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HomeMy WebLinkAbout24394AGREEMENT INFORMATION AGREEMENT NUMBER 24394 NAME/TYPE OF AGREEMENT RESIDENCES AT DR. KING BOULEVARD, LTD. DESCRIPTION AMENDMENT NO. 2 TO MIAMI FOREVER BOND LOAN AGREEMENT/AFFORDABLE HOUSING CONSTRUCTION PROJECT/MATTER ID: 22-749/#41 EFFECTIVE DATE April 17, 2023 ATTESTED BY TODD B. HANNON ATTESTED DATE 4/17/2023 DATE RECEIVED FROM ISSUING DEPT. 5/3/2023 NOTE 2y3 9y AMENDMENT NO. 2 TO MIAMI FOREVER BOND LOAN AGREEMENT FOR RESIDENCES AT DR. KING BOULEVARD, LTD. This Second Amendment to the Miami Forever Bond Loan Agreement for Rfsidences at Dr. King Boulevard, LTD. ("Amendment") is entered into the 11 day of LA I 2023 between the City of Miami, a municipal corporation of the State of Florida ("Ci ") and Residences at Dr. King Boulevard, LTD., a Florida limited partnership ("Borrower"). RECITALS WHEREAS, the Borrower has developed a project known as Residences at Dr. King Boulevard ("Project") located at approximately 6240 NW 15 Ave. Miami, FL 33147, 1501 NW 62 St. Miami, FL 33147, 1515 NW 62 St. Miami, FL 33147, 1525 NW 62 St. Miami, FL 33147, 1535 NW 62 St. Miami, FL 33147, 1551 NW 62 St. Miami, FL 33147, 1560 NW 62 St. Miami, FL 33147,1520 NW 62 St. Miami, FL 33147, 1500 NW 62 St. Miami, FL 33147, and Adjacent North of 1500-1520 NW 62 Street, Miami, FL33147; and WHEREAS, on September 28, 2020, the City loaned to Borrower two million dollars ($2,000,000.00) in Miami Forever Bond funds ("Loan") to construct and lease one hundred twenty (120) affordable residential units to eligible households ("City Assisted Units"); and WHEREAS, the Loan is evidenced by several loan documents between the parties hereto including but not limited to the Miami Forever Bond Loan Agreement for Residences at Dr. King Boulevard, LTD, dated September 28, 2020 ("Loan Agreement"); and WHEREAS, the Loan Agreement required that the Borrower must obtain all certificates of occupancy required for the Project eighteen (18) months from September 28, 2020 ("Effective Date") and have all City Assisted Units rented within twelve (12) months after the issuance of Project's certificate(s) of occupancy, but in no event later than thirty (30) months from the Effective Date; and WHEREAS, on March 17, 2022, the parties hereto executed a first amendment to the Loan Agreement, which, among other things, extended the date by which the Borrower must obtain the certificate(s) of occupancy from eighteen (18) months from the Effective Date to twenty-one (21) months from the Effective Date; and WHEREAS, Borrower is now requesting a further extension of the date by which the Borrower must obtain the certificate(s) of occupancy from twenty-one (21) months from the Effective Date to twenty-seven (27) months from the Effective Date; NOW, THEREFORE, in consideration for the covenants set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: Page 1 of 4 1. All of the above recitals are true and correct in all respects and are incorporated by reference herein as though set forth in full herein. 2. This Amendment shall extend the date by which the Borrower must obtain the certificate(s) of occupancy from twenty-one (21) months from the Effective Date to twenty-seven (27) months from the Effective Date. 3. Except as modified herein, all terms and conditions of the Loan Agreement, as amended, shall remain in full force and effect. 4. This Amendment may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, and such counterparts shall together constitute but one and the same Amendment. The parties shall be entitled to sign and transmit an electronic signature of this Amendment (whether by facsimile, PDF or other email transmission), which signature shall be binding on the party whose name is contained therein. Any party providing an electronic signature agrees to promptly execute and deliver to the other parties an original signed Amendment upon request. 