are set forth in the appraisal
report.
In arriving at an estimate of value, all factors and aarxptions
developed in preparing the report have been considered. On the basis of these
factors, it is our opinion that the market value of the subject property as of
September 22, 1989 is:
0
One Million Six Hundred Thousand Dollars
($1,600*000)
Respectfully submitted,
1-2
Anthony F. Lama, MAI, SRA
President
1; 24 �91
RESOLUTION NO.
A RESOLUTION DENYING THE APPEAL FROM AND AFFIRMING
THE DECISION OF THE ZONING BOARD TO GRANT
A VARIANCE FROM ORDINANCE NO. 9300, AS AMENDED, THE
ZONING ORDINANCE OF THE CITY OF MIAMI, FLORIDA,
SCHEDULE OF DISTRICT REGULATIONS, PAGE 4 OF 6,
"MINIMUM OPEN SPACE REQUIREMENTS", AND "MINIMUM
OFFSTREET PARKING REQUIREMENTS," AND ARTICLE 20,
SECTION 2000, SUBSECTION 2000.9.2.1, SECTION 2013
AND SECTION 2023, SUBSECTION 2023.4, TO THEREBY
ALLOW THE CONSTRUCTION OF A 70,02S SQUARE FOOT
COMMERCIAL BUILDING; PROVIDING1 ZERO (0) OF 316
REQUIRED OFFSTREET PARKING SPACES, ZERO (0) OF
THREE (3) REQUIRED OFFSTREET LOADING BAYS; 0' FRONT
SETBACK (10' REQUIRED); 0' SIDE STREET YARD (7.3'
REQUIRED)i S' SIDE YARD (42.9' REQUIRED)=
38%/31,639 SQUARE FEET OPEN SPACE (644/34,970.21
SQUARE FEET REQUIRED); 17%/9,200.43 SQUARE FEET OF
PEDESTRIAN OPEN SPACE (21%/11,474.6 SQUARE FEET
REQUIRED); AND ELIMINATING THE REQUIRED VISION
CLEARANCE AT THE INTERSECTION OF SISCAYNS BOULEVARD
AND NORTHEAST 16TH STREET FOR THE PROPERTY LOCATED
AT 1901-1839 BISCAYNE BOULEVARD, XIAMI, FLORIDA,
ALSO DESCRIBED AS TRACT A, TENTATIVE PLAT NO.
1380 - "CHINATOWN", AS PER PLANS ON FILE DATED
NOVEMBER 7, 1990, SAID VARIANCE HAVING A TIME
LIMITATION UNTIL MARCH 2, 1991 IN WHICH A BUILDING
PERMIT MUST BE OBTAINED, AND BEING CONDITIONED UPON
THE FOLLOWINGt (1) THE 80 PARKING SPACES (AS
INDICATED ON PLANS ON FILE DATED NOVEMBER 7, 1990)
MUST BE PROVIDED ON THE BACK PORTION OF THE BLOCK
(THE NORTHEAST 4TH AVENUE PROPERTY)i (2) PARKING
SPACES (AS PER PLANS ON FILE DATED NOVEMBER 7,
1990) MUST BE PROVIDED PRIOR TO ISSUANCE OF
CERTIFICATE OF OCCUPANCY; (3) A UNITY OF TITLE FOR
TRACT A, WHEREBY THE NORTHEAST 4TH AVENUE PROPERTY
SHALL NOT BE SOLD SEPARATELY FROM THE BISCAYNE
BOULEVARD PROPERTY, MUST BE PROVIDED PRIOR TO
ISSUANCE OF A BUILDING PERMIT; (4) IN THE EVENT
THAT THE APPLICANT PROVIDES THE 60 PARKING SPACES
AT AN ALTERNATE LOCATION IN ACCORDANCE WITH
APPLICABLE CITY CODE PROVISIONS AND REGULATIONS,
THE APPLICANT SHALL SE EXEMPT FROM THE REQUIREMENT
THAT THESE SPACES BE PROVIDED ON THE BACK PORTION
OF THE BLOCK; (S) SAID PLAN MUST RECEIVE LANDSCAPE
PLAN APPROVAL BY THE PLANNING, BUILDING AND ZONING
DEPARTMENT OF THE CITY OF MIAMI, FLORIDA; (6) ANY
REQUEST FOR CHANGES TO THE HEREIN -REFERENCED PLAN'
FOR PARKING SPACES MUST SE PRESENTED AT A PUBLIC
HEARING OF THE ZONING BOARD, SAID REQUEST FOR
PUBLIC HEARING TO BE INITIATED AND PAID FOR BY THE
APPLICANT; AND (7) A COVENANT SUBJECT TO THE
APPROVAL OF THE CITY ATTORNEY, WHEREBY THE
APPLICANT AGREES THAT THE PROPERTY WILL BE SUBJECT
TO THE HEREIN LISTED CONDITIONS, MUST BE FILED IN
THE PUBLIC RECORDS OF DADS COUNTY, FLORIDA; SAID
VARIANCE BEING ALSO CONDITIONED UPON THE APPLICANT
POSTING A PERFORMANCE BOND OR LETTER OF CREDIT IN
THE AMOUNT OF $250,000.00 VALID FOR A PERIOD OF
THREE YEARS FOLLOWING THE DATE OF THE ADOPTION OF
THIS RESOLUTION TO GUARANTEE THAT THE REQUIRfZO
PARKING WILL BE PROVIDED AND THAT THE CONSTRUCTION
OF THE SECOND PHASE OF THE APPLICANT'S PROJECT WILL
Be COMMENCED. -•
9 1 -~ 779
CITY Ct�!'_i.7!7rlION `
9
ll ��.�,iil
��, c4 1991
WHEREAS, the Miami Zoning Board at its meeting of
December 3, 1990, item No. 2, duly adopted Resolution Z8 115-90
by a six to zero (6.0) vote granting a variance as hereinafter
set forthl and
WHEREAS, the planning, Building and Zoning Department of the
City of Miami has taken an appeal to the City Commission from the
grant of the variance; and
WHEREAS, the City Commission, after careful consideration of
thi8'matter finds that there are peculiar circumstances affecting
this parcel of land and that practical difficulties and
unnecessary hardships exist which would impair the owner's right
to the reasonable use of the property without the grant of
variance as hereinafter set forthl
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDAt
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 decision of the Zoning Board in this
matter is affirmed and the request for a variance from Ordinance
No. 9500, as amended, the toning Ordinance of the City of Miami,
Florida, Schedule of District Regulations, Page 4 of 6, "Minimum
Open Space Requirements", and "Minimum Offstreet larking
Requirements," and Article 20, -Section 2005, Subsection
2000.9.2.1, Section 2013 and Section 2023, Subsection 2023.4, to
thereby allow the construction of a 70,028 square foot commercial
building; providing zero (0) of 316 required offstreet parking
spaces; zero (0) of three (3) required offstreet loading bayal 0'
front setback (10' required); 0' side street yard (7.5'
required); 8' side yard (42.9' required); 581/31,639 square feet
open space (641/34,970.21 square feet required); 17%/9,200.43
square feet of pedestrian open space (21%/11,474.6 square feet
9 1_ --
7'7 9
EP;
required; and eliminating the required vision clearance at the
intersection of !Biscayne boulevard and Northeast 18th street for
the property located at 1801.1059 Biscayne Boulevard, Miami,
Florida, also described as Tract A, Tentative Plat No. 1380 -
-CHINATOKN", as per plans on file dated November 7, 1990, is
hereby granted, said variance having a time limitation until
March 2, 1991 in which a building permit must be obtained, and
being conditioned upon the followings (1) the 80 parking spaces
(as.*indicated on plans on file dated November 7, 1990) must be
provided on the back portion of the block (the Northeast 4th
Avenue 1propertY)1.f2).parkin9 •aces (a• F!r.plans on_file _dated
Certificate of occupancy; (3) a Unity of Title for Tract A,
whereby the Northeast 4th Avenue property shall not be sold
separately from the Biscayne Boulevard property, must be provided
prior to issuance of a building permit; (4) in the event that the
applicant provides the 80 parking spaces at an alternate location
in accordance with applicable City Code provisions and
regulations, the applicant shall be exempt from the requirement
that these spaces be provided on the back portion of the block;
(5) said plan must receive landscape plan approval by the
Planning, Building and Zoning Department of the City of Miami,
Florida; (6) any request for changes to the herein -referenced
plan for parking spaces must be presented at a public hearing of
the toning Board, said request for public hearing to be initiated
and paid for by the applicant; and (7) a covenant, whereby the
applicant agrees that the property will be subject to th; herein
listed conditions subject to the approval of the City Attorney,
must be filed in the Public Records of Dade County, Florida; said
variant• being also conditioned upon the applicant posting a
performance bond or letter of credit in the amount of $250,000.00
valid for a period of three years following the date of this
Resolution to guarantee that the required parking will be
provided and that the construction of the second phase of the
applicants project will be commenced.
91-- 779
Section 3. a Resolution shall become effective
immediately upon its edoption.
PASSED AND ADOPTED this 24th day of nuar► 1991.
XAVI R SLGR
ATT T
CITY CLERK
PREPARED AND APPROVED RY$
4Liex..
CHIEF ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESSo
A INN'(
J GE L. RNANUEZ
G Y ATTOR EY
CMM/rma/lb/MI974
91-- 779
OPINION OF TITLE
T0: THE CITY OF MIAMI, a political
subdivision of the State of Florida
With the understanding that this opinion of title is being
furnished to the CITY OF MIAMI, FLORIDA, it is hereby certified
that we have examined the public records of Dade County, Florida,
covering the period from the BEGINNING to September 24, 1991, at
8:00 A.M., inclusive, of the following described real property:
Lots 2, 6, 7, 10, )i and 12, Block 6, of
MIRAMAR SUBDIVISION a/k/a THIRD AMENDED MAP
OF MIRAMAR, according to the Plat thereof, as
recorded in Plat Book 5, at Page 4, of the
Public Records of Dade County, Florida.
Basing our opinion on said examination of title, we are of
the opinion that on the last mentioned date the fee simple to the
above described real property was vested in:
MIAMI CHINESE COMMUNITY CENTER, LTD.,
a Florida Limited Partnership.
Subject to the following encumbrances, liens and other
exceptions:
GENERAL EXCEPTIONS
j. All taxes for the year 1990 and subsequent years.
2. Rights of persons other than the above owners who are in
possession.
3. Facts that would be disclosed upon accurate survey.
4. Any unrecorded labor, mechanics' or materialmens' liens.
5. Zoning and other restrictions imposed by governmental
authority.
6. All matters set forth on Plat of CHINATOWN, as recorded in
Plat Book 140, at Page 48, of the Public Records of Dade
County, Florida.
SPECIAL EXCEPTIONS
7. Easements, reservations, restrictions, dedications and
rights -of -way as shown on the Plat of MIRAMAR SUBDIVISION
a/k/a THIRD AMENDED MAP OF MIRAMAR, recorded in Plat Book 5,
at Page 4, of the Public Records of Dade County, Florida.
y, As to Lot 2:
T S. Mortgage executed by Miami Chinese Community Center, Ltd., a
Florida limited partnership, dated March 27, 1990 in favor
of Eastern National Bank, filed for record on March 27, 1990
in Official Records Book 14484, Page 3078 of the Public
Records of Dade County, Florida.
As to Lot 2:
9. Assignment of Leases executed by Miami Chinese Community
Center, Ltd., a Florida limited partnership on March 27,
1990, in favor of Eastern National Bank, filed for record in
Official Records Book j4484, at Page 3090, of the Public
Records of Dade County, Florida.
9 :f_ --- 779 ��
As to Lot 2:
10. UCC-1 Financing Statement wherein Miami Chinese Community
Center, Ltd., a Florida limited partnership is the Debtor
and Eastern National Bank is the secured party, filed for
record on March 27, 1990 in Official Records Book 14484, at
Page 3095, of the Public Records of Dade County, Florida,
As to Lot 2:
11. De ication to the perpetual use of the public, the streets,
avenues, drives, boulevards and alleys shown upon the Plat
of MIRAMAR except as therein set forth dated March 31, 1917
and filed April 19, 1917 in Deed Book 16, Page 473, of the
Public Records of Dade County, Florida.
As to Lot 12:
12. Mortgage executed by Miami Chinese Community Center, Ltd., a
Florida limited Partnership, dated January 12, 1989 in favor
of Interamerican Engineering Corporation, filed for record
on January 12, 1989 in Official Records Book 13960, at Page
427, of the Public Records of Dade County, Florida.
As to Lots 6, 7, 10 and 11:
13. Covenant running with the land, dated and filed October 8,
1980 in Official Records Book 10893, at Page 2186, and
rerecorded on October 9, 1980 in Official Records Book
10894, Page 766, of the Public Records of Dade County,
Florida.
14. Mortgage and Security Agreement dated March 10, 1983 given
by Louis LaFontisee, as Trustee to Consolidated Bank, N.A.,
filed March 14, 1983 in Official Records Book 11724, Page
1472 of said Public Records, as modified by First
Modification of Note and Mortgage dated June 27, 1983, and
as modified by Second Modification of Note and Mortgage
dated August 30, 1985, and as modified by Third Modification
of Note and Mortgage dated May 29, 1986, which mortgage is
subject to that certain Assumption Agreement dated November
10, 1988, filed November 13, 1988 in Official Records Book
13892, Page 677, of said Public Records.
15. Financing Statement UCC-1 executed by Louis LaFontisee, as
Trustee, in favor of Consolidated Bank, N.A., filed March
14, 1983 in Official Records Book 11724, at Page 1488, of
said Public Records.
16. Collateral Assignment of Leases and Rents executed by Louis
LaFontisee, as Trustee, in favor of Consolidated Bank, N.A.,
filed March 14, 1988 in Official Records Book 11724, Page
1491, of said Public Records.
17. Covenant Running with the Land executed by Louis L.
LaFontisee, Jr., in favor of City of Miami, relating to
parking facilities in connection with the lease from
Louis L. LaFontisee, as Trustee, to Zum Alten Fritz, dated
August 21, 1984, filed August 22, 1984 in Official Records
Book 12245, at Page 1628 of said Public Records.
18. Financing Statement UCC-1 executed by Elisabeth Yamahoha
d/b/a Zum Alten Fritz, in favor of Southeast Bank, N.A., as
to all restaurant and kitchen equipment located or used in
the operation located on Lot 6, Block 6, of the- subject
property, filed in Official Records Book 13276, Page 1914 of
said Public Records.
19. Resolution No. R-729-86 passed by the Board of County
Commissioners of Dade County, on June 17, 1986 entitled
"Resolution Adopting The Method Set Forth In Section
197.363, Florida Statutes, For Collecting The Special
Assessments To Be Levied In the Special Assessment Project
Area Known As the Execution Of The Downtown Component Of
Metrorail (DCM) Project, If And When Such a Project Area Is
s� - 779 �4
"/ ' II
Created By County Ordinance, So As To Enable Such Special
Assessments To Be Collected As Though They were Ad Valorem
Taxes" filed June 17, 1986 in Official Records Book 12923,
Page 2618 of said Public Records.
20. Mortgage given by Miami Chinese Community Center, Ltd., a
Florida limited partnership, to Louis LaFontisee, as
Trustee, filed November 14, 1988 in Official Records Book
13892, Page 689, of the Public Records of Dade County,
Florida, which mortgage was collaterally assigned by the
owner and holder thereto to Consolidated Bank, N.A.,
pursuant to that Certain Collateral Assignment dated
November 10, 1988, filed November 14, 1988 in Official
Records Book 13892, at Page 694, of said Public Records, and
as reflected in that certain Security Agreement from Louis
LaFontisee, Jr., as Trustee, in favor of Consolidated Bank,
N.A., dated November 10, 1988, and filed November 14, 1988.
21. VCC-1 Financing Statement executed by Louis LaFontisee, as
Trustee, in favor of Consolidated Bank, N.A., filed November
14, 1988 in Official Records Book 13892, at Page 697, of
said Public Records.
22. UCC-1 Financing Statement executed by Miami Chinese
Community Center, Ltd., a Florida limited partnership, in
favor of Consolidated Bank, N.A., filed November 14, 1988,
and recorded in Official Records Book 13892, at Page 684 of
said Public Records.
I, the undersigned, further certify that I am an attorney -
at -law duly admitted to practice in the State of Florida, and a
member in good standing of the Florida Bar.
Respectfully submitted,
BEDZOW KORN KAN & GLASER, P.A.
11077 Biscayne Boulevard
P.O. Box 61-9002
Penthouse Suite
Miami, Florida 33261-9002
Phone: 305/895-2520 (Dade)
Telecopier (305) 895-1/421
By: i
ZARY L. BROWN
vbrl88504/Rl-3
OPINION OF TITLE
TO: CITY OF MIAMI, a political subdivision of the State 2f
Florida.
With the understanding that this opinion of title is fur-
nished to the CITY OF MIAMI, it is hereby certified that we have
examined the complete Abstract of Title completely covering the
period from the BEGINNING to September 24, 1991 at 8:00 A.M.,
inclusive, of the following described real property:
All of Lots 3 and 13, Lots 4, 5, 8, 9 and
14, less the West 40.00 feet thereof, and
the 10.00 feet alley lying North of and
adjacent to said Lot 5, and the 10.00 feet
alley lying South of and adjacent to said
Lot 9, Block 6, "MIRAMAR" (also known as
the "THIRD AMENDED MAP OF MIRAMAR"),
according to the Plat thereof, as recorded
in Plat Book 5, at Page 4, of the Public
Records of Dade County, Florida.
Basing our opinion on said complete abstract covering said
period we are of the opinion that on the last mentioned date the
fee simple title to the above described real property was vested
in:
MIAMI CHINESE COMMUNITY CENTER, LTD.,
A FLORIDA LIMITED PARTNERSHIP
Subject to the following encumbrances, liens, and other excep-
tions:
GENERAL EXCEPTIONS
As to all of the property:
1. All taxes for the year 1990 and subsequent years.
2. Rights of persons other than the above owners who are in
possession.
3. Facts -that would be disclosed upon accurate survey.
4. Any unrecorded labor, mechanics' or materialmens' liens.
5. Zoning and other restrictions imposed by governmental
authority.
6. All matters set forth on Plat of CHINATOWN, as recorded in
Plat Book 140, Page 48, of the• Public Records of Dade
County, Florida.
SPECIAL EXCEPTIONS
7. Conditions, covenants, limitations, easements and reserva-
tions, contained in Plat of THIRD AMENDED PLAT OF MIRAMAR,
as recorded in Plat Book 5, Page 4, of the Public Records of
Dade County, Florida.
8. Dedication dated January 25, 1917, filed March 30, 1917, in
Official Records Book 162, Page 414, of the Public Records
of Dade County, Florida.
9. Dedication dated March 31, 1917, filed April 19, 1917, in
Official Records Book 163, Page 473, of the Public Records
of Dade County, Florida.
10. Resolution No. R-729-86 passed by the Board of County Com-
missioners of Dade County, on June 17, 1986, entitled
"Resolution Adopting The Method Set Forth In Section
197.363, Florida Statutes, For Collecting The Special
Assessments To Be Levied In The Special Assessment Project
Area Known As The Extension Of The Downtown Component Of
Metrorail (DCM) Project, If And When Such A Project Area is
Created By County Ordinance, So As To Enable Such Special
Assessments to Be Collected As Though They Were Ad Valorem
Taxes" filed June 17, 1986, in Official Records Book 12923,
Page 2618, of the Public Records of Dade County, Florida.
As to Lots 5 and 8:
11. Covenants running with the land, dated October 8, 1980 filed
in Official Records Book 10893, at Page 2186, and rerecorded
on October 9, 1980► in Official Records Book 10894, Page
766, of the Public Records of Dade County, Florida and dated
August 21, 1984, recorded in Official Records Book 12245,
Page 1628 of the Public Records of Dade County, Florida.
As to Lots 3, 4, 5, 8 and 9 and the 10.00 feet alley lying North
of and adjacent to Lot 5:
12. Mortgage and Security Agreement dated March 10, 1983, given
by Louis LaFontisee, as Trustee to Consolidated bank, N.A.
filed March 14, 1983, in official Records Book 11724, Page
1472, of the Public Records of Dade County, Florida, as
modified by First Modification of Note and Mortgage dated
June 27, 1983, and as modified by Second Modification of
Note and Mortgage dated August 30, 1985, and as modified by
Third Modification of Note and Mortgage dated May 29, 1986,
which mortgage is subject to that certain Assumption Agree-
ment dated November 10, 1988, filed November 13, 1988, in
Official Records Book 13892, Page 677, of said Public
Records, under which the said mortgage was assumed by Miami
Chinese Community Center, Ltd., a Florida limited partner-
ship.
13. Financing Statement UCC-1 executed by Louis LaFontisee, as
Trustee, in favor of Consolidated Bank, N.A., filed March
14, 1983, in Official Records Book 11724, Page 1488, of the
Public Records of Dade County, Florida.
14. Collateral Assignment of Leases and Rents executed by Louis
LaFontisee, as Trustee, in favor of Consolidated Bank, N.A.
filed March 14, 1983, in Official Records Book 11724, Page
1491, of The Public Records of Dade County.
15. Mortgage given by Miami Chinese Community Center, Ltd., a
Florida limited partnership, to Louis LaFontisee, as
trustee, filed November 14, 1988 in Official Records Book
13892, Page 689, of the Public Records of Dade County,
Florida, securing the original principal amount of
$527,500.00, which mortgage was collaterally assigned by the
owner and holder thereto to Consolidated Bank, N.A., pursu
ant to that certain Collateral Assignment dated November 10,
1988, filed November 14, 1988, in Official Records Book
13892, Page 694, of the Public Records of Dade County,
Florida.
16. UCC-1 Financing Statement executed by Louis LaFontisee, as
Trustee, in favor of Consolidated bank, N.A., filed November
14, 1988, in Official Records Book 13892, Page 697, of the
Public Records of Dade County, Florida.
17. UCC-1 Financing Statement executed by Miami Chinese
Community Center, Ltd., a Florida limited partnership, in
favor of Consolidated Bank, N.A., filed November 14, 1988,
and recorded in Official Records Book 13892, Page 684, of
the Public Records of Dade County, Florida.
91-- 779 c;?7
As to Lots 13 and 14:
18. Mortgage from Miami Chinese Community Center, Ltd., in favor
of citicorp Savings of Florida, dated November 9, 1988,
recorded November 10, 1988, under Clerk's File No.
88R-407319, in Official Records Book 13888, at Page 1831,
securing an indebtedness in the sum of S263,500.00, together
with an Assignment of Leases and Rents, filed in Official
Records Book 13892, at Page 38, and UCC-1 Financing State-
ment filed in Official Records Book 13892, at page 42, of
the Public Records of Dade County, Florida.
NOTE: AS TO THE 10.00 FEET ALLEY LYING SOUTH AND ADJACENT TO LOT
9 AND THE 10.00 FEET ALLEY LYING NORTH OF AND ADJACENT TO LOT 5,
MIAMI CHINESE COMMUNITY CENTER, LTD.-S OWNERSHIP IS SUBJECT TO
ORDINANCE TO VACATE, ABANDON AND CLOSE SAID ALLEYWAYS FILED WITH
THE CITY OF MIAMI.
Therefore it is our opinion that the following parties must
join in the platting of the above described real property in
order to grant the CITY OF MIAMI and DADE COUNTY, FLORIDA, and
the public, a good and property title to the dedicated areas
shown on the final Plat of the aforedescribed property, the sub-
division thereof to be known as CHINATOWN and that Miami
Chinatown Development, Corp., a Florida corporation, as general
partner of Miami Chinese Community Center, Ltd., a Florida
limited partnership, is the proper signatory to the Plat.
1.
SPECIAL EXCEPTION
NAME INTEREST NUMBER
1. MIAMI CHINESE COMMUNITY
CENTER, LTD, a Florida
limited partnership Owner
2. LOUIS LaFONTISEE, as
Trustee Mortgagee 15, 16
3. CONSOLIDATED BANK, N.A. Mortgagee 12, 13, 14, 15, 16, 17
4. CITICORP SAVINGS OF
FLORIDA Mortgagee 18
I, the undersigned, further certify that I am an attorney -
at -law duly admitted to practice in the State of Florida, and ama
member in good standing of the Florida bar.
Respectfully submitted this 1st
day of October, 1991.
Bedzow, Korn Kan & Glaser, P.A.
By:
vbr188503/R
91- 779
t"
AMERICANINATITUTI 00 AJAL ESTATE AC N0ISEAS SOCIETY OF OEAI. EITATE APOAA SIPS
MIMNR • COAAL GASLES BOARD OF 01WORS MEMEER FJ ORIDA ASSOCIATION Of REA;,`.O1S
). MARK QUINLIVAN, MAC, 5RPA
PROFESSIONAL ASSOCIATION
,IAMi.S L AONEA, MA1 REAL ESTATE APPRAISERS i CONSVLIANTS
GREGORY A. OUNTER,►AI SP30 S.W. 70M STREET. SUITE 300 TELEPHONE 663.661
TNOIMAS P, AMAG[NNEIMER SOUTH MIAMI RLORIDA JJIAJ PAX 915•49EI
October 10, 1991
Miami Chinese Community Center, Ltd.
1823 Biscayne Boulevard, Suite 14
Miami, Florida 33132
Gentlemen:
We have recIe ntly completed an Appraisal Report of your land parcel located on the
east We of Biscayne Boulevard between N.E. 18th Street and ME 19th Street,
Miami, Florida
The value of the total site was estimated to be $3,475,000. According to
information you have sent to me, the mortgages on the property total $2,454,200.
Based on our estimate the equity in the property would be as follows:
Estimated value
Mortgages
Equity
$3,475,000
S2.45_4_ d0
$1,020,800
Sincerely,
6 kj�;�
. Mark Quinlivan, MAI
91- 779
'NdIMleml
Chlnm Community Center, Ud.
Oct.
1. 1991
Mr.
3oe1 E.
Maxwell.
17ity
Attc,rney.
Amerifirst
Bldg..
1 S.E.
3rd
A%-e..
llth
floor.
Miami.
Fl.
33131.
Dear Mr. Maxwell.
As per our meeting yesterday. we are pleased to enclose the
following for your perusal.
.annex 1 copies of MAI appraisal covering the whole
lot of Chinatown.
Annex 2 - copies of title insurance policy covering
.1 pieces of land.
Annex 3 copies of contract with the 5 mortgages.
Please note that the opinion of title covering the whole lot
of Chinatown will be submitted by our attorney Gary Brown
within today.
Ycours sincerely.
MIAMI CHINESE COMMUNITY CENTER LTD.
IS. SHSHIH
/AC
E`CL .
•0 �
MIIMI Chine CO HURRY COM $r, Ltd.
ANNEX 1
Miami Chlneee Community Center, Ltd.
ANNEX 2
779
MW M&NO i Owd"Wt Cap.
331,N.E. Ift fto. MAN, 33132, USA
TN.: Fw (306) W401
Miami Chinese Community Center, Ltd.
ANNEX 3
ssss:ss
1) MORTGAGE -- INTERAMERICAN ENGINEERING CORP.
PROPERTY -- LOT 12 BLOCK 6 OF MIRAMAR
(327 N.E. 18TH STREET)
2) MORTGAGE -,jIt LOCIS LAFONTISEE (1st mortgage)
,3 CONSOLIDATED BANK(2nd mortgage)
PROPERTY -- LOT 3 - 11
(N.E. 18 - 19TH STREET)
3) MORTGAGE -- CITICORP SAVINGS OF FLORIDA
PROPERTY -- LOT 13 - 14
(N.E. 18TH STREET)
4) MORTGAGE EASTERN NATIONAL BANK
PROPERTY -- LOT 2 BLOCK 6
(1846 N.E. 4TH AVE.)
sip, 000.00
yiani, rizr, !a
January 12. 1989
FOR VALUE RECEIVED, MIAMI CHINESE COMMUNITY CENTER, :.:D.. s
Florida limited partnership having its principal business o!:ices
at 1823 Biscayne Boulevard, Apt. 14, Miami. Florida 33132
(""faker"), promises to pay to the order of INTERAMERICAN ENG.NEER.:;G
CORPORATION, a Florida corporation, with offices at 150 S.E. Sectnd
Avenue, Miami. Florida 33131 ("Payee"I the principal sum of ONS
HUNDRED SEVENTY THOUSAND and 00/100 DOLLARS ($170,000.00) law;ul
:Honey of the United States of America at the time of payment,
together with interest from the date hereof, at the rate and on the
terms set forth herein, as follows:
The per annum interest rate on the unpaid principal balance
outstanding shall be a rate equal to ten and one-half (10 :/2$)
percent.
Maker shall pay equal monthly installments of principal and
Interest in the amount of One Thousand Eight Hundred Seventy Nine
and 18/100 ($1,879.18) Dollars without demand, set-off or deduction.
on the twelfth (12th) day of each calendar month from the date
hereof beginning February 12. 1989, through the twelfth (12th) day
of February, 1996 (the "Maturity Date") on which date the entire
unpaid principal balance of this Note and all interest accrued
thereon and all other sums payable hereunder shall be immediately
due and payable in full unless extended as provided for herein..
Principal payments shall be amortized over a fifteen (15) year
period.
The principal and interest shall be payable at the office o`
Payee set forth in the heading hereof, or at such other place as
Payee, from time to time, may designate in writing.
Maker shall have the right to prepay this Note, in whole or :n
part, at any time after the third (3rd) anniversary date of this
Note, without penalty, provided that any partial prepayment shall
be applied first to accrued interest and then to principal. Prior
thereto, any prepayment shall be subject to a penalty equal to al:
interest that would have accrued during the first three (3) years
of the term hereof had no prepayment been made less all payments o:
interest made prior to such prepayment.
Payment of this Note is secured by a Mortgage dated January :2.
1989 intended to be recorded forthwith, from Maker to Payee, upon
certain real property situated in Dade County, Florida, together
with the buildings and other improvements now or hereafter
constructed thereon, more particularly described in the Mortgage
(and herein referred to as the "Property*).
.All of the agreements. conditions, covenants, provisions and
stipulations contained in the Mortgage and any other loan documents
which are to be kept and performed by Maker are hereby made a part
of this Note to the same extent and with the same force and effect
as if they were fully set forth herein. and Maker covenants and
agrees to keep and perform them, or cause theta to be kept and
performed, strictly in accordance with their terms. Any default by
Maker under the Note or Mortgage (the "Loan Documents") may, at
Payee's option, be treated as an event of default hereunder.
It is further understood, however, that should any default be
made in the payment of any installment of principal or interest on
the date on which it shall fall due, or in the performance of any
of the agreements, conditions, covenants, provisions or stipulations
contained in this Note, the Mortgage or any other Loan Documents,
then Payee, at its option and without notice to Maker unless
expressly required elsewhere herein, may declare immediately due and
payable the entire unpaid balance of principal with interest accrued
thereon at the then otherwise applicable rate specified hereinabove r
to the date of default and thereafter at a rate equal to the lesser
of: (a) eighteen percent (184) per annum; or (b) the maximum legal s
11 -1- 1 - . P,
-, 1 41--, 779 34—
Ve O: ..serest c"ar;eable taker (whicr. _esser ra=e :s
einafter referred to as the fault Rate") and a!- ot.`e_ s,�.s
-..e by Maker hereunder or under the Loan Documents, anyth.n; ~.ere_n
or in the Loan Documents to the contrary notwiths•_andin, and
pay-ment thereof may be enforced and recovered in whole or in part
at any time by one or more of the remedies provided to Payee '-is
Note, the Mortgage or the Loan Documents. in such case, Payee -ay
also recover all costs of suit and other expenses in tornec:icn
therewith, together with a reasonable attorneys' fee for collection,
together with interest on any judgment obtained by Payee at a rate
which Shall be equal to the Default Rate, including interest at t:;at
rate from and after the date of any execution, judicial or
foreclosure sale until actual payment is made to Payee of the :�::
amount due Payee.
The failure of the Payee to exercise such option to accelerate
the indebtedness evidenced hereby shall not constitute a waiver of
the right to exercise such option at any other time so long as such
event of default remains outstanding and uncured.
Payee shall not exercise any right or remedy provided for
herein because of any default of Maker unless Payee shall have first
given written notice thereof to Maker and Maker shall have failed,
in the event of a monetary default, to pay the outstanding sums
within a period of thirty (30) calendar days after the giving of
such notice of such default or in the event of a non -monetary
default, Maker shall have failed, within a period of thirty (30)
days after the giving of such notice of such default to correct the
non -monetary default, or if such non -monetary default is of a type
which cannot be cured within thirty (30) days, Maker shall have
begun to correct such default and thereafter Maker proceeds
diligently to correct such default; provided, however, that Payee
shall not be required to give any such notice or to allow any part
of the grace period if Maker shall have filed a petition in
bankruptcy or for reorganization or a bill in equity or otherwise
Initiated proceedings for the appointment of a receiver of Maker's
assets. or if Maker shall have made an assignment for the benefit
of creditors, or if a receiver or trustee is appointed for Maker and
such appointment and such receivership is not terminated within -
thirty (30) days.
The remedies of Payee as provided herein, or in the Mortgage.
and the warrants contained herein or attached hereto or contained
in the Mortgage. shall be cumulative and concurrent, and may be
pursued singly, successively or together at the sole discretion of
Payee, and may be exercised as often as occasion therefor shall
occur; and the failure to exercise any such right or remedy shall
in no event be construed as a waiver or release thereof. -
Maker hereby waives and releases all errors, defects and
imperfections in any proceedings instituted by Payee under the terns
of this Note or of the Mortgage or any other Loan Documents, as well
as all benefit that might accrue to Maker by virtue of any present
or future laws exempting the Property, or any other property, real
or personal, or any part of the proceeds arising from any sale of
any such property, from attachment. levy or sale under execution.
or providing for any stay of execution to be issued on any judgment
recovered on this Note or in any action to foreclose the Mortgage,
exemption from civil process, or extension of time for payment; and
Maker agrees that any real estate that may be levied upon pursuant
to a judgment obtained by virtue hereof, on any writ of execution
issued thereon, may be sold upon any such writ in whole or in part
in any order desired by Payee.
Except to the extent set forth herein. Maier and all endorsers,
hereby waive presentment for payment, demand, notice of demand,
notice of nonpayment or dishonor. protest and notice of protest of
this Note, and all other notices in connection with the delivery,
acceptance, performance, default, or enforcement of the payment of
this Note, and they agree that the liability of each of them shall
be unconditional. joint and several, without regard to the liability
of any other party, and shall not be affected in any manner by any 1
indulgence. extension of time, renewal, waiver or modification r1i(
-2- 91-- 779 35
•
granted or consented to by Payee, Maker and al: endorsers, czns2n:
to any and all extensions of time, renewals, waivers
modifications that may be granted by Payee with respect tz =%e
payment or other provisions of this Note, and to the release �,,f the
collateral or any part thereof, with or without substitution, an-,
agree that additional makers, endorsers, guarantors or sureties naa
become parties hereto without notice to them of affect1j; _"e::
liability hereunder.
It any provision of this vote is held to be invalid tr
unenforceable by a court of competent jurisdiction, : e other
provisions of this Note shall remain in full force and effect and
shall be liberally construed in favor of Payee in order to effect
the provisions of this Note. In addition, in no event shall the
rate of interest payable hereunder exceed the maxinum rate o!
Interest permitted to be charged by applicable law (including the
choice of law rules) (hereinafter the "Maximum Legal Rate"; and any
interest paid in excess of the permitted rate shall be refunded t_
Maker. Such refund shall be made by application of the excessive
amount of interest paid against any sums outstanding and shall be
applied in such order as Payee may determine. If the excessive
amount of interest paid exceeds the sums outstanding, the portion
exceeding the said sums outstanding shall be refunded in cash by
Payee. Any such crediting or refund shall not cure or waive any
default by Maker hereunder. Maker agrees, however, that in
determining whether or not any interest payable under this Note
exceeds the highest rate permitted by law, any non-pr:ncipa-
payment, including, without limitation, prepayment fees and late
charges, shall be deemed to the extent permitted by law. to be an
expense, fee, premium or penalty rather than as interest.
Payee shall not be deemed, by any act or omission, or
commission, to have waived any of its rights or remedies hereunder
unless such waiver is in writing and signed by Payee, and then only
to the extent specifically set forth in the writing. A waiver on
one event shall not be construed as continuing or as a bar to or
waiver of any right or remedy to a subsequent event.
This instrument shall be governed by and construed accordin;
to the laws of the State of Florida. Maker consents to the
exclusive jurisdiction of the courts of the State of Florida and the
federal courts located in Florida in any and all actions and
proceedings, whether arising hereunder or under any of the Lzan
Documents.
Whenever used, the singular number shall include the pions_.
the plural the singular, the use of any gender shall be appl_cable
to all genders. and the words "Payee" and "Maker" shall be deemed
to include the respective heirs, personal representatives,
successors and assigns of Payee and Maker.
This Note may not be amended or modified, nor shall any waive:
of any provision hereof be effective, except by an instrument _..
writing executed by Maker and Payee.
91- 779
Maker, intending to be legally bound hereby, has caused this
Note to be executed as of the day and year first above written.
This Note consists of four (4) pages.
MIAMI CHINESE COMMUNITY CINtrR :..D.,
a Florida limited partnership
By: MIAMI CHINATOWN DEVELOPMENT
CORP., a Flo ida corporation,
General Partger
By:
\1 sident
DA0103
Ll
Ce
�Sf s 13960 427
This document prepared by and
should be returned to:
OONALD A. GOLDEN, ESQUIRE
Morsta, walker i Golden, P.A. Documentary Stamps Collected I r
Suits 1940
One Biscayne 'tower S SURTAX Doc. Stamps .-e'er.=
Miami, Florida 33131 class "C" Intangible tax Collected $1'0
Rlehs►d,0. stinker, clerk, Cade County, F.
MORTGAGE`—
THIS MORTGAGE, made this 12th day of January. 100t. by M:A.M:
CHINESE COMMUNITY CENTER, LTD., a Florida limited partnersr..;,,
having a principal place of business at 1023 Biscayne sc,;levari.
Apt. 14. Miami, Florida 33132. (hereinafter called "Mort„a,or'.
to INTERAMERICAN ENGINEERING CORPORATION, a Florida corperati--n
having a principal place of business at 150 S.E. Second Aven-,;e.
Miami. FL 33131 (hereinafter called "Mortgaoes").
rj
WHEREAS, Mortgagor is justly indebted to Mortgagee. -ay.nq
executed and delivered to Mortgagee its promissory note, a Ccpy o:
which is attached hereto and made a part hereof as Exhibit "A"
("Note"), bearing even data herewith, wherein Mortgagor promises to
pay to Mortgagee the principal sum of ONE HUNDRED SEVENTY T=.SAND
AND 00/100 DOLLAAS ($170,000.00) (the "Loan"), lawful money 0'. the
United States of America, with interest thereon at the rate and
times and in the manner and according to the terms and cond:tizns
specified in the Note, all of which are hereby incorporated herein
by reference.
THIS IS A PURCHASE MONEY FIRST MORTGAGE
NOW THIS INDENTURE WITNESSETH, that Mortgagor. in considerat.cr.
of the Indebtedness and to secure the payment to Mortgagee of he
principal with interest, and all other sums provided for in the *rote
and all such other agreements and instruments evidencing and
securing the Loan, all of even date herewith, being hereinafter
collectively referred to herein as (the "Loan Documents"). has
granted, bargained, sold and conveyed and by these presents does
grant. bargain, sell and convey unto Mortgagee that certain tract
or parcel of land lying and being in the County of Dade and State
of Florida. more particularly described and set forth in Exhibit "B"
attached hereto and made a part hereof (hereinafter the "Property").
TOGETHER with all and singular the tenements, hereditaments.
easements, appurtenances, passages. waters, water courses, riparian
rights, other rights, liberties and privileges thereof or in any :gay
now or hereafter appertaining. including any other claim at law -.r
in equity as well as any after acquired title, franchise or license
and the reversion and reversions and remainder and remainders
thereof.
TOOSTHER with ail after acquired property of Mortgagor attached
to the improvement of the Property (the "After Acquired Property").
to which After Acquired Property the lien of this Mortgage shall
automatically attach without further act of Mortgagor or Mortgagee.
TOGETHER with all buildings and improvemunts of every kind and
description now or hereaftar erected or Slated thereon and all
materials intended for construction, reconstruction, alteration and
repair of such improvements now or hereafter erected thereon, all
of which materials shall be dees;ed to be included within the
mortgaged promises immediately upon th4 delivery thereof to such
mortgaged premises. and all fixtures now or hereafter owned by
Mortgagor and attached to said premises, including but not liavted
to all apparatus, motors, elevators, fittings, radiators. all
9i 779 38
0 42
na`lu;nbing, heating, lighting, cooking, .aUr. dry,
refrigerating, incinerating, air-conditioning, hot water .`.eats.:, a:.i
sprinkler equipment and fixtures and appurtenances t:ieret;, and 3..,
built-in equipment and built-in furniture; and all renewal; :.
replacements thereof or articles in substitution t,",erefor, it �:ejn;
nutually agreed that all the aforesaid property owned oy s -t
Mortgagor and placed by it on said premises shall, so `ar as
permitted by law, be deemed to be affixed to the realty and toversd
by this Mortgage, The Property, After Acquired Property 3-d
buildings, parking spaces, improvements, fixtures, and all atner
rights herein being hereinafter collectively called the xcr:,a;ed
Property".
TO HAVE AND TO HOLD the above -granted and described wcrt;aged
Property unto Mortgagee, its successors and assigns, Oorever,
AND Mortgagor hereby represents, warrants and covenants wit -
Mortgagee that Mortgagor is indefeasibly seized of the Mortyage�
Property in fee simple; that Mortgagor has full power and lawf 11
right to convey the same in fee simple as aforesaid; that it snail
be lawful for Mortgagee at all times peaceably and quietly to enter
upon, hold, occupy and enjoy the Mortgaged Property and every par:
thereof; that the Mortgaged Property is free from all 1ier.s and
encumbrances; that all property, fixtures and equipment described
herein will be fully paid for and free from all liens, encumbrances.
title retaining contracts and security interests when delivered
and/or installed upon the Mortgaged Property; that such Yrtperty.
fixture and equipment shall be deemed to be realty and a part o: the
freehold: that Mortgagor will make such further assurances to prove
the fee simple title to all and singular the Mortgaged Property --n
Mortgagee and to prove the lien and priority of this Mortgage, as
may be reasonably required, and that Mortgagor does hereby and t:!
forever fully warrant and defend the lien and priority of this
Mortgage and the title to the Mortgaged Property and every part
thereof against the lawful claims and demands of all persons
whomsoever.
PROVIDED ALWAYS, and these presents are upon the express
condition that if Mortgagor or the successors or assigns of
Mortgagor shall pay unto Mortgagee, its successors or assigns. :he
sums of money secured hereby, and any renewals or extensions thereof
in whatever fora. and the interest thereon as it shall become d,,:e,
according to the true intent and meaning thereof, together with a::
advances hereunder, costs, charges and expenses, including
reasonable attorney's fees, which Mortgagee may incur or be put t-
in collecting the same by foreclosure or otherwise; and shall 4uly,
promptly and fully perform, discharge, execute, effect, complete.
comply with and abide by each and every of the stipulations.
agreements, conditions and covenants of the Note, this Mortgage and
all other Loan Documents, then this Mortgage and the estate hereby
created shall cease and be null and void and this instrument shalt
be released by Mortgagee, at the cost and expense of Mortgagor.
MORTGAGOR COVENANTS AND AGREES to and with Mortgagee that
the indebtedness secured hereby is fully repaid:
1. Pavment and Performance, Mortgagor shall pay to Mortgagee.
in accordance with the terms of the Note and this Mortgage, tre
Principal and interest, and other suss therein set forth; and shall
Perform and comply with all the agreements, conditions, covenants.
provisions and stipulations of the Note and this Mortgage, the terms
of which are incorporated herein by reference.
Z. interest Rate, Notwithstanding any provision contained in
this Mortgage or in tkm Note ,secured hereby, the total liability for
payment of interest, or payment in the nature of interest, shall not
exceed the limits now imposed by applicable usury laws, Including
the applicable choice of law rules. In the event of the
acceleration of the Note hereby secured, the total charges for
interest and in the nature of interest shall not exceed the maximum
amount allowed by law, and any excess portion of such charges that _
2 91-- 779 3 :1y
4`c 139b0 4�9
_rPh ave been prepaid shall be refunded to the ;raker er c!
refund may be made by application of the amount involved aga.r.st-Vr.e
sum
s then due hereunder, but such crediting shall not cure 0: w'a;.ve
the default occasioning acceleration. Nothing herein contained nor
In any transaction related hereto shall be construed or steal: so
operate either presently or prospectively to require Mortgagor
make any payment or do any act contrary to law, but if any c:a-,:se
or provision herein contained shall otherwise so operate ..,
invalidate this Mortgage, in whole or in part, then such clause --r
provision only shall be held for naught as though not herein
contained and the remainder of this Mortgage shall remain operative
and in full force and effect,
3. Maintenance of Mortgaged Property. Mortgagor shall abstain
from and shall not permit the commission of waste, impairment or
deterioration in or about the Mortgaged Property; shall not permit
the Mortgaged Property to become vacant. deserted, or unguarded; and
shall maintain the Mortgaged Property in good condition and repair,
reasonable wear and tear excepted.
