Loading...
HomeMy WebLinkAboutSpecial Warranty Deed 1THIS INSTRUMENT PREPARED BY CITY OF MIAMI MIAMI RIVERSIDE CENTER 444 &W- 2ND AVENUE MIAMI, FLORIDA 33130-1910 TAX FOLIO# 01-3134-108-0010 t EXHIBIT B Above Mislinc For Recording Data. SPECIAL ,WARRANTY DEED THIS SPECIAL WARRANTY DEED made this 27a' day of September, 2007, by the City of Miami, a municipal corporation of the State of Florida, with an address at -444 S.W. 2°d Avenue, Miami, Florida 33130 (hereinafter referred to as "Grantor") in favor of Allapattah. Community Housing II, Inc'., a Floridat-for-profit corporation, with offices at 2257 N.W. North River Drive, Miami, Florida 33125 (hereinafter referred to as "Grantee"). WITNESS: That Grantor, for and in consideration of the sum of Ten Dollars ($10.00) to it in hand paid by Grantee, and other goon and valuable consideration, the receipt of which is hereby acknowledged, has granted, bargained and sold to Grantee, its heirs and its assigns, subject to the right of reverter set below, 'the following land lying and being in Dade County, Florida: As described in Exhibit "A" attached hereto and made a part. hereof, and hereinafter referred to as the "Property". Grantor does hereby warrant the title to the Property and will defend the same against the lawful claims of all persons claiming by, through or under Grantor, but against none other. This Specialty Warranty 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 to be taken and construed as running with the land: 1. Grantee and Grantee's successors agree, that the Property shall only be used to provide an affordable rental housing facility, not to exceed a maximum of eighty (80) units, for elderly persons whose income is 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 or by the City Commission, and shall be subject to the covenants set forth hereunder. 2. Grantee and/or Grantee's successors shall promptly commence the construction of a maximum of eighty (80) units (the "Improvements") on the Property and shall continue diligently with the construction of the Improvements to completion; provided that, in any event, construction shall be completed by December 1, 2008 in accordance with the HUD 202 Program funding requirements. 3. Neither Grantee nor Grantee's successors shall discriminate upon the basis of race, color, religion, marital status, sex or national origin in the sale of the Property, or any of the Improvements erected or to be erected thereon, or on any part thereof. 4. Grantee and its successors shall not suffer any levy 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 an Institutional 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 a certified real estate appraiser; and , b) Any mortgage(s) in favor of an Institutional 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 a certified real estate 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 that the value of the Improvements is equal to or greater than the amount(s) of such mortgage(s), shall constitute conclusive evidence that such mortgage(s) meet(s) 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, a real estate company or mortgage investment trust, pension funds, the Federal National Mortgage Association, or an agency of the United States Government or other governmental agency. The term "Institutional Lender" shall 414o be deemed to include Miami -Dade County and the Grantor and their respective 'successors and assigns. 5. Grantee shall not "transfer the Property or any part thereof, or change the ownership or distribution of the stock or control of Grantee, without the prior written consent of the City Manager. The restrictions, conditions and covenants set forth in Sections 1 through 5 of this Special Warranty Deed shall be deemed covenants running with the land and shall be binding to the fullest extent permitted by law and at equity, and enforceable by, and for the benefit and in favor of, Grantor. 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 �nvenants, Dr to cure any breach thereof. The restrictions, vondiliDns and covenants set forth in Sections 1 through 5 of this Special Warranty Deed shall be binding until December 1, 2048, at which time the Property shall no longer be subject to the restrictions, conditions and covenants contained in this Special Warranty Deed. In the event Grantee or its successors shall violate or otherwise fail to comply with any of the restrictions, conditions and covenants set forth in this Special Warranty Deed, Grantee or its suq�essors shall correct or cure the default/violation within thirty (30) days of notification of the default by Grantor (the "Cure Period"). If Grantee or its successors fails to remedy the default within the Cure Period, 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 cured 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 Grantee or its successors int the Property revert to 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 Special Warranty Deed. IN WITNESS WHEREOF, Grantor has caused this Special Warranty Deed to be executed the day and year first above written. , ATTEST: Priscilla A. Thompson, City Clerk Approved As To Form And Correctness: Jorge L. Fernandez, City Attorney STATE OF FLORIDA ) SS COUNTY OF DADE ) City of Miami, a municipal corporation of the State of Florida M Pedro G. Hernandez City Manager The foregoing instrument was acknowledged before me this day of , 20Q7 by Pedro G. Hernandez as City Manager of the 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. My Commission Expires: Printed Name: Notary Public 3 +S t The foregoing conveyance was approved ppursuant to Miami City Commission Resolution No. , of the City Commission of the City of Miami, Florida, adopted on September 27, 2007, and Resolution No. 04-0380 and Resolution No. 04-0382, adopted June .10, 2004. Copies of Resolution No. Resolution No, 040380 and Resolution No. 04-0382 are attached hereto as Exhibit "B". r 1 i DEED 1390NW24AVe.doe .© Exhibit A Folio Number: 01-3134-108-0010 Property Address: 1390 NW 24 Avenue, Miami, Florida. I " Tract A, Fern Isle Gardens, according to the Plat thereof, as recorded in Official Records Book 139, Page 52, of the Public Records of Miami -Dade County, Florida. Also Described As Follows: Beginning at the NE Corner of Lot 14, Block 1, of, Shady Oaks, according to the Plat thereof, recorded in Plat Book 44, at Page 20 of the Public Records of Miami -Dade County, Florida, said point -also being the NW corner of Tract "A" of said Plat of Fern Isle Gardens; thence along the Boundary Line of said Tract "A" for the following described five (5) courses: 1) thence North 89 degrees 56 minutes 53 seconds East, along the South Right -of - Way line of NW 14th Street for 264.88 feet to the point of curvature of a circular curve concave to the Southwest; 2) thence Northeasterly Easterly, Southeasterly, Southerly and Southwesterly, along the arc of said curve to the right,.having a radius of 25.00 feet and a central angle of 90 degrees 24 minutes 54 seconds for a distance of 39.45 feet to the Point of tangency, said point also being on the West right of way line of NW 24th Avenue; 3) thence South 00 degrees 21 minutes 47 secbnds West along the previously described Right - of -Way line for 224.83 feet; 4) thence South 89 degrees 56 minutes 53 seconds West, departing said Right -of -Way line for 289.63 feet to the East line of Tract "A" of said Plat of Shady Oaks; 5) thence North 0 degrees 15 minutes 50 seconds East, along the East line of said Tract A of said Plat of Shady Oaks and along the East line of said Lot 14, Block 1 for 250.00 feet to the Point of Beginning. Exhibit B I it Copies of Authorizing Resolutions 0