5. This Amendment may not be amended, suspended, superseded or otherwise modified except by a written instrument, expressly identifying the modifications made and signed by the authorized representative of each of the parties. [Signatures on the Following Page] Page 2 of 4 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officials thereunto duly authorized on the date above written. BORROWER: WITNESSES: Residences at Dr. King Boulevard, LTD, a Florida limited partnership Signature Legibly print name STATE OF FLORIDA ) COUNTY OF MIAMI-DADE ) SS: The foregoing instrument was acknowledged before me by means of i1ysical presence or 0 online notarization, this 11 day of Set ,-1Itl7 er 20 , byKenne-RA •Vtod as VP for the APC Residences at Dr, King Boulevard, LLC, a Florida limited liability company, the eneral partner of Residences at Dr. King Boulevard, Ltd., a Florida limited partnership, who is personally known to m or has produced as identification. By: APC Residences at Dr. Ki g Boule ard, LLC, a Florida limit d Nab' comp;, y, its general pa By: Print Title: t,C z ire 1 cker)r By: MLK 62' Street Apartments PF, LLC, a Florida limited liability company, its co -general partner � By: !c i �"�'' /�'1 aAj- Print Name: A)rt;h(!� M, • MCNei Title: P-CEeStG(-e11 (NOTARY PUBLIC SEAL) Notary Public State of Florida 1 I A Rebeca Martinez My commission Ilil pi/12Ex4026 1 Signature of Person . • g Ackno nt -Fe Vier ne _ (Printed, Typed, Stamped Name of Notary Public) N ro1/4ry 14N2t3Go0I Title or Rank Serial Number, if any STATE OF FLORIDA ) COUNTY OF MIAMI-DADE ) SS: The foregoing instrument was acknowledged before me by means of O physical presence or 0 online notarization, this Li_ day ofsep eisrilt of -2 , byAsn•.eicn.t C.tlatIasl'res.CEO for the MLK 62is Street Apartments PF, LLC, a Florida limited liabi ty company, the co -goner - partner of Residences at Dr. King Boulevard, Ltd., who is personally known tome or has produced as entification. (NOTARY PUBLIC SEAL) Notary Public State of Florida Rebeca Martinez tozMy Commission 1111 HH 213601 Exp. 11412026 Page 3 of 4 _. attire of Person Ta�Ing 4cknowlea�ittent , InX-Xet. I.�c-rt'fZZ (Printed, Typed, or Stamped Name of Notary Public) H zt3ko01 Title or Rank Serial Number, if any (Printed, Typed, or Stamped Name of Notary Public) Title or Rank Serial Number, if any IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officials thereunto duly authorized on the date above written. CITY OF MIAMI, a municipal Corporation of the State of Florida ATTEST: Arthur N+�riega V Dat . Todd Hannon City Manager City Clerk APPROVED REQUIREIANTS /b/v/2-7— nn-Marie harp Date: Director, isk M. agement APPROVED BY DEPARTMENT OF HOUSING & COMMUNITY DE LO"MENT ItjlII1 G orge fl��� �. 1 Date: Dir; ctorl i ') epartyhent of Housing & Com u ' ; Development Page 4 of 4 Date: APPROVED AS TO FORM AND CORRECTNESS: ria Mendez City Attorney 7/03 Date: CORPORATE RESOLUTION WHEREAS, Residences at Dr. King Boulevard, Ltd., a Florida limited partnership ("Owner") was formed for the purpose of acquiring certain property located in Miami -Dade County, Miami, Florida in order to develop and operate 120 affordable housing units to be known as Residences at Dr. King Boulevard (the "Project"); and WHEREAS, MLK 62nd Street Apartments GP, LLC, a Florida limited liability company ("Co - GP") is the co -general partner of the Owner; and WHEREAS, Martin Luther King Economic Development Corporation, a Florida non-profit corporation ("Corporation") is the sole member of Co -GP; and NOW THEREFORE BE IT RESOLVED THAT THE BOARD OF DIRECTORS OF THE MARTIN LUTHER KING ECONOMIC DEVELOPMENT CORPORATION approves the execution of Amendment #2 to the Miami Forever Bond Loan Agreement for Residences at Dr. King Boulevard LTD. BE IT FURTHER RESOLVED, that Amina M. McNeil, as manager of the Corporation is and will be authorized to enter into, execute and deliver any and all documents, instruments and agreements necessary to consummate the foregoing resolutions, and as may be necessary for the benefit of Co -GP and Developer, to supplement, amend, modify or reaffirm any and all such documents after closing, and that all actions previously taken by any person in connection with the foregoing resolutions are hereby ratified, confirmed and approved as being in