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Home My WebLink About26078AGREEMENT INFORMATION AGREEMENT NUMBER 26078 NAME/TYPE OF AGREEMENT RGC PHASE I, LLC DESCRIPTION SUBORDINATE TO RENTAL AGREEMENT TO RENTAL ASSISTANCE DEMONSTRATION USE AGREEMENT/RAINBOW VILLAGE PHASE I COVENANT RUNNING WITH THE LAND/MATTER ID: 24-2203/#30 EFFECTIVE DATE ATTESTED BY TODD B. HANNON ATTESTED DATE 12/20/2024 DATE RECEIVED FROM ISSUING DEPT. 4/10/2026 NOTE .2603� AFTER RECORDING PLEASE RETURN TO: Efrem Levy, Esq. Reno & Cavanaugh, PLLC 455 Massachusetts Ave, NW, Suite 400 Washington, D.C. 20001 Phone: (202) 349-2454 Fax: (202) 349-2455 Recorder's Stamp AGREEMENT TO SUBORDINATE TO RENTAL ASSISTANCE DEMONSTRATION USE AGREEMENT RAINBOW VILLAGE PHASE I - COVENANT RUNNING WITH THE LAND This Agreement to Subordinate to Rental Assistance Demonstration Use Agreement (the "Subordination") is entered into as of , 2024 by and among RGC Phase I, LLC, a Florida limited liability Company and the successor -in -interest to Rainbow Redevelopment, LLC, a Florida limited liability company (the "Covenantor") and the CITY OF MIAMI, a municipal corporation of the State of Florida (the "City"), collectively, the "Parties." WHEREAS, the Covenantor owns that three hundred ten (310) unit (the "Units") multi- family apartment complex with an address of 2000 NW 3rd Avenue, Miami, FL 33127, commonly known as Rainbow Village Phase I (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 that certain Covenant Running with the Land dated January 26, 2023 and recorded on February 23, 2023 in Book 33593 Page 4067 in the Public Records of Miami -Dade County, Florida (the "Subordinate Document"); WHEREAS, the U.S. Department of Housing and Urban Development ("HUD") has authorized the conversion of seventeen (17) 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 July 23, 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 Document to the RAD Use Agreement; 4865-4632-2387, v. 6 ACTIVE 7030480330 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 Document 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 Document. 3. In the event of conflict between the Subordinate Document and the RAD Use Agreement, the RAD Use Agreement controls. 4. The following amendments to the Subordinate Document require the prior written consent of HUD: Any amendment to any HUD -required provisions in the Subordinate Document, 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 Document. 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 b a written instrument executed b all parties hereto and approved iri writing b p Y Y P Pp g Y� •> HUD. 4865-4632-2387, v. 6 ACTIVE 703048033v3 In witness whereof, the Parties have executed this.Subordination as of the date first written above. PiiIit Name: ANP� - Piint Nat ie: , P_S I .N-?f re'- Address:32 6 &� AL ta*- ptq w- E'1�ami COVENANTOR: RGC PHASE I, LLC a Florida limited liability company By: RGC Phase I Manager, LLC DC a Florida limited liability company its Manager BY: A/� Name: Matthew A. Rieger Title: Manager STATE OF FLORIDA COUNTY OF MIAMI-DADE The foregoing instrument ws w died before me by means of physical presence or ❑ online notarization, this�6 d of , 2024, by Matthew A. Rieger as Manager of RGC Phase I Manager, LLC, a Florida limited liability co any, the manager of RGC Phase I, LLC, a Florida limited liability company. __/46LJAI� �4 u M A �� ignature U_ 6 <J a- y M Printed Name Notary Public, State of Florida lr Personally Known or ❑ Produced Identification Type of Identification Produced KATHLEEN MARY HAGGERTY *: *' MY COMMISSION # HH 533287 - EXPIRES: September30,2028 4865-4632-2387, v. 6 ATTEST: APPROVED - Director, Ho ng and Community Development Department APPROVED AS TO FORM AND CORRECTNESS: ,,Y, �. George 1Q. Wysong I City Attorney V119 WN 3 STATE OF FLORIDA COUNTY OF MIAMI-DADE CITY: CITY OF MIAMI, a municipal corporation of the State of Florida By: Arthur ega V, City Manager APPROVED: T ara Allen Frost Zoning Administrator ACKNOWLEDGMENT The foregoing instrument was acknowledged before me by means of pC9�iysical presence or ❑ online notarization, this %4 day of 13P& k v' , 2024, Arthur Noriega V, as City Manager,of CITY OF MIAMI, a municipal corporation of the State of Florid . Printed Name Notary Public, State of Florida er❑'R sonally Known or ❑ Produced Identification Type of Identification Produced SANDRAGIIBERT c,- MYCOMMISSION # HH 112572 ;pa EXPIRES: April 20, 2025 Bonded Thru Notary Public Undervrciters 4865-4632-2387, v. 6 ACTIVE 703048033v3 Exhibit A That Leasehold Estate created by that Ground Lease dated , 2024 by and between Miami -Dade County, as Landlord, and RGC Phase I, LLC, a Florida limited liability company, as Tenant, as evidenced by that Memorandum of Ground Lease dated , 2024, to be recorded in Official Records of the Public Records of Miami -Dade County, Florida, over the following described lands: A PORTION OF TRACT 2 OF "TOWN PARK SUBDIVISION NO. 1, U.R. PROJECT FLA. R- 10", ACCORDING TO THE PLAT THEREOF, RECORDED IN PLAT BOOK 85, PAGE 31, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA AND A PORTION OF TRACT 22 OF "TOWN PARK SUBDIVISION NO. 6, U.R. PROJECT FLA. R-10", ACCORDING TO THE PLAT THEREOF, RECORDED IN PLAT BOOK 91, PAGE 88, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHWEST CORNER OF TRACT 3 OF SAID "TOWN PARK SUBDIVISION NO. 1, U.R. PROJECT FLA. R-10% THENCE NORTH 87°45'03" EAST ALONG THE NORTH LINE OF SAID TRACT 3 AND THE NORTH LINE OF SAID TRACT 22 FOR 236.07 FEET TO THE POINT OF BEGINNING; THENCE CONTINUE NORTH 87045'03" EAST ALONG THE NORTH LINE OF SAID TRACT 22 AND ITS EASTERLY EXTENSION 391.80 FEET TO A POINT ON A LINE LYING 10.00 FEET WEST OF AND PARALLEL WITH THE EAST LINE OF SAID TRACT 2; THENCE SOUTH 02018'53" EAST ALONG SAID PARALLEL LINE 382.59 FEET TO A POINT OF CURVATURE OF A CIRCULAR CURVE CONCAVE NORTHWESTERLY; THENCE SOUTHERLY AND WESTERLY ALONG THE ARC OF SAID CURVE TO THE RIGHT, HAVING A RADIUS OF 25.00 FEET, A CENTRAL ANGLE OF 90003'54", FOR AN ARC DISTANCE OF 39.30 FEET TO A POINT OF TANGENCY; THENCE SOUTH 87045'01" WEST ALONG THE SOUTH LINE OF SAID TRACTS 2 AND 22 FOR 367.07 FEET; THENCE NORTH 02016'22" WEST 407.62 FEET TO THE POINT OF BEGINNING. - SAID LANDS LYING AND BEING IN MIAMI-DADE COUNTY, FLORIDA. 4865-4632-2387, v. 6 ACTIVE 703048033v3 a 60