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Home My WebLink AboutDeclaration of CovenantsMil: ICU This Instrument Prepared By and Return To: Kirk R. Menendez, Esq. City of Miami City Attorney's Office 444 S.W. 2ND Avenue Miami, Florida 33130-1910 DECLARATION OF RESTRICTIVE COVENANTS This Declaration of Restrictive Covenants (the "Covenant") made this i)-O day of , 2006 by Rafael Hernandez Housing & Economic Development, Inc., a Florida not - for -profit corporation (hereinafter referred to as "Rafael Hernandez"), is in favor of the City of Miami, a municipal corporation of the State of Florida (hereinafter referred to as the "City"). RECITALS WHEREAS, pursuant to Resolution No. 05-0522, passed and adopted by the City of Miami City Commission on September 8, 2005, the City of Miami City Commission authorized the conveyance of three (3) City of Miami -owned parcels of land ("Property"), as described in Exhibit A, to Rafael Hernandez for the construction of three (3) single family homes to provide ownership opportunities to qualified Low Income families and individuals ("Project"); and WHEREAS, the City and Rafael Hernandez intend and agree that Rafael Hernandez shall construct on the Property single family homes affordable to Low Income Families and. Individuals as defined in 24 CFR Part 92 (the "HOME Regulations"); and WHEREAS, Rafael Hernandez desires to make a binding commitment to assure that the Property and the Project shall be developed in accordance with the provisions of this Covenant. NOW THEREFORE, Rafael Hernandez voluntarily covenants and agrees that the Property and the Project shall be subject to the following restrictions that are intended and shall be deemed to be covenants running with the land and binding upon Rafael Hernandez, and its heirs, successors and assigns as follows: Section 1. The recitals and findings set forth in the preamble of tlii.oe hrit aid;, hereby adopted by reference thereto and incorporated herein as if fully set forth ,n` iistSe�tig1Z. t p fir:' Section 2. 1. Use of the Property: One (1) single family homes shall bey oi%�tzuctpA oil' the Property. The single family homes developed on the Property shall remain Affoi=d'af;le. t%L Income Families and Individuals for a period of thirty (30) years, for each such home commencing on the date of issuance of all required certificates of occupancy. Section 3. Term of Covenant: This Covenant shall remain in full force and effect and shall be binding upon Rafael Hernandez, its successors and assigns for a period of thirty (30) years, for each such home commencing on the date of issuance of all required certificates of occupancy. Section 4. Rafael Hernandez 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 Rafael Hernandez shall be deemed a conveyance of an interest in the Project. Section 5. Rafael Hernandez covenants and agrees that in the event (i) of a conveyance of any interest in the Property or the Project without the prior written consent of the City, or, (ii) that Rafael Hernandez ceases to exist as an organization, Rafael Hernandez shall immediately re -convey to the City clear title to all of its right, title and interest in and to the Property. Section 6. Rafael Hernandez covenants and agrees that any deed conveying a Project home to a Low Income homebuyer shall contain the following restrictive covenant: "This property is subject to the following restrictions and requirements for a period of thirty (30) years from the date of issuance of the certificate(s) of occupancy (the "Affordability Period"): (i) that the property conveyed hereby remain Affordable to a reasonable range of Low Income homebuyers, (ii) that a Low Income homebuyer will occupy the property as the family's principal residence, (iii) that the price at resale to any prospective owner of the property must provide the original HOME -assisted owner a fair return on investment, and may not exceed the City of Miami's price limit in effect at the time of sale, (iv) that any purchaser or other prospective owner of the property during the Affordability Period must receive the prior written approval of the City of Miami (the "City"), and (v) that any resale of this property must include all appliances. Capitalized tenns used herein have the meanings provided in the HOME Investment Partnerships Program Regulations, 24 C.F.R. Part 92." Section 7. 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 the Property and investigate the use of the Project/ Property to determine whether the conditions of this Covenant are being complied with. Section 8. Amendment and Modification: This Covenant may be modified, amended, or released as to any portion of the Project/ Property 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. Section 9. 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 10. Recordation: This Covenant shall be filed of record among the Public Records of Miami -Dade County, Florida, at the sole cost and expense of Rafael Hernandez. Section 11. This Covenant is a covenant running with the land. After the expiration of the Affordability Period, this Covenant shall lapse and be of no further force and effect. Section 12. All capitalized terms not defined herein shall have the meanings provided in the Agreement. IN WITNESS WHEREOF, Rafael Hernandez has caused this Declaration of Restrictive Covenants to be executed by its duly authorized officers and the corporate seal to be affixed hereto on the day and year first above -written. ATTEST: , Rafael Hernandez Housing and Economic Development, Inc. 2400 N. Miami Avenue Miami, FL 33127 Rafael Hernandez Housing and Economic Development, corpora. r.� Inc., a Florida not -for -profit ryes Kap an, Executive Director ACKNOWLEDGMENTS STATE OF FLORIDA ) SS: COUNTY OF MIAivII-DADE ) THE FOREGOING INSTRUMENT was acknowledged before me on this / %' day of , 2006 by , as of 1U/6,e Al-e,-- r(2:- �> op behalf o � � �. ��F who is personally known to ine or who produced as identification and-did/did not take an oath. P A A AAA - - r wM,� MAIM T. ASON \ NOtary Public - Stole of fto;ido 4MyCareAtionecifizasMar27.2007 CccamistAon # DO 197357 004111b96 :acid NotryAwn.+� Rafael Hernandez-Covenant-Conveyance-3-30-06 Signature of Notary Public Name of Notary Public, typed, printed or stamped Notary Public State of Florida at Large Serial number, if any: -4- 6 K ,2/,�_,( f'- �; -L 0 y " S 1» ss HARVEY OyLs EXHIBIT A Lot 29, in Block 1, of WYNWOOD PARK, according to the Plat thereof, as recorded in Plat Book 5, at Page 23 of the Public Records of Dade County, Florida a.k.a. 3511 N.W. 1 Avenue, Miami, Florida. • ill' OF FLORIDA, COUNTY OF DAD. Fi'tRY Clr.1Tl.^Y the fats 13 a by cpy of the (,nin this office an Oay)( , nd and official Seal. J I. r..,ofu:C � J Circuit xni;wtl; f an, C,�� V . •' � COS :�, -5-