the best interest of Co -GP and Developer. The Vice -Chair there upon declared this resolution duly passed and adopted this 17t day of September 2022. Helen Stewart, Vice Chair Corporate Seal DocuSign Envelope ID: 7691646E-4197-456E-8438-9A6FA8FB5016 OMNIBUS WRITTEN CONSENT OF THE MEMBERS AND THE SOLE MANAGING MEMBER OF THE LIMITED LIABILITY COMPANIES LISTED ON EXHIBIT A HERETO The undersigned, being all of the Members and the sole Managing Member of the Horida limited liability companies listed on Exhibit A attached hereto and made a part hereof (the "Companies"), do hereby consent and confirm that the resolutions set forth below and the actions specified herein shall be deemed to have been adopted to the same extent and to have the same force and effect as though adopted at a meeting duly called and held for the purpose of acting upon proposals to adopt such resolutions, and such actions shall be deemed to be the act and deed of all of the Members and the Managing Member of the Companies under the provisions of the Florida Limited Liability Company Act: WHEREAS, the Members and the Managing Member of the Companies desire to appoint Kenneth Naylor ("Naylor") as the Secretary and Vice President of each of the Companies; and WHEREAS, the Members and the Managing Member of the Companies wish to provide a general authorization authorizing Naylor and the other officers of the Companies to execute documents and otherwise act on behalf of each of the Companies from time to time in furtherance of the Companies' objectives in the ordinary course of their business. NOW THEREFORE, BE IT RESOLVED, that Naylor is hereby appointed as Secretary and Vice President of each of the Companies to serve until he resigns or is replaced by the Managing Member. RESOLVED, that until further action by the undersigned, Naylor, as the Secretary and Vice President of each of the Companies, shall serve without salary or other compensation. RESOLVED, that Naylor and each of the other officers of the Companies are hereby authorized to (a) make, execute, endorse, acknowledge, record and deliver in the name of and on behalf of the Companies, any and all written instruments, agreements, documents, deeds, powers of attorney, transfers, assignments, contracts, obligations, certificates and other instruments of whatever nature entered into by the Companies and (b) take, or cause to be taken, any and all such action, in the name and on behalf of the Company, as shall be deemed necessary, desirable, or appropriate in order to effect the purposes of the foregoing resolutions. RESOLVED, that any and all action taken by Naylor and each of the other officers, acting on behalf of the Companies prior to the date this Consent is actually executed is approved, ratified, and adopted in all respects. [EXECUTION ON NEXT PAGE] DocuSign Envelope ID: 7691646B-4197-456E-8438-9A6FA8FB5016 IN WITNESS WHEREOF, the undersigned being all of the Members and the sole Managing Member of the Companies have adopted and approved the foregoing resolutions as of the 15th day of July, 2022. MEMBER AND MANAGING MEMBER: APCHD MM II Inc., a Delaware corporation By: 5DocuSigned by: -twa j, Howard D. Colien;rOfe°Shareholder MEMBER: HOWARD D. COHEN REVOCABLE TRUST U/A/D 4/6/1993 By: 5DocuSigned by: 6Wetri, CALLIA, Howard D. Cohen, /46 rustee CW14h814CC... DocuSign Envelope ID: 7691646E-4197-456E-8438-9A6FA8FB5016 EXHIBIT A APC Addison Park, LLC, a Maryland limited liability company APC Amber Garden, LLC, a Florida limited liability company APC Broadview Gardens, LLC a Florida limited liability company APC Brownsville Village V, LLC a Florida limited liability company APC Brownsville Village VI, LLC a Florida limited liability company APC Casa Familia, LLC, a Florida limited liability company APC Casa Sant'Angelo, LLC, a Florida limited liability company APC Culmer Apartments, LLC, a Florida limited liability company APC Culmer Apartments II, LLC, a Florida limited liability company APC Culmer Apartments III, LLC, a Florida limited liability company APC Culmer Apartments IV, LLC, a Florida limited liability company APC Dix Street