2523 Leasehold Mortgage Agreement - Colimodio Investments - 350 E Seminole BlvdCITY OF 1/7 "Rol�
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CITY COMMISSION MEMORANDUM 23.171 .AA �J
SEPTEMBER 25, 2023 AGENDA
W S _ RM X
Item No.
TO: Honorable Mayor and Members of the City Commission
PREPARED BY: Craig M. Radzak, Assistant City Manager
SUBMITTED BY: Norton N. Bonaparte, Jr., ICMA-CM, City Manager
SUBJECT: Leasehold Mortgage Agreement; Colimodio Investments, LLC
STRATEGIC PRIORITIES:
❑ Unify Downtown & the Waterfront
❑ Promote the City's Distinct Culture
❑ Update Regulatory Framework
❑ Redevelop and Revitalize Disadvantaged Communities
SYNOPSIS:
Approve a Leasehold Mortgage Agreement relating to the City owned property located at 350 East
Seminole Boulevard between Colimodio Investments, LLC and the City has been prepared for the
City Commission's approval. In conjunction with the execution of the Leasehold Mortgage
Agreement, the City has been requested by the title insurance company, on behalf of the lender, to
execute an estoppel letter indicating that the current lease is in good standing and related matters.
FISCAL/STAFFING STATEMENT:
The rent terms will increase commencing on September 1, 2023 by 10% per year until December
31, 2025, whereupon the annual rent increase shall be based upon the Consumer Price Index (CPI)
or a minimum two percent per year, whichever is greater, through the term of the lease. Currently
the Tenant pays annual rent of $8,327.62.
BACKGROUND:
The Contingent Modification Agreement relates to the original lease entered into on October 27,
2003 and the City has approved the assignment of said lease to multiple entities over the years.
The current lessee, Colimodio Investments, LLC, who has held the lease since December 14, 2021,
has requested the City's approval to extend the lease for the term that ends on December 31, 2072
for financing reasons. This extends the agreement 30 years longer than the existing lease that was
set to expire on December 31, 2040.
In order to provide consideration to the City for taking the actions proposed by the tenant, rent will
increase by 10% per year, starting September 1, 2023, until December 31, 2025, whereupon the
annual rent increase shall be based upon the CPI or a minimum two percent per year, whichever
is greater, until the term of the lease.
The purpose of the text in the Leasehold Mortgage Agreement is to acknowledge the lease is in
full force and effect, been no defaults in terms & covenants or conditions of the lease, and the City
has no claims of lien against the Tenant under the provisions of the lease. The agreement also
consents to the Tenant for securing the loan for the lender.
The sole manager of Colimodio Investments, LLC is Alfredo Colimodio.
As noted above, the execution of the Leasehold Mortgage Agreement, the City has been requested
by the title insurance company handling the closing on the new loan, on behalf of the lender, to
execute an estoppel letter which was drafted by the Assistant City Attorney, as attached.
LEGAL REVIEW:
The Assistant City Attorney has reviewed the Leasehold Mortgage agreement and has no legal
objections to the proposed action and has drafted the attached estoppel letter.
RECOMMENDATION:
City staff recommends that the City Commission approve the Leasehold Mortgage Agreement
between Colimodio Investments, LLC and the City together with the associated estoppel letter.
SUGGESTED MOTION:
"I move to approve the Leasehold Mortgage Agreement and estoppel letter, as proposed."
Attachments: (1). Leasehold Mortgage Agreement.
(2). Estoppel letter, dated September 25, 3023
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September 25, 2023
Ms. Lois Lastra
Closer and Senior Processor
Titles Unlimited
7925 SW 24 Street
Miami, Florida 33155
And
No Limit Mortgage Solutions, Inc.
8061 NW 155'11 Street
Miami Lakes, Florida 33016
SUBJECT: Estoppel Letter; Colimodio Investments, LLC; City Of Sanford
Dear Ms. Lastra:
This estoppel letter is written at your request made on behalf of Titles Unlimited. Colimodio
Investments, LLC is the party working with Titles Unlimited with regard to certain title matters
relating to the issuance of title insurance and will hereinafter be referred to as the "Tenant" in
this estoppel letter, and, at your request, for the benefit of No Limit Mortgage Solutions, Inc.