4. Insurance. Mortgagor shall keep the Mortgaged Proper=y
Continuously insured against all hazards as Mortgagee may reasonably
require, including. but not limited to, insurance against loss or
damage by fire, with extended coverage, for all improvements now or
hereafter located on the Mortgaged Property, and Mortgagor shall
also continuously maintain contingent and public liability insurance
and property damage insurance, all of which shall be issued by an
insurance company, or companies satisfactory to Mortgagee, and in
such total amounts as Mortgages may reasonably require from time
time. Each policy, including policies for any amounts carried in
excess of the required minimum and policies not speci:ica::y
required by Mortgagee, shall be in form reasonably satisfactory =o
Mortgagee, shall be maintained in full force and effect, shall o-e
assigned and delivered to Mortgagee at or prior to closing, with
Premiums prepaid, as collateral security for payment of the
indebtedness secured hereby, shall be endorsed with a standard
mortgagee clause in favor of Mortgagee, not subject to contrib•ition
or assessment, and shall provide for at least thirty (30) days,
notice to Mortgagee prior to cancellation thereof. :: the
insurance, or any part thereof, shall expire, or be withdrawn, or
become void or unsafe by Mortgagor's breach of any condition
thereof, or become void or unsafe by reason of the failure or
impairment of the capital of any company in which the insurance may
then be carried, or if for any reason whatsoever the insurance shall
be unsatisfactory to Mortgagee, Mortgagor shall place new insurance
on the Mortgaged Property, reasonably satisfactory to Mortgagee.
All renewal policies, with premiums paid, shall be delivered to
Mortgagee at least -forty (40) days before expiration of the old
Policies. Mortgagee may at its option elect to receive certificates
evidencing insurance other than the actual policy. In the evert of
loss, Mortgagor will give immediate notice thereof to Mortgagee. and
Mortgagee may, make proof of loss if not made promptly by Mortgagor.
Each insurance company concerned is hereby authorized and directed
to make payment under such insurance, including return of unearned
premiums, directly to Mortgagee instead of to Mortgagor and
Mortgagee jointly, and Mortgagor appoints Mortgagee, irrevocably.
as Mortgagor's attorney -in -fact to endorse any draft there`_or.
Mortgagee shall have the right to retain and apply the proceeds of
any such insurance, at its election, to reduction of the
indebtedness secured hereby, or to restoration or repair of the
property damaged, at Mortgagee's sole and absolute option. All such
policies herein are hereby assigned to Mortgagee as additional
security for the payment of the indebtedness hereby secured.
Mortgagee becomes the owner of the Mortgaged Property or any part
thereof by foreclosure or otherwise, such policies, including all
right. title and interest of Mortgagor thereunder, shall become the
absolute property of Mortgagee.
S. Taxes and other Charges. Mortgagor shall pay when due and
payable and before any interest, charge or penalty is due thereon.,
without any deduction, defalcation or abatement, all taxes,
y 779 4C
AEC IIV
assessments, levies, liabilities, obligations, enc,.;�wrances. 4a:er
and sewer rents and all other charges or claims of every nat,:_e Ant
kind which may be imposed, suffered, placed, assessed, levied.
filed at any time against Mortgagor, the Mortgaged Property cr any
part thereof or against the interest of Mortgagee therein, or w-izn
by any present or future law may have priority over the indebtedness
secured hereby either in lien or in distribution out of the prcceeds
of any judicial sale, without regard to any law heretofore :.
hereafter to be enacted imposing payment of the whole or of ar.J part
upon Mortgagee: and insofar as any such tax, assessment, levl.
liability, obligation or encumbrance is of record, the same shaii
be promptly satisfied and discharged of record and the original
official document (such as, for instance, the tax receipt or tine
satisfaction paper officially endorsed or certified) shall be cn
request of Mortgagee placed in the hands of Mortgagee not later than
such dates; provided, however, that if, pursuant to this Mortgage
or otherwise, Mortgagor shall have deposited with Mortgagee before
the due date thereof sums sufficient to pay any such taxes,
assessments, levies, water and sewer rents, charges or claims, and
Mortgagor is not otherwise in default, they shall be paid by
Mortgagee: and provided further, that if Mortgagor in good faith and
by appropriate legal action shall contest the validity of any s%;ch
item or the amount thereof, and shall have established on its books
or by deposit of cash with Mortgagee, as Mortgagee may elect, a
reserve for the payment thereof in such amount as Mortgagee may
require, then Mortgagor shall not be required to pay the item cr tc
produce the required receipts: (a) while the reserve is maintained:
and (b) so long as the contest operates to prevent collection. is
maintained and prosecuted with diligence, and shall not have been
terminated or discontinued adversely to Mortgagor.
6. Installments for Taxes, without limiting the effect of
Paragraph 5 hereof, in the event Mortgagor shall fail to pay the
charges referred to in Paragraph 6 and/or 5, Mortgagor may recr,;ire
Mortgagor to pay to Mortgagee, monthly with the monthly Installments
of principal and interest, an amount equal to one -twelfth (1/121 of
the annual premiums for the annual real estate taxes, prior to the
lien of this Mortgage. The amounts so paid shall be security for
the real estate taxes and shall be used in payment thereof. No
amount so paid shall be deemed to be trust funds and as long as
mortgagee is a banking institution the funds may be commingled with
general funds of Mortgagee, and no interest shall be payable
thereon. At Mortgagee's option, Mortgagee from time to time may
waive, and after any such waiver may reinstate, the provisions of
this Paragraph requiring monthly payments.
7. Int2rnal Revenue stamps. If at any time the United States
or any department or bureau thereof shall require Internal Reven::e
stamps on the Note secured hereby. Mortgagor, on demand, shall pay
for them with any interest or penalties payable thereon.
9. Future Taxes. If hereafter any law or ordinance shall be
adopted imposing a tax directly or indirectly on Mortgagee w::h
respect to the Mortgaged Property, the value of Mortgagor's equity
therein, or the indebtedness evidenced by the Note and secured by
this Mortgage. Mortgagee, at its election, shall have the right at
any time to give Mortgagor written notice declaring that :ne
principal debt, with interest and other appropriate charges, shall
be due on a specified date not less than sixty (60) days thereafter:
provided, however, that such election shall be ineffective it. prior
to the specified date, Mortgagor lawfully pays the tax (in addition
to all other payments required hereunder) and agrees to pay the tax
whenever it becomes due and payable thereafter, which agreement
shall then constitute a part of this Mortgage.
9. Security hares This Mortgage constitutes a security
agreement under the Uniform Commercial Code as adopted in Florida
and creates a security interest in the "personal property" inc:uded
in the Mortgaged Property. Mortgagor shall execute, deliver, file
and refile any financing statements or other security agreements
• q `v
f' I
3[P 1160-
431
Mortgagee may require from time to time to con:ir:n the :Ien.
Mortgage with respect to such property.
:0. No Other Liens, Without the prior written consent z!
Mortgagee, Mortgagor shall not create or cause or permit to exist
any lien on, or security interest in the Mortgaged Property or any
portion thereof, whether junior or senior to the lien of thLs
Mortgage. It is understood and agreed that Mortgagee's consent w:t-
regard to liens which would be junior to Mortgagee's :ion sha:_
be unreasonably withheld. Any violation of the foregoing li:nita::cn
shall. except as otherwise provided in this Paragraph, at the cptizn
of Mortgagee be deemed an event of default hereunder. :f any
mechanics' lien or claim of mechanics' lien shall be flied against
the Mortgaged Property or any portion thereof or any _merest
therein by reason of work, labor, services, or materials sup;:led
or claimed to have been supplied, and if such mechanics' lien :.
claim of mechanics' lien is not fully and finally discharged as a
lien against the Mortgaged Property or fully and finally transferred
in accordance with all applicable requirements of the Flor:=a
Mechanic's Lien Law, from a lien against the Mortgaged Property to
a lien against other security posted by Mortgagor within :i:teen
(15) days after such mechanics' lien or claim of lien Shall 'lave
been filed. then Mortgagee, at its option, may: (a) pay and
discharge the lien, in which case the sum which Mortgagee shall have
so advanced shall be due immediately from Mortgagor to Mortgagee,
shall be secured hereby, and shall bear interest at the Default Ra=e
specified in the Note from the date of payment by Mortgagee anti:
the date of repayment, and Mortgagee shall be subrogated :o any
rights, equities and liens so discharged; and/or (b) treat s::ch
occurrence as an event of default hereunder.
11. Compliance with Law and --Regulations. Mortgagor s`a:,
comply with all restrictions of record and all laws, statutes.
codes, ordinances, rules, regulations, resolutions and orders of a::
federal, state, municipal and other governmental and
quasigovernmental authorities and agencies relating in any way tc
the Mortgaged Property.
12. Inspection_. Mortgagee, and any persons authorized oy
Mortgagee, shall have the right at any time, upon reasonable notice
to Mortgagor, to enter the Mortgaged Property at a reasonable c.r
to inspect and photograph its condition and state of repair.
13. Recuired Notices, In addition to any notice requirements
contained elsewhere in this Mortgage or in any of the other Loan.
Documents, Mortgagor shall notify Mortgagee promptly of the
occurrence of any of the following:
(a) casualty causing damage to the Mortgaged Property:
Property; (b) receipt of notice of condemnation of the Mortgaged
(c) receipt of notice from any government or
quasigovernmental authority relating to the development of,
Improvements on, use of, or occupancy of the Mortgaged Property:
(d) substantial change in the occupancy of the, Mortriagod
P i vy�rs ly :
(e) commencement of any material litigation affecting tie
use of the Mortgaged Property.
14. Condemnation,
(a) In the event of any condemnation or taking of any part
of the Mortgaged Property by eminent domain. alteration of the grade
of any street. or other injury to or decrease in the value of the
Mortgaged Property by any public or quasi -public authority or
corporation all proceeds (that is, the award or agreed compensation.
'ter the damages sustained) allocable to Mortgagor shall be
... 779 ��
,
p: =aw_e t�rst to payment`indebtedness sec :red
ttlement for damages sustained shall be made by Mortga;^
Mortgagee's prior written approval. Mortgagor shall contin.;s t= ;ay
installments of interest and other charges until-&yment of tie
proceeds shell have been received by Mortgagee in the a:7.0,
secured hereunder, All of such proceeds shall be applied n _nq
order and in the amounts that Mortgagee, in Mortgagee's sc.s
discretion, may elect, to the payment of principal ',whether o:
then due and payable), interest or any sums secured !�y tnis
Mortgage, or toward payment to Mortgagor, on such reasonable ter-.s
as Mortgagee may specify, to be used for the sole purpose
altering, restoring or rebuilding any part of the Mortgaged Property
which may have been altered, damaged or destroyed as a result c: the
taking, alteration of grade or other injury to the Mortgaged
Property.
(b) It prior to the receipt of such proceeds by Mort;a;,ae.
the Mortgaged Property shall have been sold on foreclosure o! t:t_s
Mortgage, Mortgagee shall have the right to receive the proceeds t_
the extent of:
(i) any deficiency found to be due to Mortga;ee in
connection with the foreclosure sale, with legal interest 1:herecn.
and
(ii) reasonable counsel fees, costs and disbursements
incurred by Mortgagee in connection with collection of the proceeds
and the proceedings to establish the deficiency.
(c) if the amount of the initial award of damages `or -.he
condemnation is insufficient to pay in full the indebtedness secured
hereby with interest and other appropriate charges, Mortgagee site!!
- have the right to prosecute to final determination or settlement an
appeal or other appropriate proceedings in the name of Mortgagee c.
Mortgagor, for which Mortgagee is hereby appointed irrevocably as
attorney -in -:act for Mortgagor, which appointment, being :::
security, is irrevocable. In that event, the expenses o! the
Proceedings. including reasonable counsel fees, shall be paid ':rst
out of the proceeds,, and only the excess, if any, paid to Mor,: agee
shall be credited against the amounts due under this Mortgage.
(d) Nothing herein shall limit the rights otherwise
available to Mortgagee, at law or in equity, including the right to
intervene as a party to any condemnation proceeding.
is. Leases. Mortgagor hereby represents that there are no
leases or agreements to lease, or any other occupancy rights :pon
all or any part of the Mortgaged Property now in effect other than
unrecorded tenant leases executed in the ordinary course o"
business.
16. Richt to Remedy Defaults. In the event that Mortgagor
should fail to pay real estate or other taxes, assessments, water
and sewer rents, charges and claims, sums due under any prior lien
or insurance premiums, or fail to make necessary repairs, or perm:
waste, Mortgagee, at its election and without notice to Mortgagor.
shall have the right to make any payment or expenditure and to take
any action which Mortgagor should have made or taken, or wr.icn
Mortgagee deems advisable to protect the security of this Mortgage
or the Mortgaged Property, without prejudice to any of Mortgagee's
rights or remedies available hereunder or otherwise, at law or in
equity. All such sums, as well as costs. advanced by Mortgagee
pursuant to this Mortgage shall be due immediately from Mortgagor
to Mortgagee, shall be secured hereby, and shall bear interest at
the Default Rate specified in the Note from the date of payment by
Mortgagee until the date of repayment, and Mortgagee shall be
subrogated to any rights, equities and liens so discharged.
17• Mftt Of ftjaUJL� Each of the following shall constit,.:te
an event o3defaault VZvent of Default") hereunder: i
91 --- 779 4 "
+EC I.i�bO 43.E
(a) Mortgagor's noncompliance or ncnperformtance sr.y —
term, covenant or Condition contained in any Loan Document, any
condominium documents or any document of record or of wh u n
Mortgagor has actual notice, which encumbers or applies to t e
Mortgaged Property. —
(b) The commencement of any levy, execution or attac ;nen-
proceedings against Mortgagor or any principal thereof or any
obligor under any Guaranty Agreement given to Mortgagee :n
connection with the Loan (hereinafter a "Guarantor") or any of the
Mortgaged Property or any other property covered by the Loan
Documents which is not discharged within ninety (90) days, or the
application for or appointment of a liquidator, receiver, custodian.
sequestrator, conservator, trustee, or other similar judicial
officer (and such appointment continues for a period of ninety ;9C'
days).
(c) The insolvency (in the bankruptcy or equity sensei.
of Mortgagor or any principal thereof, or any Guarantor, wh:c:%
condition continues for a period of ninety (90) days.
W The assignment for the benefit of creditors, or t:ne
admission in writing, of an inability to pay any debts generally as
they become due, or the ordering of the winding -up or liquidation
of its affairs, by Mortgagor or any Guarantor, under any insolvency,
bankruptcy, creditor adjustment, debtor rehabilitation or similar
state or federal law.
(e) The commencement of a case by or against Mortgagor !i:
not dismissed within ninety (90) days), or any principal thereof,
or any Guarantor, under any insolvency, bankruptcy, creditor
adjustment, debtor rehabilitation or similar state or federal laws,
or the determination by any of them to request relief under any
insolvency, bankruptcy, creditor adjustment, debtor rehabilitation
or similar proceeding, state or federal, including without
limitation, the consent by any of them to the appointment of or
taking possession by a receiver, liquidator, assignee, trustee.
custodian, sequestrator or similar official for it or for any of _ts
respective property or assets.
(f) The rendering by any court of last resort of a
decision that an undertaking by Mortgagor, as herein provided to pay
any tax, assessment, levy, liability, obligation or encumbrance is
legally inoperative or cannot be enforced, or the passage of any law
changing in any way or respect the laws now in force for the
taxation of mortgages or debts secured thereby for any purpose, or
the manner of collection of any such tax, so as to affect this
Mortgage or the debt secured hereby, unless Mortgagor pays any such
tax in accordance with the provisions of Paragraph B hereof.
(g) If any representation or warranty of Mortgagor
hereunder shall prove to be incorrect in any material respect.
(h) Failure of Mortgagor to pay any installment of
interest or principal and interest, or any other sum, on the date
it is due under the Note or this Mortgage.
(i) Any default under any other term of this Mortgage. the
Note, or any of the other Loan Documents relating hereto or thereto.
(1) The conveyance of all or any portion of the Mortgaged
Property, except for a conveyance to a corporation or other entity
owned or controlled by Isaac Shih or a corporate affiliate, parer.t
or subsidiary of such a corporation or other entity and except for
a partnership in which Isaac Shih is a limited or general partner
provided, however, that any such transferee shall assume all of the
obligations of Mortgagor hereunder and agrees to be jointly and
severally liable for the indebtedness represented by the Note with
Mortgagor who shall remain obligated hereunder and under the Note
notwithstanding said transfer, all of which shall be evidenced by
such documentation as Mortgagee may require.
7 . #' 77 4+'
OFF — — — - -- —
?E'C 13960 434
IC Remedies.
(a) Upon the happening of any Event of Default, :his
conveyance shall become absolute and the entire unpaid balance of
the principal, the accrued interest and all other sums due here --.der
or under the Loan Documents and secured by this Mortgage shall
become immediately due and payable, at the option of Mortgagee,
without notice or demand except as provided herein.
(b) When the entire indebtedness shall become due and
payable, either because of maturity or because of the occurrence o:
any Event of Default, or otherwise, then forthwith:
(i) Foreclosure. Mortgagee may institute an action
to foreclose this Mortgage against the Mortgaged Property, or take
such other action at law or in equity for the enforcement of this
Mortgage and realization on the mortgage security or any other
security herein or elsewhere provided for, as the law may allow, and
may proceed therein to final Judgment and execution for the entire
unpaid balance of the principal debt, with interest at the :ate
stipulated in the Note to the date of default, and thereafter at the
Default Rate specified in the Note, together with all other sums due
by Mortgagor in accordance with the provisions of the Note and this
Mortgage, including all sums which may have been loaned by Mortgagee
to Mortgagor after the date of this Mortgage, and all sums which may
have been advanced by Mortgagee for taxes, water or sewer rents.
charges or claims, payments on prior liens, completion of
construction of improvements, insurance or repairs to the Mortgaged
Property, all costs of suit, together with interest at such Default
Rate on any judgment obtained by Mortgagee from and after the :ate
of any foreclosure sale until actual payment is made as of the ful!
amount due Mortgagee, and reasonable attorneys' fees for collection.
or Mortgagee may foreclose only as to the sum past due with interest
and costs as above provided, without injury to this Mortgage or the
displacement or impairment of the remainder of the lien thereof, and
at such foreclosure sale the Mortgaged Property shall be sold
subject to all remaining items of indebtedness; and Mortgagee may
again foreclose, in the same manner, as often as there may be any
sum past due. In the event Mortgagee forecloses this Mortgage
against the Mortgaged Property, Mortgagee may, at its option and in
its sole and absolute discretion, assume all rights (but not the
obligation unless consented to by Mortgagee) as owner of tie
Mortgaged Property, and to assume all rights and privileges of
Developer thereunder; or
(ii) Possession. Mortgages may enter into possession
of the Mortgaged Property, with or without legal action, and by
force if necessary; collect therefrom all rentals (which term shal-1
also include sums payable for use and occupation) and, after
deducting all costs of collection and administration expenses, apply
the net rentals to any or all of the following in such order and
amounts as Mortgagee, in Mortgagee's sole discretion, may elect:
the payment of taxes, water and sewer rents, charges and claims,
insurance premiums and all other carrying charges, the completion
of construction of the buildings and improvements of the Mortgaged
Premises, and to the maintenance, repair or restoration of the
Mortgaged Property, and on account and in reduction of the principal
or interest, or both, hereby secured; in and for that purpose
Mortgagor hereby assigns to Mortgagee all rentals due and to become
due under any lease or leases or rights to use and occupation of the
Mortgaged Property hereafter 'created, as well as all rights and
remedies provided in such lease or leases or at law or in equity :or
the collection of the rentals. Mortgagee shall be entitled to the
appointment of a receiver of all the rents, issues and profits, as
a matter of strict right, regardless of the value of the Mortgaged
Property and the solvency or insolvency of Mortgagor, or any
Guarantor, and any other persons liable to pay such indebtedness.
Mortgagor hereby specifically waives the right to object to the
appointment of a receiver as aforesaid and hereby expressly consenter.
y - 779 .4
IF 1 1;:)%-.I�J 'I - J
tha4lch appoint ent shall he made a n admitted equi-.y a::d
the same may be done without notice to Mortgagor; or
(iii) Recelver. Mortgagee, without regard to :~e
value or occupancy of the Mortgaged Property or the solvency
Mortgagor or any Guarantor, with or without notice to Mortgagor
any Guarantor, shall be entitled as a matter of right, if it so
elects, to the appointment of a receiver to enter upon and take
possession of the Mortgaged Property and to collect al: rents.
revenues, issues, income, products and profits thereof and apply the
same as the court may direct. The receiver shall have all rights
and powers permitted under the laws of the state where the Mortgaged
Property is located and such other powers as the court making such
appointment shall confer. The expenses, including receiver's fees.
attorney's fees, costs and agent's compensation, incurred pursuant
to the powers herein contained shall be secured by this Mortgage.
The right to enter and take possession of and to manage and operate
the Mortgaged Property, and to collect the rents, issues and prof::s
thereof, whether by a receiver or otherwise, shall be cumulative to
any other right or remedy hereunder or afforded by law, and may be
exercised concurrently therewith or independently thereof.
Mortgagee shall be liable to account only for such rents, issues and
profits as are actually received by Mortgagee. Notwithstanding the
appointment of any receiver or other custodian, Mortgagee shall be
entitled as pledgee to the possession and control of any cash,
deposits, or instruments at the time held by, or payable or
deliverable under the terms of this Mortgage to Mortgagee.
(c) Mortgagee shall have the right, from time to time, to
bring an appropriate action to recover any sums required to be pa:�!
by Mortgagor under the terms of this Mortgage, as they become due,
without regard to whether or not the principal indebtedness or any
other sums secured by the Note and this Mortgage shall be due, and
without prejudice to the right of Mortgagee thereafter to bring an
action of mortgage foreclosure, or any other action, for any default
by Mortgagor existing at the time the earlier action was commenced.
(d) Mortgages shall have the power and authority to
institute and maintain at any time and from time to time any su:-s
and proceedings as Mortgagee may deem advisable: (1) to prevent any
impairment of the Mortgaged Property by any acts which may be
unlawful or any violation of this Mortgage; (1i) to preserve or
protect its interest in the Mortgaged Property; and (iii; to
restrain the enforcement of or compliance with any legislation or
other governmental enactment, rule or order that may be
unconstitutional or otherwise invalid, if the enforcement of --r
compliance with such enactment, rule or order might impair the
security hereunder or be prejudicial to Mortgagee's interest.
(a) Any real estate sold pursuant to any writ of execut-cn
issued . on a judgment obtained by virtue of the Note or this
Mortgage, or pursuant to any other judicial proceedings under this
Mortgage or the Note, may be sold in one parcel, as an entirety, or
in such parcels, and in such manner or order as Mortgagee, in its
sole discretion, may elect. Upon any such foreclosure save,
Mortgagee may bid for and purchase the Mortgaged Property and, -,;on
compliance with the terms of sale, may hold, retain, possess and
dispose of such Property in its own absolute right without further
accountability. Mortgagee is hereby authorized, at its option, to
conduct any such foreclosure sale subject to the rights of any
tenants of the Mortgaged Property, and the failure to make any such
tenants parties defendant to any such foreclosure proceedings and
to foreclose their rights will not be, nor be asserted by -Mortgagor
to be, a defense to any proceedings instituted by Mortgagee to
collect the sums secured hereby.
(f) Notwithstanding anything contained herein to the
contrary, Mortgagee shall not exercise any right or remedy provided
for herein because of any default of Mortgagor unless Mortgagee
shall have first given written notice thereof to Mortgagor and
Mortgagor shall have failed, in the event of a monetary default, to-:
9 .`
�1... 779 ��
r` the outstanding sums within a pe lod of thirty `3:) :a -ends:
dagre after the receipt of such notice of such default, or :ne
event of a non -monetary default, Mortgagor shall have failed. within
a period of thirty (30) days after the receipt of such notice of
such default, to correct the non -monetary default, or if su:::
non -monetary default is of a type which cannot be cured wi:n_n
thirty (30) days, Mortgagor shall have begun to correct such dsfa-.:.:
and thereafter Mortgagor proceeds diligently to correct s:�n
default; provided, however, that Mortgagee shall not to required :
give any such notice or to allow any part of the grace period if
Mortgagor shall have filed a petition in bankruptcy or for
reorganization or a bill in equity or otherwise initiated
proceedings for the appointment of a receiver of Mortgagor's assets,
or if Mortgagor and such appointment and such receivership is not
terminated within thirty (30) days. Notwithstanding anything
contained herein to the contrary: (1) Mortgagee shall :lot be
required to give any such notice or to allow any grace period more
than two (2) times'in any twelve (12) month period with respect to
substantially similar events of default; and (ii) Mortgagee shall
be permitted to cure any default by Mortgagor without giving any
such notice or allowing any part of the grace period if Mortgagee
determines, in its sold judgment, that its security maybe threatened
or impaired by reason of such default.
19. Richts and Remedies Cumulative.
(a) Except to the extent set forth herein, the righns and
remedies of Mortgagee as provided in the Note, this Mortgage. and
every Loan Document, shall be cumulative and concurrent; may to
pursued separately, successively or together against Mortgagor or
against the Mortgaged Property, or both, at the sole discretion of
Mortgagee, and may be exercised as often as occasion therefor shall-
arise. The failure to exercise any such right or remedy shall- in
no event be construed as a waiver or release thereof.
(b) Any failure by Mortgagee to insist upon strict
performance by Mortgagor of any of the terms and provisions of this
Mortgage or the Note shall not be deemed to be a waiver of any of
the terms or provisions thereof, and Mortgagee shall have the right
thereafter to insist upon strict performance by Mortgagor of any and
all of them.
(c) Neither Mortgagor, any Guarantor or any other person
now or hereafter obligated for payment of all or any part of the
sums now or hereafter secured by this Mortgage shall be relieved of
such obligation by reason of the failure of Mortgagee to comply with
any request of Mortgagor, any Guarantor or of any other person, so
obligated to take action to foreclose on this Mortgage or otherwise
enforce any provisions of the Mortgage, Note, or any other Lcan
Document. or by reason of the release, regardless of consideration.,
of all'or any part of the security held for the indebtedness secured
by this Mortgage, or by reason of any agreement or stipulation
between any subsequent owner of the Mortgaged Property and Mortgagee
extending the time of payment or modifying the terms of the Note.
or any other Loan Document, without first having obtained the
consent of Mortgagor, any Guarantor or such other person: and in the
latter event, Mortgagor, any Guarantor and all such other persons
shall continue to be liable to make payments according to the terms
of any such extension or modification agreement, unless expressly
released and discharged in writing by Mortgagee.
(d) Mortgagee may release, regardless of consideration,
any part of the security held for the indebtedness secured by this
Mortgage without, as to the remainder of the security, in any way
Impairing or affecting the lien of this Mortgage or its prior=ty
over any subordinate lien.
(a) Notwithstanding anything to the contrary contained
herein, the Mortgages's sole and absolute remedy in the event of a
default on the terms of. this Mortgage is to foreclose against the
Property on which a mortgage has been granted Mortgagee shall have _
r7'7 9 'b
47 �,
_
00,46 iFI39 43T
no right to seek or obtain a judgme„ against the mortgagor `c: t,
deficiency existing following the foreclosure sale, or attenpt
attach or levy on any real, personal, tangible or _ntang:cle
property (other than the Mortgaged Property) of the Mortgagor '»-.tn
respect to payment of amounts due under this Mortgage. k de`a•_at
of this Mortgage and Note attached hereto shall not ccns::t_te a
default on any other Note or Mortgage held by the Mortgagee.
20. Mortgagor's waivers,
releases:
(a) all errors, defects
proceeding instituted by Mortgagee
and/or any other Loan Document;
Mortgagor hereby waives and
and imper:ections _n any
under the Note, this Mcrt;age
(b) all benefit that might accrue to Mortgagor by virt,;e
of any present or future law exempting the Mortgaged Property.
any part of the proceeds arising from any sale thereof.
attachment, levy or sale on execution, or providing for any staff �°
execution, exemption from civil process or extension of tine :or
payment; and
(c) unless specifically required herein all notices cf
Mortgagor's default or of Mortgagee's election to exercise.
Mortgagee's actual exercise of any option under the `'cte, this
Mortgage, or any other Loan Document.
21. Marshalling of Assets. The right is hereby reserved by
Mortgagee to look to any of the Mortgaged Property secured' -ere-,,,
or under any property secured by a Mortgage acting as addi— ona,
collateral for the debt evidenced hereby, if any, without notice to.
consent of, or the approval or agreement of other parties Ln
interest, including junior lienors, and such dealing steal: not
impair in any manner, the validity of or priority of this Mortgage
or the Mortgaged Property, nor shall it release Mortgagor fr--:r,
personal liability for the indebtedness hereby secured. Mortgagor
on its own behalf and on behalf of its successors and assigns hereby
expressly waives all rights to require a marshalling of assets by
Mortgagee or to =squire Mortgagee, upon a foreclosure. to !irst
resort to the sale of a portion of the Mortgaged Property «n:ct
might have been retained by Mortgagor before foreclosing upon and
selling any other portion as may be conveyed by Mortgagor suz;ect
to this Mortgage.
22. Counsel Fees, If Mortgagee becomes a party to any s%;it
or proceeding affecting the Mortgaged Property or title thereto, the
lien created by this Mortgage or Mortgagee's interest therein, :_
if Mortgagee engages counsel to collect any of the indebtedness :_
to enforce performance of the agreements, conditions, covenants,
provisions or stipulations of this Mortgage, the Note, or any other
Loan Document, Mortgagee's costs, expenses and reasonable counsel
fees, whether or not suit is instituted, shall be paid to Mortgagee
by Mortgagor, on demand, with interest at the Default Rate set forth
in the Note, and until paid they shall be deemed to be part o_ the
indebtedness evidenced by the Note and secured by this Mortgage.
23. Communications. All communications required under this
Mortgage, the Note or any of the other Loan Documents shall be in
writing, and shall be sent by registered or certified mail, postage
prepaid, return receipt requested, addressed to Mortgagor and
Mortgagee at the address set forth in the heading of this Mortgage.
or to such other address as either party may designate from time to
time by notice to the other in the manner set forth herein.
24. Representations-, and warranties_, In order to =educe
Mortgagee to make the Loan, Mortgagor represents and warrants that:
(a) the execution and delivery of the Note, this Mortgage and al:
other Loan Documents do not and shall not (i) violate any provisions
of any law, rule, regulation, order, writ, judgment, injunction.
decree, determination or award applicable to Mortgagor or any ct`:er
person executing the Note, this Mortgage or other Loan Documents;,
� w. 779 4
OFr
IFC 110 439
nor (ii) result in a breach of, or constitute a default under. any
indenture, bond, mortgage, lease, instrument, credit agreemer.:,
undertaking, contract or other agreement to which Mortgagor or such
other person is a party or by which either or both of them or ="eLr
respective properties may be bound or affected; (b) the Note. ::pis
Mortgage and all other Loan Documents constitute valid and t:ndin g
obligations of Mortgagor and any other person executing the same,
enforceable against Mortgagor and such other person(s) in accordance
with their respective terms except to the extent limitations are
imposed by reason of laws relating to bankruptcy, reorganization or
similar laws affecting the employment of creditor rights generally:
(c) all financial statements of Mortgagor and any guarantors) of
the Loan delivered to Mortgagee fairly present the correct
respective financial conditions of Mortgagor and any s,.:c::
guarantor(s) as of their respective dates, and the foregoing shall
be true with respect to all their financial statements delivered to
Mortgagee hereafter; (d) Mortgagor and any quarantor(s) of the Loan
have duly obtained all permits, licenses, approvals and consents
from, and made all filings with, any governmental authority (and t!:e
same have not lapsed nor been rescinded or revoked) which are
necessary in connection with the execution and delivery o! this
Mortgage and any other Loan Document, the making of the Loan, the
performance of their respective obligations under any Loan Document,
or the enforcement of any Loan Document. Mortgagor acknowledges and
agrees that Mortgagee is relying on the representations and
warranties in this Mortgage and all other Loan Documents as a
precondition to making the Loan, and that all such representations
and warranties shall survive the closing of the Loan and any
bankruptcy proceedings.
25. Amendment, This Mortgage cannot be changed or amended
except by an agreement in writing duly executed by the party against
whom enforcement of the change is sought.
26. Definitions. Whenever used in this Mortgage, unless t;ne
context clearly indidates a contrary intent:
(a) the word "Mortgagor" shall mean the person who
executed this Mortgage and any subsequent owner of the Mortgaged
Property and his respective heirs, executors, administrat--rs.
successors and assigns;
(b) the word "Mortgagee" shall mean the perscn
specifically named herein as "Mortgagee" or any subsequent holder
of this Mortgage;
(c) the word "person" shall mean individual, corporation.
partnership or unincorporated association;
(d) the use of any gender shall include all genders;
(a) the singular number shall include the plural and the
Plural number the singular as the context may require; and
(f) if Mortgagor be more than one person, all agreements.
conditions, covenants, provisions, stipulations, warrants of
attorney, authorizations, waivers, releases, options, undertakings.
rights and benefits made or given by Mortgagor shall be joint and
several, and shall bind and affect all persons who are defined as
"Mortgagor" as fully as though all of them were specifically named
herein wherever the word "Mortgagor" is used.
27. captions. The captions preceding the text of the
paragraphs or subparagraphs of this Mortgage are inserted only for
convenience of reference and shall not constitute a part of this
Mortgage, nor shall they in any way affect its meaning, construction
or effect.
28. ApplicAgI2 Law. This Mortgage shall be governed
construed in accordance with the laws of the State of Florida.
91.._. 779
by and
43
0
a
OFF 13960 439
29. ourisdiction, Borrower consents to the excl•,:slve
jurisdiction of the courts of the State of Florida and the Federal
Courts located in Florida in any and all actions and proceedin;s
whether arising hereunder or under any other agreement Jr
undertaking.
30. Venue. Mortgagor agrees that venue for any action tr-_•.:ght
by Mortgagee under this Mortgage, the Note or the Loan Doc,;.ents
shall be Dade County, Florida.
31. mortgagee's Consent. So long as Mortgagor is not in
default of either the Note or this Mortgage, Mortgagee shall be
required to join in or consent to any easements, dedications. ~Lacs
or other applications or documents relative to the zoL nq.
development of or construction upon the Mortgaged Property within
ten (10) days of written request by Mortgagor, Provided, however.
Mortgagee incurs no expense with respect to same.
IN WITNESS WHEREOF, Mortgagor has caused this Mortgage to be
duly executed on the day and year first above written.
MIAMI CHINESE COMMUNITY CENTER LTA.,
a Florida limited partnership
By: MIAMI CHINATOWN DEVELOPMENT
CORP., a Florid corporation,
General Partner
By:
Pres t
STATE OF FLORIDA )
) ea.
COUNTY OF DADE )
I HEREBY CERTIFY that on this day, before me, an of!icer
duly authorized in the State and County aforesaid to take
acknowledgements personally appeared Isaac Shih well known tc
me to be the President of MIAMI CHINATOWN DEVELOPMENT = RP..
a Florida corporation, and that he acknowledged executing the
same in the presence of two subscribing witnesses freely dnd
voluntarily under authority duly vested in him by said
corporation and that the seal affixed thereto is the ..rise
-corporate seal of said corporation.
WITNESS my hand and official seal in the County and State
last aforesaid this 12th day of January, 1988. '
r�
BLIC it -
State of Florida at ;T;6peq 0 C2 ,
?d •• .�.
My Commission Expires:
(NOTARIAL SEAL)<, i _-•.•
e44r ►pfttc tl/ft V rtntp/ :
DAG104 n clufutor tip, eft, rant
veto trw ctafu
91- 770C
i
PnoMISSORY NOTS
S 527,500.00 Miami, Florida
November 10, 1988
FOR VALUE RECEIVED the undersigned promises to pay to
the order of LOUTS LaFON'TISEE, AS TRUSTED, the principal
sum of Five Hundred Twenty Seven Thousand Five Hundred
and no/100 Dollars ($527,500.00),.togethe�.* with interest
thereon.from date, at the rate of Ten Percent (104) per
annum until maturity, said principal and interest being
payablo in lawful money of the United States or its
equivalent, in consecutive monthly installments of Five
Thousand Six Hundred sixty Eight and 54/100 Dollars
($5,668.14), with the first such installment becoming due
and payable December 10, 1988, and with the entire
bal-ince or principal and all unpaid interest becoming due
and payable November 10, 1994, at:.
suite 301
3121 Commodore Plaza
Miami, Florida 33133
rliis note may be prepaid in whole -or in part at any time
wittiout pQtlalty.
Each maker and endorser severally waives demand, pro-
test and notice of maturity, nonpayment or protest and
all requirements necessary to hold each of them liable
as makpp and endorsers.
Each maker and endorser further agrees, jointly and
,severally, to pay all costs of collection, including a
reasonable attorneys tee in case the principal of this
note or any payment on the principal or any interest
thereon is not paid at the respective maturity thereof,
or in case it be=mes necessary to protect the security
hereof, whether suit be brought or not.
This note And deferred lhterest payments shall near
11,1 n:•,.►►1• nt- P11- v-st•n nr hi fhnnn rArcnnt (1.9a) hor. annum
1.1"im :nat►►rlLy u►iLil joiLd.
,
gage ci even date herewith andis to be construed and
and:rced according to the laws of the State of Florida:
upon default in the payment of principal and/or interest
due on any note.saeured by said mortgage, all notes so
secured and remaining unpaid shall forthwith become due
and payable notwithstanding their tenor.
MIAMI CHINESE COMMUNITY CENTER,
UrD. Florida Limited Partnerst:ip
—..,
By: MIAMI CHINATOWN DEVELOPMENT
C011P., . riorida corporation,
�Y+v{
(Genera partner)
13y i .. .
Iaaaa Shi9l, President
`
Attest:
.70an shih, secretary
.. 779
S17o,CO
actanss
Miami. Florida
January 12, :989
FO. VALUE A.ECEIVED, MIAMI CHINESE COMMUNITY CENTER, LTD.. a
Plorida limited partnership having its principal business offices
at 1823 9ise&yne Boulevard, Apt. 14, Miami, Florida 33132
("Maker"), promises to pay to the order of n3TERAMERTCAN ENG?:vEER:NG
CORPORATION, a Florida corporation, with offices at 150 S,E. second
Avenue, Miami. Florida 33131 ("payee"') the principal sum of ONE
HUNDRED SEVENTy THOUSAND and 00/100 DOLLARS ($170,000.00) law!,-,-'
money of the United States of America, at the time of payment,
together with interest from the date hereof, at the rate and on the
terms set forth herein, as fo110w8:
The per annum interest rate on the unpaid principal balance
outstanding shall be a rate equal to tan and one -halt (10 1/24)
percent.
Maker shall pay equal monthly installments of principal and
Interest is the amount of One Thousand Light Hundred Seventy Nine
and 18/100 ($1.879.18) Dollars without demand, set• -oft or deduction,
on the twelfth (12th) day of each calendar month from the date
hereof beginning February 12. 1989, through the twelfth (12t1h) day
of February, 1996 (the "Maturity Date') on which date the entire
unpaid principal balance of this Note and all interest accrued
thereon and all other sums payable hereunder shall be immediately
due and payable In full unless extended as provided for herein.
Principal payments shall be amortized over a fifteen (15) year
period.
The principal and interest shall be payable at the of=ice o!
Payee set forth in the heading hereof. or at such other place as
Payee. from time to time, may designate in writing.
Maker shall nave the right to prepay this Note, in whole or :r.
part, at any time after the third Ord) anniversary date of this
Note, without penalty, provided that any partial prepayment shal11
be applied first to accrued interest and than to principal. Prior
thereto. any prepayment' shall be subject to a penalty equal to all
interest that would have accrued during the first three (3) years
of the term hereof had no prepayment been made less all payments o:
interest made prior to such prepayment.
Payment of this Note is secured by a Mortgage dated January 12.
1989 intended to be recorded forthwith, from Maker to Payee, upon
certain real property situated in Dada County, Florida. together
with the buildings and other improvemuts now or hereafter
constructed thereon. more particularly described in the Mortgage
(and herein reterred to as the 'property').
All of the agreements, conditions, covenants, provisions and
stipulations contained in the Mortgage and any Other loan documents
which are to be kept and performed by Maker are hereby made a part
of this Note to the same extent and with the same force and effect
as if they were fully set forth herein, and Maker covenants and
agrees to keep and perfam them. or cause than to be kept and
performed, strictly in accordance with their terms. Any default by
Maker under the Note or Mortgage (the "Loan Documents") may, at
Payee's option, be treated as an event of default hereunder.
It is further understood, however, that should any default be
made in the payment of any installment of principal or interest on
the date on which 1.t shall fall due, or in the performance of any
of the agreements, conditions, covenants, provisions or stipulations
contained in this Note, the Mortgage or any other Loan Documents,
then Payee, at its option and without notice to Maker unless
expressly required elsewbere herein, may declare immediately due and
payable the entire unpaid balance of principa with interest accrued
thereon at the then otherwise applicable rate specitied hereinabove
to the date of default and thereafter at a rate equal to the lesser
of: (a) eighteen percent (19%) per annumi or (b). the m&Xi=+*► legal
-1- '
w 7'7 9 �5cq
ra_e erest chargeable to "ax (which .esser rate 1-3here--" rreferzed to as the "Defau- ate") and all other sw:.s
due by .,axer Hereunder or under the Loan Documents, anything herein.
or i1 the Loan Documents to the contrary notwithstand±ng; a:.d
payment thereof may be enforced and recovered in whole or In part
at any time by one or more of the remedies provided to Payee _n this
Note. the Mortgage or the Loan Documents, in such case, payee may
also recover all costs of suit and other expenses in connection
therewith, together with a reasonable attorneys' fee for collection,
together with interest on any judgment obtained by Payee at a rate
which shall be equal to the Default Rate, including interest at t:at
rate from and after the date of any execution. ;udictal or
foreclosure sale until actual payment is made to Payee of the !u:._
amount due Payee.
The failure of the Payee to exercise such option to accelerate
the indebtedness evidenced hereby shall not Constitute a waive: o=
the right to exercise such option at any other time so :one as such
event of default remains outstanding and uncured.
Payee shall not exercise any right or remedy provided for
herein bec4use of any default of Maker unless Payee shall have first
given written notice thereof to Maker and Maker shall have failed,
in the event of a monetary default, to pay the outstanding sums
within a period of thirty (30) calendar days after the giving of
such notice of such default or in the event of a non -monetary
default, Maker shall have tailed, within, a period of thirty (30)
days after the giving of such notice of such default to correct the
non -monetary default, or if such non -monetary default is of a typo
which cannot be cured within thirty (30) days, Maker shall have
begun to correct such default and thereafter Maker proceeds
diligently to correct such default; provided. however, that Payee
shall not be required to give any such notice or to allow any part
of the grace period it Maker.shall have filed a petition in
bankruptcy or for reorganization or a bill in equity or otherwise
Initiated proceedings for the appointment of a receiver of Maker's
assets. or it Maker shall have made an assignment for the benefit
of creditors, or if a receiver or trustee is appointed for Maker and
such appointment and such receivership is not terminated withi_-
thirty (30) days.
The remedies of Payees as provided herein, or in the Mortgage.
and the warrants contained herein or attached hereto or containfkr3
in the Mortgage. shall be cumulative and concurrent, and may be
pursued aingly, successively or together at the sole discretion of
Payee, and may be exercised as often as occasion therefor shall
occur; and the failure to exercise any such right or remedy shall
Maker hereby waives and releases all errors, defects and
imperfections in any proceedings instituted by Payee under the terms
of this Note or of the Mortgage or any other Loan Documents, as well
as all benefit that might accrue to Maker by virtue of any present
or future laws exempting the Property, or any other property, real
or personal. or any part of the proceeds arising from any sale of
3l'l10 A.law f..... -a&4 16 . -v. L.., _&_ --A— �,.......br..,.�r
or providing for any stay of execution to be issued on any judgment
recovered on this Note or in any action to foreclose the Mortgage,
exemption from civil process, or extension of time for payment; and
Maker agrees that any real estate that may be levied upon pursuant
to a Judgment obtained by virtue hereof. on any writ of execution
issued thereon, may be sold upon any such writ in wjtole or in part
in any order desired by Payee.