Residences, LLC, a District of Columbia limited liability company APC Marian Towers, LLC, a Florida limited liability company APC Northside Property II, LLC, a Florida limited liability company APC Northside Property III, LLC, a Florida limited liability company APC Northside Property IV, LLC, a Florida limited liability company APC Northwest Properties VI, LLC, a Florida limited liability company APC Perrine Apartments, LLC, a Florida limited liability company APC Perrine Apartments II, LLC, a Florida limited liability company APC Poinciana Crossing, LLC, a Florida limited liability company APC Residences At Dr. King Boulevard, LLC, a Florida limited liability company APC Sailboat Bend II, LLC, a Florida limited liability company APC Saratoga Crossings I, LLC, a Florida limited liability company APC Saratoga Crossings II, LLC, a Florida limited liability company APC Saratoga Crossings III, LLC, a Florida limited liability company APC Sea Grape I, LLC, a Florida limited liability company APC Sea Grape II, LLC, a Florida limited liability company APC Seventh Avenue III, LLC, a Florida limited liability company APC St. Andrew Towers I, LLC, a Florida limited liability company APC St. Elizabeth, LLC, a Florida limited liability company APC Vista Breeze, LLC, a Florida limited liability company ACCIOR o® CERTIFICATE OF LIABILITY INSURANCE DATE s/2/2022 (MM/D:WM) THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). PRODUCER TBM, a BKS Partner 5871 Glenridge Drive, Ste 400 Suite 400 Atlanta GA 30328 CONTACT NAME: Amy Bailey (alco.NN Ext): 470-607-2229 FAX No): ADDRESS: amy.bailey@tbmins.com INSURER(S) AFFORDING COVERAGE NAIC# INSURER A: Mt. Hawley Insurance Company 37974 INSURED ATLAPAC-04 Atlantic Pacific Community Builders, LLC 8609 South Dixie Highway Pinecrest, FL 33156 INSURER B INSURERC: INSURERD: INSURER E : INSURER F : COVERAGES CERTIFICATE NUMBER: 2106160782 REVISION NUMBER: THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. INSR LTR TYPE OF INSURANCE ADDL INSD SUBR WVD POLICY NUMBER POLICY EFF (MM/DD/YYYY) POLICY EXP (MMIDD/YYYY) LIMITS A X COMMERCIAL GENERAL LIABILITY Y MGL0191434 4/1/2022 4/1/2023 EACH OCCURRENCE $1,000,000 CLAIMS -MADE X OCCUR DAMAGE TO RENTED PREMISES (Ea occurrence) $ 50,000 MED EXP (Any one person) $ 5,000 PERSONAL & ADV INJURY $ 1,000,000 GEN'L AGGREGATE X LIMIT APPLIES SECT PER: LOC GENERAL AGGREGATE $ 2,000,000 PRODUCTS-COMP/OPAGG $2,000,000 Deductible $ 0 A AUTOMOBILE X LIABILITY ANY AUTO OWNED AUTOS ONLY HIRED AUTOS ONLY X SCHEDULED AUTOS NON -OWNED AUTOS ONLY Y MGL0191434 4/1/2022 4/1/2023 COMBINED SINGLE LIMIT (Ea accident) $ 1,000,000 BODILY INJURY (Per person) $ BODILY INJURY (Per accident) $ PROPERTY DAMAGE (Per accident) $ A X UMBRELLA LIAB EXCESS LIAB X OCCUR CLAIMS -MADE Y MXL0429576 4/1/2022 4/1/2023 EACH OCCURRENCE $10,000,000 AGGREGATE $ 10,000,000 DED X RETENT ON $ n $ WORKERS COMPENSATION AND EMPLOYERS' LIABILITY ANYPROPRIETOR/PARTNER/EXECUTIVE OFFICER/MEMBEREXCLUDED? (Mandatory in NH) If yes, describe under DESCRIPTION OF OPERATIONS below Y / N N / A PER STATUTE OTH- ER E.L. EACH ACCIDENT $ E.L. DISEASE - EA EMPLOYEE $ E.L. DISEASE - POLICY LIMIT $ DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES (ACORD 101, Additional Remarks Schedule, may be attached if more space is required) RE: Residences at Dr. King Boulevard, 1500 & 1501 NW 62nd Street, Miami, FL 33147 Certificate Holder shown is additional insured with respect to the General Liability and Excess Liability coverages shown above. Terrorism is included. XCU hazard is included. Primary & Non-contributory applies to the General Liability as per written contract. CERTIFICATE HOLDER CANCELLATION I City of Miami 444 SW 2nd Ave 3rd Floor Miami FL 33130 SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. AUTHORIZED REPRESENTATIVE Q ACORD 25 (2016/03) © 1988-2015 ACORD CORPORATION. All rights reserved. The ACORD name and logo are registered marks of ACORD Amin:, EVIDENCE OF COMMERCIAL PROPERTY INSURANCE DATE(MM/DD/YYYY) 7/13/2022 THIS EVIDENCE OF COMMERCIAL PROPERTY INSURANCE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE ADDITIONAL