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HomeMy WebLinkAboutM-87-026451 efat" 0 Nora ous�n .. ..,. ' � "The lioice of the � 'ilk% 900 S.W. 22 Ave. • MisrNef i ffl p1351 s 3pitVne: 649.9750 Board of Directors Bit -Hand Honorary Chairman February 279 1987 Pebr R. 9emei President Cams #WhV 4kNs+da Commission City of Miami Miami, Florida. Vice Presidents tfss vansdanes Atten: Mr. Cesar Odio, CityManaser PW-ido Oebese Gentlemen: Secretary Rodeft Godoy Sr. We hereby request to be included in next Commission Meeting scheduled for March 139 1987 to appear in Vice -Secretary the Agenda under "Personal Apperances" in represen- pedro a do Levn tation of Florida Housing Cooperative, Inc. a to re- uest the final approval of the allocation of $309000 Treasurer Ninth YarC. D. Funds), held in abeyance under motion ,�On Rey" M 3?eofMay 79 1986 for the property located at 626 S.W. 4th Avenue, Miami, Florida. vice -Treasurer uslta Rodrigues Sincerely, I Directors: _ Sergio ComogiioC Modriguez s Quesada Mina L. Godoy President. Reo6erto Godoy Secretary. am S/-1 MoTI oAl 8'7-264 . A A CITY OF MIAMI. FLORIOA INTEROFFICE MEMORANDUM TO. Honorable Mayor and Members of the City Commission DATE: FILE: SUBJECT: Housing cooperative development proposal: Staff recommendations FROM: Cesar H. Odio REFERENCES: Personal appearance by = City Manager 4 Florida Housing Cooper - ENCLOSURE& ative, Inc. -March 13, 1987 _ City Commission meeting Mssrs. Carlos Rodriquez Quesada and Roberto Godoy, officers of Florida Housing Cooperative, Inc. (FHC, Inc.), have requested an appearance before the City Commission on March 13, 1987, in order to present a proposal for the utilization of the $30,000 in llth Year Community Development Block Grant funds held in abeyance by the City Commission through Motion 86-370 pending submission by Florida Housing Cooperative, Inc., of a feasible proposal for use of the funds. FHC, Inc., has presented the Administration with a proposal on calling for the acquisition of a rental apartment building containing four, two bedroom, one bath dwelling units which FHC, Inc. proposes to convert to cooperative ownership within twelve months of the date of acquisition. FHC, Inc., is requesting release of the $30,000 in CDBG funding cited above for the purpose of making a downpayment on the property for which the present owner is asking $130,250. The Housing Conservation and Development Agency staff has reviewed FHC, Inc.'s proposal, and has the following concerns: Based on the preliminary operating statement provided by FHC, -+ Inc., for the proposed twelve month rental operating period, the net projected operating income generated by the property, $4,850, - will be insufficient to retire the $7,000 balloon payment due the a seller at the end of the twelve month period, according to the acquisition financing plan proposed. - The Housing Conservation and Development Agency recommends that release of the subject funds be made contingent upon escrow by FHC, Inc., of funding sufficient to retire the balloon payment at the point of acquisition of the property. While FHC, Inc., proposes to convert the property to cooperative ownership within twelve months from the date of acquisition, no details of the conversion process have been provided. SI - 2 &26-264 A The Housing Conservation and Development Agency recommends that release of the requested property acquisition funding be made contingent upon the provision by Florida Housing Cooperative, Inc., of a specific cooperative conversion timetable, and a proforma conversion cost and cooperative ownership proforma satisfactory to the City Administration. Further, it is recommended by the Housing Conservation and Development Agency, that the requested funding be made available to FHC, Inc., in the form of a purchase money loan secured by a mortgage on the property with terms structured to assure that the cooperative share participation remains affordable to low income families, those with incomes not exceeding 80% of the median income for Metropolitan Dade County. The subject property is now fully occupied by renter families who may be displaced as the result of the proposed ownership conversion. The Housing Conservation and that these families be provided cooperative share owners an conversion of the property. Development Agency recommends with the opportunity to become l remain in occupancy upon SI " t �J tr f Ifliam i r^ V 0F..�i TERRY D. GEREAUX Director March 2, 1987 Mssrs. Quesada and Godoy Florida Housing Cooperative, Inc. 900 S.W. 22nd Avenue Miami, Florida 33135 CESAR H. CDIO City Manager Dear Sirs: s In advance of your March 13, 1987 appearance before the City Commission for the purpose of presenting Florida Housing Cooperative, Inc.'s proposal to acquire the four unit rental apartment building located at 626 S.W. 4th Avenue, I must advise you of the following concerns which need to be addressed by Florida Housing Cooperative, Inc. (FHC, Inc.): 1) Reservation Of Funding For Balloon Payment The acquisition financing proposed by FHC, Inc., calls for the assumption of an existing mortgage and note by FHC, Inc., in the amount of $93,250 with a $7,000 balloon payment to the existing property owner within 12 months of the date of the acquis'Lion clu6iag. The net operating income generated by the building during the proposed twelve month period of continued rental operation prior to conversion is insufficient to satisfy the balloon payment. It is therefore recommended that FHC, Inc. place $7,000 in escrow at the time of closing to satisfy this unfunded liability when due. 2) Cooperative Share Costs You have verbally indicated that when the building is converted to cooperative ownership, tenant shares costs will not exceed existing rent payment levels. Please provide a written statement to this effect, and include a share -tenancy cost analysis. HOUSING CONSERVATION AND DEVELOPMENT AGENCY/Dupont Plaza Center 300 Biscayne Blvd. Way Suite 401/Miami, Florida 33131/1305! S79-3336 C/ —4/ S7�-264 i� r.2 3) Participation Of Existing Rental Tenants In Cooperative You have indicated that the existing tenants will be offered the opportunity to remain in residence after conversion of the building as cooperative share owners. This should be _ presented in writing. Finally, in my letter of January 20, 1987, I requested that FHC, Inc., obtain a physical survey of the building to insure that it is structurally sound and all mechanical systems are in good order. I again recommend that you have such a physical conditions survey undertaken. Please provide the above information as soon as possible. Thank you. Sin 'rely,; I Je ry Ge eau J : na 87--264 A A 0 • = :FlodaHousl"n ooPerative, -- _ 1 --- "The vo/ce of the Peov/e • Laozde/ Ciudadano " Board of Directors Honorary Chairman Peter R. Bernal President Carlos Rodriguez-Guesada Vice Presidents Elsa Valladeres PWJdo Debesa Secretary Roberto Godoy Sr. Vjce•Secretary Peldro P. de Ledn Treasurer Agustin Reyes 900 S.W. 22 Ave. 9 Miami. Florida 33135 a Telephone: 649.9750 Jerry D. Gereaux Housing Conservation And Development Agency Dupont Plaza Center 300 Biscayne Blvd. Way, Suite 4019 Miami, Fl. 33131 Dear Mr. Gereaux; RfV0 ar an ;•.1: A. Refering further to our letter of January 26th and yours of the same date, regarding the purchase of the property at 626 S.W. 4th Avenue. I give you below the following info.