2343 D. Booth LLC - 109 Palmetto AveTHIS LOAN SUBSIDY AGREEMENT AND GRANT OF LIENHOLD !NTEREST
,hereinafter referred to as the '�Agreement`) is entered into this ,,J,,�O'day oflii-re,
202"! bv 0. BOOT" 1, LI -Cr a Florida iii-nited liability cornpany, 1`hetelnafteiefelred to as
,,,he "(DUVNER") whose address is 6345 Markham Woods Rd, Lake Mary, FL 3. and
the C't' - I` OF SANFORD, a Florida rnunicipal corporation,�.hereinafter referred N-) as the
"C11 -Y") Nhose address is,3,,00 Norfli Park Avenue, Sanford, Florida 32771
'This .4\greement is for the bene -flit of the OkA/NFR relative to the following
descnbed real property located at 109 Palmetto Ave, Sanford, FL 32771 (hereinafter
referfed to as ihe "PROPER 1-Y") and the CITY shall have the rights heieinaftef forth
as toVM-Property situate and being in Seminole County, Florida and legally described
as:
Lot 14, Block 3, Tier 1, E.R. TRAFFORD'S MAP OF
SANFORD, according to the map or plat thereof as recorded
in Plat Book 1, Page 56, Public Records of Sernir-w-flee
("ounty, Florida
Tax Parcel Identification Nutriber 25.-19-30-5AG-0301-0140.
2343
ELqparccLbj:
Y—i
David Hall, Esquire
Stenstrom, WhAosh, Colbert & V'Vhighatn, P.A.
,T
300 Internal-ional Pa, kway, Suite, IGO
Lake Mary, Florida 32746
407) 3,,.2-2171
Retum to:
rom Tumedin, Executive Director
,ommunity Pedevelopment Agency
("ity of Sanfofd
300 Nodh 'ark Ave.nue
Sanford, Florida 32771
X407'1 688-E015
THIS LOAN SUBSIDY AGREEMENT AND GRANT OF LIENHOLD !NTEREST
,hereinafter referred to as the '�Agreement`) is entered into this ,,J,,�O'day oflii-re,
202"! bv 0. BOOT" 1, LI -Cr a Florida iii-nited liability cornpany, 1`hetelnafteiefelred to as
,,,he "(DUVNER") whose address is 6345 Markham Woods Rd, Lake Mary, FL 3. and
the C't' - I` OF SANFORD, a Florida rnunicipal corporation,�.hereinafter referred N-) as the
"C11 -Y") Nhose address is,3,,00 Norfli Park Avenue, Sanford, Florida 32771
'This .4\greement is for the bene -flit of the OkA/NFR relative to the following
descnbed real property located at 109 Palmetto Ave, Sanford, FL 32771 (hereinafter
referfed to as ihe "PROPER 1-Y") and the CITY shall have the rights heieinaftef forth
as toVM-Property situate and being in Seminole County, Florida and legally described
as:
Lot 14, Block 3, Tier 1, E.R. TRAFFORD'S MAP OF
SANFORD, according to the map or plat thereof as recorded
in Plat Book 1, Page 56, Public Records of Sernir-w-flee
("ounty, Florida
Tax Parcel Identification Nutriber 25.-19-30-5AG-0301-0140.
The CITY hereby subsidizes the financing of the new construction efforts relative
to the redevelopment of the Property, as briefly described in Exhibit "A" hereto (the
"Project"), in the sum of up to, but no greater than, FIFTY THOUSAND DOLLA RS ViU, S,)
($50,000.00'1, as part of a total project and loan that approximates ONE MILLION TWO
HUNDRED THOUSAND DOLLARS ($1,200,000,00), said project involving conStaiction
work on the Property. This subsidization being made Linder the following ternns and
conditions:
The aCtUal amount awarded by the CITY to the OWNER shall be
less the charges incurred by the �CITY for any draw inspections required by the CITY
and all fecording fees that are associated with this matter and incurred by the of
whatsoever t%/pe,)r- nature.
2. The L'urpose of this Agreement is to implement a progr,31-3,, o, the
C"ITY, as set forth in (.)rdinan(,.,,e Nurnber 2-'009-4162, as codified in line
Cir_'yCode at Sectiorr 2-369, which has been legislatively developed to encourage the
renovation and pi-aductive use of property located in t1he Sanford Lake MorEroe
01ateffront arld Downtown S'anford Community Redevelopment Area within the City
Limits, of ffie City of Sarjfn-d and to assist business owners SUGh as the OVVNER to
redevelop pnoperties located within the City of Sanford for the benefit of the, purldic.
