HomeMy WebLinkAbout23348AGREEMENT INFORMATION
AGREEMENT NUMBER
23348
NAME/TYPE OF AGREEMENT
PLATFORM 3750
DESCRIPTION
DECLARATION OF RESTRICTIVE COVENANTS FOR
PLATFORM 3750 / PLATFORM 3750 II, LLC -
EFFECTIVE DATE
January 11, 2021
ATTESTED BY
NICOLE EWAN
ATTESTED DATE
1/11/2021
DATE RECEIVED FROM
ISSUING DEPT.
2/3/2021
NOTE
CFN: 20210069290 BOOK 32317 PAGE 14'3
DATE:01/27/2021 03:52:18 PM
HARVEY RUVIN, CLERK OF COURT, MIA-DADE. TY
Prepared by, and after recording return to:
Victoria Mendez, Esq.
City Attorney, City of Miami
444 S.W. 2nd Avenue
Miami, FL 33130-1910
Property Address: 3750 South Dixie Highway, Miami, FL 33133
DECLARATION OF RESTRICTIVE COVENANTS FOR
PLATFORM 3750. (MIAMI FOREVER BOND FUNDS)
j This t; eclaration of Restrictive Covenants for Platform 3750 (the "Covenant") made this
f day of i J',; , 2021 by PLATFORM 3750 II, LLC, a Florida limited liability company,
'(hereina' - t• . s "Project Sponsor"), is in favor of the CITY OF MIAMI, a municipal
corporat . +. j�.te of Florida (hereinafter referred to as the "City").
RECITALS
WHEREAS, the Project Sponsor is the owner of a leasehold estatein the property legally
described in Exhibit A, attached hereto and incorporated herein; and
WHEREAS, the Project Sponsor hereby agrees and covenants that the following described
property shall be subject to the provisions, covenants, and restrictions contained herein; and
WHEREAS, this Covenant is made for the express benefit of the City of Miami, ("City")
a Florida municipal corporation. It shall remain in full force and effect until released by the City;
and
erred
f the
WHEREAS, the City has loaned $3,500,000.00 in Miami Forever Bond funds to Project
Sponsor ("Loan") in order to develop the Project, as more particularly described below; and
WHEREAS, the Project Sponsor is developing a project that will, among other things,
increase the supply of rental housing units for a person or household whose annual income does
not exceed sixty percent. (60%) of the median income for the area, as determined by the Florida
Housing Finance Corporation ("FHFC") with adjustments for smaller and larger families and with
certain exceptions as provided by FHFC, a person or household whose annual income does not'
exceed thirty-three percent (33%) of the median income for the area, as determined by FHFC with
adjustments for smaller and larger families and with certain exceptions as provided by FHFC, Very
Low, Workforce, and Low -Income Households in the community to be known as Platform 3750
(hereinafter referred to as the "Project"), which consists of the new construction of an 8-floor
mixed -income residential building located at 3750 South Dixie Highway, Miami, Florida,
(hereinafter referred to as the -"Property"), legally described in Exhibit "A." The Project consists
of a total of a total of one hundred ninety-one (191) residential apartment units. The Project will
have seventy-nine (79) Bond -assisted units (the "Bond -Assisted Units") developed on the
Property; and
WHEREAS, the City's allocation of funds for the Project is subject to that certain Miami
Forever Bond Loan Agreement for Platform: 3750 (the "Loan Agreement") and other loan
documents of even date herewith between the City and the Project Sponsor (collectively the "Loan
Documents"); and
Page 1 of 7
CFN: 20210069290 BOOK 32317 PAGE 1424
WHEREAS, Project Sponsor desires to make a binding commitment to assure that the
Bond Assisted Units and the Property in general are maintained and operated in accordance with
the provisions of the Loan Documents and this Covenant; and
WHEREAS, Project Sponsor, as a condition for receiving the Loan funds for the Property
is required to record in the Public Records this Covenant obligating the Project Sponsor, its
successors, transferees, and assigns to maintain and operate the Property in accordance with the
Loan Documents; and
WHEREAS, the Project Sponsor hereby declares that this Covenant shall be and is a
covenant running with the Property and, unless released by the City, is binding on the Property for
the entire Affordability Period, and is not merely a personal covenant of the Project Sponsor; and
NOW THEREFORE, Project Sponsor voluntarily covenants and agrees that the Bond
Assisted Units and the Property in general shall be subject to the following restrictions that are
intended and shall be deemed to be covenants running with the land and binding upon Project
Sponsor, and its heirs, successors and assigns as follows:
Section I . Recitals: The recitals and findings set forth in the preamble of this Covenant
are hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section.
