Agenda 09-24-09
11~~Y~T2~
iii East Side-West S',de- Seaside Renaissance
BUDGET MEETING AGENDA
Thursday, September 24, 2009 - 6:00 .8:00 pm
Location: City Library Program Room
1. Welcome by Board Chair Taylor
2. Invocation
3. Consideration of Options in Foreclosure Action on HAP Recipient
4. Final Budget Meeting for Fiscal Year 2009-2010
5. Proposed Resolution CRA 09-03 Re: Adopting the Final CRA
Budget for Fiscal Year 2009-2010
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fty Clerk's Office
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l~flY~T8[tRA
Ii East Side"'West S'lde"'Seas',de Rena',ssance
BUDGET MEETING AGENDA
Thursday, September 24, 2009 - 6:00 - 8:00 pm
Location: City Library Program Room
1, Welcome by Board Chair Taylor
2, Invocation
3. Consideration of Options in Foreclosure Action on HAP Recipient
4. Final Budget Meeting for Fiscal Year 2009-2010
5, Proposed Resolution CRA 09-03 Re: Adopting the Final CRA
Budget for Fiscal Year 2009-2010
'~RY~T8~ eRA
II East Side"'West Side"'Seas'lde Renaissance
eRA BOARD MEETING OF: Scptcmber24,2009
I Consent AgendA I
Old Business
New Business
Lega'
Other
SUBJECT: Consideration of Options on M0l1gage Foreclosure Action of HAP rccipient Faith Dickens,
SUMMARY: On June 12, 2007 the Board Approved HAP funds for Faith Dickens in the amount of
$50,000,00, The closing for the purchase of the property WAS held on June 22, 2007 at which time the HAP funds
were disbursed to the Seller. Ms, Dickens also received SHIP funding in the amount of $38,950,00. On August
26, 2009, the CRA was served with a Complaint for foreclosure on behalf of BAC Home Loans Servicing, L.P.
flkla Countrywide Home Loans Servicing, L.P.
The CRA hAS 30 days from the date of service of the Complaint in which to file its Answer. CRA staff is looking
for direction from the Board on how to answer the complaint. CRA legal counsel presented the following options
for the Board to consider in this matter:
Option I: File an Answer only, If the foreclosure goes through, the property is sold, and there is money left over
after satisfYing the first and second mortgages, the CRA could get some or all of the remaining money,
Option 2: File an Answer and Cross-Claim to foreclose on the CRA's 3'd m0l1gage, If the foreclosure goes
through successfully, this would result in a judgment being entered against the homeowner in favor of the CRA.
So, if the homeowner we"e to come into a large sum of money (such as winning the Lottery), the CRA's $50,000
judgment against the homeowner would be satisfied by such money. The cost for filing a cross-claim with the
Clerk of court is $395.
FISCAL IMPACT: To be determined.
CRA PLAN, PROGRAM OR PROJECT: Homebuyer's Assistance Program
RE~OMMEN9A TIONS: Option I or Option 2 outlined above.
~(G e~ (~J
Lisa Bright, Executive DII'J: tor
T:\AGENDAS. CONSENT AGENDAS, MONTHLY REPORTS\Completed Agenda Item Request Forms by Meeting\FY 2008 . 2009 Board
Meetings\Budget Meeting 9.24.09\Answer to Complaint Faith Dickens.doc
IN THE CIRCUIT COURT OF THE FIFTEENTH JUDICIAL CIRCUIT
OF FLORJDA, IN AND FOR PALM BEACH COUNTY
CIVIL DIVISION
v~
%~n
~ ->'
k?(#,~
~ 2009 CA 02 B 630 XXXX M9
Case No.
BAC HOME LOANS SERVICING, L.P. FKA
COUNTRYWlDE HOME LOANS SERVICING, L.P.
Plaintiff,
vs.
Division
FAITH DICKENS, et. aJ.
Defendants.
AI
SUMMONS
STATE OF FLORJDA:
TO ALL AND SINGULAR THE SHERIFFS OF SAID STATE:
GREETINGS:
YOU ARE HEREBY COMMANDED to serve this Summons, and a copy of the Complaint and Notice of Lis Pendens in
lhe above-styJed-canse upon-the defendant(s):
BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY
BOYNTON BEACH CRA or Anyone Authorized to Accept Service
915 SOUTH FEDERAL HIGHWAY
BOYNTON BEACH, FL 33435
Each defendant is hereby required to serve written defenses to said Complaint or Petition on plaintiffs attorney whose name
and address is:
Allison] Brandt
Kass, Shuler, Solomon, Spec'or, Foyle & Singer, P.A.
P. O. Box 800
Tampa, Florida 3360t-0800
813/229-0900
Florida Bar No. 44023
within 20 days after service of this Summons upon that defendant. exclusive of the day of service, and to file the original of
said written i:1efenses with the clerk of said court either before service on plaintiffs attorney or immediately thereafter. If a
defendant fails to do so, a default will be entered against that defendant for the relief demanded in the Complaint or Petition.
WITNESS my hand and seal of said Court on ;U:;; 0 ;: (,r ,/20_
Sharon R. Bock ..
Clerk Circuit & COUllty Courts
P.O. Box 4667
West Palm Beach, Florida 33402-4667
Tel: 561-355-2986/1674
Fax: 561-355-7060
By
I ~
- .1\., "'" .,
<J.O, ,'jf)" ,;
'IVeSt ;:)~:i)~< ,.~.
:i.':),W:;, '.
~., ,
Deputy Clerk
(SEAL)
Ifyotl are a person with a disability who needs any acconunodation in order to participate in this proceeding, you are entitled,
at no cost to you, to the provision of certain assistance, Please contact ADA Coordinator, Palm Beach County Courthouse
205 N. Dixie Highway, West Palm Beach, Florida 33401, phone (561) 355-243 I within 2 working days of your receipt of
this notice; if you are hearing or voice Impaired, call1-800-955-8?71.
286750.0947S0Natk
N THE CIRCUIT COURT
'ALM BEACH COUNTY, FLORIDA
:IVIL DIVISION
:ase No.
60 2009 CAU 2 86 :;) 0 XXXX MB
BAC HOME LOANS SERVICING, L.P. FKA
COUNTRYWIDE HOME LOANS SERVICING, L.P.
Plaultiff,
l..~Uf.)Y
vs,
,'" ~.. .~ .
:-<LCUVl.Il m;~ F1Ui\;G
,'.1)1, I .' il~'lS
SHARON R. 80C;<
CLERK & COMPTROLLER
CIRCUIT CIVIL DIVISION
!~,
FAITH DICKENS THE PRESERVE AT BOYNTON
BEACH 2 CONDOMINIUM ASSOCIATION, INC.;
THE PRESERVE AT BOYNTON BEACH
MAINTENANCE ASSOCIATION, INC.6. PALM
BEACH COUNTY J'LORIDA; BOYNT N BEACH
COMMUNITY REuEVELOPMENT AGENCY, and
UNKNOWN TENANTS/OWNERS,
Defendants.
NOTICE OF LIS PENDENS
TO DEFENDANT(S):
FAITH DICKENS
THE PRESERVE AT BOYNTON BEACH 2 CONDOMINIUM ASSOCIATION, INe; THE PRESERVE AT BOYNTON BEACH
MAINTENANCE ASSOCIATION, INC.; PALM BEACH COUNTY, FLORIDA; BOYNTON BEACH COMMUNITY REDEVELOPMENT
AGENCY
UNKNOWN TENANTS/OWNERS
ALL OTHERS TO WHOM IT MAY CONCERN
You are notified of the institution of this action by Plaintiff against you seeking to foreclose a mortgage encumbering the following
real property in Palm Beach County, Florida:
CONDOMINIUM UNIT NO. 206, OF THE PRESERVE AT BOYNTON BEACH 2, A CONDOMINIUM,
ACCORDING TO THE DECLARATION OF CONDOMINIUM THEREOF, AS RECORDED IN
OFFICIAL RECORDS BOOK 2133 t, PAGE 529, OF THE PUBLIC RECORDS OF PALM BEACH
COUNTY, FLORIDA, TOGETHER WITH AN UNDIVIDED SHARE IN THE COMMON ELEMENTS
APPURTENANT THERETO.
with a street address of 1966 NE 5TH STREET #206, BOYNTON BEACH, FL 33435.
DATED: August 14, 2009.
\.p,Qr\' .--=-~ ~ ((-"~,, (\k
IIison J Brandt
FlorIda BarNo;;~44023
Kass, Shuler, Solomon, Spector,
Foyle & Singer, P.A.
P.O. Box 800
1505 N, FlorIda Ave.
Tampa, FL 3360 I
(813) 229-0900 ext 1362
Attorneys for Plaintiff
286750.094750Nark
(JOPY
IN THE CIRCUIT COURT OF THE FIFTEENTH JUDICIAL CIK!:~EjVI::O FO R rl Lf NG
OF FLORIDA, IN AND FOR PALM BEACH COUNTY AU6
CIVIL DIVISION I 7 2009
BAC HOME LOANS SERVICING, L.P. FKA COUNTRYWlDE HOME SHARON R B
LOANS SERVICING, L.P. CL ' OCK
. , ERK & COMPTROLLER
Plamttlf, c.o2009 CA~lf~I':ffiI~~X MB
Division
Ys.
FAITH DICKENS, THE PRESERVE AT BOYNTON BEACH 2
CONDOMINIUM ASSOCIATION INC.. TIlE PRESERVE AT
BOYNTON BEACH MAINTENANCE A'SSOCIA TIONd)!'!c,:,.;l,ALM
BEACH COUNTY, FLORIDJ\,BOYNTON BEACH C MMUJ,ITY
REDEVELOPMENT AGENC I , AND UNKNOWN
TENANTS/OWNERS,
AI
Defendants.
I
COMPLAINT
Plaintiff,BAC HOME LOANS SERVICING, L.P, FKA COUNTRYWlDE HOME LOANS SERVICING, L.P., by and
through its undersigned atto meys? sues Defendants, FAITH DICKENS, THE PRESERVE AT BOYNTON BEACH 2
CONDOMffilUM ASSOCIATION, INC.; THE PRESERVE AT BOYNTON BEACH1VlAlNTEN"Al<!C:nA:"SQel:A-TieN,JNC~-
PALM BEACH COUNTY, FLORIDA; BOYNTON BEACH coMMUNlTY REDEVELOPMENT AGENCY, and UNKNOWN
TENANTS/OWNERS, and sta'es:
GENERAL ALLEGATIONS
I. BAC HOME LOANS SERVICING, L.P. FKA COUNTRYWIDE HOME LOANS SERVICING, L,P., is tbe
holder of the Note and Mortgage which nre the subject of this suit.
2. Defendant(s), FAITII DICKENS, is/nre the record owner(s) of the property sought to be foreclosed by the
Ptaintiff, and hold title to the property subject to the Mortgage described herein.
3. Defendants, TIlE PRESERVE AT BOYNTON BEACH 2 CONDOMINIUM ASSOCIATION, INe; THE
PKESERVE AT BOYNTON BEACH MAINTENANCE ASSOCIATION, INC.; PALM BEACH COUNTY, FLORIDA;
BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY, and UNKNOWN TENANTS/OWNERS, are persons
and/or entities who have or may claim some right, title, interest, or lien in, to, or upon the Property described below.
4, On Jl1"" 2 1,2007, -F-AITH DIGKENS, A SlNGLEWOMAN,'exetutedamll:lelivered-a-Note;-and-a-Purehase-
Money Mortgage securing tbe Note in favor of UBERTY HOME LENDING, INC.. n,e MOI1gage \vaSfecorded on July 16,
2007 in Official Records Book 21 938, Page I 162, of the Public Records of Palm Beacb County, Florida. A copy oftbe Mortgage
and Promissory Note is attacbed bereto, Said Note and Mortgage were subsequently assigned andlor endorsed in favor of 'he
Plaintiff.
5. Plaintiff now owns and is the holder of the Note and Mortgage.
6. A default exists under the Note and Mortgage as a result of a lack of payment of the instatlment due May I,
2009, and all subsequent payments on the Note.
7, Plaintiffhas, ifrequired bylhe Note or Mortgage, demanded paymentoftheobligation reflected by the aforesaid
Note and Mortgage, but despite such demand, said default has not been cured.
8. PJaintiffhereby accelerates all principal and interest underthe Note and Mortgage to be inunediately due and
payable.
9. Plaintiffis due the sum ofONEHUNDRED FIFTY ONE THOUSAND EIGHT HUNDRED SIXTY SIX AND
511100 Dollars ($151,866.51) in principal under the Note and Mortgage, plus interest from April I, 2009, title search expenses
for ascertaining necessary parties to this action, unpaid taxes, insurance premiums, accumulated late charges, and inspection fees.
10. As a result ofthe default under the Note and Mortgage, it has become necessary for the Plaintiff to employ the
undersigned attorneys to prosecute this action, and Plaintiff has agreed to pay such attorneys a reasonable fee for their services.
Underthe 'eTIllS and provisions of the Note and Mortgage, Plaintiff is entitled to recover its reasonable attorney's fees in bringing
this action. Plaintiff alleges that a reasonable attorney's fee in this matter would be $1,250.00 and wiII seek an award of such
amount in the event that a default judgment is entered against the Defendant. In the event that this matter is contested, Plaintiff
intends to seek additional attorney's fees based upon the hours spent) services rendered and other reasonable factors.
11. Defendant(s), FAITH DICKENS, and/or UNKNOWN TENANTS/OWNERS, now own, possess, or have the
right to possess the Property.
12. Defend.nt(s), TIIE PRESERVE AT BOYNTON BEACH 2 CONDOMINIUM ASSOCIATION, INC, may
claim some interest in the subject property by virtue of a judgment) lien, or other instnunentrecorded in Official Records Book
of the Public Records of Palm Beach County, Florida. Said interest, however, is either invalid or is subordinate and inferior to
the lien of Plaintiffs Mortgage.
13, Defendant(s), TIIEPRESERVEA TBOYNTON BEACH MAINTENANCE AS SOCIA TION, INC, may claim
some iuterest in the subject property by virtue of .judgment, lien, or other instrument recorded in Official Records Book ofthe
Public Records ofPahnBeach County, Florida. Said interest, however, is either invalid.or is subordinate and inferior to the lien
ofpl.intiffs Mortgage.
14. Defendant(s), P ALMBEACH COUNTY, FLORIDA, mayclainl some interest in the subject property by v.irtue
ofajudgment, lien, or other instrument recorded on 0812012007 in Official Records Book 22040, Page 980, of the Public Records
of Palm Beach County, Florida. Said interest, however, is either invalid or is subordinate and inferior to the Jien of Plain tiffs
Mortgage,
15. Defendant(s),BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY, may claim some interest
in the subject property by virtue ofajudgment, lien, or other instrument recorded on 0812012007 in Official RecordsBook 22040,
Page 1188, ofthe Public Records of Palm Beach County, Florida, Said interest, however, is either invalid or is subordinate and
inferior to the lien of Plaintiffs Mortgage.
16. Defendan'(s), UNKNOWN TENANTS/OWNERS, may claim some interest in the subject properly by virtue
of their possession of the property.
2
COUNT I
MORTGAGE FORECLOSURE
17. Plaintiffrealleges and incorporates Paragraphs I through 16 of this Complaint.
18. This is an action to forectose the fIrst Mortgage on real property (the "Property") in Pahn Beach County,Florida,
having a legal description as follows:
CONDOMINIUM UNIT NO. 206, OF THE PRESERVE AT BOYNTON BEACH 2, A CONDOMINIUM, ACCORDING TO
THE DECLARA nON OF CONDOMINIUM THEREOF, AS RECORDED IN OFFICIAL RECORDS BOOK 21331, PAGE
529, OF THE PUBLIC RECORDS OF PALM BEACH COUNTY, FLORIDA, TOGETHER WITH AN UNDIVIDED SHARE
IN THE COMMON ELEMENTS APPURTENANT THERETO.
with a street address of 1966 NE 5TH STREET #206, BOYNTON BEACH, FL 33435, herein referred to as "the Property."
19, Under the terms of the Mortgage and in accordance with Florida law, Plaintiff is entitled to foreclosUTe of its
Mortgage upon default in payment.
20. All conditions precedent to the enforcement of Plaintiff's right to foreclosureherein and the maintenance of this
action have been perfonned. have occurred, or have been waived.