Except to the extent set forth herein, Maker and all endorsers,
hereby waive presentment for payment, demand, notice of demand,
notice of nonpayment or dishonor, protest and notice of protest of
this Note, -and all other notices IA connection with the, delivery,
acceptance, performance, default. or enforcement of the payment of
this Note, and they agree that the liability of each of them shall
be unconditional. joint and several, without regard to the liability
of any other party, and shall not be affected in any manner by any
indulgence, extension of • time, renewal, waiver or modification X
:� _ 779
11 4
6.-ated or consented to by Payee. raker and all endorsers, c:r.sea:
to any and all extensions of time, renewals, wavers
modifications that may be granted by Payee with :aspect t'e
payment or other provisions of this Note, and to the release o! :ne
collateral or any part thereof, with or without substitution, and
agree that additional makers, endorsers, guarantors or sureties -ay
become parties hereto without notice to them of
1Aht 1 1 ry heraii"Aar
if any provision of this Note is held to. be :nva:ld or
unenforceable by a court of Competent jurisdiction, :he o-�%er
provisions of this Note shall remain in full force and effect and
shall be liberally construed in favor of Payee in order to e::ect
the provisions of this Note. In addition, in no event shall :e
rate of interest payable hereunder exceed the maximise rasa of
interest Dermitted to be charged by applicable law (including L:1e
choice of law rules) thereinafter the "Maximum Legal Rate") and azy
interest paid in excess of the permitted rate shall be refunded =o
Maker. Such refund shall be made by application of the excessive
amount of interest paid against any sums outstanding and shall to
applistd in such order as Payer may determine. if the excessive
amount of interest paid exceeds the sums outstanding, the portlon
exceeding the said sums outstanding shall be refunded in cash ty
Payee. Any such creditiaq or refund shall not cure or waive any
default by Maker hereunder. Maker agrees, however, that in
determining whether or not any interest payable under th=s Note
exceeds the highest rate permitted by law. any non-princiral
payment, including. without limitation, prepayment fees and -'ate
charges, shall be deemed to the extent permitted by law, to te a::
expense. fee, premium or penalty rather than as interest.
Payee shall not be deemed, by any act or omission or
commission, to have waived any of its rights or remedies hereunder
unless such waiver is is writing and signed by Payee, and then c.1y
to the extent specifically set forth in the writing. A waiver cn
one event shall not be construed as continuing or as a bar to ar
waiver of any right or remedy to a subsequent event.
This instrument shall be governed by and construed according
to the laws of the State of Florida. Maker consents to the
exclusive jurisdiction of the courts of the State of Florida and :=-e
federal courts Located in Florida in any and all actions and
proceedings, whether arising hereunder or under any of the Loan
Documents.
Whenever used. the singular number shall include the plura:.
the plural the singular, the use of any gender shall be appl-cable
to all genders, and the words "Payee" and "Maker" shall be deemed
to include the respective heirs, personal- represertat_ves,
successors and assigns of Payee and Maker.
This Note may not be amended or modified, nor shall any waiver
of any provision hereof be effective. except by an instrument :n
writing executed by Maker and Payee.
-3- 779
MEN
... .......... ....
..................:.......... ._.._.._.,..
No..'.5 169 14,90 mm P'Qm REAL. Y TEL Z2-601-331e
Maker, Intending to be legally bound hereby, has caused the s
Note to be executed as of the day and year first above wrttten.
This Note Coaslit$ of four (4) Dages.
MIAMI CUTNESL COMMUNITY CiNTER !"rD
a r1orlda. limited partnership
By: MIAM•i CHINATOWN DEVELCPMUNT
CORP.,
General Part&er
BY.
.P sident
DAG103
u
Dec. _ --
b, lye uo e;4rfA ,.COMM L.aND ZNo
FIwpWIBg 04�S.i...C���
/fl;.fnlallry Now I."A Me, �...�a
l,soo aoo,00 yy��Re�yow�nt cawh _._....
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WROW else 4ftO Iytt w bweesa sews" Mreom W swelled etw►atkir eaogdaire" senaae•or aaeeet alrttdw The anienaeeele of ow Stab an si ndawilwtt tits heir. euwten.
adndtllelatws. eeatttY ear/ IYaaa•oifa tl eefh sled awwy Ob4ar coed •Ivwt etrae fasts MwatN M tans "l I a "boom" sad moon This face v is eahaet nMV u
779
sets N eMA N erg Obalgbf6 I sy, {! \ 1�/j (��f
wee — • _ lJ .l.'..- �1
S263,500.00
.oyOM:SSORY NOT=
hoveTne-
.535
FOR VALUE RECEIVED, MIAMI CHINESE COMMUNITY CEN:'ER, :.TO., a
Florida limited partnership (hereinafter called "Maker") hereby
jointly and severally promises to pay to the order of C1':ICORP
SAVINGS OF FLORIDA, a federal savings and loan associat:on
(hereinafter called "Association") at 1 Citicorp Savings Plaza,
8750 Doral Boulevard, Miami, Florida, in lawful money of the
United States, in immediately available -funds, the principal
amount of Two Hundred Sixty -Three Thousand Five Hundred Dollars
($263,500.00), or so much thereof as is advanced, with interest
computed on the unpaid principal balance thereof .from time to
time outstanding from the date hereof until maturity at a
fluctuating interest rate per annum equal to one and one -quarter
percent (1.25%) per annum above the Base Rate (as hereinafter
defined) in effect from time to time, which rate shall change as
and when said Base Rate shall change during the life of the note
(but not to exceed the maximum lawful rate permitted under
applicable law). "Base Rate" shall mean the annual rate of
interest announced from timq LQ Limn by ('I io+hlnlr Ilk
Ira., #1,.1. . 1.vote La6C. .,ne Base Rare .5
tied to anv external rare..of_.;mrece'-o.--.n:eeesr. actua::y 'arced
oy Citibank, N.A., to any particular class or •ntRgory f its
customers. If, for any reason, Citibank, N.A. :,es non pub?:sn a
"base rate," then Base Rate shall mean that rate -if i:�:est
published in the Wal.1 Street Journal under the collv_mn entitled
"MONEY RATES" under the heading "Prime Rate." in the event that
the Prime Rate published by the Wall Street Journal is a range,
the Base Rate shall be hh tt,,1Qh st Ilmh * �� .U.
-___ .. vn ,►t.DIA 3Stitla. 5e a8]usted simultaneously
with adjustments -in the Base Rate. Interest rate changes shal:
be made immediately and shall apply on the outstanding pr;nc'_Fa:
balance due on this Note..
Commencing on January 1. 1989. and on the first +lay of each
an every month th:reafter until January 1, 1994 pr..ncipa:
payments of 9990OPM shall be due and payable together wish
monthly interest payments. computed as above provided. The
balance of all accrued but unpaid interest and a!! principal t::en
remaining unpaid shall be due and payable on January '_.
This Note shall be prepayable. in whole or in part without
penalty at any time. Partial prepayments shall be applied to
installments of principal to become due thereon in the inverse
order of the maturity thereof and all prepayments shall be
accompanied by an amount equal to the interest accrued thereon to
the date of receipt of such prepayment in collected funds.
This Note is secured by tit that certain Mortgage and
Security Agreement executed by Maker in favor of the Association
dated of even date herewith (the "Mortgage"); (ii) that certain
Assignment of Leases and Rents of even date herewith executed by
Maker in favor of Association; and (iii) that certain Guaranty
executed by Isaac Shih and Joan Shih, his wife, in favor of
Lender dated of even date herewith.
All payments made hereunder shall be credited first to
Association's expenses, if any, then to interest and then to
principal; however, in the avant of default, the Association. may.
in its sole discretionapply env Wment rn ♦acne,-.1•a�-
•Yn�,.f§.., ..�... _..., e4 il&61pal and/or any lawful charges then
accrued. It is � Inv intention, of the parties hereto chat one
provisions herein uhall not provide directly or indirectly for
the payment of a greater rate of interest or tht rerention of ar.v
other charge thar it allowed by applicable :a%'. If for any
91--. 779 57
ason, interest in excess of
prohibited by law shall at any
shall either constitute and be
cr be refunded directly to the
such legal rate or a charge
time be paid, any such excess
created as a payment on print:cat
Maker.
"ou or;^._ cat sha',. nGt
be paid within fifteen (15) days after they become due or shcu:�
there be a failure to comply '4i'th any o.' the terms and cove-.as.ts
contained herein or in any agreement securing this Note,
including but not limited to the Mortgage, or in any other
instrument now or hereafter existing and reiatinq cr
to this Note, beyond any applicable cure perioas, any, the-
such shall constitute an event of default hereunder "'Event o:
Default") and the entire principal sun and accrued interest s-:a'
become due and payable at once, at the option of theAssoc:a:i_,...
Upon the occurrence of an Event p[ DrfAnlr rho rwkA*;..i
..�.:.,;, ..,,�,a.w, p4us accrued interest, shall bear interest a: e
rate of�Jour percent (4V per annum above the Base Rate spec:°led
above (not to exceed the maximum lawful rate permitted snder
applicable law) (the "Default Rate) computed from the date of
default and continuing until such default is 'cured. !n tho ere'% -
of the acceleration of this Mote, the total for interest and the
nature of interest shall not exceed the maximum al:owed by
applicable law, and any excess portion of such charges shall be
refunded to the Maker hereof at the time of acceleration. Suc!%
crediting may be made by application of the amount involved
against the urineipal stuns Chen due but such r_redi-:r.g sha:._
cure or naive the default occasioning a:celeratio,;.
Upon occurrence of an Event of Default, the Association -^a-:
institute appropriate legal proceedings against the Obl:gcrs
purposes of this Note, Obligor shall mean each and every part
this Note, whether as Maker, endorser, surety, guarantor or
otherwise) to obtain judgment on the Note and/or to exercise its
rights and remedies as a secured party under Florida's Uniform
Commercial Code or other applicable law. upon the occz rence ::
an Event of Default, the Association shall have the rich:, at its
option, immediately and without further action by it, to se: :ff
against the Note all monies owed by the Association in any
capacity to any of the Obligors and also to set off against the
Note, all other liabilities of the Association to the Maker and
all monies owed by the Association in any capacity to the Matter.
The Association shall be deemed to have exercised such ris*; of
setoff and to have made a charge against any such :conies
immediately „ upon the occurrence of such default even though suc-
charge is made or entered on the books of the Association
subsequent thereto.
The Association may at any time in its sole discretion
compromise, settle or extend the tine of payment of -any of the
demands or obligations under this Note. -and all of the parties
liable for the payment hereof hereby make, constitute and appoint
the Association, his or their true and lawful attorney for this
purpose with full power and authority to compromise, settle or
extend payment of said demands or obligations and to acquire.
satisfy or discharge the same of record, or otherwise, as the
parties liable for the payment or collection hereof might, or
could-, do is personally present.
Each obligor agrees. jointly and severally, to pay all cos=s
of collection, including attorneys fees. Each Obligor agrees,
jointly and severally, to pay alL costs of fees and attorneys'
fees on appeal, in case any of the principal and interest due or
this Not
shall not be paid or should there be a failure to
comply with any of the terms contained herein, or to enforce the
terms of this Note, whether suit be brought or not.
Each Obligor hereby waives demand, except as herein set
forth, presentment, protest, notice of protest, and notice of
dishonor, and agrees to pay all costs, including attorneys' `ees
-2-
ny attorneys' fees inc-erred on' a:, whether su: = oe
b ht or not, if counsel shall aftL maturity of tnis 'rote tr
default hereunder be employed to ccllecz this Note, or to enttrte
the terms of this Note.
Each Obligor hereby consents to any modifications.
replacements, extensions or renewals of this Note �-r any oar:
thereof by the Maker and Association without need of is:ice, ant
agrees that it w4,11 remain liable as such during any
modi:ication, repiacament, extension or renewal hereof_ :r,t:: •.-s
debt represented hereby is :uily paid. Each Obligor ccnsen=s .�
and waives notice of any and ail waivers and Rtodi. ica:ic;ns :nag
may be grareted by the Association with respect to the payment �.
other provisions of this Note, or to the release of any 0b1iq:r
or any r_dllateral or any part thereof With or without
subs titltion.
The Association shall not by any act of omission or
commission be deemed to waive any of its rights or remedies
hereunder unless such waiver shall be in writing and siin ed by
the Association and then only to the extent specifics:-y set
!orth,therein; a waiver in one event shall not be construed as
continuing or as a bar to or waiver of such right or remedy on
subsequent evert.
Notwithstanding anything contained 'herein to the contrary,
no payee or holder of this Note shall ever be entitled :o
receive, collect, or apply as interest on the obligation any
amount in excess of the maximum lawful rate under applicable law.
and in the event the payee or any holder hereof ever receives,
collects, or applies as interest any such excess, such arcun:
which would be excessive interest wall be applied to :he
reduction o! the principal debt; and, if the principal debt :s
said in full, any remaining excess shall forthwith be returned to
the Maker. in determining whether or not the interest raid or
payable under any specific contingency exceeds the highest law:.::
rate, the Obligors and Association shall, to the maxlmt:rn extent
permitted under applicable law (a) characterize any non-princ:oa-
payment as an expense, fee or premium rather than as interes:,
(b) exclude voluntary prepayments and the effects thereof, and
(c) "spread" the. total amount of interest throughout the magic..n::.r
term of the obligation so that the interest rate is t:n:!orm
throughout -the entire term of the obligation.
Wherever used, the singular number shall include ate
and the use of any gender shall include ALL genders, wherever __re
context so admits.
IN WITNESS WHEREOF, the undersigned has caused this
instrument to be executed the day and year first above written.
MIAMI CHIASE COMMUNITY CENTER,
LTD., a Florida limited partners;.::
Ay: W ML CHiNATOWN OEVELOFMZNT
CORP., a Florida rorperaticn..
Lts general partner
ISAAC SHIH
its President
jfh345f
9 1 --- 779
•r.
•er.
stT3.00a.o0 - u"i, Gaelas. e;artc5a
Mersh V. ,4ra
FOR VALUE RECEIVED, the udarsigned joinety and severslly thereinafter called "gorrower"I premise to pay to :he titter
of &AMIN NATIONAL HANK, s national banking sasocietion (hersimefter tatted •Lender•1, the principal sun of ONE M7NOREb SEVExT`-
FIVE TNCUfAND DOLLAU (a17i,000.00) together with inttrost thereaw from t!fe data hereof at a per arrun rats equal to epee owned
one-half percent C*M) above the Prier Rate (as defined below). Interest shalt be calculated an the basis of a 360•dsY veer
for the actual rudw of days elapsed.
The principal and interest shalt be duo and payable in lawful currency of the United States of America at 966 c0met :e
Leon aeute+nard, corst cables. Ftorfds, or at Such other place as the Loden ce holder hereof Lamy hereafter designate in writing,
as fattows:
tow) Ceemanafng en Aprf l V, 19", thereshad be dus an the M day of sash rmth thirty-five W) caruetvtive equal
irataLUWmts of primetpal in the aestrnt of Sawn Nundred Twanty-Nine and 17/100 Dollars (s729.17) each, together
with interest an the outstanding prtmalVet balance.
payable an n..... .. •..,t ..-we and the entire indebtdneaa represented hereby ;halt be out and
All pay"mtt shalt be spotted first to aeenud intsreat and then to principal. ni.. ..._.
in port at any time without penalty.
If any psymont is rot node in full whom due, the entire unpaid principal balance and accrued interest, Less any u+ear-ee
interest and less any interest in excess of the maximus eLtowad by law and any rebates required by law, shall at the cation :-
the holder become immediately due and payable without notice. Failure to exercise this option shall rot constitute s waiver
by Law, or in the'! "ots etwctisr such option. Wile in default, this Note Matt bear interest at the maximtas rate parmittta
above the Prime Rate. .-P-_ "*Pe of interest, at a rate ogwt to six and one-half percent (m)
The "Pries Raton for purposes hereof shalt be that rate of interest designated as the prise rate and quoted daity t�!
the Nall street Journal (Eastern Edition). provided that if more than am cud+ pets is Quoted, then the highest such rote shah:
be opplicabte. Any change in the interest rate heravrd*r resulting from a change in the Pries lists shalt be effective on ar,-,
as of the day the Prime Rate changes.
harrower and sit sureties, endorsers and guarantor* of this Rote hereby (a) viva demand, presentment 'or parr:-t, "tit -
of narpoveent, protest, notice of protest and all other notice, filing of suit end diligence in collecting this Note, i-
enforcing any of the security rights or in proceeding against any of the collateral (the *collateral") searing the cblisa.ior_
evidenced by this Note; (b) agree to any eubstitution, exchange, sddition or release of any of the Collateral or the .edit r
or raises* of cry party or person primarily or secondarity Liable hereon; Cc) prow that the lerdar shalt not be required fir.:
to institute any suit, er to exhaust Its I (as spinet borrower or any other pow or party to bacons Liable hereunder
against the Coltsterel in order to ehforee peymint of this Note; Cd) Consent to any extsnsion, ream. Seem renewl -*
postpixo mm+t of time of payment of this Note and to any other Irfttgonoe with respect hereto without notice, Consent
consideration to any of the foregoing; and (a) egr*a that, notwithstanding the occurrence of any of the foregoing (sxcept •�
aspress written release by the Lender or hetder), they shell be aid remain jointly and severally, directly and orimerity. Liabt
for all saw due viler this Nog. and lacy other doetmonts securing this Note.
Upon the happening of may of the following eventso each of whfrh shalt constitute a default hereunder, act tfabilitit
of such Eorrower to Linder, whetter ar not evidenced by this Note, Shall thereupon or thereafter at the option of the .enet
without notice or doad becom dime and psyebtat Ca) failure of any Swrower. endorser. surety or guarantor C"OStioor•')
perform any agreemmnt hereunder or to pay in full, when due, any indebtedness or Liability whatsoever to Lender cr a•
instattaant thereof ar interest thereon; Cb) the ffting of any petition usdsr the giw*ruptey Act, or any site! Or federal tr st-
statute. by any Obligor; Cc) the institution against arty Obligor of a press- Inrg ender the Bankruptcy Act. or any simiter ?ever
or state statute, tdrigh proceeding Is not dismissed or discharged within a period of thirty C30) days after the fiI!rq there.
rr, v application for the appeintmms. of a rmfwr for, or the inking of a guttrel assignment for the benefit of trod'::
-^ inanlVffey of, any Obligor; (a) the entry of a jufgierit against any Obligor; (f) the issuing of any AtTsckwt
g.nishodtt, or the filing oT *try tt...., evolner shr prdpsity of any Obtigor; (g) the taking of possession of any suastant
part of the property of any tibtfgor at the instar+ee of cry gaverrmw& % ...vw..savr ehl the dissolution, merger. corsolicat-
or reorganisatian of any Obtigor, (1) a default by any Obligor under any odor instnmont or tgltam L I— I.— —daft—in
securing the.tean avfdet+*aA by this Note; and Cj) the determination by Lrdor that a asterial adwpee charge has occu'r1w
+ can ftrterfei�I condition of any Obliger`��the conditions sat fertlr in the cast revert financial statwomi: of such Obti,c:
n any Ob-�CTNwA+f' as....• _ u..rasyr rn in any Warner; or that any warranty, r 04 antation, certificate or statent-
.r Mote is not true. as an in L�Wlntjan with this note or the loan evidenceo by
The Sorrow, jointly and sewrotty, promises and servo to pW*ln the event of a default, all costs ..�
Incurred iW ft holder hereof in catteeting this Note, including court casts old sttomey's fees, and atao those casts, axty
Poe 1 of 2
NPR-1'-9ri THU ?:�1
S05 377 ?�g�
60
91--- 779
tt.t hone it toots a.eo *Mtt be wwinsr &*A t,t,r•a, k, . itt HMttt laid tplteettir.a weraar.p„r d.rt6~ .—A
a rtr•Ynt►., torpM te.r. its nstr ewe tst'utow ilwmattwaa th thle rtisMt eMell Wen to"tretudt the pt„ret Nt wt. to
U►,treuttr, tow It" aaoetuitrial fam"fow arld ftuter "dot d+enever sire who"over Mt eenteat Its eentte or requ+rrt.
;h me went shell ftteerett (ttteludfM am d+erge sr fN fieltl is be tutor" by r osur! of eenNettxtt jvrfsdfc fam? e•.erx
to be pMysblo WOW fit attest of the highaft aw trfet rtte eltotteble by lw for the title aueh frdebtOOM"s Shall be aRs-40idi•5q
and te"id, end if by rflaeR of eamlentlon of aMttaity of Kith itdebtett+ess, or for arty ether -totem, interest ,n excess tf
the hfghesr I"AL rite shall bf dUlf or paid, any such excess shalt cettsttlim attd ba treated as a po"Wit ah the eir!reinst -epee*
and shall amrste to reduce such principal by the ~t of tech axeett, Of if In excess of the yrimeioat indebtedruss silts
excess shall be mfuded to termer. without timittnq the quantity of the foregoing, aid motwithstartding any oral or w-;tie^
agranmt, me deposit of funds shall be required in tatsmc IOn with this tam In m Amumt which wilt, when deducted .—m tie
prinell.vt ormint ourstetding he quid r, cattle the rate of interest hereutder to exceed the Mxinssn lawful rate.
This Mete is secured, inter a11a, by a Mortgage of awn We exeewtad by the Borrower in favor of ti+e Lemdrr, L•+d
refereme is mole to the Mortgsgt for rights as to the secelention of the wNturity of this Mete.
VCER AS MAT fit P"IBtTED By LAY, LEWER AND BORRCAQ �narAnlDLY. IIMMARMY Aim IRTIRTIOIaLLY.wAIYt THE RttdTT
EtTM PAY NAVE TO A ART TNTAL iM RKIMI To ANY LITICATtON MW (R aotatIc Ow or. -- OR iN 03MCTICO VITN Taft
mOT[, an ANY AMMENT OR INSIMMIlT CO 950ATIO TO Yt OWCM iN COKAMMON MFJMI'll. OR AIR COIM OF CONOl=. mOF
OEALt=. sTAT94MTS c%mVMIdT OtAL at WITTSM) OR ACTIOS OF EITFM Pam. IF TIE fuJW NerM OF ART %I= LITIGATION IS ONE
IN w11tC7N Tfe[ UUM OF A AINT 121AL IS POOYtO TiD, WJTIRR TNR NOR 1'11E LEMD0 ZR LL.L ►asSOR AS A M=-CMPtlLSlx'f
laKMCLAIM IN SM LITICATIOI. ANY CLAIM AXIS= Mfr OF TNiS iaOTZ. KRTMDMM, NEITMFi ra LENM Na IlJaatI4EI STALL SM
TD G1dMUDATR My WCII ACTION iM YMIC2 A JURY MIX NU {lira WYO. wITR ANY 0111ES ACTION iN YMtCtf A AMIT TRIAL rAfoW we
QUM. THIS IlWnSTON it A WAIMIAL IN110306 FM TU LMIMIS OITODIRO CTIT TO Bf .
MIAMI CIItMESE COMMITY CITITER. LTD., a Florida
Limited parvwtyhip
ty. Its grterat partner,
MIAMI CNIMATOwM 0MOPKIll' CORP., a Florida
corperftion
Isaac Shi , Presi
Pagt 2 of 2
kPR-12-90 THU 9:::� 305 577 3055 F,._
...............................•......._......._......................................................
**:k*+h* 4 **"#:**«************************44 • r, ...... .. t . . .
TRANSACTION REPORT
« APR— 1 .— O THIJ
A:
LATE START SENDER RX TIME P� cS Nt."TE
« NPR-12 9:27 94r_ 779 rtt c_•
i
1
rk�
CONSOLIDATED BANK
July 15, 1991
Mr. :ssac Sbih
Miami Chinese Community Center, Ltd.
331 N.E. 18th Street
Miami, Florida 33132
Re: Consolidated Bank, N.A. ("Bank") loan to Miami Chinese Community Center.
Ltd., a Florida limited partnership ("Borrower") secured by a First _
priority Florida Real Estate Mortgage and Security Agreement dated March -
10, 1983 and recorded on March 14, 1983 in Official Records Book 1389-'.
at Page 677, of the Public Records of Dade County, Florida, as suase- -
quently modified, (collectively the "Mortgage") encumbering the proper: -.-
located on the east side of Biscayne Boulevard between N.E. 18th Scree: '
and 19th Street, Miami, Florida ("Property").
Dear Mr. Shih:
Please be advised that the Bank will release individual units or scores
from the lien of its Mortgage, upon the following terms and conditions. ant
upon any other condition reasonably required by Bank from time to time:
i) Evidence satisfactory to the Bank that the improvements -,3
be made to the Property have been completed in accordance
with the requirements and standards imposed b•. a:'.
governmental agencies and/or authorities having ;urisdiccicn
- over the Property.
ii) Evidence satisfactory to the Bank that the Property has been
legally subdivided and may be sold in individual ur.ics
and/or stores without impairing the value or use of the
remaining Property.
iii) Receipt of a.copy of the Contract for Purchase and Sale per-
taining to the unit and/or store sought to be released staz-
ing a purchase price acceptable to the Bank.
91-- '779
900 Vest 49tri St • F an Office Box 2.1 d7 . P-Wftift Flor,ds 33012 . (30e) eee-1 OOQ
1
iv)
Receipt of payment in the form of cash or a casFie
check of an amount equal to eighty (80%) percent of `ni
Bank approved gross sales price of the unit or
sought to be released.
vi)
Borrower shall not be in default in the performance =.
any of the terms, conditions and requirements of -...
Mortgage, the note secured thereby or any other d3c_
ment executed in connection with the loan.
vii)
All releases shall be in statutory form and sha;: e
prepared by counsel for Borrower at the expense of Bor-
rower, and shall be in form and substance satisfactor•:
to Bank and to its counsel.
viii)
All releases to be granted by Borrower must not be mace
in a manner which will render any portion of the
Property remaining subject to the lien of the Mortgage
landlocked, inaccessible to public highways or streets.
or which will leave such remaining portion of the
Property economically unfit or undesirable for develop -
went, or sale, or unable to be developed pursuant :,-
the then existing zoning laws, but all releases shall
be made in a manner that will preserve to the porno:-
of the Property remaining subject to the lien of t.ni�
Mortgage ready and adequate access to main highways and
to public utilities without the necessity of obtaininz
rights of way over lands of others for such purposes
Access to any interior portion of the Property shall
by street or road approved as a public street by the
Planning Board or other governmental agency having
jurisdiction thereof, and for the improvement of whit;
a bond has been filed, if so required by said Planning
Board or other governmental agency, or if by a private
street then after adequate easements of ingress and
egress have been afforded to the portion of the
'
Property remaining encumbered by the Mortgage, in form
and substance satisfactory to Bank.
ix) Borrower will at its sole cost arrange for payment to
the Bank through an acceptable title company every time
a unit is released and for the issuance of an ap-
propriate title endorsement to Bank, which is in fors.
and content acceptable to Bank.
CONSOLIDATED BANK, N.A.
a national ban}cing association
BY: / t
EMILIO ROYO, S.V.P.
91-- 779
CONSOL.IGIATED SANK 6
0
0
,;CY-NCV2.EOCCD !GNU ACItM- d':
CHINESE COMMV?I 1i; CEN i cc f
r.otidr L1Wited p3r`_n�f•cnt(•
o'� '�TGN( �FiTnATG+'� D�vEiJJFMENr ..itr"
� rlox'ida corpotxti��n, genera: �Jrt:,r:
Attos t :
3 a hih, Secr.eta:r-:
rnx r► iFtA'PK SCAL
ACKNOWLEDGED AND AGREED BY:
MIAMI CHINESE COMMUNITY CENTER, LTD., a
Florida limited partnership
BY: MIAMI CHINATOWN DEVELDPHENT CORP.,
a Florida corporation, getneral partner
i
By:
Isaac Shih, President
Attest:
Joan Shih, Secretary
(CORPORATE SEAL)
I
I
1
1
1
4
I`
i
i
1
CONSOLIDATED BSA q< 15
779
w
ACKNOWLEDGED AND AGREED BY:
MIAMI CHINESE COMMUNITY CENTER, LTD., a
Florida limited partnership
BY: MIAMI CHINATOWN DEVELOPMENT CORP.,
a Florida corporation, general partner
By:
Isaac Shih, President
Attest:
Joan Shih, Secretary
(CORPORATE SEAL)
4PCONSOLIDAT BANK
July 15, 1991
Mr. Isaac Shih
Miami Chinese Community Center, Ltd.
331 N.E. 18th Street
Miami, Florida 33132
Re: Consolidated Bank, N.A. loan to Miami Chinese Community Center, Ltd. - Promissory Note
in the amount of $1, 399, 650.
Dear Mr. Shih:
Enclosed please find original promissory note date- May 29, 1991 in the amount of $1,399,650.
Please have this note plus all addendum executed by Isaac Shih and Joan Shih and both
signatures notarized on the reverse side of the note.
Even though the format of the note looks different from the first one you signed, the contents of
the note is the same.
Should you have any questions regarding this new note, please do not hesitate to contact the
undersigned at 364-8299.
• _ ++•rate _ �. -
^.Y 'allot •': 1 .: !,. Nn4treel .,,.tine, t',•nel".
-•7r't !o oar ^t, ,rare �! CQNSOLiOA-Et; -3ANK - e'• ru e c _Y
49 St,ttl. 04,8,r.h n, .s 33012 0, at lucre Jther Ilace if '"r . - - - --
lie, .1• Bate Me".miff« rlertfr al a•'ale per annurn .rrr:lh at all tpn0l thboo fee �r .m.�m ai!Ovt
t•rm1 a/! 0•f:nt0 an V+t revert nHeat. _acr. ;-J-gr :n :he .^.r•••.' 'JI. ..b. •i:') "m^-�'Y.,Ot �• •^t affair Matti �•b::_-. �)'r 1-A -
aa of Aath much cn•,gt n the l3mim •t$ta •Jt O'4cuu••t gait n ,' ua• ,••.t ":,t : I.. .• ..••,! a•. to•rnwt NOnCtt t'i
:he amOunL ,` 52,000. ;� ::'us �nte-est riff -u'_ .^': 3v C!? �01ltte ."e
.,;ne. 199'. 3na or the At, dd! 3' eac ..
'ia:e :re :rt*,14? autstandinq ;v'.ncior
2e sue and nyable and Shall _e 0a1C. "jee,ncer 5!'a _.
cayment o' late interest and late fees, :Inv , :Hero accl'uea nteee-.i-
snall then oe applied toward the 0aymen. unpaid ,,r!ncioa'.
In the avant this note to saseuted by Obligor we th:ndlCibOn If file 40D.00tiAy rate aal,gnel.on nav:ng Olsen .Ase,ortortiv oflo ^#C 8OC.4 :• '-«
0/01dsr, the M01datMay Mork the lepprdOflBta rota deo.pMhon s0 as 14, : ;1rrr,1 yucn 1:8!461 tiln:tl,nn /fell oblige, fgro.t ,n re 00u. _ 'r01lsr, .a
scompriste Asia dNleMtton had been 00e04ny'ndlastea gnu' " it .It Ole:.,b.1n "I puff nuts
M Wed on Ines 1MVWhent Ins Term Collateral that- lelo, tC n.Ile SC Aid.l•u.n lml note 16401.01 1" all a304" 1- 44K 5 ;7"•«. • • . .
purpose.Wholltenn trial for any deflator of lot custody pledge .a now etnWMel.w•ooe 64I.0I dl ee-erryc^w o0aa S4a10r at 11 ••,.',.! .•,
Mdldet In any Capacity. Its egnslpMOomis or event$. Ind lho nghl J, sm-oh Ayal•.t• all :i•Oet•,: and :rrn.a 0. tact, 00e494, ve.te Ana W "sale•'• e, Utn'30'qo, 404 -v
the Maloof @Iany, time Satellite. With oatmeal lni,et0. file oan,/tundtetAnO•rat.,e••Code • t.'.r'nntidlle-vnmfdrfemolweln0uior,il^ofeat0o00•+WG^ 4,6.0
M *note of ,n -eft. and. ,n even Seat, as the Mdtae, ,14V elect 10 It 0•r•nYr., .:.,. ,1 , 1. 1, ' .QA•ntl .114 31 Hell of Ire Oblgll On1 ►A amr.nw •"'1.1 ,^I••.^r•
e4wfhef fllhM t0lutffmi thoretor to detme0 odf0uaft or eJt As mlyw n 111-1 .1st •vnrn. .. , 0"' Jb•.90a,ra Intl• tttet 10 the .rdeouOnoso •e0lUepuO 7v •• . •:•+
and Bd ronevorNa and #Ybftll~l n4111001 and Claim$ 01 even All. • .sniff ,sac rood••• "A.n a.1•'nu Intel Ob"Jols .nil,a T•ae•• .•,•i :^-n ft•ire .• - ..
meavrtea by the Molder. end Whether ler.l «were. .0101.10 ... .. .. • • •'•• •• }.,..,.•M •m.q w01!e0 I"-:' ••
mtPeunrylOrpfyrteMlotlhnn0lAarcOlu :.n.t7lp.ya. .• ,: •.••.. _ :- ... -.... •.
Collateral, :nttuamg wltmcut wmttfpon My olODea. +men Ts. • • •• ..•
SEE ADDENDUM ATTACHE) HERE-11 AND 4't i ` "ADF , iaO r H5NE;tC.
THE MOLD[R pap Tall 0111,100RS 5,+41.1 •.Ave THE 141U#47S ANO CCrICS ti"•' l!GSPJC' •uE :Ol, ATIe A, AS Sr fp4'n •, ••.c c
CONCERNING RIGHT$ AND DUTIES WITH RES►ICT TO COLLATERAL PANTED ON T,.E REVERSE HEREOF
The happening of any of ins, following events shall constitute a default heroun0•r rill failure a, any ObItgd, to Doti .n tool. 4,r o,•^c :a • • t• '
he"" fr ommmpv when of womod out. ,III hdu l of env ObGgo, to oar I- lwll wntA out any 'ndestsOM$$. 00,1061'ort ref haOJ,1V 10 w0104, w.ewt.r• :• 1•. •. !:
despoW OF tntws4l Ihwfee•; lei failure of any Obligor to poAonn any agreement noraunda or under $fey /teoonti $g,eom#m f@eunnq !-e 0bb98a0A1. ' 1 • -•• -
Obbgdr, IN II ony 0011W aotemal IA@olveet OF env eng*vomCV Oroe@eding$ life sale form$ 'neOMnl and 'insolvency O'ceseaNgA I'• !Are -et •«
ComwgrWi Code of Plan del we mso Wired of made by e, seminal any Obligor. a, tool•$ Allen 1.4, m4 0000,Almoerr of a ncow•aar U, Ob 'g0' e• re• f-• _'1 ,too I
CpNger.IfIIM,YuupOf/hyleW.Attsehment0r9lmeah-•nLOrtMGI,-9ofenv•.enJgm'nuw•droop«1yMA,.Obnedclq,lw4aralf-,If-1p.a,y-.7' ::•'
only of the Collotlrol wahOul cannon :0naont 0t ewe 0101d0L
it At Any time the 14etdor%$Aint lMt any worreMl•, loorofe-1m•ran andreal•to,:.I INV obngd,'whtthSl eOeta.neS •,I -doe I. -t •• i
connection with this .OIfOr IA*gan u',10011 evidenced by this rote o, Inv locur•ty 0e•rr-•Ant Ieawmg,nil Adtl -,AV not be lout 0•'.00r r.0 nape*-••7:' 1-. • '
aateult 46defined retrain. of U Molder as any items 16010.0yeBQ1ar* 101 me, 1010101I .vA4t60QV%F,' pI IAS enl.ro amount of tors mera'too � .,pPO eeI •-• r-.-... , .
OreOMd Interest or 0t44ount And env loosest'@leYlred by low. 1wd: arrn.-t a., .net pavanM 'o,op. l- I, •nereeahe, It the 001.0^ : •^A •ed•eo' s•a •. -•
d ogvvmd. lA no hart 4„4 vita•, -0 onterrhseantes $wolf 146I04, lie vnbp ac nP•Vn.10. 1.1 ., ...*je -4A .Marl al c ,t, •I : vSH ••, e. • .. : «' • • j
dedvel-g toy Cold are unaccruf0 or sold and V.Ifa,•Iwd'Almost; ' ,. . ....... • a .. fen .. •ref '^.-',ACa'0 0'.. CI :a ,^:• ••••0' .-'!
awy10 mgrfsf $Amit :off, •-eroal Item :h* f.-s at iu: n ONau;1.1 ,n. ... ,, .:. _ ,.Ciro « n.'. .. N' an: _ejf• .. "•t`A-. it 1-I
herwAdeltO•fCltve me env tome ameeharg4te not"owt0 of Dftwhll..., ':r-he ml. +. ..vr J :. 1.• - •. • 1
Amount N any charge of parymeml due w0,t.'Aal, spoil :'sole of tell ,.• av•m.•• •- ..: , ^use a• one -.. -. _ - :a: -
chat" of any much f.eess o-ovM enter a @*#~a vn,efor. e# ........ ....g r.1 ... .... ••. ...... .vat 140 ,.•.n n•q .mar ••nJ •n f q•.. ,. •_.....
hero0v. ono Any such taOBaf *-Quiet mmn10h .Amy -A.♦ dtln 001010 •-. "Afa., Ina I At «•..• •rr•.: r' c4' .-.AV It it )CI-1- ',t ••.:.' , .•roe t-+• •• • •
•18QflfMd Of @AV 0al.901. Or Any Of them 114104:00 a• MOIpf11np1w:IM IYnr,e Pre gloom.. •.. -•f •;" '^ ^.ONUa J.I P.17h A0'f -•'^._ :. < _ ,
IIpW M4Ih Bush •0lvaim4rila..1 Any wit- 1091.91 to J,lv •Al/rasl 31 mtA4• �,argc$ as me, too, 10, .n IN. 0r \T.Sln1. -..'1 1
pal Metdler, short now And -my eve ralsd without 7olnand AA, Ann a.. !• r rights An-) •vmtdlet J14nIed'a ..e4u'l0 00mv mace :414v., . -:e• •• 1 . at e1MIds. Or OihfrtWU MorIIWa IC Mb•dw•,.c".dire ["Off •+Ad obit AAJer 4nv -,.Iran nauv won• -n 800.1.0e f0l-y ^ref •Pat•-v Y .- 1' • .
1h~ and. weariful llmpwn4whe OfAsrauty at tnt,Or400.ng. 0-010er area., hove tAf .,Ohl .-ufetolAgW an11 w.Iadrtlun,.' 4CIten uv .f .0 ere•.:•' .ga
dVol
•.. • . - .
Owby"favorin&AVC*pfflly to Alen of ObhgOt. whslhat Go At), UC Ana also to Vol0-401.,•/IJn't! too, •yPAItm$ Of ep-orse'c :N 4. . ..
on"Adia amity to each 0, envOslyOr and M-O,O0r 4-a.100 040-*d.0 nd'. oorz:r.O fmKp "aloof of sel.dM and to nlve: -Joe A l,A,ge .4, F V .. a. • .
flood low sfeta,gn/s of #wall detWAt OI Offear ovfm .Can though swGn :ha,ge••4 ',eado dr tnt•'ed•.;n •he bona/ of Md104, IUDI#sae-• •'0•I,:
Words remotest to My and a" Obligations. 'me 0231.9nn 4fvtwtvev...tnolof.01A.-g.:•Aw r.gAll01 e4•-puoA o'Orownv!•n'-- V.•a,.t
mrOeood Will Ilia correction NOBbtO under the Corm lwItfa-0,uw$Coo lea.unrton ..I1^v State lhdre01. . 21demated. O,ffenrr.0-1 :1c1•a' -s• r•
@former a" o&rly and oil Other roay.tefn#Ale MC•0tanr t0 eMfgf O' 'We'd Any OuelgOt tomato fen env OettgOttea. l31 Bnv fmnhef •sto�:• 'c• : err. • :.. t:;-••
GNNMor mow or MndhM dflee�ud or avid -Aril a •nd/014dAA11 :JI a'I )taluldry 01u+•suAl Jn01t0�•rlmdwll toe ant wnohr Qr an, .'?pl.gu• • ... _ -
lte the element river some maybe wswool::51 real In, to '"tomato Any fed JN y. eJ..oer A,^ o, met; .4110. m •t.ft:n0o0A .n My •bpi::¢- _ ,, • . e • e
Obilfp sloWl be AOveroo tMrN. The 001,gd•t 4oyAUY dgraf -*, 4ny abaeat.onl at A.. 00'.40. mar Item I.me In 1.-e ., .n e ^ _r •-•
lfed11100•NCBleripO.gOmpfOmeaod.dqcreor9eaof'al0af44tea11'.nuWt...00a..Can4llr/4luat. Anwar n9MOtt►•,%svj,„aA-.'JC•;1.:-1-1. .it wtwls or'h dart. a O"nanf@d. sole O, loloatad, Art theAoul -Atlte 14 of tweeter rptivtU•)M of noAu 39min1, any Onngn• All! I - .. • 1•. .., .-•
,•IOMwIf she 1.444df of fins OOIIgor The 011e90ut sm.-H. Sold t41re•Aps agfte ly pN Au 10.1ey roil• apt U►as #00 al) eltlls Jt 10"or .-C 7. a • , r• t -
$se1Mff Pis• OIM,ger.oas, malwaing one'oeve IAA "'•Af-b 0, AJ, .nvnw'nJ •',a$t•0n error•••• aaptrlAN 0101t.Al,w111
The Mercer 0nell AN ov anv act. J4.aa • .dh.a% de W OlhfMlta or Jfs,o..d lv ,oil vy.Wird Any 01 •14 fey -ter or •40140•44 .-, ,• s.... r• .• . . .
AMNo wl wwtng and orpled br the Mudet All r.OnlS aria Nmed,H dt the .lQldor foods, tills loA,•s of In" note and mother Any Statute$ T '. a1 a• A.1- 4 ' • '
mwv be sdomw*M 4wiSeNvoil at ccwcuno-•t11 rho OOhgOr$ lesta ll And 4evarol•or #Veto that 11.0 OWOO' $haw bf enllltoe 10 0 .era . J-11 pf 0 ^t"'ft'
MOOItme fnatlunwal. Thy -elf onto as tovOrotaQ by and COnot'Ve•1 .. Accordance wow rest 14wf M the Sou of #IfrldO Any Oro Y•bJ^ N •-•4 -
toneratillsimclows O, wtymus wnaw orw few Malt ate .nmlltelwS to area, *.sent Of such wAApfotceoaA.Iv a- .nvNy'ry without AR@cu-J vet an.q.•.Van•: •a a
O'RNMM hereof. My Fem ales reOu..led le fell yven 1. any Od'ten Arian of oeem.n tuln{•an: •• •.1b1r.J an r s.qf a'tOm.O 10 ayeA DIro Or s ae7•ta1 A .. -t"
se..f m440 Oossomm to My f00,044 - fee .pearl, nos True "Old*. shot, 14.t'tn• •.yin .,h..mit/mltor to lnr•.ce 0410011 orro'$ to .4.6 •014
ISO alas tvsry Ob ItpOt agrees to 0o dilutes be the Pove'Mt uhnyd v ..,ear feo AdetP'Ag fen In. face 4M two •..f1Ae ..Is Jr'-
rho Obhee's Map es toean..ea
a Itvs,atly aao lot ail .-0*elel:rf►�$ ,fo'rr••,n-•1 1•.:r..♦ 11, •fed wmve 1.01141100411 !10., nar•y1 h*•f': .
6mVOa4 046e $Ile.'le fofA of become OornO Allied. a -I w•oa0u1 flu *Into, r urea.I•r n .. ••I10vr• ! Anil •,.at 1-4 0•011.0.00/ 01 felt na14 bit : 11 1•4 •- • 1
AefwtMa1M10,6 due"$sm0 au m-sin•1 m 4feet 4-0 #W, 051.QOf A -a toil) SO:., 1-4 NVWor •46 smCetsaOre And oss.ijro l,.f -3!0 -0 Arf :. •. - • •
Goal 0fseem ofrho Ob'.e0n bf!AMI Ci�ll!gIINESEggCeOMIMUUNNITy :ENTER,
':.E. ; , �•� r ��jAMj � 1 [�A�OWIYr�??��.r}P�K'�` '
.ae14u 33::Fth root - eroera tin _ ac;r =' it ;I
jocumentatlov Stamps were ►dr,r lorf,; bARV bM11M11Lres1(:en-
and p+ere =ancelled. atiME.
�nr0 an..
