HomeMy WebLinkAboutexhibit1BTHIS INSTRUMENT PREPARED BY
CITY OF MIAMI CITY ATTORNEY'S OFFICE
MIAMI RIVERSIDE CENTER SUITE 945
444 S.W. 2ND AVENUE
MIAMI, FLORIDA 33130-1910
Tax Folio # 01-3114-038-0050
EXHIBIT "B"
Space Above This Line For Recording Data
CITY DEED
THIS DEED made this day of , 2004, between the CITY OF
MIAMI, a municipal corporation of the State of Florida, of 444 S.W. 2nd Avenue, Miami, Florida
33130, called (the "City") and Progressive Vision Community Development Corporation, Inc., a not -
for -profit corporation with offices at 740 NW 58th Street, Miami, Florida 33127, hereinafter called
(the "Grantee").
WITNESS: That the City for and in consideration of the sum of Ten Dollars ($10.00) to it in
hand paid by the Grantee, receipt of which is hereby acknowledged has granted, bargained and sold
to the Grantee, its heirs and its assigns, subject to the right of reverter set below, the land lying and
being in Dade County, Florida:
779 N.W. 57th Street. Miami. Fla.
Lot 7, Block 1 of PINE HIGHLANDS, according to the Plat thereof, recorded
in Plat Book 17, Page 20, of the Public Records of Miami -Dade County,
Florida, hereinafter referred as the "Property".
This Deed conveys only the interests of the City in the Property described herein, and shall
not warrant title thereto.
This 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 taken and
construed as running with the land:
1. The Grantee and Grantee's successors agree, that the Property for a period of fifteen
(15) years, shall only be used to provide four (4) owner occupied condominium units for individuals
and/or families 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, and shall be
subject to the covenants set forth hereunder.
2. Grantee shall commence promptly the construction of four (4) condominium units
(the "Improvements") and shall continue diligently with the construction of the Improvements to
completion: provided, that, in any event, construction shall commence within twelve (12) months
from the date of this Deed, and shall be completed no later than twenty-four (24) months from the
date of this Deed.
3. The Grantee and Grantee's successors agree, not to discriminate upon the basis of
race, color, religion, marital status, sex or national origin in the sale of the Property, or any
Improvements erected or to be erected thereon or on any part thereof.
4. The Grantee and Grantee's successors agree, to pay the real estate taxes or
assessments on the Property or any part thereof when due. In the event that the Property is ever
declared to be "immune" or "exempt" from the payment of ad valorem taxes, the Grantee and
Grantee's successors agree, to pay to the City an annual payment which shall be in an amount equal
to the amount the City would have received as ad valorem taxes based on the valuation method
employed by the county property appraiser pursuant to Chapter 193 Florida Statutes, (1997), as
amended from time to time.
5. 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 any 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 an appraiser;
b) Any mortgage(s) in favor of any 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 an 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 the value of the
Improvements is equal to or greater than the amounts of such mortgage(s), shall constitute
conclusive evidence that such mortgage meets 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, real estate or mortgage investment trust, pension funds, the
Federal National Mortgage Association, agency of the United States Government or other
governmental agency. In any event, the term "Institutional Lender" shall be deemed to include
Miami -Dade County, the City and their respective successors and assigns.
6. Grantee shall not transfer the Property or any part thereof without consent of the
City Manager, and shall not change the ownership or distribution of the stock or control of the
Grantee.
The restrictions, conditions and covenants set forth in Sections 1 through 6 of this Deed shall
be deemed covenants running with the land and shall be binding to the fullest extent permitted by
law and equity, and enforceable by, for the benefit and in favor of, the Grantor. The 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
covenants, or to cure any breach thereof. The restrictions, conditions and covenants set forth in
Sections 1 through 6 of this Deed shall be binding for a period of fifteen (15) years, at which time, the
property is no longer subject to the restrictions, conditions and covenants contained in this Deed.
In the event the Grantee or its successors shall violate or otherwise fail to comply with any of
the restrictions, conditions and covenants set forth in this Deed, the Grantee or its successors shall
correct or cure the default/violation within thirty (30) days of notification of the default by the
Grantor (the "Cure Period"). If Grantee or its successors fails to remedy the default within the Cure
Period, the 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 cure within the
2