WHEREFORE, Plaintiffrequesls that Ihis honomble Court:
(a) Take jurisdic'ion of the parties hereto and of the subject matter hereof;
(b) Order that tbe lien of Plaintiff's Mortgage is a valid fIrst lien on the Property described and is superior to any
lien of record;
(c) Order forectosure of the Mortgage, and that all Defendants named herein, their estales, and all persons claiming
under or against them since the filing ofthe Notice of Lis Pendens. be foreclosed;
(d) Determine the amount due PIainliffunder the Note and MOltgage sued upon herein;
(e) Order that ifsaid sum due PlaintifCis not paid in full within tbe time set by this Court, the Property be sold by
Order of this Court to satisfY Plaintiff's claims;
(I) Order that if the proceeds from such court ordered sale are insufflcientto pay Plaintiff's claim, then a defIciency
judgment be entered for thtcremaining SWll against all Defendants who have assumed persona] liability for same and who have
not received a discharge in bankruptcy;
(g) Order delivery and possession of the real property to the Purchaser, who shall be responsible for condominium
or homeowner association assessments and other charges in accordance with ~~718.1 I 6 and 720.3085, Florida Statutes (2007),
respectively. and upon proof of the demand or refusal of any Defendanlto vacate and surrender such possession, and the clerk be
directed to issue a writ of possession without further order of this Court;
(h) Retain jurisdiction of this cause and the parties hereto to detennine Plaintiffs entitlement to a defIciency
judgment and the amount thereof; and
(I) Grant such other and further relief as appears just and equitable under the circumstances,
3
COUNT II
ENFORCEMENT OF LOST INSTRUMENTS
21. This is an action to enforce lost instruments under ~673.3091, Florida Statutes.
22. Paragraphs 1,2, and 4 through 6 are hereby incorporated and made a part of this Count II.
23. The Note and Mortgage owned by Plaintiff, copies of which are attached to the Complaint, have been lost or
misplaced.
24. Plaintiff was in possession ofthe Note and Mortgage at the time the Note and Mortgage were lost or misplaced,
or Plaintiff has been assigned the right to enforce the lost or misplaced instruments by the entity which had possession at the time
that the instruments were lost.
25. The loss of possession of the Note and Mortgagewas not the result ofa transfer by the Plaintiffor a lawful seizure.
26, Plaintiff cannot reasonably obtain possession of the instruments because the whereabouts ofthe instruments caMot
be determined.
WHEREFORE, Plaintiff requests that this Court enter judgment in favor of Plaintiff establishing its right to enforce said
instruments pursuant to ~673.309I, F.S.
NOTICE UNDER FAffi DEBT COLLECTION PRACTICES ACT
Pursuant to Title 15 United States Code Section 1692, Plaintiff is providing the following notice:
a) The amount of the debt is contained in this Complaint;
b) The Creditor to whom the debt is owed is BAC HOME LOANS SERVICING, L.P. FKA COUNTRYWIDE
HOME LOANS SERVICING, L.P.;
c) Unless this debt, or any portion thereof, is disputed within thirty days after receipt ofthis notice, the debt will be
assumed to be valid by the Plaintiff;
d) If a consumer notifies the undersigned in writing within the thirty day period that the debt, or any portion thereof,
is disputed, the undersigned will obtain verification of the debt and a copy of such verification will be mailed to such consumer;
e) --Bpon'a consumer!s- written-request within-the thirty~day-period, the undersigned will provide the consumer with
the name and address ofthe original creditor, ifdifferent.from the current creditor;
f) This is an attempt to collect a debt, and any information obtained will be used for that purpose.
DATED: August 14,2009,
\ \\00-,,,,,,,,,,,,, ...'...(:',.~r\X
Allison J Brandt
Florida Bar No.: 44023
Kass, Shuler. Solomon, Spector,
Foyle & Singer, PA
P,O. Box 800
1505 N. Florida Ave,
Tampa, FL 33601
(813) 229-0900 exl 1362
Attorneys for Plaintiff
4
IRn"n~~lmnmilnnMnnUi"11
568 YAXATO ROAD, 2ND PLOOR
BOCA RATON, PL 33431
CFIIl 20070341154
OR BK 21938 PG 1162
RECORDED 07/16/2007 15.32.53
Pslm Besoh County, Florida
AnT 155,000,00
Deed 000 542.50
Inteng 310,00
Sharon R, Book,CLERK & COnPTROLLER
pga 1162"- 1180; 119pgsl
Return To:
LIaERTY ROMB LENDING, INC,
Loan Number,1002151
This document was prepared by:
KATBY OLllolNICZAlI
568 YAXATO ROAD, 2ND FLOOR
BOCA RATON, FL 33431
ISpatc AbDve This Une For Retordlni Datal
MORTGAGE
MIN 1001581-0060006321-4
DEFINITIONS
Words used in multiple sections of this document are defined below and other words are defined in
Sections 3, 11,. 13, 18, 20 and 21. Ceztain rules reg~ing the usage of words used in this document are
also provided in Section 16.
(A) IISecurJty Insfrumentl! roe8fUI this docwuent) which is datedJUNB 21, 2007
together with alt Riders to this document.
(B) IlJIorrowerll is FAITH DJ:CI<ZNS, A SINGLB WOMAN
Borrower is the mortgagor under this Security Instrument.
(C) ''MERS'' is Mortgage Electronic Registration Systenu, Inc. MBRS is a separate corporation that is
acting solely as a nominee for Lender IiDd Lender's successors and assigns. MERS II the morigagee
under this Security Instrument. MBRS is organized and existing under tho Jaws of Delaware, and has an
address and telephone number ofP,O, Box 2026, Flint, MI48501-2026, tel. (888) 619-MBRS.
(D) ''Lender'' is LIBERTY HOME LENDING, I:NC.
LN, 1002151
FlORlDA..slngle Famlly.Fannlo Mae/freddie Mac UNIFORM INSTRUM~T WrTH M ERS
ca-llA(F1l~"".02 ~
Paga~of15 IIlftblt:~
V!.IP MORTG\G6 FORMS .(800)521.1291
Fonn 3010 1/01
Book21938/Page1162
Page 1 of 19
Lender is a FLORXDA CORPORAUON
organized and existing under the laws of FLORXDA
Lende~ s addr..s is 568 YAJlATO ROAD, 2ND PLOOR
BOCA RATON, PL 33431
(E) "Note" means the promissory note signad by Bonower and datadJONB 21, 2001
Tho Note stat.. that Borrower owes Lender ONE BUNDR3D }.NO UFTY nIlE TlIOVS}.NO }.NO
00/100 DoUus
(U.S. S 155, 000,00 ) plus interest, Borrower bas promisad to pay thia debt in regular Periodic
paymenta and to pay the debt in full not later than JULY 1, 2037
(li') "Propedy." mOlins the P19P~rty that is described below wi.der the heading "Transfer of Rights in the
Property. "
(G) "Loan" means the debt evidenced by the Note, plus interest) any prepayment charges and late charges
duo UDder the Notol and all sums due under this Security Instrument, plus interest.
(II) ''RIden'' means all Riders to this Security Instrument tbat are executed by Borrower. The following
Ridera ue to be executed by Borrower [check box as applicable]:
D Adjustable Raie Rider GJ COndominium Rider . 8 Second Home Rider
DBalloon Rider D Planned Unit Development Rider 1-4 Family Rider
D VA Rider D Biweoldy Payment Rider Other(a)[apecuy]
(I) "Applicable Law" means all controlling applicable fedelal, state and local statutes, regulations,
ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final,
non-appealable judiciel opinions.
(J) "Community Association Duesl Fees, and Assessments" means all dues, fees, assessments and other
charges that are imposed on Borrower or the Property by a condominium association, homeowners
association or similar organization.
(X) ''Electronic Fuodl Transferll means any transfer of funds, other than a transaction originated by
check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic
instrument, computer, or magnetic tape so as to order, instruct) or authorize a fmancial institution to debit
or credit an account. Such term includes, but is not Ilmited to, point.of..sale transfers, automated teller
machine transactions, transfers initiated by telephcme. wire transfers, and automated clearinghouse
transfers.
(L) ''Escrow !tents" means those items that are descn'bed in Section 3.
(M) "MlseellaneoUJ Proceeds" means any compensation, settlement, award of damages, or proceeds paid
by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (I)
danmge to, or destruction of, the Property; (ii) condenmation or other taking of ali or any part of the
Propertyj (Hi) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the
value and/or condition of the Property.
(N) "Mortgage Insurance" means Insurance protecting Lender against the nonpayment of, or default o~
the Loan.
(0) ''Periodle Payment" means the regnlarty scheduled amount doe for (i) principal and interest under the
No'e, plw (ii) any amounts under Section 3 of this Securily Instrunlent.
LN. 1002151 ~
h1l1als:
~-6A(FL) (0005).02 Plijjo2Clf Hi Form 3010 1/01
Book21938/Page 1163
Page 2 of 19
(P) ''RESPA'' means the Real E.tate Setltement Procedure. Act (12 U,S,C, Section 2601 et seq.) and its
implementing re~ation, Regulation X (24 C,F.R. Part 3500), IlS they might he amended from time to
time, or any additional or successor legislation or regulation that governs the SaUlC subject matter. As used
in this Security Instrument, "RESP A" refers to all requirements and restrictions that are imposed in regard
to a "federally ralaled mortgage loan" even if the Loan does not qualify as a "federally related mortgage
loan" under RESPA.
(Q) ''SuCCessor in Interest of Borrower" mean. any party th.t has taken titie to the Property, whether or
not that party hIlS assumed Borrower's obligatio", under the Note and/or thia Security Instrument.
TRANSFER OF RIGHTS IN THE PROPERTY
Thla Secuiiiy Initniineni secures to Lender: (i) the repaynient of the Loan, and all renewal., extension. and
modifications of the Note; and (ii) the performance of Borrowet. covenant. and agreements under this
Security Instrument and the Note, For this purpose, Borrower doe. hereby mortgage, grant and convey to
MERS (solely as nominee for Lender and Lender's snce..sors and ssslgns) and to the suceeasors and
sssigua of MERS, the following described property loeated in the C01!NTY [Typo of "-nli". Jurisdiction]
of PALM BEACH [Name of Rtcordlna Jurisdlcdon}:
CONDOMINIWI UNI~ NO, 206, OF 'tBE PRESBRVB A't BOnrrON BEACB 2, A
CONDOlfiNIUM, ACCORDINCI 'to 'tBB DECLARA~ION OF CONDOMINIUM 'I;IIBREOF, AS
RBCORDBD IN OFFICIAL RECORDS BOOK 21331, PAClB 529, OF 'tHB PUBLIC RECORDS
OP PALM BEACH COUN'1'Y, FLORIDA1 TOGBTHER WITH AN UNDIVIDBD SHARB IN THE
COMKON BLBllBN~S APPlJR'tBNJ\N'I' THSRB~O',
-Parcel ill Number:
1966 NB 5~R S'tRBB~ #206
BOnli'ON BBACB
("Property Addr..."):
TOGETHER WITH ill the Improvements now or hereafter erected on the property, and aU
easements, appurtenanccs, and fixtures now or hereafter a part of the property, All replacements and
addition. shall also be CQvered by this Security Instrument. AU of the foregoing is referred to in thi.
Security lDBtrument as the "Property," Borrower understands and agreea that MERS holds only legal title
to the mterests lI"anted hy Borrower in thia Security Instrumen~ bu~ if necessary to comply with Jawor
custom. MBRS (as nomiDoc for Lender and Lender's successors and assigns) baa the right: to exercise any
or all of those interests. including, but not limited to, the right to foreclose aDd sell tlie Property; and to
take any .ction required of Lenaer including, but not limited to, releasing and canceling this Security
Instrument.
LN. 1002151
[City], Florida 33435
which curre.uy has the sddr..s of
[Street]
[ZlpCodtJ
.~A(FL) po.".,
..
PIogl3 rJ 18
..~.~
Fonn 3010 1/01
Book21938/Page1164
Page 3 of 19
BORROWER COVENANTS that Borrower is lawfully seised of the estate herehy cooveyed and has
the right to mortgage, grant and convey tho Property and that the Property is unencumbered, except for
encumbrances nf record, Borrower warrants and will defend generally the title to the Property against all
claims and demands, subject to any cncumbnnces of record.
TIUS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform
covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real
property,
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows;
1, Payment of Principal, Interest, Escrow Item., Prepayment Charges, and Late Charges.
Borrower-shall pay 'whell-diIc-ilic principal of, and interest 00,- ili. deht c\'idenced hy the Note and any
prepayment charges and late charges due under ilie Note, Borrower shall al,o pay fundSfijr Escrow Items
pursuant to Section 3. Payments due under ilie Note and thia Security Instroment shall be made in U,S,
currency. However, if any check or other instrument received by Lender as paymmt under the Note or this
Security Instrument is returned to Lender unpaid, Lender inay require thot any or all suhsequent payment'
due under the Note and this Security Instrument be made in ODC or more of the following fonns, as
aelected hy Lender: (a) cash; (h) money order; (c) certified check, hank check, treasurer's check or
cashier' a check, provided any such check is dra"" upon an institution whose deposits arc inaured hy a
federal ageoey, instnnnentallty, or entity; or (d) Electronic Funcls Transfer. .
Payments are deemed received hy Lender when received at the location designated in the Note or at
such other location as may be designated by Lender in accordance with the notice provisions in Section 15.
Lender may return any payment or partial payment if the payment or partial payinents are insufficient to
hring the Loan current Lender may accept any payment or partial payment insufficient to hrlng the Lean
current, without waiver of any rights hereunder or prejudice to its rights to retUse such payment or partial
payments in tho future, but Lender is not ohligated to apply such payments at ille time such payments are
accepted, If each Periodic Payment 1a applied 88 of its scheduled due cIste. then Lender need not pay
interest on unapplied funds, Lender JD1IY hold such unapplied funds until Borrower makes payment to bring
the Loan current. If Borrower does not do '0 within a reasonahle perled of time, Lender shall either apply
such funds or return them to Borrower, If not applied carlier, such funds will he applied to the ontstondlng
principal balance under the Note immediately prior to forecloswe. No offset or claim which Borrower
might have now or in the future against Lender shall relieve BOrrower from maklng paymeots due under
the Note and this Security Instrument or performing tho covenants and agreements ,ecured hy this Security
InstIument,
2, Appllcatlon of Payments or Proceeds, Except a, otherwise descrihed in this Section 2, all
payments accepted and applied hy Lender shall be applied in ilie following order of priority: (a) interest
due under the Note; (b) principal due under the Note; (c) amounts due under Section 3, Such payments
,hall be applied to each Periodic Payment in ilie order in which it hecame due, Any remaining amounts
shall he applied first to late charges, ,econd to any oilier amounts due under this Security Instrument, and
then to reduce tho principal halance of the Note,
If Lender receivCi a payment from Borrower for a delinQ.ucnt Periodic Payment which includes a
sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and
the late charge. !fmDle than one Periodic Payment is outstanding, Lender may apply any payment received
from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment
LN: 1002151
.~A(FL) ~O")_"
..
~4or1S
lnltl~':~
Form 3010 1/01
Book21938/Page1165
Page 4 of 19
can b" paid in filII, To the ext.nt that any ex.... .xists after the payment is applied to the filll payment of
one or morc Periodic Payments) lIuch oxceSs may be applied to any late charges due. Voluntary
prepayments shall b. applied first 10 any prepayment charges and then .. desa:ibed in the Note.
Any application of payments, insuranco proceeds. or MiscetJaneous Proceeds to principal due under
the Note shall not extend or postpone tho due date, or change the amount, of tho Periodic Payments.
3, Funds ler Escrow Items, Borrower shall pay to Lender on the day Periodic Payments are due
under the Note, until tho Note is paid in full. a sum (the "Funds") to provide for payment of amounts due
for: (a) taxes and assessments and other items which can attain priolity over this Security Instrument as a
lien or encumblanc. on the Property; (b) I....hold payments or ground Ients on the Property, if any; (c)
_p;:emil1lIli fot any iind -ill insUIllllce iequired'py Lender under Section 5; and (d) Mortgag. Insunmce
premiums, if any, OI any sums payable oy Borrower to Lender in lieu of the payment of Mortgag.
Insurance premiums in accordance with the provisions of Section 10. TheSe items are called nEscrow
Items.' At erigination or at any time duririg the term of the Loan, Lender may require that Community
Association Dues, Fees. and Assessments) if any, be escrowed by Bonower. and such ducs, fees and
..sessments shill be an Eserow Item. Borrower sball pIOmptly fUrnish to Lender ill notices of amounts to
b. paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unI.ss Lender waives
Borrower' a obligation to pay the Funds for any or all Eserow Items, Lender may waive Borrower's
obligation to pay to Lender Funds fOI any OI all Eacrow Items at any tim., Any such waiver may only b.
in wdting. In the c:vent of such waiver, Borrower shall pay directly, when and where payable, the amounts
du.lor any Escrow Items for whicb payment of Funds bas been waived by Lender and, ifL.nder requires,
shall furnish to Lender receipts evidencing such payment within such timo period as Lender may require.
Bonowcr's obligation to make such payments and to provide receipts shall for all purposes be deemed to
be a covenant and agreement contained in this Security lnstrwnent, as the phrase "covenant and agreement"
is ulicd in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and
Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9
and pay sucb amount and Borrower sball then b. obligat.d under Section 9 to repay to Lend.r any such
amount Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in
accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds. and in
such amounts, that are then required under this Section 3, .
Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply
the Funds at the tlme specified under RESPA, and (b) not to excoed the maximum amount a lend.r can
'OQuire-uruleroRESI'A.-l.ender-shall-8Stimal. the amountcnf Funda...due-On the bllSilLOf current data and
reasonable cstimates of expenditures or future Escrow Items or otherwise in accordance with Applicable
Law.
Th. Funds shall be beld in an institution whose deposits are insur.d by a f.deral agency,
instrumentality, or enlity (including Lender, if Lender is an institution whose deposits are so insured) or in
any Federal Home Loan Bank, Leoder shall apply the Funds to pay the Escrow Items no later than the time
specified under RESP A, Lender sball not charg. Borrower for bolding and applying the Funds, annually
analyzing the escroW account, or verifying the Escrow Items, unless Lender pays Borrower interest on the
Funds and Applicable Law permits Lender 10 make such a charg.. Unless an agreement i. mad. in wliling
or Applicabl. Law requires interest to b. paid on tho Funds, Lender shall not be required to pay Borrower
any interest or earnings on the Funds. BOrrowCJ and Lender can agree in writing, howover, that interest
LN, 1002151
....A(F4 ~"'''2
..
~5ol'15
inll\a!S:fu
Form 3010 1/01
Book21938/Page1166
Page 5 of 19
shall be paid on the Funds. Leoder shsll give to Borrower, without charge, an snnusl accouoting of the
FUlids as required by RESF A,
If there is a swplns of Funds held in escrow, as defined ondcr RESFA, Lender shall account to
Borrower for the excess funds in accordance with RESP A, If there is a shortage of Funds held in escrow,
as defined under RESP A, Lender shall notify Borrower as required by RESP A, and Borrower shall pay to
Lender the amount necessary to make up the shortage in accordanc. with RESPA, but in nO more thail 12
monthly payments, lfther.is a deficiency of Funds held in escrow, as defined under REsPA, Lender shall
notify Borrower as required by RESP A, and Borrower shall pay to Lender the amount necessary to make
up the deficiency in accordance with RESPAJ but in no mO.Te than 12 monthly payments.
UpoiLjiliymeilt in full of all slims secured by this Security Instrument, Lender shall promptly refund
to Borrower any Funds held by Lender,
4. Cbarges; Liens. Borrower shall pay all taxes, assessments, charges, fmea, and impositions
attributable to the Property which can attain priority over this Security Instrument, leasehold payments or
ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To
tho extent that these items arc Escrow Items, Bonowcr shall pay them in the manner provided in Section 3.
Borrower shall promptly discharge any lien which has priority over this Security Instrument unless
Borrower: (a) agrees in writing to the payment of the obligation sccured by the lien in a manner acceptable
to Lender, but only so long as Borrower is performing such agreement; (b) coiltests the lien in good faith
by, nr defends against enforcemeot of the lien in, lcgal proceedings which in Lender' a npinion operate to
prevent the enforcement of the lien while those proceedings are pending, but only'until such proceedings
are concluded; or (c) secures from the holder of the lien an agrecment .atisfactoxy to Lender subordinating
the lien to this Security Instrument, If Lender determin.. that any part of the Property is subject to a lien
which can attain priority over this SecUIity Instrument, Lender may give Borrower a notice identifying the
lien. Within 10 days o~ the date on which that notice is given, Borrower shall satisfY the lien or take one or
more of the actions set forth above in this Section 4.
Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or
reporting service used by Lender in connection with this Loan.
5. Property Insurance. Borrowex shaH keep the improvcn'1ents now existing or hereafter erected on
the Property insured against Joss by fue, hazards included within the tenil'1extcnded coverage," and any
other hazards including, hul not limited to, earthquakes and floods, for which Lender requir.. insurance.
'J.1W insurance shall be maintained in the amoonls (including deductible levels) and for the periods that
. b:nder-requir~What Lende!'-requires purl.ant to the preceding sentences can change during the term of
the Loan. The insurance carrier providing the insurance shall be chosen by BorrQwer subject to Lender's
right to disapprove Borrower' a choice, which right shall not be exercised unreasonably. Lender may
requ.lIo Ballower to paYI in connection with this Loan, either: (a) a one-time charge for flood zone
determination. certification and tracking servicesj or (b) a ODe-time charge for flood ZODe detennination
and certificatioD services and subsequent charges each time remappings or simiJar changes occur which
reasonably might affect such determination or certification. Borrower shall also be responsible for the
payment of any fees imposed by the Federal Emergency Management Agency in connection with the
review of any flood zone determination resulting from an objection by Borrower.
LN, 1002151
. -6A{fL) ~.",02
..
Pao08 Of 18
1nI111ll~-&
Form 3010 1/01
Book21938/Page1167
Page 6 of 19
If Borrower' fails to maintain any of the coverages descrlbed above, Lender may obtain insurance
coverage, at Lender's option and Borrowerl s expense. ~el1der is UDder no obligation to purchase any
particular type or amount of coverage. Therefore; such coverage shall cover Lender, but might or might
not protect Borrower, Borrowerl a equity in the Property, or the contents of the Property, against any risk,
hazud or liability and might provide greater or lesser coverage than was previously in effect Borrower
acknowledge. that the "".t of the insurance ""verage ao obtained might significantly exceed the "".t of
insurance that Borrower ""u1d have obtained. Any amount. disbur.ed by Lender ""der this Sectioo 5 sball
become edditional debt of Borrower aecuted by this Security In.lrnmenl, These amounta .hall bear interest
at the Note rate from the date DC disbursement and shall be payable, with such interest, upon notice from
Lender to Borrower requesting paytncnt.
All insurance policies required by Lender and renewaIa of &\Jcb policies sball be ili15ject to Lender'-,'
right to disapprove such policics, shaD include a standard mortgage clause, and shall name Lender qs
mortgagee andlor as an additional 10" payee, Lender sball hsve the rigbt to hold the policies and renewal
certifiClltes. If Lender requires, Borrower .ball promptly give to Lender ali receipts of paid premiums and
renewal notices. If Borrower obtains any form of insurance coverage. not otherwise required by Lender,
for dlUll8.ge to, or destruction of, the Property. such policy- shall include a standard mortgage clause and
shall name Lender as mortgagee and/or as an additionBllolI payee.
In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender
may make proof of loss if not made promptly by Borrower, Unless Lender and Borrower otherwi.e agree
in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender. shall
be applied to restoraticm or repair of the Property, if the restoration or repair is economically feasible and
Lender's security is not lessened. During such repair and restoration period. Lendet shall bave the right to
bold &\Jch insurance proceeds until Lender has had an opportunity to inspect sueb Property to ensure the
work has been completed to Lender's .atisfactlon, provided that such inspection shall be undertaken
promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series
of progress payments IS the work is eompleted. Unless an agreement is made in wriling or Applicable Law
requires interest to bo paid on such insurance proceeds, Lender s~ll not be required to pay Borrower any
Interest or earning. on &\Jch proceeds, Fees for public adjusters, or other third parties, retained by
Borrower .hall not be paid out of the insurance procceda and sliau be the .ole obligation of Borrower, If
the restoration or repair is not economically feasible or Lender'1 security would be lessened, the insurance
proceed. sbalJ be applied to the awns .ecured by this Security Instrument, whether or not then due, with
the execsa, if any, paid to Borrower, Such Insurance proceeds.shalLbe appllediILthc-OIdeLpIO>lidedJoUn___
Section 2.
If Borrower abandons the Property. Lender may file, negotiate and settle any availablo insurance
claim and relsted matters, If Borrower does not respond within 30 days to a notice from Lender that the
insurance carrier has offered to .eltle a claim, then Lender may negotiate Ill1d .ettle the claim. The 30-day
period will begin when the notice is given. In either event. or if Lender acquires the Property under
Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance
proeeeds in an smount not to exceed the smounta ""paid ""der the Note or this Security Instrumen4 and
(b) any other of Borrower' a rights (other than the right 10 any refund of ""earned premiums pald by
Bonower) ""der all insurance policies eovering the Property, insofu as sueb righta are applicable 10 the
coverage of the Properly. Lender may use the insurance proceeds either to repair or restore the Property or
to pay amounts unpaid under the Note or this Security Instrument, whether or not then due.
Llh 1002151
4Dt6A~ 1000S)..02
Book21938/Page1168
F'8ge7011E1
..~.~
Fonn 3010 1101
Page 7 of 19
6. Occupancy, Borrower shall occupy, establish, and usc the Property .. Borrower'. principal
residence within 60 day. after the execution of this Security Instrument and .hall continue to occupy the
Property .. Borrower' a principal residence for at lea,t one year after the date of occupancy, unless Lender
otherwise agrees in writing, which consent shall not be umeasonably withheld, or unless extenuating
ciJcumstances exist which are beyond Borrower' 5 control.
7, Preservation, Maintenance aDd Protection of the Properly; Inspection., Borrower shall not
deslIoy, damage or impair the Property, allow the Property to deteriorate or commit weste on the
Property. Whether or not Sorrower is residing in the Property, Borrower shall maintain the Property in
order to prevent the Property from deteriorating or decreasing in value due to its. condition. Unless it is
detemiined. pili'suuIUCLSectitiIL5-thaf repair or restoration is not economiCally Jeasible, BonowClr shall
promptiy repair the Property if damaged to avoid further deterioration or damage. If insurance or
condemnation proceeds are paid in connection with damage to, or the taking or, the Property. Borrower
shall be rcspon>ible for repairing or restoring the Property only if Lender bas rele..ed proceeds for ouch
purposes. Lender may disburse proceeds for the repairs and Icstoralion in a single payment or in 8 series of
progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient
to repair or restore the Property, Borrower is Dot relieved ofBorrowerls obligation for the completion of
such repair or restoration.
Lender or its agent may inake reasonable entries upon and inspectiOn> of tho Property, If it bas
reasonable cause. Lender may inspect the interior of the improvements on the ProPerty. Lender shall give
Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause.
g, Borrower'a Lean AppUoatlon, Borrower sball be in defeult if, during the Loan application
process, Borrower or any persons or entities acting at the direCtion of Borrower or with Borrower's
knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender
(or failed to provide Lender with material information) in COnilection with the Lean. Material
representations include, but are not limited to, representatlons concerning Borrowe~ s occupancy of tha
Property es Borrower' a principal residence. .
9, Prot..tfon or Lcnder'a Intetest In tbe Property and Rights Under tWa Security Instrument, If
(a) Borrower faila to perform the covenanta and agreement. contained in this Security Instrumen~ (b) there
is a legal proceeding that might aignilicantly affect Lender'. interest in the Property and/or rights under
this Security lnatroment (such as a proceeding in bankruptcy, probate) for condemnation or forfeiture, for
enforcement of a lion which may attain priority over this Security Instrument or to enforce laws or
regulation.), .or {ctBorrower has ebandoned the ProEe!lY,..then Lender may do and pay for whatever is
reason'a~le or appropriate to protect Lcl]deI's interest in the Property and rights under this Security
Instrument, including protecting and/or essessing the value of the Property, and securing and/or repairing
the Property, Lender's action> can include, but are not limited to: (a) paying any sums aecured by a lien
wWch has priority over this Security Instrument; (b) appearing in court; and (0) paying reasonable
attorneys' fee. to proteet its interest in the Property and/or rights under thi. Security Instrumen~ including
its secured position in a bankrupky proceeding. Securing the Property includes, but is not limited to,
entering tho Property to make repairs, change locks, replace or board up doors and windows, drain water
from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned
on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not
under any duty or obligation to do so, It is agreed that Lender incura no liability for not laking any or all
actions authorized Wlder this Section 9.
LN. 1002151
GollA(FLj ~DOS~02
..
InItlllla:
~
Fonn 3010 1101
rag.loIn
Book21938/Page1169
Page 8 of 19
Any amount, di.bursed by Lender under thi, Section 9 .hsJI become additional debt of Borrower
.ecured by this Security InstnlD1ellt. The.e smounts shall bear Interest at the Note rate from the date of
disbuncment and shall be payable, with such jntertst, upon Dotice from Lender to Borrower requesting
payment.
If thi, Securily In'trument is on a leasehold, Borrower shsJI comply WIth a1llbe provi.ions of the
lease. If Borrower acquires f.. title to the Properly, lbe leasehold and lbe fee title .hall not merge unles,
Lender agrees to the merger in writing.
10, MartSase Insn"n.e, If Lender required Mortgege Insurance e, a condition of making lbe Loan,
Borrower ,ball pay the premiums reqnired to maintsin the Mortg'ge Insurance In eO'ect. If, for any reason,
lbe Mortgage Insurance coverage required by Lender ceases to be available from lbe mortgage Insnrer that
previou,ly provided ,nch insurance and Borrower was required to make 'epar'tely desigIlllted paytllCtll'
toward lbe premiums for Mortgage Insurance, Borrower ,ball pay lbe premiums required to obtain
coverage substantially equivalent to lbe Mortgage Insurance previously in effect, ,t , eo,t .ub'tantiall)'
equivalent to the co,t to Borrower of the Mortg'ge In,urance previously in eO'ec~ from an alternate
mortgago insurer selected by Lender. If substantially equivalent Mortgage InSurance coverage is not
avsilable, Borrower ,hall continue to pay to Lender lbe smount of the ,eparately designeled p'yments that
were due when the insurance coverage ceased to be in effect. Lender wit} accepti use and retain these
payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss rcserve shall be
non-refundable, notwithatanding the fact that tha Loan is ultimately paid in full, and Lender ,ball not be
required to pay BorrowCI any intereSt or earnings on such 105s reserve. Lender can no longer require loss
reserve paymcDts if Mortgage Insnrance coverage (in the amount and for lbe period lbat Lender requires)
provided by an insurer aeJected by Lender again becomes available, is obtained, and Lender requires
separ'tely de'ignated paymeDt'towsrd the premiums for Mortgage Insurance. IfLeDder required Mortgage
Insursncc as a condition of making the Loan and Borrower was required to mAke separately designated
payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to
maintain Mortgage Insurance in effect. or to provide a Don.refundablo loss reserve, until Lende~ s
requirement for Mortgage Insurance ends in accordance with my written agreement, between BorrowCl' and
Lender providing for ,uch termination or UDtil termination i, required by Applicable Law. Nothing iD this
Section 10 affects Borrowe~s obUgation to pay interest at the rate provided in lbe Note,
Mortg'ge Insurance reimburses Lender (or any entity that purchases lbe Note) for certain 10.... it
may incur jf Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage
Insurance.
Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may
enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements
are on terms and conditions that arc satisfactory to.the mortgage insurer and the other party (or parties) to
thcse....agre.emcnts. These agreements may requlI;e the mort~g~J~.surer to make payments using ,any source
of fuoda th,t the mortgage in,urer may have available (which may include funds optaincd from Mortgage
Insurance premiums).
As a result of these agreements, Lender. any purchaser of the Note, another insurer, any reinsurer.
any other eDlily, or any affiliate of any of the foregDing, may receive (dircctly or indirectly) smOUDts that
derive from (or might be characterized as) a portion of Borrower', payments for Mortgage In,urance, in
exchange for sharing or modifying the mortgage insurer' 5 risk, or reducing losses. If such agreement
provides that an affiliate of LeDder takes , abare bf tha insurer's ri,k in exchange for a share of the
premiums paid to tho insUlcr, the mangelIlCllt is often termed "captiVD reinsUrance." Further:
(a) Any ,uch all"eemanta wlll Dot aO'ect the ameunts that Borrower has agreed to pay for
Mortgage Insurance, or any other terms of the LOBn. Such agreements wiD Dot Increase the amount
Borrower will owe for Mortgage Insurance, and they win not entitle Borrower to any refund.
LN. 1002151
cD .6A(FLl ~oo..e'
..
Book21938/Page1170
~llol'16
lritlBlS;~
Fonn 3010 1/01
Page 9 of 19
(b) Any ,ucb agreements wUI not arreet tbe rlgbts Borrower bas - If any - wltb respect to tbe
Mortgage Insuran<< under the Homeowne.. Protection Ad of 1998 or any otber law, These rlgbts
may Include tbe right to receive .:ertaln dlstlo$ures, to request and abtaUI cantelIatlon of the
Mortgage Inlurance, to have the Mortgage Insurance terminated automatically, and/or to retelve a
refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or
termination.
11, Assignment of MiseeUaneou, Proceed.; Forfeiture, All Mi,ceUan.ous Proc.eds arc hereby
assigoed to and shaD b. s=.~ Lender,
If the Property is ed, sucb Miscellaneons Proce.ds shall be appli.d to restoration or repair of
the Property, if the restoration or repair is economically feasible Ill1d Lender's security is Dot lessened.
