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Prepared by and return to:
Jennifer D. Cockcroft, Esquire
Stenstrorn, McIntosh, Colbert, &Whigharn P.A.
1001 Heathrow Park Lane
Suite 4001
Lake Mary, Florida 32746
(407) 322-2171
Tax Parcel Identification Number: 25-19-30-5AG-0804-0090
SUBORDINATION AGREEMENT
THIS INDENTURE made this i day of 2016,
between THE CITY OF SANFORD, a Florida municipality, whose address is 300 N. Park
Avenue, Sanford, Florida 32771 (hereinafter referred to as "City"), and 115, WEST
DEVELOPMENT, LLC, a Florida Limited Liability Company, which has an address of
5224 West State Road 46, Suite 305, Sanford, FL 32771 (hereinafter referred to as "115
WEST")-
WHEREAS, the Parties entered into an Agreement on the 19th day of November,
2010, providing for loan subsidy funds in order to redevelop the Property generally
addressed as follows- 115, 121, 125 and 129 West First Street in the City Limits of the
City of Sanford, Seminole County, Florida, which is owned by 115 West Development
LLC titled- City of Sanford Loan Subsidy Agreement and Grant of Lienhold Interest — 115
West Development LLC, the terms of which gave City a Lienhold interest in the Property;
and
WHEREAS, by virtue of the Agreement entered into by the Parties, the City is the
owner and holder of a Lienhold interest on the property owned by 115 WEST on the
following described real property (hereinafter the "Property"), which Lien (aforementioned
City of Sanford Loan Subsidy Agreement and Grant of Lienhold Interest — 115 West
Deve!onment LLC) is recorded in Official Records Book 7493 Pages 353-361 and at
Official Records Book 7292 Pages 296-303A with Joinder by Lender in the Public
Records of Seminole County, Florida, which Lien encumbers the Property, more
particularly described as follows:
Parcel Identification Number:
25-1 9�-30-5AG-0304-002A
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115 WEST DEVELOPMENT SUBORDINATION AGREEMENT
Legal Description-,
ALL OF LOTS 3 4 & 5 & PT LOT 2 DESC AS BEG SE COR
OF LOT 3 RUN E 1 .5 FT NWLY TO A PT IN OF BEG S TO
BEG BLIK 3 TR 4 TOWN OF SANFORD PB 1 PG 58-1
And
WHEREAS, Section 2-369 of the Code of Ordinances of the City of Sanford as
amended by Ordinance Number 2016-4384 on the 11th day of July, 2016, provides that
recipients of loan subsidies from the City of Sanford who enter into agreements with
qualified commercial banks or other financial institutions after Jeune 1, 2006 may have their
Agreement and Lienhold interest placed in secondary position to the position of a qualified
bank/financial institution per Section 2-369 the Code of Ordinances of the City of Sanford;
and
WHEREAS the party of the second part, 115 WEST, made application to
SECURED INVESTMENT FUNDING, LLC, a Florida Limited Liability Company, with a
principal address of 1485 International Parkway#1031, Lake Mary, FL 32746 for a loan
in the amount of Six Hundred and Fifty Thousand and No/100ths Dollars ($650,000.00)
to be secured by a first mortgage encumbering the above described premises, and the
said mortgagee has required the party of the second part, as a condition precedent to
making of said loan, that the City subordinate its Lien and all its rights thereunder to the
mortgage to be placed upon said property by the mortgagee and the City is agreeable to
such subordination; and
WHEREAS, the party of the second part, 115 WEST, previously made application,
to Commerce National Bank and Trust as Nominee for Rayan Used Tire Wholesale, Inc.,
a Florida Corporation, for a loan in the amount of Two Hundred Thousand and No/1 00ths
Dollars ($200,000.00) to be secured by a first mortgage encumbering the above
described premises, and the City previously Subordinated its aforesaid Lien held by it and
all rights thereunder to the mortgage to be placed upon the above described premises by
the mortgagee for the benefit of the party of the second part, in the amount of Two
Hundred Thousand and No/100this Dollars ($200,000.00) on the 16th day of March, 2016;
said agreement being recorded in the Public Records of Seminole County Florida at OR
Book 8652, Pages 1099-1100 and
WHEREAS, the first mortgage held by Commerce National Bank and Trust as
Nominee for Rayan Used Tire Wholesale, Inc., a Florida Corporation, referenced above
shall be satisfied as a condition of entering into a first mortgage encumbering, the above
described premises with SECURED INVESTMENT FUNDING, LLC, a Florida Limited
Page 2 of 3
115 WEST DEVELOPMENT SUBORDINATION!AGREEMENT
Liability Company and also, as a condition of entering into this subordination agreement
with the City; and
WHEREAS, upon the execution of the satisfaction of the first mortgage
encumbering the above described premises with SECURED INVESTMENT FUNDING,
LLC, a Florida Limited Liability Company, the prior subordination agreement entered into
by the City and 115 WEST as recorded in the Official Records of Seminole County at OR
Book 8652, Page 1099-1100 shall be extinguished as null and void.
ACCORDINGLY, IN CONSIDERATIONI OF the sum of One dollar ($1.00) and
other valuable consideration in hand paid by the party of the second part to the City,
receipt whereof is hereby acknowledged, the City does hereby subordinate the aforesaid
Lien held by it and all its rights there under to the mortgage to be placed upon the above
described premises by the mortgagee for the benefit of the party of the second part, in
the amount of Six Hundred and Fifty Thousand and No/100ths Dollars ($650,000,00)
which mortgage is to be placed upon said premises by the said mortgagee.
ATTEST: CITY OF SANFORD, FLORIDA
Cynthia-Porter, '01ty i9if Triplett, Payor
Dane:
Approved as to form and legal sufficiency.
civ
4X
C)�illiam L Colb,4rt, (City Attorney
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115 WEST DEVELOPMENT SUBORDINATION!AGREEMENT