Section 2. Use of Property: The Project shall be developed on the Property and there shall
be seventy-nine (79) Bond Assisted Units out of the Project's total one hundred ninety-one (191)
units. Bond Assisted Units shall remain Affordable during Affordability Period. The seventy-nine
(79) Bond Assisted units shall remain affordable to a person or household whose annual income
does not exceed sixty percent (60%) ofthe median income for the area, as determined by the FHFC
with adjustments for smaller and larger families and with certain exceptions as provided by FHFC,
a person or household whose annual income does not exceed thirty-three percent (33'A) of the
median income for the area, as determined by FHFC with adjustments for smaller and larger
families and with certain exceptions as provided by FHFC, Very Low Income Households, Low
Income Households, and Workforce Income Households for the period of time commencing on
the Close -Out of the Project and ending thirty (30) years thereafter or at such time that the Loan is
repaid in full (whichever is later) (the "Expiration of the Affordability Period"). The City Assisted
Units shall be comprised as follows: one (I) efficiency for a person or household whose annual
incotne does not exceed thirty-three percent (33%) of the median income for the area, as
determined by FHFC with adjustments for smaller and larger families and with certain exceptions
as provided by FIIFC, one (1) efficiency for a Very Low Income Household, forty-three (43)
efficiencies for persons or households whose annual income does not exceed sixty percent (60%)
ofthe median income for the area, as determined by FHFC with adjustments for smaller and larger
families and with certain exceptions as provided by FHFC, twenty-eight (28) one -bedroom one -
bathroom units for persons or households whose annual income does not exceed sixty percent
(60%) of the median income for the area, as determined by FHFC with adjustments for smaller
and larger families and with certain exceptions as provided by FHFC, four (4) two -bedroom two -
bathroom units for persons or households whose annual income does not exceed sixty percent
(60%) of the median income for the area, as determined by FHFC with adjustments for smaller
and larger families and with certain exceptions. as provided by FHFC, one (1) efficiency for Low
Income Households, one (1) one -bedroom onc-bathroom unit for Workforce Income ]louseholds.
"Very Low Income Household" shall mean a household whose annual income does not exceed
fifty percent (50%) of the median income for the area, as determined by the FHFC, with
Page 2 of 7
CFN: 20210069290 BOOK 32317 PAGE 1425
adjustments and certain exceptions as provided by FHFC. "Low Income Household" shall mean
a household whose annual income does not exceed eighty percent (80%) of the median income for
the area, as determined by the FHFC, with adjustments and certain exceptions as provided by
FHFC. "Workforce Income Household" shall mean a household whose annual income does not
exceed one hundred forty percent (I 40%) of the median income for the area, as determined by the
FHFC, with adjustments and certain exceptions as provided by FHFC.
Section 3. Term of Covenant: This Covenant is a covenant running with the land. This
Covenant shall remain in full force and effect and shall be binding upon the Project Sponsor, its
successors and assigns from the Effective Date until the Expiration of the Affordability Period.
The Affordability Period of this Project will be. tthirty (30) years or at such time that the Loan is
repaid in full (whichever is later), commencing on Close -Out of the Project. Upon the Expiration
of the Affordability Period, this Covenant shall immediately lapse and be of no further force and
effect without the necessity of any other written document or instrument. Notwithstanding the
foregoing, upon the Expiration of the Affordability Period, the City shall prepare for recording an
instrument evidencing the expiration of and other termination of this Covenant in the Public
Records of Miami -Dade County, Florida.
