HomeMy WebLinkAbout25804AGREEMENT INFORMATION
AGREEMENT NUMBER
25804
NAME/TYPE OF AGREEMENT
WYNWOOD WORKS MTZ, LLC
DESCRIPTION
ASSIGNMENT OF SECURITY INSTRUMENT & OTHER LOAN
DOCUMENTS/NRD-1 PUBLIC BENEFITS TRUST FUND
MORTGAGE & SECURITY AGREEMENT FOR WYNWOOD
WORKS/MATTER ID: 23-313
EFFECTIVE DATE
May 25, 2023
ATTESTED BY
NICOLE EWAN
ATTESTED DATE
5/23/2023
DATE RECEIVED FROM ISSUING
DEPT.
10/23/2025
NOTE
This instrument prepared by,
record and return to:
Terry M. Lovell, Esq.
Bilzin Sumberg Baena Price & Axelrod LLP
1450 Brickell Ave., 23rd Floor
Miami, Florida 33131
Note to Recorder: The indebtedness assigned hereby is given to secure the financing of housing under Part V of
Chapter 420 of the Florida Statutes and is exempt from taxation pursuant to Section 420.513 Florida Statutes.
ASSIGNMENT OF SECURITY INSTRUMENT AND OTHER LOAN DOCUMENTS
(WYNWOOD WORKS)
FOR VALUABLE CONSIDERATION, as of May 25, 2023, WYNWOOD WORKS MTZ,
LLC, a Florida limited liability company (the "Assignor"), having its principal office at is 301
N.W. 9th Street, Miami, Florida 33136, hereby assigns, grants, and transfers to the WYNWOOD
BUSINESS IMPROVEMENT DISTRICT, a municipal board of the City of Miami, Florida (the
"Assignee") having its principal place of business at 58 Northwest 27th Street, Miami, Florida
33127, and the Assignee's successors, transferees and assigns forever, all of the right, title and
interest of the Assignor in and to that certain NRD-1 PUBLIC BENEFITS TRUST FUND
MORTGAGE AND SECURITY AGREEMENT FOR WYNWOOD WORKS dated as of
even date herewith (the "Security Instrument"), entered into by WYNWOOD WORKS, LLC,
a limited liability company organized and existing under the laws of Florida (the "Borrower"),
for the benefit of the Assignor, securing an indebtedness of the Borrower to the Assignor in the
principal amount of Three Million, Five Hundred Thousand and 00/100 Dollars
($3,500,000.00), evidenced by that certain Promissory Note (Wynwood BID NRD-1 Public
Benefits Trust Fund) Wynwood Works of even date herewith (the "Borrower Note"), and an
indebtedness of the Assignor to the Assignee in the principal amount of Three Million, Five
Hundred Thousand and 00/100 Dollars ($3,500,000.00), evidenced by that certain Promissory
Note (Wynwood BID NRD-1 Public Benefits Trust Fund) Wynwood Works of even date herewith
(the "Assignor Note"), and recorded in the land records of Miami -Dade County, Florida prior to
and concurrently herewith, which indebtedness is secured by the real property described in Exhibit
A (the "Mortgaged Property"), attached to this Assignment of Security Instrument (this
"Assignment") and incorporated into it by this reference;
Together with the following collateral documents secured by the Security Instrument: (i) that
certain NRD-1 Public Benefits Trust Fund Loan Agreement for Wynwood Works of even date
herewith (the "Loan Agreement"), (ii) that certain Declaration of Restrictive Covenants for
Wynwood Works of even date herewith (the "Covenant"), (iii) that certain Disbursement
Agreement for NRD-1 Public Benefits Trust Funds of even date herewith (the "Disbursement
Agreement"), and (iv) that certain Rent Regulatory Agreement for Wynwood Works of even date
herewith (the "RRA"); together with the Security Instrument, the Assignor Note, the Loan
Agreement, the Covenant, the Disbursement Agreement, and the RRA, collectively, the "Loan
Documents");
Assignment of Security Instrument Page 1
Wynwood Works
Assignor hereby reserves its rights and remedies as "Lender" under the Borrower Note and as
"Mortgagee" under the Security Instrument only as relating to security for the Borrower Note
(collectively, the "Reserved Rights"), provided however, that the Reserved Rights are hereby
made expressly subject and subordinate in all respects to the rights and claims of Assignee in and
to the Loan Documents and the Mortgaged Property. Assignor acknowledges and agrees that, with
the exception of the Reserved Rights, Assignor has no rights or claims under the Loan Documents,
or to any portion of the Mortgaged Property, and any purported right or claim is hereby disclaimed
and made expressly subject and subordinate in all respects to the rights and claims of Assignee
under the Loan Documents, and in or to the Mortgaged Property.
