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Home My WebLink About24659AGREEMENT INFORMATION AGREEMENT NUMBER 24659 NAME/TYPE OF AGREEMENT BRISAS DEL ESTE APARTMENTS, LLC DESCRIPTION RENTAL ASSISTANCE DEMONSTRATION USE AGREEMENT/SUBORDINATE FUND FROM MIAMI DADE COUNTY FOR UNITS THAT NEED RENTAL SUBSIDY/MATTER ID: 23-2666/#10 EFFECTIVE DATE November 1, 2023 ATTESTED BY NICOLE EWAN ATTESTED DATE 11/17/2023 DATE RECEIVED FROM ISSUING DEPT. 11/21/2023 NOTE CITY OF MIAMI DOCUMENT ROUTING FORM ORIGINATING DEPARTMENT: Housing and Community Development DEPT. CONTACT PERSON: Maria T. Ason EXT. 1971 NAME OF OTHER CONTRACTUAL PARTY/ENTITY: Brisas del Este Apartments, LLC IS THIS AGREEMENT A RESULT OF A COMPETITIVE PROCUREMENT PROCESS? TOTAL CONTRACT AMOUNT: $ o FUNDING INVOLVED? ❑ YES ® NO TYPE OF AGREEMENT: ❑ MANAGEMENT AGREEMENT ❑ PROFESSIONAL SERVICES AGREEMENT LI GRANT AGREEMENT ❑ EXPERT CONSULTANT AGREEMENT ❑ LICENSE AGREEMENT - ❑YES ®NO ❑ PUBLIC WORKS AGREEMENT ❑ MAINTENANCE AGREEMENT ❑ INTER -LOCAL AGREEMENT ❑ LEASE AGREEMENT ❑ PURCHASE OR SALE AGREEMENT OTHER: (PLEASE SPECIFY) Agreement to Subordinate to Rental Assistance Demonstration Use Agreement PURPOSE OF ITEM (BRIEF SUMMARY): The project obtained Rental Assistance Demonstration Use funds from Miami Dade County for units that need rental subsidy. The City needs to subordinate its $1,000,000 HOME loan to the RAD _Use Agreement COMMISSION APPROVAL DATE: / / FILE ID: N/A ENACTMENT NO.: IF THIS DOES NOT REQUIRE COMMISSION APPROVAL, PLEASE EXPLAIN: Loan Committee approval OUTING -,_INFORMATION; ;-_::',: ,;. Date PLEAS€\P T(NDSIGN APPROVAL BY DEPARTMENTAL DIRECTOR l'i 1 ) ql7)it George Mensa .. k SIGNATURE: , �` SUBMITTED TO RISK MANAGEMENT Ann -Marie Sha `e SIGNATURE:``,\ SUBMITTED TO CITY ATTORNEY �a � /'/3 VictoriIv7 ndez SIGNAT APPROVAL BY ASSISTANT CITY MANAGER iiiii..i t 7/� PRINT: Larry Spring SIGNATURE: RECEIVED BY CITY MANAGER l )J (( (( Art Noriega SIGNATURE: 1 I 1) ONE ORIGINAL TO CITY CLERK, 2) ONE COPY TO CITY ATTORNEY'S OFFICE, 3) REMAINING ORIGINAL(p) TO O RIGINATIN G DEPARTMENT r i 1 % '3 PRINT: ,,61-li SIGNATURE: /�`..4- PRINT: ,- SIGNATURE: PRINT: / r SIGNATURE: ' , r PLEASE ATTACH THIS ROUTING FORM TO ALL DOCUMENTS THAT REQUIRE EXECUTION BY THE CITY MANAGER 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 BRISAS DEL ESTE APARTMENTS — CITY OF MIAMI LOAN DOCUMENTS This Agreement to Subordinate to Rental Assistance Demonstration Use Agreement (the "Subordination") is entered into as of November _, 2023 by the CITY OF MIAMI ("Lender"), and BRISAS DEL ESTE APARTMENTS, LLC, a Florida limited liability company (the "Project Owner"), collectively, the "Parties." WHEREAS, the Project Owner owns that certain one hundred sixty-one (161) units (the "Units") multi -family apattuient complex with an address of 2920 NW 18th Ave, Miami, FL 33142, commonly known as Brisas del Este Apartments (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 the following documents: 1. Declaration of Restrictive Covenants for Brisas del Este Apartments dated November 18, 2021 and recorded on November 23, 2021 in Official Records Book 32867, Page 460 of the Miami -Dade County, Florida land records (the "County Records"); and 2. Rent Regulatory Agreement for Brisas del Este Apartments dated November 18, 2021 and recorded on November 23, 2021 in Official Records Book 32867, Page 467 of the County Records; and 3. Leasehold Mortgage and Security Agreement for Brisas del Este apartments dated November 18, 2021 and recorded on November 23, 2021 in Official Records Book 32867, Page 476 of the County Records; and 4. Declaration of Restrictive Covenants for Attainable Mixed -Income Housing recorded on August 17, 2022 in Official Records Book 33340, Page 727 of the County Records. 