Section 4. Prohibited Conveyances: Other than as provided in the Loan Agreement, the
Project Sponsor covenants and agrees not to encumber or convey its interest in the Project,
Property, or any portion thereof, without prior written consent as required by the Loan Agreement.
For the purposes of this Covenant, any change in the ownership or control of the Project Sponsor,
which is not permitted under the Loan Documents, shall be deemed a conveyance of an interest in
the Project.
Section 5. Repayment Upon Default: The Project Sponsor covenants and agrees that in the
event (i) of the sale or conveyance of any interest in the Project and/or the Property without prior
written consent as required by the Loan Documents (except as otherwise provided in the Loan
Documents), or (ii) that the Project Sponsor ceases to exist as an organization, the Project Sponsor
shall immediately make payment to the City in an amount equal to the full amount of Loan funds
disbursed and outstanding; with interest thereon as provided in the Note, and all unpaid fees,
charges and other obligations of the Project Sponsor due under any of the Bond Loan Documents.
Section 6. Inspection and Enforcement: It is understood and agreed that any official
inspector of the City shall have the right any time during normal working hours to enter and
investigate the use of the. Property to determine whether the conditions of this Covenant are in
compliance, subject to the rights of Residential tenants under their leases.
Section 7. Amendment and Modification: This Covenant may be modified, amended, or
released as to any portion of the Property by a written instrument executed on behalf of the City
and the Project Sponsor. Should this instrument be modified, amended, or released, the City
Manager shall execute a written instrument in recordable form to be recorded in the Public Records
of Miami -Dade County, Florida, effectuating and acknowledging such modification, amendment,
or release, as necessary in order to comply with the City's Bond Requirements.
Section 8. Definitions: All capitalized terms not defined herein shall have the meanings
provided in the Bond I .oan Agreement.
Page 3 of 7
CFN: 20210069290 BOOK 32317 PAGE 1426
Section 9. Severability: Invalidation of one of the provisions of this Covenant by judgment
of Courtshall not affect any of the other provisions of the Covenant, which shall remain in full
force and effect.
Section 10. Recordation: This Covenant shall be filed of record among the Public Records
of Miami -Dade County, Florida, at the sole cost and expense of the Project Sponsor.
Section 11. Deed Restriction/Covenant Running with the Land. Any and all requirements
of the laws ofthe State ofFlorida that must be satisfied in order for the provisions of this Covenant
to constitute a deed restriction and covenant running with the land shall be satisfied in fui, and
any requirements or privileges of estate are intended to be satisfied, or in the alternate, an equitable
servitude has been created to insure that these restrictions run with the land. For the term of this
Covenant, each and every contract, deed, or other instrument hereafter executed conveying the
Property or portion thereof shall expressly provide that such conveyance is subject to this
Covenant, provided, however, that the covenants contained herein shall survive and be effective
regardless of whether such contract, deed, or other instrument hereafter executed conveying the
Property or portion thereof provides that such conveyance is subject to this Covenant.
Section 12. Governing Law and Venue. This Covenant shall be construed and enforced
pursuant to the laws of the State of Florida, excluding all principles of choice of laws, conflict of
laws and comity. Any action pursuant to a dispute under this Covenant must be brought in
Miami -Dade County and no other venue. All meetings to resolve said dispute, including
voluntary arbitration, mediation, or other alternative dispute resolution mechanism, will
take place in this venue. The parties both waive any defense that venue in Miami -Dade
County is not convenient.
Section 13. Miami Forever Bond Funds. Project Sponsor acknowledges and agrees that
this Covenant is intended to evidence and memorialize the use of proceeds of the Miami Forever
Bond for the paramount public purpose of providing affordable housing in the City of Miami,
Florida, as approved at referendum in November 2017. Project Sponsor acknowledges and agrees
that the Project Sponsor entering into this Covenant is a material inducement to the City making
the aforementioned Loan.
