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Home My WebLink AboutDeclaration of CovenantsRecord And Return To: Carmen Canelas, CtA Museum Tower, Suite 2200 150 West Flagler Street Miami, Florida 33130 This Instrument Prepared By and Return To: Ilene Temchin, Esq. City of Miami Office of the City Attomey 444 S.W. 2)''o Avenue Miami, Florida 33130-1910 DECLARATION OF RESTRICTIVE COVENANTS CFN 2008RO697810 OR Ek 2650 Nis 1273 - 1278; (6pss) RECORDED 03/27/2003 07'12'00 HARVEY RUVINt CLERK OF COURT rtIAtil-OADE COUNTYr FLORIDA This Declaration of Restrictive Covenants (the "Covenant") made as of this 20`b day of August, 2008 by Madison Housing, Ltd., a Florida limited partnership ("Madison rJ and Madison Housing U, Ltd., a Florida limited partnership (Madison IP'), both with offices at c/o The Gatehouse Group, Inc., Cabot Business Park, 120 Forbes Boulevard, Mansfield, MA 02048 (hereinafter jointly referred to as "Madison"), is in favor of the City of Miami, a municipal corporation of the State of Florida (hereinafter referred to as the "City"). RECITALS WHEREAS, on March 22, 2007, the City of Miami City Commission adopted Resolution Nos, 07-0173 and 07-0174, authorizing the conveyance, with parcel reverter provisions, of ccrtain City owned parcels to Madison for the development of affordable housing for eligible low income persons; and WHEREAS, the property to be conveyed to Madison I is legally described on Exhibit "A- I", and the property to be conveyed to Madison 11 is Iegally described on Exhibit "A-2". ("The property described on Exhibit A-1 and the property described on Exhibit A-2 are hereinafter jointly referred to as the "Property"); and WHEREAS, the City and Madison intend and agree that Madison shall construct on the Property an affordable rental housing project consisting of not less than one hundred and fifteen (115) apartment units for eligible Low Income persons (the "Project"), as more fully described in that certain Note and Mortgage Modification Agreement and those certain Assumption Agreements, all of even date herewith between Madison and the City; and WHEREAS, Madison desires to make a binding commitment to assure that the Property shall be developed in accordance with the provisions of this Covenant. NOW THEREFORE, Madison voluntarily covenants and agrees that the Property shall be subject to the following restrictions that are intended and shall be deemed to be covenants running with the land and binding upon Madison, and its heirs, successors and assigns as follows: Section 1. The recitals and findings set forth in the preamble of this Covenant are hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section. Section 2. Use of Property: The Project consisting of a minimum of one hundred and fifteen (115) rental apartments affordable for eligible Low Income persons shall be constructed on the Property. Until August 20, 2040 the Project will be used exclusively for the purpose of providing affordable rental housing for Low Income households, Until August 20, 2040, all Project apartments shall be rented to persons earning no greater than eighty percent (80%) of the area median income for Miami -Dade County, Florida. Section 3. Term of Covenant; This Covenant shall remain in full force and effect and shall be binding upon Madison, its successors and assigns from the date hereof until August 20, 2040 (the "Affordability Period"). Section 4. Madison covenants and agrees not to encumber or convey any interest in the Project or the Property without the prior written consent of the City, For the purposes of this Covenant, any change in the ownership or control of Madison shall be deemed a conveyance of an interest in the Project. Section 5. Madison covenants and agrees that in the event (i) of a conveyance of any interest in the Project or the Property without prior written consent of the City, or (ii) that Madison ceases to exist as an organization, Madison shall transfer ownership of and title to the Property to the City by special warranty deed. Section 6. Inspection and Enforcement: It is understood and agreed that any official inspector of the City shall have the right any time during normal working hours to enter and investigate the use of the Project and/or the Property to determine whether the conditions of this Covenant are being complied with. Section 7. Amendment and Modification: This Covenant may be modified, amended, or released as to any portion of the Project by a written instrument executed on behalf of the City and by the then owner of the fee simple title to the land to be affected by such modification, amendment or release. Should this instrument be modified, amended or released, the City Manager shall execute a written instrument in recordable form to be recorded in the Public Records of Miami -Dade County, Florida, effectuating and acknowledging such modification, amendment, or release. -2- Section 8. Severability: Invalidation of one of the provisions of this Covenant by judgment of Court shall not affect any of the other provisions of the Covenant, which shall remain in full force and effect. Section 9. Recordation; This Covenant shall be filed of record among the Public Records of Miami -Dade County, Florida, at the sole cost and expense of Madison. Section 10. This Covenant is a covenant running with the land. Upon the expiration of the Affordability Period, this Covenant shall lapse and be of no further force and effect. Section 11. All capitalized terms not defined herein shall have the meanings provided in 24 C.F.R. Part 92. IN WITNESS WHEREOF, Madison has caused this Declaration of Restrictive Covenants to be executed by their duly authorized officers and the corporate seal to be affixed hereto on the day and year first above -written. Print Name Name Madison Housing II, Ltd., a Florida limited partnership By: Madison Housing II LLC, a Florida limited liability company, its managing general partuer By: The Gatehouse Group, Inc., a Massachusetts corporation, ///7 itis sole Manager By; /. Nikul Inamdar, Vice President Date r -3- Madison Housing, Ltd., a Florida limiters partnership By: Madison Housing LLC, a Florida limited liability company, its managing general partner By: The Gatehouse Group, Inc., a Massachusetts corporation, Its sole Manager By: "W%� Nikul Inamdar, Vice President c / Date: �� , Print Name -4. ACICV O WLEDGMENTS STATE OF ) ) SS: COUNTY OF THE FOREGOING INSTRUMENT was acknowledged before me on this Z day of 4` i 2008, by li'�, as V: <o ,��,-`- of om, a F� /-h4, as the act of the corporation, who is personally know to me and who produced as identification and did/did not take an oath. `s `' L Signature of Notary Public Name of Notary Public, typed, printed or "0011 `* 'o� `tate ofFloeda stamped Terry M Lovell tdy Commissw OD542166 Expires 03/3112011 Notary Public State of Florida at Large Serial number, if any: STATE OF } ) SS: COUNTY OF THE FOREGOING INSTRUMENT was acknowledged before me on this O `fJ day of lr`' 2008, by /(r,!�i 4...,�.. as V' «'/" t,'kof a 12Ieridzr -7`11. C -w- , as the act of the corporation, who is personally known to me and who produced as identification and did/did not take an oath. ) 0) Yu S'A Signature of Notary Public Nowt' Public Sbta of FUida r terry rt Lovell Name of Notary Public, typed, printed or 64y Cornmiss n DD£4210 stamped « n Ex fres 03/3112011 Notary Public State of Florida at Large Serial number, if any: Cr .+Sedison-Ccvcnsnt-08-38•08 -5- OR EK 26540 PG 127 FAST PAGE EXHIBIT A-1 Legal Description of the Property Tracts B and D, New Hope Overtown, according to the Plat thereof, as recorded in Plat Book 157, at Page 14, of the Public Rewords of Miami -Dade County, Florida EXHIBIT A-2 Legal Description of the Property Tracts A and C, New Hope Overtown, according to the Plat thereof, as recorded in Plat Book 157, at Page 14, of the Public Records of Miami -Dade County, Florida FOB