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HomeMy WebLinkAbout26280AGREEMENT INFORMATION AGREEMENT NUMBER 26280 NAME/TYPE OF AGREEMENT GALLERY AT LUMMUS PARC, LLC DESCRIPTION AGREEMENT TO SUBORDINATE TO RENTAL ASSITANCE DEMONSTRATION USE AGREEMENT/PUBLIC HOUSING TO SECTION 8 ASSISTSANCE/MATTER ID: 24-2614 #15 EFFECTIVE DATE ATTESTED BY TODD B. HANNON ATTESTED DATE 8/31/2026 DATE RECEIVED FROM ISSUING DEPT. 9/1/2026 NOTE RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: Reno & Cavanaugh, PLLC 455 Massachusetts Ave. NW, Suite 400 Washington, DC 20001 Attn: Efrem Levy, Esq. Recorder's Stamp AGREEMENT TO SUBORDINATE TO RENTAL ASSISTANCE DEMONSTRATION USE AGREEMENT Gallery at Lummus Parc City ARPA Loan Documents This Agreement to Subordinate to Rental Assistance Demonstration Use Agreement (this "Subordination") is entered into this , 2026, by the CITY OF MIAMI, a municipal corporation of the State of Florida (the "City"), and GALLERY AT LUMMUS PARC, LLC, a limited liability company organized and existing under the laws of the State of Florida (the "Project Owner"), collectively, the "Parties." WHEREAS, (i) the Project Owner executed for the benefit of the City that certain Leasehold Mortgage and Security Agreement dated as of May 26, 2026, and recorded in the Public Records of Miami -Dade County, Florida (the "Recorder's Office") on June 1, 2026, on Book 35329, Page 318, (ii) the Parties executed that certain Rent Regulatory Agreement dated as of May 26, 2026, and recorded in the Recorder's Office on June 1, 2026, on Book 35329, Page 341, and (iii) Declaration of Restrictive Covenants dated as of May 26, 2026, and recorded in the Recorder's, Office on June 1, 2026, on Book 35329, Page 334 (collectively, the "Subordinate Documents"); and WHEREAS, the United States Department of Housing and Urban Development ("HUD") n:.has ai thorized the conversion of Gallery at Lummus Parc (the "Project") located upon the real 4ti. property described on Exhibit "A" attached hereto, from public housing to Section 8 assistance unde the Rental Assistance Demonstration ("RAD") program, pursuant to Public Law 112-55; and WHEREAS, as a condition of the RAD conversion, the Project Owner and Miami -Dade County 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; aQ O 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. 2. 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 among the Subordinate Documents and the RAD Use Agreement, the RAD, Use Agreement controls. 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. 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. { [SIGNATURE PAGES TO FOLLOW] IN WITNESS WHEREOF, the Parties have executed this Subordination as of the date first written above. ATTESTED: Todd B. C, y c c-k APPROVED AS TO FORM AND CORRECTNESS: 14/ 't George . Wysong II City Attorney 9\0- Z611- STATE OF FLORIDA COUNTY OF MIAMI-DADE CITY OF MIAMI, a municipal corporation of the State of Florida By: James Reyes City Manager The foregoing instrument was acknowledged before me by means of ysical presence or ❑ online notarization, this (a\ day of Av , 2026, by James Reyes, as City Manager for the City of Miami, a municipal corporation of the State of Florida. ' - - - - - "--(?d®'IeA Y SEAL) Notary Public State of Florida 1 Gabriella Bravo 1 II My Commission NH 833210 Expires 8/14/2030 Signatu Printed Name Notary Public, State of Florida Personally Known k.VOR Produced Identification Type of Identification Produced SIGNATURE PAGE AGREEMENT TO SUBORDINATE TO RAD USE AGREEMENT PROJECT OWNER: GALLERY AT LUMMUS PARC, LLC, a Florida limited liability company By: Gallery at Lummus Parc Manager, LLC, a Florida limited liability company, its manager By: STATE OF FLORIDA COUNTY OF MIAMI-DADE loarV Tony Del Pozzo, Vice President The foregoing instrument was a knowledged before � me b means of Ihysical presence or 0 (��_ online notarization, this 'off-� ay of _"d _ _`S , 2026, by Tony Del Pozzo as Vice President of Gallery at Lummus Parc Manager, LLC, a Florida limited liability company, the manager of Gallery at Lummus Parc, LLC, a Florida limited liability company. PA-.01 (NOTARY SEAL) z� VANESSAPIL.OTO **' MY COMMISSION # HH 751619 EXPIRES: February 18, 2030 Signature ia_kusse,LPa43-4-0 Printed Name Notary Public, State of Florida Personally Known ' OR Produced Identification Type of Identification Produced SIGNATURE PAGE AGREEMENT TO SUBORDINATE TO RAD USE AGREEMENT - EXHIBIT A LEGAL DESCRIPTION ::Leasehold Estate created by that certain Amended and: Restated:Ground Lease dated July 8, 2026 executed by..Miami-Dade County, Florida, a Political Subdivisionof the: State of: Florida,:: (Landlord); and Gallery at Lummus Par-c, LLC, a Florida limited liability company, (Tenant), to : be recorded.in the Public Records:of Miami -Dade County,.. Florida, demising fora term of years, the following property; to wit: � � • P .P. Y, -:; Lots 15;:16, 17 and 18, -LESS the East 20.00 feet of said Lot:;18, in Block 109-N, of A::L. Knowlton's MAP MIAMI, according to the Plat thereof recorded in Plat Book B; at Page 41, of the Public Records_.of Miami -Dade County, Florida; LESS: that portion thereof deeded: to the:: City :of Miami by Warranty Deed dated No:vember:4; 1939. recorded in Deed Book 2013; .at Page 480 (Clerk's: =File No: M-5111.8); according to ::the: Public .Records : of Miami=Dade County, .Fora..