Section 14. HUD Rider. Project Sponsor and City acknowledge and agree to the terms in
Exhibit "B," which is attached hereto and incorporated herein by reference.
(Signature Page ,Follows/
Page 4 of 7
CFN: 20210069290 BOOK 32317 PAGE 1427
IN WITNESS WHEREOF, the Project Sponsor has caused this Declaration of Restrictive
Covenants to be executed by its duly authorized officers and the corporate seal to be affixed
hereto on the day and year first above -written.
WITNESSES: PROJECT SPONSOR: Platform 3750 II,
LLC, a Florida limited liability company
Print Name: i (l ( (,Z -riXL i —S 10a u
PrintName:� 3 .CV,o Cc e .
PROJECT SPONSOR'S ADDRESS:
2100 HOLLYWOOD
BOULEVARD
HOLLYWOOD, FL 33020
STATE OF FLORIDA
}
COUNTY OF MIAMI-DADE } SS:
The foregoing instrument was ac nowledged
online notarization this -7 day of c ,nr: c 1
of Platform 3750 II, LLC, a Florida Iirnited liability
personally known to me or has produced
By:
Print Name: Mara S. Mades
Title: VicPresident
Date: (/7--ls2,
:NO WLEDGMENT
JACQUELINE SILVA
Notary Public - State of Florida
�7 Commission # GG 202744
My Comm. Expires Apr 2, 2022
Gonded through National Notary Assn.
before me by means of Er physical presence or
, 2021 by Mara S. Mades , as Vice President
mpany, on behalf of the company, who i s,o
as identification.
l°-; Print Name:
Jacqueline Silva
Notary Public, State of Florida at large
F
•
Page 5 of 7
CFN: 20210069290 BOOK 32317 PAGE 14
ATTEST:
CITY:
CITY OF MIAMI, a municipal corporationof the
State of Florida
By: ,1 ' �/ By:
n, Cit Clerk • ,,.r`�"
d Hann
Date: 1
Arthur Norie . ", City Manager
APPROVED AS T,4 INSURANCE APPROV A,. TO FORM AND
REQUIREMENTS CO €SS:
Ann. -Mare harpe
Directo of Ride Management
ictorio. Mendez
ity Attorne
Page6of7
CFN: 20210069290 BOOK 32317 PAGE 142
EXHIBIT "A"
TRACT A, OF SI1v1BER SUBDIVISION, ACCORDING TO THE PLAT THEREOF, RECORDED IN PLAT BOOK
64, PAGE 31, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.
AND
LOTS 1 THROUGH 4, INCLUSIVE, OF PERCIVAL PLAT REVISED, ACCORDING TO THE PLAT THEREOF
RECORDED IN PLAT BOOK I,PAGE 140, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY,
FLORIDA,
LESS AND EXCEPT THAT PORTION OF SAID LOT 1 CONVEYED TO THE CITY OF MIAMI, A MUNICIPAL
CORPORATION BY THAT CERTAIN DEED RECORDED IN DEED BOOK 3615, PAGE 319 AND DEED BOOK
3388, PAGE 338, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA, MORE
PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT THE SOUTHEAST CORNER OF LOT 1, PERCIVAL AND SANFORD REVISED,
ACCORDING TO THE PLAT THEREOF, AS RECORDED 1N PLAT BOOK 1, AT PAGE 140, OF THE PUBLIC
RECORDS OF MIAMI-DADE COUNTY, FLORIDA; RUN THENCE WEST ALONG THE SOUTH LINE OF
SAID LOT 1 FOR A DISTANCE OF TWENTY (20) FEET TO A POINT; THENCE RUN NORTH ALONG A
LINE PARALLEL WITH. AND TWENTY (20) FEET WEST OF THE EAST LINE OF SAID LOT I, FOR A
DISTANCE OF SIXTY (60) FEET, MORE OR LESS, TO THE WALL OF AN EXISTING BUILDING; THENCE
RUN SOUTH ALONG THE EAST LINE OF SAID LOT 1 FOR A DISTANCE OF SIXTY (60) FEET, MORE OR
LESS, TO THE SOUTHEAST CORNER OF SAID LOT 1, WHICH IS THE POINT OF BEGINNING.
