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HomeMy WebLinkAboutExhibit 5. V1This instrument Prepared By and Return To: City of Miami City Attorney's Office 444 S.W. 2No Avenue Miami, Florida 33130-1910 ATTACHMENT "C" DECLARATION OF RESTRICTIVE COVENANTS This Declaration of Restrictive Covenants (the "Covenant") made this day of , 2008 by , a Florida for -profit corporation (hereinafter referred to as " ."), is in favor of the City of Miami, a municipal corporation of the State of Florida (hereinafter referred to as the "City"). RECITALS WHEREAS, holds title to certain property located in the City of Miami, Florida, as legally described on Exhibit "A" (the "Property"); and WHEREAS, the building exterior of will be rehabilitated as part of the OSUN's Village Project (the "Project"); and WHEREAS, the City and . have heretofore entered into the an agreement ("Agreement") which sets forth the terms and conditions pursuant to which the City provided Neighbors and Neighbors, Inc. the sum of Five Hundred Thousand Dollars ($500,000) in Community Development Block Grant funds ("CDBG Funds") to carry out Commercial Rehabilitation activities on the Property as authorized by the City Commission through Resolution No. 05-0577 on September 22, 2005 for the completion of the Project; and WHEREAS, desires to make a binding commitment to assure that the Property shall be improved in accordance with the provisions of this Covenant; NOW THEREFORE, 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 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 shall be developed on the Property. which is operated as shall provide , for the five (5) years commencing on the date of final inspection or such longer period of time as may be prescribed by the CDBG Requirements, the Community Development Block Grant Rehabilitation Agreement, as amended, of even date herewith between the and the City relating to the CDBG Funds allocated by the City for the Project (the "Agreement') and/or the City. Section 3. Tei in of Covenant: This Covenant shall remain in full force and effect and shall be binding upon of five (5) years commencing on the date of final may be prescribed by the CDBG Requirements, Period"). , its successors and assigns for a period inspections, or such longer period of time as the Agreement and/or the •City ("Covenant Section 4. is required to (a) reimburse the City of Miami completely (100%) if the Property is sold during the Covenant Period or if the use changes during the Covenant Period and (b) pay the City of Miami an amount equal to the current market value of the Property, less any portion of the value attributable to expenditures of non-CDBG funds for the acquisition of, or improvement to the Property, if the Property is sold during the Covenant Period. If the Property is sold after the Covenant Period, there will be no requirement for reimbursement of funds or payment relating to the market value of the Property. Section 5. Except as provided in the Agreement. covenants and agrees not to encumber or convey any interest in the Project or the Property without prior written consent as required by the Agreement. For the purposes of this Covenant, any change in the ownership or control of shall be deemed a conveyance of an interest in the Project. Section 6. covenants and agrees that in the event (i) of a conveyance of any interest in the Project or the Property without the City's prior written consent, or, (ii) that ceases to exist as a business, shall be required to reimburse the City completely. if the Property is sold after the tern of the covenant, there will be no requirement for reimbursement of funds. Section 7. covenants and agrees that any deed conveying the Property to a buyer shall contain the following restrictive covenant: "This property, in accordance with the Declaration of Restrictive Covenant executed in favor of the City of Miami, is subject to the following restrictions and requirements for a period of five (5) years from the date of final inspections.": (i) the property owner is required to reimburse the City of Miami completely (100%) if the Property is sold during the Covenant Period or if the use changes during the Period. in) the property owner is required to pay the City of Miami an amount equal to the current market value of the Property, less any portion of the value attributable to expenditures of non-CDBG funds for the acquisition of, or improvement to the Property, if the Property is sold during the Covenant Period; and (iii) that any purchaser or other prospective owner of the property during the Covenant Period must receive prior written approval of the City of Miami." Section 8. 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 to determine whether the conditions of this Covenant are being complied with. Section 9. 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. Section 10. Severabilitv: 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 11. Recordation: This Covenant shall be filed of record among the Public Records of Miami -Dade County, Florida, at the sole cost and expense of Section 12. This Covenant is a covena;-t running w i:h the land. This Covenant shall lapse and Oc ofno Furth r force and effect upon the expiration of the Covenant Period. Section 13. All capitalized terms not defined herein shall have the meanings provided in the Agreement. IN WITNESS WHEREOF, 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: Name Address Miami, FL ZIP 33138 a Florida for profit corporation By: Date: ACKNOWLEDGMENTS STATE OF FLORIDA ) ) SS: COUNTY OF MIAMMI-D ADE ) THE FOREGOING INSTRUMENT was acknowledged before me on this clay of 2008 by as of , on behalf of who is personally known to me • or who produced as identification and did/did not take an oath. Signature of Notary Public, State of Florida Printed Name of Notary Public My Commission Expires: