HomeMy WebLinkAbout24504AGREEMENT INFORMATION
AGREEMENT NUMBER
24504
NAME/TYPE OF AGREEMENT
PEARL GARDENS
DESCRIPTION
AMENDMENT NO. 3 TO AFFORDABLE HOUSING TRUST
FUND PROGRAM LOAN DOCUMENTS/2111 NW 37 ST. MIAMI,
FLORIDA/MATTER ID: 20-1964 / #19
EFFECTIVE DATE
June 15, 2023
ATTESTED BY
TODD B. HANNON
ATTESTED DATE
6/15/2023
DATE RECEIVED FROM ISSUING
DEPT.
6/21/2023
NOTE
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AMENDMENT NO. 3 TO
AFFORDABLE HOUSING TRUST FUND PROGRAM
LOAN DOCUMENTS FOR PEARL GARDENS
This Third Amendment to the Affordable Housing Trust Fund Program Loan Documents
for Pearl Gardens ("Amendment") is entered into 1.S day of a v N , 202 7etween
the City of Miami, a municipal corporation of the State of Florida ("City") and!teal Estate
Investment Group, L.L.C., a Florida limited liability company, ("Sponsor" or "Borrower" or
"Project Sponsor").
RECITALS
WHEREAS, the Borrower has developed a project known as Pearl Gardens ("Project")
located at 2111 NW 37 St. Miami, Florida; and
WHEREAS, on June 15, 2016, the City's Housing and Commercial Loan Committee
("HCLC") approved the allocation of five hundred ten thousand and 00/100 dollars ($500,000.00)
in Affordable Housing Trust Fund ("AHTF") funds to construct nine (9) workforce -eligible
residential units ("AHTF-Assisted Units"); and
WHEREAS, on May 9, 2017, City and Borrower entered into the AHTF Loan Agreement
and other related loan documents for Pearl Gardens ("Loan Documents"); and
WHEREAS, among other things, the Loan Documents required that the Borrower obtain
the Project's Certificate of Occupancy by May 24, 2019; and
WHEREAS, Borrower and City executed the first amendment to the Loan Documents for
Pearl Gardens on June 17, 2019; and
WHEREAS, on December 18, 2019, City and Borrower entered into the second
amendment, which was titled "Amendment No. 2 to Affordable Housing Trust Fund Program Loan
Documents for Pearl Gardens," that extended the date by which Borrower must obtain the
Certificate of Occupancy to December 31, 2019; and
WHEREAS, on June 24, 2020, HCLC approved another amendment, which extends the
date by which the Borrower must obtain the Project's Certificate of Occupancy from December
31, 2019, to July 30, 2020;
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:
1. Each and every of the above recitals is true and correct.
2. This Amendment shall extend the date by which Borrower must obtain the Certificate
of Occupancy to July 30, 2020.
Page 1 of 4
3. Except as modified herein, all terms and conditions of the Loan Documents, 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.
PROJECT SPONSOR:
Real Estate Investment Group .L.C., a
Florida limite liability comp y
WITNES
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Legibly pipt name Print Name:
Title: t G. c2. Q
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Legibly print name
STATE OF FLORIDA
COUNTY OF MIAMI-DADE
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The foregoing instrument was acknowledged before me by means ofX physical presence or El
online notarization, this i4 day of Oar d/\ , ZO,ZZby 1 aol4 Co rib , as kAavicv,lq r for
the Real Estate Investment Group L.L.C., a Florida limited liability company, on behalf of the
limited liability company. He/she is personally known to me or has produced
as identification.
(NOTARY PUBLIC SEAL)
/$f PVC, Notary Public State of Florida
Laura Barbara Estevez
; My Commission GG 255007
aP rio Expires 09/03/2022
Sie of Person ;ng Acknowledgment
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(Printed, yped, or Stamped Name of Notary Public)
Page 3 of 4
ac-C(00-
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
Art ur Noriega V
City Manager
APPROVED AS TO INSURANCE
REQUIREMENTS
Digitally signed by
Gomez, Gomez, Frank
Date: 2022.03.11
Frank
10:09:31-05'00'
ATTEST:
City Clerk
Date•
(f) (15 (%'16`3":(5
APPROVED AS TO FORM AND
CORRECTNESS:
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Ann -Marie Sharpe Date: victoria Mendez Date:
Director, Risk Management City Attorney ( q
APPROVED BY DEPARTMENT OF
HOUSING & COMMUNITY
DEVELOPMENT
George Mensar' 1 Date:
Director, Department of Housing &
Community Development
gA7/2 2_
Page 4 of 4
WRITTEN CONSENT OF THE SOLE MEMBER OF
REAL ESTATE INVESTMENT GROUP L.L.C.
The undersigned, being the sole Member of REAL ESTATE INVESTMENT GROUP
L.L.C., a Florida limited liability company (the "Company"), does hereby certify consent and
adopt the following resolutions by written consent:
RESOLVED, that the Consent of the Sole Member be and is hereby accorded for the
execution of and signing of the Third Amendment to the Affordable Housing Trust Fund
Program Loan Documents for Pearl Gardens ("Amendment") to be entered into between
City of Miami, a municipal corporation of the State of Florida and the Company, the draft
which is attached hereto as Exhibit A.
RESOLVED, that RODOLFO CORUJO as Manager of the Company, be and is hereby
severally authorized to negotiate, finalize, and execute the above -mentioned Amendment
on behalf of the Company and do all such acts, matters, deeds and things and to take all
steps and do all things and give directions as may be required, necessary, expedient or
desirable for giving effect to the said Amendment.
RESOLVED FURTHER, that the aforesaid power entrusted to the said official shall be
valid and effective unless earlier by the Member or shall be exercisable by him so long as
he is the concerned in the Company.
FURTHER RESOLVED, that all acts and doings of the sole Manager and the sole
Member of the Company through the date hereof, which are in conformity with the intent
and purpose of these resolutions shall be and the same are hereby in all respects ratified,
confirmed and approved as acts of the Company.
IN WITNESS WHEREOF, the undersigned has executed this written consent effective as
of the 4 day of March, 2022.
REAL ESTATE INVESTM T L.L.C.
A
By:
Rodolfo Corujo
Sole Member
Exhibit A
[Third Amendment to the Affordable Housing Trust Fund Program Loan Documents for
Pearl Gardens]
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