=ation requested by you: 1. Uxistinx Debt on Beal Estate. a Mortgage Note. b) Mortgage. c) Mortgage pays rots. Vice -Treasurer 2. Eziatinx Rental ;.neom_; Usotte °'g a Sworn stateme t subscribed before Notary Public by the owner. b) Rental deposi- receipts for the four units. yv CITY OF M1. � r -c 4 1040 Housin....onservatle and Development Art 3. Annual Operating anenUes. Statement covers: ; expenses and recapitulation that we have prepared. ,We are enclosing a1c, five advertisement, published in the t"Diario las Americas" of January 309 1987 offering rentals of apartments with two bedrooms and one bath asking $ 425 to $ 450 rental per month, therefore, the rent of $ 380 of the units of this building is lower thaw the rental market for a similar location. We are telephoning you requesting a meeting as soon as possi- ble as under Clause IV on the contract which we most have avail- able the $309000.00 from the City of Miami on or before February 22, 1987. Sincerel , s Bodriguez wads President. , >4 do Secretary. 19 7-264 4*tv �f {�Ii�mi JERRY D. GEREAUX Director January 26, 1987 CESAR H. CD1O City Manager Mssrs. Quesada and Godoy Florida Housing Cooperative, Inc. 900 S.W. 22nd Avenue Miami, Florida 33135 Dear Mssrs. Quesada and Godoy: I have reviewed your letter of Januarys 21, 1987, and the accompanying summary sheet on a property you are now interested in purchasing at 626 S.W. 4th Avenue, Miami, Florida, for subsequent conversion to cooperative housing. In my letter of January 20, 1987, concerning the rental project you were proposing to buy located at 3741 N.W. 22nd Avenue, for cooperative housing, I outlined a number of items which would be required in order for staff to fully analyze your proposed project. The items as outlined in the January 20, 1987 correspondence, would also apply to the building you are now proposing to convert. If you have any questions regarding this letter, please do not hesitate to call me. truly.youFs, JertV Geteau JG: HOUSING CONSERVATION AND DEVELOPMENT AGENCY/Dupont Plaza Center 300 Hiscayne Olvd. %%av WIN- 4011!vteami, Florida 33131/13051 579-3336 r 51 -? 8 7-264 ti ;i A 04L Flon"daHousl"aCoo erati've,Inc. "The lioioe of the Peooie • La lion de/ Ciudadano " 900 S.W. 22 Ave. • Miami, Florida 33135 • Telephone: 649-9750 Board of Directors Honorary Chairman Peter R. Bernal President Carlos Rodriguez-Ouesada Jerry D. Gereaux Housing Conservation and Development Agency Dupont Plaza Center 300 Biscayne Blvd. Ways Suite 4019 Miami# Fl. 33131 January 219 1987 Vice Presidents Elsa Valladares Dear Mr. Gereauxi PWddo Oebesa Refering to our letter of January 129 1987 regarding the property at 3741 N.W. 22 Ave. Secretary for which we wanted to apply the $309 000. 00 Roberto Codoy Sr. granted to us by the City of Miami. The seller did not accept our offer and asked Vice -Secretary $160s000.009 which amount'Is to*highs there— fro P. do Leon fore# after havin submitted the contract we had to withdraw i. Treasurer Agustin Relies Vice -Treasurer Usette Rodriguez We enclose herewith information regarding i property very well located and our offer s being accepted. If it meets with your approval please adviser as we need to be sure that we will have avail- able the $�0#000.00 from the City of Miami in order to sign the contract and closing in 60 days. Sincerely, C61(: s Rodriguez Quesada Pres -dent 1i / Ko t GGodoy Secretary. 87r-264 626 S.W. 4 Ave. 4units -2BR-IB. Mortgage - 10%- assumable FHA ................ $ 939250 Down Payment $ 309000 Balloon - 1 year $ 7,000 ' $ 110, 250 Income - Expenses - Monthly Rental 4 Units $,380.00 - m................. $ 1520.00 Mortgage P & I ............. 823.00 Tax 149.00 Insurance 26.00 Water 30.00 Garbage 40.00 Electricity outside ....... i5.00 Maintenance - Vacancy ....._100.00 $ 1189.00 Net income $ 337.00 monthly or annually $ 49044.00 _ 8 7-264 ti State of Florida Mortgage Note r FNA C... me 092-3466981-203b s 93,350.00 For Ynlue Received, the undersigned promisc(s) to pay to Miami. , Florida October 16 , 19 86. PRIME MIDR'iG-CE INVESTORS, INC. . a corporation organized and existing under the laws of Florida , or order, the principal sum of NINETY 1HREE THOUSAND UMM K=RED FIFTY AND 00/100 —.. with interest from date. at the rate of TEN Dollars 93(350.00 ), per centum t 10.000 co) per nnnum on the unpaid balance until paid. The said principal and interest shall be payable at five office of PRIME MORTCAM nWESTDRS, INC. 134 Madeira Avenue,Suite 200 in. Coral Gables, Florida 33134 or at such other place as the holder may designate in writing, in monthly installrnenis of EICIIT HUNDRED NINETEEN AND 61/100 —� • Dollars (E 819.61 ). commencing on the first day of December 19 86 , and on the first day of each month thereafter until the principal and interest are fully paid, except that ilve final payment of the entire indebtedness evidenced hereby, if not sooner paid, shall be due and payable on the first day of Novemte , 20 16. If default be made in the payment of any installment under this Note, and if such default is not made good prior to the due date of the next such installment, the entire principal sum and accrued interest shall at once become due and payable, without notice, at the option of the holder of this Note. failure to exercise this option %hall not consfinit: a waiver of the right to exercise the same in the event of any subsequent default. In the event of default in the payment of this Note, and if the same is collected by an attorney at law, the undersigned hereby agrec(s) to pay all costs of coil: (ion. including a reasonable attorney's fee. Presentment, protest, and notice are here hereby waived. Joe Gonzalez IXXLM NTARY STAMPS have been paid, .affixed to mortgarle, and cancelled.' This form is used in connection with Mortgages insured under the one. to four -family provisions of the National Housing Art. SI �� t bled (6.79) may be used until supply is exhauster) NUO.991 10 (6.79 Edition► (�� 1 IP t l (Repronted 7.851 13 7-264 i� nc. ors a ousI'HCooperat'I've, ®�--- - "The voice of the IWO 10 • La voz de/ Ciudadano " 900 S.W. 22 Ave. a Miami, Flonoa 33135 is Telephone: 549-9750 Board of Directors Honorary Chairman Peter R. 8emal Jerry D. Gereaux Housing Conservation President and Development Agency Carlos Rodriguez-Ouesada Duppont Plaza Center 300 BiscayneBlvd. Way, Vice Presidents Suite 401, Miami, Fl • 33131 Elsa valladares Pikido Debess Secretary Roberto Godoy Sr. vtce•Secretary Pedro P. de Ledn Treasurer Agustin Reyes Vice -Treasurer Usette Rodriguez Dear Mr. Gereauxt January 26, 1987 CITY OF NIIANI1 .14 N ? 