FURTIR LESS AND EXCEPT THAT CERTAIN PROPERTY SET FORTH AND FURTHER DESCRIBED IN
THE COUNTY DEED RECORDED IN OFFICIAL RECORDS BOOK 32037, PAGE 2116, OF THE PUBLIC
RECORDS OF MIAMI-DADE COUNTY, FLORIDA.
FURTHER LESS AND EXCEPT ANY PORTION OF THE ABOVE PARCELS LYING WITHIN A RIGHT-OF-
WAY.
ALSO KNOWN AS
A PORTION OF LOT 1 OF PERCIVAL PLAT REVISED, ACCORDING TO. THE PLAT THEREOF, AS
RECORDED IN PLAT BOOK 1 AT PAGE 140 OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY,
FLORIDA; AND TRACT A OF SIMBER SUBDIVISION, ACCORDING TO THE PLAT THEREOF, AS
RECORDED IN PLAT BOOK 64 AT PAGE 31 OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY,
FLORIDA OF BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCE AT THE SOUTHEAST CORNER OF LOT 1 OF PERCIVAL PLAT REVISED PLAT BOOK 1,
PAGE 140; THENCE, S89°49'30"W 46.77 FEET; THENCE S02°02'29"W 5.00 FEET TO THE POINT OF
BEGINNING; THENCE S89°49'30"W 204.64 FEET ALONG THE NORTH RIGHT OF WAY LINE OF DAY
AVENUE TO A SW CORNER OF LOT 4 OF PERCIVAL PLAT REVISED, ACCORDING TO THE PLAT
THEREOF, AS RECORDED IN PLAT BOOK 1 AT PAGE 140 OF THE PUBLIC RECORDS OF MIAMI-DADE
COUNTY, FLORIDA ; THENCE N01°00'12"W 114.00 FEET ALONG THE WEST LINE OF SAID LOT 4;
THENCE S89°49'30"W 40.00 FEET ALONG THE NORTH LINE OF LOT 5 OF PERCIVAL PLAT REVISED,
ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 1 AT PAGE 140 OF THE PUBLIC
RECORDS OF MIAMI-DADE COUNTY, FLORIDA. TO SW CORNER TRACT A OF SIMBER SUBDIVISION,
ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 64 AT PAGE 31 OF THE PUBLIC
RECORDS OF MIAMI-DADE COUNTY, FLORIDA; THENCE N00°54'45"W 144.82 FEET TO A POINT ON THE
SOUTHERLY RIGHT OF WAY LINE OF SOUTH DIXIE HIGHWAY (U.S.1), ALSO BEING A POINT OF
CURVATURE OF A NON -TANGENTIAL CIRCULAR CURVE TO WHICH SAID POINT BEARS S34°50'01 "E;
THENCE 226.40 FEET NORTHEASTERLY ALONG THE SOUTHEAS 11 RLY RIGHT OF WAY LINE OF
SOUTH DIXIE HIGHWAY (U.S.1) ALSO BEING THE ARC OF A 1188.78 FOOT RADIUS CURVE CONCAVE
#9129641-v1 11944-0051 Legal Description - Platform 3750
CFN: 20210069290 BOOK 32317 PAGE 1430
TO THE NORTHWEST AND THROUGH A CENTRAL ANGLE OF 10°54'43" TO THE NW CORNER OF
TRACT A; THENCE S78°23'I 1"E 97.59 FEET; THENCE SOO°54'45"E 270.60 FEET ALONG THE WEST RIGHT
OF WAY LINE OF SW 37TH/ AVENUE (DOUGLAS ROAD); THENCE SOI°00'12"E 88.64 FEET TO A POINT
ON A TANGENT CIRCULAR CURVE CONCAVE TO THE NORTHWEST HAVING A RADIUS OF 25.00
FEET; THENCE 39.63 FEET ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGEL OF
90°49'42" TO THE POINT OF BEGINNING.
