HomeMy WebLinkAboutExhibit BEXHIBIT "B"
THIS INSTRUMENT PREPARED BY
CITY OF MIAMI CITY ATTORNEY'S OFFICE
MIAMI RIVERSIDE CENTER SUITE 945
444 S.W. 2ND AVENUE
MIAMI, FLORIDA 33130-1910
Tax Folio # 01-3126-034-0190
# 01-3126-034-0200
# 01-3126-039-1310
Space Above This Line For Recording Data
CITY DEED
THIS DEED made this day of , 2004, between the CITY OF
MIAMI, a municipal corporation of the State of Florida, of 444 S.W. 2nd Avenue, Miami, Florida
33130, called (the "City") and Allapattah Business Development Authority, Inc., a Not -for -Profit
Corporation with offices at 2634 NW 211t Avenue, Miami, Florida 33142, hereinafter called (the
"Grantee").
WITNESS: That the City for and in consideration of the sum of Ten Dollars ($10.00) to it in
hand paid by the Grantee, receipt of which is hereby acknowledged has granted, bargained and sold
to the Grantee, its heirs and its assigns, subject to the right of reverter set below, the land lying and
being in Dade County, Florida:
As described in Exhibit "A' attached hereto and made a part hereof, and hereinafter
reft'Yred as the "Property".
This Deed conveys only the interests of the City in the Property described herein, and shall
not warrant title thereto.
This Deed is made and executed upon, and is subject to, the following conditions, restrictions
and covenants, which are part of the consideration for the Property conveyed and are taken and
construed as running with the land:
1. The Grantee and Grantee's successors agree, that the Property for a period of fifteen
(15) years, shall only be used to provide three (3) owner occupied twin homes for individuals and/or
families within the economic affordability range of very low, low and/or moderate income families
and/or individuals, based on criteria established by federal and/or state law, and shall be subject to
the covenants set forth hereunder.
2. Grantee shall commence promptly the construction of three (3) twin homes (the
"Improvements") and shall continue diligently with the construction of the Improvements to
completion: provided, that, in any event, construction shall commence within six (6) months from the
date of this Deed, and shall be completed no later than twelve (12) months from the date of this
Deed.
3. The Grantee and Grantee's successors agree, not to discriminate upon the basis of
race, color, religion, marital status, sex or national origin in the sale of the Property, or any
Improvements erected or to be erected thereon or on any part thereof;
4. The Grantee and Grantee's successors agree, to pay the real estate taxes or
assessments on the Property or any part thereof when due. In the event that the Property is ever
declared to be "immune" or "exempt" from the payment of ad valorem taxes, the Grantee and
Grantee's successors agree, to pay to the City an annual payment which shall he in an amount equal
to the amount the City would have received as ad valorem taxes based on the valuation method
employed by the county property appraiser pursuant to Chapter 193 Florida Statutes, (1997), as
amended from time to time.
5. Grantee and its successors shall not suffer any Ievy or attachment to be made, or any
material or mechanic's lien, or any unauthorized encumbrance or lien to attach to the Property,
except:
a) Any mortgage(s) in favor of any lender for the purpose of financing any hard
costs or soft costs relating to the construction of the Improvements in an amount(s) not to
exceed the value of the Improvements as determined by an appraiser;
b) Any mortgage(s) in favor of any lender refinancing any mortgage of the
character described in clause (a) hereof; in an amount(s) not to exceed the value of the
Improvements as determined by an appraiser.
The recordation, together with any mortgage purporting to meet the requirements of clauses
(a) or (b) above, of a statement of value by a certified real estate appraiser, stating the value of the
Improvements is equal to or greater than the amounts of such mortgage(s), shall constitute
conclusive evidence that such mortgage meets such requirements. For purposes of this paragraph an
"institutional lender" shall mean any bank, savings and loan association, insurance company,
foundation or other charitable entity, real estate or mortgage investment trust, pension funds, the
Federal National Mortgage Association, agency of the United States Government or other
governmentar-agency. In any event, the term "Institutional Lender" shall be deemed to include
Miami -Dada County, the City and their respective successors and assigns.
6. Grantee shall not transfer the Property or any part thereof without consent of the
City Manager, and shall not change the ownership or distribution of the stock or control of the
Grantee.
The restrictions, conditions and covenants set forth in Sections 1 through 6 of this Deed shall
be deemed covenants running with the land and shall be binding to the fullest extent permitted by
law and equity, and enforceable by, for the benefit and in favor of, the Grantor. The Grantor shall
have the right to exercise all the rights and remedies; and to maintain any and all actions or suits at
law or in equity, as it deems appropriate to enforce the foregoing restrictions, conditions and
covenants, or to cure any breach thereof. The restrictions, conditions and covenants set forth in
Sections 1 through 6 of this Deed shall be binding for a period of fifteen (15) years, at which time, the
property is no longer subject to the restrictions, conditions and covenants contained in this Deed.
In the event the Grantee or its successors shall violate or otherwise fail to comply with any of
the restrictions, conditions and covenants set forth in this Deed, the Grantee or its successors shall
correct or cure the default/violation within thirty (30) days of notification of the default by the
Grantor (the "Cure Period"). If Grantee or its successors fails to remedy the default within the Cure
Period, the Grantor shall have the right to reenter and take possession of the Property or any portion
of the Property. It is the intent of this conveyance that it is made upon a condition subsequent and,
in the event of any default, failure or violation of any such condition which is not cure within the
Cure Period, the City Commission at its option may pass and adopt a resolution declaring that the
title and all the rights and interest of the Grantee or its successors in the Property revert to the
Grantor, provided, however, that such right of reverter shall be subject to and limited by, and shall
not defeat, render invalid, or limit in any way the lien of any valid mortgage permitted by this Deed.
2
IN WITNESS WHEREOF, the Grantor has caused this City Deed to be executed the day and
year first above written.
ATTEST
PRISCILLA A. THOMPSON,
CITY CLERK
STATE OF FLORIDA )
} SS
COUNTY 07DADE )
CITY OF MIAMI, A MUNICIPAL CORPORATION
OF THE STATE OF FLORIDA
JOE ARRIOLA,
CITY MANAGER
APPROVED AS TO FORM AND
CORRECTNESS:
ALEJANDRO VILARELLO,
CITY ATTORNEY
The foregoing instrument was acknowledged before me this day of
, 2004 by Joe Arriola as City Manager of CITY OF MIAMI, a municipal
corporation of the State of Florida, who is personally known to me or who has produced
as identification and who did/did not take an oath.
Printed Name:
Notary Public
My Commission Expires:
The foregoing conveyance was approved pursuant to Resolution No. of the City Commission of
the City of Miami, Miami -Dade County, Florida, passed and adopted on A
copy of Resolution No. is attached hereto as Exhibit "B".
DEED ABDAdoc
C