Reference is hereby made to that certain relates to that certain Agreement to Lease entered on
the October 27, 2003 by the City of Sanford (City) with Wilson Center, Inc., as recorded on
November 8, 2003, at Official Records Book 5091, Page 662, Public Records of Seminole
County, Florida with the City and the Tenant having entered into the Lease implementing the
above -referenced Agreement to Lease on October 27, 2003, which document was not recorded
in the Public Records of Seminole County, Florida (the above actions being collectively referred
to herein as the "Lease"). On July 11, 2011, the City and the Tenant entered into the First
Amendment to the Lease and by means of that certain Consent to Assignment Of Lease, dated
October 27, 2003, recorded at Oficial Records Book 7642, Pages 7 and 8 of the Public Records
of Seminole County, Florida, the City approved Vanik Investments, LLC's assumption of the
lease as assigned by Wilson Center, Inc. The Tenant later assumed the Lease from Vanik
Investments, LLC by means of that Consent to Assignment of Lease/Assumption of Lease,
dated December 14, 2021, recorded on December 16, 2021, in Official Records Book 10124,
Pages 753-758, of the .Public Records of Seminole County Florida (the "Existing Assumed
Lease"). The Tenant has requested the City to enter a Contingent Modification Agreement (Of
Lease) which may be considered for approval by the City Commission of the City.
The purpose of this letter is to address the following matters relative to the actions and activities
relating to the above referenced documents and to confirm, for the benefit of Titles Unlimited,
that as of today's date, September 25, 2023:
(a). The Lease is in full force and effect.
Art Woodruff Sheena Britton Kerry S. Wiggins. Sr. Patrick Austin Patty Mahany Norton N. Bonaparte, Jr.
Mayor District i District 2 District 3 District 4 City :Manager
City Half, 2i° Floor • 300 N. ark Avenue • Sani'ord, Ff.: 32771-1244 • P(7 Box 1785 - Sanford FL, 32772-1733
p. 407.688.5001 • f. 407.633.5002 • sanfordtl.gov
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(b). There have been no other defaults under the terms, covenants or
conditions of the Lease.
(c). The City has no claims of lien against the Tenant under the provisions
of the Lease.
(d). The City Of Sanford Loan Subsidy Agreement And Grant Of Lienhold
Interest Relating To 350 E. Seminole Boulevard/Riverwalk Pizzeria, dated
November 1, 2012, and recorded on November 1, 2012 in the Official Records
Book 7890, Pages 989 through 998 of the Public Records of Seminole County,
Florida has been released and satisfied.
(e). The City has read, reviewed and agreed to the pertinent provisions of
the Leasehold Mortgage Agreement between No Limit Mortgage Solutions,
Inc, as Lender, and the Tenant.
Further the City says naught as to this matter and reserves and preserves unto itself any and all
enforcement rights and remedies as to future matters relating to the Lease and by issuance of
this estoppel letter does not waive any right, remedy or entitlement under the Lease under the
controlling provisions of law.
Thank you for your attention to this matter.
Sincerely,
r -
Craig Radzak
Assistant City Manager, City of Sanford, Florida
Cc: Norton N. Bonaparte, Jr., ICMA-CM, City Manager
Cynthia Lindsay, Finance Director
Pamela Lynch, CRA Executive Director/Economic Development Project Manager
William L. Colbert, City Attorney
Art Woodruff Sheena Britton Kerry S. Wiggins, Sr. Patrick Austin Patty Mahany Norton N. Bonaparte, Jr.
Mayor District 1 District 2 District 3 District 4 City Manager
Citv I la1L 21" Floor • 300 M Park Avenue • Sanford, l'L. 32771-1241 • PO Box 1788 • Sanford FL, 32772-1788
p. 407.t $8.5001 f. 407.0M5002 • santuriltl.gov
Grant Malay. Clerk Of The Circuit Court & Cc troller Seminole CountyFl.
Inst #2023093967 Book:10520 Page:139&1408; (t 1 PAGES) RCD; 10/11/2023 8:45:30 AM
REC FEE 595.00
TMS INSTRUNW4T PREPARED BY:
Gered Law Firm
90 vi=vay
Levine, California 92618
WHEN RECORDER, RETURN TO:
No Liaut Mvrtgagc Sotutlem. tnc.