9 1 y-- 779
OEF:Nt r.',N OF BASE 4ATE
•'.t .M; '^ I 1'. t1 r.,-nine "a fee- -9610 Ma1O tholl n...a,. , -yt. *111h4.inhrf I)♦ .:U,.1clonotod VnnY N A ••n•- • ^t 1- ' -'t 11 '1 4 '• '
:J(OIafI110N OF pl$CCtI.hT flATC
At WIWI nitrumf-t ". 'at•h ^ )Count A*tp Ihitl 'pots- f ,it-i .I,j I ' + tl.*,l.Yuunt •410 end lu•r•�anp M14t . •101 »n to 1-
_ov lucn wrtevalf 1, ,.nery AS. •nr"n`M "A, DoMI •'1 .• ,Oct ..a- - "a t• Inn,• ,. ••,. ^•Ilu.ru ta.te'.e Ben. •f. A. J-1J ?+ AfbH'w7 ••
tic^ Chanfie'e, fuel 11'scatiml 'life o, Iv,cha•gl
REVULVING C0E01f
n .he e.@-' 'he •lean wet not Jra.n'e,t T•f.•. O..n C.p f, tun, at In./'•"la we.•afa'ner I,u Uefsull het octul•ta foo.t,e•e, sl,"t „I, Do 11w .G • -1
. Co' tun• h0.", . 1-4 event 1-0 ao•I.0 ,-"-A •h•f Whit to t.'rsl••Ca a rrvolvinq cled11 o'IenyemOpl Jut" , geltlan Oh-g .n tl•:ate0 or '•t all h •f i:: • ;:• a•f
1^• t06v*w .ho %, go, vov•ded Inf' •l UTtOu', hot JCCulled "I1 UPS. line enure pe,nH0/1 1u.m-10,401 11 a Oer't"eteot 110•t1 -0 A10 f,l ••/ :. ,•1•; •.
us-.f duo A010- --e- .Nan fctt•dlnq ., ,c•.ar rr -it.'#sit t./ .•^O tt :tit 0001990to -sin Nnn.ng pr•ne•pn belbllce than nJ, a• -t ..:..rw •". -.: .. 1
nu;»tS ►HD D1. '•E4 .• -OLUEM WIT. rI1iPC,.' 'rt ,:OLLATEeIAa
Altno,gn . rttAun NflevnU*' "*. -u' ",•N erne Ahineat Ine A. S*IIIV tar na11cA 11. er COAtiell Of OAf Obl)gOt 'he •l046*1 mey *.*It's* 1-1 -this :' i•. '•*
1. g0'► Men rs100C,'0 UY,:OIteIltS1 ^lz vp'ng M11nOJ1 limitation (hotels the I04law'n0 "pets III it rowd er'Water ,n. of Othow,at 110n11401 Into. 'ate Isees of "If
'1 ,". Am* $A, tat• •• •,a tomato, wltnow aw.01,4 tAS1 file •te•dsl a IAtRIeal .11ha1 et $ t*/urad oortY.II) t@ Ofauds Or olhew,ta Vamate, Inver fat 7'1'1 VO qi•':-I
• ., COdats•/ • voh oor eny olsdges owoni)O'sl tman n@.e a,, one r,ghte of the Molder herlYAdor Ihd 1M MOldef shell lhereihlr G* lush dl*[Mrgld l"a •S••aya: '•C-
11100-11O'„1 I—! 40n1h to, Co. $first so'VMfe-od but ►mall •fte.A oil "piste Ind towers Mrtundet so to and Collateral how to Irs Mtened 11 to silo. Itic 1.1^1
•dl.ttlo"s a• $,*$$$a -, •.Chingoe v -1 fubeblul,opl fontne Collatl/e• or 6n1 pars thorn"I ,11 to 16-0 0090411-OA of @my Collateral Ma to •eco•vo In. veoctoof 1, M
.•tends ond,hce-•* -n a-. CS 1ere16. nclud,nq -IOn*v $ate t" NOln rM t/r"e aI Cuuaferal 11 400°/ 0 %bite'0 InYof fie 01111glla"1, tilt mlanntl 1111e1 one eotopt G1 a.:•
^ '•a 1 o1r l.l:'•' 'J• .1 -At -wdo- S •'0 Pc.{s 4r,1 dn,l all hyl'u of .awly. .Un.ertton ea!hshgt. syelchehon O' :one, t.ghtt o, Oat.Ont borsa•• ,t •', i, •
'il*Sal Indio •Ou•19811 'JSmand N.s'n/ nr 1,1104AU etc 4.01 f01 the rash ill sweeMeot were At ant Collalsret II Inr@n1'aS/On M"a laol.t*.•••C'!,•\tI's•
''''-IN to of faGltacla/1to-At ••el.Or'•no0b'.vori$Affl noon lomsnodounNl Mltn ln•Mmeb rA00.6MOII;aUatt/at MUNetfOhfit '-a»OtOal SunMOO.7'4 1'0at N.n
11rn6ell n• ornl'w.1S the(' not apect.'h! •.gh( of In/ Note@# to -*felt, the Col+oloesl as I6:ur1n to, nlnof Obligation@
'-0 -velf• a -a" be o*o'-oo 10 ^b.• e-.$r[•Na re NONOI• Mr• N... "t Ioc,r H111 U,..o Nf,, nw Of ,hf CoVNNof 1.1 U.00 ou •''•Hat^Io.e f"'•un/ )a •hit :+•e: N
Iona 0,1020,•, Ca'•a,e•a, atN•'Oavetl 1Wehh"g out tNo"Oioar/.1.1A*.* t0,a sn.••t, nnewnme.enalne, icn )crone ero'eloc'nowe Amy Omq/.pm to eo fat.$tl
•C.Stlfe 01 as.c O 41146, the,, ln. tall U@eI"@d a )*,lure to 11101t4o .00lu•'.UI* eat• I he (In1.0e.11nt11 nf.Npo'+11b1s %art"* ofoorvOt's. of the tOUett'e Sell eels. ..•
t:sat 10 oleto've ^.1rf1ogs.ntt e,'e, lom.11 IN. .w Olaer Shan na.. ,.* ..g", to Wr, shall .v1f , nullyotedle OtoNho bghto byalnil D"et olnlol. •'nl ins+' 4
a ••awo ter fat. la,..•r It '**.'re iw a Io e.atbel @r.1 ..qmt o. Ooww 11, feapor.t to stir at mit Dbbgotlone D/ Collateral it to silly deroy I- to ll''•t
?M molest wonave m1►."g o"y dom*AOS whatsoever Shift have the tight to fell W Or DIM Of the Cenaoral, although 1"e 0e11001.0ma may Dt -*At .n gel, t.
• 11-w*0 wnthevO• tns M0•0*1 consltlerf Such able AOCIJISAP for Ifa pratitchOn Sate Of In* CollolOtol n mY tie mode. *t any time Still learn flail@ 10 time. it My oyWf::•
•ovate Ult It tho aptisA Of rnS Molder wdnovf adventeNnont of notice to toy Obfipr, eetelit Bush noise* at Is NgutfOd by low @tU cannot be wowed, the •)alas, I-e,
.'chffo the COI)ato's• at @my SUCA Ilia Iunlass proh.elted by It Al hot,tafn Stir adults, Of gdom ptiO" end from oil other efole"s. After deducting all a40Onaea. NC•_d,-q
'p- /.0001101 SAO 1lterh*vv lobe to-tsinlNmnO Or Seeing the Caltsteral one Collecting f"I Dlneeadl of omit. rho Molder 00 heY* the right to IDO+y CAe (OmN-o@• 1'
••d aocawS -A ow,elenl of a, of a retell/ bg/.het any of the 0bfp@tt0ns. the ms"eter. Order hid silent of turn @ppaeslson is ad le the wit ttatralpn Off the „ilea. I-
. Srt*AI "el,C* of I-.. $eta I,. rltho. 1.1001,tieft e1 tat* Collateral.$ r94wead by law tow g,.*n to any 01e0g0, of COIIIteral. Ine,/OVltomsnt et'*$$opeat* nObCo a-b •Je
•• 1• Stwd.nq ell -sate, of br.Ivldal .n -no .1"19clho not* of 1*061 tells Cale"der day, before the lime of lets O, dlapOeltta" Tha 0bhgors anal 19AlOp •ab•l :_ "1
':01 a, IN. 2"Alifn• of *n, 1$1•C t't. w11h --*test at ohs mba.mYT -A Mtfyl .ewe to, wnllM COnnocte MO -eve'. in* -Olds, ohs, no, 00 oOw.toled •n •$*a- " s•.
•silo oft: it v taea•e• -I. O•n:**" 10 .nte•cf ant of the Oallgu•one •" default ag4.n$1 a.IV or all of the Obllgort
4etn.n; ;ahN.-ed nslt•11 1'1• `a Jltemeo 19 {.man '110'.;not Mal 'Is »1•a 1' I',$ aV 4si11 'O mat li n'IO,m Comrllel):,*. .,I@ e/ 1-• Ht.• 1 t:'r•••'•
,he Clw.q:• •t••e. fillet ._ 0.1 Slid be 1$I0e-d-ole 40.." UJ. Wh b•. a>': Sba.,• ',..• rr r, u1., •N•$ wn.ef• -1I, he 40erwC&O., •11. 11 *1 6111 •••• I
. .: to a,'nt it••OA. ;M I O. J!^C 0. •ibl.got.9,090 to MIORIAO. Ano ho1•''M1♦ ..ph4r llv • oa'•e-, one ave'n11 an. l•sod.ty I >6'1, ", 0.0-4001o.s• •v : a.: • '...
tCKNOW�EDG1AE1v* fOA DIRSdyS '' MIAMI CHINATOWN 0EVE1 OPMENT CORP. , a Florida ce)•perat`on I a' -
fi )� sole General IJ,srLner ui M!AMI CHINESE COMMUN17"
w4tilyr of ._Jftft 4,,�.4N _- lorida limited oarf_Iu•.rsnlp
be'pt. r-. e•rsama•n boo@@tfn iSAAC �Rlli/anti OA%. �H:il.i. s. Drr:5 iani, and Secret I' cat -
e•/ MO•.•Own 6-11.•nw6 Io mO It D. INN 0e•ll^.t19*fc^Dsd'h an.l inn 0.0clllad tn! In I10a.ng .nal,Ymsn1 Ina ICOnOwtedgeo 10 $rod 0410te me that
.the lo
rot'
0.0 ,SaoSIAmal,ums ., ill qu.,,usat Inerv.n bo:olf -
gar nersnio.
s;Ie MOTt•Ilrlt/H ,h 1F C arl_p�,t .t ; -
WITNESS m, pond and rMq.H.efw why _.. ..�:--. 1., ... t v1, - .0
•OITTOL@AL TUME AND COMITION t ,
its PROtQttOFlY MOT( IS FWAYASLt IN 11EOLt OR )N PANT YITIK)UT FWAL ` ,t_('i�•_ Lf� ��• d :;
M DAM UTR •S A RLTZKOCt NAYS OF XMITRRttt AOOrM BY 1PJLUEt Net ►v0,.: ^-�M~
A 01tA3AL S>0MMAIL TSDI Ylin'IOLOSS ONTOMMS TOZ rLO►Ttel: S1aa•1t.. � •,�flkCl• au.y/
MUST SAIRS CIAIOIARLR 01 VARIOUS DLSTS To SORROVIRS MITE
%KYIMO DMAZi OF COMMORTR111151. 01SU a ACI NOWLID tS AND -A..&, p WSNp" e.owsa
IX i�aETS NO �oo0.7 Ta,�iTatRESRATZ Y = if TU IWAISCCM M -o-
11AMRi OF AMY PARTICULAR laROtTYDRT'EINIis.
1LMS, S1ALL PAY A S13MCt CIA= To SOLalm tCUAI. To ►M PIRCM (Sit tar ANIT FATHM WHICH It Rt=.-M IT WLCER K.;_I 7t.-
::f ..01 GAYS A►Tn TQ DAYS SUCK PA90112 IS Mg. •Rif SIR.YICL CRARGt SL" St I100EtO ` TO ONO TRS INCRIASLO 07A(uS .F
1=11 FOR TU RANDLINO acoLLMloa or AUY 'sun otLilLNrM PAYMENTS. OSLIOOR AGII= TMt Taut txACT Af40LOT -Y r:=-
uto
:-ITIORAL IWOU IS DIICMT To ASGERUZO MITI ANY CWAINIT IN AOVAMIS AND TIAT SUCN SSMVICE CRARCt Is A RSASONA69 :6OL
liTP
:I tSTWATt AND Doti NOT CONSTITUTE TNTQtST OR A PENALTY. TDIS St11VTtt CRAROt SIALL $S Of A00I.100 TO ANY :1r0ttST AT _M
TALILT UST WRICK MAY 19 DOOSED NY 110IM, AT ITS OPTION,
1LISM Ali eo RSIIOURit IDLDa ON OD*AM FOR swigNIS VMS.- WWSSS, COSTS (INCLUOIND COSTS ALLOGTID NY ITS 'p.T"A-
'GAL 01PARTKMMIR T) AND CRANGRS Of COC(ION MITI TMS INTSAFRSTATION. 7011ECTION OR OMW90 O1T Or to OSLIGATIOeii EitC=. 'tr 7�.
13 1Fq& 1.10L7S7c0SItut X TATION11MIL COUNiSL /tits.ilEEXit71IDIlIR7tAiiXlHq�X10 XOlStiXXGfXtESLXSIfiSUtIVX.y.Ilyv.lx 11s
a reasonable 11*_
i M7 9VTNfT GOAL: ANY AOR= TO OR ACTUAL =&CUM rUAROa21, USISIV90 A TAROT AS AM ADVAMCt Olt POR YORS"KANCL NY
:MSICLRA2I011. Lfl== TO LOUTS ttT ANY) Df = BY TU LAw APPLICAALC MOO i:lf TO TIME, VON TU USt DR ITT-4-:01i '/ "kwP
t FOR FORSi"Cit ID "MUG ITS ODIL.ECTICN. IT FOR ANT PA"Off TftS WITS OR TQ OSLZ"TTORE RSW.T AT ANY 'eR :Y X. y -.
'rtIT:7V9 RATZ OF DITIRIST TEAT TRANSCENDS TU MAEIMM INTSMSET XATI ►IR*QTTO IT APPLICABLE LAY ' .F Sal11MM
'tTVM AGRREM Y of NOTICE. "Wt OBLIGATION TO St TWILLED SIM I lit AUTOMATICALLY "Oil ZD TO SUCII LIMIT Air. AL' sirs
2:ID AY aattzu .1 C=SS w :Wit LAMLLY Cv=cTnLt AM INT=T Sd" SL RZINDUASRO .0 ou:000 )b AT tN) 12* S :P'.:;N �S
APPLt= AGAINST PRINCIPAL. via TRt SAWS NOW AM VnCT AS I. ONLIGOR IUD OMFIC"T pit-GRATO SUCK CMA CM eO f t
APPLID AND IOIan MO A== TO Af QP' SUP EXTRA PAYMENTS AS A PRWUK MEL ►WATHINT•
•:C= AM 000914 SEVERALLY. EIIOYINCLY. VOLUNTARILY AID M=:ONALLY MAIM ANY RIOif iti7ml PAT RAVt 10 A TRIAL BY .1t1
T1 RRi = TO ANY LSTZ'GAT311 OR PROC=tmo (I1E011RDL239 Or WI TOM 5UCR AL7100 CR rRO==C COMC MS ANY OOR.RAC-JA:
NT:ouS OR 010tR CAM), -AS iD DN TO C*CXA2ttRli', fV11X xW TNTr of UK ARTSM DU! Or. UNOW fir tw' anwR r.09 Y: T)I TU
--ZAT:099. TNG.=0C 113 VOTE. OR ANY OOL-.%M 0001ro4LATIM TO II Man tO :N ANY =71E
ADDENDUM TO TUAT CERTAIN RENEVAL AND 40DIFICATION PROMISSORY NOTE DATED AS :F
MAY 29, 1991 BETWEEN NIAMI CHINKSR COMMUNITY CENTER, LTD , A FWRIDA LIMITE.'
PARTNERSHIP, AS OBLIGOR AND CONSOLIDATED RANK. N A., A NATIONAL SANK:NC AS
SOCIATION, AS HOLDER. IN •111C PRINCIPAL. AMOUNT TO AF, RENEWED OP 5:.a00 650 31.
•'he Real Property described In th,,• . •cr,ds Neal Estace. McrtSasa s
Security Agreement dated March 10 ?' ! 111,1 reenrded March 14. 1983 LG
cial Records Book 11'2u, aL Page 10,12, c; :ubsequesltly modified b: ins=-_*_er._;
dated June 27. 1983; August. 10. 1785; Ma :N 1986; in addition. -o at'. Ass-=t
tiott Agreement dated November 10. 1988 Ord .,corded November la 1988^
):.':•
cial Records Book 13892, at Page 677; and an Extension and Modificatior.Ag:e.?
meet dated as of May 29, 1991_ All recorded or co be recorded to the ?ublic
Recorda of Dade County, Florida executed by Obligor, as Mortgagor and Holder
as Mortgagee. In addition to the foregoing this yoce is secured 5v ACC .
Financing Statements filed with the Secretary of State, State of Florida aric
Clerk of Court, Dade County and'a Collateral Assignment of Leases and Rends
all executed by Obligor in favor of Holder hereof.
MIAMI CHINESE COMMUNITY CENTER.
IND , a Florida limited partners`ip
!�Y MIAMI CHINATOWN DEVELOPMENT
•.:ORP. , a Forida corporac;or.
tf: 6enera� partner
15AAC� FronIdent
iOAN ZWIH, Seerear
[CORPORATE SEAL.
91._ 779
O
Admen
DEFINITION OF BASE RATE J
�i rlod n this intirument. the term "BON Rite' than man Irt rate established by Comiand$taa Bank N A ,,am 1—o ._
DEFINITION OF DISCOUNT RATE
AI .,cad in this maRumant. the term '•Ditoount Rat@" Small mean A rate Aoull to the discount reN and trcharge whttmer a ct• I ;a
to omit tuem surcharge on ninottifdeY COmrMretal piper in affect from time t0 time at the Federal Rotary* Bank Of Atlanta t0 be oC _t••^. 1• •-• -•
each Change ,n such discount rote Or surcharge.
REVOLVING CREDIT
�n the avant rho matter nod not drawn file entire principal sum of this moil. prt/v10od trial no default his occurred. additional sums mov Or 1, iw-
pnnc,pai sum heftier In Ind, event the Darnell intend this hole to evidence a revahnng credit erfsmgoment (much intention timing martalao ov-
blank abovel. the Obligor provided mat no dllsult hoo occurred. may dfswr thl entird, phnclDat sum Mrool. or a ash thereof. item •.mo •C -, r• - .-,+ i • _
balenet due niteundsr anan aceOrdrnpir rncrasa or decras*. 90 tang es the aggragsta Outtiondmg pnnuoal balance small not II en. bme ei:•• • - 1
sum matter
RIGHTS AND DUTIES OF MOLDER WITH RESPECT TO COLLATERAL
Although a default herounde• mev not falls. aW without the nodatMrp fair notice to or consent at Any Obligor, trio Hoidef mov tad,rc.le rm. • ;-•1 -• I^. ;•
obligors with respect to any Calletarsl, including woo"" te/k1all@A thDteoo eaS kllOwing rights: 11) to record or "star in. Or otherwise tram arm, mo tilt +a•'! e• •+* •_
or fla AomrAse Any part of M* Collateral. without shocla" Ihat the MOadera NIMIMI 1$ that Of I aCwOd party'. 12110 W Iag1 Of Othervrrst trsAlfe, on, a, an a, '+t Jc qa•.
andlor Collateral whereupon arN, pledge/ M IrshefM@I @hemi him" aR tan rights of the Hadsr hereunder. and the Molder than thereafter be tuuv dlachaigta ano •e .*.ec
oil m000neibiirry and fi/bniry for tan Collateral so Momaims yad b ff sane seder me note and Dowers her/lMdOr I/ 10 All Collateral not to t1an@lemed. T to Aibw /Da,t pint
reductions Of roleaa or eachomgM of. or tubobtlltiOnD la the Claims" Or sin W that": 141 to lose, OeseAe pon of env Collatarmr and to lecaiv* an' yoc teat ?,
dividends em l income on any CellAtoraf. including money, end to ROM tan asrnO M Coaaleral M &MY the am"* 10 Any, of the obligations. the manners or0ef end enlist o, t.
loolicatfon to be in the sale doeroltOn of the Molder. 161.10 nwens ert r and all "ohm a v011ng, t:Oeverarm. $change. suosertouon at other rights or options Doneiniag to .
Collateral. and to ItAuidola.demand. sue fat. collect. comoodonYOs.tw/M$redloteowtoethe C/an asurr/now value of Inv emisforaf IIfOl any/alan wnllaOsgrtwe Cen►V
small CeW to be $atiolsetory to the MO101h the ObigM$ MWIlgs donwwddopmlwmththe MdtdM o"Oortal Collateral satisfactory to in* Helder Surrender of this mole .,C
Dey"nt at othwwts*. *hell not affect the right of the Holder to resMri pry Calfai a saMry to other Obligations
The Holder shall be doom*d to haw kerelood reOMnowe care in the criatbdy and preservation of the Collateral A if IAiet even ressomable action$ 00r •hat ait,d'
tie rho piedgOr of COlfat@gl lmall tepu@st In writing. butter Holder *hall htM@We powl tedalMnme wh*th@r much Actions$1O roSICnable Anvomiaiommdoanvoc•.
reollated by maid pr*dgM @hall not be "armed a failure le @aerCiM reas"$We are. rho Obligors Shall be rssooM,bl* for the Dntertation of In* eollote,P ame char •.
all miood to preservs ,Ohl$ against prior ponies. The Molder shell haw the "Ohl 10, but $hall not se obligated to. Orsseryo etgnle against Deter pamies not in$,• rht wig.
be liable for any failure to stairs• upon. M to aarcloe any right or power with tesp*ct Ia. any of the Obligations of ConAtoral. or lot env Dalai n So oo•mG
Tht Helder. without making any dom ands whatBoo mit. ah@II flew that right to sell All Or pen Of the C011atersl, although Inc Obligattons mar oo comet-;$-•
unmatured, whenever the Molder considers Such mole ne0tasefy for its oroloettait. Sal/ of the Collal@rH maybe made. of any rim@ and from rims to lama st anv o.b .e
prwAIS @eta. at the option of the Molder. without adyMtsaide ill Or notice IO env ObloW. @$COpt WAR AOIIC$ M to feCuir id by low and cannot to -lived v, •.o'C" -
cure mass the Collateral AI any own "to (unlooa orshlblttd by layl free NOm"Ot1WIy of r-dim aptfen and (spin all other Claims. After deducting an Ftotms*s ^
legal a■Olne*s and attorneys lose. for m intaming er 006"0 the CWUM&W end ealleepng the prOt*ode of"10. tan Molder theft how tit* right to saoi, in* 9,mP+af
said proceeds in Osyment of.or "a teeerve ogelnK My M Mfg ced" ns. MID manner, ONM@M distant of own sopficarlon tape in Ms eaw discretion of fin* •,a oe.
the @aunt notice of any Bois M other diapeutton of the Ce1laNM to ro i- by low is be Itio n is any pledger of Collateral. the re urnmeni of ratonmoie mot'c o t• a
met by Sending such notice. A$ provided in the fereg" At ISM( Rye CWmder days blM* the IMn@ OI MN Or dlaposrtion The Obbgala sman ,(mart aye
Holder for the payment Of try, deficiency. with nW*a It the maltrmum lewluf rats her mention COntrflet@. M*ynOvmA tits Molder small not be cot,gmtao to •*to- • c
Collateral but. mi its election. may ofecaed to *,,%me a" of the Obligations in defewh @gW@t any or all of the Obligors.
Nothing contained heroin shall be dons d to IWM the right$ Nat the Molder hBo pMewnt to the uniform Commercial Code d, env Ite..,•,i i;•er•-
mongsga socunng the OMlgoadins.
TAKES
The Obligor hereby agrees t0 poy arid be /*opltaMbM tan My Deteum*eMry Swings Takes or other tames which maybe applicable now oral env limo .m i I
this Note or the Obbom an it syleMtaK Obliger segre** t0 nMmndy end hold the Manilas hennleM from end egotist any liability. costs or a■Danua raat•nq •o flat m 'a,
See adEDGM T FOR PUSMS hejr t�MyCq�ir4UWrf ETE I rLeCTRl�,ora �ii° albrTcr'ato:'-.', „
ACKNOWLEDGMENT FOR PEIIiONi
;few York the sole General Partner of HIAldl CIII14ESE C01.11.1U'41T'� i_ �::'�^.._
STATE Op a Florida limited partnership
COUNTY OIs Bronx P P
6e100e me perseA011y BoWMN
10 me wan ■nown and known to me to Oe the person(a) desenbed m and who omecuted the foregoing instrument. and acknowisdped to and Oatma'm• im al �t ;_,__
asocutee said iWstrumenl for the purposes therein depressed.. on behalf of the Corporario,..:
rartnershlp.
WITNES: my ,and and oNielal BOIL hew day of A.O. t 6
Stale of
My aommise10e eepires
ACKNOWLEDGMENT FOR CORPORATION
STATE OF _
Coudirt of
Notes Public
blare mo per@Snaliv Appeared and _ — -
10 me well Strewn. and ►hewn to me t0 be tan M+dmdwM dedenbod in and who "mi" tan forgoing instrument
president aria Sem@tary el this stow nomed a :d•Oc„
and $Mildly MtAOtd,l~ to and bSIMO me VW o1w y oaOCYIOd MICR Nlatra/miant aD DUCit PretiOewt aria _-
Secrotan. n w*CthrslY. of lad iDrpdrw". Ind M1a the DIM @ON" to thre Id 049~1 to the CO to "of Of said corporation and ino-
efhmed to into Instrument by dine and register ""Wets Mrtherlp. amid than sal wgbum@nt is the free Kt and dead of Bo,O corporation
WITNEii my hosed and oNKral AOM am dry of
A.0 16 —
Not" ►ubhp
stm M
My commaftan oil as .'
@1 Lot"
77 9 ?/
d�--•F.=.e•dr-----
'he Osrt• t •o •nit NOtf, whether maker• endorser, surely or guarantor tau of whom are hereinafter mcludim �m the •e.- op, go.
promde ^ nov to the order of CONSOLIDATED DANK, N A Issld bank and any tubsfdutnt violator aerainifter Caned 'Hager I a, •t
49 Street m4t8lm Florida 39012 tar at such other pike at the Holder hereof may dtugnotet, the luni at ONE MILLION THREE-
INE•: `i -'SINE THOUSAND SIX HUNDRED FIFTY AND NOJ00 ($1,399,65C.,;C)--------------------
with nterfs• at a rate Case Nomura which It All tim" shelf De 1 I on par cant per amnum Alcove the is ease Rate or .� D•icc..^ = i--
-Ae-1 are yel,nso aft into reverse nereofl Effects ch&ngo in the Interest rate resulting trom cnange ,r the Base Rate or D.ecount Rare tr•a! r
^w or ex^ lucn cnange n Me Baw Bata at D,Icount Ratf Pr-neicial and interest shall be paid as fauows Monthly prinClral -a :
mount of $2,1100.00 plus interest shall be due and payable commencing on the 29th day of
on the _9th day of each and every month thereafter until May 29, 1992, on which date the
:)rinct.cal balance together with all accrued and unpaid interest shall be due and payable an,: sr.a,: -,
.:all pavrients made hereunder shall first be applied to the payment of late interest and late
thy:.^, cc accrt!ed interest; the balance thereof shall then be applied toward the pavment of
In the event this note is eascuted by Obligor with indication of the appropriate rate designation having bloom ,nadvortently om-nea aoow ov !-e
Holder, the Holder may mark the approWlete tale diesignatton so as to correct such patent omission. and Obligor agrees to be boumd !mefeoy of A !"e
appropriate rate designation had been prepfny indicated prior to at at allocution of this note.
As used on this .nattW/glll the loam 'Colfatoral' shall rotor to those isms spdc.fieally scheduled I" that Mold IOgdthtr with ou DroDonv of IaCI :0 pc• •-I•'-.t e" -
purposew•.ethdr to trial for env Obligor or for eustady. pledge. collection or otherwise, is now of nofasnot In the Icluas or constructive OOMab*$,em df T - ••$-tit •o •era
Molder In any capacity. its eorteatlandenle or Agents, end the right of off•e" against all deposits and credits of each Obligor w te, sae all claims of sec. ?e'.00, age me -
the Maloof At env tameekashng. With respect thereto, the Daniel understand that the Moldal,s sulnol,std it any time or lames wllnout prior notice -0 ROD.. t,,:- :l 'arias
an whOes or In Dan, and, am such order Aa the Holder may Heat. to the OAymeMI of of as a fennee against ant or more of the Oel.gAt.onl as dahmoo .n .- I-t'•,-$^•
wf41her other collateral thorefor is deemed adequate or not As used ,A inn „gtaomOAt Im* lam Obligations than over to the .has Oledmalt ,eore]f-led a. •. I rot•
dyad all renewals and substitutions hereof end claims of every nature and ascaotion of Cho Maloof against the Obligor/ whathft present at •ulu,* :amnac•sc .•r
acgvwad by the Molder, am ylmathal pint. aavarst. so&*luts. cars inganl. enstwdo. unmalurad, liquidated. unl.quaddled direct or md,reet
As ooctmty lot D*Vmtnt at this Hate sod of ell of the Obligations, the Oblgors Jointly and savtrally gave the MOlda, a cont.n.m9'.en And stcu,.n .altos•-r�:••^•
Celleteral. including without limitation env property which may be described below
SEE ADDENDUM ATTACHED HERETO AND BY THIS REFERENCE MADE A PART HEREOF,
TILE MOLDER AND THE OBLIGORS SMALL HAVE THE RIGHTS AND DUTIES WITH RESPECT TO THE COLLATERAL AS SET xORt- h --E sr,:. 5 :••:
CONCERNING RIGHTS AND DUTIES WITH RESPECT TO COLLATERAL PRINTED ON THE REVERSE HEREOF
The happlaning of env of ins following ovento @flsll constitute a Default hereund, jai totally* of MY Obtioor to DIV on full any ofmc as •••II' ]..
harewsdor orono"v when it becomes out: (b) failure of env Obligor to pay an full when due ohy •ndobte meta, aeigation, or nsotitry to Holder what$ofve, a, t-. a•• :a
Ito or nterdat tMreen; lei latlurt of Inv Oblige 10 Oe**M any oftfa"Mt hereunder Or under any sKunty &greonont securing fits Obligationsd --e lea•.:• ,-
Obligor IH of ally Obligor cocaine@ ,meons ent or any ineoi"ncy proceedings tea dood limn@ 'sAschodat' and •.Aset"ncv proceedings Are loth. " - •-e - -
C4mnaeKlA1 Coda Of fiaitdel era Instituted or made by or against env Oblogoe. pr saplieation for the epopmtmam of a raesiver tar any Obligor o, to, Inv :1 -a as s e's- a •
Obligor in the •"Yong of env toter• attoc"nenl or garnishment or Cho Icing of any lion against any property of any Obligor lot the Assignment ov any 00"} T .^
My of lha Collateral without written content at the Molder.
11 of &Mv tome the Hodder looms that eiry waM,My. raDresentatton. cdnihcais or statement of env Obligor (whether Contmatel te, ta,s vials o• -T : • - a ' ' • '
connection wit" this motto or loan or credit evidenced by this note or env security agreement securing this note, may not as true. or coon tea moot- ' ; •• • - -
dalault do dohnad heroin. of of Holder at any time table tnsasure for any reason wnalsCwon, it) and entire amount of this note remosm,ng unoaic *$s •-• t- Proposed Interest Interest or discount and env rebates affiliated by law. $hall become due and payable forthwith or thereafter at the o0u0m of the No'0e• a .
&IA~* In no event and undo no coroumoseences shall Molder boo entitled hereunder to uaaccrued of anumea interest of olnaf caatgoa ,n n• 0. .
doduclang shy Ovid and unKCrued or Card and unearned interest from the OnAcepal bat$ntt than due. Ilia Ivan unod,o Orsac,o i baiana no,f :• a-; e' . •.
VAM•d .010,081 shelf bear ."lseast from the time of such default at thl maximum legal fall oerm.tllbla Ili no wine Dena unrest no urwmnen: es s-m _ ,
honsundo, to focawe @I any tuna any ehargon not allowed at oarminted by is. or any inters Ito, -mistreat rate ,n ear, IA of the ma..mum a0a.va0 0. sw - -
@"punt Of Inv charge or Does m RAI due hea/under Mall Cristo e, small 00 adorned to create an wttmet ehaige in excess at into maximum oerm.tl a so-
eMrga of any such exceed amount ahan Dodo~ un"lomoawo and wood and its callKtoda Mall Of wowed. without •Meeting talk romaimat of •rev ::. gf t-
MrdOy, and any such sexicodo amount which may nave boon noted to Cad Molder &hall be rotund*& (4.1 Holder mov, at ,t$ *Olson ttialtwpon at t•ta•aat.o• :a: • -♦
fiswittoo of any Obligor. or dAv of them solocied by Mplderinatwsth/ts"dunf env Orawts•ons thereof). itnenediaisly duo and oawele vntna.t do -a- • •• -^• •- • i-.
(bat Iwth such edlystmonw. of env. with respect to any interest or other Chaffin as may a crowded tar .n a"lk Otom,ot0ry note at othl, waiting a. tf •, ^ ; t . • - ,-
ilia) Holds, $hall have and m" eaoralsa with ls,I Cornelia any and sal tha none$ And remedies granted to a secured Cam upon Default 0matt the u^ •: •- :- --••' i ' . .
of fiends. or OlhaMale oveuable to Homer [Including those available under env written InstrunNnl m ***,Joan Ire this rota rual.ng to &rev of the • ere • „ •..
thWW and, without estimating the generality of the foregoing. Holder shall hove the none..m"edlstely and without fun"ell action ov •t. to set off agog I • •^ I -a-e a • Is
awfd by Homer in ORWSDKity to ooen of my Obligor. whether W not We. and atW to set oM against ell ether tiab.laues all Mach motor to Hader AI,-a't.... ::.,
an any ealsostty, to each or env Oblgo : and Helder shall be deemed to have ea&ret$sd such front of $at•om and to have meat a charge rgansunv I,:• -• • • e. .. .
upon the occumMce of much "Dull or alhor sam "t won lho,agh $aM cheloa ,s madl Of enitr*d On In& books of Holdet $u0$1gWml IMaialC
With respect to any and all Obiigabone. in* Obtigpr& severally we" Cal following: I I I all right$ of osempe,on of DrOConv h•pm le'l, or $a.* ,-ce • .
process to, in* collatOon of debts under Cato COnitiluh*n Of law• of tit* Umtl* Slaldo Of 01 any state thereof: 121 demand. Dren-lmem pool*$• -o• .. _
•pumas env Debits and so other M464ronMts resco&*s,tr to chaigt or hold any Oblgo( iiabls on any Obligation. I3I My fw,thV recaioa a, a• ♦c. •• • .. •.t,;-- • •
Cellateroe now Or horsehir deeoafted of Itst*mont a ,ndebteOP4*L 141 all staltosOry pepvms.ens and reela•remenls for aM eanahl of any Ob"got -_-
Ito the oste" that eeno tiny be wewedp (tit the right to inlsrpdee any NooN at countseclern of env nature or Deacnouon .n any •,tigatioa ra h.n.:..... -e :yr . .
obiigpr omHl N •dine eenlea• The Obligates &*vanity *otea ends any Oblgatans of any Oblgw may. from toms to time .n whole or -n pot :e •. ape: r. - :,
maddened. aCOalerawd. 4owWgnu"d discharged or released by into Holder. and any Collateral. lion anid/or right of sot•Om soWring any overgetion, -a. ••-- • • -•
in whela or in am. be owhano*d. sold at nleassd. all w it assl notice to or iWin*r resenowno of Monts swat any Oblige, lend all wanaut - A', wa.
M$OS ig the lseb(Jdy of WW Obligpr. The Obhgaojointly and sMrelly, agree to pay all filing fees and Jones and ell tolls of collecting or ncwr.ng o• A-•e-:
OOCWO era./ Oblgataata. WA:$Uding 61100"*v@ feat, whether Of not oovabing litogslion ands sadeflan D,acosaings
The Molder Mall not by erly act. Coley. omission Of otherwmove be ofenwd 10 haw wa lmod oev of its fights pr /lmesn/. Dena no was•*• :• I'. .
Unfasten .amtsmg And agreed by the M*last AN tight$ and romec•es of the Holder under t"o terms o1 this Aols arms Yoder any sistums at twits of •aw 4--
a" be eaalaleed sm""smov at ConcWronily The Obligor$ Jointly and sMraov dean That she Molder shale ad entitled to sea in@ --phis of a A. -•- -
"agOtisbis laatfYiMrat This halt snail be "warned by and GWI%fyed in &CCOMIMCe with the lfw* of the Stow of Islands Any pr*wslen : • •• . _ . .. • . . .
1lalfmforooablo of Invalid unOsr any law shall be oneN*CIw* to In* eateal of Such ummlareaa"ty of Invalodih• wlthe al onKtiAg tag lkreta,aa0••.1. . a -
Crad•Ne" harew Any halite Ieouuoo 10 be g.yan to My Persian small M Deemed tiaNKo*nl it rnauee. postage preDood. to ►uCm person a address as aD: • ••s
W, of mono s0004ws. to env odereal .A the Maloof l filed. The Ruder MW haw• the right uftllslerally to Correct Defeat enure .n this note
Each and *wry Obligor agrees to be bound by the oMwoM MS Pnmffd or atherwlab appeanhf OR the f&s@ and tag riveted aide of !A.s -ate
The Oblgpr& snail be totals, and severally bents for ON indebtedness repa&*afled by this note and nave tubscfrDtd thew nlmas no,vc �.• • - • -
eltvdna Hat should amp or betOme bound henOn and wthout any other condition wnot~ ablag made The Wowsoons of this note are placing A. •-* -0 to e, e:.• •.
"o"m$tretoa*. "Von* end Successors Of bloc" sod entry Obl.W $" Mali."Uf@ Ire the bfffhl of In* Mefder'19 siKea&*on and poi no Tme viols ,s a so:.'a :f• ••,
a" a sac" of tho Obligors ulpt1 C�I�1NF��E COI jU so
CENTEF..:':..
a or a mite Qartners� it
331 N.E.: MIAMI CHINATOWN DEVEL00:•i
.E. 18th Streetf; "
Adprew FloridaF orida corporation. asyl ne to ;ar e. sfa
Miami, Florida 33131
Documentary Scamps were affixed to the biortgage
and vv: re cancelled.
By: Sfle
SEEN,
President
Arrest:
779 a
ADDENDUM TO THAT CERTAIN RENEWAL AND MODIFICATION PROMISSORY NOTE DATED AS o? MAY
29. 1991 SSTWBBN MIANI CHINESE COMMUNITY CENTER, LTD., A FLORIDA LIMITED
PARTNERSHIP, As OSLIOOR AND CONSOLIDATED BANK, N.A., A NATIONAL BANXINO
ASSOCIATION, AS HOLDER, IN THB PRINCIPAL AMOVNT TO HS RENEWED OF $1,399,650.00.
The Real Property described in that certain Florida Real Estate Mortgage and
Security Agrsement dated March 10, 1983 and recorded March 14, 1983 in Official
Records Book 11724, at Page 1472, as subsequently modified by instruments dated
June 27, 19831 August 30, 1985; May 29, 1986; in addition to an Assumption
Agreement dated November 10, 1988 and recorded November 14, 1986 in Officia:
Records Book 13892, at- *Page 677; and an Extension and Modification Agreement
dated as of May 29, 1991, all recorded or to be recorded in the Public Records
of Dade County Florida executed by Obligor, as Mortgagor and Holder, as
Mortgagee. In addition to the foregoing this Note is secured by UCC-1 Financing
Statements filed with the Secretary of State, State of Florida and Clark a!
Court, Dade County and a Collateral Assignment of Leases and Rents, all executed
by Obligor in favor of Holder hereof.
MIAMI CHINESE COMMUNITY CENTER,
LTD., a Florida limited partnership
BY: MIAMI CHIN ATOWN DEVELOPMENT
CORP., a PWrida corporation, an general partner
• By.---
ISAAC SHIM, President
Attest:
JOAN SHIM, Secretary
(CORPORATE SEAL)
779
73
ADDENDUM 01
ADDENDUM TO THAT CERTAIN PROMISSORY NOTE DATED May 29,1991 EXECUTED BY
MIA).11 r;41%JFCF Cn?.tAT11NiTV rFNTRR, 1_Tn. �a Finrida limired parrnnrehip
("BORROWER") AND CONSOLIDATED BANK, N.A., ("HOLDER") IN THE AMOUNT OF
s 1,399,650.00
THIS PROMISSORY NOTE IS PREPAYABLE IN WHOLE OR IN PART WITHOUT PENALTY.
THE BASE RATE AS DEFINED HEREIN IS A REFERENCE RATE OF INTEREST ADOPTED BY HOLDER
AS A GENERAL BENCHMARK FROM WHICH HOLDER DETERMINES THE FLOATING INTEREST RATES
CHARGEABLE ON VARIOUS DEBTS TO BORROWERS WITH VARYING DEGREES OF
CREDITWORTHINESS. OBLIGOR ACKNOWLEDGES AND AGREES THAT HOLDER HAS MADE NO
REPRESENTATION WHATSOEVER THAT THE BASE RATE IS THE INTEREST RATE ACTUALLY
OFFERED BY THE HOLDER TO BORROWERS OF ANY PARTICULAR CREDITWORTHINESS.'
OBLIGOR SHALL PAY A SERVICE CHARGE TO HOLDER EQUAL TO FIVE PERCENT (S%) OF ANY
PAYMENT WHICH IS RECEIVED BY HOLDER MORE THAN TEN (10) DAYS AFTER THE DATE SUCH
PAYMENT IS DUE. THIS SERVICE CHARGE SHALL BE IMPOSED TO COVER THE INCREASED
EXPENSES OF THE HOLDER FOR THE HANDLING AND COLLECTION OF ANY SUCH DELINQUENT
PAYMENTS. OBLIGOR AGREES THAT THE EXACT AMOUNT OF SUCH ADDITIONAL EXPENSE IS
DIFFICULT TO ASCERTAIN WITH ANY CERTAINTY IN ADVANCE AND THAT SUCH SERVICE CHARGE
IS A REASONABLE GOOD FAITH ESTIMATE AND DOES NOT CONSTITUTE INTEREST OR A
PENALTY. THIS SERVICE CHARGE.SHALL BE IN ADDITION TO ANY INTEREST AT THE DEFAULT
RATE WHICH MAY BE IMPOSED BY HOLDER, AT ITS OPTION.
OBLIGOR AGREES TO REIMBURSE HOLDER ON DEMAND FOR HOLDER'S FEES, EXPENSES, COSTS
(INCLUDING COSTS ALLOCATED BY ITS INTERNAL LEGAL DEPARTMENT) AND CHARGES IN
CONNECTION WITH THE INTERPRETATION, COLLECTION OR ENFORCEMENT OF THE OBLIGATIONS
INCLUDING THIS NOTE, INCLUDING WITHOUT LIMITATION A REASONABLE LEGAL COUNSEL FEE.
IN NO EVENT SHALL ANY AGREED TO OR ACTUAL EXACTION CHARGED, RESERVED OR TAKEN AS
AN ADVANCE'OR FOR FORBEARANCE BY HOLDER AS CONSIDERATION, EXCEED THE LIMITS (IF
ANY) IMPOSED BY THE LAW APPLICABLE FROM TINE TO TIME, FOR THE USE OR DETENTION
OF MONEY OR FOR FORBEARANCE IN SEEKING ITS COLLECTION. IF FOR ANY REASON THIS
NOTE OR THE OBLIGATIONS RESULT AT ANY TIME IN AN EFFECTIVE RATE OF INTEREST THAT
TRANSCENDS THE MAXIMUM INTEREST RATE PERMITTED BY APPLICABLE LAW (IF ANY), THEN
WITHOUT FURTHER AGREEMENT OR NOTICE, THE OBLIGATION TO BE FULFILLED SHALL BE
AUTOMATICALLY REDUCED TO SUCH LIMIT AND ALL SUMS RECEIVED BY HOLDER IN EXCESS OF
THOSE LAWFULLY COLLECTZBLE AS INTEREST SHALL BE REIMBURSED TO OBLIGOR OR, AT
HOLDER'S OPTION, BE APPLIED AGAINST PRINCIPAL, WITH THE SAME FORCE AND EFFECT AS
IF OBLIGOR HAD SPECIFICALLY DESIGNATED SUCH EXTRA SUMS TO BE SO APPLIED AND
HOLDER HAD AGREED TO ACCEPT SUCH EXTRA PAYMENTS AS A PREMIUM FREE PREPAYMENT.
OBLIGOR AND HOLDER SEVERALLY, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY
RIGHT EITHER MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION OR
PROCEEDING (REGARDLESS OF WHETHER SUCH ACTION OR PROCEEDING CONCERNS ANY
CONTRACTUAL, TORTIOUS OR OTHER CLAIM), BASED ON THE OBLIGATIONS, INCLUDING THIS
NOTE, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THE OBLIGATION, INCLUDING
THIS NOTE, OR ANY DOCUMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH
OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER VERBAL OR
WRITTEN) OR ACTION OF OBLIGOR OR HOLDER. THIS PROVISION IS A MATERIAL INDUCEMENT
TO HOLDER TO MAKE THE LOAN.
. I F ail $Ot ,VApTY CENTER, LTZ
} , �ner
ISAAC SHIH, President
Attest:
CsODOCUMENTOPRNOTEl JOAN SHIH, Secretary
12/21/89 (CORPORATE SEAL)
PRCM: SS:,Ry ` _17E
5263,5G0.00
7k
November , :988
FOR VALUE RECEIVED, MIAMI CHINESE COMMUNITY CEN'ER. :.:'D., a
Florida limited partnership (hereinafter called "Maker") herecy
jointly and severally promises to pay to the order of C1TtCORP
SAVINGS OF FLORIDA, a federal savings and loan association.