INTEREST NAMED BELOW. THIS EVIDENCE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS EVIDENCE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE ADDITIONAL INTEREST. PRODUCER NAME, PHONE CONTACT PERSON AND ADDRESS (NC No. Ext): 404-917-1916 COMPANY NAME AND ADDRESS Lloyd's of London IF MULTIPLE COMPANIES, COMPLETE SEPARATE NAIL NO: 15792 Tanner Ballew and Maloof Inc 5871 Glenridge Dr Suite 400 Atlanta, GA 30328 FORM FOR EACH FAX (NC, No);404-252-8834 E-MAILDSS: heidi.winder@tbmins.com CODE: SUB CODE: POLICY TYPE Builders Risk AGENCY CUSTOMER ID #: NAMED INSURED AND ADDRESS Residences at Dr. King Boulevard, Ltd 8609 South Dixie Highway Pinecrest FL 33156 LOAN NUMBER POLICY NUMBER 19-00C-000223 EFFECTIVE DATE 11 /21 /2019 EXPIRATION DATE 08/31/2022 CONTINUED UNTIL TERMINATED IF CHECKED ADDITIONAL NAMED INSURED(S) THIS REPLACES PRIOR EVIDENCE DATED: PROPERTY INFORMATION (ACORD 101 may be attached if more space is required) ® BUILDING OR ❑ BUSINESS PERSONAL PROPERTY LOCATION / DESCRIPTION Builders Risk for Residences at Dr. King Boulevard,1500 & 1501 NW 62nd Street, Miami, FL 33147 Coverage provided on a non reporting form policy THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS EVIDENCE OF PROPERTY INSURANCE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. COVERAGE INFORMATION PERILS INSURED BASIC BROAD IX I SPECIAL COMMERCIAL PROPERTY COVERAGE AMOUNT OF INSURANCE: $ 26,150,088 - see page 2 DED:25,000 YES NO N/A ® BUSINESS INCOME X❑ RENTAL VALUE X If YES, LIMIT:1,081,985 Actual Loss Sustained; # of months: BLANKET COVERAGE X If YES, indicate value(s) reported on property identified above: $ TERRORISM COVERAGE X Attach Disclosure Notice / DEC IS THERE A TERRORISM -SPECIFIC EXCLUSION? X IS DOMESTIC TERRORISM EXCLUDED? X LIMITED FUNGUS COVERAGE X If YES, LIMIT:25,000 DED:25,000 FUNGUS EXCLUSION (If "YES", specify organization's form used) X REPLACEMENT COST X AGREED VALUE X COINSURANCE X If YES, % EQUIPMENT BREAKDOWN (If Applicable) X If YES, LIMIT: DED: ORDINANCE OR LAW - Coverage for loss to undamaged portion of bldg X If YES, LIMIT:22,898,101 DED:25,000 - Demolition Costs X If YES, LIMIT:2,500,000 DED:25,000 - Incr. Cost of Construction X If YES, LIMIT:2,500,000 DED:25,000 EARTH MOVEMENT (If Applicable) X If YES, LIMIT:5,000,000 DED:50,000 FLOOD (If Applicable) X If YES, LIMIT:5,0o0,000 DED:50,000 WIND / HAIL INCL ❑x YES ❑ NO Subject to Different Provisions: X If YES, LIMIT:26,150,088 DED:5%/$25,000 NAMED STORM INCL ❑X YES ❑ NO Subject to Different Provisions: X If YES, LIMIT:26,150,088 DED:5%/$25,000 PERMISSION TO WAIVE SUBROGATION IN FAVOR OF MORTGAGE HOLDER PRIOR TO LOSS X CANCELLATION SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. ADDITIONAL INTEREST CONTRACT OF SALE MORTGAGEE LENDER'S LOSS PAYABLE I X I LOSS PAYEE NAME AND ADDRESS City of Miami 444 SW 2nd Avenue 3rd Floor Miami, FL 33130 LENDER SERVICING AGENT NAME AND ADDRESS AUTHORIZED REPRESENTATIVE ACORD 28 (2016/03) © 2003-2015 ACORD CORPORATION. All rights reserved. The ACORD name and logo are registered marks of ACORD ACORN® AGENCY CUSTOMER ID: LOC #: ADDITIONAL REMARKS SCHEDULE Page 1 of 1 AGENCY Tanner Bellew and Maloof Inc POLICY NUMBER 19-COC-000223 CARRIER Lloyd's of London NAIC CODE 15792 NAMED INSURED Residences at Dr. King Boulevard, Ltd 8609 South Dixie Highway Pinecrest FL 33156 EFFECTIVE DATE: 11 /21 /2019 ADDITIONAL REMARKS THIS ADDITIONAL REMARKS FORM IS A SCHEDULE TO ACORD FORM, FORM NUMBER: 28 FORM TITLE: EVIDENCE OF COMMERCIAL PROPERTY INSURANCE REMARKS: Maximum company liability in an one occurrence subject to its proportion of the following Sublimits of Liability and aggregate limits. $22,898,101 Physical damage (hard costs + owner supplied material) N/A Existing Structure $2,170,002 Delay In Completion - Soft Costs /Additional Expenses $1,081,985 Delay In Completion - Loss of Rental Income N/A Delay In Completion - Loss of Gross Earnings $26,150,985 Named Windstorm $26,150,985 Windstorm $5,000,000 Earthquake $250,000 Physical damage to property in Transit (per conveyance); $1,100,000 Physical damage to property in Offsite Temporary Storage (per