Nodi NW ISSrh Stmt
WOW Lzkxa, Florida 33016
LRASEHOLD MORTGAGE AGREEMENT
This Leasehold Morigage Agreement ("Agreement") is effective September 2S, 2023, and is
executed by City of Sanford, Florida (" Landlord'?, in favor of Colimadio tnvestaten% LLC, a Florida
limited liability company ("Borrower' or "Tenerit"), and for the benefit of No Limit Mortgage Solutions,
Inc., a Florida limited liability company, ISAOA ("Lender").
RECITALS
A. The real property which is subject to this Agreement is commonly known as 330 East
Seminole Boulevard, Sanford, Florida 32771 and more particularly described in Exhibit "A" which is
attached hereto (liminancr "Property" ).
B. Landlord and Tenaal's predecessor in interest entered into a Least: dated October 27,
2003 (the "i.ease. Pursuant to the terms of the Lease, as modif'i4 the terser ofthe tease extends through
VecembeT 31, 2072 {"Lease Term'). The Lease and any extensions, amendments and modifiraeons
thereto are collectively ref:rred to herein as the "Lease." The Lem was subserlucndy assigned to Tenant
pursuant to that certain Consent to Assignment of LeasetAssumption of Lease dated as of December
2W L Landlord enters into this Agreemem for the limited purposes stated below.
C. Leader has agreed to make a loan ("Loan'! to Tenant, porsuaat (o that certain Sec=d
Note that will be executed in or around August 2023 (the "Notc` ). The Note will be secured by that
certain Mortgage, Assignment of Lenses and Rents, and Security Agreement that will also be excmlcd by
Tenant in or around August 2023, in favor of Lender, as beneficiary (the "Mortgage"), which Mortgage
encumbers Tetrartt•s kwebold estate under the Lease, all improvements located on the Property and all
ftxitm and personal property located themorL
D. Landlord and Tenant acknowledge that Leader shall make the Loan to Tenant only in
reliance on the assurances and agreements of Landlord and Tenant as ret farth below and in the estoppel
letter issued by Landlord dated September 25, 2023.
AGREEMENT
Uasshold Mortgage Agreement
NOW, THEREFORE, in consideration of the foregoing and for other valuable consideration, the
receipt and adequacy of which are hereby acknowledged, Landlord, Tenant, and Lender agrees as
follows:
1. City of Sanford, Florida, is the current landlord and Colimodio Investments, LLC, a
Florida limited liability company, is the current tenant pursuant to the Lease.
2. The Lease is valid and in full force and effect and has not been terminated. The Lease, as
amended by that certain First Amendment to Agreement to Lease dated July 11, 2011 and that certain
Contingent Modification Agreement (of Lease) dated September 25, 2023, constitutes the complete
agreement between Landlord and Tenant with respect to the Property and no other amendments to the
Lease, either written or oral, currently exist.
3. The term of the Lease extends to December 31, 2072. Neither Tenant nor Landlord have
a right to terminate the Lease prior to December 31, 2072 other than as specifically set forth (i) in the
Lease with respect to condemnation or default, and (ii) in the Contingent Modification Agreement (of
Lease) if Tenant does not obtain a building permit and commence construction within three (3) years.
4. There is no existing default under the provisions thereof on the part of either party;
Landlord has no claim, defense, setoff or counterclaim against the Tenant under the Lease; Tenant is in
possession and completely current in paying rent and other charges under the Lease and as provided
therein.
5. Landlord consents to Tenant securing the Loan from Lender with the Mortgage to be
recorded against the Property. Landlord further acknowledges and agrees that the Lease allows for the
assignment or transfer of the Lease to Lender upon default by Tenant under the terms of the Lease or the
Loan. Furthermore, any assignment or transfer which occurs shall not be a default under the terms of the
Lease. Landlord shall reasonably cooperate with Lender and shall allow Lender to fully assume all
obligations under the Lease at no expense to Landlord.
6. Landlord, on providing Tenant with any notice of default under the Lease, shall, at the
same time, provide a copy of such notice to Lender, in writing, such notice at the address provided to
Landlord by Lender or its authorized agents. Lender shall have the right to cure any default by Tenant
under the Lease within the time periods set forth in Section 18 of the Lease.
7. No agreement between Landlord and Tenant amending, modifying or terminating the
Lease shall be effective without the prior written consent of Lender, except following Tenant's default
under the Lease and Lender's failure to take appropriate action to cure said default in the manner
contemplated by Section 8 following Lender's receipt of notice of Tenant's default.
8. Pursuant to Section 18 of the Lease, Lender shall have the right, but not the obligation, to
perform any obligation of Tenant under the Lease and to cure any event of default within the time frame
allotted in Section 18 of the Lease. Landlord shall accept performance by or at the instigation of Lender
in fulfillment of Tenant's obligations, for the account of Tenant and with the same force and effect as if
performed by Tenant. No performance by or on behalf of Lender shall cause it to become a "mortgagee
in possession" or otherwise cause it to be deemed to be in possession of the Property or bound by or liable
under the Lease.
9. Following Lender's (or Lender's designee's) acquisition of Tenant's interest in the Lease
pursuant to a foreclosure or an assignment in lieu of foreclosure (and any acquisition by a third party
purchaser pursuant to a foreclosure sale at or following such foreclosure or assignment in lieu of
Leasehold Mortgage Agreement
foreclosure, as the case may be), Lender shall be entitled to assign its interest in the Lease without
Landlord's prior consent on such terms and to such persons and entities in accordance with the terms of
the Lease and thereafter be relieved of all obligations of Tenant first arising under the Lease after the date
of such sale or assignment, provided that such assignee of Lender shall have delivered to Landlord an
assumption agreement as provided by the Lease. Any such assignee of Lender or any other assignee of
the Lease, or of the leasehold estate created by a conveyance in lieu of foreclosure or any purchaser at any
foreclosure sale of the Lease or of the leasehold estate created (other than the Lender), shall be deemed to
be a transferee of the Lease. Each transferee of the Lease shall be deemed to have agreed to perform all
of the terms, covenants, and conditions on the part of the Tenant to be performed under the Lease from
and after the date of its purchase and assignment and, from and after that date, shall be subject to all the
terms of the Lease.
10. If Landlord (as debtor in possession) or a trustee in bankruptcy for Landlord rejects the
Lease in any bankruptcy proceeding affecting Landlord, then:
(a) Landlord and Tenant acknowledge that Lender's collateral includes all rights of
Tenant under Title 11 of United States Code §365(h), all of which rights have been validly and effectively
assigned to Lender.
(b) Tenant shall not have the right to elect to treat the Lease as terminated except
with Lender's prior written consent. If Tenant purports, without Lender's prior written consent, to elect to
treat the Lease as terminated, then such election and purported termination shall be null, void, and of no
force or effect. Lender shall have the right, to the exclusion of Tenant, to make any election and exercise
any rights of Tenant under Title 11 of United States Code §365(h)(1). Lender's rights under the preceding
sentence must be exercised, if at all, subject to such time limits and requirements as would apply to
Tenant (except that any time periods that begin to run on the giving of notice shall begin to run, as against
Lender, from the date of notice to Lender), and provided that that as against Lender every such time
period shall be extended by an additional thirty (30) days.
(c) If Tenant does not treat the Lease as terminated, then despite any purported
election by Tenant to the contrary made without Lender's consent, Tenant shall be deemed to have elected
to continue the Lease pursuant to Title 11 of United States Code §365(h)(1)(A)(ii), and the Lease shall
continue in effect without change on all the terms and conditions in the Lease.
(d) The lien of any leasehold mortgage that was in effect before rejection of the
Lease shall extend to Tenant's continuing possessory and other rights under Title 11 of United States
Code §365(h) in the Property and the Lease following such rejection, with the same priority as such lien
would have enjoyed against the leasehold estate had such rejection not taken place.