(hereinafter called "Association") at 1 Citicorp Savings Plazm,
8750 Doral Boulevard, Miami, Florida, in lawful money of ;he
United States, in immediately available -funds, the principal
amount of Two Hundred Sixty -Three Thousand Five Hundred Dollars
($263,500.00), or so much thereof as is advanced, with interest
computed on the unpaid principal balance thereof from time to
time outstanding from the date hereof until maturity at a
fluctuating interest rate per annum equal to one and one -quarter
percent (1.258) per annum above the Base Rate (as hereinafter
defined) in effect from time to time, which rate shall change as
and when said Base Rate shall change during the life of the note
(but not to exceed the maximum lawful rate permitted under
applicable law). "Base Rate" shall mean the annual rate of
interest announced from time to time by Citibank, N.A., New York,
New York as its base rate. The Base Rarw s t,eitlier stecif ically
tied to any external rate of interest or index, nor does it
necessarily reflect the lowest rate of interesr actua.ly charged
by Citibank, N.A., to any partic--lar class or •.;tPgory f its
customers. If, for any reason, Citibank, N.A. :,es publish a
"base rate," then Base Rate shall mean that rate ,f ::-.-crest
published in the wall Street Journal under the column entitled
"MONEY RATES" under the heading "Prime Rate." In the event that
the Prime Rate published by the wall Street Journal is a range,
the Base Rate shall be the highest number of the range. The
interest rate charged herein shall be adjusted simultaneously
with adjustments in the Base Rate. Interest rate changes shall
be made immediately and shall apply on the outstanding principal
balance due on this Note.
Commencing on January 1, 1989, and on the first jay of each
an every month thereafter until January 1, 1994 principal
payments of $1,463.88 shall be due and payable together with
monthly interest payments, computed as above provided. The
balance of all accrued but unpaid interest and all principal then
remaining unpaid shall be due and payable on January 1, 1994.
This Note shall be prepayable in whole or in part without
penalty at any time. Partial prepayments shall be applied to
installments of principal to.become due thereon in the inverse order of the maturity thereof and all prepayments shall be
accompanied by an amount equal to the interest accrued thereon to
the date of receipt of such prepayment in collected funds.
This Note is secured by (i) that certain Mortgage and
Security Agreement executed by Maker in favor of the Association
dated of even date herewith (the "Mortgage"); (ii) that certain
Assignment of Leases and Rents of even date herewith executed by
Maker in favor of Association; and (iii) that certain Guaranty
executed by Isaac Shih and Joan Shih, his wife, in favor of
Lender dated of even date herewith.
All payments made hereunder shall be credited first to
Association's expenses, if any, then to interest and then to
principal; however, in the event of default, the Association may.
in its sole discretion, apply any payment to Association's
expenses, interest, principal and/or any lawful charges then
accrued. It is the intention of the parties hereto that the
provisions herein shall not provide directly or indirectly for
the payment of a greater rate of interest or the retention of any
other charge than is allowed by applicable law. If for any
.,eason, . —errs, exc-
... .. -- -. s _-.ar e
proh.b:ted by law steal.at a'-, -e ce Via... any s�cn excess
shall either c nstitute and na _rea-ed as a payment on princ'pa:
or be refunded directly to .`e Mazer.
If any of the payments of interest and principal steal: not
be paid within f►fteen (15) days after they become due or shou:d
there be a failure to comply with any of the terms and covenants
contained herein or in any agreement securing this Note,
including but not limited to the Mortgage, or in any other
instrument now or hereafter existing and relating or pertaining
to this Note, beyond any applicable cure periods, if any, then
such shall constitute an event of default hereunder ("Event of
Default") and the entire principal sum and accrued interest shal:
become due and payable at once, at the option of the Association.
Upon the occurrence of an Event of Default the principal sum then
remaining unpaid, plus accrued interest, shall bear interest at a
rate bf four percent (4%) per annum above the Base Rate specified
above (not to exceed the maximum lawful rate permitted under
applicable law) (the "Default Rate") computed from the date of
default and continuing until such default is cured. In the event
of the acceleration of this Note, the total for interest and the
nature of interest shall not exceed the maximum allowed by
applicable law, and any excess portion of such charges shall be
refunded to the Maker hereof at the time of acceleration. Such
crediting may be made by application of the amount involved i
against the principal sums then due but such crediting shall not J
cure or.waive the default occasioning acceleration.
Upon occurrence of an Event of Default, the Association may
institute appropriate legal proceedings against the Obligors (for
purposes of this Note, Obligor shall mean each and every party to
this Note, whether as Maker, endorser, surety, guarantor or
otherwise) to obtain judgment on the Note and/or to exercise its
rights and remedies as a secured party under Florida's Uniform
Commercial Code or other applicable law. Upon the occurrence of
an Event of Default, the Association shall have the right, at its
option, immediately and without further action by it, to set off
against the Note all monies owed by the Association in any
capacity to any of the Obligors and also to set off against the
Note, all other liabilities of the Association to the Maker and
all monies owed by the Association in any capacity to the Maker.
The Association shall be deemed to have exercised such right of
setoff and to have made a charge against any such monies
immediately upon the occurrence of such default even though such
charge is made or entered on the books of the Association
subsequent thereto.
The Association may at any time in its sole discretion
compromise, settle or extend.the time of payment of any of the
demands or obligations under this Note, and all of the parties
liable for the payment hereof hereby make, constitute and appoint
the Association, his or their true and lawful attorney for this
purpose with full power and authority to compromise, settle or
extend payment of said demands or obligations and to acquire,
satisfy or discharge the same of record, or otherwise, as the
parties liable for the payment or collection hereof might, or
could, do if personally present.
Each Obligor agrees, jointly and severally, to pay all costs
of collection, including attorneys fees. Each Obligor agrees,
jointly and severally, to pay all costs of fees and attorneys'
fees on appeal, in case any ofthe principal and interest due on
this Note shall not be paid or should there be a tailure to
comply with any of the terms contained herein, or to enforce the
terms of this Note, whether suit be brought or not.
Each Obligor hereby waives demand, except as herein set
forth, presentment, protest, notice of protest, and notice of
dishonor, and agrees to pay all costs, including attorneys' fees
-2- 91-- 779 76
end a^} j= r.eys' fees _
brought Jr not, :f cou^se. 571..
defau:t hereunder be emp.oyec
the terns of this Note.
.z._e_. n.s Note, cr to enfo,:e
EJLh Obligor hereby consent- j any modifications.
replacements, extensions or renewals of this Note or any par:
thereof by the Maker and Association without need of notice, and
agrees that it will remain liable as such during any
modification, replacement, extension or renewal hereof until the
debt represented hereby is fully paid. Each Obligor consents to
and waives notice of any and all waivers and modifications that
may be granted by the Association with respect to the payment or
other provisions of this Note, or to the release of any Obligor
or any collateral or any part thereof with or without
substitution.
The Association shall not by any act of omission or
commission be deemed to waive any of its rights or remedies
hereunder unless such waiver shall be in writing and signed by
the Association and then only to the extent specifically set
forth therein; a waiver in one event shall not be construed as
continuing or as a bar to or waiver of such right or remedy on
subsequent event.
Notwithstanding anything contained herein to the contrary,
no payee or holder of this Note shall ever be entitled to
receive, collect, or apply as interest on the obligation any
amount in excess of the maximum lawful rate under applicable law,
and in the event the payee or any holder hereof ever receives,
collects, or applies as interest any such excess, such amount
which would be excessive interest shall be applied to the
reduction of the principal debt; and, if the principal debt is
paid in full, any remaining excess shall forthwith be returned to
the Maker. In determining whether or not the interest paid or
payable under any specific contingency exceeds the highest lawful
rate, the Obligors and Association shall, to the maximum extent
permitted under applicable law (a) characterize any non -principal
payment as an expense, fee or premium rather than as interest.
(b) exclude voluntary prepayments and the effects thereof, and
(c) "spread" the total amount of interest throughout the maximum
term of the obligation so that the interest rate is uniform
throughout the entire term of the obligation.
Wherever used, the singular number shall include the plural,
and the use of any gender shall include all genders, wherever the
context so admits.
IN WITNESS WHEREOF, the undersigned has caused this
instrument to be executed the day and year first above written.
jfh345f
MIAMI CHINESE COMMUNITY CENTER,
LTD., a Florida limited partnership
By: MIAMI CHINATOWN DEVELOPMENT
CORP., a Florida corporation,
its general partner
By.
ISAAC SHIN
its President
0
MORTGAGE AND SECURITY AGREEMENT
THIS MORTGAGE AND �ECURITY AGREEMENT I"Mcrtgage") -r ,ade a'
del.vered as of this 9day f N;.emoer .?98 by MI AM: C'r..NESc
COMMUN;TY CENTER, LTD., a F:or:da .:meted partnership, whcse
address is c/o Ronald Silver, Esq.. Courthouse Tower - Suite 40:,
44 West Flagler Street, Miami, Florida 33130 (hereinafter
referred to as the "Mortgagor") and CITICORP SAVINGS OF FLOR:DA.
a savings and loan association organized and existing under the
laws of the United States of America, its successors, legal
representatives and/or assigns, whose address is One Citicorp.
Savings Plaza, 8750 Doral Boulevard, Miami, Florida 33178-2402
(hereinafter referred to as the "Mortgagee").
WHEREAS, Mortgagor is the fee simple owner of the Mortgaged
Property (as such term is hereinafter defined); and
WHEREAS, simultaneously herewith, Mortgagor has executed and
delivered to Mortgagee a Promissory Note (the "Note") of even
date herewith in the aggregate principal sum of TWO HUNDRED
SIXTY-THREE THOUSAND FIVE HUNDRED AND N0 100 DOLLARS
($263,500.00) the interest rate of which may be increased or
decreased in accordance with the terms of the Note; and
WHEREAS, Mortgagor has agreed to execute and deliver this
Mortgage and Security Agreement to Mortgagee so as to secure the
Nate.
NOW, THEREFORE, in consideration of the execution and
delivery of the Note and for other good and valuablA =
.onsideration and in order to secure ia) the payment
indenr,edness evidenced by the Note, (b) the payment dJl 04'j1
mon:es secured hereby, and (c) the performance under iry
documents executed in connection with the Note and M,:r-,ia_• -
("Loan Documents"), Mortgagor hereby agrees that the ►dr: :,.•
shall be a first lien which encumbers all of the
property:
(A) THE LAND: The parcel of :•ea! ;,rcperty situated .a
County, Florida ("the Land") , more p,;rt.-ularly deS(. •• bq� i
Exhibit "A' attached hereto and made a p, r► hereof.
(B) THE IMPROVEMENTS: (11 All the buildings, structures and
improvements of every nature whatsoever now or hereafter situated
on the Land, and (2) all fixtures, furniture, machinery,
equipment, and personal property of every nature whatsoever now
or hereafter owned by Mortgagor and located in or on, or attached
to, and used or intended to be used in connection Stith or with
the operation of, the Land, buildings, structures or other
improvements, or in connection with any construction being
conducted or which may be conducted thereon, and owned by
Mortgagor, and all extensions; additions, improvements,
betterments, renewals, substitutions and replacements, to any of
the foregoing, and all of the right, title and interest of
Mortgagor in and to any such personal
claim, which, to the fullest extent permitted by law, shall be
conclusively deemed fixtures and a part of the real property
encumbered hereby (said buildings, improvements and other
property being collectively hereinafter called the
"Improvements").
(C) EASEMENTS: All easements, rights -of -way, streets, ways,
alleys, passages, sewer riytits, w,iter riyhts and powers, and all
appurtenances whatsoever, in any way belonging, relating or
appertaining to any of the Mortgaged Property or which hereafter
shall in any way belong, relate or be appurtenant thereto,
whether now owned or hereafter acquired by Mortgagor.
(D) TOGETHER WITH: M all the estate, right, title and
interest of Mortgagor of, in and to all judgments, insurance
proceeds, awards of damages and settlements hereafter made
91- 77978
Mortgaged Property or any par: ne power
domain, or* for any damage iwhe-::e: 7--sed by sucn taking :,r
otherwise) to the Mortgaged P:'cper-y ::r ar.;r part thereof, or tc
any rights appurtenant thereto, aci a.: •^"eeds of any sales or
other dispositions of the Mortyjgeu Property or any part thereof
including any awards for changes of the grades of streets or as a
result of any other damage to the Mortgaged Property; and
Mortgagee is hereby authorized to collect and receive said awards
and proceeds and to give property receipts and acquittances
therefor, and (if it so elects), subject to the terms and
conditions hereinafter set forth, to apply the same toward the
payment of the indebtedness and other sums secured hereby,
notwithstanding the fact that the amount owing thereon may not
then be due and payable; and (it) all contract rights, general
intangibles, actions and rights in action, including without
limitation all rights to insurance proceeds and unearned premiums
arising from or relating to the Mortgaged Property and (iii) all
proceeds, products, replacements, additions, substitutions,
renewals and accessions of and to the Mortgaged Property.
(E) TOGETHER WITH all rents, income and other benefits to which
Mortgagor may now or.hereafter be entitled from the Mortgaged
Property to be applied against the indebtedness and other sums
secured hereby; provided, however, that permission is hereby
given to Mortgagor, so long as no default has occurred hereunder,
to collect and use such rents, income and other benefits as they
become due and payable, but not more than two (2) months in
advance thereof. Upon the occurrence of any such Event of
Default, the permission hereby given to Mortgagor to
rents, income and other benefits from the Mortgaged Pro pert;
shall terminate and such permis:;i.,n shall nut be ret:,. a.�.: ,•.-.
a cure of such Event of Default without Mortgagee's spe-if::
written consent.
The foregoing provisions hereof :.hall l'nnstitute. an absolutN :,n::
present assignment of the rents, cnrome and other benefits :rt;:::
the Mortgaged Property subject, however, to the conditional
permission given to Mortgagor to collect and use such rents,
income and other benefits as hereinabove provided; and the
existence or exercise of such right of Mortgagor shall not
operate to subordinate this assignment to any subsequent
assignment, in whole or in part, by Mortgagor, and any such
subsequent assignment by Mortgagor shall be subject to the rights
of Mortgagee hereunder.
(F) TOGETHER WITH all rights, title and interest of Mortgagor in
and to any and all leases now or hereafter on or affecting the
Mortgaged Property together with all security therefor and all
monies payable thereunder, and all books.and records which
contain payment made under the leases and all security therefor,
subject, however, to the conditional permission hereinabove given
to Mortgagor to collect the rents, income and other benefits
arising under any such lease. Mortgagee shall have the right, at
any time from time to time, to notify any lessee of the rights of
Mortgagee as provided by this paragraph (F).
(G) TOGETHER WITH any and all air rights, development rights,
zoning rights or other similar rights or interests that benefit
or are appurtenant to the Land or the Improvements or both, and
any proceeds arising therefrom.
(H) TOGETHER WITH all tradenames, prolprt logos, trademarks and
similar designations for the project situated on the Land.
(I) AFTER ACQUIRED PROPERTY: To the extent permitted by and
subject to applicable law, the lien of this Mortgage will
automatically attach, without further act, to all after acquired
property located in or on, or attached to, or used or intended to
-2-
ry r� �
91— A
J,r used conrect ion • , _ _ . -.e era:.:,n -,I. e
Mur•tgaged Property or a:,, _ .,_:•?c:.
A_ of the property des::* : oec paragraphs ( A) , • ( B) , lC)
te!, (F), rt;l, (H), and t uu( .•, 1;1d each item of property
therein described, is sometimes ,;:ectively herein referred to
as "the Mortgaged Property," Where the context is appropriate
the foregoing may individually zollectively be referred to as
"Mortgaged Property," "Premises," "Land," "Real Estate," "Rea:
Property," or "Property."
TO HAVE AND TO HOLD THE MORTGAGED PROPERTY and all parts thereof
unto Mortgagee to its own proper use and benefit forever,
subject, however, to the terms and conditions herein:
Mortgagor hereby covenants with and warrants to Mortgagee that
Mortgagor is indefeasibly seized with the absolute and fee simple
title,to the Mortgaged Property, and has full power and lawful
authority to sell, convey, transfer and mortgage the same.
It shall be lawful at any time hereafter for Mortgagee to
peaceably and quietly enter upon, have, hold and enjoy said
property, and every part thereof; that said property is free and
discharged from all liens, encumbrances, and claims of any kind,
including taxes and assessments; and that Mortgagor hereby fully
warrants unto Mortgagee the title to said property and will
defend the same rgainst the lawful claims and demands of all
persons whomsoever.
NOW, THEREFORE, the condition of this Mortgage is that if
Mortgagor shall pay unto Mortgagee the original indebtedness
secured hereby in the original principal amount of TWO HUNDRE�-i
SIXTY-THREE THOUSAND FIVE HUNDRED AND 00/100 DOLLARS
($263,500.00) as evidenced by the Note on file with Mortgagee,
together with any and all SUMS :JIJVOnCed Lo prt•tect the
of this mortgage, together with any and all tuture advances as
are made hereunder, with interest thereon, and if Mortgagor s:;a_
perform, comply with and abide by each and every of the
stipulations, agreements, conditions and covenants contained a:.d
set forth -in this Mortgage and the promissory note(s) secured
hereby, then this Mortgage shall be null and void, otherwise to
remain in full force and effect and Mortgagor does hereby further
covenant and agree with Mortgagee as set forth below:
1. Installment Payments. Mortgagor shall pay all and
singular the principal and interest and other sums of money
payable by virtue of the Note and any renewal, extension or
modification thereof and this Mortgage, and any future advances
secured hereby promptly on the days respectively the same
severally come due.
2. Taxes, Assessments and Other Charges.
A. Mortgagor promptly shall pay when due all and
singular, taxes, assessments, water, sewer and waste
charges, common area maintenance assessments, ground lease
rents, license fees, levies, liabilities, obligations and
encumbrances of every nature with respect to the Mortgaged
Property or arising by reason.of the operation of the
Mortgaged Property and to deliver to Mortgagee, receipts
evidencing the payment of all liens for public improvements
within thirty (30) days after some shall become due and
payable; and shall pay or discharge within thirty (30) days
prior to the due date, ahy and all governmental levies that
may be made on the Mortgaged Property, on this Mortgage or
the Advances or in any other way resulting from the Debt.
B. Mortgagor shall pay the Mortgagee on the date of
such regular installments of principal and interest as
-3-
re
pa:�J x� 3:,iour.t egLa. _ 2:.,+�c,r�sLcn� -
1)ripor";0,;,ate Share :.,:,e5 and assessments as
estimated by the Mcrtgagee_ zr. s ffcc:ent to enable the
Mortgagee to pay at least _3+ days before they
become due, all taxes, assessments and other similar charges
against the Mortgaged Property or any part thereof. Suc�
added payment shall not be, nor be deemed to be, trust
funds, but may be co -mingled with the general funds of the
Mortgagee, and no interest shall be payable to Mortgagor in
respect thereof. Upon demand of the Mortgagee, the
Mortgagor agrees to deliver to the Mortgagee such addit:ona:
monies as are required to make up any deficiencies in the
amounts necessary to enable the Mortgagee to pay such taxes,
assessments or similar charges. in the event of a default
by the Mortgagor in the performance of any of the terms,
covenants and conditions in this Mortgage or the Note
secured hereby,* the Mortgagee may apply to the reduction of
the principal sum or any other sum secured hereby in such
manner as the Mortgagee shall determine, any amount under
this Paragraph remaining to the Mortgagor's credit.
3. Insurance.
A. Mortgagor shall maintain liability insurance with
a company approved by Mortgagee with limits of not less than
S1,0i?O,000.00 for any one person or any one accident, as to
personal injury and not less than $250,000.00 for property
damage. Such amounts may be increased from time to time oy
Mortgagee and Mortgagee shall be named an additional
insured. Mortgagor ShUll alu., keep the buildinys nuw uv
hereafter on the Mortgayed Property and the fixtures and
personal property therein contained, insured by a company or
companies approved by Mortuayee (!ia•:inu a General
Policyholder Rating of A* and a Financial Rating of Class X
per A. M. Best and Company's Current Key Rating Guide),
against loss by -flood, fire, windstorm and such other pe:•i:s
as Mortgagee may from time to time require in such amounts
as Mortgagee may require and so that Mortgagee's interest is
not subject to co-insurance, and the policy or policies
shall be in form acceptable to Mortgagee and provide for
thirty (30) days' prior written notice of cancellation to
Mortgagee and be held by and payable to Mortgagee.
Mortgagee shall have the option to receive and apply any
payments on account of the Note or permit application of all
or any part thereof for any purposes without thereby waiving
or impairing the equity, lien or right under Ond by virtue
of this Mortgage. Mortgagor hereby assigns and will deliver
to Mortgagee all policies of insurance as additional
security and in the event of a foreclosure of this Mortgage,
the purchaser of the Mortgaged Property shall succeed to all
of Mortgagor's rights under all policies of insurance,
including rights to proceeds and unearned premiums.
B.. Mortgagor shall pay the Mortgagee on the date of
such regular installments of principal and interest as
required by the Note secured hereby, until the Note is fully
paid, an amount equal t6 one -twelfth (1/12th) or such
proportionate share of the yearly premium for insurance as
estimated by the Mortgagee to be sufficient to enable the
Mortgagee to pay for the insurance premiums when due. Such
added payment shall not be, nor be deemed to be, trust
funds, but may be co -mingled with the general funds of the
Mortgagee, and no interest shall be payable to Mortgagor in
respect thereof. Upon demand of -the Mortgagee, the
Mortgagor agrees to deliver to the Mortgagee such additional
monies as are required to make up any deficiencies in the
amounts necessary to enable the Mortgagee to pay such
insurance. In the event of a default by the Mortgagor in
-4- 1 81
91... 779
the percjrnar-:e _. _. - .-. _ a-*..
conditions in .nis Mc:•,;j _. N:-e se=.red -.e:•ez
Mortgagee may apply ne -ne pr:.,_:pa: s.:cn
any other sum secured herecy r. suer. manner as the Mortgagee
shall determine, any •unn;•n :s Paragrapc remain:-..;
to the Mortgagor's cred:..
4. Good Repair. Mortgagcr shall keep the Mortgaged
Property in good order and repair; promptly repair, replace or
restore any part of the Mortgaged Property which may become
damaged, destroyed, lost or unsuitaoie for use; not remove,
demolish or materially alter any buildings now or hereafter
erected on the Mortgaged Property; and shall permit, commit and
suffer no waste, impairment, abandonment or deterioration of the
Mortgaged Property or any part thereof. Upon Mortgagor's failure
to keep the buildings and personal property on the Mortgaged
Property in continuously good condition and repair, Mortgagee may
demand any or all of -the following in addition to any other
remedibs provided for herein, at law or in equity: (a) the
immediate repair of the Mortgaged Property; (b) an increase in
the amount of security; or (c) the immediate repayment of the
Note. Mortgagee shall have the right from time to time to
inspect the Mortgaged Property upon supplying notice to the
Mortgagor.
S. Compliance. Mortgagor shall perform, comply with and
abide by all present and future laws, ordinances, regulations and
rules of any governmental authority affecting the Mortgaged
Property•and not suffer or permit any violations thereof, and
comply with all deed restrictions, restrictive covenants,
Condominium Documents and plat restrictions applicable to the
Mortgaged Property, all at Mortgagor's sole cost and expense.
Mortgagor promptly shall perform, comply with and abide by each
and every stipulation, agreement, condition and covenant set
forth in the Note and this Mortgage. at Mortgagor's sole :os- and
expense.
6. Further assurances. Mortgagor will make, execute and
deliver to the Mortgagee and, where appropriate, shall cause -o
be recorded and/or filed and from time to time thereafter to be
re -recorded and/or re -filed at such time and in such offices and
places as shall be deemed desirable by the Mortgagee, any and
all, such further Mortgages, UCC-1 Financing Statements,
instruments of further assurance, certificates and other
documents as may, in the opinion of the Mortgagee, be necessary
or desirable in order to effectuate, complete, enlarge or
perfect, or to continue and preserve:
A. The obligation of the Mortgagor under this
Mortgage and the Note secured hereby; and
H. The lien of this Mortgage as a lien, upon all of
the Mortgaged Property whether now owned or hereafter
acquired by the Mortgagor.
Upon any failure of the Mortgagor to do so, the Mortgagee
may make, execute, record, file, rerecord and/or refile any and
all such Mortgages, instruments, certificates and documents for
and in the names of the Mortgagor, and the Mortgagor hereby
irrevocably appoints the Mortgagee, the Agent and
Attorney -in -Fact of the Mortgagor to do so.
7. After Acquired Property. The lien of this Mortgage
will automatically attach, without further act, to all after
acquired property attached to or used in the operation of the
Mortgaged Property or any part thereof.
8. Attorneys' Fees and Other Costs. Mortgagor shall pay
all and singular the costs, charges and expenses, including
5- 82
s sr.a attorneys' tees i,rrespe.•- -� t :: oe
instituted) and appellate at-:;rne;s' ;ees, incurred or paid a:
any time by Mortgagee because of Mc:•t aoor's failure to perform•
comply with and abide by each and every stipulation, agreement,
condition and covenant of the Nute and tr.ts Mortgage, and every
instrument executed in connection ~erew,t.h and every such payment
shall bear interest from the date of payment at the Default Rate
(as such term is defined in the vote!. if any action or
proceeding shall be commenced to -which action or proceeding
Mortgagee shall be made a party or to which it shall become
necessary to defend or uphold the lien of this Mortgage, all sums
paid by Mortgagee for the expense of any litigation to prosecute
or defend the rights and liens created by this Mortgage
(including attorneys' and appellate attorneys' fees) shall be
paid by Mortgagor, together with interest thereon at the Default
Rate, and any such sum, and the interest thereon, shall be a
claim upon the Mortgaged.Property and shall be secured by this
Mortgage. The sums paid or incurred in accordance with the terms
of this paragraph, shall be paid by Mortgagor to Mortgagee
immediately upon demand, and failure or omission to do so shall
entitle Mortgagee to add such sums to the note, and, at its
option, to declare this Mortgage and the Note to be in Default,
thereupon maturing the Note including the sums advanced
hereunder.
9. Event of Default. The term "Event of Default,"
wherever used in this Mortgage sha1; mean any one or more of the
following events:
A. Failure by Mortgagor to pay, as and when due and
payable within the applicable gt,,ace oerL,.d, any installments
of principal or interest due under the Note, or any deposits
for taxes and assessments nr insurance premiums due herein.
B. Failure by Mortgayi.)r to duly keep, perform and
observe any other covenant, condition or agreement in the
Note, this Mortgage, any other instrument securing the Note
or any other instrument collateral to the Note or executed
in connection with the sums secured hereby for a period of
thirty (30) days after Mortgagee gives written notice
specifying the breach, unless within such thirty(30) day
period, Mortgagor shall have taken diligent action to cure
such failure.
C. The sale, conveyance, transfer, or further
encumbrance of the Mortgaged Property without the prior
written consent of the Mortgagee which consent shall be in
the sole and absolute discretion of the Mortgagee as more
fully set forth in Paragraph 29 of this Mortgage.
D. If any Obligor -(as hereinafter defined) shall file
a voluntary petition in bankruptcy or shall be adjudicated
as bankrupt or insolvent, or shall file any petition or
answer seeking any reorganization, arrangement, composition,
readjustment, liquidation, wage earner's plan, assignment
for the benefit of creditors, receivership, dissolution or
similar relief under any present or future Federal
Bankruptcy Code or any other present or future applicable
federal, state or other statute or law, or shall seek or
consent to or acquiesce in the appointment of any trustee,
receiver or liquidator of such Obligor or of all or any part
of properties of the Obligor or if, within ten (10) days
after commencement of any.proceeding against such Obligor
seeking any reorganization, arrangement, composition,
readjustment, liquidation, dissolution, debtor relief or
similar relief under any present or future Federal
Bankruptcy Code or any other present or future federal,
state or other statute or law, such proceeding shall not
have been dismissed, -or stayed on appeal; or if, within ten
-6-
91--- 779
ai.:qU1es,V!1,:e J:
j ICj'I:darnt' of sui h ."I ..j: r a".•f t7O.^ . -Q r.e
Mortgaged Property, such apc,-;:nt.menz sna:. not have been
v,lt..ltt'd ut' stayed un .Jplu �-;:tl :se; J. ., within ten
(10( days otter the expirat:Jn 047 ary such stav such
appointment shall not have been vacated. Obligor is defined
to include the Mortgagor any guarantor, surety,.endorser and
accomodation party.
E. If foreclosure proceedings should be instituted on
any mortgage or on any lien of any kind affecting the
Mortgaged Property, unless Mortgagor, within thirty (30)
days after notice of such foreclosure proceedings, defends
same and provides appropriate indemnification, by surety or
otherwise to Mortgagee.
F. If the Mortgagor or any other person or entity
shall cause any construction of improvements to commence
upon the Mortgaged Property.
G. Any breach of any material warranty or material
untruth of any representation of Mortgagor contained in the
Note, this Mortgage or any other instrument securing or
evidencing the Note, or in any other instrument given with
respect to the sum secured hereby.
H. Any default with respect to any other ongoing
borrowings which the Mortgagor may have outstanding from the
Mortgagee during the pendency of this transaction, and
notwithstanding anythinq to the .:on-rary contained herein,
Mortgagee shall not be otlignted t:; release any of the
property held as collateral for this Mortgage or any other
borrowings which Mortgagor may have outstanding with
Mortgagee so long as any Io-i:l given by the Mortgagee to the
Mortgagor is in default.
10. Acceleration of Maturity. If an Event of Default shall
have occurred and be continuing, the Murtyayee may, at its sole
option, declare the entire principal amount of the Note then
unpaid, and the interest accrued thereon to be due and payable
immediately, and upon such declaration such principal and
interest shall forthwith become and be due and payable, as fully
and to the same effect as if the date of such declaration were
the date originally specified for the maturity of the unpaid
balance of the Note.
11. Mortgagee's Right to Cure Defaults and Power of
Enforcement. If any Event of Default shall have occurred and be
continuing, Mortgagee shall have the right at any time and
without waiving or affecting.its option to foreclose or any other
rights hereunder, to pay such sums of money or to render such
performance as may be necessary or required to cure the Event of
Default, and all sums paid shall be immediately due and payable
from Mortgagor to Mortgagee, together with interest thereon at
the Default Rate and any and all costs, charges, abstract fees,
attorneys' fees (whether or not suit is instituted) and appellate
attorneys' fees, and other expenses incurred or expended in
connection with -the said payment or performance, and this
Mortgage shall stand as security therefor, and any sums paid
shall be deemed an indebtedness in addition to the Note.
Additionally, Mortgagee may, at its sole option, either with or
without entry or taking possession as hereinabove provided or
otherwise, proceed by suit or 'suits at law or in equity or by any
other appropriate proceeding or remedy (a) to enforce payment of
the note or the performance of any term hereof or any other
right, (b) to foreclose this Mortgage and to sell, as an entirety
or in separate lots or parcels, the Mortgaged Property, under the
judgment or decree of a court or courts of competent
-7- i- 77984
-- --------
�.: as :.,iv :a rr s.�.: _�C �__,a. .�r s-c.. • , uses.
The mc. •4,ryee sha:. .,7Ke 1, , -.. _ proceedings
rxe: _.sr ,,. is Powers ems: - or, tax.rc
pcssess.cr . ib the Mor "JL;)e ::pon comrr•encemer.. _f
su:. or Crec_os-re of this Mo::yaye. ar unpaid princ;pal if -e
vote, ;f not previously declared uue, ani the interest ac:rue-4
thereon, shall at once become and be immediately due and payable.
:,pon any such foreclosure sale,, pursuant to judicial
proceedings, the Mortgagee may bid for and purchase the mortgaged
Property and, upon compliance with the terms of sale, may hold,
retain, and possess and dispose of such Property in its cwr
absolute right, without further accountability.
12. Receiver. If an Event of default shall have occurred
and be continuing, Mortgagee shall immediately and without not:_e
be entitled, as a matter of right, and without regard to the
value of the Mortgaged Property, or solvency or insolvency of the
parties, to the appointment of a receiver of the Mortgaged
Property, both real and personal, and of the rents, issues and
profits thereof, with the usual power of receivers in such cases,
and such receiver may be continued in possession of the Mortgaged
Property until the time of the sale thereof, under such
foreclosure, and until the confirmation of such sale by the
court, or until Mortgagee consents to his withdrawal. All of
such receiver's expenses shall be payable by Mortgagor and such
amounts shall be secured by this Mortgige. Notwithstanding the
appointment of any receiver, trustee or other custodian, the
Mortgagee shall be entitled as pledgee ::) the possession ant:
control of any cash, or other instr-,ments at the time held _.
payable or deliverable under the F tc:s Mortgage to :no
Mortgagee.
13. Receipts for Payment of Otner Liens. Mortgagor shag:
exhibit to Mortgagee written rrceipts establishing payment of ar.;
sums required to be paid under any other mortgage or other lien
obligation pertaining,to or affecting the Mortgaged Property, not
later than five (5) days prior to the time that acceleration of
such other mortgage or delinquency of such other lien obligation
could be declared for non-payment thereof.
14. Assignment of Rents. Mortgagor hereby absolutely and
unconditionally assigns to Mortgagee the rents, issues and
profits of the Mortgaged Property, subject to the conditional
permission granted to Mortgagor herein to collect same, together
with all leases and other documents evidencing such rents, issues
and profits now or hereafter in effect and any and .all deposits
held as security under said leases, and shall, upon demand,
deliver to Mortgagee an executed counterpart of each such lease
or other document. Nothing contained in the foregoing sentence
shall be construed to bind Mortgagee to -the performance of any of
the covenants, conditions or provisions contained in any such
lease or other document or otherwise -to impose any obligation on
Mortgagee (including without limitation, any liability under the
covenant of quiet enjoyment contained in any lease in the event
that any tenant shall have been joined as a party defendant in
any action to foreclose this Mortgage and shall have been barred
and foreclosed thereby of all right, title and interest and
equity of redemption in the Mortgaged Property), except that
Mortgagee shall be accountable for any money actually received
pursuant to such assignment. Mortgagor hereby further grants to
Mortgagee the right: (a) to enter upon and take possession of
the Mortgaged Property for the purpose of collection the said
rent, issues and profits; W to dispossess by the usual summary
proceedings any tenant defaulting in the payment thereof to
Mortgagee; (c) to let the Mortgaged Property, or any part
thereof; and (d) to apply said rents, issues and profits, after
payment of all necessary charges and expenses, on account of said
indebtedness. Such assignment and grant shall continue in effect
-8- g15
_ 779
Guns:.. .. . 31-4 ev.zen_. _ _;c-'_
t?!v ell t. , .:pr,: t':r :ak _ -. ! vcr;gaged Proper y --y
Ham: ;coaee ru:soar.; s _.. .cs-re nas Seen
:st • _ e a:. _ . _ E. our zazee
mortgage and the Note are - >>iie=. sa:d ._-.ts,
issues and profits, and Mo:_:ay e �r;.t_e� c_..e�_
and receive the same until the uc=;.rrence of an Event of Default
by Mortgagor under any of the covenants, conditions or agreements
contained in this Mortgage or the N,te. Mortgagor agrees t.. ,se
said rents, issues and profits in pc;yment of principal and
interest becoming due on this Mortgage and in payment of taxes,
assessments, water rates, sewer rents and carrying charges
becoming due against the Mortgaged Property. Such permission to
Mortgagor to collect and receive said rents, issues and profits
may be revoked by Mortgagee upon any Event of Default by
Mortgagor by giving not less than fiv- (5) days written notice of
such revocation. If an Event of Default shall have occurred and
be continuing, Mortgagor will pay monthly in advance to
Mortgagee, on Mortgagee's entry into possession pursuant to the
foregoing grant, or to any receiver appointed to collect said
rents, issues and profits, the fair rertal value for the use and
occupation of the Mortgaged Property or of such part thereof as
may be in Mortgagor's possession, and upon Default in any such
payment will vacate and surrender possession of the Mortgaged
Property t: Mortgagee or to such receiver, and in Default
thereof, may be evicted by summary proceedings.
15. Suits to Protect [':r. Mr ringed Ej:nptr.:y. The
shall have uuwur (a) r_u into' Luc11 �•�:'_: a ::
proceedings as it may deem expedi=nt to prevent any wise �r
impairment of the Mortgaged Property by atv acts which may be
unlawful or in violation of the Mortgage, lb► to preserve or
protect its interest in the Mortgaged Property and in the income,
revenues, rents, and profits arising therefrom, and (c) to
restrain the enforcement of or compliance with any legislation c.
other governmental enactment, rule or order that may be
unconstitutional or otherwise invalid, if the enforcement of or
compliance with such enactment, rule or ord•?r would impair the
security hereunder or be prejudicial to the interest of the
Mortgagee.
16. Proofs of Claim. In the case of any receivership,
insolvency, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceedings affecting the
Mortgagor, its creditors, or its property, the Mortgagee, to the
extent.permitted by law, shall be entitled to file such Proofs
and Claims and other documents as may be necessary or advisable
in order to have the claims of the Mortgagee allowed in such
proceedings for the entire amount due And payaole by the
Mortgagor under this Mortgage at the date of tne institution of
such proceedings and for any additional amount which may become
due and payable by the Mortgagor hereunder after such date.
17. Subrogation. Mortgagee is hereby subrogated to the
claims and liens of all parties whose claims or liens are
discharged or paid with the proceeds of the Note.
18. Condemnation: Eminent Domain. In the event the
Mortgaged Property or any part thereof, shall be condemned or
taken for public use under the power of eminent dimain or shall
be damaged or destroyed, Mortgagee shall have the right to demand
that all damages awarded for the taking of or damage to the
Mortgaged Property and all insurance proceeds shall be paid to
Mortgagee up to the amount then unpaid on this Mortgage and same
may be applied toward the payment(s) last payable under the Note.
Mortgagor shall pay all legal fees, surveyor's charges and any
other costs incurred by Mortgagee in connection with any
-9- 91 - 779 66
�lJ.:.l.:l, .0 a•_, .:J:C.. -. _ ,,..;i_. ..B ....E 1'.., ..d'.'.,__
s sna._ ce SE_-7-2
Ar—,-a-. -,f .,tie _�,;er.ng .ne
Mortgaged Property sha11 belong r and remain in Mortgagee's
possession during the pendency of the lien of this Mortgage.
20. Notices. Any notice, statement, demand or other
communication required or permitted to be given or made by a;t:^.er
party hereunder, shall be in writ:ny and shall be deemed proper::
given and made if served personally or if sent by registered or
certified mail, postage prepaid, ret.:rn receipt requested, to the
addresses first set forth above or at such other address as may
from time to time be designated in writing in conformity
herewith.
21. Modifications: Releases. It is understood and agreed
that Mortgagee may at any time, without notice to any person,
grant to Mortgagor any modification of any kind or nature
whatsoever, or allow any change or changes, substitution or
substitutions, of any of the Mortgaged Property or any other
collateral which may be held by Mortgagee without in any manner
affecting the liability of morrga,; r or any guarantor, surety
endorser of the Note which may b� due and payable to Mortgagee:
and it is also understood and ayleed that Mortgagee may a_ any
time, without notice to any person, release any portion o: the
Mortgaged Property or any other ;)!lateral which may be held as
security for the payment of the Nr,te either with or without ar.;
consideration for such release(s) without in any manner affect:
the liability of Mortgagor, all endorsers or guarantors, :f any,
and all other persons who are or shall be liable for the payment
of the Note and without affecting, disturbing or impairing in anv
manner whatsoever the validity and priority of the lien of this
Mortgage for the full amount of the Note remaining unpaid,
together with all interest and advances which shall become
payable, upon the entire remainder of the Mortgaged Property
which is unreleased, and without in any manner affecting or
impairing t-o any extent whatsoever riny and all other collateral
security which may be held by Mortgagee. It is distinctly
understood and agreed by Mortgagor and Mortgagee that any
release(s) may be made by Mortgagee without the consent or
approval of any other person(s).
22. No Waiver. No extension of time or modification of any
of the terms of this Mortgage or the Note includinq, without
limitation, the terms of payment, and no -release of any part(s)
of the'Mortgaged Property, even though made without Mortgagor's
consent, shall release, relieve or discharge Mortgagor from the
payment of the Note or any portion thereof, but in such event
Mortgagor shall nevertheless be liable to pay such sums according
to the terms of such extension or modification unless
specifically released and discharged in writing by mortgagee.
Furthermore, acceptance of partial payment of any installment of
principal or interest, or both, or of partial performance of any
covenant or delay for a period of time in exercising the option
to mature the Note, shall not operate as a waiver of the right to
exercise such or act on such Default, partial acceptance or any
subsequent Default.
23. Time of the Essence. it is specifically agreed that
time is of the essence of this -instrument and that no waiver of
any obligation hereunder or of the obligation secured hereby
shall at any time hereafter be held to be a waiver of the terms
hereof or of the Note secured hereby.
24. Cumulative Remedies. No right, power or remedy
conferred upon or reserved to Mortgagee by this Mortgage is
-10- V 7
ry
� .... 79
n; ;'emec°:~ :er. ^ereunde: ��:.. ex:s::. �: _a�
,r eyu. , _. by statute.
25. Sa:.cesscr and Ass ns w: ^ever in this Mortgage _re
of the parties hereto is named or :•eferred tc, the "eirs, Lega.
representatives, successors and assigns of such party shall oe
included, provided that the foregoing shall nct be deemed t:�
constitute permission to transfer the Mortgaged Property wh:;.h
otherwise restricted by Paragraph 29 hereof. Ail covenants an;. -
agreements contained in this Mortgage by or on behalf of
Mortgagor or by or on behalf of Mortgagee shall bind and inure
the benefit of their respective heirs, legal representatives,
successors and assigns. Whenever the singular or plural number
or masculine or feminine or neuter gender is used herein, :t
shall include the others.
26. Financial Statements. Mortgagor, shall submit, as
requested by Mortgagee, an income statement and balance sheet
acceptable to Mortgagee and certified to be true and correct.
The notes to the financial statements shall contain full
disclosure and explanation of any contingent liabilities shown
the financial statements. Within ninety (90) days of the :lose
of Mortgagor's fiscal year, Mortgagor shall submit an income
statement, balance sheet, statement -,t stained earnings and
statement of changes in financial position, together with
supporting notes and schedules, to Mortgagee and
certified to be true and correct. Said financial statements
shall be prepared in accordance with ��nerally accepted
accounting principles applied tin a :1,i>,:s ..cinsistent .:t:] ..
years. The creditworthiness of Mortgagor as it exists on the
date of execution of the Note and this Mortgage, must be
maintained throughout the term of the Loan. if the
s
on
creditworthiness of Mortgagor shall, in Mortgagee's soie
substantially deteriorate, such deteriuration shall be an eve^t
of Default hereunder.'
27. Hazardous Wastes and Compliance with Environmental :a:;,,.
A. Mortgagor represents and warrants to Mortgagee
that there are no materials presently located on the
Mortgaged Property which, under federal, state or local law,
statute, ordinance or regulation, or court or administrative
order or decree, or private agreement thereinafter
collectively referred to as "Environmental Requirements"),
require special handling in collection, storage, treatment
or disposal, that there are no hazardous waste, toxic waste
or any environmental hazardous spills or contaminants
thereinafter collectively referred to as "Waste") affecting
the surface or sub -surface of the Mortgaged Property under
any Environmental Requirements, and that Mortgagor will not
place or permit to be placed any such waste on the Mortgaged
Property.
B. Mortgagor shall, if at any time it or Mortgagee
believes or has any suspicion that there is waste located on
or under the Mortgaged Property which, under any
Environmental Requirements require special handling in
collection, storage treatment or disposal, take or cause to
be taken within thirty (30) days after written notice
thereof, at its sole expense, such actions as may be
necessary to determine if -such waste exists by
investigations or tests or otherwise, and if it exists, then
to comply with all Environmental Requirements. Failure of
Mortgagor to comply with this Section and all Environmental
Requirements shall constitute and be a default under the
Note secured by this Mortgage and of the Mortgage itself,
91_-- 779
Jtl.j`.•JKe Cne bJiJ:7 eY' ;: _ ,
C. Mortgagor seal: y •e Mortgagee prcmpt n ,.ce ...
any notice it receives concer:-,r.y waste problems under ar.
Environmental Requirement, or of any administrative review.
claim, demand, action or suit, threatened or instituted
against Mcrtgagor or any one naving any relatienshir to tie
Mortgaged property, by reason of or in connection with any
Waste problem under any Environmental Requirements. Upon
request of Mortgagee, Mortgagor shall consult and cooperate
with Mortgagee in connection :with the determination of sucn
problem and the response or defense thereto, and upon
request of Mortgagee, provide Mortgagee with the option,
which Mortgagee shall have nu obligation to exercise, tc
participate in the defense o: any sucn problem at
Mortgagor's expense.