4857-0665-8914, v. 9 Collectively, items 1-4 are hereinafter referred to as the "Subordinate Documents". WHEREAS, the U.S. Department of Housing and Urban Development ("HUD") has authorized the conversion of thirty (30) 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 October 4, 2023 (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 Documents 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 Documents 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 Documents. 3. In the event of conflict between the Subordinate Documents 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 Documents. 4. The following amendments to the Subordinate Documents require the prior written consent of HUD: Any amendment to any HUD -required provisions in the Subordinate Documents, 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 Documents. 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. 4857-0665-8914, v. 9 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. 9. The parties shall be entitled to electronically sign this Agreement in accordance with the provisions of Section 668.50, F.S., and thereafter deliver it in digital format (whether by facsimile, PDF or other email transmission), which signature shall have the same effect as original signature and be binding on the party whose name is contained therein. [SIGNATURE PAGE(S) TO FOLLOW] 4857-0665-8914, v. 9 In witness whereof, the Parties have executed this Subordination as of the date first written above. ATTEST: STATE OF FLORIDA COUNTY OF MIAMI-DADE LENDER: CITY OF MIAMI, a municipal corporation of the State of Florida By: } } SS: } Arthur Norieg : , City Manager The foregoing instrument was acknowledged before me by means of C� p sical presence or Elonline notarization this 1r10 day of OcueMht✓, 2023 by Arthur Noriega V, as City Manager and on behalf of City of Miami, who is personally known to me or has produced as identification. SANDRAGILBERT '.. *; MY COMMISSION # HH 112572 " • . or EXPIRES: April 20, 2025 '''o'dF;4�'� Bonded Thru Notary Public Underwtaters 0 Georg �r� a ' a Housin r1 �' Co'� unity Development Directo Approved as to legal form and correctness: By: ria Mendez City Attorney p Ik1r-Zbbb Print Name: rarZ 7r;/ Notary Public, State of Florida at large Approved: Daniel S. Goldberg, Esq. Zoning Director 4857-0665-8914, v. 9 PROJECT OWNER: BRISAS DEL ESTE APARTMENTS, LLC, a Florida limited liability company. By: Brisas del Este Apartments Manager, LLC, a Florida limited liability company, Its manager By: Name: Tony Del Pozzo Title: Vice President STATE OF FLORIDA COUNTY OF MIAMI-DADE The foregoing instrument was acknowledged before me by means of ❑ physical presence or ❑ online notarization, this day of , 2023, by Tony Del Pozzo as Vice President of Brisas del Este Apartments Manager, LLC, the Managing Member of Brisas del Este Apartments, LLC. Signature Printed Name Notary Public, State of Florida ❑ Personally Known or ❑ Produced Identification Type of Identification Produced 4857-0665-8914, v. 9 Exhibit A Legal Description A portion of Tract "A" of "FORMAN SUBDIVISION", according to the Plat thereof, as recorded in Plat Book 90, at Page 99, of the Public Records of Miami -Dade County, Florida, being more particularly described as follows: BEGIN at the NE corner of said Tract "A"; thence S02°30'10"E along the East boundary line of said Tract "A", said line also being the West Right of Way line of NW 18th Avenue, for 297.08 feet; thence S87°42'42"W for 17.28 feet to a Point of Curvature of a circular curve to the left, concave to the Southeast; thence Southwesterly along the arc of said curve, having for its elements a radius of 41.00 feet, a central angle of 50°17'42", for an arc distance of 35.99 feet to a Point of Tangency; thence S37°25'0l"W for 21.88 feet; thence NO2°37'25"W for 87.95 feet; thence S87°55'01 "W along a line parallel with and 241 feet South of the North boundary line of said Tract "A", for 115.28 feet; thence NO2°30'42"W for 241.00 feet; thence N87°55'01 "E along the North boundary line of said Tract "A", for 178.42 feet to the Point of Beginning. 4857-0665-8914, v. 9