location) $250,000 or 20% of the amount of physical loss or damage to insured property, whichever is less - Expediting Expenses $50,000 Trees, Plants, Shrubs & Landscaping Material (Maximum $5,000 per item including landscaping) $100,000 Physical damage to Plans & Blueprints & Other Contract Documents $100,000 Fire Brigade Charges & Extinguishing Expenses $1,000,000 or 25% of the amount of physical loss or damage to insured property, whichever is less - Debris Removal N/A Hot Testing $26,150,088 Cold Testing $2,500,000 Ordinance or Law / Demolition & Increased Cost of Construction $50,000 Contractor's Extra Expense $25,000 Pollution & Contamination Cleanup & Decontamination (annual aggregate) $26,183,568 Interior Water Intrusion Damage $25,000 Claims Preparation Costs $25,000 Mold & Fungus Remediation (annual aggregate) $50,000 Architect's and/or Engineer's Fees in restoration following an insured loss $50,000 Prevention of Access (annual aggregate) $5,000,000 Sewer Backup (annual aggregate) $25,000 Errors and Omissions DEDUCTIBLES $25,000 physical loss of or damage to property insured, except $75,000 as respects Interior Water Intrusion $50,000 as respects the peril of Earthquake $50,000 as respects the peril of Earth Movement $50,000 as respects the peril of Flood 5% of the total insured values at risk at the time and place of loss subject to a minimum deduction of $250,000 as respects the peril of Named Windstorm $25,000 as respects the peril of Windstorm $50,000 as respects the peril of Sewer Backup 21 Day Waiting Period - Delay in Completion 365 Day Period of Indemnity - Delay in Completion Permission to Occupy: 60 days per building/structure 30 Days Notice of Cancellation except 10 Days for Non -Payment of premium in favor of the lender. Sinkhole is included under Earth Movement Protective Safeguards: Site fenced, locked, lighted Total Insurable Values: Hard Costs: $22,898,101 Soft Costs: $2,170,002 Loss of Rents: $1,081,985 Total: $26,150,088 ACORD 101 (2008/01) © 2008 ACORD CORPORATION. All rights reserved. The ACORD name and logo are registered marks of ACORD Policy Number: MGL0191434 Mt. Hawley Insurance Company THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. ADDITIONAL INSURED - OWNERS, LESSEES OR CONTRACTORS - COMPLETED OPERATIONS This endorsement modifies insurance provided under the following: COMMERCIAL GENERAL LIABILITY COVERAGE PART PRODUCTS/COMPLETED OPERATIONS LIABILITY COVERAGE PART SCHEDULE Name Of Additional Insured Person(s) Or Organization(s) (Vendor) Location And Description Of Completed Operations All persons or organizations where required by written contract, signed by both parties prior to the date of an "occurrence" or offense. Blanket as required by written contract. Information required to complete this Schedule, if not shown above, will be shown in the Declarations. A. Section II — Who Is An Insured is amended to in- clude as an additional insured the person(s) or organi- zation(s) shown in the Schedule, but only with respect to liability for "bodily injury" or "property damage" caused by your negligence at the location designated and described in the Schedule of this endorsement performed for that additional insured and included in the "products -completed operations hazard". However: 1. The insurance afforded to such additional insured only applies to the extent permitted by law; and 2. If coverage provided to the additional insured is required by a contract or agreement, the insur- ance afforded to such additional insured will not be broader than that which you are required by the contract or agreement to provide for such additional insured. B. With respect to the insurance afforded to these additional insureds, the following is added to Section III — Limits Of Insurance: The most we will pay on behalf of the additional in- sured is: 1. The minimum amount required by any contract or agreement you have entered into to provide addi- tional insured coverage; or 2. Available under the applicable Limits of Insurance shown in the Declarations; whichever is Tess. This endorsement shall not increase the applicable Limits