7 198 7 Housing Conservation and Development Agency Initials Refering further to our letter of January 21st and yours of January 20th just received. We are enclosing heremth, copy of signedcontract for sale and purchase of Four -Unlit building located at 626 S.W. 4th. Avenue, as well as copy of check in the amount of $ 500.00 to be held in scrow by Attorney Roberto A. Godoy• As to the information requested in your letter we advise, as follow: 1- Acquisition _ Price: Florida Housing Cooperative has researched� the immediate market area and we are satisfied that the property that we have offered to buy is under a 2030 of the market val- ue, taking into consideration location and con- struction -conditions. Z2- Existing Debt on Real Estate. *3- Existing Rental Income. *4- Annual Oueratina Expenses. *- We have requested this information from seller. As to the evaluation of the potential for economic conversion of the: propertyto cooperative ownership, we will send you a study within the next five days, but would also request a meeting with you at the same time, as soon as possible, to talk about the requeriments of the City of Miami for this grant or other future grants. sine r ly, aos Rodri �. Quesada esi� �;; 1� oy Secreta . 51-i t 87-264 626 S.W. 4 Ave. 4 Units - 2 BR - I B. Mortgage -.10J- assumable FHA ................... $ 93#250 Down Payment $ 30v000 Balloon - 1 year ..................... $ 79000 $ 130,250 Income,_Monthly_ i 0 Rental 4 Units $ 380.00 - m - ................. $ 19520.00 Washer & Dryer ....................... 25..00 $ 19545.00 Expenses _ Mortgage P & I .............$ 819.61 Tax ........................ 149.39 Insurance .................. 26.00 Water & Suffer .............. 50.00 Waste ...................... 25.00 Electricity outside ........ 22.91 Maintenance and Repairs 47.92 $ 19140.83 Net income $ 404.17 monthly or annually ............ $ 49850..04 That is 16.16% - on $ 309000.00 SI-l"L 9 7--264 2320—S.W. MIAMI/ PE UENA NABANA Apto. 2dorms. 1 bafin, 17 Ave. SW US•1. $450. Adultos. SSS•744 Apto. moderno. alre. Dar/..1an • - • • uurm. sire cent. eoe•.... � 8 2000 SW 6 St. edU. nuevo 2 dorms. 0425. mes &dui• 326.7165 • 4434004 16" S.W. 10 ST. Apto. graade Como una Casa 2 dorms. [so ce• rtmrca, i150. Te s71 l: 221• Auto. i Apto. 2 dorms., sala•co• m or. pi `rstaito�047 o. 14 . Appt0 model 2 dorms. 1 bado, $M lip N.W. I I St. InL 666.9670 Awtn. 2 dams. %&la. eo• a Olk 00� State of Florida Mortgage i11A GM Me. This MortItage. dated the 16th day of October , A.D. 19 86 by and between Joe Conzalez, an ttrm arried person hereinafter called the Mortgagor. and PRIME MLIRTGAM INVESMRS, INC. a corporation organized and existing under the laws of Florida hereinafter called the Mortgagee: Witnesseth. that rot divers goad and valuable considerations, and also in consideration of the aggregate sum named in the promissory note hereinafter described, the said Mortgagor does hereby grant, bargain, sell, alien. remise, release. convey, and confirm unto the said Mortgagee all that certain piece, parcel. or tract of land of which the said Mortgagor is now seized and possessed and in actual possession, situate in the county. of Dade and state of Florida, described as follows: The North 50 feet of Lots 19 and 20, in Block 42, of Soum CITY of MIAba, according to the Plat thereof, as recorded in Plat Book "B", at Page 41, of the Public Records of Dade County, Florida. .4 Together with all structures and improvements now and hereafter on said land. and fixtures attached thereto. and all rents, issues, proceeds. and profits accruing and to accrue from said premises. all of which are included within the foregoing description and the habendum thereof: ` also all gas, steam. electric, water. and other heating. cooking. refrigerating, lighting, plumbing. ventilating. irrigating, and power systems. machine%. appliances, fixtures. and appurtenances, which now are or may hereafter pertain to. or be used with, in. or on said premises. even though they be detached or detachable. This form is used In connection with mortgages insured under sections 203(b). (I) and (n) of the National Housing Act and provides for a One -Time Mortgage Insurance Premium payment In accordance with the regulations for those programs. E> Page 1, of 4 HUQ921141Y1,1 (1241S) 24 CFR 203.171N 40.4 A IFLI VMP MORTGAGE FORMS • 17131 792 4100 • IBM 921.7291 87-264 ,To Ilave And To Ilold the same, together with all and singular the tenements, hereditaments and appurtenances thereunto belong. ing or in anywise appertaining, and the reversion and reversions, remainder or remainders, rents, issues and profits thereof: and also all the estate, right. title, interest, homestead, separate estate. possession, claim and demand whatsoever, as well in law as in equity, of the said Mortgagor in and to the same, and every part thereof, with the appurtenances of the said Mortgagor in and to The same, and every part and parcel thereof unto the said Mort• gagee in fee simple. And the Mortgagor hereby covenants with the Mortgagee that he is indefeasibly seized of said land in fee simple; that he has full power and lawful right to convey the same in fee simple as aforesaid; that it shall be lawful for the Mortgagee, at all times peaceably and quietly to enter upon, hold, occupy, and enjoy said land, and every part thereof. that the land is and will remain free from all encumbrances. that said Mortgagor will make such further assurances to prove the fee simple title to said land in said Mort- gagee as may be reasonably required, and that said Mortgagor does hereby fully warrant the title to said land, and every part thereof, and will defend the same against the lawful claims of all persons whomsoever. Provided always, and these presents are executed and delivered _ upon the following