During sueb repair and restoration period, L.nder ,ball bave the rigbllo hold such M.~.ceUaneous Proceeds
until Lender bes bad an opportunity 10 inspect such Property to .osurlHbe-viorlo-bss-bee'Homploted-lo-
Lender's satisfsction, provided thst such in,pection shall be undertaken promptly. Lender may p.y for the
repairs and restoration in a single disbursement or in a series of progress payments as the work is
completed, Doles. an agreement is made in writing or Applicabla Law requires interest 10 be paid on sucb
Miscellaneous Proceeds, Lender sb.1l not be required to p.y Borrower any intere.t or caming. on .ueb
Miscellancous Proceeds. If the restoration or repair is not economically fei&iiblc or Lender1 s security would
be lessened, lb. MisceUaneous Proceeds .b.n be aPl'lied to Ibe sums .cc:ured by Ibis Secw:ity Instrumen~
wbether or not then due, with the excess, if any, pald to Borrower, Sucb Miscellaneous Proceeds sball be
.pplied in the crder provided for in Section 2,
In the event of a total taJc:ing, destruction, or loss in value of the Property, the Miscellaneous'
Proceeds shall b. .pplied 10 Ibe sums secured by Ibi. Security Instrument, whelber or not Iben due, with
the excess, if any, paid to Borrower. .
In the event of a partial taking, destruction, or loss in value of the Property in which Ibe fair market
value of the Property immedi.tely bafore the parti.llsking, destruction, or loss in value i. equal to or
gre.ter than the amount of the sums .ecured by this Security Instrument immediately before the parti.1
taking, destruction. or loss in value, unless Borrower and Lender otherwise agree in 'writing, the sums
secured by Ibis Security Instrument sball be reduced by the amounl of Ibe Mi,cellaneou. Proceed.
multiplied hy the following fr.ction: (.) the total amount of the sums .ecured immediately before Ibe
partial taking, de.truction, or loss in vatue divided by (b) Ibe fair mnrket value of the Prop.rty
immedi.lely before Ibe partial taking, destruction, or loss in value, Any balance sbs1\ bel'aid 10 Borrower,
In the event of a partial taking, dcatruction, or loss in value of the Property in whicb the fair market
value of tb. Property immedi.tely bafore Ibe partial tsking, destruction, or loss in value i. less than the
amount of the sums secured immediately before the partial takin& destruclio~ or loss in value, unless
Borrower and Leader otherwise agree in writing, the Miscellaneous Proceeds sball be applied to tbe sums
.ecured by Ibi. Security Instrument wbether or not the sums are then du.,
If the Property is abandoned by Borrower, or if, after:i1once by Uifdcr fo BOrrower thaCthe
Opposing Party (as defined in \lie next sentence) offen 10 make an .ward 10 .etlle a ctaim for dsmages,
Borrower fails to respond 10 Lender within 30 d.y. after the date the notice i. given, Lender is .uthorized
to collect and apply Ibe Miscellaneou. Proceeda either to restoration or repair of tbe Property or to the
.ums .ecured hy Ibis Scourity Ins1nnncnt, whether or not tben due, "Opposing Party" mean. the third party
that owes Bonower Miscellaneous Proceeds or the party against whom Borrower has a right of action in
regard to MiscellaIicous Proceeds.
Borrower shall b. in default If any .ction or proceeding, whether civil or criminal, is begun tbs~ in
Lender's judgment, could result in forfeitura of the Property or other material impainnent of Lender',
inlerest in the Property or rights under Ibi. Security Instrument. Borrower can CDr. .ucb . daf.ult and, if
....ler.tioa bas ocx:urred, reInstate as provided in Section 19, by causing Ibe action or proc:eeding to b.
di.IDissed with. ruling tbs~ in Lender's judgmenl, preclndes forfeiture of the Property or other material
impairment of Lender'. inlerest in Ihe Property or rights under Ibi. Security Instrument. The proceeds of
LN, 1002151 ~
1nl\1B!s:
G..uA(FL) [OOOtil.02 Pilgl10d16 Form3010 1101
..
Book21938/Page1171
Page 10 of 19
any award or claim for damages that are- attributable to the impairment of Lender's inl",est in tha Property
are hereby assigned and shall be paid to Lender.
AU Miscellaneous Proceeds that are not applied to resloration or repair of the Property shall b.
applied in tha ord", provided for in Section 2,
\2, Borrower Not R.leased; Forbearance By Lender Not a Waiver, Exlension of tha time for
payment or modification of amortization of tho sums secured by this security Instrumenl granted by Lender
to Borrower or any Successor in Intercst of Borrower shall Dot operate to release the liability of Borrower
or any Successors in Interest of Borrower. Lender shall Dot be required to commence proceedings against
any Suceessor in Interest of Borrower or to retuse to exlend time for payment or otherwise modity
amortizatiOJl of tho swm secured by thla Security Instrument by reason of any demand made by the original
Borrower or any Successors in Inletesl of Borrower, Any forbearance by Lend", in .xerqisi!>s any ri~bt or
remedrineludlng, -without-Jimitation,--{,end.cscacceplance.oof payments-from third- persons, entities or
Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or
preclude the exorcise of any rigbt or remedy,
13, Joint and S.veral L1abWtyl Co-slgnersl Successors and Assigns Bound, Borrower covenanls
and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who
co~&igns this Security Instrument but does Dot execute the Note (a "co.signer"): (a) is co-signing this
Security Instrument only to mortgag., grant and conv.y Ihe co-signer's interesl in the Property under tho
lellDS of this Security Instrument; (b) is not personally obligated 10 pay the swm secured by thla Security
Instrum.nt; and (c) agrees that Lender and any other Borrower can agre. to extend, modify, forb.... or
make any accommodationa with regard to tha terms of this Security Instrument or the Nol. without the
co~signer' s consent.
Subject to the provisions of Section 18, any Successor in Interest of Borrower who asswnes
Borrower's obligations under this Security h1strument in writing, and is approved by Lender) shall obtain
all of Borrower's rights and benefils under this Security Instrument. Borrower shall not be released from
Borrower's obligationa and liability under lhia Security Instrumeill unless Lender agrees to soch reloase in
writing, The covenants and agreements of this Security Instrument shall bind (except ss provided in
Section 20) and benefit the successor. and assigns of Lender,
14, Loan Cbarges, Lender may charge Borrower fees for services p.rformed in connection with
Borrower's default, for tho purpose of protecting Lender' a Interest in the Property and righla under this
Secwity Instrument. including, but not limited to, attomcys' fees, property inspection and valuation fees.
In regard to any other fee.. tho absence of express anthority in this Security Instrnlhent to cbarge a specific
fea to Borrower shall Dol be constrned as a prohibition on the cbarging of such fee, Lender may not cbarg.
fees that are axpressly prohibited by this Seeurity Instrument or by Applicabl. Law.
If the Loan is subject to a law which sets maximwn loan charges, and that law is finally interpreted so
that the interest or other lOID charg~ coll<<:ted or to be collected.in connection with the Lom exceed the
permitted lilDits, then: (a) any sucb Ioim cbarge shall be reduced by the amouilt necessary to reducetJi;;
charge to tho p.rmitted limit; and (b) any swm already collected from Borrower whicb .xceeded permitted
limits will be refunded to Borrower, Lender may choos. to make this refund by reduclns th. principal
owed under the Note or by making a direct payment 10 Borrower. If a refund. reduces principal, the
reduction \vill be treated as a partial prepayment without any prepayment cbarge (wbether or not a
propaymen' cbarg. is provid.d for under the Not.). Borrower's acceptance of -any auch refund mad. by
direct payment to Borrower will constitute a waiver of a>>.y right of action Borrower might have arising out
of such overcharge.
IS, Nollces, All notices given by Borrower or Lender in connection with thla Seeurlty Instrument
must b. in writing, Any notice 10 Borrower in connection with thla Security Instrument shall he deemed to
have been given to Borrower when mailed by first class mail or when actually deJivucd to Borrower' &
notice address if sent by other means. Notice to anyone Borrower shall constitute notice to aU BortQwcrs
LN. 1002151
GL..sA(A.) (O005}.02
Book21938/Page1172
Pa001tDl'lIl
mo...~
Form 301 0 1101
Page 11 of 1 9
unless Applicable Law expressly requires otherwise. The notice address shall ba the Property AddIea.
unless Borrower bas designated a substitute notice address by noticc to Lender, Borrower sball promptly
notify Lender of Borrower's change of address. If Lender specifies a procedure fOI reporting Borrower's
change of adeli..., then Borrower .ball only report a cbange of address througb thai specified procedure.
There may be only one designated notice address under this Security Instrument. at any ODC time. Any
notice to Lender sba11 be given by delivering it or by mJiling it by first class mail to Lendet s address
stated berein unless Lender has designated another address by notice to Borrower, Any notice in
connection with this SC<U1'ity Instnunent sba11 not be deemed to have been given to Lender until actually
received by Lender, If any notice required by this Security Inslrument is also required under Applicable
Law, the Applicable Law requirement will satisfY the corresponding requirement under this SC<U1'ity
Instrument,
16, GovernIng Law; Severabillty; Rules of Conslructlon, Thi. Security Instrument .ball be
governed by fedcrallaw and the taw of the Jurisdiction in which the Property is located. All rights and
oblig.tion. contained in this Security Instrument are subject to any requirement. and limitations of
Applicable Law, Applicable Law might explicitly or implicitly allow the partie. to agree by contr.ct or it
migbt be silen~ but such silence sball not be construcd as . prohibition against agrccrncnt by contract, In
the event that any provision 01 clause of this Security lustrument or the Note conllicts with Applicable
Law, such coi1f1ict shall not affect other provisions of this Security Instrument 01 the Note which C8Ii be
given effect without the conl1icting provision,
A. used in this Security hiBtrumenl: (a) words of thc masculine gender sb.ll mean and includc
corresponding neuter words 01 words of the feminine genderj (b) words in the singular shall mean and
include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to
take any action.
17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument
18. Transfer of the Property or a Beneflelal Interest in Borrower. As used in this Section 18.
"Interest in the Property" means any legal or beneficial interest in the Property, including, but Dot limited
tOI those beneficial interests tranaf"erred in a bond fat deed, contract for deed. installment sales contract or
escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser.
If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower
is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender 8 prior
written consen~ Lender may require immediate p.yment in full of all sums secured by this Security
Instrument. HOIYever, this option sball nol be exercised by Lender if sucb exercise is probtbited by
Applicable Law,
If Lender exercises this option, Lender shall give Borrower notice of acceleration. Tho notice shall
provide a period of Dot less than 30 days from the date the notice is given in acco~dance with Section IS
within wlliclr-Borrower must-p.y an-sums .ecuredoby-this Security-Instnunent. If Borrower fails to pay
these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this
Security Instrument without further notice or demand on Borrower. .
19. Borrower's Right to ReInstate Arter AcceleratIon. If Borrower meets certain conditions.
Bonower shall have the right to have enforcement of this Secmity Instrument discontinued at any time
prior to the earliest at: <a) five day. before .ale of the Property pursuant to any power of sale contained in
this Security Instrumen~ (b) such othcr period as Applicable Law might specifY for the terminotion of
BorrolYct s right to reinstate; or (c) entry of . judgment enforcing this Security Instrument. Those
conditiona are thai BorrOlYer: <a) pays Lender all sums which then would be due under this Security
Instrument and the Noto as ifno acceleration had occurred; (b) cures any default oC any other covenants or
agreements; (c) pays all expenses incurred in enforcing this Security lustrumeo~ including, but not limited
to, reasonable attorneys' feesl property inspection and valuation fees, and other fees incurred for the
LN. 1002151
Oe -8A(Flj ~O"~02
Paao12 af 16
.....--ill--
fonn301D 1101
Book21938/Page1173
Page 12 of 19
pUIpose of protecting Lende~ s interest in the Property and righlll under thi. Security Instrument; and (d)
takes such action as Lender may reasonably require to assure that Lendcr' II interest in the Property and
rights under this Security Instrument, and Borrower's ohligation to p.y the sums aecured by this Security
Imtrument, shall continuo unchanged, Lender may require that Borrower pay .uch reinsllltement sums and
expenses in one or more of tho following forms, as selected hy Lender: (a) cash; (h) money order; (c)
certified check, baDk check, treasurer'. check or cashier's cheek, provided any .uch check is drawn upou
an institution whose deposits sre inrurcd by a federal sgency, instrumentality or ontity; or (d) EleclJonic
Funds TransFer, Upon reinstatement by Borrower, thi. Security Imtrument and obligations secured hereby
ahall remain fully effective as jf no aeceleration h.d occurred, However, thia right to reinstate shall not
apply in the case of acceleration under Section 18. .
20, Sale of Note; Cbange of Loan Servicer; Notice of Grievance. The Note or a partial~interest in
the Note (together with this Security Instmment) can be sold one or mote times without prior notice to
Borrower, A sale might result in a chango in tho entity (known as the 'Loan Serviecr') that collect.
Periodic p.yment. due under the Note and thi. Security Imtrument and perfOO'llll other mortgage loan
servicing obligations under tho Noto, this Security Imtrumen~ and Applicable Law. There also migbt be
one or more changes of the Loan Servlcer unrelated to a sale of the Note. If there is a change of the Loan
Servicer, Borrower will be given written notice of the change which will state the name and address of the
new Loan Servicer, the address to which paymenlll should be made and any other information RESPA
requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is
SCIviced by a Loan Servicer other than tho purchaser of the Note, tho mortgsge loan servicing obligations
to Borrower will remain with the Loan Servicer or be transfcrred to a successor Lo~ Serviccr and are not
assumed by the Noto purchaser unless otherwise provided by the Note purchaser,
Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either 8D
individual litigant or the member of a etass) that ari... from the other party's actions pursuant to thi.
Security Imlrumenl or that aUeg.. that the other party has breached any provision of, or any duty owed by
reason of, this Security Imtrumen~ until such Borrower or Lender has notified the other party (with such
notice given in compliance \vith the rcquiremenlll of Section 15) of .uch aUeged breach and afforded the
other party hereto a reasonable period after the giving of such notice to take corrective action. If
Applicable Law provides a tlmo period which must elap'" beFore certain action can be taken, that time
period will be deemed to be ressonable for pUIpose. of this paragr.ph. The notice of acceleration and
opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to
---Borrower pursuant to Section 18 shall be deemed to satist)> the no.tice~lUid opportunity-to tako correctivo
action provisions of this Section 20.
21. Hazardous Substances. As used in this Section 21: (8) "Hazardous Substances" are those
substances defined as toxic or hazardous substances, pollutants, or wBStcs by Environmental Law and tho
following substances: gasoline, kerosene, other flaIi1mable or toxic petroleum products, toxic pesticides
and herbicides, volatilo solvents, materials containing asbestos or formaldehyde, and radioactive materials;
(h) 'Environmental Law" means federal law. and law. of the jurisdiction where tho Property i. located that
relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response
BCtiODt remedial action, or removal action, as defined in Environmental LaWj and (d) aD "Environmental
Condition" means B condition that can cause, contribute to, or otherwise trigger aD Environmental
Cleanup,
LN. 1002151
CD! "A(R) ~OO"D2
..
WUIII':~
Form 3010 1/01
Pll;a13 01 HI
Book21938/Page1174
Page 13 of 19
Borrower shall not cause or permit the presence, use, disposal, storage. or release of any Hazardous
, Substances, or threaten to release any Hazardous SUbstances, on or in the Property. Borrower shall not do,
nor aUow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental
Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or relea.e of a
Hazardon. Substance, creates a condition that adver.ely affects the value of the Property, The preceding
two sentences shill not apply to the presence, use, Dr .tomge on the Property of sma1I quantities of
Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to
mamlCDance of the Property (Including, bul not limited to, hazardous substances In consumer products).
BOrrower shill promptly give Lender written notice of (a) any Investigation, ctaim, demand, lawsuit
Of i>thCt:aclilllLby_any_gffili:iilIDClitaLor i'egu);torY.agen>y Dr privat~Ii~ involving the Property and any
Hazardous Substance or Environmental Law of which Jlorrower lias actual knowledge, (b) any
Environmenlal Condition, including but not limited to, any spilling, leaking, discharge, release Dr threat of
release uf any Hazardous Substance, and (c) any condition caused by the presen.., use or release of a
Hazardou. Subslance which adversely affects the value of the Property, If Jlorrowerlcams, or is notified
by any governmental or regulatory authority, or any private patty, that any removal or other remediation
of any Hazardous Substance affecting the Property i. necessary, Jlorrower sball promptly take all necessary
remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on
Lender for an Environmental Cleanup.