11. Landlord shall give prompt notice to Lender if the Lease is terminated by reason of the
rejection or disaffirmance of the Lease under bankruptcy law or other law affecting creditors' rights or
any other reason. Landlord shall, on written request of any such Lenders, made at any time within 30 days
after the giving of such notice by Landlord, enter into a new lease of the Property with the Lender within
20 days after the receipt of such request, which new lease shall be effective as of the date of such
termination of the Lease and shall be for the remainder of the term of the Lease, at the rent provided for
herein, and on the same terms, covenants, conditions, and agreements as are herein contained as would be
applicable to the then -remaining term of the Lease. This obligation of Landlord shall be conditioned on
the Lender doing the following: (a) contemporaneously with the delivery of such request, paying to
Landlord all unpaid rent payable by Tenant hereunder that is then due; (b) paying to Landlord at the time
of the execution and delivery of said new lease any and all unpaid rent payable by Tenant hereunder to
and including the date thereof, less all amounts received by Landlord from any subtenants in occupancy
of any portion of the Property up to the date of commencement of such new lease; (c) paying all
reasonable costs resulting from the preparation and execution of such new Lease; (d) restoring any
security deposit or other security given; and (e) on or before the execution and delivery of said new lease,
agreeing in writing that promptly following the delivery of such new lease, the Lender will perform or
Leasehold Mortgage Agreement
cause to be performed all of the other covenants and agreements herein contained on Tenant's part to be
performed to the extent that Tenant shall have failed to perform the same to the date of delivery of such
new lease, except when such failure to perform by Tenant is, by its nature, a Nonmonetary Default not
susceptible of cure by such Lender. Nothing herein contained shall be deemed to impose any obligation
on the part of Landlord to deliver physical possession of the Property to such Lender unless Landlord at
the time of the execution and delivery of such new lease shall have obtained physical possession thereof.
12. If the Lease is rejected in connection with a bankruptcy proceeding by Tenant, a trustee
in a bankruptcy or such other party to such proceeding on behalf of Tenant, as applicable, such rejection
shall be deemed an assignment by Tenant to Lender of the Property and all of Tenant's right, title and
interest in and to the Lease and the Lease shall not terminate. In connection therewith, Lender shall have
all of the right, title and interest of the Tenant as if such bankruptcy proceeding has not occurred, unless
Lender shall reject such deemed assignment by notice in writing to Landlord within thirty (30) days
following rejection of the Lease by Tenant, the trustee in bankruptcy or such other party to such
proceeding, as applicable. If any court of competent jurisdiction shall determine that, notwithstanding the
terms of the preceding sentences, the Lease shall have been terminated as a result of a rejection by
Tenant, the trustee in the bankruptcy or such other party to such proceeding, as applicable, Landlord shall,
on Lender's written election, promptly enter into a new, direct lease with Lender or its designee for the
Property on the same terms and conditions as those contained in the Lease ("New Lease"), it being the
intention of the parties to preserve the Lease and the leasehold estate created by the Lease for the benefit
of Lender without interruption. The New Lease shall be superior to all rights, liens and interests granted at
any time on the fee interest on the Property and to all rights, liens and interests intervening between the
date of the Lease and the granting of the New Lease, and shall be free of any and all rights of Tenant
under the Lease. If Lender designates Tenant to enter into the New Lease in accordance with the terms
hereof, Tenant and Landlord acknowledge and agree that Lender shall have the right to encumber the
New Lease and the estate created thereby with a Mortgage on the same terms and conditions, and with the
same first lien priority as the original Mortgage, it being the intention of the parties to preserve the
priority of the Mortgage, the New Lease and the leasehold estate created by the New Lease for the benefit
of Lender without interruption.
13. Landlord's right, title, and interest in and to the Property shall be subordinate, junior and
inferior to the Mortgage. Furthermore, any security interest of Landlord in or to Tenant's chattels shall be
subordinate, junior and inferior to any security interest of Lender that may be created therein.
Subordination shall be limited only to the indebtedness secured by the Property. Landlord shall be
entitled to all rents due to Landlord.
14. All fire and other casualty insurance proceeds shall be applied to repairing insured
damage to the leasehold improvements with any excess proceeds, to the extent demanded by Lender but
not exceeding the unpaid obligations secured by the Mortgage, being paid directly to Lender and applied
by Lender as provided in the Mortgage. In the event of Lender's acquisition of Tenant's interest in the
Lease pursuant to a foreclosure or an assignment in lieu of foreclosure, Lender shall maintain all
insurance obligations of Tenant.
15. All condemnation award proceeds owing to Landlord under the terms of the Lease shall
be paid to Landlord. All condemnation award proceeds owing to Tenant under the terms of the Lease, to
the extend demanded by Lender but not exceeding the unpaid obligations secured by the Mortgage, shall
be paid directly to Lender and applied by Lender as provided in the Mortgage.
16. In the event of conflict between this Agreement and the Lease, the terms of the Lease
shall govern, except with respect to the specific rights of Lender granted herein.
Leasehold Mortgage Agreement
17. The individuals executing this Agreement have knowledge of the matters stated herein
and have the authority to execute this Agreement.
18. The parties make this Agreement with the knowledge that it will be relied upon by
Lender and any third party, including a title company issuing a lender's policy to Lender.
19. This Agreement shall bind and benefit the heirs, successors, and assigns of Landlord and
Tenant, respectively.
20. The Landlord, by entering into this Agreement, does not waive any of its police powers,
land use regulatory powers or protections under sovereign immunity.
21. This Agreement shall be interpreted, and the rights and duties of the parties shall be
determined, in accordance with the laws of the State of Florida. All disputes shall be resolved in the
Middle District Court in Orlando as to federal actions or the Circuit Court of Seminole County as to state
actions.
22. This Agreement may be signed in one or more counterparts, each of which shall be
deemed an original. This Agreement shall be deemed fully executed and effective when all parties have
executed at least one of the counterparts, even though no single counterpart bears all such signatures.
IN WITNESS WHEREOF, the undersigned has executed this instrument on the dates set forth
below.
[SIGNATURES FOLLOW]
Leasehold Mortgage Agreement
$ORROtWEIt:
COL
IMO.
DI � ti' , .NTS, LLC, A FLORIDA LLNt)TFD tAABtLM COMPAAY
9p:
cd Calimodio, Managing Mcmbcr
LLN-DER:
NO LIMrr MO TGA E SOL ONS, INC., A FI.OitfDA LIMITED Lt"MrrY COMPANY
By:
Name: D 5 G ,
Title
151GNATURES CONTINUE ON N'EX'T' PAGE1
Leasehold Morngage Agmcmcnt
LANDLORD:
CITY OF SANFORD, A FLORIDA MUNI iP,AL, CORPORATION
By: , OX
Ait Woodruff, Mayo/
ATTEST: J ;
By: vo� 10 ru'IA
Traci Houc in, MMC, FCRM
City Clerk
Approved as to form and legal sufficiency.
By:
William L. Colbert,
City Attorney
Leasehold Mortgage Agreement 7
[Landlords Acknowledgement Below]
STATE OF FLORIDA:
COUNTY OF
The foregoing instrument was acknowleded before me by means of physical presence or ❑ online notarization,
this bytic -,of rn-QQ F <S WW)P—h >
a 9date) (name of mem er, manager, officer or agent) (name of company)
1COM _ limited liability company, on behalf of the company, who is personally known to
(state or place of formation)
To me or has produced j)a`yam LACEMW- as identification.
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(type of identification) 111\I I 11 d A
(Sig a of person t�dCin acknowledgmen Vl
[Notary Seal] :::"Y'. gpRpH SHEIBENBERGER ame typed, printed or stamped)
Commission # HH 309737 A 0
i September 7,2026 itle or rank)
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(Serial number, if any)
Leasehold Mortgage Agreement
[Borrower's Acknowledgement Below]
STATE OF FLORIDA:
COUNTY OF IkJQk'2
The foregoing instrument was acknowledged before me by means of Ly hysical,presence or 0 online notarization, �,
C1 1124 �3 this by i�, of COLI ol) l uy8STKKT
(da (name of member, manager, officer or agent) (name of company)
a 171 VA [) h limited liability company, on behalf of the company, who is personally known to
(state or place of formation
To me or has produced as identification.
(type of identification)
[Notary Seal]
t,,PY Pi� •,,
:=e• R'¢:, SARAH SHEIBENBERGER
*' Commission # HH 309737
Zr Expires September 7, 2026
Leasehold Mortgage Agreement
"lure of per n g acknowled a t)
(Name typed, printed or stamped)
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(Title or rank)
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(Serial number, if any)
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[Lender's Acknawledgemenr Belowj
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this ?A 1 by e //v S &_a C�' , ni��'pt l,f' > 1A ge3i ,
(darr)me of member. manager, cerar agent) (name afCv-p rhY)I
s t�<i _ Eimitcd liability company, on behalf of the company, who is personally known to
(state or place offamwrion) �7Z/
To me or has produced + !.24,< as ldcnbfica ion.