ALL LANDS DESCRIBED BASED ON AN ASSUMED BEARING OF N89°49'30"E ALONG THE CENTERLINE
OF DAY AVENUE, LYING AND BEING IN MIAMI-DADE COUNTY, FLORIDA_
119129641-v 1 11944-0051 Legal Description - Platform 3750
CFN: 20210069290 BOOK 32317 PAGE 143
Exhibit B
This RIDER TO RESTRICTIVE COVENANTS is made as of , 2021, by
PLATFORM 3750 II, LLC, a Florida limited liability company (" t . wer") and the CITY OF
MIAMI, a municipal corporation of the State of Florida ("Agency" + ender").
RECITALS
WHEREAS, Borrower has obtained financing from JLL Real Estate Capital, LLC, a.
Delaware limited liability company' ("Lender") for the benefit of the project known as Platform
750 ("Project which loan is secured by a mortgage ("Security Instrument") dated as of
d recorded in the Public Records of Miami -Dade County, Florida.("Records")
, 2021 in Official_ Records Bookflf/4— , at Pager/A-, and is insured by the United
tes �D.epartment of I-Iousing and Urban Development ("HUD"); and
WHEREAS, Borrower has received a loan of HOME funds from the Agency, which
Agency is requiring restrictions be recorded against the Project; and
WHEREAS; HUD requires as a condition of its insuring Lender's financing to the Project,
that the lien and covenants of this Declaration of Restrictive Covenants (the "Restrictive
Covenants") be subordinated to thelien, covenants, and enforcement of the Security Instrument;
and
WHEREAS, the Agency has agreed to subordinate the Restrictive. Covenants to the lien of
the Mortgage Loan in accordance with the terms of this Rider.
NOW, THEREFORE, in consideration of the, foregoing and for other consideration the
receipt and sufficiency of which are hereby acknowledged, the parties hereby agree. as follows:
(a) In the event of any conflict between any provision contained elsewhere in the
Restrictive Covenants andany provision contained in this Rider, the provision contained in
this Rider shall govern and be controlling in all respects as set forth more fully herein.
(b) The following terms shall have the following definitions:
"Code" means the Internal Revenue Code of 1986, as amended.
HUD" means the United States Department of Housing and Urban Development.
"HUD Regulatory Agreement'.' means the Regulatory Agreement between
Borrower and HUD with respect to the Project, as the same may be supplemented,
amended or modified from time to time.
"Lender" means JLL Real Estate Capital, LLC, a Delaware limited liability
company, itssuccessors and assigns.
"Mortgage. Loan" means the mortgage loan made by Lender to the. Borrower
pursuant to the Mortgage Loan Documents with respect to the Project.
Page $ of 12
RFA MFB Cov vl
CFN: 20210069290 BOOK 32317 PAGE 1432
"Mortgage Loan Documents" means the. Security Instrument, the HUD Regulatory
Agreement and all other. documents required by HUD or Lender in connection with
the Mortgage Loan.
"National Housing Act" means the National. Housing Act of 1934, as amended.
"Program Obligations" has the meaning set forth in the Security Instrument.
"Residual Receipts" has the meaning specified in the HUD Regulatory Agreement.
"Security Instrument" means the mortgage or deed of trust from Borrower in favor
of Lender, as the same may be supplemented, amended or modified. '
"Surplus Cash" has the meaning specified in the HUD Regulatory Agreement.