I"ht, CH-Y'
,,.,,grant grant to the OWNER, as set forth herein, evil! a
subsidy to the OVVNER to effectively reduce the interest rate on the OWNER's financing
which is necessary for fUndifi( the building construction, r�erlovatic)fis/i-eabt iit,,-itioiI
occurring on the Property,
4, The OVVNER has obtained financing for the Property in order to
assist in, the funding and implementation of the construction, renovation, and
improvements on the Property, The OWNER covenants and agrees that the, status of
title of the Property is such that the CITY will have first and priority position as to any
and all lienhold interests except as to the indebtedness of the OWNER to the Pnman�
Lender c,'
LJPQn request, CITY will eXeCUte a
subordination agreement of its lienhold interest in the Properly to the mortgage given by
OWNER in favor of the Primary Lender.
T'he OWNER covenants and agrees that any financing the
CITY or otherwise, shall be Used, or has been used, solely relating to tlhe rerioval-con
and irnproverr,,ent of trIle Proper -Ly and exclusively used for the purposes ,Jet: ford", in th-E,
O,NNE R's grant application filed with the CITY relative to the Property which is rk.-,enned
to b,'-,', mc,�)rpo;ated info this Agceennent bV this reference thereto.
f. The O'VNINER and the CITY agree that, in order to secure thie use of
the PUblic. funds as set forth herein, the CITY shall have a lienhold interest ri.sJafive Lc) the
Property upon, the recording of this Agreement in the Official Records (Land Reuoids') of
Q' -i
-,eminoic, County, Honda at the
--xpense (,)f the OWNER (to include, bu-,1 riot be llmite(J'
to, the payment of the dOGUrnentary stamp tax) -
The OVVNER and the CITY agree that the arriounts set fceh al--ove.,
as the GITYs financial suppler -mentation of the construction, re novati on, /f e lip bil itat 1; on
financing shall be (EJCiLrCk--d arim..jally, consistent with the terrns of this Agref-w'xent, such
that credits shall occur and be implemented by equal arnounts of reductit'.)n of the
OWNER's indebtedness to the CITY, for a period of ten ('10) years arid, �Juring such
Page 3
period of time, the CITY shall hold a declining balance lien upon the Property The
declining balance CaIGUIation is 1!10t�'! of the grant amount reduced anrklaky On the
annWersary of the date Of issuance of the Certificate of Occupancy for the Project, The
OWNER and CITY agree that upon the issuance of the certificate. of OCCUPancy for the
Project, an amendment to thiis Agreement. in recordable form, will be prelparecl by the
CITY and executed by both, the CITY and the OWNER to provide for the adclition of an,
amortization schedUle, as referenced above, to this Agreement.
8. The OWNER accepts the funds set forth herein from t1he "IFFY for
the purposes her(,in stated. The OVJNEF� hereby grants unto the CFFY, k -i pc, rlrdance
with flhe tern -is of this Agreement a hen on the Property, Should 'the; Ok/VNER sell or
trarlsfi-r title, to the Property With(lUt cornpleting the conStrUCtiOr), reri,.,.-)vniflons,
L
re
iniprovenlents and subseqUent maintenance of the Property to the sahsfcction of th
(.',1-FY,rr rs 0' AE shall (epay said ,;;ums r.o the CFI Y upori der-riand of the,
9. The CRA will disburse grant funds to the ONAMERaftrer 'the
()'Vv'NER c.owpletescc)nstruic.Aiori, receives a certificate of occuparicy and
the reg uH,ememits for reiribursement per thie grant criteria as follows:
�A, '._over lelter requesting funds;
b...ogres of invoices — all eligibledawarded Costs;
Receipts or Canceled Checks - all reirnbUrSaNe Co is
d, Fina 1 Lien Waiver — to the General, Contractor ar P-J11',0N each
provider of eligible costs as reqUired,
e. Certificate of Occupancy/Certificate of Completionand
f, Before and after photos.