of Insurance shown in the Declarations. ALL OTHER TERMS AND CONDITIONS OF THIS POLICY REMAIN UNCHANGED. CGL 20 37 08 16 Contains copyrighted material of Insurance Services Office, Inc. with its permission. Page 1 of 1 Insured Policy Number: MGL0191434 Mt. Hawley Insurance Company THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. ADDITIONAL INSURED - OWNERS, LESSEES OR CONTRACTORS AUTOMATIC STATUS WHEN REQUIRED IN CONSTRUCTION AGREEMENT WITH YOU This endorsement modifies insurance provided under the following: COMMERCIAL GENERAL LIABILITY COVERAGE PART A. Section II — Who Is An Insured is amended to include as an additional insured any person or or- ganization for whom you are performing operations when you and such person or organization have agreed in writing in a contract or agreement, signed by both parties prior to the date of "occurrence" or offense, that such person or organization be added as an additional insured on your policy. Such person or organization is an additional insured only with respect to liability for "bodily injury", "property damage" or "personal and advertising injury" caused by: 1. Your negligence; or 2. The negligence of those acting on your behalf; in the performance of your ongoing operations for the additional insured. However, the insurance afforded to such additional insured: 1. Only applies to the extent permitted by law; and 2. Will not be broader than that which you are re- quired by the written contract or written agree- ment to provide for such additional insured. A person's or organization's status as an additional insured under this endorsement ends when your oper- ations for that additional insured are completed. B. With respect to the insurance afforded to these ad- ditional insureds, the following additional exclusions apply: This insurance does not apply to: 1. "Bodily injury", "property damage" or "personal and advertising injury" arising out of the rendering of, or the failure to render, any professional archi- tectural, engineering or surveying services, including: a. The preparing, approving, or failing to prepare or approve, maps, shop drawings, opinions, reports, surveys, field orders, change orders or drawings and specifications; or b. Supervisory, inspection, architectural or engi- neering activities. This exclusion applies even if the claims against any insured allege negligence or other wrongdoing in the supervision, hiring, employment, training or monitoring of others by that insured, if the "occurrence" which caused the "bodily injury" or "property damage", or the offense which caused the "personal and advertising injury", involved the rendering of or the failure to render any professional architectural, engineering or surveying services. 2. "Bodily injury" or "property damage" occurring after: a. All work, including materials, parts or equip- ment furnished in connection with such work, on the project (other than service, mainte- nance or repairs) to be performed by or on behalf of the additional insured(s) at the loca- tion of the covered operations has been completed; or b. That portion of "your work" out of which the injury or damage arises has been put to its intended use by any person or organization other than another contractor or subcontractor engaged in performing operations for a princi- pal as a part of the same project. C. With respect to the insurance afforded to these addi- tional insureds, the following is added to Section III — Limits Of Insurance: The most we will pay on behalf of the additional insured is: CGL 20 33 08 15 Contains copyrighted material of Insurance Services Office, Inc. with its permission. Page 1 of 2 Insured ZV 395, 1. The minimum amount required by the written contract or written agreement you have entered into with the additional insured; or 2. Available under the applicable Limits of Insurance shown in the Declarations; whichever is Tess. This endorsement shall not increase the applicable Limits of Insurance shown in the Declarations. CGL 20 33 08 15 Contains copyrighted material of Insurance Services Office, Inc. with its permission. Page 2 of 2 Insured