HomeMy WebLinkAbout23504AGREEMENT INFORMATION
AGREEMENT NUMBER
23504
NAME/TYPE OF AGREEMENT
OMAR & DONNA LEE SISTO
DESCRIPTION
SUBORDINATION AGREEMENT/SUBORDINATION OF FIRST
MORTGAGE
EFFECTIVE DATE
ATTESTED BY
MATTY HIRAI
ATTESTED DATE
2/19/1993
DATE RECEIVED FROM ISSUING
DEPT.
NOTE
A5 0L4
DOCUMENT LOG FORM/CITY MANAGER'S OFFICE •
Name of party(ies): Omar. and Donna Lee Sisto
Document Type: Subordination Agreement
Purpose: Subordination of first mortgage
Facility:
Date(s) : February 17, 1993
Department: Development and Housing Conservation
Contact Person (Questions): Jacques Jean Telephone 3 3 3 6
Contact Person (Delivery) . Elizabeth Perez Telephone 3 3 3 6
EXPENSE/REVENUE $ ACCOUNT(s)/PROJECT(s)
AUTHORIZED BY RESOLUTION NO.
APPROVED BY: Budget Director
CIP Administrator
Comm. Dev. Director
XX
All City requirements have
document(s) is (are) rr � dy
Dept. Director or Designee
ACM/Advisor
Date Rec. by Mgr's Off.:
Date Signed by Mgr.:
Attested by City Clerk:
Returned to Dept/Office:
ORIGINAL TO CITY CLERK:
been met and the
for execution
irector/Designee Init.
pt
(Attached) OR
(If General Funds)
(If CIP Funds)
(If C.D. Funds)
Date 403
Date
First mortgage is being refinanced and City will be behind this new
financing. Therefore, it is required that we execute a subordination
agreement in favor of the Bank.
SUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT, is made and entered into as of
this day of February, 1993, by THE CITY OF MIAMI, a Florida
municipal corporation (the "City") and Interamerican Bank F.S.B.,
a Florida banking corporation, individually (the "Bank").
W ITNESSET H:
WHEREAS, the City is the owner and holder of that certain
mortgage from Omar. Sisto and Donna Lee Sisto, in favor of the
City dated January 9, 1987, and filed January 13, 1987, under
Clerk's File No. 87-R011726 as recorded in Official Records Book
13145 at Page 1534, of the Public Records of Dade County, Florida
(the "City Mortgage") which encumbers the following described
property (the "Property") situate in Dade County, Florida:
East 1/2 of Lot 4 and that part of East 1/2
of Lot 3 lying South of Southwest First
Street in Block 18 of Idlewild Park,
according to .the Plat thereof, as recorded in
Plat Book 2 at Page 87 of the Public Records
of Dade County, Florida.
and
WHEREAS, the City is the owner and holder of that certain
Assignment of Rents from Omar Sisto and Donna Lee Sisto, in favor
of the City dated January 9, 1987 and filed January 13, 1987,
under Clerk's File No.87-R011726, as recorded in Official Records
Book 13145, at Page 1544, of the Public Records of Dade County,
Florida (the "City Assignment of Rents"); and
WHEREAS, the Bank is making and has made a loan in the
amount of One Hundred Thirteen Thousand Six Hundred Thirty Six
and 00/100 ($113,636.00) DOLLARS (the "Loan") to Omar Sisto and'
Donna Lee Sisto, (the "Borrower"), secured by a certain mortgage
dated , 19 , and filed
under Clerk's file No. ,.in the Public Records of
Dade County Florida (the "Bank Mortgage"), encumbering the
Property, and further secured by a Conditional Assignment of
Rents, Leases and Contracts dated , 19 and
filed 19 under Clerk's File No.
in the Public Records of Dade County, Florida
(the "Bank Assignment of Rents"), provided and upon the condition
that the City will subordinate the lien of the City Mortgage and
the City Assignment of Rents to the Bank Mortgage and to the Bank
Assignment of Rents and to any and all renewals, extensions, or
modifications of, or any and all future or additional advances
under the Bank Mortgage, to the Bank Assignment of Rents, and to
the other terms and provisions hereinafter set forth.
NOW THEREFORE, in consideration of the Premises, the sum of
Ten ($10.00) Dollars and other good and valuable consideration,
as well as in consideration of inducing the Bank to disburse the
proceeds of its loan, the parties hereby covenant and agree as
follows:
1. The City does hereby unconditionally subordinate the
City Mortgage to the lien of the Bank Mortgage, and to any and
all renewals, extensions, or modifications thereof, so that by
these presents -the lien of the Bank Mortgage, and any and all
renewals, extensions, or modifications thereof, are and shall
remain superior in lien and in dignity to the lien of the City
Mortgage with the same force and effect as if the Bank Mortgage
had been made, executed, delivered, and recorded for valuable
consideration prior to the City Mortgage; provided, however, that
no "future advances" made under the Bank Mortgage shall have
priority over the City Mortgage.
2. The City does hereby unconditionally subordinate its
Assignment of Rents to the lien of the Bank Assignment of Rents.
3. The Bank shall notify City in writing of any notice of
default Bank has given to the Borrower.. The Bank hereby grants
to City thirty (30) days opportunity to cure any such default
from the date City is given notice thereof.
4. The provisions of this Agreement shall be binding upon
and inure to the benefit of the parties, their heirs, personal
representatives, successors, and assigns.
• s
-71
EXECUTED as of the day of February, 199-'�
Signed, sealed and delivered
in the presence of: a Florida corporation
THE CITY OF MIAMI,
By:
CESAR i ! ?, City Manager
As to Cesar Odio and Matty ATTE6.T'
,NATTY HIRAI, City Clerk
Hirai
Interamerican Bank F.S.B.
a Florida banking corporation
By:
As to
Approved as to form and correctness:
By:
STATE OF FLORIDA)
SS.
COUNTY OF DADE )
The foregoin nstrument was acknowledged before me this
/41day of , 197-3 by CESAR ODIO and MATTY
HIRAI, as City Manager an City Clerk, respecti , of THE CITY
OF MIAMI, a Florida muni 'pal crpo-r-motion, • •ehalf of the
Corporation.
My Commission expires:
/l«GAS.
NOTARY PUBLIC,State of Florida
at Large
/1%/%Z/,4/1//D,r�
CC! /d//c 2�
ROTARY PUBLIC STATE OF FLORIDA
MY COMMISSION EXP. APR.26,1994
BONDED TIIRU GENERAL INS. UND.