D. If: (1) the U.S. Environmental Protection. Agency
0"EPA") or the State of Florida or County Department of
Environmental Regulation, or any other governmental agency
or authority requires any remedial action or clean-up of any
Waste on or under the Mortgaged property; or (2) Mortgagor
is impeded in or constrained from using, financing, selling
or leasing the Mortgaged Property by reason thereof, then
Mortgagor shall retain a geo-technical engineer
satisfactory to the Mortgagee to administer such remedia_
action or clean-up in order, as the case may be, to satisfy
the requirements of EPA, or such other governmental agency
or to remove the impediment to or constrain on such future
use, financing, sale or lease t,f the Mortgaged Property.
All work and related matters .r.: n Mortgagor is required t_
cause to be performed pursuant hereto shall be performed at
the sr�:e cost and expense thereof of Mortgagor, shall be
commenced promptly after request therefor by EPA, or suc!,,
other governmental agency, anti .nnll be diligently
prosecuted to conclusiun.
E. Mortgagor shall remain totally liable for ail
damages and losses to Mortgagee under this Section
regardless of any other provisions in the Note or this
Mortgage or otherwise which may limit recourse. Mortyaco:
agrees that the invalidity, irregularity or unenforceability
of all or any part of the Mortgagor's obligations under this
Section shall not affect, impair or be a defense to the
obligations of Mortgagor or rights of Mortgagee under this
Section.
F. Furthermore, neither Mortgagor nor any tenant nor
any other person in possession shall use or bring any Waste
on to or under the Mortgaged property.
G. The provisions of the Borrower's Affidavit and
Indemnity Regarding Hazardous or Toxic. Materials executed
this date in favor of Lender are incorporated herein by
reference.
28. Future Advances. This Mortgage is given to secure not
only the existing indebtedness given by the Mortgagor in favor of
the Mortgagee in the amount of TWO HUNDRED SIXTY THREE THOUSAND
FIVE HUNDRED AND N01100 DOLLARS ($263,500.00) evidenced by the
Note secured hereby, but also such future advances up to -an
additional ONE HUNDRED THOUSAND AND N01100 DOLLARS ($100,000,00)
as are made within twenty (20) years from the date hereof, plus
interest thereon, and any disbursements made by the Mortgagee for
the payment of taxes, insurance or other liens on the Mortgaged
Property, with interest on such disbursements, which advances
shall be secured hereby to the same extent as if such future
advances were made this date. The total amount of indebtedness
-12- 65
779
fir•. ..: e• .. .. -...: — -. :
:d..._.. ne pJ...es a sr,a._ oe
f~o�ttr =.a _ �, :e. fl th.•J M^: r ..j Ce _.:ns,z. .:9C
naracraC
29. No :'rar.sfer of the Mor:aaaed ?r�,aerty. The Loan
secured hereby is for the benefit of Mortgagor only. :n :he
event Mortgagor conveys to any other part.: any interes_ in he
Mortgaged Property, or any part :hereof, legal or equitable,
without the prior written consent of Mortgagee, or in the even:
Mortgagor shall sell, lease or otherwise dispose of the Morryaced
Property, or any part thereof, without the prior written consent
of Mortgagee, or if any change uc.curs to the ownership D: the
Mortgagor, without the prior written consent of Mortgagee. or :.
Mortgagor shall mortgage, pledge, grant any lien, encumbrance or
security interest in any of the Mortgaged Property as co.':atera:
security for any other loan, obligation or forbearance, without
the prior written consent of Mortgagee, Mortgagee may, at its
election, declare the entire indebtedness hereby secured to be
immediately due and payable, without notice to Mortgagor (which
notice Mortgagor hereby expressly waives) and upon such
declaration, the entire indebtedness hereby secured shall be
immediately due, payable and colte,:rible, anything herein cr in
the Note to the contrary no�'•Lthstunai n.g. No conveyance, sale,
lease or other disposition of the Mortgaged Property, or any part
thereof, steal: relieve Mottgagoi- of is primary liability under
the Note ur his Mortgage. and, .,po;.,•ny such. _onveyance, sale er
disposition, the transferee must expressly assume the obligations
of Mortgagor under the Note and Mortgage. Mortgagee may,
without notice to Mortgagor, deal w.r n any successor owner of a!' -
or any portion of the Mortgayt:ci Propv:•r y in the same manner as
with Mortgagor, without in any ...,y rj!:.r.nrginq the liabi1 it.: c=
Mortgagor hereunder or upon the Jut,t-;tf.ured hereby. In
connection with any sale or transfer where Mortgagee elects no:
to accelerate, Mortgagee shall have the right to charge a
transfer fee plus such sums necessary to reimburse Mortgagee °-!-
expenses incurred or payable, including but not limited to,
attorneys' fees, abstracting or title updating charges,
documentary stamps and intangible tax. Said sums shall be due
and payable upon sale or transfer and shall be secured by the
lien of this Mortgage. Any waiver by Mortgagee of its right to
accelerate as provided in this paragraph shall not be a waiver of
or preclude the exercise of Mortgagee's right to accelerate for
any subsequent sale or transfer by Mortgagor or Mortgagor's
successors in title without Mortgagee's prior written consent as
provided above.
30. Uniform Commercial Code. The parties agree that this
Mortgage iT a Security Agreement under the Uniform Commercial
Code for the purpose of creating a lien on the personal property
and fixtures described herein.
31. Maximum Rate of Interest. Nothing herein contained,
nor in any instrument or transaction related thereto, shall be
construed or so operate as to require the Mortgagor, or any
person liable for the payment of thy- lean made pursuant to this,
Note, to pay interest in an amount or at a rate greater than the
highest rate permissible under applicable law. Should any.
interest or other charges paid by the Mortgagor, or any parties
liable for the payment of the 4oan made pursuant to this note,
result in the computation or earninq of interest in excess of the
highest rate permissible under applic:aw a law, then any and all
such excess shall be automatically credited against and in
reduction of the principal balance of the Note, and any portion
of said excess which exceeds the principal balance shall be paid
by the Holder hereof to the Mortgagor and any parties liable for
779
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,•. ,: .r ._.
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:, De req_.,
te!'...
.s Jef.;.c'C ...
the N„__
Event
of Default as
def tner
, :. l •. a:,.c wnere e:Sevner3
provided .or this Mcr-ga(,.
33. Event of Default by Mort as ;ur. At,, .,vent of De_a_;.,
Mortgagor under the terms of the Nutt-, this Mortgage or any of�
the Loan Documents shall constitute a default as to any other
borrowings which may at any time rlt:: :ny :he term of t`: loan. nave
existing from Mortgagee. a defau:: ny Mortgagor under the terns
of any note, mortgage, interim and permanent loan agreement,
financing statement, or other loan cocuments in favor of
Mortgagee shall constitute an Event of Default hereunder. :f an
Event of Default shall occur, Mortgagee may, in its sole
discretion, continue to partially release any collateral which :s
security for any loan from Mortgagee to Mortgagor on such terms
as the loan documents for such loan may provide or on such other
terms as may be prescribed by Mortgagee, in its sole discretion;
'-owever, , Mcrtgagee shall not ne re•1:::roc -;i ;narK anv note as
"paid nf111 satisfy any mcr-naa-. -r: n:r.are any f inane.J
statement or take any other a_...... .;y :•elease any suz�
collateral from the lien of any mortgage or financing statement
unti. the e:laved Event of Defaui -.r,s neen •:ured, .n:s
notwithstan`.nu the fact -:int tht- inuentedne5s sec:::ed by s:._::
,,,:ree!nent may :air ..c)
:ema:...r.L. a;t; prinClFiu: Ja:an.e.
24. S- _ of Loan Coma., tmenThe Loan Commitme.n-. ar.d _.._
Genera! C, •,'.' -'ns executes: , crt;nr -.ion with the Loan, -sna
!.ereby ter .:r.a'r and be cf riu :u:•-ner force and effe_-.
35. waiver of Trial by ;u:v. Except as prohibited t .
neither Mortgagee nor Mortgagor shall seek a trial by
respect of -any litigation proceedtng or counterclaim arising _..
of, under or in connection with this Mortgage, the Note, the
other Loan Documents, executed by the Mortgagor or Mortgagee
both of such parties in connection herewith or the transactions
contemplated herein. If the subject matter of any such lawsuit
is one in which the waiver of a jury trial is prohibited and any
party seeks trial by jury, then such claim shall be separately
filed. Further, neither the Mortgagee nor the Mortgagor shall
seek to consolidate any such action in which a jury trial has
been waived with any other action in which a jury trial cannot be
waived.
IN WITNESS WHEREOF, the w:;!_ru:rsnea has executed this
instrument the day and ye.ir f i ram- irurvF wri t ren.
Witnesses: MORTGAGOR:
MIAM1 CHINESE COMMUNITY
CENTER, LTD., a Florida limited
partnership
By: M I AMI CHI NATOWN DEVELOPMENT
\� CORP., a Florida corporation,
its general partner
i41 •
ISAAC SHIM
its President
-1�-
��-- 779
Z) m
e-ce-' before me
N" Cy .soy_ S as Pres-.Jent of M,.am-.
ow,; Deve;opmen: Cori;.. -:n pu rat i on is the gent. ra
partner of Miam-, Chinese Commun;tv Center, Ltd., or. beha-! --" _ne
limited pa:--nership.
A is
Notary Public
My commission expires:
JFH341f
V
_ 0 MAR 2 7 Ff" r2: 4 :,
,,112���
TM.S ZNS 'RUMENT PREPARED BY: COcur�EM'-ry 5'p.mn, Col!ectPd $ •?�• S
Robert L. Jamerson, Jr., Esq. `= SUZTrUC
Doc.
r
Sutton, Jamerson & Mullin, P.A. ��"C" In•a -Ta ,x
2655 Le Jeune Road, Penthouse 1: P . r ,. ..do C in(� la.
Coral Gables, Florida 33134
_,.a,a PF
G �C
MORTGAGE
•:HiS MORTGAGE is made this March 7 1990, between MIAMI CHINESE
COMMUNITY CENTER, LTD., a Florida limited partnership ("Borrower"), and EASTERN
NATIONAL BANK, a national banking association, having offices at 866 Ponce de
Leon Boulevard, Coral Gables, Florida ("Lender").
Borrower, in consideration of the indebtedness herein recited irrevocab:•:
grants and conveys to Lender that certain property located in the County of Dade,
State of Florida, and more particularly described in Exhibit A attached hereto,
togethet with all the improvements now or hereafter erected on the property, and
all easements, rights, appurtenances, rents, royalties, mineral, all and aas
rights and profits, water, water rights and water stock, and (all fixtures nc•:
or hereafter attached to the property, all of which, including replacements and
additions thereto, shall be deemed to be and remain a part of the property
covered by this Mortgage; and all of the foregoing, together with said property
are herein referred to as the "Property");
TO SECURE to Lender (a) the repayment of the indebtedness evidenced by
Borrower's note attached hereto as Exhibit B (herein "Note"), in the principal
sum of One Hundred Seventy -Five Thousand Dollars (5175,000.00), with interest
thereon, the payment of all other sums, with interest thereon, advanced in
j accordance herewith to protect the security of this Mortgage; and the performance
of the covenants and agreements of Borrower herein contained; and (b) the
S
j repayment of any future advances, with interest thereon, made to Borrower by
Lender pursuant to paragraph 24 hereof (heroin "Future Advancen").
Borrower covenants that Borrower -is lawfully seized of the estate hereby
conveyed and has the rigkt to grant and convey the Property, that the Propert;:
:s unencumbered, and that Borrower will warrant and defend generally the t:t:e
to the Property against all claims and demands, subject to any declarations.
easements or.restriction■ listed in a schedule of exceptions to coverage in an -..-
title insurance -policy insuring Lender's interest in the Property.
Borrower and Lender covenant and agree as follows:
1. Payment of Principal and interest. Borrower shall promptly pay when
due the principal of and interest on the indebtedness evidenced by the Note,
prepayment and late charges as provided in the Note, and the principal of and
interest on any Future Advances secured by the Mortgage.
2. Funds for Taxes and Insurance. Lender may require Borrower to pay to
Lender in monthly installments until the Note is paid in full, a sum (herein
"Funds") equal to ore -twelfth of the yearly taxes and assessments which may
attain priority over this Mortgage, and ground rents on the Property, if any,
plus one -twelfth of yearly premium installments for hazard insurance, plus
33
91-- 779
one -twelfth of yearly premium installments for mortgage insurance, if an, a:L
as reasonably estimated initially and from tine to time by Lender on the bails
of assessments and bills and reasonable estimates thereof.
The Funds shall be held in an institution the deposits or accounts of which
are insured or guaranteed by a Federal or state (including Lender if Lender :s
such an Lender shall apply the Funds to pay said taxes,
assessments, insurance premiums and ground rents. Lender may not charge for so
holding and applying the Funds, analyzing said account or verifying and comoilin^.
said assessments and bills, unless Lender pays Borrower interest on the Funds
and applicable law permits Lender to make such a charge. Borrower and Lender
may agree in writing at the time of execution of this Mortgage that interest on
the Funds shall be paid to Borrower, and unless such agreement is made or
applicable law requires such interest to be paid, Lender shall not be required
to pay Borrower any interest or earnings on the Funds. Lender shall live t_
Borrower, without charge, an annual accounting of the Funds showing credits and
debits to the Funds and the purpose for which each debit to the Funds was made.
The Funds are pledged as additional security for the sums secured by this
Mortgage.
If the amount of the Funds held by Lender, together with the future monthly
installments of Funds payable to the due dates of taxes, assessments, insurance
premiums and ground rents, shall exceed the amount required to pay said taxes,
assessments, insurance premiums and ground rents as they fall due, such excess
shall be, at Borrower's option, either promptly repaid to Borrower or credited
to Borrower on monthly installments of Funds. If the amount of the Funds held
by Lender shall not be sufficient to pay taxes, assessments, insurance premiums
and ground rents as they fall due, Borrower shall pay to Lender any amount
necessary to make up the deficiency within thirty (30) days from the date notice
is mailed by Lender to Borrower requesting payment thereof.
Upon payment in full of all sums secured by this Mortgage, Lender shall
promptly refund to Mortgagor any Funds held by Lender. If under paragraph 11
hereof the Property is sold or the Property is otherwise acquired by Lender,
Lender shall apply, no later than immediately prior to the sale of the Property
or its acquisition by Lender, any Funds'held by Lender at the time of application
as a credit against the sums secured by this Mortgage.
3. Application of Paysents. Unless applicable law provides otherwise,
all payments received by Lender under the Note and paragraphs 1 and 2 hereof
shall be applied by Lender first in payment of amounts payable to Lender by
Borrower under paragraph 2 hereof, then to interest payable on the Note, then
to the principal of the Note, and then to interest and principal on any Future
Advances.
4. Charges; Liens. Borrower shall pay all taxes, assessments and other
charges, fines and impositions attributable to the Property which may attain a
priority over this Mortgage, and leasehold payments or ground rents, if any, in
the manner provided under paragraph 2 hereof or'; if not paid in such manner, by
Borrower making payment, when due, directly to the payee thereof.
Borrower shall promptly furnish to Lender all notices of amounts due under
this paragraph, and in the event Borrower shall make payment directly, Borrower•:
shall promptly furnish to Lender receipts evidencing such payments. Borrower
shall promptly discharge any lien which has priority over this Mortgage;
2 9 1 - 779 .9¢-
c=o•sided, that Borrower shall not be required to discharge any such ilea so __._
as Borrower shall agree in writing to the payment of the obligation secured n.
such :ien in a manner acceptable to Lender, or shall in good faith contest su:h
Tier. by, or defend enforcement of such lien in, legal proceedings which operate
_ to prevent the enforcement of the lien or forfeiture of the Property or any part
thereof.
S. Hazard Insurance. Borrower shall keep the improvements now existing
or hereafter erected on the Property insured against loss by fire, hazards
included within the term "extended coverage", and such other hazards as Lender
may require and in such amounts and for suc!•: periods as Lender may requlre-
provided, that Lender shall not require that the amounts of such coverage exceed
that amount of coverage required to pay the sums secured by this Mortgage.
The insurance carrier providing the insurance shall be chosen by Borrower
subject to approval by Lender; provided, that such approval shall not be
unreasonably withheld. All premiums on insurance policies shall be paid i. ".s
manner provided under paragraph 2 hereof or, if not paid in such manner, �y
eorrowec making payment, when due, directly to the insurance carrier.
All insurance policies and renewals thereof shall be in form accepts::
to Lender and shall include a standard mortgagee clause in favor of and in _form
acceptable to Lender. Lender shall have the right to hold the policies and
renewals thereof, and Borrower shall promptly furnish to Lender all renewal
notices and all receipts of paid premiums. In the event of loss, Borrower shall
give prompt notice to the insurance carrier and Lender. Lender may make proof
of loss if not made promptly by Borrower.
Unless Lender and Borrower otherwise agree in writing, insurance proceeds
shall be applied to restoration or repair of the Property damaged, provided such
restoration or repair is economically feasible and the security of this Mortgage
is not thereby impaired. If such restoration or repair is not economically
feasible or if the security of this Mortgage would be impaired, the insurance
proceeds shall be applied to the sums secured by this Mortgage, with the excess,
if any, paid to Borrower. If the Property is abandoned by Borrower, or if
Borrower '_ails to respond to Lender within thirty (30) days from the date notice
is mailed by Lender to Borrower that the insurance carrier offers to settle a
claim for insurance benbfits, Lender is authorized to collect and apply the
insurance proceeds at Lender's option either to restoration or repair of the
property or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application
of proceeds to principal shall not extend or postpone the due date of the month:.:
installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments. If under paragraph 18 hereof the Property is acquired by
Lender, all right, title and interest of Borrower in and to any insurance
policies and in and to the proceeds thereof resulting from damage to the Property
prior to the sale or acquisition shall pass to Lender to the extent of the sums
secured by this Mortgage immediately prior to such sale or acquisition.
6. Preservation and Maintenance of Property; Leaseholds; Condominiums;
Planned Unit Developments. Borrower shall keep the Property in good repair and
shall not commit waste or permit impairment_or deterioration of the Property and
shall comply with the provisions of any lease if this Mortgage is on a leasehold.
If this Mortgage is on a unit in a condominium or a planned unit development,
3crrower shall perform all of Borrower's obligations under the declarat__r.
c—o7enants creating or governing the condominium or planned unit development, :ne
-laws and regulations of the condominium or planned unit development, ant
cor.stituent documents. If a condominium or planned unit development rider :s
executed by Borrower and recorded together with this Mortgage, the covenants and
agreements of such rider shall be incorporated into and shall amend and
supplement the covenants and agreements of this Mortgage as if the rider were
a part hereof.
7. Protection of Lender's Security. :f Borrower fails to perform t!^e
covenants and agreements contained in this Mortgage, or if any action c_
proceeding is commenced which materially affects Lender's interest in the
?roperty, including, but not limited to, eminent domain, insolvency, c:de
enforcement or arrangements or proceedings involving a bankrupt or decedent, tnen
Lender at Lender's option, upon notice to Borrower, may make such appearances,
disburse such sums and take such action as is necessary to protect Lender's
interest, including, but not limited to, disbursement of reasonable atttrney s
fees and entry upon the Property to make repairs. If the Lender required
nortgage insurance as a condition of making the loan secured by this Mortgage,
Borrower shall pay the premiums required to :maintain such insurance in effect
until such time as the requirement for such insurance terminates in accordance
with Borrower's and Lender's written agreement or applicable law. Borrower shall
pay the amount of all mortgage insurance premiums in the manner provided under
paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest -
thereon, shall become additional indebtedness of Borrower secured by this '
Mortgage. Unless Borrower and Lender agree to other terms of payment, such
amounts shall be payable upon notice from Lender to Borrower requesting payment
thereof, and shall bear interest from the date of disbursement at the rate
payable from time to time on outstanding principal under the Note unless payment
�: interest at such rate would be contrary to applicable law, in which event such
ancunt shall bear interest at the highest rate permissible under applicable taw.
':othing contained in this paragraph 7 shall require Lender to incur any expense
contained in this paragraph 7 or take any action hereunder.
8. Inspection. Lender may make or cause to be made reasonable entries
upon and inspections of the Property, provided that Lender shall give Borrower
notice prior to any such inspection specifying reasonable cause therefor related
to Lender's interest in the Property.
9. Condemation. The proceeds of any award or claim for damages, direct
sr consequential, in connection with any condemnation or other taking of the
?roperty, or part thereof, or for conveyance in lieu of condemnation, are hereby
assigned and shall be paid to Lender.
:n the event of a total taking of the Property, the proceeds shall '-e
applied to the sums secured by this Mortgage, with the excess, if any, paid to
Borrower. In the event of a partial taking of the Property, unless Borrower and
Lender otherwise agree in writing, there shall be applied to the sums secured
by this Mortgage such proportion of the proceeds as is equal to that proportion
which :he amount of the sums secured by this Mortgage immediately prior to the
date of taking bears to the fair market value of the Property immediately prior
to the date of taking, with the balance of the proceeds paid to Borrower.
4 91--- 7793
:f the Property is abandoned by Borrower, or if, after notice by Len-2er
to Borrower that the condemnor offers to make an award or settle a clam -
damages, Borrower fails to respond to Lender within thirty (30) days after the
date such notice is mailed, Lender is authorized to collect and apply t'-e
proceeds, at Lender's option, either to restoration or repair of the Proper=;:
or to the sums secured by this Mortgage.
Unless (ender and Borrower otherwise agree in writing, any such appiicat-on
of proceeds to principal shall not extend or postpone the due date of the monthly
installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not Released. Extension of the time for payment or
modification of amortization of the sums secured by this Mortgage granted by
Lender to any successor in interest of Borrower shall not operate to release,
in any manner, the liability of the original Borrower and Borrower's successors
in interest. Lender shall not be required to commence proceedings against suc^
successors or refuse to extend time for payment or otherwise modify amortization
of the sums secured by this Mortgage by reason of any demand made by the original
Borrower and Borrower's successors in interest.
11. Forbearance by Lender.Not a Waiver. Any forbearance by Lender in
exercising any right or remedy hereunder, or otherwise afforded by applicable
law, shall not be a waiver of or preclude the exercise of any such right or
remedy. The procurement of insurance or the payment of taxes or other liens or
charges by Lender shall not be a waiver of Lender's right to accelerate the
maturity of the indebtedness secured by this Mortgage.
12. Remedies Cumulative. All remedies provided in this Mortgage are
distinct and cumulative to any other right or remedy under this Mortgage or
afforded by law or equity, and may be exercised concurrently, independently or
successively.
13. . Successors and Assigns are Bound; Joint and Several Liability;
Captions. The covenants and agreements herein contained shall bind, and the
rights hereunder shall inure to, the respective successors and assigns of Lender
and Borrower, subject to the provisions of paragraph 17 hereof. All covenants
and agreements of Borrower shall be joint and several. The captions and headings
of the paragraphs of this Mortgage are for convenience only and are not to be
used to interpret or define the provisions hereof.
14. Notice. Except for any notice required under applicable law to be
;--.en in another manner, (a) any notice to Borrower provided for in this Mortgage
shall be given by mailing such notice by certified mail addressed to Borrower
at 1823 Biscayne Boulevard, 014, Miami, Florida 33132, or at such other address
as Borrower may designate by notice to Lender as provided herein, and (b) any
notice to Lender shall be given by certified mail, return receipt requested, to
Lender, s,address stated herein or to such other address as Lender may designate
by notice to Borrower as provided herein. Arty notice provided for in this
Mortgage shall be deemed to have been given to Borrower or Lender when given in
the manner designated herein.
15. Governing Law; Severability. This Mortgage shall be governed by the
law of the jurisdiction in which the Property is located. In the event that any
provision or clause of this Mortgage or the Note conflicts with the applicable ab
.aw, such ccnf lict shall not affect other provisions of this Mortgage or the =�
which can be given effect without the conflicting provision, and to this end I..e
provisions of the Mortgage and the Vote are declared to be severable.
16. Borrower's Copy. Borrower shall be furnished a conformed copy of the
Vote and of this Mortgage at the time of execution or after recordation hereof.
17. Transfer of Property. Borrower shall not sell, convey, transfer.
lease or further encumber any legal or equitable interest in all or any part of
the Property, without the prior written consent of Lender, and any sale,
conveyance, transfer, lease or encumbrance made without Lender's prior written
consent shall be void. For purposes of znis paragraph, if Borrower is a
corporation or partnership, any change in the ownership of Borrower or a materia.
change in the management of Borrower shall be considered a conveyance of the
Property. if any person should obtain any interest in all or any part of t-e
Property pursuant to the execution or enforcement of any lien, security interest
or other right, whether superior, equal or subordinate to this Mortgage or the
lien hereof, such event shall be deemed to be a transfer by Borrower. Borrower
shall nQt, without the prior written consent of Lender, further assign the rents
from the Property, nor enter into any agreement to do any act to amend, modify,
extend, terminate or cancel, accept the surrender, subordinate, accelerate the
payment of rent, or change the terms of any renewal option of any lease now ^_r
hereafter covering the Property or any part thereof, and any such assignment,
agreement or act without the express written consent of Lender shall be void.
18. Acceleration. If any sum of money herein referred to be not promptly
paid when the same becomes due► or if each and every one of the agreements,
stipulations, conditions and covenants of the Note and this Mortgage be not
complied with, then all sums secured by this Mortgage shall forthwith or
thereafter, at the option of the Lender, become and be due and payable in full
without further demand, and Lender may foreclose this Mortgage by judicial
proceeding. Lender shall be entitled to collect all expenses incurred in
pursuing the remedies provided in this paragraph or in other provisions of this
Mortgage, including, but not limited to, easonable attorneys' fees (whether or
not suit be brought), court costs, and costs of title evidence (and those
attorney's fees and costs incurred in connection with any appellate proceedings).
?allure by the Lender to exercise any of the rights or options herein provided
shall not constitute a wliver of any rights or options under the Note or this
Mortgage accrued or thereafter accruing.
19. Assignment of Rents; Appointment of Receiver. As additional security
hereunder, Borrower hereby assigns to Lender the rents of the Property, provider
that Borrower shall,. prior to acceleration under paragraph 18 hereof or
abandonment of the Property, have the right to collect and retain such rents as
they become due and payable.
.Upon acceleration under paragraph 18 hereof or abandonment of the Property,
Lender shall be entitled to have a receiver appointed by a court to enter upon,
take possession of and manage the Property and to collect the rents of the
Property, including.those past due. All rents collected by the receiver shall
be applied first to payment of the costs of management of the Property and
collection of rents, including, but not limited to, receiver's fees, premiums
on receiver's bonds and reasonable attorney's fees, and then to the sums secured
by this Mortgage. The receiver shall be liable to account only for those rents.
actually received..
6
20. Further Assurances. At any time and from time to time, upon Lender s
request, Borrower shall make, execute and deliver or cause to be spade, execute'
and delivered to Lender and, where appropriate, shall cause to be recorded or
filed and from time to time thereafter to be re -recorded or refiled at such time
and in such offices and places as shall be deemed desirable by Lender any and
all such further mortgages, instruments of further assurance, certificates and
other documents as Lender may consider necessary or desirable in order to
effectuate, complete, enlarge or perfect, or to continue and preserve the
obligations of Borrower under the Note and this Mortgage, and the lien of this
Mortgage as a first and prior lien upon all of the Property, whether now owned
or hereafter acquired by Borrower. Upon any .failure by Borrower to do so, Lender
may make, execute, record, file, re-record or refile any and all such mortgages,
instruments, certificates and documents for and in the name of Borrower, and
Borrower hereby irrevocably appoints Lender the agent and attorney -in -fact of
Borrower to do so.
21. Renewals and Extensions. Upon request of Borrower, Lender, at
Lender's option, prior to release of this Mortgage, may extend the time for
payment,on the note or notes secured hereby (including Notes evidencing Future
Advances) or may renew such notes, which extensions and renewals shall bear
interest at the rate determined by the Lender at the time of such renewal or
extension. Any such extension or -renewal shall not impair the security of this
Mortgage and the notes so extended or renewed shall continue to be fully secured
by this Mortgage without any further need for reference to this Mortgage in the
extension or renewal note.
22. Construction Loan Agreement. If the proceeds of the loan for which
this Mortgage is given as security are to be utilized for construction purposes,
the terms and conditions of the Construction Loan Agreement, if any, of even date
are incorporated herein by reference.
23. security Agreement. This instrument shall also constitute a security
agreement under the Uniform Commercial Code.
24. Future Advances. This Mortgage is given to secure not only existing
Indebtedness, but also such future advances, whether such advances are obligatory
or are to be made at the option of the Lender, or otherwise, as are made to the
Borrower within fifteen years from the date hereof, to the same extent as if such
future advances were made on the date of the execution of this Mortgage. The
total amount of indebtedness that may be so secured may decrease or increase from
time to time, but the total unpaid balance so secured at one time shall not
exceed twice the face amount of the Note, plus interest thereon, and any
disbursements made for the paymant of taxes, levies or insurance on the Property,
with interest thereon as provided in this Mortgage.
25. Hazardous Materials. Borrower represents, warrants and covenants that
Borrower has not used Hazardous Materials (as defined hereinafter) on, from, or
affecting she Property in.any manner which violates federal, state or local'laws,
ordinances, rules, regulations, or policies.. governing the use, storage,
treatment, transportation, manufacture, refinement, handling production or
disposal of Hazardous Materials, and that, to the best of Borrower's knowledge,
no prior owner of the Property or'any tenant, 'subtenant, prior tenant or prior
subtenant have used Hazardous Materials on, from, or affectinq the Property in
any manner which violates federal, state" or local laws, ordinances, rules,"
regulations or, policies governing the use, storage, treatment, transportation,
manufacture, refinement, handling, production or disposal of Hazardous Mater:a:e.
Borrower shall keep or cause the Property to be kept free of Hazardous Materia:-=.
without limiting the foregoing, Borrower shall not cause or permit the Proper=_
to be used to generate, manufacture, refine, transport, treat, store, handle*
dispose, transfer, produce or process Hazardous Materials, except in compliance
with all applicable federal, state and local laws or regulations, nor steal:
Borrower cause or permit, as a result of any intentional or unintentional act
or omission on the part of Borrower or any tenant or subtenant, a release
Hazardous Materials onto the Property or onto any other property. Borrower shall
comply with and ensure compliance by all tenants and subtenants with a::
applicable federal, state and local laws, ordinances, rules and regulations,
whenever and by whomever triggered, and shall obtain and comply with, and ensure
that iI1 t-nnanrn ind nrrhrnn.intq ohr.1in .ind comply with .iny .1nd ,i11
registrations or permits required thereunder. Borrower shall (a) conduct and
complete all investigations, studies, sampling, and testing, and all remedia:,
removal, and other actions necessary to clean up and remove all Hazardous
Materials on, from, or affecting the Property (1) in accordance with a::
applicable federal, state and local laws, ordinances, rules, regulations, and
policies, (1i) to the satisfaction of Lender, and (iii) in accordance with the
orders and directives of all federal, state and local governmental authorities,
and (b) defend, indemnify, and hold harmless Lender, its employees, agen=3.
officers, and directors, from and against any claims, demands, penalties, fines,
liabilities, settlements, damages, costs, or expenses of whatever kind or nature,
known or unknown, contingent or otherwise, arising out of, or in any way related
to, (i) the presence, disposal, release, or threatened release of any Hazardous
Materials which are on, from or affecting the soil, water, vegetation, buildings,
personal property, persons, animals, or otherwise; (11) any personal injury
(including- wrongful death) or property damage (real or personal) arising out of
or related to such Hazardous Materials; (iii) any lawsuit brought or threatened,
settlement reached, or government order relating to such Hazardous Materials,
and/or (iv) any violation of laws, orders, regulations, requirements, or demands
of government authorities, or any policies or requirements of Lender, which are
based upon or in any way related to such Hazardous Materials including, without
limitation, attorney and consultant fees, investigation and laboratory fees,
court costs, and litigation expenses. In the event this Mortgage is foreclosed,
or Borrower tenders a deed in lieu of foreclosure, Borrower shall deliver the
Property to Lender free of any and all Hazardous Materials so that the condition
of the Property shall cort'form with all applicable federal, state and local laws,
ordinances, rules or regulations affecting the Property. For purposes of this
paragraph, "Hazardous Materials" includes, without limit, any flammable
explosives, 'radioactive materials, hazardous materials, hazardous wastes,
hazardous or toxic substances, or related materials defined in the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, as amended (42
J.S.C. Sections 9601, at seq.), the Hazardous Materials Transportation Act, as
amended (49 J.S.C. Sections 1801 at seq.), the Resource Conversations ant
Recovery Act, as amended (42 V.S.C. Sections 9601, at seq.) and in. :-e
regulations adopted and publications promulgated pursuant thereto, or any other
federal, state or local environmental law, ordinance, rule, regulation or
restriction. The provisions of this paragraph,phall be in addition to any and
all other obligations and liabilities Borrower may have to Lender at common law,
and shall survive the transactions contemplated herein.
26. Waiver of Jury Trial. EXCEPT AS MAY BE PROHIBITED BY LAW, LENDER AND
BORROWER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE TEE RIGST EITHER
MAY WAVE TO A JURY TRIAL IN RESPECT TO ANY LITIGATION BASED BERZON, OR ARISING
a 91 779 /C O
manufacture, refinement, handling, production or disposal of Hazardous Materia.a.
Borrower shall keep or cause the Property to be kept free of Hazardous Materials.
-; thout limiting the foregoing, Borrower shall not cause or permit the Propert%,
to be used to generate, manufacture, refine, transport, treat, store, handle,
dispose, transfer, produce or process Hazardous Materials, except in compliance
with all applicable federal, state and local laws or regulations, nor shall
Borrower cause or permit, as a result of any intentional or unintentional act
or omission on the part of Borrower or any tenant or subtenant, a release =f
Hazardous Materials onto the Property or onto any other property. Borrower shall
comply with and ensure compliance by all tenants and subtenants with a::
applicable federal, state and local laws, ordinances, rules and regulations,
wherever and by whomever triggered, and shall obtain and comply with, and ensure
that all t-nnnntn and muhtnnnnt n olita i n and romrl y with any and .-W
registrations or permits required thereunder. Borrower shall (a) conduct and
complete all investigations, studies, sampling, and testing, and all remedial,
removal, and other actions necessary to clean up and remove all Hazardous
.Materials on, from, or affecting the Property (1) in accordance with a::
applicable federal, state and local laws, ordinances, rules, regulations, and
policies, (ii) to the satisfaction of Lender, and (iii) in accordance with the
orders and directives of all federal, state and local governmental authorities,
and (b) defend, indemnify, and hold harmless Lender, its employees, agen=a.
officers, and directors, from and against any claims, demands, penalties, fines,
liabilities, settlements, damages, costs, or expenses of whatever kind or nature,
known or unknown, contingent or otherwise, arising out of, or in any way related
to, (i) the presence, disposal, release, or threatened release of any Hazardous
Materials which are on, from or affecting the soil, water, vegetation, buildings,
personal property, persons, animals, or otherwise; (11) any personal injury
(including- wrongful death) or property damage (real or personal) arising out o;
or related to such Hazardous Materials; (iii) any lawsuit brought or threatened,
settlement reached, or government order relating to such Hazardous Materials,
and/or (iv) any violation of laws, orders, regulations, requirements, or demands
of government authorities, or any policies or requirements of Lender, which are
based upon or in any way related to such Hazardous Materials including, without
limitation, attorney and consultant fees, investigation and laboratory fees,
court costs, and litigation expenses. In the event this Mortgage is foreclosed,
or Borrower tenders a deed in lieu of foreclosure, Borrower shall deliver the
Property to Lender free of any and all Hazardous Materials so that the condition
of the Property shall cordorm with all applicable federal, state and local laws,
ordinances, rules or regulations affecting the Property. For purposes of this
paragraph, "Hazardous Materials" includes, without limit, any flammable
explosives, 'radioactive materials, hazardous materials, hazardous wastes,
hazardous or toxic substances, or related materials defined in the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, as amended (42
U.S.C. Sections 9601, et seq.), the Hazardous Materials Transportation Act, as
amended (49 U.S.C. Sections 1801 et seq.), the Resource Conversations and
Recovery Act, as amended (42 U.S.C. Sections 9601, et seq.) and in t=e
regulations adopted and publications promulgated pursuant thereto, or any other
federal, state or local environmental law, ordinance, rule, regulation or
restriction. The provisions of this paragraph„ohall be in addition to any and
all other obligations and liabilities Borrower may have to Lender at common law,
and shall survive the transactions contemplated herein.
26. Waiver of Jury Trial. EXCEPT AS HAY BE PROHIBITED BY LAW, LENDER AND
BORROWER'HERESY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER
MAY HAVE TO A JURY TRIAL IN RESPECT TO AMC LITIGATION BASED ON, OR ARISING
• �. r�1�v i••�r�r —
OUT OF, UNDER OR IN CONNECTION WITH THIS MORTGAGE OR THE NOTE, OR ANY AGREEMENT
OR INSTRUMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH, OR ANY COURSE
OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS
OF EITHER PARTY. IF TEE SUBJECT MATTER OF ANY SUCH LITIGATION IS ONE IN WHICH
THE WAIVER OF A JURY TRIAL IS PROHIBITED, NEITHER THE BORROWER NOR THE LENDER
SHALL PRESENT AS A NON -COMPULSORY COUNTERCLAIM IN SUCH LITIGATION, ANY CLAIM
ARISING OUT OF THIS MORTGAGE. FURTHERMORE, NEITHER THE LENDER NOR BORROWER SHALL
SEER TO CONSOLIDATE ANY SUCH ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED, WITH
ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE WAIVED. THIS PROVISION IS A
MATERIAL INDUCEMENT FOR THE LENDER'S EXTENDING CREDIT TO BORROWER.
IN WITNESS WHEREOF the Borrower has caused this Mortgage to be executed
or, the date first above written.
Signed, sealed and delivered
the presence of:
MIAMI CHINESE COMMUNITY CENTER,
a Florida limited partnership
By: Its general partner,
.• MIAMI CHINATOWN DEVELOPMENT CORP.,
a Florida orporation
By:
/ Isaac ShLh, President
( goal L
•%
STATE OF FLORIDA ) "�,��a�..
��
COUNTY OF DADE ) Z
The foregoing instrument was acknowledged before me on March 2 7 , 1990,
by Isaac Shih, as President of MIAMI CHINATOWN DEVELOPMENT CORP., a Florida
corporation, general partner of MIAMI CHINESE COMMUNITY CENTER, LTD., a Florida
limited partnership, on behalf of the company and the partnership.
Nota lic /
Myommission pines:
(Nota v•Se `6
n. , : Q JO • c
77
:oT►aY vuouC ST+TI dF ;L! Ca1,
MY cbmilsv3s E(P. »_: .
9
�1�-
r
M
:I
EXHIBIT A
w
10t TWO (2) , in dock Six (6) , of "THIRD AMENDED MAP of
MIRAMAR, according to the Plat thereof, recorded in Plat
Book 5, at Page 4, of the Public Records of Dade County,
rlorida.
s1- 779��a
EXHIBIT B
PRCINIS y Wt
s1751000.00
Coral Cables, R!erlda
March 27, 1990
tOR VALUE MEMO, the undersigned jointly and severalty (hereinefter called "Borrower") promise :o pay t0 -4e o-ce•
of EASTERN NATIONAL BANK, a national banking association (hereinafter called "lender"), the principal sum of ONE HUNDRED SEVEw-v•
FIVE THOL19ANO DOLLARS (3175,000,00) together with interest thereon from the date hereof at a per annun rate equal to one anc
one-half percent 0 M) above the prime Rate (as defined below), interest shall be calculated on the basis of a 360•day Year
for the actual number of days claosed.
'fie principal and interest shall be due and payable in lawful currency of the United States of America at 966 ponce de
Leon Boulevard, Coral Cables, Florida, or at such other place as the lender or holder hereof may hereafter designate in wr+tio%g,
as follows:
(a) Commencing on April 27, 1"0, there shalt be due on the 27th day of each month thirty-five (35) consecutive equa:
installments of principal in the amount of Seven Hundred Twenty -Nine and 17/100 Dot tars ($729.17) eac!-, !Mother
with interest on the outstanding prineipal balance.
(b) If not sooner paid, this Note shalt mature and the entire indebtedness represented hereby shall be due end
payable an March 27, 1993.
All payments shall be applied first to accrued interest and then to principal. This Note may be prepaid in whole o^
in part at any tfiV without penalty.
If any payment is not made in full when due, the entire unpaid principal balance and accrued interest, less any unearned
interest and less any interest in excess of the maximum allowed by law and any rebates required by taw, shall at the option o'
the holder become immediately due and payable without notice. Failure to exercise this option shall not constitute a waiver
of the subsequent right to exercise such option. While in default, this Note shalt bear interest at the maximise rate permitted
by law,or in the absence of a law limiting the meximun rate of interest, at a rate equal to six and one-half percent (6h%)
above the Prime Rate.
The "Prime Rate" for purposes hereof shalt be that rate of interest designated as the prime rate and quoted da;:v
the Wall Street Journal (Eastern Edition), provided that if more than one such rate is quoted, then the highest such rate shall
be applicable. Any change in the interest rate hereunder resulting from a change in the Prime Rate shall be effective on and
as of the day the Prime Rate changes.
Borrower and all sureties, endorsers and guarantors of this Note hereby (a) waive demand, presentment for payment, notice
of nonpayment, protest, notice of protest and all other notice, filing of suit and diligence in collecting this Note, i"
enforcing any of the security rights or in proceeding against any of the collateral (the "Collateral,') securing the obligations
evidenced by this Note; (b) agree to any substitution, exchange, addition or release of any of the Collateral or the addition
or release of any party or person primarily or secondarily liable hereon; (c) agree that the Lender shall not be required 40rst
to institute any suit, or to exhaust its remedies against Borrower or any other person or party to become liable hereunder or
against the Collateral in order to enforce payment of this Note; (d) consent to any extension, rearrangement, renewal or
% postponement of time of paymant of this Note and to any other indulgence with respect hereto without notice, consent or
.consideration„to any of the foregoing; and (e) agree that, notwithstanding the occurrence of any of the foregoing (except the
express. written release by the Lender or holder), they shalt be and remain jointly and severalty, directly and primarily, liable
for all sums due under this Note, and any other documents securing this Note.
Upon the happening of any of the following events, each of which shall constitute a default hereunder, all liabilities
of .each Borrower to Lender, whether or not evidenced by this Note, shall thereupon or thereafter at the option of the Lerde•
without notice or demand become due and payable: (a) failure of any Borrower, endorser, surety or guarantor ("Obligor") to
perform any agreement hereunder or to pay in full, when due, any indebtedness or liability whatsoever to Lender or an•v
Installment thereof or interest thereon; (b) the filing of any petition under the Bankruptcy Act, or any similar federal or state
statuta by any Obligor, (c) the institution against eny Obligor of a proceeding under the Bankruptcy Act, or any similar federal
or state statute, which proceeding is not dismissed or discharged within a period of thirty (30) days after the filing thereof;
(d) an application for the appointment of a receiver for, or the making of a general assignment for the benefit of creditors
by, or the insolvency of, any Obligor; (e) the entry of a judgment against any Obligor; (f) the issuing of any at•achme-+- t.
garnishment, or the filing of any lien, against any property of any Obligor; (g) the taking of possession of any subs:a^-'a:
part'of the property of any Obligor at the instance of any governmental authority; (h) the dissolution, :merger, consol'dat~cm
or reorganization of any Obligor; (i) a default by any Obligor under any other instrument or agreement further evidencing :r
securing the loan evidenced by this Note; and (j) the determination by Lender that a material adverse change has occurred
the fnanciat condition of any Obligor from the conditions set forth in the most recant financial statement of such Obligor as
heretofore most recently disclosed to Lender in any manner; or that any warranty, representation, certifieate or statement as
any gbligap (whether contained in this Note or net) pertaining to or in eommection with this Note or the loan evidenced by this
Not@ is not true.
loo
The Borrower, jointly and severalty, promises and agrees :o pay in the event of a default, all costs and expenses
incurred by the holder hereof in collecting this Note, including court Costs and attorneys fees, and also those costs, expenses
Page 1 of 2 y
7'7 3 /G�
1� attar^ey's fees' ;-car-ed ;n any blate proceedings.
'%e provisions _f this Note shall be construed and interoreted and all rights Arid obtigat-'ons hereurde^ Bete--+(d
acco,dance with Florida Law. ALL nouns and pronouns contained in this instrument shall mean and include the plural as wel, as
the singutar, and the Masculine, feminine and neuter gender whenever and wherever the context so admits or �eCui-es.