NON-UNIFORM COVENANTS, Borrower and Lender further covenant and agree as follow;:
22. AcceleratloD; Remedies. Lender shall give notice to Borrower prior to acceleration following
Borrower's breach of any covenant or agreement In tbls Security Instrument (but not prior to
acceleration under Section 18 unlea. Applicable Law provides otherwlsa), The notice .ballopec:lfy:
(a) Ibe default; (b) the action required to cure the default; (c) a dale, nolI... than 30 days from the
date the notice fs BIven 10 Borrower, by which tha default must be cured; and (d) that fallnre to cure
the default on or before Ihe date ,pecilted in the notlee may reaUlt In acceleratton of the sum. ,ecured
by Ihi. Security Instrnment, foredosure by Judldal proceedlug and sale of Ihe Property, The notice
shall furtber Inform Borrower of the rlgbt to reinstate after acoderatlon aud tbe righl to assert In Ihe
foreclosure pro~eedlDg the non-existence of a default or any other defense of Borrower to acceleratlon
and fareclo,ore, If the default fa not cured on or hefore the date ,peclfied In Ihe notice, Lender at its
option may require Immediate payment In full of all sums secured by thfa Security Instrument
without further demand and may foreclose this Security Inltrument by Judicial proceeding, Lender
--=ahall-be entltled-t<H:ollect-all-e.pensea~nou.....Un pursulng..the remedtcs..p'Ol'lded IlLthlLSection 22,
including, but not limited to, reasonable attorneys' fees and costs of title evidence.
23. Release, Upon payment of all awns secured by this Security Ins1rumcnt, I,ender shall release this
Security Instnnncnl. Borrower ,ball pay any recordetion costs, Lender may ehaige Borrower a fee for
releasing thi, Security lns1rumen~ but only if the fee is paid to a third party for services rendered and the
charging of the fee fa permitted under Applicable Law,
24, Altorneys' F..., As u,ed in this Security Instrument and the Note, attorneys' fees sball include
those awarded by an appellate court and any ettorneys' f... incurred in a bankruptcy proceeding,
25, Jury Trial Waiver. The Borrower hereby waives any right to a trial by jury in any action,
proceeding. claim, or coWlterclaim, whether in contract or tort, at law or in equity. .arising out of or in any
way related to thi. Security InslIumcnt or the Note.
LN, 1002151
G-llA(F4 .OO'~02
..
WlI1ll5:~
Fonn 3010 1101
Pag.,4 01 18
Book21938/Page1175
Page 14 of 19
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this
Security loslr\lIDenl and in any Rider executed by Borrower and recorded with it, .
Signed, scaled and delivered in the presence of:
~Wjtnc:ss
-Witness
LN. 1002151
~-8A(R.)(U005).02
Book21938/Page 1176
(Seal)
-Borrower
(Address)
(Seal)
.Borrower
(Ad"'",)--
(Seal)
-Borrower
(Add,...>
~a..
(2
(Seal)
.Borrower
PlUTH DICKBNS
609 NH 2ND TBRRAeH
BOCA RATON, PI. 33432
(Address>
(Seal)
-Borrower
(Address)
(Seal)
-Borrower
(Address)
(Seal)
-Borrower
(Addreas)
(Seal)
-Borrow~
(Ad"''''>
F'&g.15 D! 11S
F0I1l13010 1/01
Page 15 of 19
STATE OF FLORIDA,
The foregoing instnw'~ N'l 'f.knf~~~~ )?ofore me this
FAITH DICKBNS I t\ vI, J lGlUlYUI}
County ssfolM ~aciJ
by
who is personally known to me or who has produced PI ' '1Jr i \l'O"'S Li
,
as identification.
AHIllINEnE D.I.EGORA
~'D02138S3
hdMlILlI~~~.
LN, 1002151
~.6AtFL) (O005).D2
P'aOlIlllol'16
I~W-
Form 3010 1101
Book21938/Page1177
Page 16 of 19
.
.
NOTE
JUNE 21, 2007
[Dol']
BOCA RATON
[Cil)')
FLORIDA
[Slllt~]
1966 NE 5TH STREET <<206
BOYNTON BEACH, FL 33435
(propcrtyAddress]
1. BORROWER'S PROMISE TO PAY
In return for a loan that I have received, I promise to pay U,S, $155,000,00
plus interest, to the order of the Lender. The Lenderis LIBERTY HONE LiiNDING,
(this tunounl is called "Principal"),
INC" A FLORIDA CORPORATION
I will make all payments under this Note in the form of cash, check or money order.
I understand that the Lender may transfer this Nole. The Lender or anyone who takes this Note by transfer OIld who is
entitled to receive payments under this NOfe'is called thifuN"otoHolder,n
2, INTEREST
Interest will be charged on unpaid principal nntil the full amount of Principal has been paid, I will pay interest at a yearly
rate of 6.500%,
The interest rate required by this Section 2 is the rate I will pay both before and after any default described in Section 6(B)
of this Note.
3, PAYMENTS
(A) Time and Place of PAyments
I will pay principal and interest by making A payment every month.
I will make my monthiy payment on the 1. t day of each month beginning on AUGUST 1, 2007 . I will
make these payments every month until I have paid all of the principal and Interest and any other charges described below that I
may owe under thi, Note, Each monthiy payment will be applied es of its scheduled duo dat. and will be applfed to Interest
before Principal. If, on JULY 1, 2037 , I still owe amounts under this Note, I will pay those 11InQunts in full on
that date, which is called th6 lIMaturity Date. II
I will make my montWy payments at 568 Yl\)lATO ROAD, 2ND FLOOR
BOCA RATON, FL 33431 orat a different place if required by the Note Holder.
(B) Amount of Monthly Payments
My montWy payment will beln the amount ofU,S. S 979,71
4. BORROWER'SRIGHTTOPREPAY
I have the right to make payments of Principal at any time before they are due. A payment of Principal o~ly I, !mown as a
llPrepaymcnt.11 When 1 make a Prepayment, I will te11 the Note Holder in writing that I am doing so. I may Dot designate a
payment as a Prepayment If! have not made all the monthly payments due under the Note.
I roay make a full Prepayment or partial Prepayments without peying a Prepayment cbarge, The Note Holder witl use my
Prepayments to rednce the amount of Principal that I owe under this Note, However, the Note Holder may apply my
Prepayment to the accrued and unpaid interest on the Prepayment amoun~ before applying my Prepayment to reduce the
Principal amount of the Note. If I make a partial Prepayment, there will bo no changes in tho due date or in the nmoWlt of my
montWy paymeot unless the Note Holder agrees in writing to those changes,
LN. 1002151
FlORIDA FIXED RATE. NOTE-Single Family-Fannie MaefFreddle Mac UNIFORM INSTRUMENT
llm1l.5N(FL) (0005) Form 32101/01
CD VMPMORTGAGEfOR/.lS'{flOO)521'12g~
Pa~o1 013 tnUltlls,:
.
.
5. LOAN CHARGES
If a law, which applies to this loan ond which sets mnximum loon charges, is finally interpreted so that the interest or other
lo!U1 charges collected or to be collected in connection with this loan ext:eed the permitted limits, then: (a) any such loan charge
shall be reduced by the amount necessary to reduce the cbarge to the permitted limit; ond (b) any sums already collected from
me which exceeded permitted Jimlts wll1 be refunded to me, The Note Holder may choose to moke this refund by reducing the
Principal I owo.under this Note or by making a direct payment to me. If a refund reduces Principal, the reduction will be treated
3S a partial Prepayment.
6, BORROWER'S FAILURE TO PAY AS REQUIRED
(A) bate Charge ror Overdne Payments
If the Note Holder has not received the full amount of ony monthly payment by the end or 15 calendar days
after the date It i. due, I will pey a tate charge to the Note Holder, The amount of the charge will be 5.000 % of
my overdue payment of principal and interest. I will pay this late cbarge promptly but only once on each late payment.
(B) Derault
If! do not pay the full amount of each monthly payment on the date it is due, I will be in defeuIt,
(C) Nnttce .r Derault
If I am in default, tlie Note Holder may send me a written notice telling me that if I do not pay the overduo ornount by a
certain da'e, the Note Holder may require me to pay immediately the full amount of Principal which has not been p.ld and all
the interest that I owe on tlmt amount. Thet date must be at I..st 30 days after the date on which the notice is mailed to me or
delivered by other means.
(D) No WaIver By Note H.lder
Even if, at . time when I am In default, the Note Holder does not re<luke me to pay immediately in full as described
above, the Note Holder will still have the right to do so if I am in default at a later time.
(E) Payment .r Note Holder's Costs and Expenses
If the Note Holder has required me to pay immediately in full as described above, 'he Note Holder will bave the right to
be paid back by me for all of its costs and expenses in enforcing this Note to the extent not prohibited by applicable law, Those
expenses includej for example, reasonable attorneysl fees.
7, GMNG OF NOTICES
Unless applicable law requires a different method, any notice that must be given to me under this Note wlll be given by
delivering it or by meiling it by first cl.ss mail to me .t the Property Address above or at a different address if I give the Not.
Holder a notice or my different address,
Any notice that must be given to the Note Holder under this Note will be given by delivering it or by mailing it by first
class meil ro the Note Hold.r at th. address stated In Section 3(A) above or et a different address ir I am given a notice of that
dirfereat address,
8, OBLIGATIONS OF PERSONS UNDER TIDS NOTE
If mnre than one person sigus this Note, each person is fully and personally obligated to keep ell of the promises mede in
this Note, including the promise to pay the fiul amount owed. Any person who is a guarantor, surety or endorser of this Note is
also obligeted to do these things, Any person who tokes over these obligations, including the obligations of a guarantor, sur.ty
or endorser of tbis Note, is also obligated to keep all of the promises made in this Note. The Note Holder may enforce ita rights
under tbis Noto against each person individually or against all of us together. This mems that anyone cfus may be required to
pay.1l of the amounts owed under this Note,
9, WAIVERS
I and any other person who bas obligations under this Note waive tho righ1s of Presentment and Notice of Dishonor.
npresenbnent" means the right to require tho Noto Holder to demand payment of amounts due. I'Notice of Dishonor" means the
right to require the Noto Holder to give notice to other persons that amounts due ba.ve not been paid.
LN: 1002:1.51
G -SN(FL) (00"1
..
Puge201'3
Form32~
/n!uo!,:~,
.
.
10, UNIFORM SECURED NOTE
This Note is a uniform instrument with limited variations in some jurisdictions. In addition to the protections given to the
Note Holder under this Note, a Mortgage, Deed of Trust, or Security Deed (the "Security Instrumen~'), dated the same date as
this Note, protects the Note Holder from possible losses which migbt result If I do not keep the promises which I make in this
Note, That Security Instrument describes how and under what conditions I may be required to make immediste payment in full
of all amounts I owe under this Note, Some oftbose conditions are described ss follows:
If all or any psrt of the Property or any Interest in the Property js sold or transferred (or if Borrower f;
not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written
consent, Lender may require immediate payment in full of all sums secured by this Security Instrument,
However, this option shall not he exercised hy Lender if such exercise is prohibited by Applicable LOw,
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall
provide a period of not less than 30 days from the date the notice is given in accordance with Section IS
within which Borrower must pay all sums secured by this Security Instfument, If Borrower fails to pay these
sums prior to the expiration of this period, Lender may invoke any remedies permitted hy this Security
Instrument without further notice or demand on Borrower.
11. DOCUMENTARY TAX
The state documentary tax due au tbis Note has been paid on the mortgage seculing this indahtedoess,
WITNESS THE HAND(S} AND SEAL(S} OF THE UNDERSIGNED
~ (?,-
FAITH DICKENS
(Seal)
-Borro....'Ct
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borro'\\"Or
(Seal)
~Borrower
(Seal)
-Borrower-.
(Seal)
-Borrower
(Seal)
-Borrower
[Sigll Orlgillal Only]
LN. 1002151
~ .5N(FL) (0005)
"
Pi:I~1l3 Df3
Form 3210 1/01
~1~~Y~T8~ eRA
iii East Side"'West S'lde"'Seas'lde Rena'lssance
Budget Meeting
Thursday, September 24, 2009
Table of Contents
Paaes
Budget Overview
A1
General Fund
1.14
Project Fund
15 . 20a
Debt Service Fund
21 .23
BOYNTON BEACH CRA
BUDC3I:!T SUMMARY
FUNDS AVAILABLE FOR PROJECTS/PROGRAMS
FY 2008.2009
Bud et
6.4553 6.763
3.7811 4.344
$ 6,993,122
174,828
$ 8,300,000 $ 6,818,294
1,287,500 926,700
9,587,500 7,744,994
365.000 $
3,400,000
867,629
99,805
600.000
100,000
500.000 239,628
100.000
400 000
4,265,000 2407,062
$ 1~lf521l00 $ 11115056
$ 3,066,581 $ 3,119,526
2,527,000 2,186,723
1,287500 926 700
6,881,081 6,232,949
$ 6,971,419 $ 3,919,107
Prior Year Programs -In
Process
$ 1,716.279 $867 629
0 600 000
0 100,000
700,000 239 628
FY 2009-2010 Programs
2 000 000 228 680
300 000 0
475,345 396 325
734 795 438 040
270,000 294,000
390 000 150000
0 100 000
160.000 199 805
0 100,000
75000 105,000
75 000 50 000
75000 50 000
6,971,419 3,919,107
$ $
Assessed Valuation Reduction = 11 % FY 08-09
Assessed Valuation Reduction = 19% FY 09-10
Millaoe Rates
City
County
Projected TIF
TIF True Up
Total TIF Revenue
Marina Revenues
Sub-Total
Other Fundino Sources
Miscelianeous Income
Encumbered Funds
Encumbered Funds - HOB Project
Project Fund Roliover - RIPS
Proceeds from Sale of Property - Oceanbreeze Lots
EncumberedProject Fund - CRALLS Transfer
Encumbered Bond #2 Proceeds
Project Fund Roliover - FY 06/07
Project Fund Balance Roliover
Total Other Funding Sources
TO<<JIReV$l1llt8 and Fundll1g Sc:tllrce$
Less: Ooeratlno Exoenses and Debt Service
Debt Service
eRA Fixed Operating Expenses
Marina Operating Expenses
Sub-Total Operating Expenses
HOB Pro'ect
HAP - Oceanbreeze
HAP - CRALLS Fundin
HAP - Bond #2/RTG Lots
Marina Redesi n/Construction
4th Street
Police
Trolie
S ecial Events
Desi n & En ineerin
Direct Incentive Fundin A rmt.-The Preserve
Grants - RIP
Ca ita I Ac uistion Roliover FY 06-07
Grants - Commercial Fa ade
Le al-Pro'ect Based
Site Work & Demolition
Total
SURPLUS/DEFICIT
Page A1
FY 2009-2010 - Boynton Beach eRA - Revenues &
Other Funding Sources
Other Funding
Sources- $2,407,062-
24%
Marina Revenues
$926,700 - 9%
i1Tax Increment Funds
. Marina Revenues
o Other Funding Sources
(Encumbrances & Rollover)
Tax Increment Funds
$6,818,294 - 67%
FY 2009-2010 - Boynton Beach eRA - Expense
Budget - All Funds
General Government
$2,209,796 - 22% ~
Debt Service
;$3,119,526 - 31%
Salaries & Benefits
$903,627 - 9%
\
. Debt Service
. Project Fund
o Salaries & Benefits
I D General Government
Project Fund
$3,919,107 - 38%
BOYNTON BEACH eRA
FUND BALANCE - GENERAL FUND & PROJECT FUND
Fund Balance Reserved I Unreserved General Fund Capital Project Fund
Fund Balance at Sept. 30, 2008 $ 6,689,107 $ 1,433,519
Reserved - Note Receivable 100,000
Reserved - Prepaids 4,000
Reserved- Debt Service
Reserved - Capital Projects 718,958
Reserved- Encumbrances 436,504 714,561
Unreserved Fund Balance at Sept. 30, 2008 6,148,603
Encumbrances-FY 07/08
Encumbrances-FY 08/09 (423,394) (2,852,800)
Surplus (Deficit) - Estimated (3.937,873) 3,515,237
Estimated Unreserved Fund Balance at Sept. 30, 2009 $ 1,787,336 $ 662,437
Boynton..SeaenCM
General Fund - Bud etSumma
T
2009-2010 Proposed vs. 08-09
2008-2009 Proposed Increaser Decrease
DOD\.# I REVENUES Estimate Bud et Amount %
01-41000 Tax Increment Revenue (T.I.F.) $ 8,315,313 $ 6,818,294 $(1,481.706) -18%
01-42115/42117 Marina Rents & Fuel Sales 975,300 926,700 $ (360,800) -28%
01-48100 Miscellaneous Income 64,000 $ (15,000) -100%
01-46100 Interest Income 38,000 $ (50,000) -100%
Total Revenues 9,392,613 7,744,994 (1,907,506) -20%
Other Fundino Sources
01-49100 Fund Balance Appropriation 3,400,000 3,400,000 $ (3,400,000) -100%
Total Revenues & Other
Funding Sources $ 13,052,500 $12,792,613 $7,744.994 $ (5,307,506) -41%
2009.2010
I eXPSNSES 2008-2009 Proposed
OeD\.# Pao. Deoartment Name Estimate Bud et
01.51010 2 CRA Board $ 16,200 $ 49,750
Staff Overhead
01-51230 3 Executive Department 274,627 274,627 266,955 $ (7,672) -3%
01-51325 4 Finance Department 196.996 196,241 195,138 $ (1,858) -1%
01-51440 5 Plannin9 Department 265,426 265,426 267,036 $ 1,610 1%
01-57400 6 Marketing & Business Development 172.943 168,638 174,164 $ 1,221 1%
01-57500 7 Special Events Department 126,815 126,790 127.880 $ 1,065 1%1
Sub-Total 1,036,807 1,031,722 1,031,173 (5,634) -1%
Other GF Exoenses
01.51410 8 Insurances 115,470 101,214 101,750 $ (13,720) -12%
01.51420 9 Professional Services 485,000 345,000 376,000 $ (109,000) -22%
01-51620 10 Buildings & Grounds 496,210 485,550 470,190 $ (26,020) -5%
01-51630 11 Marina Operations 1,287,500 975,300 926,700 $ (360,800) -28%
01-51680 12 Information Technology 62,120 62,120 57,860 $ (4,260) -7%
01-51990 13 Contingency 314,493 313,493 100,000 $ (214,493) -68%
Sub-Total 2,760,793 2,282,677 2,032,500 (728,293) -26%
Total GF Operating $ 3,814,500 $ 3,330,599 $ 3,113,423 $ (701,077) -18%
01-59800-990
01-59999-990
01-59999-990
01-59999-990
Ooeratlno Transfers Out
Transfer to Debt Service Fund
Transfer to Project Fund
Transfer to Project Fund - Marina
Transfer to Project Fund - Fund Bal.
