HomeMy WebLinkAboutExhibit 9 V2This instrument Prepa;-ed By and Re:urta
City of Miami
City Attornev's Office
444 S.W. 2"r, Avenue
h4ianri, Florida 3 3130-1910
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 BIock 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 I. The recitals and findings set forth in the preamble of this Covenant are
hereby adopted by reference thereto and incorporated herein as if ritlly set forth in this Section.
Section 2.
Use of Proper'': The Project snail 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. Terrn of Covenant: This Covenant shall remain in full force and effect
and shall be binding upon , its successors and assigns for a period
of five (5) years commencing on the date of final inspections, or such longer period of time as
may be prescribed by the CDBG Requirements, the Agreement and/or the City ("Covenant
Period").
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 teen of the covenant, there will be no requirement for reimbursement of funds.
Section i. 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) Fears 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
Covenant Period; (ii) the property owner is required to pay the lit;of
Miami li an
amount equal to the current market vtilue o; the Property, less any portion of the
value attributable to expenditures of non-CD13G iuncis for the acquisition of, or
improvement to the Property, if the Property is sold during the Covenant Period;
and (iiij that any purchaser or other prospective owner of the properly 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. 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 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
Secion 1 2. h:s. Co\ \ a CO\ cncart :`.l:!le land. This Covenant shall
lapse and uc of no furthfr force and eiiect upon the oxpiralicn cf !ae Covenant enant Period.
Cection 13.
in the Agreement.
Ali capitalized terms not defined hereni shall lame the meanings provided
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 MIAMI-DADE )
THE FOREGOING INSTRUI`IENT was acknowledged before me on this day 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.
My .�� , Commission Expires:
Signature of Notary Public, State of Florida
Printed N'zr;e ofNotan, Public