;n no event shall interest (inetuding any charge or fee held to be interest by a court of comoetent ;ur"sd;c:zr,) ac:-.:e
to be neyebte %ereon in excess of the highest contract rate allowable by law for the time such indebtedness shall be outs:enc —,
and unoaid, and if by reason of acceleration of maturity of such indebtedness, or for any other reason, interest `^ excess :6
the highest Legal rate shall be due or paid, any such excess shalt constitute and be treated as a oayment on the orincioat %e•±:6
and shall operate to reduce such principal by the amount of such excess, or if in excess of the orincipat ' debtedr%ess s::r
excess shall be refunded to gorpower, without Limiting the generality of the foregoing, and notwithstanding any oral or wr-t:e^
agreement, no deposit of funds shell be required in connection wit% this loan in an amount which will, when dedueted from the
principal amount outstanding hereunder, cause the rate of interest hereunder to exceed the maximum lawful rate.
This Note is secured, inter a 1 ia, by a Mortgage of even date executed by the Borrower in favor of the :erde^, ane
reference is made to the Mortgage for rights as to the acceleration of the maturity of this Note.
EXCEPT AS MAY BE PROHIBITED BY LAW, LENDER AND BORROWER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WATVE 'HE RIGHT
EITHER MAY HAVE TO A JURY TRIAL IN RESPECT TO ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WiTH THIS
NOTE, OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, CMIRRSE OF
DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF EITHER PARTY. iF THE SUBJECT MATTER OF ANY SUCH LITIGATION IS ONE
iN WHiCH THE WAIVER OF A JURY TRIAL IS PROHIBITED, NEITHER THE BORROWER NOR THE LENDER SHALL PRESENT AS A NOW -COMPULSORY
COUNTERCLAIM iN SUCH LITIGATION, ANY CLAIM ARISING CUT OF THiS NOTE. FURTHERMORE, NEITHER THE LENDER NOR BORROWER SHALL SEEX
TO CONSOLIDATE ANY SUCH ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED, WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE
WAIVED. THIS PROVISION US A MATERIAL INDUCEMENT FOR THE LENDER'S EXTENDING CREDIT TO BORROWER.
A
MIAMi CHINESE COMMUNITY CENTER, LTD., a Florida
Limited partnership
By: Its general partner,
MIAMI CHINATOWN DEVELOPMENT CORP., a Floride
corporation
By:
Isaac Shi Presi
4ma"[D IN "WICIAL eemm am
IF DADE COUftfyIFIED, fL(x+IQ` �DT
RECORD vn[RIfIED ci
RICHAW P. BRM-M `.
CLFRM. CIRCUIT rrURT 41
, t �.
X C
;,rtl1 t
Page 2 of 2 y 9 Y 779
Ib
I P.,
POLICY OF TITLE INSURANCE M eN Is; ca,
Issued by
NUMiE111 31fas100042
erinerican title insurance compeny
HOME OFFICE
Miami, • Florida
A STOCK COMPANY
SUBJECT TO THE EXCLUSIONS FROM COVEPAGE, THE EXCEPTIONS CONTAINED IN SCHEDULE B ANO
THE PROVISIONS OF TM•E CONOIT!ONS AND STiOULATIONS HEREOF. AMERICAN TITLE INSURANCE
CbMPANY A Flor.da toroorbtron nerein titled me Coirpsmy, .nsures, as of Oate of Polley shown in Schedule A,
against lost or damage itut exceenr►w the amrunt of irsur ante stated in Schedule A. and costs.'atiornays' fees and
eApenlea which the CoMoany moV bitcronY 0I3Ir93tad to pay hereunder. sustained of incurred by lt!e insured by
reason Of.
I T.lie :9 the YStarit at .•-!er0tt joscriaed +•• :<.t•r.:ukv A Oejc%j . -52ett otherwise than as sute0 thereon:
2 any t:etetT
3 Lack of s ►•,ht 9ccaas t0 x::a fi.Jfll itiv ,;rKt ;t
A Unmorkelabr..ty aI su;n tithe
Th►t cor+.'y 01011 nnr td .Jf►d Or :an.•irrg .;r:to SCliet~u+e A ,as been rousitfrtt9nfd ny e►ther aOu:y author►ltd e0lrrt
Or+fNleftn;Jf••f Or fief :0+►►/Ja!ry ii�d $:hit/ulC 3 n.r; aeon irr..rned herQto.
1N I:'ITP:C:� :�►!C!StF�F, .1ir11f�r�711 Trio / ISUrAi1CY (. ►r7J•'t/ I)Jf CJ1r>,eQ .ti :Q/liOrllf $t2l r0 be nff trato alriAird
arfd trot! OrrSttiti r0 :J! S+y/ifp rri !,>k�tn�::,t ;rntJdr }� t.�?�:ly JI : rS dr•!JA'f.
r;r
art ew4cen titles Insurance company
PnaaMet
saftestv
'• �TttiT:
t
y �- 779
EXCLUSIONS FROM COVERAGE
The folio" Taf1N'a are expressly excluded from the coverage of this policy:
1. (a) Governlltentm police power.
2.
3.
(b) Any law, ordinance or governmental regulation relating to environmental protection
(e) Any law, ordinance or governmental regulation (Including but not limited to building and zoning ordinances
restricting or regulating or prohibiting the occupancy, use or enjoyment of the land, or regulating the eharecte
dimensions or location of any Improvement now or hereafter erected on the find, or prohibiting a separation A
ownership or a change In the dimensions or area of the land or any parcel of which the land Is or was s par i
(d) The effect of any violation of the matters excluded under (a), (b) or (c) above, unless notice of a defect, item o
encumbrance resulting from a violation has been recorded at Date of Policy In those records In which umder •eats
statutes deeds, mortgages, Its pendena, liens or other title encumbrances must be recorded In order to Impat
constructive notice to purchasers of the land for value and without knowledge; provided, however, that withou
limitation, such records *half not be construed to Include records In any of the offices of federal, gist* or Iota
environmental protection, zoning, building, health or public safety authorities._
Rights of eminent domain unless notice of the exercise of such rights appears In the public records at Date o
Polley.
Ceteaft, Ilene, encumbrances. adverse claims, or other matters (a) created, suffered or *-@reed to by the Insurec
claimant; (b) not known to the Company and not shown by the public records but known to the Insured clalman
either at Date of Policy or at the date such claimant acquired an estate or Interest insured by this policy and no
disclosed In writing by the insured claimant to the Company prior to the date such Insured claimant became an -_
Insured hereunder; (c) resulting In no loss or damage to the Insured claimant; (d) attaching or crestac
subsequent to Date of Policy; or (e) resulting In loss or damage which would not have been sustained if the
insured claimant had paid value for the estate or Interest Insured by this policy.
CONDITIONS AND STIPULATIONS
I. DEFINITION OF TERMS
The followong terms ..Man 102
Doe Cj mean'
iai %ntured" it nttate-i no'•tsc •n
Scntdutf A. and. Wblut !a anv r,gntt of
daNntel the Carnoany rev !lads Ilea 4981^61
ant '+41111e0 insured, (hoe JvPo t.:cStao to or,,:
interest of olden Insured by o0eral:v(1 of raves at
distinguished IrWn ou•Cnsw 1,-C.udsA%. Out Mat
ionvlted tots heirs, ditttltutoos. Javlteltt, tut•
v;.Ors, personal rfDresgontotiv". nnnt Jf kin, got
caroorste Or fiduciary succellats
Ib) "insured Claimant"' an lrttrred classoont
1011 of damsel hereunder
le! "l1-o"ledp•' ecwao rnarrfo.!ee, not
c046t?uC:'vs Y.nowfedoo W 0,41t:Ce "Alen flay 0e
Ir11a.11e6 :o an insured ov rea10A of oft, pub:$c
rROttlt.
Ids "'art0" the Dowd dosaftood. oa$C.IrNI•v
Of by referance. to ScnaOlde A. a" improve•
slants slotted "we$* *Nwh by low COMtl1.t0
no Oraosrtr: ffrovidee, hlaallevM, the lean
'".Geld" does not 1ne1We any Drortetty tswond
the 'meal of the area epeetl,l:alfy .te/cftnfd of
lffstrea to to knedule A. nor any rlgf!t, t logo.
interest, tent* or foNrrent as auurf.n., Wilett.
fomu, swnwf. allays. fono$, 1Wyl Of -
vote( -vans, but loth -AS hfrstn Visit rnuJdlr W wntt
the falfAt tO WAIch a runt Elf West 10 Gold
from 14 ;and to insured by this aG1.4;1
W "'seal a": margW. AHo of bust.
trust OHO. W Other leeway •Astrlrfrtgont.
41) "Public roamer, the" eftufes vvhtcn
by low imtion 4011/1ructtvgo nOttee of Imatlon
ralalift to bid I&W
E CONTINUATION OF INSURANCS
AFT!R CONivEvANCE OF TITLg
T"♦ LJ.et Aye, st allele ot11•ry Snail ^.ref .1we .n
1.1':C as no 0610 err P•. ,•,. •1• l+vot of an .nlvred
t0 'On, as 7.cr 't'a,nt an :state ut
.1ltetelt .n III% Ist-d. .r 11olds an ;:+doted^tole
WCU1410 Uv at ooY::•'nee ene.-Mety mltrtp w glve,t
fly it Plall:hatM 1"^I% .I.tY•M, W tC'Jnj, as
west ntlre0 tna" nave hob'1•ty ny tvatOm Of
core••anf: elf .•4111'.••ty I.1Jdt by teen •n%mred tr,
m1v t:arltfe• 0! C•;t•vvrenca Of sYen estate or
Arcata. peor•dud. nOweverr t!%Il "Gitty %nail
'tot OntllAf $m sales .n •folOr too any oUtChaser
from flea! .1y.•«t1 0! rtthav lead estate Of
.Afvlfit • 4' teCW•n Ov •
n•JIC^t11s :t• .s1 :t' a'oge ;11t'1 to WCA .ilea
h.-Old
] O4!FH1tSt HNO PROSECUTION OF
ACTIONS — NOTICE OF CLAIM TO ea
GIVEN Res AN II4SUR10 CLAIMANT
tea) Ties Cornoanr, at -to ewa► Cott and
,v.tntl.t .lad.• 'la fly shall provodgo for the
JeISAIs Jt an .011S4104 .n III I.tllstron Cont,sloAp
if Icttn'tt of nteca11thngs camrnetscao aaatnot
loch nNneU. 31 .04106
«mt tnlsfpow lowntt are
I'lst,rod .•1 Je act•ran '1 ,nfotote a Coltt►set far a
WO 0! ire r11a1« or .ntate{t .A %clod tah1P. 10 the
ee/ev$t tint fuck I•ttgat'un of fwfwoV YOGA an
allow tffact, t$.tn. tAclafmbroF48, or lather
MottM lrtwted awinst t11r tells Poet".
tbl The 1nouNd sltsll Malay the Cor"Woo
profftatfv In dvr.!.AS I.1 fn Case My ael10n Or
prOCO%0410 •s 130WA at tlefMfe •t tnloff/GNd as
,Ili tariff re teal solKira, 11-I .n can hnitwlppe
snail Como c •m Insult, Moreland•• of a'. C a
9t .It's Or .rtterelt .vnien .1 aoverte :O :!�1I 1. -_
to the att•N Or 'AtetHt. to .mtbf" ono tv^,
,norm cousa let1 Or come" for «"C%
Comoanl• miles ear •lab.* by ..r!uo of 1•0100+
of i,011 If I file to the stare of 'r'14
r4
11 -
IntvrH. ,s 1`01WIG It Yn""eraftoblf. •t 1�
Dlolttpt 0011Ca 1hNl 'W Ila -liven is '"t
Daniel ? lem at to fuen'^futell all 1100.1 ty 7f
Companv shoo; CHe o!'d terminate .M rtcaro
.%if enattor or matters rot ""411 {,,ch Coo —
Rome It rp.,.rsd: PrOv.ded. However, t•
fa•!ure to notrty tnan .n no ease ors'ualcs -
r10!1 of any Wen •nsufte wader In.t :;.-
-in 11111 the ornoanv snail ce Ofsludltou ov 1.:c
fa.l,re end than oily /o tore eRlsnt of 16e
o.'ef.dote•
eel Tne Comus'!v I••sfl `eve tre •err at.
*.eon Fuss: 19 ..191111Yl. GMG v..tAatal Undue 3016
310141Ctdle rly action or ot0tooelns of to a
any other Gel whten In Its cafnion mar b
•eeeseMv do amteWe to altabllttl tngo titre 1
Era esgle Of $fttefMt at ensured, and th
Co"Invo may late one, aoproatlote atoll
ta1:usN the :arrnt of ;A's po'1ev, V"O!htr a' MO
.f thalt I,a MaU'f tlltrauntltr, e040 int'I to _
trN#be CesKoft'.ao::oty Or dve.ve env ororlsmo
ids In's Policy.
40 Wheflevev the Company oAafl A"
Itrotpnl any stall" or •1•/1rooled a oafente a.
raau.fo0 Of Ofern$tted by 1016 orGvtllont of tell
antrev, the Company may Oursus env Wet
'$civilian to final OetMaminatton qv • :ou-e o
Competent luraadscual n and enoressly •+serve
the light. on Its Sole dlsCret,OA t0 anasal lrtatl
91.e 779 jG �
fCrettemoss a" ""Now Canultwr one cool itegad an Lnt lap of Th4 Il WWI
_ i uniwliiiilii
amerrican title insurance companv
Rate S Premiurn S
POLICY NO. A*- 31-106042
SCHECULE A
brit# of Policy November 15 , 19880 7 A. M.
Amount of (nsurenCe $ 7, 400, 000.00 Related COmintttnent No.
1, Name of Insured MIMI CHINESE COMMUNITY CENTER, LTD.,
a Florida Limited Partnership
2. Th%1 estate or interest in the land deccnbed herein and which is covered ey this policy is:
Fee. Simple
3. The estate or interest referred to herein is at date of policy vested in:
MIA41 CHI' -ESE COMMU:ITY CENTER, LTD.
a Florida Limited Partnership
4. The land referred to in this policy is sauated ,n the County of Dade
State of Florida end :s described as foiiows.
Lots 6, 7, 10, 11 and 3; and the East 12.50 ft. of Lot 4; and beginning
at the Southeast corner of Lot 3 run South 10 ft., thence run west 65 ft.
thence run North 10 ft., thence run East to the Point of Beginning; sni
the East *65 ft. of Lot 5; and the East: 65 ft. of Lot 8; and the East 65
ft. of Lot 9, all in Block 6 of THIRD AtSENDED MAP OF MIRAMAR, according
to the Plat thereof, recorded in Plat Book 5, Page 4 of the Public Record
of Dade County, `Florida.
i AMERICAN TITLE INSURANCE COMPANY
Policy No. 31♦-100042
SCHEDULE B
This policy does not insure against lose or'damage by
reason of the following:
1. All assessments and taxes for the year 1988 and
all subsequent years.
2. Rights or claims of parties in possession not
shown by the public records.
3. The following restrictions contained in Plat,
recorded in Plat book 1, Page 166, Plat Book 1,
Page 187, Plat Book 2, Page 69 and Plat Book 50
Page 4, which contain no reverter clauses.
"The Streets, Avenues, Drives, Boulevards,
Ind Allays are dedicated to the purchasers
if lots, their heirs and .ssigna, with the
reservations that no fish house or other
unsightly building of any nature shall be
placed east of and in front of the width'of
such street shown upon trs plat as the Prado,
at the point where if the boundaries of same
were produced they would intersect with
Biscayne Bay."
'�. Covenant running with the land, dated and filed
October 8, 1980 in Official Records SooK 10893,
at Page 2186 and rerecorded on October 9, 1980 in
Official Records Book 10894, Page 766 of the Pub-
lic Records of Dade county, Florida, a copy of
of which is attached hereto as Exhibit "A".
5. Mortgage and security agreement dated March 10,
1983 given by Louis LaPontisse, as Trustee to
Consolidated Bank, N. A., filed March 14, 1983 in
Official Records Book 11724, Page 1472 of said
Public Records securing the original principal
amount of $1,500,000, as modified by First
Modification of Note and Mortgage dated June 27,
1983, and as modified by Second Modification of
Note and Mortgage dated August 30, 1985, and as
:codified by Third Modification of Note and Mort-
gage dated May 290 1986, which mortgage is subject
to that certain Assumption Agreement dated
November 10, 1988, filed November 13* 1998 in of-
ficial Records Hook 13892, Page 677 of said Pub-
9 1 -- '779 l 08
Policy *:o. 31-100042
lic Records, under which the said mortgage was
assumed by Miami Chineso Community Center, Ltd.
Florida limited partnership, and by Isaac Shih
and Joan Shih, his wife, as guarantors.
6. Financing Statement-UCC-1 executed by Louis
LaFontisee, as Trustee, in favor of Consoli-
dated Bank, N. A., filed March 14, 1903 in
Official Records Hook 11724, Page 1488 of
said Public Records.
7. Collateral Assignment -)f Leases and Rents
executed by Louis LaFontisee, as Trustee, in
favor of Consolidated Bank, N. A., filed
March 14, 1988 in Official Records Book 11724,
Page 1491 of said Public Records.
8. Covenant Running :with the Land executed by
Louis L. LaFontisee, Jr., in favor of City of
Miami, relating to parking facilities in con-
nection with the lease from Louis L. La-
Fontisee, as Trustee, to Zum Alton Fritz,
dated August 21, 1994, filed August 22,
1994 in Official Records Book 12245, Page
1628 of said Public Records, : copy of which
is attached hereto as Exhibit "B".
_A
. Firancing Statement-UCC executed by
ilisabeth Yamahoha d,/b,a =um Alten Fritz,
in favor of Southeast Bark, N. A., as to
all restaurant and kitchen equipment located
or used in the operation 'Located on Lot 6,
Block 6 of the sL;b)oct property, filed in official Records Book 132760, Page 1914
of said Public Records
:%esolution No. R•-729-96 passed by the
Board of County Connissioners of Dade County,
on June 17, 1986 entitled "Resolution Adopting
The Method Set Forth In Section 197.363,
Florida Statutes, For Collecting The Special
Assessments To Be Levied In the Special Assess-
ment Project Area Known As the Extension Of
The Downtown Component Of Metrorail (DCM)
Project, If And When Such a Project Area Is
Created By County Ordinance, So As To Enable
Such Special Assessments To be Collected As
Thouqh They were Ad Valorise; Taxes" filed
June 17, 1986 in Official Records Book 12923,
Page 2618 of said Public:.Records.
11. Mortgage given by Miami Chinese Community
Center, Ltd., a Florida limited partnership,, 779
to Louis LaFontisee, as Trustee, filed
.� `. /0 �
Ok
Polic! 146. 31100042
November 14, 1988 in official Records
Book 13892, Page 689 of the Public Records
of Dade County, Florida, securing the original
principal amount of $527,500.00, which mortgage
..ias collaterally assigned by the owner and
holder thereto to Consolidated Bank, N. A.,
pursuant to that Certain Collateral Assignment
dated November 10, 1988, filed November 14, 1988
in official Records Book 13892, Page 694 of said
Public Records, and as reflected in that certain
security Agreement from Louis LaFontisee, Jr.,
as Trustee, in favor of Consolidated Bank, N.A.,
:sated November 10, 1988, and filed November 14,
1988.
12. UCC-r Financing Statement executed by Louis
LaFdntisea, as Trustee, in favor of Consolidated
Bank, N. A., filed November 14, 1988 in Official
Rsccrds Bock 13892, Page 697 of said Public Re-
cords.
13. ,:CC -I Financing Statement executed by Miami
Chinese Community Center, Ltd., a Florida
limited partnership, in favor of Consolidated
Bank, N. A., tiled November 14.4, 1998, and re-
corded in Official Records -ok 13892, Page 684
of said Public Records.
�-- 779
// 0
Y
a
�,• Wwrt rtJM►tW, lJl"t net: 1.vsi �3fiRfr;7.-I
1'' OnNtQrsaa
IiIC 11C>Y1JtNC u.i1P., tho arnors of the (011u.1r1y alN:1n t1+p12 (1r1R�rty, .•volt:•
7ii
Part 1 At (lal.'S'091xk ti 'Mirsl+ 4 aline klasdll as t)lltd /vr!Iri11d Mop •,r Mlrarnnrl Q
as roaXdsd in plat, hook S, 11t (•YJO 4 of use PW/llr tecurlts of i
barb County, Florid.%.
V1u'atrl of %840 Mon. /th AW. 1 � �—
Miaft s FlocIdA Gap'11d Fluor
Nter/tas, it in th0 lntohticn of Ultl sold WIC 1011ItC CDM. to utill:a a is
owfaft parRMq lot an eM
prwwty tlr•14rUl:sd a#irM Y Parcel 'A•, felt the purpearrs ykLnq lot
(os th* usu and bwuflt of Paretsl "D'. during the tarn of a lease by _
F?iC H=1ltti 000. to Nam '. at efal Cdrl+. for use of Paranl s
a• � roatausantJ � •
wlsraaa, the City of Miami, t'loxlda, as i ale-di.Ucn for the Lssuanae of a
building paetntt for the use of Parcel 1!, as a restaurant, h.%% rf"ja%Lad that
an ammont for raskirg facilittas be •irsnted in favor of P.nrorl "D" al Pllrcol
"A', during Ilse to= of u10 loose by lVSC IKXJ)IW COW. to Mo110'q 03111arcianl corp.
IOl:ewithl
Mo said VIC HCr':11C C •1.'. rakus tits follta.irxl ayutalcicit m a o vvirirnt to mri
with the 1 Arri l
•illat in cloneldoratial of the lnsuance of a building pornit to ►t1r1o's ramwelal
Cam. wttm reelect to Parcel Or an oaaacto. t is herewith granted in favor
o! P.trool "a" during the tens of the le.ut from EPIC IK=W CCTV. 7D tkaM's
s.'awareiol Cusp. 64's oaset+ctr : to run with U* 1-W and to be bimlulq
4xin Uw r. ap•etive halrr rand ,ssa19T..a cf UV partite 1Rrt:t.0 00 ION AA tJ•o
said laa:o t,ot ovwl i'7'iC: ia^InStCi COMO. :_xl rkrtn'• Cuirt-rcial Corp. ehsll be n
arrant. Shrluld tars :r:n•n.v1t it wit: v.o.d, niter:ate parkirxl will Ile 111OV1170a —
durlrq tla 11•t1e of tha r.1111 I .•ar, ,I w.,ivwr 1.4 i.ttk 61y dit•Illr•11 or =U
dLacuit litia.
• IN Wrim.ns w xlunr. Ito, '111:1) not Ux-il N.VAIl1 .11R1 'C119 U114
Jay of Oc4 dnr 1, i 11iQ
Witn1!1'isc_s
? • 1:1'I' Ir 1111•I: ttnU;
Wen 11
1111'I11NIt1'.11N1�' 1 ll.
• f;,t• • . . ru • •.
1 ltcrw'y wsrtily that Wrlt rt It. trnt.lp -MeI,44wit• 10- Oli'1 It1.i1 •1.1; 1.1
V�.JOiJ0.1 .. ,..•..• . .
1
11 •: : • � � tad Ih � •1'►Y t:• . n• .• • •:1 �.. .
' uswJralw•,Jt'r�tfrw,.•r►1A�I
1
0 1
.
! - .. .. ..0 1
t
COVfHntlt tlurctltNG !il"II '11► S•l�+�A
IZ245 +-.16Z5
„}+•,
i
Whereas, .
' f•OM/a L•
Lapeneissee as Teuatoer the Ownor Ot the
tollo.rll+•1 •I.:pcctt,�, l
prtperty,
te•Witt
target At
{Lot S, blOQ • 'Micslaet; else knOWn sa
third nncnted Ilan.
at Mlraear) as recorded in plat. nook
S, at pays 1 of the
11
,
Public records Dad* County, rlerida.
r
;• tar$*t as
1140 N.t, IN Ave.
Miami, rlorida Ground ►loot
' Whatsae, it is th♦ Intention of the laid Louis L. Garentiasse as Truatee
to utillse a surface packing lot on this property desetibed above as
paresl'A', for the purposes at a parr►!"; lot tot the Mae and beneitt
of *artel't•, during the term of a idea* by Louts L. Larentissta as
?taste# to Blisabeth Yswanoha t►,'s/J1 tustalten rrltt toe use of Parcei'fl'
as a restattsanti
therebso the city of 141.010 rloride , as a condition for the issuance
of a cartifleste of %•.a for the use of Weal 000, as a 40 seat feet*
' &Uedtt• hit YOgoee•sd that an easement for parking facilities to granted
in favor of psrep: •sue on rateal *A*, during the torsi of the said lease
by Lovls :• La:o'itlasee so Trustee to tu+salten rrits herewith%
The said Louls L. Larontls■ss its Trustee makes the tollowiny abetment
as a gevemat to tuft With the lsndt
'that in oonsidetation of the Issuance of a certificate of use to
tulselt & rots with respect to Parcel '0'i on ease wet is h*rewith
graetsil in tarot of tercel 'a• during the tstm of the said lease fro•
Loafs L. wentisses'as Trustee to Sua►altea felts , this •aseslent to run
with the lan4 sad to be blasting upon the v*sp*otly* heirs ape asalgno
of the Dachas hareto to leag at the said lees* between Louie L. l.sroatlno.o
as treste* and awmalten mitt shall be 1n of test. Should this eorarl....
boom" void• alteraet* parking will be provided during the Laru to
"AA lasaa a weever tog* parktaq obtain*d or use dieeonein.�e�i.
u
t�
This oonverAnt supeteedes oertais covenant rated octo"t a, 1950
h, rtaso Tivirlg Cptt holding cerp. In epan*etleo. with a %sass for a 1
restasssnt at parcel 019 above, which said lass* vas tsrninated by the :
parties.
TN "Ptahh W =?,the undoesigned have heccunto set their hands .nj
ieela We day OR August 21. 11104
h,
.�. #4lke�
n.
,�, • i ALA ti
t.i.l rat
l'r+ ' , �►,• .. t=CAL)
I:CAU k
. •_� erg rr � _
.:1 state at n4rcla �p,Wl;,1Qtltttib,
.: •..; �i �/ � �• ` .11i. trl.. fall �,
+y its instrument was ackowwttdtigd refers ass thvs
It :1• 44 6y Louis L. Let on late, ile es Truaccc.
C;; ; yid .w' e� t..}�. •,
•L1. r Cary ruond, •te of flectra
.' ► •./.
;; �.• :A• • � w ',t_ sty sosstisiott ta,plrt• a
N
;• K
loft.
l
rw
1iQZ
(Condition and Stipulations Continuad one Concluded From Adverse "of Policy Foal
Inv adverts 1t1df1Mi tit Or ordM.
III Its Sit Cat" +►HMI mrs OM'cv plifmitl at
redu,tos It's Company to of(AACull 1t llt6v:dt
for In# dsfenta Of JAV Ott'O" 0• W OClldfntl, she
tt'sufen hertund!• $hall seturs to :t1v CoffloarV
the n9ht to to proloculo Or provide da1on111 in
weh 0016A or 0`004dlny, amA all al)Paou
thote•n, and pNm:Y star Croins)any in vie, at Its
foploW. the nums Of such ufWfsA for fifth
Outcasts. whisoevef rMuctted 11V tn# CVmOanV.
suem injured shell 9rvo five Cdfnuonr a:l resfAn-
Ible hej A #AV such aet,Oh fir 21100erdIA9, In
alffeUho ►eti-ion"nt, ."welnt a..d'nee 6616111•
.Fiq wI(Ittllsas, or orAlacuttml 01 delfnui"I tug'•
action Ur Ol(clodlmt, And the COMORV 10411
retMtwfse luCh fnlufou lot sm. evllhulf 10
.ncutred.
A. NOTICE OF LOSS — 1.3MITI1ITION
OF ACTION
In addition !O the Aotit;" •ili(lu.!ed indvr
Osrsyrloh 3tb1 of lnl•te COrtlil•On% and xt.ouls-
lions. it jtjlisawt .n nhttnq 7t otly lose r:t
tAfhlpt for *htch It of claims" Ihto CQnlllenv 11
liable wild#$ Ntfs pol.w. 114611 Use lurn,►I etl 04
Cot osnv with., 90 dart aftdf ►urh cast err
dames" shall nave Oam 40410ttr9w W. ••o r onl
6f aetltin shall ACClue t0 an Aturtld C:St.pla1.t
until 30 devs &flat Sven I18ltrhe111 slits I narto
been furnished. cfM$:,111 '0 f:.r..Iln t:.C! It1t06•
Mont of lost or Oama.)e !1•411 !erns plate Vry
liability 01 tots Co$nuany -I ... 191% u011eV as to
Such fast df II&Msge.
S. OPT!ONS TO FAY OR OTNBRWISE
SETTLE CLAIMS
Tale Comusav tl111. laves •!• ' :'•1:a I') .:J1
tlt�etw,ta Istlte, $' 7 of 'r.rt .A'P•• .)t
II.►..11100 C A-Mant a11t Ge1nt . th.•a,I e1tµ.Is. J,
tefn•frste All I',}O•I•Iv Alto 311:.11.- 0!4 1 !r♦
Caf-•ast•y '•freuru%! '+r vdo ,0 or :o t•1v••'1p
Javthemt A tre eMouni of In)yI11••:t rrr6.1 ;pl 1
I)OI.Cy t0.lethe• tltth 31Y COI!:. all.,• -,fit- 1906
Ind esooAtq InCulred .r: !Q t'e ! onto Of WC$`
OSYMIJAt 01 Imda• Of UIrn•11,111 0, tl r •flouter)
Ctelmaf•l And author itll by 'e•0 Com:N•r
4. DETERMINATION AND PAYMENT
OF LOSS
tsi V40 _•balloty :t !`►1:`aef� •t 1
po;,tY small tit
s ts :.cats t:fly last 0
!fl one Klo.a+ 'Jot of I•fe ^svmf Clefon-
ens: Jf
al •fie AfMounl C! n1sufane.3 sulotl ••I
S:"•eJv'V A
Ibl 'ha Cornl,anr wtftl O&V. to atlldO vn t6
env lost •:.tu/od slle•nsf nV this Onlev. all :Oafs
-moused ussuff an Injured •11 1-10511100 cwr ed o'f
by the Co fioanY iof such Inswed, and sit Cosh,
at t01 neys' IaM Ned fro mmi1ss .n liti9aaAn 44•/1e 1
on by turn Insured V1111 one vaf•t%en author tan
!'Cm *f III!► Comosfly.
(C) When I lib6ty hot bre!l ds' I•tvvq flxvd
'm secordw.) .vilh !ha cordfllons tit :not
Colley, tnlr Iuss at •lenl40e •'tool 141 nlVlble•
wttmia .10041V► lhVflaf ter.
7. LIMITATION OF LIABILITY
NO elatM shalt' ef.14 Of be mlotntafAabla
.Met inis nol•ey too if the Coro6oris affe•
,%&V•ny rlutvRJ nYttee Of en allead A114lt1. ISM
or essiewllbranto .rlswied ayelnft l'enunde►. by
.1 p&1," W O:hr•wtp, 'amOyei such Celeet.
lwn of 0•1cvinh•atIcs fir etladflfhot the !flit. As
11tu/M, .V,tM'M a r010nablu time attar frcllot
of turn nof•I:■ 1yI 'm the %vent of :Ittlolfon
1111tI. .!1410 '•Ilt n01e11 s (.flat 1leterrhlmattom fly a
celtlrt ul CMtlpllent $u+•SdIClflln. and Jo1D011bOA
•11 All 40001111 fiteroffoon advertsor to tnr t.00, 1l
.-1IUIMl, &I Ofov,ced -n 1.1069101)h 3 "#teat of
It) l'•, '•ano.t•, iutuntatdy atl•ome0 by an
, ht.p•1sa 1.1 W-0.1111 imy ::Jim At tuft wlt"Out
111-of Wl,tl^'1 CoutM.t of the CempsnV.
e ASOUCTION OF LIABILITY
All nay.nrwtt w-Glif tn.$ 14114:If, Ieeeot
G.Iylwents '11d3y rnr tO141, sttormevs' (00 eltd
11OW-e.t-0, fit,%: •.k.11,t a !h1 AMIDUAt of the
111,6raticu :•n f,, l;o 'Vu navtfw" t Mall of mats
'V1111.40 xMu9fng lmil pO11CY I%jr endorslmant
it !urn ositMortit unless Inc I)O!fev he fast of
JVslrAV,". 'r, .tn.cn Cale afrAf of iuch'on Of
J'nlruct it. fie furnished to the latter
14%;[ Ion no 1f40 i Mnrfany
9 LIABILITY vONCUMVI.ATIVE
It •t •v:T@"vv auOII►pA)d Mat " ..Mount
at :.44—son:r .,,,Jet Its-, lfollev %list• voucau
•h env •'t'Ouri C (.•10'vamt I••f•r AV .milli
sttl u0: I • 'tvt•^f; C t••rf %31 & mil•. -s;a M^,vn
.,1 ...f1 �,• n :,; ..t Sc�rtlu•r 8 h,.n•o' • t•tl ,► s
"tn no ,rot., .�. „ •v1; I•av .. ter :h.►
Do:•c.. L' t:, j ^Ws:!wjua Ao'cA'•et 1•.,:ulM UV
an ..ItvresJ •vl•:e. ,1 , :na Fir fir I,t11 fin lne
ota11 tir it 1r1)1 :1ale, CtA . rtfoe,rit to 11t
trfchedule A. a• J 'ter 1:nf)unr f;f ,said $1,411 J#
't�BnNd a roY'tfrnl •Index •t 1 d01•Cv The
�LMOatov elide ",'IV WC t.'111 OA to 100!v W trip
.al'1to'I •d "AV t..Ch •1'r1})40i ere/ a•40wml
foal gt'!vllmtl v::...qt J! 1'r.aht1,'tv.1tu"If to
the 'Asurfn -,.!ate •)I .n-et";
N:�fINI btu t" ! •Q1.:f a•'L' ''•• ♦,noun% SO Cato
:Hatt 0• .II• n4a i t-jonamt v`•det this oof•rV to
Said lAsss.96.3 ;,.w•vr
10 APPORTOOK-MEVT -
I at• lO.wl urtt,..rVc ^ ,icr•.A.f:v A Con M$
Q! ::1u Of M.I..• ,1etro11 r..t:n .Ire Fiat t-led of a
t ..9.9 •,It, 017 a I,,N .f `It)til,t: 1q alfatl a•f One
of .T.V,o tit I.1.4 OluCtrlS ^:11 not all, the IIM 11114111
tie . 209136,110 ,1'•a t01e1101 Of% 4 0110 •eta Wt•t as
a Mt s!!ICKd11 of uilw:afler, undo, %Ilia oa1.Clr
was dw.,11:C ON rasa as to the value Ott Osl# of
Vo!,cr tit sees$ ;vnstato alfe►t to %no whole,
feelwtvt of ,Sur '04mOtrffn Ats (Maps ►tlll.
1#Nuent 1. '.sate )f Fot.CV un!!ss a I1e6161V of
vifua het otherwise 9e411% 69fted u06A at to
weh pNell by the Cor+Oiw ants tnit .ill..,
the I'm# Of the sfuence of tna 261-ty
mown by In etiolfM statement hpftn 01 t
endorsement stteerslld "rat*.
t1. SUBRO0AYION UPON FAYMI.Nt
OR 31"LAMiNT
welept"r the COrnaenv thou nlve 1st!,
C4or9 uriest MI not-ev, all f19ni of 4u15/091
Stilt• veil ,n the L'unfoehy .,neflKtod by
Cat of in* Insured claimant. The Comoanv
be tuWo9atod to end be .nulled 10 all
and •#mads@$ whteh /weh iwtvred Cla.r
world ploy. pled atlatntt &AV potion or WOO
'h ruµlaet to such 1.1041 tied thee Dol.cv
Odom .timed, and it rMUMtad by the 03-0
wch Inlurve clail"ont Into) transfer to
Cornosov III rt9hts and relMedtet loafntt
oettdn or pro %arty Aateolesary in order .a oat
Such rllllt of lutleM111611 Oft Mal Ott -it
COrhpaAV to wan the norm Of weh ol,
C161rhlpll In MY ttonlflctlon of littpatlQn
vohrlelt such rights at rfrhedial. of the oevr►
does Ilot cove the ton of swch Insured S l
ant. ►re Conwany shall b4subrop"d to s
th)hts aria re nodles In the pro0ortlon %#,
laid "V~t bates to the limaunt of is,* •
If 1011 would rfauft from env set of I
+ntured claimant, such sot shall not .O,d
oorfeY, but the C&TW$ny..n that avant. We,,
reOuorad to Oav Only tall port Of any .ol
InlHrad paint MIfaundsr welch ►ha.t tat
the amoutll, o1 &AV. 'Olt to the CornOan•
flow Ot the 'frltildFi`ami -t Ilia ' rt
subs Jtas.cn, _
12. LIABILITY LIMITED TO THIS POLIO
T't.$ •Aj1rvnNq:-t tbQftha/ M 11 at. ►^:•
thrill/ Jnd other .rttru•rentt, •' anv .list
hsrfr!)V by the Com7IAV It one tnl,'s 001•C♦
i"flKl oflvif"n the Insured and !M Z.-
pIM .
AAy C:a•m of Iota or dimeel, whot'ner O-
toaw On lit$!'9snCs. tied wvh•er allies out 11
status of ►'ter title to the first# Or ore
CO$tered 11efr•bir If #AV aet.On a►saf hf19 I
elated, 1ha.: be •ests-tiod •a the 010v410ns -
condlhOM and stloLlsuoms of Inft pohcv.
No amenon•fnt of 0► erdOrsoment !o
000CV eaA be made faeapl by wrtltnp sneO'
hereon or sllaChed rettlto %arced by #-,"a•
Poes,dent, a •lief Istef0ant !lit See'lfef.
Atf.slant Sfe.stsfY. or vie dault/ u'l.ce•
>•tnoltsrd sl9natOry it tr.e Co'nOanv
13, NOTICIL WHERE SENT
AU 1%*t.CM rio,lrad t0 be 3fvfn !na
poffv one any int"ont ,n wrr.ttng reautric
be futw.shodl the Cornoanv shall be sddtessfo
it at Its alame, afire Is O. Bea 01.5002. Mti
Florida 33101.
//3
s1 - 779
to
GASHlEA'S CHICK r
mNNYM�� a wuR• No 05 21366
ktiKse a .j, a tw rt ji t4j7 u b► `Eu .. 9 b 0 6 219 2 9
CCtsL�IDATEO SANK
Wo WIST OM ST. • 14M.4A1+. FWAtCA 330it
..
Nov t0 8a
PAYgut
Oft -Ell *NQDade Couney Tax CO Ilsetoc"""t:'f
fr. fK
V00 c' 13661d 64-06700 10971: N'0600001998 2li'
If
779
. l�
.. r MUI• v v � .�. M v V ♦. w
'. �1y:.Y'w1 - ': �r ~•�iir ils �� N i166i
4006572926
tiVk=��L.ft..,J1+�"►� `—' BANK
.Il,�prv��. afar. St • i�1K.FJW.*tom ut1Y��tiEiwEritltR
�' ..
Z •++*iT 45,2 16:s:
OAX
***Dade Go
vnty Tax
M*0 Sir 1:05 700 &Oq 71: O-060000"S
u
10UWW�G
C
1p TICOR TITLe
INSURANCE Polky of Title Irmumno
SUBJECT TO THE EXCLUSION$ FRONT COVERAOE, THE EXCEPTIONS CONTAINED IN SCHEDULE 9 AND THE
PROVISIONS OF THE CONDITIONS AND STIPULATIONS HEREOF, TICOR TITLE INSURANCE COMPANY (a Stock
Company), a California corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A, againat
loss or damage, not exceeding the amount of insurance stated in Schedule A, and costs, attorneys' tees and expenses
which the Company may become obligated to pay hereunder, sustained or incurred by the insured by reason of;
1. Title to the estate or interest described in Schedule A being vested otherwise than as stated therein;
2. Any defect in or lien or encumbrance on such title;
3. Lack of a right of access to and from the land; or
•. Unmarketabitity of such title;
This policy shall not qe valid or binding until countersigned below by a validating signatory of the Company.
TICOR TITLE INSURANCE COMPANY
By President
Attest Secretary
Counterrsipned, TZ ii OMEN, P.A.
By
1)oaald A.
t Golden Vekdating Signatory
..
9� 77
To t 0" wLtl1 w..N.. u� nr. ��wr.w» o .ww �Mw q. ujo µ " 1 a17. M e�►T Mo. �woi � �o
.-....................... ... ....... ............... ... ............... ........
Wt i xciusions from Coverage
The folbwing matters are esely excluded from the coverage of thl pollclrr:
t. Any law, ordinance ar ga.ornmental regulation (including but not limited to building and toning ordinances)
restricting or regulating or prohibiting the occupancy, use Or enjoyment of the land, Or regulating the character,
dlMpnslono or location of any Metprovment now or hereafter erected on the land, or prohibiting a separation in
ownership or a reduction In the dimensions or area of the land, or the effect of any violation of any such law,
ordinance or governmental regulation,
3. MOMS of eminont domain or governmental rights of pollee power unless notice of the exercise of such rights
appears In this public records at DNe of Policy.
3. Defects, Ihn$, encumbrances, adverse Claims, or other matters (a) created, suffered, assumed or agreed to by the
insured claimant; (b) not known to the Company and not shown by the public records but known to the Insured
claimant either at DMe of Policy or st the date such claimant acquired an estate or interest Insured by this policy and
not disclosed In writing by the Insured claimant to the Company prior to the date such insured claimant became an
Insured hereunder; c) resulting In no lose or damage to the Insured claimant; (d) attaching or created subsequent to
Date of Policy: or (e) resulting in loss or damage which would not have been sustained if the insured claimant had
paid value for the estate or Interest insured by this policy.
I. Deflnitlon of Terms
The following terms when used in this policy mean.
(a) "Insured : the Insured named in Schedule A. and,
subject to any rights or defenses the Company may have
had against the named Insured, those who succeed to the
interest of owh Insured by operation of law as distin-
diuished from purchase Including, but not Limited to, heirs.
stributees, davlases, survivors, personal represents-
tives, next of kin, or corporate or fiduciary successors.
(b) "Insured claimant": an insured claiming loss or
damage hereunder.
(c) "knowledge": actual knowledge, not constructive
knowledge or notice which may be imputed to an insured
b�yy reason of an publc records.
(dllat d land desesciribed, specifbativ,or by refer-
Weprovements affixed thereto
which by law constitute real properly; provided, however,
the term "land" does not Include anyy pro�perty beyond the
lines of the area specdlcally described or referred to in
Schedule A. nor any right, its, interest, "tam or ease-
ment In abutting streets, roads, avenues. alloys, lanes,
ways or waterways, but notht% heroin shoo ymodify or
:knit the extent to which a right of access to and from the
land is insured by this policy.
(e " M41`11 cgs": mortgage, dead of trust, trust deed, or
o security instrument.
(f) "public records": those records which by law impart
ccnatn Clow notice of Mallon relatirp to Bald land.
2 CondnNratlon of Insurance After Conveyance of
The Moil, of this policy shall continua in force as of
Dale Of Polley in favor of an insured so long as such
Inured Maine an estate or Interest in the lard. w holds
an indebtedness secured b a purchase money
long �iuoit�Irtired � m Ran such Insured. or so
lability by reason of
covenmMof warranty made bypath Insure/ In any trans-
fer or CWMW&na of such estate or InW t; provided,
howsw this policy shall not continue in foroo in favor of
any purMhaser from such insured of oMw said Was or
interest cw the Indebtednoss secured by a purchase
money morlgsip given to such insured.
S. Dehnoo and Proasowtdon of Acdons — Notice of
Clialm to be Given by an Ironed Chilinant
(a) The Company, of Its own ooat and without undue
delay. shah provide W the dohnss of an insured in aA
Conditions and Stipulations
litigation consisting of actions or proceedings com-
menced against such insured, or a defense interposed
against an insured in an action to enforce a contract for a
sale of the estate or interest in said land, to the extent that
such litigation is founded upon an alleged defect, lien,
encumbrance, or other matter insured against by this
polio
(b) The insured shall notify the Company promptly in
writing (1) in case any action or proceeding is begun or
defense is interposed as set forth in (a) above, (ii) in case
knowledge shall come to an insured hereunder of any
claim of title or interest which is adverse to the title to the
estate or interest, as insured, and which might cause loss
or damage for which the Company may be fable by virtue
of this policy, or (111) if title to the estate or interest, as
insured, is rejected as unmarketable. If such prompt
notice shall not be given to the Company, then as to such
insured all liability of the Company shall cease and termi-
nate in regard to the Matter or matters for which such
prompt notice is required; provided, however, that failure
to notify shalt in no caste preiudice the rights of any such
insured under this policy unless the Company shall be
prejudiced by such failure and then only to the extent of
such prefudics.
(c) The Company shall have the right at its own cost to
institute and without undue delay prosecute any action or
proceeding or to do any other act which in ds opinion may
be necessary or desirable to establish the title to the
estate or interest as insured, and the Company may take
any appropriate action under the terms of this policy,
whether or not d shall be liable thereunder, and shall not
,thereby concede liability or waive any provision of this
ic
d0 i to Verprosedd a dthe efense as required 0� permitted d ac-
tion the provisions of this policy, the Company may pursue
any such litigation to final determination by a court of
competent JuMsdictim and expressly reserves the right,
in Its sole diocration. to appeal from any adverse judg-
ment or order.