10. The OWNER additionally covenants and agrees to the foHowing
i
Lerr,ns and conditions:
a. To ensure that the work for the project set forth in the
I I hereof
specifications provided to the CITY and made a pa
in a workmanlike manner and all work shall be accornplishe,,J
in strict conformance with all applicable Feder :al; St--itel
County and City codes, laws, regulations and ordinances,
7
b, 1 0 cornmence the specified work within and (.,olrnpietE� ttie--;
work WITHIN ONE CALENDAR YEAR OF I HE (,.RA
AWARD DATE, UNLESS OTHERWISE AMENDED BY 1 -HE
PARTIES IN WRITING.
To en�st..ire that all work accomplished is an,,J
ClUaranteed for a period of at least one (1) ye, r againist
defects in workmanship and rnaterials,
d To hold the GIT'Y harmless in the event of propeity darrnage
personal or p1hysical injury occurring as a result of working
I S
on the project and in any way relating to the Properbv,
e, T9,:) iadhere to and comply with, all ten -is and
the grant ' piogiarn of the CITY urider which funds
paid to the OWNER which ternns and condilk)ns are
incorporated herein by this reference thereto,
t. Upon any sale or transfer of the Property, the ')V Nil;. sh;LiH
ii-nmediately notify the CIT` of such sale or transftei ar-id to
satisf-v any out -standing oNigation as provided lheereir,,
CITY,
9. Upon expiration or satisfaction of the lien, the OVVNE-F, czhall
be entitled ItO reqUest a satisfaction of the lien fr(,-)in 4,,e 0TY.
Recording olf the satisfaction of lien sl-ialbe the
,-espon.,.,,ibiIity,,')f the ONAINER.
h, Any failure to notify the C17Y of the sale or transfer of the
Property or to maintain the Property in compliance with CITY
codes and ordinances or to satisfy the con(Jitions Of this
Agreement shall result in the total original
becoming immediately due and payable.
Page 5
Payments or correspondence required by this sten for the
C I TY, shall be directed to the CITY's CrJmr�-,�r[jilty
Redevelopment Agency or its SUCCeSSor.
In Witness Whereof, the said OWNER has signed and seated these pfesents
the day and year first above Wri4 teri,
L
AftesVW.itness:
J"
First VVitness Signature
Printed Narr-le of First "'I'Vitness
. .... .....
S a nd Vflriess Signature
cc
VJitness
,r,t,
r
t::�
P! -, Name of,.3econ,d
STATE OF FLORIDA
COUNTY OF SILEMINOLE."
Owner: D. 1300 -PF, LL_r,, a Florida
limited liability company - -----
L
`--E)eniff[§b6oth, Manager
Acknowl
��m en t
The f0regoing knstruiinent was acknowledged before i-ri e by mearis of 'D"t, r,0-lyslical
resence or LJ oniline mxari_ation, this
day of i -P," DE'NNIS
130011-1 a�, Maiiagei clE) BOOTH, 1-t-6", a Florida firnited liability GONIparr,, and they,per sor,, descrii-x,,d 1-1(-.�rekn aria' who exeCUted the foregoinq instrunn�ent I --flnd who
ack-nowledged execuflng the sanie in the presence Of two slibsC-ribing wifnesses fieely
and voluntarily authc�rity duly vested in him by D. 130,)TH, LLC, limited
if a b) I i t y co i -i'i p :ray, ki) 1-i t, s IF,
is personally k nown to me or who produced
as identification.
(SEAL -1
I
-A
Notary Public; State of Florida
Grp, gor/ R C,(,j-ney
'STATE :�
IF FLDRIDA J,
NlY 22, X-22
Printed Narn6
I4") &3 Z,3---,bi3V
Page 6
AGRE�NIE-N-LBY THE CITY OF S,�NFORD
In Witness Whereof, the City o[Sanford has signed and sealed theoe presents
the day and year hmt above adUen and agrees to Um Huns and conclibons hemof.
CITY OF AN—O D
ApprovadAs, ToFen n
and Leqa�_��fficiz�niqy
By�__
Oavd V!HaUE6quke
.Mayor
junIng is conment *,e, Ccmrnuri�','y [Red evzelopment Plain and that rpay
Approved:
Cynthia. Lindisay, Treasurer
CITY OF SANFORD CK)MMUMQY
REDEVELOPMENT AGENCY
By:`----=��~--
Cha/1eaDavis.Chairperaon
[ a I