Sub-Total
Surplusl(Deficlt)
$ 3,066,581 $ 3,066,581 3,119,526
$ 2,771,419 $ 2,771,419 1.512,045
$ 2,000,000 $ 2,000,000
$ 1,400.000 $ 1,400,000
$ 9,238,000 $ 9,238,000 $ 4,631,571
$ 13,052,500 $ 12,568,599 ~ 7,744.994
$ $ 224,014 $
Page 1
Total General Fund Expenses &
Transfers Out
General Fund
I
Dept. 51010
eRA BOARD
2008.2009 2008-2009 2009-2010 I Chengelncr/(Decr) I
$l.IMMARY Budget Estlmste Proposed Amount %
200 CONTRACTUAL EXPENSES $ 7,500 $ 7.500 $ 22,500 $ 15,000 200%
203 MISCELLANEOUS $ - $ - $ 7,000 $ 7,000 N/A
216 ADVERTISING & PUBLIC NOTICES $ 2,700 $ 2,000 $ 2.700 $ 0%
225 CONFERENCES MEETINGS & SEMINARS $ 2,500 $ 2,500 $ 13.050 $ 10.550 422%
227 DELIVERY SERVICES $ 3,600 $ 3,600 $ 3,500 $ (100) -3%
310 OFFICE SUPPLIES $ 600 $ 600 $ 1.000 $ 400 67%
$ 16,900 $ 16,200 $ 49,750 I $ 32 850 194%1
DETAIL I
200 I CONTRACTUAL EXPENSES 1$ 7,500 $ 22 500 I
Minutes for Boerd & 81>9clel Meetlnos - Cltv Staff Costs $ 7,500 $ 7,500
Electronic Agenda + Computers $ $ 15,000
203 MISCELLANEOUS COSTS
Donations & Communi Su ortltem. $ $ 7000
216 ADVERTISING & PUBLIC NOTICES
Board Meetln & le 01 Notice. $ 2700 $ 2700
225 CONFERENCES MEETINGS & SEMINARS $ 2500 $ 13,050
local Conference. - 7 Board Membere @ $500 eech $ 2,500 $
ABC's of CRAs (7 @ $150 each] $ $ 1,050
FRA (7 @ $1 ,000 each) $ $ 7,000
Two Staff Training Workshops $ $ 5,000
227 DELIVERY SERVICES
Dellve of Board Materials $ 3,600 $ 3,500
310 OFFICE SUPPLIES 1$ 600 $ 1,000 I
Page 2
General Fund
I
Dep!. 51230
EXECUTIVE DEPARTMENT
SUMMARY' Budget Estimate Proposed Amount %
100 PERSONNEL SERVICES $ 239.602 $ 239.602 $ 235,355 $ (4.247) -2%
115 AUTO ALLOWANCE $ 5,400 $ 5,400 $ 5.400 $ 0%
225 CONFERENCES MEETINGS & SEMINARS $ 3.750 $ 3.750 $ 4.000 $ 250 7%
226 MEMBERSHIP DUES $ 6.675 $ 6.675 $ 6.200 $ (475) ~7010
227 DELIVERY SERVICES $ 3.000 $ 3.000 $ 3.000 $ - 0%
229 CAREER DEVELOPMENT $ - $ - $ 1.500 $ 1.500 N/A
310 OFFICE SUPPLIES $ 8,500 $ 8,500 $ 6.500 $ (2,000) -24%
315 POSTAGE $ 2.000 $ 2,000 $ 2,000 $ - 0%
340 CELLULAR PHONE $ - $ 1.200 $ 1,200 N/A
355 SUBSCRIPTIONS $ 200 $ 200 $ 300 $ 100 50%
360 BOOK & PUBLICATIONS $ 500 $ 500 $ 500 $ - 0%
400 EQUIPMENT COSTS 1$ 5,000 $ 5000 $ 1,000 $ 14,000\ ~80%
$ 274,627 $ 274,627 $ 266,955 $ 17.672\ -3%
2008-2009 2008.2009 2009.2010 I Change Inor/(Deer) I
100 PERSONNEL SERVICES $ 239,602 $ 239 602 $ 235 355
Salaries. Executive Director. Administrative Services Manager $ 176,917 $ 178,917 $ 178,125
Taxes. Insurances, Benefits $ 62,685 $ 62,685 $ 57,230
115 AUTO ALLOWANCE $ 5,400 $ 5,400 I
I 225 CONFERENCES, MEETINGS & SEMINARS I $ 3,750 $ 4,000 I
FRA $ 1,500 $
ULI $ 750 $
Regional. Local Meetings & Mileage $ 1.500 $ 4.000
I 226 MEMBERSHIP DUES $ 8,675 $ 6,200 I
ULI $ 450 $ 450
BUSINESS DEV'L. BOARD $ 2.500 $ 1.000
CHAMBER OF COMMERCE $ 1.000 $ 1,000
FRA $ 1.000 $ 1,000
CDFA $ 275 $ 275
IDA $ 1.350 $ 1,350
ICSC $ 100 $ 100
IEDC $ $ 345
NAlOP $ $ 505
SHRM $ $ 175
227 DELIVERY SERViCES $ 3,000 $ 3,000
229 CAREER DEVELDPMEN7 $ $ 1,500
310 OFFICE SUPPLIES $ 8,500 $ 6.500
315 POSTAGE $ 2,000 $ 2.000
340 CELLULAR PHONES $ $ 1,200
I 355 I SUBSCRIPTIONS $ 200 $ 300
Florida Trend $ 200 $ 200
Downtown Promotions $ $ 100
360 BOOK & PUBLICA TIONS $ 500 $ 500 I
400 EQUIPMENT COSTS $ 5,000 $ 1,000 I
Page 3
General Fund
I
Dept 51325
FINANCE
S_MARY Budget Estimete Proposed Amount %
100 PERSONNEL SERVICES $ 175,841 $ 175.841 $ 177,128 $ 1,287 1%
200 CONTRACTUAL EXPENSES $ 2,280 $ 2,825 $ 2,825 $ 545 24%
201 BANK FEES $ 3,000 $ 3.200 $ 3,200 $ 200 7%
225 CONFERENCES MEETINGS & SEMINARS $ 5,750 $ 5,750 $ 2,250 $ (3,500) -61%
226 MEMBERSHIP DUES $ 725 $ 725 $ 895 $ 170 23%
227 DELIVERY SERVICES $ 1,000 $ 1,000 $ 500 $ (500) -50%
229 CAREER DEVELOPMENT $ 3,000 $ 3,000 $ 3,000 $ - 0%
310 OFFICE SUPPLIES $ 4,500 $ 3.500 $ 2,000 $ (2,500) -56%
340 CELLULAR PHONE $ - $ - $ 1,440 $ 1,440 N/A
355 SUBSCRIPTIONS $ - $ . $ 1,000 $ 1,000 N/A
360 BOOK & PUBLICATIONS $ 500 $ - $ 500 $ . 0%
365 OFFICE PRINTING COSTS $ 400 $ 400 $ 400 $ 0%
$ 196,996 $ 196,241 $ 195,138 I $ 11,8581 -1%1
2008-2009 2008.2009 2009-2010 I Change Incr/(Decr) I
100 PERSONNEL SERVICES $ 175841 $ 175 841 $ 177,128
Salaries - Finance Director, Assl. Finance Director $ 130,260 $ 130,260 $ 130,260
Taxes, Insurancesl Benefits $ 45.581 $ 45,581 $ 46.868
[ 200 CONTRACTUAL EXPENSES 1$ 2,280 $ 2,8251
ADP $ 2.280 $ 2,650
Dept, of Community Affairs $ $ 175
I 201 BANK FEES 1$ 3,000 $ 3,200 I
I 225 I CONFERENCES, MEETINGS & SEMINARS 1$ 5,750 $ 2,250 I
FGFOA CONFERENCE $ 4.000 $
REGIONAL. LOCAL MEETINGS & MILEAGE $ 1.000 $ 1,500
BUDGET WORKSHOP $ 750 $ 750
226 I MEMBERSHIP DUES 1$ 725 $ 8951
FGFOA $ 150 $ 300
CDFA $ 275 $ 275
GFOA $ 300 $ 320
I 227 DELIVERY SERVICES 1$ 1,000 $ 500 I
I 229 CAREER DEVELOPMENT 1$ 3,000 $ 3,000 I
I 310 OFFICE SUPPLIES 1$ 4,500 $ 2,000 I
I 340 CELLULAR PHONES 1$ $ 1,440 I
I 355 I SUBSCRIPTIONS I $ $ 1,000 I
Financial Reporting Agencies $ $ 1,000
I 360 BOOK & PUBLICA TIONS 1$ 500 $ 500 I
I 365 I OFFICE PRINTING COSTS 1$ 400 $ 400 I
Blank Check Stock $ 400 $ 400
Page 4
General Fund
I
Dept, 51440
PLANNING
I
2008-2009 2008.2009 2009-2010 I Change Incrf(DeCr) I
.MM~8Y Budget Estimate Proposed Amount %
100 PERSONNEL SERVICES $ 242.251 $ 242,251 $ 242.641 $ 390 0%
115 AUTO ALLOWANCE $ 5,400 $ 5,400 $ 5,400 $ - 0%
225 CONFERENCES MEETINGS & SEMINARS $ 11,000 $ 11,000 $ 11.000 $ - 0%
226 MEMBERSHIP DUES $ 825 $ 825 $ 475 $ (350) -42%
227 DELIVERY SERVICES $ 1.000 $ 1,000 $ 600 $ (400) -40%
229 CAREER DEVELOPMENT $ - $ - $ 2,000 $ 2,000 N/A
310 OFFICE SUPPLIES $ 3,500 $ 3,500 $ 2,000 $ (1,500) -43%
340 CELLULAR PHONE $ - $ 1.620 $ 1,620 N/A
355 SUBSCRIPTIONS $ 150 $ 150 $ - $ (150) -100%
360 BOOK & PUBLICATIONS $ 300 $ 300 $ 300 $ - 0%
365 OFFICE PRINTING COSTS $ 1,000 $ 1,000 $ 1000 $ - 0%
$ 265,426 $ 265,426 $ 267,036 I $ 1610 1%1
Page 5
General Fund
I MARKETING & BUSINESS DEVELOPMENT
Dept, 57400
2008-2009 2008.2009 2009-2010 I Chenge Incr/(Decr) I
......... SUMMA~ Budget Estimate Proposed Amount %
100 PERSONNEL SERVICES 119,009 $ 119.009 $ 120.854 1.845 2%
200 CONTRACTUAL EXPENSES $ 8.500 $ - $ - (8.500) -100%
216 ADVERTISING & PUBLIC NOTICES $ 2,000 $ 3,000 $ 3.000 1,000 50%
218 ANNUAL REPORTS & BROCHURES $ 10,000 $ 10.000 $ 10,000 0%
225 CONFERENCES MEETINGS & SEMINARS $ 2,000 $ 2.000 $ 1,500 (500) -25%
226 MEMBERSHIP DUES $ 1,334 $ 1,334 $ 900 (434) -33%
227 DELIVERY SERVICES $ 2,500 $ 2.500 $ 3.000 500 20%
229 CAREER DEVELOPMENT $ $ 3,195 $ 3,000 3.000 NIA
236 PHOTOGRAPHY & VtDEOS $ 10,000 $ 10,000 $ 20.000 10.000 100%
310 OFFICE SUPPLIES $ 7,500 $ 7.500 $ 5,000 (2,500) .33%
340 CELLULAR PHONE $ - $ 1,260 1.260 N/A
355 SUBSCRIPTIONS $ 1,100 $ 1.100 $ 550 (550) ~50%
360 BOOK & PUBLICATIONS $ 100 $ 100 $ 100 0%
365 OFFICE PRINTING COSTS $ 8,900 $ 8,900 $ 5,000 {3.900l -44%
$ 172,943 $ 168,638 $ 174,164 $ 1,221 1%1
DETAIL
100 PERSONNEL SERVICES $ 119009 $ 119009 $ 120 854
Salaries - Marketing Director + 1/2 Marketing/Events Ass!. $ 86.632 $ 86.632 $ 87.392
Taxes, Insurances. Benefits $ 32.377 $ 32.377 $ 33,462
200 CONTRACTUAL EXPENSES
Webslte Services $ 8500 $
216 ADVERT/S/NG & PUBLIC NOTICES 1$ 2,000 $ 3,000 I
218 MARKETING & BUSINESS DEV'L COLLATERAL 1$ 10,000 $ 10,000 I
225 I CONFERENCES, MEETINGS & SEMINARS 1$ 2,000 $ 1,500 I
. ULI National Conference $ 1,000 $
. Regional - Local Meetlnge (PRSA)/Milesge $ 1,000 $ 1,500
226 I MEMBERSHIP DUES 1$ 1,334 $ 900 I
Visit Florida $ 750 $ 750
Downtown Idea Exchange $ 284 $
Public Relatlons Society of America $ 300 $ 150
227 POSTAGE & DELIVERY SERVICES 1$ 2,500 $ 3,000
229 CAREER DEVELOPMENl $ $ 3,000
236 PHOTOGRAPHY, VIDEOS, PROMOTIONAL $ 10,000 $ 20,000
310 OFFICE SUPPLIES $ 7,500 $ 5,000
340 CELLULAR PHONES $ $ 1,260
355 SUBSCRIPTIONS $ 1,100 $ 550
Palm Beach Post $ 150 $ 200
Sun.Sentlnel $ 150 $ 200
PR Week $ $ 150
Downtown Promotions $ 400 $
Downtown Idea Exchange $ 400 $
360 BOOK & PUBLICA TlONS 1$ 100 $ 100 I
365 OFFICE PRINTING COSTS 1$ 8,900 $ 5,000 I
Page 6
General Fund
I
Dept. 57500
SPECIAL EVENTS
SUMMARY Budget Estimate Prooosed Amount %
100 PERSONNEL SERVICES $ 114,990 $ 114.990 $ 116.850 1.860 2%
225 CONFERENCES MEETINGS & SEMINARS $ 2,500 $ 2,500 $ 1,500 (1,000) -40%
226 MEMBERSHIP DUES $ 400 $ 350 $ 400 - 0%
229 CAREER DEVELOPMENT $ - $ - $ 2,000 2,000 N/A
310 OFFICE SUPPLIES $ 3.500 $ 3,500 $ 2,500 (1.000) ~29%
340 CELLULAR PHONE $ - $ - $ 1,680 1.660 N/A
355 SUBSCRIPTIONS $ 250 $ 250 $ 250 - 0%
360 BOOK & PUBLICATIONS $ 250 $ 200 $ 200 (50) -20%
400 EQUIPMENT $ 5,000 $ 5,000 $ 2,500 12,5001 -50%
$ 126,890 $ 126,790 $ 127,880 I $ 990 1%1
2008-2009 2006-2009 2009-2010 I Change Incr/(Decr) I
100 PERSONNEL SERVICES $ 114990 $ 114990 $ 116850
Salaries. Events Director + 1/2 MktinglEvents Asst. $ 83,262 $ 83,262 $ 84.022
Taxes; Insurances; Benefits $ 31,728 $ 31,728 $ 32.828
225 I CONFERENCES, MEETINGS & SEMINARS 1$ 2,500 $ 1,500 I
- Florida Festivals & Events $ 1,500 $
- Regional-Local Meetings/Mileage $ 1,000 $ 1.500
226 I MEMBERSHIP DUES 1$ 400 $ 400 1
FFEA $ 325 $ 325
Gold Coast PR Council $ 75 $ 75
229 CAREER DEVELOPMEN7 1$ $ 2,000
310 OFFICE SUPPLIES 1$ 3,500 $ 2,500
340 CELLULAR PHONES 1$ $ 1,680
355 SUBSCRIPTIONS 1$ 250 $ 250
360 BOOK & PUBLICA TIONS 1$ 250 $ 200
400 EQu/PMEN7 1$ 5,000 $ 2,500
Page 7
General Fund
I
INSURANCES
2008 20
009 2 092010 I Ch
Dept. 51410 - 09 2008-2 0 - ange ncr ecr)
SUMMARY Budget Estimate Proposed Amount %
200 CONTRACTUAL EXPENSES $ 28.917 $ 28,916 $ 28,650 (267) -1%
213 GENERAL PROPERTY COVERAGE $ 76.393 $ 66.258 $ 63.590 (12,803) ,17%