[Signatures on Following Pages]
Assignment of Security Instrument Page 2
Wynwood Works
IN WITNESS WHEREOF, the Assignor has executed this Assignment to be effective as of the
date of the Security Instrument
ASSIGNOR:
WYNWOOD WORKS MTZ, LLC, a
Florida limited liability company
By: Mt. Zion Developments, Inc., a Florida not
for profit corporation, its manager
By:
Name: Lary D. Cap
Its: President
ACKNOWLEDGMENT
STATE OF FLORIDA
]
COUNTY OF MIAMI-DADE ]
The foregoing instrument was a owled ed before me by means of 1ysical presence or ❑
online notarization this Ztkday of , 2023 by Larry D. Capp, as President of Mt.
Zion Developments, Inc., a Florida not for profit orporation, the manager of Wynwood Works MTZ,
LLC, a Florida limited liability company, who is personally known to me or has produced as
identification.
A0,171-1a,
Print N. .�
ublic, Sta
.0"1",,, MARITZA DELGADO
Notary Public -State of Florida
oni
t � ^ Commission # HH 362666
My Commission Expires
June 06, 2027
Assignment of Security Instrument
at large
Wynwood Works
ATTEST:
B
,.,�,o�Todd H
U Date:
L
URANCE
Ann-Ma►,e Sh. se
Director of Ris i Management
ASSIGNEE:
WYNWOOD BUSINESS IMPROVEMENT
DISTRIC , . Municipal Board of the City of
Miami, F
By:
y Gonzalez
Executive Director
APPROVED AS TO FORM AND
CORRECTNESS:
Victoria Mendez x 6 A
City Attorney a5_3i3
Assignment of Security Instrument
Wynwood Works
EXHIBIT A
DESCRIPTION OF THE PROPERTY
Legal Description
PARCEL A:
LOT 7, BLOCK 3, LESS THE WEST 20 FEET THEREOF, OF BAY VIEW ADDITION TO
MIAMI, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK B, AT
PAGE 107 OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.
PARCEL B:
BEGIN AT THE NORTHWEST CORNER OF THE SOUTHWEST 1/4 OF THE SOUTHWEST
1/4 OF THE SOUTHEAST 1/4 OF THE SOUTHEAST 1/4 OF SECTION 25, TOWNSHIP 53
SOUTH, RANGE 41 EAST, MIAMI-DADE COUNTY, FLORIDA; THENCE RUN SOUTH 85
FEET; THENCE RUN EAST TO THE RAILROAD RIGHT OF WAY OF THE FLORIDA EAST
COAST RAILWAY; THENCE RUN NORTHERLY ALONG SAID RIGHT OF WAY 85 FEET,
MORE OR LESS, TO A POINT DIRECTLY EAST OF THE POINT OF BEGINNING; THENCE
RUN WEST 135 FEET, MORE OR LESS, TO THE POINT OF BEGINNING, LESS THE WEST
35 FEET THEREOF.
PARCEL C:
COMMENCING AT A POINT 85 FEET SOUTH OF THE NORTHWEST CORNER OF THE
SOUTH 1/2 OF SOUTH 1/2 OF SOUTHEAST 1/4 OF THE SOUTHEAST 1/4 OF SECTION 25,
TOWNSHIP 53 SOUTH, RANGE 41 EAST; THENCE RUN SOUTH 100 FEET; THENCE RUN
EAST PARALLEL WITH THE NORTH BOUNDARY OF SAID SOUTH 1/2 OF THE SOUTH
1/2 OF THE SOUTHEAST 1/4 OF THE SOUTHEAST 1/4 OF SECTION 25, TO THE WEST
LINE OF THE RIGHT OF WAY OF THE FLORIDA EAST COAST RAILWAY COMPANY;
THENCE RUN IN A NORTHERLY DIRECTION AND ALONG THE WEST LINE OF THE
RIGHT OF WAY OF THE FLORIDA EAST COAST RAILWAY COMPANY TO A POINT
DUE EAST OF THE POINT OF BEGINNING; THENCE RUN WEST AND PARALLEL WITH
THE NORTH BOUNDARY OF SAID SOUTH 1/2 OF SOUTH 1/2 OF THE SOUTHEAST 1/4
OF THE SOUTHEAST 1/4 OF SECTION 25 TO THE PLACE OR POINT OF BEGINNING,
LYING AND BEING IN MIAMI-DADE COUNTY, FLORIDA; EXCEPTING FROM THE
ABOVE MENTIONED TRACT, 20 FEET OFF THE WEST SIDE OF SAID PROPERTY
CONVEYED TO THE CITY OF MIAMI FOR STREET PURPOSES AS SHOWN BY DEED
RECORDED IN DEED BOOK 361, AT PAGE 355, OF THE PUBLIC RECORDS OF MIAMI-
DADE COUNTY, FLORIDA, AND ALSO LESS THE WEST 15 FEET THEREOF FOR
ADDITIONAL RIGHT-OF-WAY.
SAID LANDS ALSO KNOWN AS:
Assignment of Security Instrument
Wynwood Works
A PORTION OF LOT 7, BLOCK 3, OF BAY VIEW ADDITION TO MIAMI, ACCORDING
TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK B, AT PAGE 107 OF THE
PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA; AND A PORTION OF THE
SOUTH 1/2 OF THE SOUTH 1/2 OF THE SOUTHEAST 1/4 OF THE SOUTHEAST 1/4 OF
SECTION 25, TOWNSHIP 53 SOUTH, RANGE 41 EAST; MORE PARTICULARLY
DESCRIBED AS FOLLOWS:
COMMENCING AT THE NORTHWEST CORNER OF THE SOUTH 1/2 OF THE SOUTH
1/2 OF THE SOUTHEAST 1/4 OF THE SOUTHEAST 1/4 OF SECTION 25, TOWNSHIP 53
SOUTH, RANGE 41 EAST; THENCE RUN N 89°55'17" E FOR 35.00 FEET TO THE POINT
OF BEGINNING; THE NEXT DESCRIBED LINE BEING ALONG A LINE 35 FEET
EASTERLY OF THE CENTER LINE OF NORTH MIAMI AVENUE, THENCE N 00°16'34"
E FOR 34.42 FEET TO A POINT ON THE NORTH LINE OF LOT 7; THENCE S 89°50'00" E
ALONG SAID NORTH LINE OF LOT 7, FOR 108.40 FEET TO THE WESTERLY RIGHT
OF WAY OF THE FLORIDA EAST COAST RAILWAY COMPANY, THENCE S 13°53'30"
W ALONG SAID RIGHT OF WAY FOR 225.63 FEET; THENCE S 89°55'17" W ALONG A
LINE SOUTHERLY OF AND PARALLEL WITH THE NORTH BOUNDARY OF SAID
SOUTH 1/2 OF SOUTH 1/2 OF THE SOUTHEAST 1/4 OF THE SOUTHEAST 1/4 OF
SECTION 25 FOR 55.29 FEET, THENCE N 00°16'31" E ALONG THE LINE 35 FEET
EASTERLY OF CENTER LINE NORTH MIAMI AVENUE FOR 185.00 FEET TO THE
POINT OF BEGINNING.
10476727.6
9,6 so 4
Assignment of Security Instrument
Wynwood Works