The URL can be used to link to this page

Home My WebLink About25525AGREEMENT INFORMATION AGREEMENT NUMBER 25525 NAME/TYPE OF AGREEMENT HALEY SOFGE 750 PRESERVATION, LLC DESCRIPTION AGREEMENT TO SUBORDINATE TO RENTAL ASSISTANCE DEMONSTRATION USE AGREEMENT/RESIDENTIAL APARTMENT UNITS/MATTER ID: 24-3318/#51 EFFECTIVE DATE ATTESTED BY TODD B. HANNON ATTESTED DATE 3/25/2025 DATE RECEIVED FROM ISSUING DEPT. 3/27/2025 NOTE 95as AFTER RECORDING PLEASE RETURN TO: Efrem Levy, Esq. Reno & Cavanaugh, PLLC 455 Massachusetts Ave, NW, Suite 400 Washington, D.C. 20001 Phone: (202) 349-2476 Fax: (202) 349-2455 Recorder's Stamp AGREEMENT TO SUBORDINATE TO RENTAL ASSISTANCE DEMONSTRATION USE AGREEMENT HALEY SOFGE 750 - CITY OF MIAMI HOME LOAN This Agreement to Subordinate to Rental Assistance Demonstration Use Agreement (the "Subordination") is entered into as of , 2025 by and among CITY OF MIAMI, a municipal corporation of the State of Florida ("City") and HALEY SOFGE 750 PRESERVATION, LLC, a Florida limited liability company (the "Project Owner"), collectively, the "Parties." WHEREAS, the Project Owner owns that two hundred twenty (220) unit (the "Units") multi -family apartment complex with an address of 750 Northwest 13th Avenue, Miami, Miami - Dade County, Florida 33125, commonly known as Haley Sofge 750 (the "Project"), and located on the real property described on Exhibit "A" attached hereto; and WHEREAS, in connection with the financing of the Project, the Parties executed the following documents: 1. Leasehold Mortgage and Security Agreement dated and recorded as of substantially even date herewith in the Public Records of Miami -Dade County, Florida (the "County Records"); and 2. Declaration of Restrictive Covenants dated and recorded as of substantially even date herewith in the County Records. 3. Rent Regulatory Agreement dated and recorded as of substantially even date herewith in the County Records. Collectively, items 1-3 are hereinafter referred to as the "Subordinate Documents". WHEREAS, the U.S. Department of Housing and Urban Development ("HUD") has authorized the conversion of four (4) of the Units (the "RAD Units"), from public housing to Section 8 assistance under the Rental Assistance Demonstration ("RAD") program, pursuant to Public Law 112-55 and has issued a RAD Conversion Commitment for the Project, dated November 20, 2024 (the "RCC"); and WHEREAS, as a condition of the RAD conversion, the Project Owner executed a Rental Assistance Demonstration Use Agreement dated and recorded as of substantially even date herewith (the "RAD Use Agreement") for the benefit of HUD; and WHEREAS, HUD requires as a condition of the RAD conversion that the Parties agree to subordinate the Subordinate Documents to the RAD Use Agreement; NOW THEREFORE, let it be known to all interested parties, that for good and valuable consideration, the receipt of which is hereby acknowledged, the undersigned do hereby agree: 1. So long as the RAD Use Agreement, and all extensions thereto, be in effect, the Subordinate Documents shall in all respects be subordinate to the RAD Use Agreement. 2. This Subordination extends to and continues in effect with respect to any future amendment, extension, renewal, or any other modification of the RAD Use Agreement or the Subordinate Documents. 3. In the event of conflict between the Subordinate Documents and the RAD Use Agreement, the RAD Use Agreement controls. 