conditions, to wit: The Mortgagor a reel to a the Mortgagee, or order, the principal sum off N1 RED E7ETY AND OTHOUSAND THREE 2. That, in order more fully to protect the security of this mortgage, the Mortgagor, together with, and in addition to, the monthly payments under the terms of the note secured hereby. on the first day of each month until the said note is fully paid, will pay to the Mortgagee the following sums: tat A sum equal to the ground rents. if any. next due, plus the premiums that will next become due and payable -on policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged property fall as estimated by the Mortgageel less all sums already paid therefor divided by the number of months to elapse before one month prior to the date when such ground rents, premiums, taxes. and assessments will become delinquent, such sums to be held by Mort- gagee in trust to pay said ground rents, premiums, taxes, and special assessments; and (b) All payments mentioned in the preceding subsection of this paragraph and all payments to be made under the note secured hereby shall be added together and the aggregate amount thereof shall be paid by the Mortgagor each month ih a single payment to be applied by the Mortgagee to the following items in the order set forth: (i) ground rents. taxes. assessments, fire and other hazard in- surance premiums: (fit interest on the note secured hereby: (fill amortization of the principal of said note; (it) late charges Any deficiency in tht amount of such aggregate monthly payment shall, unless made good by the Mortgagor prior to the due date of t n t h 93, 350. a ex sue payment, constitute an event of default under this Dollars IS t, mortgage. The Mortgagee may collect a late charge not to exceed four cents (491 for each dollar IS1) of each payment more than fif• teen (ISI An h as evidenced by a nq 1 even date herewith, with interest from date at the rate of 10.000 per centum 1 '161, per annum on the unpaid balance until paid i �artc�irlt�etesl_ IM be payable at 1hs ofii�e*of EE 11iNVVV��EE�SII�ORRSS or at such other place as the holder of t d . ' naie in writ i_R. n rTiOnth_lyinsl�IlTS& of E��"` MM Rolla t3 819.61 t comr;encing on the first day of Deceltd�er , 19 86 and on the first day of each month thereafter until the principal and interest are fully paid, except that the final payment of principal and interest. if not woner vaiid� s hall? l i►e and payable on the first day of And shall duly. promptly. and i llv xrform, discharge. execute, ef- fect, complete, and comply with and abide by each and every the stipulations, agreements, conditions, and covenants of said promis• sory note and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the MortItattor further covenants as follows: 1. That he will pay the indebtednm% as hereinbefore provided. Privilege is reserved to pay the debt. in whole or in part, on any installment due date. ys to arrears to Dover t e expense involved in handling delinquent payments. 3. That if the total of the payments made by the Mortgagor under fat of paragraph 2 preceding shall exceed the amount of payments actually made by the Mortgagee for ground rents. taxes and assessments and insurance premiums, as the case may be, such excess, if the loan is current. at the option of the Mortgagor, shall he credited on subsequent payments to be made by the Mortgagor. or refunded to the Mortgagor. if, however, the monthly payments made by the Mortgagor under fat of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes and assessments and in. surance premiums. as the case may be, when the same shall become due and payable. then the Mortgagor shall pay to the Mortgagee any amount necessary to make up the deficiency. on or before the date when payment of such ground rents, taxes, assessments, or insurance premiums shall be due. if at any time the Mortgagor shall tender to the Mortgagee. in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby. the Mortgagee shall. in com- puting the amount of such indebtedness, credit to the account of the Mortgagor any balance remaining in the funds accumulated under the provisions of (a) of said paragraph 2. if there shall be a default under any of the provisions of this mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee ac quires the property otherwise after default, the Mortgagee shall apply. at the time of the commencement of such proceedings, or at the same tune the property is otherwise acquired. the balance then remaining in the funds accumulated under fat of paragraph 2 preceding as a credit against the amount of principal then remain• ing unpaid under said note. d. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges. fines. or impositions. for which provision has not been made hereinbefore, and in default thereof the Mortgagee may pay the sacra: and that he will prompt- ly deliver the official receipts therefor to the Mortgagee. Pape 2 of 4 ** 134 Madeira Avenue,Suite 200, Coral Gables, Florida 33134 ,ft-4a — 5145 87--2X9 S. - That he will permit, commit. or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the event of the failure of the Mortgagor to keep the buildings on said premises and those to be erected on said premises, or improvements thereon. in good repair, the Mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of each and every such payment shall be immediately due and payable, and shall be secured by. the lien of this Mortgagee. 6. That he will pay all and singular the costs. charges, and ex• penses, including reasonable lawyer's fees, and costs of abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagor promptly and fully to perform the agreements and covenants of said promissory note and this mortgage, and said costs, charges, and expenses shall be immediate• ly due and payable and shall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the mortgaged property insured as may be re- quired from time to time by the Mortgagee against loss by fire and other hazards, casualties, and contingencies, in such amounts and for such periods as may be required by Mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by Mortgagee and the policies and renewals thereof shall be held by Mortgagee and have attachid thereto loss payable clauses in favor of and in form accep- table to the Mortgagee. In event of loss he will give immediate notice by mail to Mortgagee, and Mortgagee may make proof,of loss if not made promptly by Mortgagor, and each insurance com- pany concerned is hereby authorized and directed to make payment for such loss directly to the Mortgagee instead