(c) Notwithstanding anything in the Restrictive Covenants to the contrary, the
provisions hereof are expressly subordinate to. (i) the Mortgage Loan Documents, including
without limitation, the Security Instrument, and (ii) Program Obligations (the Mortgage Loan
Documents and Program Obligations are collectively referred to herein as the "HUD
Requirements"). Borrower covenants that it will not take or permit any action that would result in
a violation of the Code, HUD Requirements or Restrictive Covenants. In the event' of any conflict
between the provisions of the Restrictive Covenants and the provisions of the HUD Requirements,
HUD shall. be and remains entitled to enforce the HUD Requirements. Notwithstanding the
foregoing, nothing herein limits the Agency's_ ability to enforce the terms of the Restrictive
Covenants., provided such terms do not conflict with statutory provisions of the National Housing
Act or the regulations related thereto. The Borrower represents and warrants that to the best of
Borrower's knowledge the Restrictive Covenants impose no terms or requirements that conflict
with the National Housing Act and related regulations.
(d) In the event of foreclosure (or deed in lieu of foreclosure), the Restrictive
Covenants (including without limitation, any and all land use covenants and/or restrictions
contained herein) shall automatically terminate.
(e) Borrower and the Agency acknowledge that Borrower's failure to comply with the
covenants provided in the Restrictive Covenants does not and shall not serve as a basis for default
under the HUD Requirements, unless a default also arises under the HUD Requirements.
(f) Except for the Agency's reporting requirement, in enforcing the Restrictive
Covenants the Agency will not file any claim against the Project, the Mortgage Loan proceeds,
any reserve or deposit required by HUD in connection with the. Security Instrument or HUD
Regulatory Agreement, or the rents or other income from the property other than a claim against:
i. Available surplus cash, if the Borrower is a for -profit entity;
ii. AvaiIable distributions of surplus cash and residual receipts authorized for release
by HUD, if the Borrower is a limited distribution entity; or
iii. Available residual receipts authorized by HUD, if the Borrower is a non-profit
Page 9 of 12
RPAMFt3C vvI
CFN: 20210069290 BOOK 32317 PAGE 14 : 3
entity. or
iv. INTENTI.ONALLY DELETED
(g) For so long as the Mortgage Loan is outstanding, Borrower and Agency shall not
further amend the Restrictive Covenants, with the exception of clerical errors or administrative
correction of non -substantive matters, without HUD's prior written consent.
(h) Subject to the HUD Regulatory Agreement, the Agency may require the Borrower
to indemnify and hold the Agency harmless from all loss, cost, damage and expense arising from
any claim or proceeding instituted against. Agency relating to the subordination and covenants set
forth in the Restrictive Covenants, provided, however, that Borrower's obligation to indemnify
and hold the Agency harmless shall be limited to available surplus cash and/or residual receipts o.f
the Borrower.
SIGNATURES APPEAR ON FOLLOWING PAGES
RFA MFB Cov vi
Page 10 of 12
CFN: 20210069290 BOOK 32317 PAGE 1434
BORROWER::
PLATFORM 3750 II, LLC, a Florida
limited liability company
By:
ACKNOWLEDGMENT
STATE OF FLORIDA
COUNTY OF MIAMI-DADE
Print Narne: Mara S. Mades
Title: Vice President
f
The foregoing instrument was acknowle ged before me by means of 21 physical presence or
online notarization, this 7 day of c}/ , 2021 by Mara S. Mades as Vice President of
Platform 3750 1I, LLC. She is personally known to me or has produced as
identification. sa
(NOTARY PUBLIC SEAL)
•
.. .
JACQUELINE SILVA
? Notary Public - State of Florida
As Commission U GO 10174
4
aFt,?r MY Comm. Expires Apr 1, ion
Bonded through National Notary Assn.
Signature of Person Taking
Acknowledgment
3acqueline Silva
RFA MFB Cov_v1
Page 11 of 12
CFN: 20210069290 BOOK 32317 PAGE 1435
CITY:
CITY OF MIAMI, a municipal corporation
ATT .T: of the State ofnor. +a
od+ B
City Cl
Date:
APPROVED FORM
AND CO C ESS:
J
Vendez
'ity Att. y
RFA MFB Cov v,i
By:
Arthur ''. rie a
City Manager
Page 12 of 12