4. The following amendments to the Subordinate Documents require the prior written consent of HUD: Any amendment to any HUD -required provisions in the Subordinate Documents, an increase in the interest rate, an increase of the total indebtedness, an acceleration of the amortization or payment schedule, and any changes that would preclude or impair a reasonable opportunity to cure any defaults by the Project Owner under the Subordinate Documents. 5. This Subordination will survive bankruptcy and foreclosure. 6. This Subordination may be signed in counterparts. 7. The invalidity, in whole or in part, of any of the provisions set forth in this Subordination, shall not affect or invalidate any remaining provisions. 8. This Subordination and every covenant hereof shall be binding upon the Parties and their respective successors and assigns. This Subordination shall not be modified or amended except by a written instrument executed by all parties hereto and approved in writing by HUD. In witness whereof, the Parties have executed this Subordination as of the date first written above. ATTEST: d Harr >c�;�`it'Clerk Date: ',3 � a.D a.5 APPROVED: Victor Turner, Director Housing and Community Development Department STATE OF FLORIDA COUNTY OF MIAMI-DADE CITY: CITY OF MIAMI, a municipal corporation of the State of Florida By: Arthur Noriega V, City Manager APPROVED AS TO FORM AND CORRECTNESS: By: eorge KUWysong I,II v City Attorney ckf # 37)tg ACKNOWLEDGMENT The foregoing instrument was acknowledged before me by means of C1'physical presence or 0 online notarization, this 0\ day of tila,ril� , 2025, Arthur Noriega V, as City Manager of CITY OF MIAMI, a municipal corporation of the State of Florida re Printed Name Notary Public, State of Florida C1 Personally Known or 0 Produced Identification Type of Identification Produced SANDRA GILBERT MY COMMISSION # NH 623478 EXPIRES: April 20, 2029 Witnesses: Print Name: L,, Address:2gSOTt IteteiA Ate t4i=stz MI are 3313 Print Name: siali sn rwiktvlskierwl Address: !t 6O 1 cqq k� .t 1 Ave. Ut1C 840, t&atilt 1Ft-133133 STATE OF FLORIDA COUNTY OF MIAMI-DADE PROJECT OWNER: HALEY SOFGE 750 PRESERVATION, LLC, a Florida limited liability company By: Haley Sofge 750 Preservation Manager, LLC, a Florida limited liability company, its manager By: 19-af17 Tony Del Pozzo, Vice President The foregoing instrument w acknowled ed before me by means ofphysical presence or 0 online notarization, this \Ok "d`ay of 0„fsch , 2025, by Tony Del Pozzo as the Vice President of Haley Sofge 750 Preservation Manager, LLC, a Florida limited liability company, the Manager of Haley Sofge 750 Preservation, LLC, a Florida limited liability company, on behalf of the limited liability companies. \�KW5& 21&° Printed Name Notaublic, State of Florida Signature Personally Known or 0 Produced Identification Type of Identification Produced 9Z0Z'St tied:S3IiidX3 £8££ t Z HH # NOISSIWW00 AW *: 0101Id VSS3NVA Exhibit A A PORTION OF TRACT "A", OF MIAMI RIVER COMPLEX FLORIDA 5-26, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 92, PAGE 39, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE INTERSECTION OF CENTERLINES OF NW 7th STREET AND NW 13th AVENUE, THENCE N00°01'30"W ALONG SAID CENTERLINE OF NW 13th AVENUE, A DISTANCE OF 336.64 FEET; THENCE 589°58130"W, A DISTANCE OF 25.00 FEET TO A POINT ON THE WESTERLY RIGHT OF WAY LINE OF SAID NW 13th AVENUE, ALSO BEING THE POINT OF BEGINNING; THENCE S89°58'31"W, A DISTANCE OF 273.45 FEET; THENCE N00°02131"W, A DISTANCE OF 159.48 FEET; THENCE N22°35'16"E, A DISTANCE OF 246.02 FEET; THENCE S67°24'44"E, A DISTANCE OF 108.47 FEET; THENCE S89°58'25"E, A DISTANCE OF 78.77 FEET TO A POINT ON THE WESTERLY RIGHT OF WAY LINE OF NW 13th AVENUE; THENCE S00°01'30"E ALONG SAID WESTERLY RIGHT OF WAY LINE, A DISTANCE OF 344.81 FEET TO A POINT OF BEGINNING. 955a5