of to the Mortgagor and the Mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by the Mortgagee at its option, either to the reduction of the indebtedness hereby secured or to the restora• tion or repair of the property damaged. In event of foreclosure of this mortgage and other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That if the premises, or any pan thereof, be condemned under any power of eminent domain, or acquired for a public use. the damages, proceeds, and in consideration for such acquisition, to the extent of the full amount of indebtedness upon this Mortgage. and the Note secured hereby remaining unpaid, are hereby assigned by the Mortgagor to the Mortgagee and shall be paid forthwith to the Mortgagee to be applied by it on account of the indebtedness secured hereby, whether due or not. 9. That the Mortgagee may. at any time pending a suit upon .hK *engage. apply to the court having jurisdiction thereof for the appointment or a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular. including all and singular the income, profits, issues, and revenues from whatever source derived, each and every of which, it being express- ly understood. is hereby mortgaged m if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appoint• ment shall be made by such court as an admitted equity and a matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of the value of the property mort• gaged or the solvency of said Mortgagor or the defendants, and that such rents, profits, income, issues, and revenues shall be ap- plied by such receiver according to the lien of this mortgage and the practice of such court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one -twelfth fill21 of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 10. That (a) in the event of any breach of this mortgage or default on the part of the Mortgagor. or (h) in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or (c) in the event that each and every the stipulations, agreements, conditions. and covenants of said note and this mortgage, are not duly, promptly, and fully per- Formed-. then in either or any such event. thej said aggregate sum mentioned in said note then remaining unpaid, with interest ac• crued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said Mortgagee. as fully and completely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice or demand, suit at law or in equity. may be pro- secuted as if all moneys secured hereby had matured prior to its in. stitution. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payable. and the said premises shall be sold to satisfy and Of the same together with costs, expenses. and allowances. In case of partial foreclosure of this mortgage. the mortgaged premises shall be sold subject to the continuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may, again be availed of thereafter from time to time by the Mortgagee. It. That he will give immediate notice by mail to the Mort- M10 gagee of any conveyance, transfer. or change of ownership of the premises. IL That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. 11 That if the Mortgagor default in any of the covenants or agreements curtained herein, or in said note. than the Mortgagee may perform the same. and all expenditures (including reasonable attorneys fees) made by the Mortgagee in so doing shall draw in. tercet at the rate set forth in the note secured hereby. and shall be repayable immediately and without demand by the Mortgagor to the MortgaM and, together with interest and roosts accruing thereon, shall be secured by this mortgage. 14. That the mailing of a written notice or demand addressed to the owner of record of the mortgaged premises. or directed to the said owner at the last address actually furnished to the Mort• gagee, or directed to said owner at said mtmgaged premises. and mailed by the United States mails. shall be sufficient notice and de- mand in any case arising under this instrument and required by the provisions hereof or by law. IS. The Mortgagor further covenants that should this mor- limpe and the note secured hereby not he eligiblG&CK Wancc under the National Ifousing Act within day% from the date (% rittcn statement of any officer of the Depart- ment of I lowing and Urban Development or authodred agent of Ilse Sccrclary tuh WNand Urban Development date subsequent to the days' time from the date of this moilgagc. declining to insure said note and this mortgage. being �Iccnted conclucisc prour of such incligibilit�l. the MorlgaFcc or Page 9 of 4 87-264 • the holler of the note may, at its option; declare all sums secured The covenants herein contained shall bind, and the benefits and hereby immediately due and payable. Notwithstanding the advantages shall inure to, the respective heirs, executors, foregoing. this option may not be exercised by the Mortgagee when administrators, successors, and assigns of the parties hereto. the ineligibility for insurance under the National Housing Act is Whenever used, the singular number shall include the plural, the due to the Mortgagee's failure to remit the mortgage insurance plural the singular. and the use of any gender shall include all premium to the Department of Housing and Urban Development. genders. 16. Attomey's fees. as used in this Mortgage and in the Note, "Attorney's Fees" shall include attorney's fees. if any, which shall be awarded by an Appellate Court. In witness whereof the Mortgagor has hereunto set his hand and seal the day and year first aforesaid. Signed. seal d nd iv in the presence of— c � 4 (Seal] w ` Joe Gonzalez (Seal) (Sear (Seal l State of Fie" 1 1 ss: County of 1 Before me personally appeared and his wife, to me well known to be the individuals described in and who executed the foregoing instrument, and acknowledged before me that they executed the same for the purposes therein expressed. Witness my hand and official seal this day of , 19 (Notary Publk in and for the County and Stare ajomsold) My Commission expires: State of Florida 1 ss: Cotmty of Dade 1 Before me personalty appeared Joe Gonzalez, an unmarried person . to me well known and known to me to be the iiWiwidtnl described in and who executed the foregoing instrument, and acknowledged before me that he executed the same for the purposes therein expressed. . lWitntess my hand and official seal this lAth day of r .1986 (Notary Public In and or the County and Stare ajommid) U.S. 