R14-052 I
1 RESOLUTION NO. R14 -052
2
3 A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
P APPROVING THE SUBORDINATION OF THE CITY'S
MORTGAGE WITH AUDRA CAMPBELL N/K/A
MCMILLON IN FAVOR OF NEW PENN FINANCIAL
LLS; AUTHORIZING THE CITY MANAGER TO
s EXECUTE THE SUBORDINATION AGREEMENT BY
h THE CITY OF BOYNTON BEACH IN FAVOR OF NEW
h PENN FINANCIAL LLS; AND PROVIDING AN
EFFECTIVE DATE. �.
he
1 ' WHEREAS, upon recommendation of staff, the City Commission has determined
h • that it is in the best interests of the residents of the City to authorize the City Manager to
1. execute a Subordination Agreement in favor of New Penn Financial LLS., for Audra
Campbell.
: NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
11s
THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
Section 1. The foregoing "Whereas" clauses are hereby ratified and confirmed as
1 being true and correct and are hereby made a specific part of this Resolution upon adoption
1 hereof.
1 1
,1 Section 2. The City Commission of the City of Boynton Beach, Florida does
' • hereby approve the request for subordination of the City's Mortgages and authorize the City
' • Manager to execute the Subordination Agreement for Audra Campbell n/k/a McMillon in
' • favor of New Penn Financial LLS.. a copy of which is attached hereto as Exhibit "A ".
r Section 3. This Resolution shall become effective immediately upon passage.
, .
i
i
1 PASSED AND ADOPTED this 1 day of July, 2014.
2
3 CITY OF BOYN BEACH, FLORIDA
4
5
6 ayor Je. / �, / "aylpr
7 \ i ��,
8 .. .
9 \Vi - or — Joe Casello
10
'� 1 Ip..
12 Co - — , V - ker
1
,1 5 ommisstOn/ — Mack M .y
6
7 � �
8 Commissioner — Michael M. • tzpatrick
9 ATTEST:
1 0
.2 .t• . PtC-rLi
.3 Ja -t M. Prainito, MMC
1 .4 ity Clerk
I 0
1 1 ( 4' • r Seal)
0
4, o
n
A
1 �
R14 -052
This Instrument Prepared by:
Stacey R. Weinger, Esquire
GOREN, CHEROF, DOODY AND EZROL, P.A.
3099 East Commercial Boulevard, Suite 200
Fort Lauderdale, Florida 33308
SUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT (the "Agreement ") is made this day of
, 2014 by the City of Boynton Beach, a Florida municipal corporation, (the "CITY ") in
favor of New Penn Financial LLS ( "NEW PENN ")
WITNESSETH:
WHEREAS, the CITY is the owner and holder of that certain promissory note and mortgage
in the original principal amount of Twenty One Thousand Two Hundred and 00 /100 Dollars
($21,200.00), executed on July 19, 2004, which Mortgage was recorded on July 26, 2004 in Official
Records Book 17304, Page 0264 of the Public Records of Palm Beach County, Florida (hereinafter
referred to as the "Mortgage ") by Audra Campbell, a single woman ( "Mortgagor "), and
WHEREAS, Mortgagor is the owner in fee simple of the following described real property
(the "Property"), which Property is encumbered by the Mortgage:
Lot 4, Block 4, MEEKS AND ANDREWS ADDITION, according to the Plat
thereof as recorded in Plat Book 5, Page 84 of the Public Records of Palm Beach
County, Florida.
Parcel Control No 08- 43- 45 -21 -22 -004 -0040
WHEREAS, NEW PENN has agreed to refinance the Mortgagor's loan, and grant a
mortgage loan to the Mortgagor in the amount of $106,250.00 to be secured by a first mortgage
encumbering the Property (hereinafter the "New Mortgage "), provided that the CITY's Mortgage,
currently in second position, is subordinated to the New Mortgage
THEREFORE, in consideration of the sum of Ten Dollars and 00 /100 ($10.00) and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
CITY hereby represents, covenants and agrees as follows:
1. The foregoing recitals are true and correct and incorporated herein as if set forth in
full.
2. The Mortgage has not been assigned, pledged or transferred in any manner
whatsoever other than as set forth above.
3. The Mortgage is and shall be subject, subordinate, junior and inferior to the New
Mortgage in the principal amount of $106,250.00 given by Mortgagor to NEW
PENN, of even date and simultaneously recorded herewith in the Public Records of
Palm Beach County, Florida. This subordination is only to the extent of the
$106,250.00 loan and does not apply to any addition or future advances which may
be made under the New Mortgage.
4. This Agreement shall bind and inure to the benefit of the parties hereto, their
respective heirs, successors and/or assigns.
IN WITNESS WHEREOF the undersigned has duly executed this Agreement on
, 2014.
Signed, sealed and delivered CITY OF BOYNTON BEACH, a
in the presence of: Florida municipal corporation
By: Lori LaVerriere, City Manager
STATE OF FLORIDA
COUNTY OF PALM BEACH
The foregoing instrument was acknowledged before me on this day of July, 2014 by Lori
LaVerriere, City Manager of the City of Boynton Beach, on behalf of the CITY, who is either
personally known to me or has produced a Florida Driver's License as identification.
NOTARY PUBLIC
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