214 EMPLOYEE FIDELITY COVERAGE $ 1.650 $ 1.000 $ 1.000 (650) -39%
215 OFFtCIALS & EMPL y, PRACTICES LIABILITY $ 8,510 $ 5.040 $ 8.510 0%
$ 115,470 $ 101,214 $ 101,750 1 $ 113720\ -12%1
1(0
perAIL
200 CONTRACTUAL EXPENSES $ 28,917 $ 28 650
Agency Fee $ 12,225 $ 12.000
Computers & Software Policy $ 1.500 $ 1.500
Marina Fuel Tank Coverage $ 1,650 $ 1,650
Special Events & Concerts Policy $ 3,542 $ 3,500
Flood Insurance $ 10,000 $ 10,000
213 I PROPERTY & LIABILITY COVERAGE 1$ 76,393 $ 63,590 I
Policy for Property $ 53,444 $ 43.090
Inland Marina $ 1.500 $ 1.500
Policy for General Liability (Includes Marina) $ 11,449 $ 9.000
Marina Renovetlons - Builders Risk Policy $ 10.000 $ 10,000
214 I EMPLOYEE FIDELITY COVERAGE 1$ 1,650 $ 1,000 I
Money & Security Insurance - Crime and
Computer Fraud
215 IpUBL/C OFFICIALS LIABILITY & 1$ 8,510 $ 8,510 I
EMPLOYMENT PRACTICES LIABILITY
Page 8
General Fund
I
Oepl. 51420
PROFESSIONAL SERVICES
Sl.:IMMAfty Budget Estimate Proposed Amount %
200 CONTRACTUAL SERVICES $ 276.000 $ 276.000 $ 261,000 (15.000) -5%
201 LEGAL SERVICES $ 200,000 $ 60.000 $ 100.000 (100,000) -50%
204 CITY STAFF $ 9,000 $ 9,000 $ 15,000 6,000 67%
$ 485,000 $ 345,000 $ 376,000 I $ (109,000) -22%1
2008-2009 2008-2009 2009-2010 IChenge Incr/(Oecrll
Page 9
BUILDINGS & GROUNDS
Oepl.51620
2008-2009 2008-2009 2009-2010 I Change Inor/(Oeor) I
SUMMARY Budget Estimate Proposed Amount %
200 CONTRACTUAL EXPENSES $ 3.050 $ 3.050 $ 3.050 - 0%
201 PROPERTY TAXES & ASSOCIATION OUES $ 160.000 $ 160.000 $ 160,000 - 0%
205 RENTAL OF OFFICES $ 50,760 $ 50.000 $ 42.600 (8.180) -16%
206 JANITORIAL SERVICES $ 10,000 $ 10.000 $ 7,560 (2.440) -24%
208 EQUIPMENT LEASES $ 25,000 $ 30,000 $ 30.000 5,000 20%
209 PROPERTY MAINTENANCE COSTS $ 218,900 $ 205,000 $ 201.980 (16,920) .8%
224 SIGNAGE $ 10,000 $ 10,000 $ 10.000 - 0%
325 ELECTRIC COSTS $ 12.500 $ 12.500 $ 9.000 (3.500) -28%
326 WATER COSTS $ 6.000 $ 5.000 $ 6,000 - 0%
$ 496,210 $ 465,550 $ 470,190 I $ l26.0201 -5%
Page 10
General Fund
I
Dept. 51630
MARINA
S\ilMMDY Budaet Estimate Proposed Amount %
200 CONTRACTUAL EXPENSES 500 500 $ 500 - 0%
209 PROPERTY MAINTENANCE COSTS $ 35.000 $ 35.000 $ 28,100 (6.900) -20%
241 MARINA MANAGEMENT CONTRACT $ 148,000 $ 148,000 $ 148.000 - 0%
242 FUEL STATION OVERHEAD $ 50.000 $ 50.000 $ 37,200 (12.800) -26%
325 ELECTRIC COSTS $ 20,000 $ 20.000 $ 17,100 (2.900) ~15%
326 WATER CHARGES $ 1,800 $ 1,800 $ 2,400 600 33%
327 GASOLINE & DEISEL CHARGES $ 1,008.000 $ 700,000 $ 680,400 (327,600) -33%
328 DIESEL SALES TAX $ 19.200 $ 15.000 $ 12.000 (7,200) -38%
400 EQUIPMENT COSTS $ 5,000 $ 5,000 $ 1.000 i4000\ -80%
$1,287,500 $ 975,300 $ 926,700 $ 1360,8001 -28%1
2008-2009 2008-2009 2009.2010 I Change Incr/(Decr) I
I DETAtL.
I 200 CONTRACTUAL EXPENSES
Sea Solll Contract $ 500 $ 500 I
209 I PROPERTY MAINTENANCE COSTS 1$ 35,000 $ 28,100 I
Trash Removal & Janitorial Services $ 9.125 $ 9,125
Marina Maintenance $ 25.875 $ 18.975
241 MARINA MANAGEMENT CONTRACT 1$ 148,000 $ 148,000 I
242 OPERATIONS 1$ 50,000 $ 31,200 I
325 ELECTRICITY COSTS $ 20,000 $ 17,100
326 WATER CHARGES $ 1,800 $ 2,400
327 GASOLINE & DEISEL CHARGES $1,008,000 $ 680,400
328 DIESEL SALES TAX $ 19,200 $ 12,000
400 EQUIPMENT COSTS $ 5,000 $ 1,000 I
Page 11
General Fund
I INFORMATION TECHNOLOGY
Oept. 51650
I
2008-2009 2008-2009 2009-2010 I Change Incr/IOecr)I
SUMMARY Budget Estimate Proposed Amount %
200 CONTRACTUAL EXPENSES $ 5,500 $ 5,500 $ 3.760 (1,740) -32%
210 CITY IT SUPPORT $ 20,000 $ 20.000 $ 21,000 1.000 5%~
211 COMPUTER SOFTWARE & LICENSES $ - $ - $ 3,000 3,000 NIA
212 FINANCIAL SOFTWARE MAINTENANCE $ 6,500 $ 6,500 $ 6,500 - 0%
330 TELEPHONE LINES $ 12,200 $ 12,200 $ 15,600 3,400 28%
340 CELLULAR PHONES $ 7,920 $ 7.920 $ - (7,920) -100%
400 EQUIPMENT COSTS $ 10,000 $ 10,000 $ 8,000 ;2,000\ -20%
$ 62,120 $ 62,120 $ 57,860 I $ /4260\ -7%1
oeil'a
200 CONTRACTUAL EXPENSES $ 5,500 $ 3760
Financial Accounting Software Updates $ 2,500 $ 1.000
Maintenance of Phone System $ 3,000 $ 2.760
210 IT SUPPORT 1$ 20,000 $ 21,000 I
211 COMPUTER SOFTWARE & LICENSES 1$ $ 3,000 I
212 SOFTWARE SUPPORT 1$ 6,500 $ 6,500 I
330 TELEPHONE SYSTEM & DA TA LINES 1$ 12,200 $ 15,600 I
340 I CELLULAR PHONES 1$ 7,920 $
Cell Phone Allowance $ 4,320 $
Cell Phone Wireless Bills $ 3,600 $
400 EQUIPMENT COSTS 1$ 10,000 $ 8,000 I
Page 12
General Fund
I CONTINGENCY ACCOUNT
Dept. 51990
200 I CONTRACTUAL EXPENSES
Contingencies
2008-2009
Budget
2008-2009
Estimate
2009-2010 Change Incr/(Decr) I
Proposed Amount 0/0
I
$ 314,493 $ 313,493 $ 100,000 I $ (214,493) .68%1
Page 13
BOYNTON BEACH CRA
SALARY SCHEDULE and RELATED PERSONNEL EXPENSES
BUDGET WORKSHEET FOR THE FISCAL YEAR
OCTOBER 1,2009 - SEPTEMBER 30, 2010
HEALTH & UNEMPLOY,
CURRENT CAR FICA & 457(b) WORKERS & COMP TOTAL
NAME POSITION SALARY ALLOW. MEDICARE & 401 (a) COMP ABSENCES PROPOSED
BRIGHT. LISA EXECUTIVE DIRECTOR $ 128,125 $ 5,400 $ 10,215 $ 13.709 $ 8,664 $ 4.556 $ 170.669
BROOKS. VIVIAN ASSISTANT DIRECTOR $ 105.581 $ 5,400 $ 8,490 $ 11.297 $ 8,619 $ 3,556 $ 142,943
HARRIS, SUSAN FINANCE DIRECTOR $ 83.460 $ 6.385 $ 8.930 $ 8,514 $ 3,556 $ 110.645
SIMON. MICHAEL DEVELOPMENT MGR. $ 78.624 $ 6.015 $ 8.413 $ 8.491 $ 3.556 $ 105.098
WALSH, MARGEE MARKETING DIRECTOR $ 67.392 $ 5.155 $ 7.211 $ 8.438 $ 3.556 $ 91,752
BISCUITI. KATHY SPECIAL EVENTS DIR. $ 64.022 $ 4.898 $ 6.850 $ 8,422 $ 3.556 $ 87.748
UTTERBACK, THERESA ADMIN. SERVICES MGR. $ 50,000 $ 3.825 $ 5.350 $ 8.355 $ 2,556 $ 70.086
VILLANUEVA, GHISH ASST. FINANCE MGR. $ 46.800 $ 3.580 $ 5,008 $ 8.340 $ 2.556 $ 66.283
MAJOY. APRIL MARKETING/EVENTS ASST. $ 40,000 $ 3.060 $ 4.280 $ 8,308 $ 2.556 $ 58.203
FY 2069-2010
1$ ~0Q.4.1 $ 10,800 I $ 51,6231 $ 71,Q481 $ 76,1521 $ 30,000 1$ ~.6271
Total Benefit Cost (excl, taxes) =
or 12.9% of Total Proposed Salaries
$ 158,001
Page 14
Boynton $eacnCRA
Pro Get Fund. Bud etSwmma
...
2009,2010 Proposed YS. 08-09
2008,2009 2008-2009 propo..d Increalel Decrease
IlIIllJ! I FUNDING SOURCES Bud 01 Estimate !Iud .1 Amount %
02-48100 Project Fund - Mise Income $ 300,000 S (300,000) -100%
02.49100 Project Fund. Bond #2 Remaining Proceeds $ 500,000 260,372 239,628 S (260,372) .52%
02.49100 Project Fund Rollover - HOB Project $ 867,629 S 867,629 N/A
02-49100 Project Fund Rollover - RIPs S 99,805 S 99,805 N/A
02.49100 Proceeds from Sale of Ocean breeze Lots S 600,000 S 600,000 N/A
02-49100 eRAUS Transfer from City for HAPs S 100,000 S 100,000 N/A
02-49100 Project Fund Rollover - FY 06/07 S 100,000 S 100,000 N/A
02-49100 Fund Balance Rollover - Project Fund $ 400,000 S 400,000 N/A
Sub-Total $ 800,000 $ 260,372 $ 2,407,062 $ 1,607,062 201%
Transfers In from General Fund
02-49900 Other Financing SourcesfTransfers In $ 2,771,419 $ 2,771,419 $ 1,512,045 $ (1,259,374) -45%
Fund Balance ADDroorlatlon
02-49900 Other Rnancing SourcesfTransfers In $ 3,400,000 $ 3,400,000 $ (3.400,000) ~100%
Total Revenues and Transfers In $ 6.971.419 $ 6,431,791 $ 3.9111.107. $ (3,O52,312) 44%
2009.2010
I exPEl/SEt> 2008.2009 2009,2009 ProPQ'.~
IlIIllJ! Pace DeDartment Name Bud at Estimate Bude!
02-68100 16 ODlratlna EXDens8S
Legal Services S 75.000 50,000 50,000 S (25,000) -33%
Design & Engineering S 300,000 225,000 150,000 S (150,000) -50%l
Contingency $ 90,000 $ 190,000) .100%.
Sub~Total $ 465,000 $ 27S,000 $ 200,000 $ (265,000) ~57%
02-58200 17 Canltal Outlay
Land & Other Capital Expenditures S 650,000 100,000 S (550,000) .85%
Construction in Progress $ 2,000,000 1,600,000 228,680 $ (1.771,320) -89%
Site Work & Demolition Fees $ 75,000 75,000 50,000 $ (25,000) .33%
4th Street Project $ 300,000 $ (300,000) -100%
HOB Project $ 1,066,279 846,650 867,629 $ (198,650) .19%
Sub-Total $ 4,091,219 $ 2.523,650 $ 1,246.309 $ (2,644,970) -70%
02-58300 18 Affordable Houslna
RIp. Residential Improvement Program S 160,000 60,195 199,805 S 39,805 25%
HAP - Homeowners Assistance Program $ 700,000 460,372 939,628 $ 239,628 34%
Sub-Total $ 860,000 $ 520,567 $ 1,139,433 $ 279,433 32%
02-58400 19 Economic DeveloDment Proarams
CommerCial Fal;8de Grants $ 75,000 75,000 105,000 $ 30,000 40%
Transportation Program $ 734,795 698,000 438,040 $ (296,755) .40%
DIFA - Economic Development $ 100,000 S 100,000 0%
Sub.Total $ 809,795 $ 773,000 $ 643,040 $ (166,755) -21%
02-58500 20 Proiects & Proarams
Special Events S 270,000 270,000 294,000 S 24,000 9%
Community Police Program S 475,345 475,345 396,325 S (79,020) .17%
Sub-Total $ 745,345 $ 745,345 $ 690,325 $ (55,020) -7%
Total Project Fund Expenses $ 6,971,419 $ 4.837,562 $ 3,919,107 $ (3.052.312) 44%
Surplus/(Oeflcit) $ $ 1,594,229 $ 0
Note: Surplus entirely attributable to
encumbered/rollover funds for HOB, HAPs, RIPs
Page 15
Project Fund
OPERATING EXPENSES
DeDI. 58100 2008-2009 2008-2009 2009-2010 Change Iner/(Deer)
SUMMARY Budget Estimate Proposed Amount %
213 LEGAL SERVICES $ 75,000 $ 50,000 $ 50,000 (25,000) -33%
203 PROFESSIONAL SERVICES $ 300,000 $ 225,000 $ 150,000 (150,000) -50%
202 CONTINGENCY $ SO 000 $ - $ - ' 190 000) -100%
$ 485,000 $ 275,000 $ 200,000 I $ (285,0001 -57%1
Pase 16
Project Fund
CAPITAL OUTLAY
Dept, 58200 2008- 8-2009 20- anQe ncr ecr
.&UMMARY Budget Estimate Proposed Amount %
400/407 LAND Be OTHER CAPITAL EXPENDITURES $ 650,000 $ - $ 100,000 (550,000) -85%
404 CONSTRUCTION IN PROGRESS $ 2,000,000 $ 1,600,000 $ 228,680 (1,771,320) -89%
405 SITE WORK Be DEMOLITION FEES $ 75,000 $ 75,000 $ 50,000 (25,000) -33%
406 INFRASTRUCTURE Be STREETSCAPE $ 1,386,279 $ 848,650 $ 867,629 (498,650) -36%
$ 4,091,279 $ 2,523,850 $ 1,246,309 I $ /2,844 970\ -70%1
2009 200
o 9 2010 I Ch
/(0 ) I
ll!~r~ll..