'Title Services, Inc. U.S. Title Services, Inc • 3971 S.W. 8 Street # 301 - Miami, Florida 33134 . ` HM6/86USS336 My Commission expires: Pepe 4 of 4 Atlt y Potd(c Stop of rmdl it br1q. MI Cos.ttiuioa E�pifa ha. 24..1911 ...j . I Alll f�aiwr tEoe+�ra� DATE: Ogtober 16, 10R6 NtMti11CA FIMXCUL SLIMES. INC. WAN "ACCUUNT 1-- g7ZZ.3.5 3.Z Dear We would like to waleaeae you ae a taw CutltONdr of Numeerlcr Fin4nci.1Secv1CUv, Inc. we, are plaaaed to have ctw oppoctualty of avviscie►R in the 1InAncieas of your tams. Your first monthly moccgagee paylwot is due on December 1, 1996, and on the first day of each moaeh 1.haresfter. The tern of your eeaortt•ta pruvide: for . lace ctmcga of four ,percune 4.011 oa past due payeevnc. This nuut be lneluded in any late cemLtta nce. Your uouthly mortioge paywot consists of: Principal sad Interest S 819.61 ; Tax*& S 149.39 Hazard Insurance S 26.00 i Flood Insurance S FHA HLP Conv. PHL . ,t Other Evan Dollar Adjustment S• '.• TOTAL HOVMLY PAYNUT S 995.00 ` Paymwc cards will be forwarded to you promptly: howdver, it you du nut raculve tboo prior to tbra first paymene date, please eseend ca check pry.ble to NUl ERICA Pltt"CUL SERVIC&S, INC. (with yomc loan account 8 shown above) tc;: NUMERICA FINANCIAL SERVICES, INC. • P.O. float 10137 1.• Claarwateer, fL 3)Sll s i, Your payment aanuat will be analyzed cn an•;annual baits to the future. vithi 4d- ju,tetssnnts made as tuwdsd. A year's supply.of pvyarant cards will La aunt td You st CIIAL tLse. Amain. we are pleased to welcome you as a new customer and look ,fnrv.,rd to .a mutually b4seliCial celatlonsh/p. e • r AR A Sloe.eraLy. rc3n _ �� - -- ','! , MUT - it' S S ICNATURE ,.Joe Gonzalez,!.an unmarried person ISE CO-HORICAGOR"S S IC1tATUME t6wmc4Free vAW Swwom by •b0O Ceesroleed St •PO ooa 10137•Cwwvm w. Ft 33617.6137 •H131461-22*4 WS MM C � �eceivQd o/ •T 0.�.�.Z /�.0 O �2E.�� �� 1 L O . Joy Kin/ o/ �.7� S % b C� �liC /� / - • /� / w AC PtCHTAL r',C o% �..).q • 3 3 /.3 0 . ..Ape. y1o. of STAT! TAX i 9 (o ^ c v TOTAL Vars TAL . 0 72 /2 •' • 33 / 3'0 . /!o. /� TAT[ TAX STA K3 cJr9/2 gig TOTAL 380 �I e7-z44 � � E ' c•� �C' � G= i G i 0 0iav _`75offdr� RRNTAL 9. 33 / 3 � ..IVpi . . no. V y STATC TAR 44 boat ez If A7 to r /9 e2 0 TOTAL 38U 6 w w7. r Kry� .,ton( o/ R[NTAL D STATZ TAX W �G TOTAL .3eo 4,z6 s.1( ��`dy O ''FL -gyp'• M. 0.3 /roar c'��'JA _ Ira' > ro ;: eAed*AV 2 8 7 0 13 7-264 Re: 626 S.W. 4th Avenue Miami, Florida 33130 Annual Operating Expenses Mortgage Debt Service Principal and Interest $9,835.32 Fixed Expenses City and County Taxes $1,792.68 Insurance $ 312.00 Operating Expenses Waste/Trash $ 320.00 Electricity $ 375.00 Water/Sewer $ 600.00 Maintenance and Repairs $ 575.00 I 57--264 Re: 626 S.W. 4th Avenue Miami, Florida 33130 EAisting Renta:. Income Apartment #1: No lease, rented month to month To: Mr. and Mrs. Gonzalo Fresnillo Telephone: 856-7145 Security Deposit: $380.00 Monthly Rent: $380.00 Apartment #2: No lease, rented month to month To: Mr. and Mrs. Lazarra Iturralde Telephone: None Security Deposit: $380.00 Monthly Rent: $380.00 Apartment #3: No lease, rented month to month To: Mr. and Mrs. Adalis Colmenares Telephone: 854-0473 Security Deposit: $380.00 Monthly Rent: $380.00 Apartment #4: No lease, rented month to month To: Mr. & Mrs.. Juana Emelina Ortega Telephone: 856-7921 Security Deposit: $380.00 Monthly Rent: $380.00 All rents start at the first of each month and ends the last of each month, Total monthly rents $1,520.00 per month Washer and dryer leased from Commercial Laundries, Inc. on a 50/50 basis- monthly $25.00 Rent $1, 520t.00 Washer! And Dryers $ 25.00 TOTAL MONTHLY $1,545.00 STATB OF FLORIDA COUNTY OF DADE Before me this day personally appeared Joe Gonzalez who, being first duly sworn, deposes and says that the above information is true nd•correct. Joe Gdhzaleze Owner Sworn to and subscribed before me this 27th day ofo nuary, A.)D. 19 7. /.� rAL utarVub c State ot Florida My commission expires NOVAur PUBLIC SIVE Of MAIN NY COMMISSION EIP JuLf 24,1990 OOrBEO IMNO fAkRA► IMS. ulo. 87--264 51-.22 w r� —wive - CONTRACT FOR SALE AND PURCHASE PARTIES: Joe Gonzalez as Seller (seller is a Licensed Real Estate Salesman with Yes Realty, Inc.), and Florida Hoo sing Cooperative, -Inc. and/or assignee, as Buyer, hereby agree that the Seller —shall sell and the Buyer shall buy the following property upon the terms and conditions set forth. i. A. ' Legal Description: If City of Miami South PB 8-41 N50FT Lots 19-20 BLK 42 B. Personal Property: By Inventory - Included in this sale are all fixtures. C. Street Address: 626 S.I. 4th Avenue Miami, F 1 or i da• 33130 II. PURCHASE PRICE AND hEETHOD OF PAYMENT: S 130,250.00 (a) Deposit to be held in escrow by Attorney Roberto A. Godoy in the amount of ............................ 50U.UO I (b) Subject to AND assumption of existing FHA mortgage bearing interest,at 10% per annum and payable at $9995.00T.•• •.. Lpermonth, havinganapproximatepresentprincipal of ! q 9 �d�� h.9sc: A1�.✓r y >weco✓�, /'M2i G A6 � �j �� � r (c) � bal loon payment on or�be�ford one year rfrrom c dosing date of ......................................................... 79000.00 (d) Balance to close, (U.S. cash, certified or cashier's check) subject to adjustments and prorations................... 29,500.00 TOTAL..............:....................... S 130,250.00 IV. FINANCING: This Contract is sub/ect, within 30 days from date of Contract, to the $30,000 be available from the City of Miami i accordance 4��th the motion approved by the City of Miami Commission • eS S��/16 V. TIME FOR ACCEPTANCE: If this Contract is not executed by both parties hereto on or before ten dais, any funds deposited in escrow by Buyer -shall, at 1� the option of Buyer, be returned to him and this offer shall thereafter be null nd void. The date of Contract shall be the date when the last one of the FLORIDA HOUSING COOPERATIVE, INC.291 00 SW. 22NO AVE. 0611AM1, FL 33135 .P.Q.berto.-A..Gadoy 500.00 Hundred­ nn� .,V craw 626 SW 4`('////4�f. N1; ; !7 , (a 6"H:1ag725i:Ji0066:1r of this Contract, Seller an abstract of title in ON A. 87-264 S 0 29 6 - - -- _._..._.......�,. located. This transactiuri shall be closeo oil or before ninety days unless extended by other provisions of this Contract. vIII. PROBATIONS AND ESCROW BALANCE: Taxes, mortgage guarantee insurance, interest, rents, and other expenses and revenue of said property shall be prorated as of midnight of the day preceding date of closing. Seller shall receive as credit at closing an amount equal to the escrow fund held by the mortgagee, which funds s:iall thereupon be transferred to Buyer. IX. CLOSING, DOCUMENTS: Seller shall deliver to Buyer at closing: (a) Statutory Warranty Deed free and clear of all reverter clauses and reservations for ,.rainage, phosphate, minerals, metals, petroleum, and road rights -of -way, whether in favor of an individual or governmental unit, but subject to matters contained in Paragraph X. following, (b) Bill of Sale conveying personal property, (c) Affidavit attesting to the absence of liens or potential lienors, known to Seller, (d) Assignments of leases, and (e)•any corrective instruments that may be required in connection with perfecting the title. X. RESTRICTIONS AND EASEMENTS: Buyer shall take title subject to (a) Zoning restrictions imposed by governmental authority, common to the subdivision, (c) PUDlic utility easements of record, provided said easements are located on the side or rear lines of the property, (d) Taxes for year of closing, assumed mortgages and purchase money mortgages, if any, (e) A vendor's lien for any (, portion of the sales price not received by Seller at closing. Seller warrants that, at the time of closing, there shall be no violation of building or zoning codes. XI. ESCROW CLOSING: The cash proceeds of sale shall be held in escrow by Seller's attorney for not more than 5 business days to allow deed to be recorded and abstract continued at expense of -Buyer, to show title to Buyer free of intervening title objections attributdbl-e to Seller from date of last continuation. If Buyer's attorney, within su4h period..of any such objections, Buyer will be deemed to have accepted the title "as is." Buyer shall be entitled to possession of the premises upon delivery of the escrow funds to seller. If a portion of the purchase price is to be derived from institutional financing, the requirements of such institution as to place, time of day, and procedures for closing and for disbursement of mortgage proceeds shall control, anything in this Contract to the contrary notwithstanding. If title objections arise attributable to Buyer, thus preventing disbursement of a portion of the purchase price, Seller shall have the right to rescind this transaction. If escrow closing is waived, Buyer is entitled to possession at closing. XII. SPECIAL CLAUSES: A. Evidence of Title: Seller shall provide a complete abstract of title from the earliest public records certified and brought current by an existing abstract firm (if not existing then certified as correct, by an existing firm) purporting to be an accurate synopsis of the instrument affecting the title to subject real property recorded in the public records of the county to the date of this Contract showing in Seller a marketable and insurable title in accordance with the standards adopted from time to time by the Florida Bar, subject only to liens, encumbrances, exceptions or qualifications set forth in this Contract and those which shall be discharged by Seller at or before closing. Upon the closing of this transaction, such abstract shall become the property of Buyer but may be retained by the mortgagee until all outstanding mortgages are fully paid. Buyer shall have 30 days from the date of receiving the abstract to examine same and if title is found to be defective, Buyer shall notify Seller in writing specifying the defects within that 30 day period. If said defects render the title unmarketable, Seller shall have 120 days from receipt of such notice to cure the defects, and if after said period Seller shall not have cured the defects, Buyer shall have the option of either (1) accepting the title as it then is, or (2) demanding a refund of all monies paid hereunder which shall forthwith be returned to Buyer and thereupon Buyer and Seller shall be released of all further obligations to each other under the Contract; however, Seller agrees that he will, if title is found to be unmarketable, use diligent efforts to correct the defects in the title within the time limit provided thereof, 87-264 - S"t"2`f -3- including the bringing of any suits, if necessary. Not withstanding anything to the contrary nerein, if, prior to closing, a title or survey defect is raised by a party financing part of the purchase price, Buyer's obligation to close shall be conditioned upon the curing of such defect to the satisfaction of the financing party. B. Survey: Buyer, within the time allowed for delivery of abstract and' examination thereof, may have subject property surveyed at his expense. If the survey shows any encroachment on subject property or that the improvements presumed to be located on the subject property in fact encroach on the lands of others, or violate any of the covenants herein, the same shall be treated as a title defect. C. Leases: Seller sha;: within 15 days furnish to Buyer a list of all tenants specifying the names, rental and occupancy. Seller shall deliver and assign all original leases to Buyer at closing, as well as security deposits paid by tenants. D. Existing Mortgages: Seller shall obtain and furnish statements from the mortgagee (s) setting forth the principal balance (s), methods of payment, interest rate (s), and whether the mortgage (s) is in good standing. All charges by the mortgagee (s) for change of ownership records and charges associated with qualification of Buyer shall be borne equally by the parties. If the mortgagee does not accept Buyer for purposes of assuming the existing mortgage, where the mortgage instrument requires such acceptance, or if mortgagee increases the rate of interest, or charges a fee for any reason in excess of $100.00, Buyer at his option, may cancel the Contract and all deposits paid by him shall be refunded,to him. E. Expenses: State documentary stamps and surtax on deed; the cost of recording any corrective instruments shall be paid by Seller. F. Proration of Taxes (Real and Personal): Taxes shall be prorated based on the current year's tax. Waste fees shall also be prorated. G. Special Assessment Liens: Certified, confirmed and ratified special assessment liens as of the date of closing are to be paid by Seller. Pending liens as of the date of closing are to be paid by Seller. Pending liens as of `.,the date of closing shall be assumed by Buyer provided however that where the improvement has been substantially completed as of the date of the Contract such pending lien shall be considered as be certified, confirmed, or ratified and Seller shall, at closing, be charged aq amount equal to the last estimate by the public body of the assessment for ther-Improvement. H. Insurance: The premium on any hazard insurance policy in force covering improvements on subject property shall be prorated between the parties, or the policy may be cancelled as Buyer may elect. If insurance is not prorated, Seller shall on or before closing date furnish to Buyer all insurance policies or copies thereof. Seller shall not be responsible in the event the Insurer cancels the policy. 