1853 115 West 2018 Subordination AgreementPrepared 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
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CLERK -S a 20161177
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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
k
City of Sanford Loan Subsidy Agreement and Grant of Lienhold Interest — 115 West
Development 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:
25-19-30-5AG-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 N OF BEG S TO
BEG BLK 3 TR 4 TOWN OF SANFORD PB 1 PG 58;
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 June 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
CITIZENS BANK OF FLORIDA, with an address of 413 West First St, Sanford, FL 32771
for a loan in the amount of One Million One Hundred Fifty Three Thousand and No/100ths
Dollars ($1,153,000.00) 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 Secured Investment Funding, a Florida Limited Liability Company, for a loan in the
amount of Six Hundred Fifty Thousand and No/100ths Dollars ($650,000.00) 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 Six Hundred Fifty Thousand and
No/100ths Dollars ($650,000.00) on the 1St day of November, 2016; said agreement
being recorded in the Public Records of Seminole County Florida at OR Book 8804,
Pages 675-677 and
WHEREAS, the first mortgage held by Secured Investment Funding, a Florida
Limited Liability Company, referenced above shall be satisfied as a condition of entering
into a first mortgage encumbering the above described premises with CITIZENS BANK
OF FLORIDA and also as a condition of entering into this subordination agreement with
the City; and
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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 CONSIDERATION 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: w �;,-,CITY OF SANFORD, FLORIDA
Cynthia -Porter, City-aerk 46ff Triplett, ayor
Date:
Approved as to form and legal sufficiency.
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4v 'ftf �Co`—dy?hex-e�
Ailliam L Colbgrt, City Attorney
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115 WEST DEVELOPMENT SUBORDINATION AGREEMENT