400/407 LAND & OTHER CAPITAL ACQUISITIONS $ 850,000 $ $ 100 000
Capital Acquisitions $ $ $ 100,000
Purchase of City Property $ 650,000 $ $
404 CONSTRUCTION IN PROGRESS
Marina Construction $ 2,000 000 $ 1 800.000 $ 228,680
405 SITE WORK & DEMOLITION 1$ 75,000 $ 75,000 $ 50,000 1
406 I INFRASTRUCTURE & STREETSCAPE 1 $ 1,366,279 $ 848,650 $ 867,629 I
1, 4th Street $ 300,000 $ $
2, HOB Project $ 1,066,279 $ 848,650 $ 867,629
Page 17
Project Fund
AFFORDABLE HOUSING
5
008 20
2008
2009 10 I Ch
1(0 II
Depl. 8300 2 - 09 -2009 -20 onge ncr 8Cr
/:lQMMARY Budget Estimate Proposed Amount %
420 I RESIDENTIAL IMPROVEMENT PROGRAM $ 160,000 $ 60,195 $ 199,805 39,805 25%
421 I HOMEOWNERS ASSISTANCE PROGRAM $ 700,000 $ 460,372 $ 939 628 239,628 34%
$ 860,000 $ 520,567 $ 1,139,433 I $ 279,433 32%1
Page 18
Project Fund
ECONOMIC DEVELOPMENT PROGRAMS
o 58400 2008 2009 2008 2009 2009 2010 I Ch
1(0 >1
ept. - - - ange ncr ecr
SUM.UftV Budget Estimate Proposed Amount %
440 COMMERCIAL FACADE GRANTS $ 75,000 $ 75,000 $ 105,000 30,000 40%
442 TRANSPORTATION PROGRAM $ 734,795 $ 698,000 $ 438,040 (296,755) -40%
443 D1FA - ECONOMIC DEVELOPMENT $ - $ - $ 100,000 100,000 0%
$809,795 $ 773,000 $ 643,040 I $ /166,755\ -21%1
440
DETAIl.,
COMMERCIAL FA ADE GRANTS
$ 75,000 $ 75000 $ 105,000
442
I TRANSPORTATION PROGRAM
Trolley Operations
Trolley Marketing (Maps, Collateral)
Trolley System Costs
I $734,795 $
$721,795 $
$ 3,000 $
$ 10,000 $
698,000
685,000
3,000
10,000
$ 438,040 I
$ 425,040
$ 3,000
$ 10,000
443 I DIRECT INCENTIVE FUNDING AGREEMENTS I $
TIF Allocation - The Preserve $
The Promenade (FY 2010-2011) $
$
$
$
$ 100,000 I
$ 100,000
$
Page 19
Project Fund
PROJECTS & PROGRAMS
o 58500
2008 2009 2008 2009 2009 2010 1 Ch
1(0 11
eDt, - - - enge ncr ecr
SUMM." Budget Estimate Proposed Amount %
480 I SPECIAL EVENTS $ 270,000 $ 270,000 $ 294,000 $ 24,000 9%
460 I POLICE PROGRAM $ 475 345 $ 475345 $ 396 325 $ /79,0201 .17%
$ 745,345 $ 745,345 $ 690,325 I $ /55,0201 -7%1
480
OITAI"
SPECIAL EVENTS
$ 270 000
Salute to Independel108' 4tll of JUlY'
- Fireworks
- Concert ~ Security
OCI"" AVenue Concert Sarle.
. January/February/March/Al!rll/May .
Other EVllnt.
- Boat Parade
- Boynton Chamber Events
. Movie Night in Intracoastal Park (7 Events)
- District 3 Event
- Community Heritage Event
- Palm Beach International Film Festival
- Family Day at Sims Center
$ 10,000
$ 5,000
$
$
$
$
$
$ 5,000
$ 294,000
$ 11i1l11lllO
$ 30,000
$ 40,000 u.
$ 90,000
$ 75;000
$ 55,000
$ 20,000
$ 7,580
$ 51.5110
$ 5,000
$ 5,000
$ 14,000
$ 5,000
$ 15,000
$ 2,500
$ 5,000
;.
Holiday E!xtraYlllJllIlZll.
- Parade
. Tree, lighting, Holiday Decorations
- Concert
$ 170,OQO
$ 30,000
$ 30,000
$ 110,000
$ 75.000
$ 55,000
$ 20,000
$ 15.000
I $ 475,345
$ 425,000
$
$ 7,535
$ 42,810
460 I POLICE
Personnel Costs
Personnel Costs - Less COPS Grant Allocation
Equipment & Training Costs
Vehicle Costs/Reserve
$ 396,325 1
$ 425,000
$ (50,000)
$ 21,325
$
... In FY 2008-2009 City shared cost of tree - $20,000,
Page 20
BOYNTON BEACH eRA
FY 2009.2010
PROPOSED SPECIAL EVENTS
200912010 PROPOSED EVENTS
DATE
HOLIDAY
PARADE
TREE & DECORATIONS
CONCERT
SATURDAY
Holidav Event Total
$30,000
$40,000
$90,000
$160,000
December 5, 2009
BOAT PARADE
FRIDAY
December 11,2009
$5,000
MOVIE NIGHT ON THE INTRACOASTAL
NEW SERIES - SCM
Friday, October 2, ;l009. November 6,2009,
Jail 1 ,2010, Feb 5. 2010, March 5, 2010,
April 2, 2010, May 7,2010
$14,000
OCEAN AVENUE CONCERT SERIES
New Location - SCM
Friday. January 15, 2010, February 19, 2010,
March 19,2010, April 2, 2010, May?, 2010
$7,500
PALM BEACH INTERNATIONAL
FILM FESTIVAL
April, 2010
$5,000 I
$2,500
DISTRICT 3 EVENT
DATE TBD
4TH OF JULY
SALUTE TO INDEPENDENCE
Sunday, July 4,2010
$75,000
FAMILY DAY AT SIMS CENTER
Spring 2010
$5,000
COMMUNITY HERITAGE EVENT
BOOKS FOR SCHOOLS PROGRAM
February, 2010
$15,000
BOYNTON CHAMBER EVENTS
DINNER DANCE SPONSORSHIP
STATE OF THE CRA
January and April, 2010
$5,000
BUDGETED AMOUNT
$294,000
Page 20a
Boynton Beach eRA
Debt Service Fund. Bud et Summa
Dec\.# Paae I FUNDING SOURCES
03-49900 Transfers In from General Fund
Dec\.#
Paae
EXPENSES
03-59800 22 -23 Debt Service
20011-2010
2008-2009 Proposed
Estimate Bud et
$ 3,066,581 $3,066,581 $ 3,119,526 $ 52,945
2%
$ 3,066,581 $3,066,581 $ 3,119,526
Page 21
52,945
2%
BOYNTON BEACH eRA
DEBT OVERVIEW
BUDGET WORKSHEET FOR THE FISCAl.. YEAR
OCTOBER 1, 2009 . SEPTEMBER SO, 2010
FUND
DUE DATE
DESCRIPTION
PRINCIPAL
AS OF 10101/09
PRINCIPAL
PAYMENT
INTEREST
PAYMENT
Total Prin.
+ Interest
IDEBT SERVICE : LOAN T 03/20f.2010 I BANK OF AMERICA LOAN 1 51,737,769 $103,054,16 549,364.71 $152,418.87
LOAN I 09/2012010 I Expires Sept" 2016 - 5,65% I $105,211.94 547,206,93 $152,418.87
$208,266.10 $96,571,64 $304,837.741
DEBT SERVICE
$529,146.26
$23,556,82
$552,703.08
Monthly THE RELATED GROUP
$46,058.59 Expires Jan., 2011 w 5.0%
$711,477
$529,146.26
$23,556.82
$552,703,08
IDEBT SERVICE BONO #1 0410112010 I 2004 BONOS I $16,160,000 $367,825.00 5367,825,00
BONO #1 0913012010 I Expires Sept" 2024 - 3% to 5% I $850,000,00 $367,825,00 $1,017,825.00
$850,000,00 $735,650,00 51,385,650,001
DEBT SERVICE
$275,417,50
$550,417.50
$825,835,00
$10,540,000
2005 BONOS
Expires Sept., 2026 - 4.6% to 5.65%
0410112010
09130/2010
$275,000,00
$275,000,00
ITOTAL DEBT SERVtCE FY 2009-2010 I
Principal $1,662,412
Interest $1,406,613
Fee $500
Line of Credn $50,000
Total $3,119,526
Page 22
PRINCIPAL BAL,
AS OF 09/3012010
$1,529,503\
5182,3311
515,510,0001
$10.265,0001
$27,486,834
BOYNTON BEACH CRA
DEBT SERVICE REQUIREMENTS
PRINCIPAL & INTEREST
YEAR 80ALOAtl SoND # 1 BOND # 2 MAttINA TOTAt
FY 2009-2010 $ 304,838 $ 1,385,650 $ 825,835 $ 552,703 $ 3,069,026
FY 201 0-2011 $ 304 ,838 $ 1,389,525 $ 821,810 $ 184,234 $ 2,700,407
FY 2011-2012 $ 304,838 $ 1,385,900 $ 822,275 $ 2,513,013
FY 2012-2013 $ 304,838 $ 1,389,838 $ 816,975 $ 2,511,650
FY 2013-2014 $ 304,838 $ 1,385,838 $ 821,165 $ 2,511,840
FY 2014-2015 $ 304,838 $ 1,385,838 $ 824,335 $ 2,515,010
FY 2015-2016 $ 304,838 $ 1,389,638 $ 821,485 $ 2,515,960
FY 2016-2017 $ 1,705,000 $ 810,863 $ 2,515,863
FY 2017-2018 $ 1,706,750 $ 809,675 $ 2,516,425
FY 2018-2019 $ 1,705,500 $ 807,358 $ 2,512,858
FY 2019-2020 $ 1,706,250 $ 808,910 $ 2,515,160
FY 2020-2021 $ 1,702,250 $ 809,050 $ 2,511,300
FY 2021-2022 $ 1,707,250 $ 807,778 $ 2,515,028
FY 2022-2023 $ 1,703,500 $ 810,093 $ 2,513,593
FY 2023-2024 $ 1,706,250 $ 805,713 $ 2511,963
FY 2024-2025 $ 2,514,920 $ 2,514,920
FY 2025-2026 $ 2,512,665 $ 2,512,665
TOTAL
$
2,133,864 $ 23,354,975 $ 17,250,903 $
736,937 $ 43,476,679
Interest Rates
5,65%
3%-5%
4.6% - 5,6%
5,00%
Page 23
"""ii!":'''''''' ~qvNTe~ eRA
'.'.;;.t.E.~~,j I~. ~ I
'/""'''' A
. East Side-West S'lde"'Seas'tde Rena'lssance
eRA BOARD MEETING OF: September24,2009
I Consent Agenda I X I Old Business
New Business
Legal
Other
SUBJECT: Consideration of Adopting Resolution R-09-03 Adopting the Final CRA Budget for FY 09/1 0
SUMMARY: Per my contract with the Board of the eRA, it is my responsibility to present a balanced
budget to the Board for consideration, Attached is the FY 09/10 Budget reflecting recommendations from the
Board at the September 9th budget workshop and the September 8th Board meeting,
In snmmary, due to the severe downtum in the real estate market, the budget has been trimmed substantially to
accommodate the reduction in TrF revenue while still reflecting the mission of the enabling CRA legislation,
Florida SS~ 163340(9):
"Community redevelopment" or "redevelopment" means undeltakings, activities, or projects of a connty,
municipality, or community redevelopment agency in a community redevelopment area for the elimination and
prevention of the development 01' spread of slums and blight, or for the reduction or prevention of crime, 01' for
the provision of affordable housing, whether for rent or for sale, to residents of low or moderate income,
including the elderly, and may include slum clearance and redevelopment in a commnnity redevelopment area 01'
rehabilitation and revitalization of coastalresolt and tourist areas that are deteriorating and ecouomically
distressed, or rehabilitation or conservation iu a community redevelopment area, or any combination or part
thereof, in accordance with a community redevelopment plan and may inclnde the preparation of such a plan,
By cutting the operating budget, we have been able to maintain the CRA' s core programs and projects,
FISCAL IMPACT: Adoptionofa balanced FY 09/10 CRA budget.
CRA PLAN, PROGRAM OR PROJECT: N/A
RECOMMENDATIONS/OPTIONS:
Approve Resolution 09-03 Adopting the attached FY 09/10 Budget.
~U0 (JJ~i! ~,o n
l,i A, Bright ')
Executive Director
C:\Documenls and Seltings\brooksvi\Local Settings\Temporary Internet Flles\OLK11\Cover for Budget Resa.doc
RESOLUTION NO: 09-03
RESOLUTION OF THE BOYNTON BEACH COMMUNITY REDEVELOPMENT
AGENCY ADOPTING A BUDGET FOR THE FISCAL YEAR OCTOBER 1, 2009
TO SEPTEMBER 30, 2010, AND PROVIDING AN EFFECTIVE DATE,
WIT N E SSE T H:
WHEREAS, the BOYNTON BEACH COMMUNITY REDEVELOPMENT
AGENCY in order to implement its Community Redevelopment Plan and provide for its
operating expenses has prepared a Budget for the Fiscal Year beginning October 1,
2009 and ending September 30,2010, in the form attached hereto as Exhibit "A"; and
WHEREAS, the Board determined that the said Budget is in the public's interest
and it is necessary to implement its goals and objectives,
NOW, THEREFORE, BE IT RESOLVED THAT:
1, The Budget attached hereto as Exhibit "A" for financial operations of the
Boynton Beach Community Redevelopment Agency for the period from October
1, 2009 through September 30, 2010 is hereby adopted,
2, This Resolution shall take effect immediately upon adoption,
PASSED AND ADOPTED this _ day of
2009
BOYNTON BEACH COMMUNITY
REDEVELOPMENT AGENCY
By:
JERRY TAYLOR, Chairman
J, TAYLOR
J, RODRIQUEZ
W,HAY
M,ROSS
R. WEILAND
.10:. Io"'!
.:::.}~;;; "ir~i.
~ i....;T
~
NEWS RELEASE
FLORIDA
REDEVElOPMENT
ASSOCIATION
301 S, Bronough Street, Suite 300; Post Office Box 1757
Tallahassee, Florida 32302-1757
(850) 222-9684; Fax (850) 222-3806
www.redevelopment.net
FOR IMMEDIATE RELEASE:
September 22, 2009
CONTACT: Carol Westmoreland, Executive Director
cwestmoreland@flcities,com
(850) 701-3608
Local Community Redevelopment Project Wins Top State Award
Tallahassee, Fla, - The "Urban InFill Housing Development Program," adopted in 2006 by the
Boynton Beach Community Redevelopment Agency (CRA), has earned the state's top honor as best
Florida redevelopment project for its purchase, construction and reselling of nine homes to low- or
moderate-income families, The project's key goal is to create affordable housing and improve
neighborhoods within the Boynton Beach Community,
The Boynton Beach CRA will be presented with the state's highest award for successful
redevelopment, the President's Award, at the 2009 Florida Redevelopment Association (FRA) Annual
Conference Oct. 29 in Orlando, The President's Award recognizes and highlights Florida's "best of
the best" redevelopment projects as chosen by the outgoing FRA president each year,
''There were a lot of great candidates for this year's President's Award, but Boynton Beach
distinguished itself with its exemplary dedication to creating affordable housing for residents in its
community," said Gary Rogers, 2008-2009 FRA president. "Boynton Beach's Urban InFill project
shows true commitment to redevelopment and its CRA deserves our highest recognition for its
outstanding efforts,"
In an attempt to improve neighborhoods, the CRA began by purchasing six vacant lots from home
owners and partnering with local non-profits to redevelop each lot. To make the homes affordable to
buyers, the CRA sold the lots to different non-profits for $10 each, but required design standards,
affordability levels and a development timeline,
The newly-built homes all include three bedrooms, two baths, impact-glass windows, standing-seam
metal roofs, granite countertops, stainless-steel appliances, washer-and-dryer units, an irrigation
system, landscaping and a one-car garage. To date, nine homes have been constructed and sold
back to low- to moderate-income families, The project not only has added new homes to the
community, but it raised the value of surrounding homes, reduced illegal dumping and increased
security, "Best of all, by reaching out to local non-profits and developers, the Urban Infill Housing
Development Program can be mirrored by other community redevelopment agencies throughout the
state," said Rogers,
"I am proud of our team's hard work in Boynton Beach and FRA's recognition of the Urban Infill
Housing Project," said Lisa Bright, Executive Director of the Boynton Beach CRA, "It feels like we
have won an Academy Award,"
-more-
Boynton Beach eRA
2-2-2
Founded in 1974, the FRA is a not-for-profit organization dedicated to assisting Florida professionals
and volunteers in revitalizing their communities, FRA's mission is to provide a forum for its more than
300 members to share knowledge and common experiences regarding redevelopment opportunities
and issues, encourage adoption of legal and financial tools and programs favorable to community
redevelopment and serve as a statewide clearinghouse for redevelopment information.
The FRA Annual Conference will be held Oct. 28-30 at the new Hilton Orlando on International Drive,
For more information about the awards program, annual conference registration or the Florida
Redevelopment Association, contact Executive Director Carol Westmoreland at (850) 224-6779 or
visit www.redevelopment.net.
###