1. J. Inspections: The parties acknowledge that the subject property is not new construction; however, at least 10 days prior to closing date Buyer may at his expense furnish to Seller written inspection reports indicating functional defects (as distinguished from aesthetic). Access and utilities for inspections shall be provided by Seller. 1. Termite: At least 10 days prior to closing, at Buyer's expense, Buyer shall have the right to obtain a written report from a licensed Pest Control Operator. a) If the report discloses evidence of live termite or other wood boring insect infestation, Seller shall be required to chemically treat said infestation by a licensed pest control operator and pay cost of treatment. b) If the -report discloses evidence of prior termite or other wood boring infestation, Seller shall be required to chemically treat infestation by a licensed pest control operator and pay cost of treatment, unless Seller shall furnish a certificate of chemical treatment by licensed pest control operator dated within 5 (five) years of date of Contract or a current transferable guarantee. 87-264 s/-aS } c) If the report disclos:s sibstantial damage from infestation, Seller shall pay for cost of repairs. 2. Roof Inspection: At least 10 days prior to closing at Buyer's expense, Buyer shall have the right to obtain a written report from a licensed roofer reporting whether the roof is in good condition, free of leaks, and whether there is damage to facia or soffit. Seller shall pay for the required repairs. 3. Building Inspection: At least 10 days prior to closing, at Buyer's expense, Buyer shall have the right to obtain a written report from a licensed firm reporting whether the building structure is in good condition, and whether there is damage. Seller shall pay for required repairs. 4. Other Inspections: At least 10 days prior to closing, at Buyer's expense, Buyer shall have the right to obtain a written report from licensed firms with respect to all appliances, air.conditioning and heating systems, electrical systems, plumbing, machinery, sprinklers, pool mechanical equipment and seawall. Seller shall pay for necessary repairs to place such items in working order at time of closing. 5. Walk Through: Within 48 hours prior to closing, Buyer shall be entitled to inspect the premises to insure that all items included in the sale are on the premises and that all required repairs have been made. 6. Maximum Liability: In no event shall the total Seller's liability under paragraph 1. Termite, 2. Roof, 3. Building Inspections, and 4. Other Inspections, exceed five percent, %) of purchase price. If said liability does exceed ercent (BU , Buyer may elect to pay such excess. If Buyer elects not to payj Seller may pa the a cess,or cancel the Contract. 1. Attorney Fees and Costs: n tl4e connection with any litigation (including all appeals) involving Seller, Buyer, Broker(s), or Escrow Agent, arising out of this instrument, the prevailing. party shall be entitled to recover all costs incurred, including reasonable attorney's fees. 8. Default: If Buyer fails to perform this Contract within the • time specified, the deposit paid by Buyer may be retained by or for the account of Seller as consideration for the execution of this agreement and in full settlement of any claims for damages and all parties shall be relieved of all obligations under this Contract; or Seller, at his option, may proceed at law or in equity to enforce his legal rights under this.Contract. If for any reason other than failure of Seller to render his title marketable after diligent effort, Seller fails, neglects, or refuses to perform this Contract, Buyer may receive the return of his deposit or may proceed at law or in equity to enforce his legal rights under this Contract. M. Persons Bound: The benefits and obligations of this Contract shall inure to and bind the respective heirs, personal representative, successors and assigns of the parties hereto. Whenever used, the singular shall include the' plural, the plural the singular, and the use of any gender shall include all genders. N. Other Covenants: Seller covenants and warrants (1) That there is ingress and egress to said property over public roads, and (2) that there are no parties in possession other than Seller and Tenants unless otherwise specified above. 0. Liens: Seller shall both, as to the Property and personality being .,old 1ftreu�ff�er9 furrfi�.h to Buyer at tiffw• of closing an affidavit attF:tinq to the absence, unless otherwise provided for herein, of any financing statement, claims of lien or potential lienors known to Seiler and further attesting that there have been no improvements to the Property for 90 days immediately preceding date of closing. If the Property has been improved within said time, Seller shall deliver releases or waivers of all mechanic's liens, executed by general Contractors, subContractors, suppliers, and materialmen in addition to Seller's lien affidavit setting forth the names of all such general Contractors, subContractors, suppliers, and materialmen and further reciting that in fact all bills for work to the Property which could serve as a base for a mechanic's lien have been paid or will be paid at closing. P. Special Covenants: The property and the building need to be free ram, and Clear of any code violation. r, WITNESSES: Executed by Buyer on,�3 2) day of January , 1987. Florida Housing Cooperative, Inc. 'Pres ident ` _• ( SEAL ) Secretary COMMISSION TO BROKER: The undersigned, jointly and severally, agree to sell the above mentioned property to the above named Purchaser on the terms and conditions stated in this instrument and further, jointly and severally, agree to pay Yes Realty, Inc. and The Keyes ,Company, Realtors, brokers, a commission for finding said purchaser for the above property, 6% of the Contract selling un price. In the event that -the oroker(s) retains cose to enforce the payment of said brokerage commission, the undersigned, jointly and severally, agree to pay all costs and reasonable attorney's fees incurred by the broker(s) in connection with the enforcement of this agreement. i WITNESSES: Executed by Seller onZ3PJ, day of .y ,J�i,4 , 1987. 1 ,% Lie SEAL) (SEAL) Deposit received on day of i� 1987 to be held subject to this Coa act; if check subject o c ears . -�- :7 , Escrow Agent y 8%-264