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Home My WebLink About26077AGREEMENT INFORMATION AGREEMENT NUMBER 26077 NAME/TYPE OF AGREEMENT MIAMI-DADE COUNTY & RGC PHASE I, LLC DESCRIPTION SUBORDINATE TO RENTAL ASSISTANCE DEMONSTRATION USE AGREEMENT/RAINBOW VILLAGE PHASE I HOLD HARMLESS & INDEMNIFICATION AGREEMENT/MATTER ID: 24-2203/#30 EFFECTIVE DATE November 13, 2024 ATTESTED BY TODD B. HANNON ATTESTED DATE 12/20/2024 DATE RECEIVED FROM ISSUING DEPT. 4/10/2026 NOTE zbol 7 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 - HOLD HARMLESS AND INDEMNIFICATION AGREEMENT This Agreement to Subordinate to Rental Assistance Demonstration Use Agreement (the "Subordination") is entered into as of NO V 13 - , 2024 by and among MIAMI-DADE COUNTY, a political subdivision of the State of Florida ("County"), RGC PHASE 1, LLC, a Florida limited liability company (the "Borrower") and the CITY OF MIAMI, a municipal corporation of the State of Florida (the "City"), collectively, the "Parties." WHEREAS, the Borrower 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 Hold Harmless and Indemnification Agreement dated and recorded as of substantially. even date herewith 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; 4866-5791-6884, v. 7 ACTIVE 7030480390 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: 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 amendmentto 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 by a written instrument executed by all parties hereto and approved_;in writing by HUD. 4866-5791-6884, v. 7 ACTIVE 7030480390 In witness whereof, the Parties have executed this Subordination as of the date first written above. Witnesses: Pant Name Ala rl e Address: /// IV Gil 1 S -f S� / io171r Ft - 3/Z Print Name: Address: // Nam., 64-33/7 STATE OF FLORIDA COUNTY OF MIAMI-DADE COUNTY: MIAMI-DADE COUNTY, a political subdivi By: Name: Title: Juan Fernandez-Barquin, Clerk of the Court and Comptroller By: &am' [ oefb— (Deputy Clerk Signature) Print Name: Ezra Osorio - e405757 Date: l� 13y er Approv as to and legal sufficiency: Terrenc A. Smith Assistant County Attorney CO t�i M/S''• g\COUNTY m The foregoing instrument was 'acknowledged before m by means ,,o' f�-. physical presence,., or ❑ online notarization, this(Z day of�Y�GV , 2024, by Cathy' Burgos as Chief Community Services Officer for Miami -Dade County, a political subdivision of the State of Florida. YVONNE RAMIREZ Notary Public -State of Florida ': •_ Commission # HH 312751 My Commission Expires January 13, 2027 s)n ou, S1 ature ed Name Notary Public, State of Florida rypeTsonally Known or ElProducedIdentification e of Identification Produced 4866-5791-6884, v. 7 ACTIVE 703048039v2 BORROWER: :GC PHASE I, LLC Florida limited liability company ly: RGC Phase I Manager, LLC 1 a Florida limited liability company its Manager Phut Naui - � Addiess:32LG &jga bn A�vc_ ka�! dWBy: �(/l V 1Darri, 1EL 33133 Name: Matthew A. Ri r Title: Manager STATE OF FLORIDA COUNTY OF MIAMI-DADE The foregoing instrument 1s ac�nowe� , 4e re me by means of iysical presence or El online notarization, this 6 day OF, 2024, vy Matthew A. Rieger as Manager of RGC Phase I Manager, LLC, a Florida limited liability company, the manager of RGC Phase I, LLC, a Florida limited liability company.. Signature Printed Name Notary Public, State of Florida 0 Personally Known or ❑ Produced Identification Type of Identification Produced a°`GYP` KATHLEEN=30, * *" MY COMMI `m;oK F`oa° EXPIRES: 4866-5791-6884, V. 7 ACTIVE 703048039v2 ATTEST: .:o n, MEN� D. •�► • �• APPROVED: Director, Housing and Community Development Department APPROVED AS TO FORM AND CORRECTNESS: George k. Wysong City Attorney 9' ( -7203 STATE OF FLORIDA COUNTY OF MIAMI-DADE CITY: CITY OF MIAMI, a mu icipal corporation of the State of Florida By: Arthur Noriega V, City Manager APPROVED: amara Allen Frost Zoning Administrator ACKNOWLEDGMENT The foregoing instrument was acknowledged before me by means of ❑ physical presence or ❑ online notarization, this '�'l day of t_ '(_-ern)Pt ► — , 2024, Arthur Noriega V, as City Manager of CITY OF MIAMI, a municipal corporation of the State of Florida �--- ure Printed Name Notary Public, State of Florida =fersonally Known or ❑ Produced Identification Type of Identification Produced ?o!F'•° ., SANDRAGILBERT MY COMMISSION # HH 112572 EXPIRES: April 20, 2025 Bonded Thru Notary Public Underwriters 4866-5791-6884, v. 7 ACTIVE 7030480390 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 90°03'54", FOR AN ARC DISTANCE OF 39.30 FEET TO A POINT OF TANGENCY; THENCE SOUTH 87°45'01" WEST ALONG THE SOUTH LINE OF SAID TRACTS 2 AND 22 FOR 367.07 FEET; THENCE NORTH 02°16'22" WEST 407.62 FEET TO THE POINT OF BEGINNING. SAID LANDS LYING AND BEING IN MIAMI-DADE COUNTY, FLORIDA. 4866-5791-6884, v. 7 ACTIVE 7030480390 .Z6077