((e) In ail cans where this policy permits or requires the
Cornpany to prosecuto or provide for the defense of any
action or prooesdktg, the Insured hereunder shall secure
to this Company the right to so prosecute or provide
defense in such action or proceeding, and all appeals
thetain, and permit the Company to use, at its option, the
name of such Insured for such purpose. Whenever re-
ilCondltions and Stipulations Continued and Concluded on Last Page of this Policy) 7 7 9 //6
J�
OWNEA Po�JCY
Schedule
Agent's Girder No.
OWNERS a 9-180002
1. Name of Insured;
MXMZ CHINESE COMMUNITY CENTER, LTD., a Florida Limited partnership
2. Title to`the estate or interest covered by this policy at the date hereof is vested in the insured
3. The estate pr interest in the land described or raterrod to in this Schedule covered by this policy is Fee
Simple.
Policy No, 09-180002
This policy does not Insure against loss or damage by reason of the following;
STANDARD EXCIRPTION8t
(gyp W4W W. MIN
(b) Easements, or claims of easements, not shown by the public records.
(c) Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate
survey or inspection of the premises.
•. r l .', !► • . �• (. 1. , . l ►. . , l u l v: n p ... . , .I l =Y •. - 1 1713 4.17
+ u l •� •• / �� . , • 't►J 1 • •. i. N 1 1Ile
(10
SPECIAL EXCEPTION&
1. Taxes for the year 1989 and subsequent years.
2. Covenanta► conditions, restrictions, easements, terms and other provisions shown on
the Plat MIRAMAR SUBDrVISION, as recorded in Plat Book S, at Page 4 of the Public
Records of Dada County, Florida.
3. Mortgage from Misal Chinese Comunity Centers Ltd.. a Florida Limited Partnership to
Interas<erican Engineering Corporation dated January 12, 1989 in the original principal
amount of $170,000.00 recorded on January 12, 1989 in Official Records Book 13960, at
Page 427 of the Public Records of Dade County, Florida.
f
_ _ ,,,,wuiaiions ront►nued and Conciuced from Reverse SW of Policy Face)
quested oy the Company, insured shall give the
Camoanv all reasonable a►d .., nv such action or oro•
ceeding,-rn effecting settlement, securing evidence, ob-
taining witnesses, or prosecuting or defending such ac•
tion or proceeding, and the Company shall reimburse
such insured for any expense so incurred.
4. Notice of Loss -- Limitation of Action
in addition to the notices required under paragraph 3 (b)
of these Conditions and Stipulations, a statement in writ-
ing of any loss or damage for which it is Claimed the
Company is ►iable under this policy ahsi be furnished to
the Company within go days after such loss or damage
shall have been determined and no riOttt of action shalt
accrue to an insured claimant unto 3360 days after such
statement shall have been fumished. Failure to furnish
such statement of loss or damage shall terminate any
liability of the Company under this policy as to such loss
or damage.
5. Optlons to Pay or Otherwise Settle Claims
The Company shall have the option to pay or otherwise
settle for or in the name of an insured claimant any claim
insured against or to terminate all liability and obligations
of the Company hereunder by paying or tendering pay-
ment of the amount of insurance under this policy
together with any costs, attorneys' fees and expenses
incurred up to the time of such payment or tender of
payment, byihe insured claimant and authorized by the
Company.
a. Determination and Payment of Loos
(a) The liability of the Company under this policy shall in
no case exceed the least of;
i the actual loss of the insured claimant, or
b) it* amount of insurance stated In Schedule A.
b) The Company will pay, in addition to any toss insured
against by this policy, all costs Imposed upon an insured
in litigation carried on by the Company for such insured,
and all costs, attorneys' fees and expenses in litigation
carried on by such insured with the written authoriratbn
of the Company.
(c) When liability has been definitely fixed in accordance
with the conditions of this policy, the loss or damage shall
be payable within 30 days thereafter.
7. LIMMlon of Uabbilty
No claim shalt arise or be maintainable under this policy
(a) If the Company, after having received notice of an
alleged defect, lien or encumbrance insured against
hereunder, by litigation or otherwise, removes such de-
tect, lien or encumbrance or establisheii the title, as in•
sursd, within a reasonable time after receipt of such
notice:
(b) in the event of litigation until them has been a final
determination by a couft of competent oadiction, and
disposition of ail appealii therefrom, adverse to file tale,
as insured, as provided in paragraph 3 hereof: or
(c) for liability voluntarily assumed by an Insured in sat -
fling aim or suit without prior written consent of the
CoftishA. Reduction of Liability
AR payments under this policy, excapt payments made
for Coats, aforneys' fees and expenses, shall reduce the
amount of the insurance pro tanto. No paymem shah be
made without producing thh policy for endorsement of
such psymem unless the policy be lost or deetroyad, in
which =0 proof Of such loss or destn�ctbn ;hail bi
furnished to the satisfaction of this Company.
S, Liability Noncumulative
It is expressly understood that the amount of insurance
under this policy shall be reduced by any amount the
copy may pay under any poky insuring either (a) a
MONIMMIUMMODW ... M, .....-.,..,. .
mortq shown or referred to In Schedule ® hers
which 10 a Hen on the estate or interest Covered by it
poligr,. or (b) a mongaae hereafter exaCuted by an I
sured which is a d%Me or lien on the estate or Intare
described or referred Io in Schedule A and the amour
so paid shall be deemed a payment under he pdJC
The Company shah have the option to apply to the pal
ment of any such mortgages any amount that otherwls
would be payable hereunder to fin Insured owner of th
esUft or interest oovered by this policy and the amour
so paid shall be deemed a payment under ttde policy it
said insured owner.
10. 1gponk rmmt
If they mland described in Schedule A consists of two 0
more paresfs which are not used as a single site, and i
lass Is established affecting one or more of said pmefi
but not all, the toss shall be computed and settled on a prc
rota basis as if the amount of insurance under this ppoolicy
divided pro rats a; to the valve on Date of Policy of
separateeach parcel to the whole, exclusive of any lm-
provements made subsequont to Oahe of Policy, unless a
liability or value has otherwise been agreed upon as to
each such pascal by the Company and the insured at the
time of the Issuance of this policy and shown by an
express statement herein or by an endorsement attached
hereto.
111.
lion upon Payment qr iettlen+eM
Whenever the Company shall have iettled a claim under
this policy, all right a shale yen in the Com-
pany unaffected by any act of tba Insured dalmant, The
Company shaM be a&opated to and be entitled to all
right and remedies cchh such W*WM claimant would
haw had soft any person or property in respect to
such claim had this policy not been Issued, and It re-
quested by the Company. such insured claimant shall
transfer to the Company all rights and remedies against
any psraon or property r easim ry� r to peMcf succh
tine name Oichof VArogahiinsured dalmant in any transaction or
Jitigation i i1vft such rights or remedies. tf the payment
Was not closs of such Insured claimant, the
Com shah be ted to such rights and rem-
edies in �o�t� said payment bears to the
amount of said bra N lose should re" Mom any act of
such iraured claimant, such act shall not void this policy.
but the arty. in avant. shall be required to pay
on1y that W of that any losses Insured Vav* hereunder
which shah euved the amount, it arty, lost to the Com-
pany by reason a the impaimtent of the right of subroga-
tion'12. LMM ty Lkn fled to this POBOV
This insftmot together with all endorsements and other
instruments, if any, attached hereEO by the Company is
the entire C�ypotby and, contract.betwsen the insured and
Ow Any claim of loss or darnage, whether or
not "based on , and which anew out of the
status of the Ilgen two the eatate or ~est covered hereby
or any action asserting such daim, shall be restricted to
the provisions and cortdltlons area atiputadons of this Pol-
icy. No anierximent of or endasemeM to this policy can
be made except by wrbgng eridoread hereon or attached
hereto by either the Pmaident, a Vice President,
� Secs � of
�etaryn+ovr�wyJWatlnp otfl•
t3, Notices, Where ftd Ca � !. "7 �7 9
All nolcee repulsed to be given the C=Wy and any
statement in mgtksd iw to be nished the Corn -
parry shell inoh�0s the numbs► of this p0cy and "be
addneeed to ka Pektoipai 0010e1 Claim D" arament,
6=1 VAIshire 0ouW4W, P.O. GIM a4�'SZ, Los gel0411111100111111
/
•uu. 6 `�0 16:56
10%
0t�00 PHOEBE REALT'r
E
TEL 717-6ol-1:14
N �J! 0 N A L
=10NTTORNEVq
IMTITLE INSURANCE COMPANY
COMMITMENT
National Attorneys' Mile Insurance Company
COMWMENT TO INSURE TITLE
NATIONAL ATTORNEYS' TITLE INSURANCE COMPANY. a corporation of New York, nerein called
the Company, for a valuable consideration. hereby Commits to issue its policy or policies of title
insurance. as identified in. Schedule A in favor of the proposed insured named in Schedule A. as
owner or mortgagee or the estate or interest covered hereby in the land described or referred to
in Schedule A: subject to the provisions of Schedules A and 8 and to the Conditions and
Stipulations hereof.
This Commitment shall be effective only when the identity of the proposed Insured and the
amount of the policy or policies committed for have ben inserted in Schedule A Hereof by the
Company, either at the time of the issuance of this Commitment or by subsequent endorsement
This Commitment: is preliminary to the issuance of such polity or policies of title insurance and all
liability and obligations hereunder shall cease and terminate sic months after the effective date
hereof or when. the policy, or policies committed for shall issue. whichever first occurs. provided
that the failure to issue such policy or policles is not the fault of the Company
In Witness Whereof. NAT(ONAL ATTORNEYS' TITLE INSURANCE COMPANY has caused this Com-
mitment to be slgnCd ;and Sealed as of the effective date of Commitment shown in Schedule A,
the Commitment to 0ecome valid when countersigned by an authorized signatory
Commitment No. fl C 71818
SUL
�' Nagonat Attom'
A� Tide kmranm Company
Standard Exceptions for Ownor's Polity
The owner's policy will be subject to the mortgage. tf any, noted under Rem I of Section ! :)f
Schedule 8 hereof and to the following exceptions, (1) taxes or special assessments which are not
shown as existing liens oy the public records, f21 rights or claims of parties in possession not shown
by the public records; (3) encroachments, overlaps. boundary line disputes, and any matters whir,
would be disclosed by an accurate survey and inspection of the premises: (4) easements. or claims of
easements, not shown by the public records, (5) any lien, or right to a lien, for services. labor, or
maternal heretofore or hereafter furnished, imposed by law and not shown by the puDlic records
Noce for treader
Unless otherwise stated in Schedule B-2 hereof, no restriction on subject property was filed for record
subsequent to February 15. 1950, prohibiting sale or occupancy on the basis of race. color or creed
Condfdons and Sdputadons
I The term "mortgage." when used herein, shall include deed of trust, trust deed, or other security
instrument.
2.
If the proposed Insured has or acquires actual knowledge of any defect lien, encumbrance.
adverse claim or other matter affecting the estate or interest or mortgage thereon covered by this
Commitment other than those shown in Schedule 8 hereof, and shall fail to disclose such
knowledge to the Company in writing, the Company shall be relieved f Om liability for any loss
or darage resulting from any act of reliance hereon to the extent the Company is prejudiced by
failure to so disclose such knowledge. If the proposed Insured shall disclose such knowledge to
the Company, or if me Company otherwise acquires actual knowledge of any such defect, lien.
encumbrance, adverse claim or other ratter, the Company at its option may amend Schedule 8
of this Commitment accordingly, but such amendment shall not relieve the Company from
liability previously incurred Pursuant to paragraph 3 of these Conditions and Stipulations.
Liability of. the Company under this Commitment st�►dll be only to the named proposed Insured
and such parties included un * the definition of Insured in the form of policy or policies
committed for and only for actual Ions incurred in reliance hereon in undertaking in good faith
(al to Comply with the requftrents hereof, or (01 to eliminate exceptions shown in Schedule S.
or (c) to acquire or create the estate or interest or. mortgage thereon covered by this Commit-
ment, In no event shad such ►lability exceed the amount stated in Schedule ^ for the policy or
policies committed for and vim IWWity is Subject 10 the insuring provisions and the Conditions
and Stipulations Of the form of polity or policies committed for in favor of the proposed Insured
which are hereW incorporated by reference and are made a part of this Commitment except as
expressly modified herein.
My action or actions or rights Of action that the proposed Insured may have or may bring
against the Corrpany ansing Out of the status of the tide to the.estate or interest•or the status of
the mortgage thereon covered by this Commitment must be bled on and are subject to the
provisions or this commitment.
COMMitHINt room
SCHEDULE A
Member's
COMMitNiemt NO A : F1 C 71818 effective Date: File No.: 10.02•88
10/26/96
1 2:30 P.M.
I. Police or Policies to be issues: Proposed Amount of Insurance:
OWNER'S:
$375.000.00
COMMITMENT FORM
SCHEDULE 81
Commitment Nail;,_ F1 C 71916
Member's File No.#:. 10-02-08
1. The following ire the requirements to be complied with:
1. Payment of the full consideration to, or for the account of,
the orantors or mortoegors.
2. Instruments cresting the estate or interest to be insured
which must be executed, delivered and filed for record:
3. Execution, delivery and recording of a Warranty Geed from
,CITICORP SAVINGS OF FLORIOA,A FEDERAL SAVINGS 6 LOAN ASSOC* to MIAMI
INESE COMMUNITY CENTER, LTD. conveying title to the
WLT���'ncufb@Ping
bJact property.*F/WA E FERAL WMW AM ZN IA. Mortgage to be executed by MIAMI CHINESE COMMUNITY CENTER,
D. to CITICORP SAVINGS OF FLORIDA, AND/OR ITS ASSIGNS,
subject property in the principal two of $262,500.00.
`-•.w; , S. Proof that Miami Chinese Community Center, Ltd, a Florida
oiled partnership, is registered with the secretary of State. A
(�✓ COPY of the Partnership AOreement must be provided.
• 6. Affidavit is required showing that MIAMI CHINATOWN
/ DEVELOPMENT CORP., A FLORIDA CORPORATION,is the only entity
interested as partner in the partnership, MIAMI CHINESE COMMUNITY
CENTER, LTD., 'A FLORIPA LIMITED PARTNERSHIP, and that it approves the
",.A.--conveyance`or encumbrance Of partnership property.
7. 3010416tory evidence showing MIAMI CHINATOWN OEVELOPMENT
'CORP a'FLORIOA corporation, in good standing.
•`i?Proof and/or Proper resolutions must be furnished that MIAMI
MINESE COMMUNITY CENTIR• LTD, A FLORIDA .LIMITED PARTERNSHIP, duly
ganized and in good standing, by its Charter is not prohibited
from acquiring and/or encuebering real property.
9.-Affidavit executed by grantors that there are no claims
ending and unpaid which constitute a Tian against the subject
party.
10, Evidence that City/County taxes for the year 190a hove been
Paid y j" 779
` ,`• 11. tvidence that City/County special Assessment Liens, if any,
,
7 hav been Paid.
12. NOtioe Of State Tax Lien recorded in O.R. Book 13085, Al
Pad• 1967, of the Public Records of DADS County, Floride, against NEW
BISCAYNE FEDERAL SAVINGS & LOAN ASSOCIATION. This notice aaoeers to
be against the party in this transaction and it must be discharged
and cancelled of record.
13. Assignment of Contract from Isaac Shin and Joan Shih, nis
wife. Trustees to Masi Chinese Coaaunity Center, Ltd., of all their
ri is and interest in that certain Contract for Sale ana Purchase of
R al Property between Citicorp Savings of Florida as Sellers, and
aid Isaac Shih and Joan Shih, his wife, as Trustees for the subject
oropertY.
COMMITMENT FOR TITLE INSURANCE
SCHEDULE 82
Commitment No,Nt F1 C ?Isis
Member's File No.$:. 10-02-66
II. Schedule B of the policy or policies or out ramtto to
will contain exceptions to the following matters unless the
disposed of to the satisfaction of The fund:
1. Defects, liens, encumbrances, adverse claims or other
it any,,%created, first appearing in the public records or
subsequent to the effective date hereof but prior to the
V� proposed Insured acquires for value of record the estate or
or mortgage thereon covered by th3'3 commitment.
be issued
same are
matters,
attaching
date the
Interest
2. Any owner polity Or owner guarantee issued pursuant hereto
will eontaln under Schedule 6 the standard exceptions set forth at
the inside cover.hersof. Any mortgagee policy will Contain under
Schedule B the standard exceptions unless an affidavit of possession
and a satisfactory current survey are submitted, an inspection of the
! premises is made, it is determined the current year's taxes or
\ special assessments have been paid, and it is determined there is
othing of record which would give rise to mechanics' liens which
could take priority over the mortgage (where the liens would
otherwise,take priority, submission of waivers is necessary).
3. Any lien provided by Chapter 159, Florida Statutes, in favor
therves
any city, tovn; villa** or port authority for unosid service
for service by any water systems, sewer systems or gas
ems servLme the lands'destribed herein.
4. Liabilitk for municipal improvements made, authorised or
ding but not assessed.
S. Taxes for the year 1989'and subsequent years, which are not
Yet due and parable.
6. Tfrms,conditions, covenants, limitations, easements and
rtstrvatlons contained in Plat of THIRD AMENDED PLAT OF MIRAMAR, os
recorded in Plat Book S, at Pao@ t.
7, Dedication dated January 25, 197, filed March 30, 1917, in
OR Book 162,•Pase 416.
i. Dedication dated March 31, 1917, filed April 19, 1917, in OR
Book 163 at Past 473.
ALL INSTRUKffKTA At RLCORDlD IN TWO PUBLIC RECORDS OF DAOE COUNTY
FLORIDA.
9. "'
779
Is 1W
The aforementioned covenants, restrictions, conditions, easements and
agreements do not contain a reverter or right of re-entry clause, and
this Policy insures that the said covenants,restrictions, conditions,•
easements and agreements have not been violated to date and a future
violation will not result in a forfeiture or reversion of title and
will mat affect the validity or priority of the mortgage hereby
insured,
As to the loan Policy, Item 1. Schedule 511 is hereby deleted upon
closing and presentation to closing spent of a goo affidavit.
As to the loan Policy. ttes ?. Schedule 811 is hereby deleted upon
the conditions that a survey certified in accordance with Chapter
627.780 Florida Statues and s fully executed Non -Lien Affidavit
Pursuant to amid statute are presented to the Company for its review,
The Company reserves the right to add to the Special Exceptions
Portion of the final policy oil matters disclosed by the survey and
affidavit, but,the Company agrees to afford affirmative coverage over
defects disclosed therein in accordance with Lender's instructions
upon closing.
The title insuror insuring this covaitment hereby insures against
the possible existence of adverse Matters or defects in the title
which are recorded during the period of time between the effective
date of this commitsont and the date of recording of the documents
creating the estate or interest being insured, except as to matters
of which the insured has knowledge, and any provision in this
commitment which is in conflict herewith is hereby deemed deleted.
z
EA DORSEMENT
National Attbtney s Title Insurance Company
Endorsement No. to Policy No.: F1 C 71818
Nome otodonal Insured: Citicorp Savings of Florida and/or its Assigns
Original Effective Date: October 26, 1988
Original Amount of Insurance: V62.500.00 Apnt's File Reference:
The policy is hereby amended as follows:
Under Schedule A. Proposed Amount of
1'asurance for the Mortgages TitlePolicy
is hereby amended to $263,500.00
L.
10-02-88
...&YAO o
�
%I Ll � "��National Attorneys'
Title Insurance Company
• • '�;A..��;►"� /,•ICJ
By
chance J. Kovoleski 779
-----
c,'"*Noft Policy
-arc ":'e Assoc at of,
Form a•19",0IPev '0•17.70 and 'V7.841
Aoncv Number AZR 17 3 ^ 3 7
MINNE5OTA
TITLE
c>>CE . EXCEP'.r^IS 'Cu-SOU ?
CF
NNESvr.= -if ,ate .
shown r Schedule A. a�amv :55 : :3rraoe "Ct excc-_ S.: Cu.e a and _:i:s. a':r^?.s `ees a•'_
the'Comoany may oecoire obi .ate. !C nabP 's,.:ed o`i 'easor o1
me t0 th?'s:ate Jf ^'.?'y5i :2SC tea ^ :5 ,e! tree
2 Ary defect ,, or „er or ?^r.-^Orarce 7 s.C" '
3 L3Ck 9f 3 '•St'; .` ac:ess :_ :"C ` cr "� ...
a irmarketav _: i,-C
-� ,a• ..."e^ ...:e►s grit: �.. ._ :' .-
TITLE INSURANCE COMPANY OF MINNESC'A
JlOuc �N'�Gdr>Y
-.. a:.�C iitM.f i•:�:f. tA��'kJC0u3.:f��r133t3 7iN..
l3m?
-tie `oiiaw-r- -a7s,s 3•e=t:ress;v ?+c t.CBC :r" -e
:overage of trts oollcv
Sal _0vermrrP_r;3, :CI C2 :C'Ner
bl anv taw. orairarce or governmental eguiation
,elating to enwrormer!ai protection
!cI any law ordinance or governmental regulation
mcludtng out not ;mired :o duildtrC and Zontrg ordrnancesl restricting or
•egulattng or pror.iomrg me 3CCsarcv. jse or enjoyment of tre sand. or
•egulatrng the crarac:er atmers;orS ,r :cctOn Of 3N Improvement -ow
or 4teafter erected an :re arc ,, : •:r :: -d 3 Secaracon it OwrerShto
.Or a change in the dimers,ors ., 3,ea :.. 3-::' 3ry :arse! of Ahicn
;re and ;s or was a Dart.
tdl The effect of anv v10lalion of ;he matters
excluded under la), (b) at Icl aoove. unless nonce of a defect, ler or ercum•
prance resulting from a violation nag beer recorded at Oate of A:!!cv n
mose records in which uraer state statutes deeds, ortgages. s oe-dens.
items or other title encumbrances must be recorded tr orcer to moan,
constructive notice to ourcrasers of :he land for value and wi;rCut �^Cwl•
edge: provided. however mat wit^out !Imavor. sucn •ecoras snail -at u
construed to include records In any or the offices of federal i;ate r coat
environmental protection, zoning, bu;lamg. health or pubic sat2ty
authorities.
2. Flights of emsnert domatr urless rct ce of : e
exercise of such rights appears n the public'eCO,IS at Cater -1:rcr
3. Dgtpcts. !tens. ercumorarces. adverse ::air�S.:r
other matters lal created. suffered. assumed or agreed :o ov :me ^surea
claimant: (b) not known to the Company and -ot sr c yr :r V e
'ecoras out known :a the nsurea va ;Tart 2•t"e- at Date :' ;lr-; c'.:r a! •-e
date such claimant acquired ar estate or -eves; "v :r!s zo; cit, am
'rot disclosed In wntrrg py the nsured cla;mart :o : e LCmeary or or to .me
date such ;nsured Claimant became ar rsurea nere�-Ce' •ct •e%.; ^g r
no loss or damage to the nsured claimant. dl 3C3c,- ^ or :,eared sucse-
:uent to Dace of Policy or tel result,ng r :ss :• ,arraae .vr :' :.cL;,d not
rave been sustained f :he !'Wer3 Cla,r"2r• -3C :2 c '_• -mare
or erest •nsured by :r s ooucv
^? 'o; cwsrr• •errs .Vr2r _iec
s;;olect:0 3ny rgr:s ;r ;era^:es re ; Zmio3ry -a.= ^aC sga:rSt ire
"amed nsured.:nose wr; Succeec •c ''e-rsr_s::r St.c- rsurea by ooer-
a:,on of law as d!st;ngu;srea f':m:u•.:se rg.:u; tit!!;;m;,ed *0.
-e,rs. c:s;r•outees, der;sees. slrr .:rs :e :c aJresert3t yes. r'ext of
or corporate cr cucaN r.c:asicrS
lol surec . _ _ • . "surea c•a! r ^g •css or
amage nerec^ter
_.._ a•--:wiedge. rrt :or,truct,ve
Knowledge or -ot,ce ^ ,?r _ . - . nsured ov 'e350r of any
puChC reCCraS
arc •R! ar' :=s,c':,!! ,Dec ul;v or ,,l, refer-
erce In Screaute a ;rd rrOr; .,-er:s . -. qe: -sr-?x .. N aw
constitute •eal orooer:',. om-ce'.: =._ ;. _ •a•.,. .. tees or
•nclude ary orccemi :evord M: -is -e 3•-aa ioec • :.. ;esc' tea or
referred to n ScreCL-e d nor ;•.: Ne - a.ItSt 15:3•- If easerner,
-n aouring streets. roads. averts-*.:* :,a•erwars. ^t.;
nothing herein smart moo , Cr r. • "o ,�.er• • gr! At access :a
and from the and :s nsurea o..
idl ..mortgage - y.::- .-_.. .. . _st deec.
or other security !nstrument.
If) "public records :rose -ecrrds ow-c- ov law
impart constructive notice of matters retatirg ;o said lard
2. IN Cormrhrstron of Insurance aher Car►vevance .
of Tide
This coverage Of this polity shall continue In force as of Oats of Policy m
favor of an insured so long as such inured retains an estate Or ;ntereg to
the land. a holds an tndebtadimm secured by a purchaSe m"
given a a putchitet hpm Such Inurad, Or SO IOrp as such Insured Shall
h" babrbty by reason Of COvenantS Of V1larranty made by such +nsured in
3-v -arsrer or-omvevarrl ? c- esTe .r
T s Ocl co small not :drtirl� °g `Oils ^'avOr ;f 3ry :t,rc'a52
-surea of a trier sa,d estate or rterest or :re ^cectecress ;ec_.?c
:urcrase ^crev mortgage given o such -surea
3 Jeferse ana ftsecurlon or ac;,ors -',c r :e :
Calm ro oe given ov an tnsurea C.arrranr
tat 'he Comoanv. at is our+ :cst arc
delay. shalt orovide for :re �efe^Se of an .rswec - : • ga::r :
it act!ons or oroceed!rgs commenced agains! suc-
rteroosea agatrst ar nsured r an actor :c e-or:e j.: ac
or :tie estate or rnterest :n said land. ;a the extent :rat Su:- :;a: ;r ;
`ourded upon an alleged defect, en encumorarce :r ,;the' -^a-e•
"surea against by this policy
(bl The !nsurea snail ro0v ire Cor^oarr-
wr vng W to case any action or oroceeding is oegur or deferse S
:CSed as set forth In la) above. list -n case knowledge srad c:me 3-
rsureo rereunder of any c!atm of title or, ,nterest wile^ s ame'se
: tie :o ire estate or interest. as insured. arc wntc- •r,grt :arse css :
:amage for wf+,cm the Comoanv may u ltaoie ov VIrtue Of :"•s :ct
c;le !o the estate or interest, as rsured. -s relected as urmarr- -c e
suer oromot notice shall not oe given to ire Comoanv.:ren as
-surea all A06ity of me COmpary stall cease and terminate :r e care
'-e 'matter or matters for wnict. such orompt not!ce -s required. C':•. Cec
-;wever ;hat failure to notify shall .n ^0 case Dre:udice the - gr+s _
^s, !ec .,der tuts oolicV unless the Corn air Small oe ore:LC :d::. i_c-
'3..ure ara men arry !d ;re extent of sucn-reivaice
,c► the Comcary sratl ^aye :re • yr! _ .
-s, ,-!e 3rd Nit?,out -indue deiav ^.rosecute ary ect.Cr
:`er act '.vrv, r •ts OotrtOn may be necessar.: - .:.e
eszari-sr :he title to the estate or rterest as .nsured. 3rd :"= :. -oar,
n•ar '3ke anv appropriate action under the terms of *"is Jc :. -etre'
-c; ; srasi be Hab;e thereunder, and shall not thereon
'•.'re Sri Orov!s;Cn of this policy.
id) 'NI -Fever !re Company grad nave orct.grt 31•,
:c:v :r ^!eTcsed a !a 3s 'eau!red or cermrtted by .^e _ _ s .
: s :o' cV.:"e Ccrr -a; ^UfSLe ary iucn aagat:or
�,• : _Cur: 0' .. c sC c:'Or irc excressly rese- _S
S ;c e SUP! or, .:a° ;•,m .-v e,se :.cgment :r :•:er
el ass w!,ere :f••s ocl;c.:erm:ts c,
000se :tic•.:e'or :t•e 3eiense f ary
^sired -a, S .3 secure c :re %omoary
.:.secure :r Orgv:ce averse ^ i4C- 3:.:^ :r Iraceediq. arc 3:1 .::^ea :
•-?rein ara cermtt the :.,:r-:ar•r :c .se. 3t tS OOVOM : e -ame it.c-
-surea `cr sucn purpose ecuestea ov :re Cor^oary s,.c-
rSL,ea Sra!! p4e me C:;r-:a^, _ '2asorac:e 3,d n 3rV Sic.- 3C' _
;rcceea'rg. r 2"`eCt'ng se- ? er! se"r-ma eVd:erce.:c!a.r
1Osses. or or_secutng or _c er0'r'Q suv, act or ;r ,,,'Oceec:rg. and: _
C,,r -.a-v Small retmourse :__ 'S, *n '':r ar,, exCe^Se SO net:'•':
d .'.-'::� :r ;::s-:--at.or ci Acnon
^ adc:rcn :a tie ,ogees •ec•: rec u^ter :aragr3on Sibs cr :^ese :tic o-S
3-C S'. cuiat Crs. a state--.!--. - :.' ; rg :r 3ry 3Ss ;' :arrage `:.r"
S 31m?0 Me Company S d:;e _rce, *nis :a! :'I s"3;• :e %11 S-...: '- a
Cor^ca^v •N-Cltr 90 0-ays 3-?' x, pass or :amage sratt -a,.e :eer :-
mined 3rd no r•ght of 3C!:^ :ra; accrue to ar rSur?d c•atrr3rt .r:
eer `?�
days after sucn statemer! --at; rave ow ;a%re :! •'.r- s-
sucn statement of !ass or Carnage srau term•nate any ,;aor;ty r
Company under this parer as !O suc" :ass or amage.
5 Ccrcns , Pv cr C;-er,•rse Satire Cairns
i 4e Compare shall nave :re 3c v, :o oar or .rrerwrse se -se �:r :• " -
rame of ar..psured claimant ary : atm f s,.red against :r to ;err^ "a:=_
abtl.ty and obligations of :re Comoanv hereunder OV paving or lercer -=
caymert of ;he amount of •r,surarce under :his policy togetrer wit' ary
'osts. attomws• fees and expenses incurred up to the time of suer tar
ment or tender Of payment by the insured claimant and autharze-o Jr
the Company.
0lrennrnetwprlanoPbMaenrClc�pSS .- ��33
(a) The fralHlrty of the Company under tnrs poncv Sra,r
/C&w%w on M'S,08 ztaCl, •'sC
.yi-. 779
• -0 Ase ixc�eC -e ea!: :
-e .ra^ce s:atec- S:,ecu,e d or
:av, r aavvi :c ary ;,ss
rsured agatrst w :r s:cl c..,, :.s•s ,-oosec joer ar ^surea r• r.ga-
aon tarred or ov t-e Comoanv 'cr such nSurea, and all :osts. a.ttor^eys
`ees and exoerses ^ 'it:gatlor. earned an by Such insured wltr :~e Nntten
autnorzatior :f :re Comoary
cl A*e_, aomty has teen def,r;:ely r xea - :cord•
ante w:tr :he :crc r :rs if ' : -ci,cv. ^e 'oss or Damage snag' :e .avacle
w,tntn 30 days :hereafte'
No claim snail arse or oe ma rta ^ac;e ., aer :- s Jol,CV �al ' :-e
Company after rav!ng received ^once cr an aiieged ^erect. eh :r
encumbrance nsured against hereunder• oy litigation or otrenmse
removes such defect. item or ercumorarce or estabhsres :re :•:•e as
insured. within a reasonable time after ,ece!ct of suer -o^ce v - •-e
event of litigation until there has peer a final cetermtrat-cr :•, :::urt v
competent jurisdiction. and disposition of all aooeals tnerwrcm ;c•,erse :o
the title. as (rsured. as orov:ded Ir oaragraor 3 rereof or'c, or acuity
voluntarily assumed by an .nsured in setthrg ary czm or suit .v.tnout:nor
written consent of the Company
a. Qeducrion of L:aow v
All cavments urcer tr.,swol:c•, exrect cavrre^ts r-.:ce `r :.s!s :'-e•.s
fees and expenses. srail 'ecluce the amount it ! =.rra
payment sraii be made NOOLt oroauc.re :r s oo,'cr *or a-case—e^t yr.
such oavment �ir,ess :re oc, r. :e es;:rr:es:'cveo. - %, : :ase _r.v :f
such loss or destrucron srar :e .' srec :c •-e ia, s'ac: cr -e
Ccmoary
t S exoressiv ..rcerStccc :ra; :^e;r-,um? ;r -.. a-._ .:3
c_ rN
srail be reaucac ov ary orrcur* .e
^SLr ^y e. tier !ai : rc-:..3e -c:. . 'e-er.ac
- J -
.vr Cr s a cr ._a as;:•::• ,2,esi _ ,:•?a .. . .
—cgace "yeaof :xec: ea:I ." -SVEC Am •^' ��
. -^ Ir •rp
estate It �terest test. ctd ; •e;er.ec �c -c.:- _� _
-_ ;,_ :.
so a d s"a• �e Cee-et - ...'.^�^:.:E' : :: .. - ..-':..
;-�•
.ave :re ooror :o ::c.v
ar^a.r::"'a::'-p^.•. se ..'L,C
of :re es!a:e : _res:._.: _ . _..
;rat; :e _"eel -EC .-ce• •- s
Ire !and --es,,, :et ^ SIC--?% e -1 ::-i :._ - .:.c _ •a ..:e'_ .vr
are -at .sea as i . "r a _ :e a-. . __.. ._.a=r r. ec ac• -
more of sa c :a,:-,,s o.: _:: - .: i .-.:e C r-• :er:. c ien!ec or.
a pro '3ta :13d5 :C' .. tia5
...:S - .dt- ia.a' a:2 oarcei
:c ^e .: ? -ice
eacr iuv :area "r . - :.•?:.: •«- _ .,...,
ssuarce :. s :a ,:1 art . -.. - --.::. - - .z
oy it 3r:orSerrer! ir:.c _
•.gnt r sJ:ragar,;r i-a• - - :.—..... - _..... "a
r'sure^ _ w:rrartall r,grits anc 'arrec•es .vr r," ... . ,±
aga,rst ary oerscr or:rccer'o r •escec:::._.
tieer'ssuec. and •t reques*eo ov're l'3r-CJ s;,cr -iv-am. '.. - v! 4-all
transfer to me Company ail '•or.:s arc cameo as 3ia rst ir'.:e'i:' •?r
aropertv necessary a 9Cer :::,erect s�ca r yrt ;;,or�ga•:- :^t; 3ra.'
oermlt c+e Company to ;.se ire -ame of suer rsured :'atmar• - iry
:ranswicir. or ;,•,gauon m4N.rg such •!gr:s or •erredies i :re cevr^ent
does not cover:e loss of suer rsured a•mam. tree Camcary sr.,l be
suorogated to such rights and remedies 'n tie orcocrvon wn,cr sa,c cay-
ment bears to the amount of said !ass. if loss shouid result from anv act of
such insured claimant. such 40 shall not void this policy, but tre Company.
_ •-at ?'.e^r hall cued �. ;,aV ter,', .a, car• • -
yia•rst ,e•e-.rcer wnicr hall exceec "e ar"cur, _
.Jmoary ov reason of ;re m0a,rment :f r e grc
!2 t.:aCnrry �,mtted r- .his o Ci
1. S rstrument together w,tn all ardorSerrerts ara
arv. attacned hereto by ire Comoanv s :re ert'e cot c;
cetween the rsurea and ire Comoanv
anv clam _' rss or :ar-age
-egngerce. ara wr cr arises jut or :-e s:a%s : -e
rterest covered rereov or anv ac:.or asse'• -::.c-
•estrictea to the provts,crs are .0rCiI'.rS ir-. i:: 4 2,'
No amendr-ent of or =^ccrser•er::_
made except ov wrt!ng endorsed rereov cr anac-ec "e'e::::-=:
e•trer tre °-eslaent. a Vice Pres;cent. ;he Secretar, ar •=is-
:arv. or •,alodating officer or authorized s,gratcr. ;f :re
13. Notices. Where Senr
All notices required to be giver, the Company are ary stater-e^' - ..
required to be fumtshed tt'e Company shall be addressed tc IS -:•-?
Office. Minneapolis. Minnesota 55Q1
vote firs policy valid onry if Scneduies 4 and 9 are a-':: - .
45�
9i-- "7"79
fVedule A
File Number 10 41-i 4 Policy Number AZR 17 39 37 Amount S 250, 000 . 00
Policy Date November 17, 1989 at 10 : 40 A.H.
MINNESOTA 2. The Insured hereunder, in whom title to the fee simple estate is vested at the date nerecf
MIAMI CHINESE COMMUNI CENTER, LTD.,
a Florida Limited Par_aership
The land referred to in this policy is situated in the county of Dade
State of Florida and is described as follows:
.Lot 2, in Block 6, of THIRD AMENDED '4AP OF MIRAMAR
according to the Plat thereof, r :orded in Plat
Book 5, at Page 4, of the Public R_:ords of Dade
Co6nty, Florida.
File Number 1041-74 Policy Number AZR 173937
This policy does not insure against'oss or damage by reason of the following:
1 Facts which would be disclosed by a comprehensive survey of the premises herein described.
Z.
.
:3
R4•
4. Taxes and/or assessments for the year 1989 and subsequent years,
which are now due and payable.
S. Plat o'E THIRD AMENDED MAP OF MIRAMAR filed in Plat Book 5, Page 4,
Public Records of Dade County, Florida.
6. Dedication to the perpetual use of the public the streets,
avenues, drives, boulevards and alleys shown upon the Plat of
MIRAMAR except as therein set forth dated March 31, 1917 and filed
April 19, 1917 in Deed Book 163, Page 473, Public Records of Dade
County, Florida.
7. Unrecorded Lease Agreement dated November 1=, 1989 between `iiami
Chinese Community Center and Joann Van Brusse:.
ors Policy
Arnencah land title Association-1970 Mev.. *! "r0 and 10.1744)
Policy Number BHR 209636
MINNESOTA
TITLE
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS CONTAINED IN SCHEDULE 8 AND -M;
PROVISIONS OF THE CONDITIONS AND STIPULATIONS HEREOF
TITLE INSURANCE COMPANY OF MINNESOTA. herein called the Company, insures, as of Date of Policy
shown in Schedule A.! against loss or damage. not exceeding the amount of insurance stated in Schedule A. and costs. attorneys' fees and expenses wh,cn
the Company may become obligated to pay hereunder, sustained or incurred by the insured by reason of-
1 Title to the estate or interest described in Schedule A being vested otherwise then as stated therein;
2. Any defect in or lien or encumbrance on such title,
3. Lack of a right of access to and from the land.
4 Unmaricetability of such btle:
5. The invalidity or unenforceability of the lien of the insured mortgage upon said estate or interest e (cept to the extent that such mvalidav or
unenforc eabdity, or claim thereof, apses out of the transaction evidenced by the insured mortgage and is based upon
a. usury. or
b. any consumer credit protection or truth in lending law.
6. The priority of any lien or encumbrance over the lien of the a4tued mortgage:
7. Any statutory lien for labor or material which now has gamW or hereafter may gain priority over the lien of the insured mortgage. except any such lien
arising from an improvement on the land contacted for and commenced subsequent to Date of Policy not financed in whore or in part by proceeds of
the indebtedness secured by the insured mortgage which at Date of Policy the insured has advanced or is obligated to advance: or
8. The invalidity or unenforlity of any assVowt, shown in Sdmd ile A. of the insured mortgage or the failure of said assignment to vest title to the
insured mortgage in the to, insured assgw Irae and clear of all Dens.
IN WITNESS WHEREOF. the said Tide Insurance Company of Minnesota has caused its corporate name and
seal to be hereunto affixed by its duly audoved officers as of the date shown in Schedule A. the policy to be valid when countersigned by an authorized
officer or agent of the Company.
OIONQU SOMBBRO t P . A.
1110 Brickell Avenue
Mianir Florida 33131
13�7
TITLE INSURANCE COMPANY OF MINNESOTA
A Sank ConWw
4ocSWNAWWSau4i.A1*01111fth memaSWI
•-- 779
. er tea^►
aerr Sraerry
Mil
.+ !�i !i. : ` ;is " t, !•�. :J.. ` , +� .'S. :ir �� 'SF .:Y. ..` ({i :"-'. �.". . - , .fit.
�. .� :, �, - - ►� : :� d� AL
Flle Number 1041-80 Polley Nursder BHR 209636 Aswnt = 175, 000.00
t. Policy Oate March 27, 1990 at 12:46 P.M.
MINNESOTA 2. Name of Insured:
TITLE
EASTERN NATIONAL BMK, a National
Banking Corporation, its Successors
and/or assigns
3. The title to the fee simple estate in said land is. at the date hereof, vested in:
MIAMI CHINESE COMMUNITY CENTER, LTD.,
a Florida Limited Partnership
4. The mortgage and assignments. if any. covered by this policy are described as rollows:
Mortgage executed by Miami Chinese Community Center,
Ltd., a Florida limited partnership, in favor of
Eastern National Bank, a national banking corpora-
tion, dated March 27, 1990, and recorded March 27,
1990 in Official Records Book 14464, at Page 3078,
of the Public Records of Dade County, Florida, in
the original principal sun of $175#000.00.
5. The land referred to in this policy is situated in the County of
State of Florida. and is described as follows:
0
Lot Two (2), in Block Sit (6), of THIRD AMENDED MAP OF
MIRAMAR# according to the Plat thereof, recorded in
Plat Book S, at Page 4, of the Public Records of Dade
County, Plorida.
91-
This policy valid only if Schedule 6 Is attached
rwwienwetaman
779
q
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?: � � ���� �[A .iA MT •fT�� AAAAA AA �•i� •4� ��� �� A LYE
File Number 10 41— 8 0 Policy Number BHR 2 Q9 6 3 6
This policy does not insure against loss or damage by reason of the following:
1. General or special taxes and/or assessments required to be paid in the year 1990 and subsequent years.,
whirl are not yet due and payable.
f
Note: Unless Schedule 8, Part 11 is attached thereare no subordinate matters that affect the title to the estate or interest referred to
in Schedule A.
433
it �► di► ►�► A o► sl► ri► �► v► �► m Am Am Am A m A. do va as► 4A ^% A110 Am do go" •ra t.
:r., .�► a Y A ,+N► � �1► III► �0► � �i► Q► :�A �► �1► � �f � �► � 11► �fl► � /1► �► �► �► 4 �► /� � � �#► II► �b 6#► �
File Number 1041-80 Policy Number BER 209636
In addition to the matters set forth in Part I of this Policy. the title to the estate or interest in the land described or referred to in
Schedule A is sublect to the following matters, but the Company insures that the lien or charge of the insured mortagace upon said
estate or interest is prior to such matters:
a
1. Assignment of Leases, Rents and Ptofits from Miami Chinese Commmunity
Cf.v.:er, Ltd., to Eastern National Bank dated and filed March 27. 1990
in official Records Book 14484, Page 3090, Public Records of Dade
County, Florida.
2.
:;CC Financing Statement with Miami Chinese
debtor, and Eastern National Bank, secured
1990 in Official Records Book 14484, Page
Dade County, Florida.
-3-
Cottsmunity Contort. Ltd,
party, filed March 27,
3095, Public Records of
/4-0
File No. 1041-80 FC 2154
MINNESOTA
TITLE
s
to be attached to and become a part of Policy No. SHR 209636 of title Insurance
Company of Minnesota
the Company hereby insures against loss or damage by reason of:
1. the invalidity or unenforceabdity of the hen of the insured mortgage resulting from the provisions therm wfech provide for changes in the rate of
interest.
2. loss of priority, of the lien of the insured mortgage as security for the unpaid principal balance of the loan, together with interest as changed in
accordance with the provisions of the insured mortgage, which loss of priority is caused by said changes in the ate of interest.
"Changes in the ate of interest". as used in this endorsement, shall mean only those changes in the ate of interest calculated pursuant to the formula
provided in the insured mortgage at Date of Policy.
this endorsement Ms not insure against loss or damage based upon lat usury. or Ibl any consumer credit protection or truth in tendrq law.
The endorsement is made a part of the policy and is subject to all of the terms and provisions thereof end of any prior endorsements thereto. except that the
rnsuancs afforded by this endorsement is not subject to paragraph 31d1 of the Exclusions From Coveage. Except to the extent expressly stated. it nether
modifies any of the terms and provisions of the ochey and any pnor endorsements. nor does it extend the effeetrve date of the policy and any prior
endorstmantL not does it increase the face amount thereof
TITLE INSURANCE COMPANY OF MINNESOTA
A SW Con w