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Home My WebLink About26076AGREEMENT INFORMATION AGREEMENT NUMBER 126076 _ NAME/TYPE OF AGREEMENT MIAMI-DADE COUNTY & RGC PHASE I, LLC DESCRIPTION SUBORDINATE TO RENTAL ASSISTANCE DEMONSTRATION USE AGREEMENT/RAINBOW VILLAGE PHASE I DECLRATION OF RESTRICTIVE COVENANTS FOR ATTAINABLE MIXED - INCOME HOUSING DEVELOPMENT/MATTER ID: 24-2203/#30 1=144X411110:49-7;"%9:4 ATTESTED BY ITODD B. HANNON _ATTESTED DATE 12/20/2024 DATE RECEIVED FROM ISSUING 4/10/2026 DEPT. NOTE 2667L 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 - DECLARATION OF RESTRICTIVE COVENANTS FOR ATTAINABLE MIXED - INCOME HOUSING DEVELOPMENT This Agreement to Subordinate to Rental Assistance Demonstration Use Agreement (the "Subordination") is entered into as of , 2024 by and among MIAMI-DADE COUNTY, a political subdivision of the State of Florida (the "County"), RGC PHASE I, LLC, a Florida limited liability company (the "Borrower") in favor of 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 P 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 Declaration of Restrictive Covenants for Attainable Mixed -Income Housing Development dated May 7, 2024 and recorded on May 14, 2024 in Book 34223 Page 4901, 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 4875-6521-0067, v. 2 ACTIVE 703047988v2 WHEREAS, HUD requires as a condition of the RAD conversion that the Parties agree to subordinate the Subordinate Document 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 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, provided that nothing herein shall impair the City's right to require the Project Owner to pay those deferred impact fees in the event of Owner's failure to maintain the Project as an Affordable Housing community to the extent required by the Subordinate Document. 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 by a written instrument executed by all parties hereto and approved in -writing by HUD. 4875-6521-0067, v. 2 ACTIVE 703047988v2 In witness whereof, the Parties have executed this Subordination as of the date first written above. Witiresses: Print Name: Address: /r Print Nanre: n e& Address: & /Srr /111m EL-3312�17 STATE OF FLORIDA COUNTY OF MIAMI-DADE COUNTY: MIAMI-DADE COUNTY, a political subdivision of the State of Florida By: _ YAttA`4 Name: Cathy B rgos It Title: Chief Community Services Officer Attest: Juan Fernandez-Barquin, Clerk of the Court and Comptroller By: p— `:� �o•. O deputy Clerk Signature) • couNTY m Print Name: EVa Osoli0 e405757 Date: I I I 3U2 OZ ••••• Approved as to and legal sufficiency: errence A. Smith Assistant County Attorney The foregoing instrument was acknoyyledged before Me by me s of physical presence or ❑ online notarization, this lz�day of , 2024, by Cathy Burgos as Chief Community Services for Miami -Dade County, a political subdivision of the State of Florida. W taYP�YVONNE RAMIREZ Notary Public -State of Florida Commission # HH 312751 My Commission Expires January 13, 2027 (�Wyw.' i a e WO� I Printed Name Notary Public, State of Florida Known or ❑ Produced Identification ypI-P.ersonally of Identification Produced: 4875-6521-0067, v. 5 ATTEST: APPROVED: ii�� — Director, Housing and Community Development Department APPROVED AS TO FORM AND CITY: CITMorikP'City mcipal corporation of the Stat By: Manager APPROVED: a4l amara Allen Frost Zoning Administrator APPROVED: CORRECTNESS: George W Wysong III David Snow City Attorney �,� Zy, Lz o�5 Planning Director ACKNOWLEDGMENT STATE OF FLORIDA COUNTY OF MIAMI-DADE The foregoing instrument was ac nowledged before me by means of pL� hysical presence or O online notarization, this V1 day of UecemVx Its 2024, Aahur Noriega V, as City Manager of CITY OF MIAMI, a municipal corporation of the State of Flo a. �u C-�,I►�e� re Printed Name Notary Public, State of Florida E§ ersonally Known or O Produced Identification Type of Identification Produced SANDRAGILBERT ;•��;.. MY COMMISSION # HH 112572 April 20, 2025 ''•'FOF d�°c EXPIRES' Bonded Thru Notary Public Underwriters 4875-6521-0067, v. 2 ACTIVE 703047988v2 BORROWER: Witnesses: RGC PHASE I, LLC a Florida limited liability company Print Nani y: RGC Phase I Manager, LLC Qddies : v� n 6� a Florida limited liability company L33 its Manager J�yr_ weqvv.,,- M I ame: J«y weakv/ Address: A'W-44n Lf V%PLBy: AiaM;, Name: Matthew A. Rieger Title: Manager STATE OF FLORIDA COUNTY OF MIAMI-DADE The foregoing instrument was acknotw�ed before me by means of l?physical presence or ❑ online notarization, thiQ3''� day�o� , ]�by 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. l � Signature Printed Name y 7Not Public, State of Florida Personally Known or ❑ Produced Identification Type of Identification Produced <Y?c KATHLEEN MARY HAGGERTY *" MY COMMISSION # HH 533287 EXPIRES: September 30, 2028 4875-6521-0067, v. 5 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 02'18'53" 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 87045'01" 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. 4875-6521-0067, v. 2 ACTIVE 703047988v2 z � 07