(type ojidenrificanvrt)
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l easchold Mortgage Agteemmt to
EX MIT"A"
PRQPERTY DFSCftrpnoN
The Leasehold interest between the City of Sanford, Florida and Wilson Center, inc., pursuant to
Agreement to Lease filed October 27, 2003, recorded in Official Records Book 5091, Page 662, of the
Public Records of Seminole County, Florida; as affected by Unrecorded Lease date October 27, 2003
between the City of Sanford and Wilson Center, Inc., affected by Consent to Assignment of Lease with
Vanik investments, LLC, lessee, recorded in official Records Book 7642, Page 7; Assignment and
Assumption of Lease with Vanik Investments, LLC, recorded in Official Records Book 7642, Page 525;
Assignment and Assumption of lease between Vanik Investments, LLC and Colimodfo Investments, LLC,
Lessee filed december 16, 2021, recorded in official Records Book 10124, Page 753; and Consent to
Sublease between Colimodio Investments, LIC, Tenant, and City of Sanford, Florida, lessor, recorded in
Official Records Book 10409, Page 742; demising the following described Land:
A portion of Lot 1, Sanford Riverfront Project, according to the plat thereof, as recorded in Plat Book 14,
Page 88, Public Records of Seminole County, Florida, being more particularly described as follows:
Begin at the Southeast corner of Lot 1, Sanford Riverfront Project, according to the plat thereof, as
recorded in Plat Book 14, Page 88, Public Records of Seminole County, Florida, and run North 0'00'00"
East, along the East line of said Lot 1,113.98 feet; thence, leaving said East fine, run South 90`00'00"
West 125.37 feet; thence run South 0'00'00" East 66.55 feet to a point on the South tine of said Lot 1;
thence run South 69'16'45" East 134.04 feet to the Point of Beginning.
t.casehold Mortgage Agreement I i
GRANT MALOY, SEMINOLE COUNTY
CLERK OF CIRCUIT COURT & COMPTROLLER
CFN# 2023078700 Bk:10496 Pg:560.561(2Pgs)
REC: 08/24/2023 11:50:35 AM by cjones
RECORDING FEES $18.50
Prepared by and return to:
David W. Hall, Esquire
Stenstrom, McIntosh, Colbert R Whigham, P.A.
300 International Parkway, Suite 100
Lake Mary, Florida 32746
RELEASE OF LIENHOLD INTEREST
STATE OF FLORIDA )
4 �( COUNTY OF SEMINOLE )
For valuable consideration received, the CITY OF SANFORD, a municipal corporation
of the State of Florida, hereby releases the Lienhold Interest granted it pursuant to that certain
CITY OF SANFORD LOAN SUBSIDY AGREEMENT AND GRANT OF LIENIIOLD
INTEREST RELATING TO 350 E. SEMINOLE BOULEVARDIRIVERWALK PIZZERIA
dated November 1, 2012 and recorded on November 1, 2012 in the Official Records of Seminole
County, Florida at Book 07890, Pages 0989-0993, and covering the following described real
property:
Parcel Identification Number:
25-19-30-515-0000-0011)
The Property is generally addressed as follows: 350 East Seminole Boulevard
located in the City Limits of the City of Sanford or a portion of Lot 1., Sanford
Riverfront Project according to the Plat thereof as recorded in Plat Book 14,
Page 88, Public Records of Seminole County, Florida, being more
particularly described as follows:
Begin at the Southeast corner of Lot i, Sanford Riverfront Project, according
to the Plat thereof as recorded in Plat Book 14, Page 88, Public Records of
Seminole County, Florida, and run North 0100'00" East along the East line
of said Lot 1, 113.98 feet; thence leaving said East line, tarn South 90°00`00'
West 125.37 feet; thence run South 0°00'00" East 66.55 feet to a point on the
South line of Said Lot 1; thence run South 69"16'45" East 134.04 feet to the
point of beginning.
The undersigned hereby directs the Clerk of Circuit Court for ,Seminole County, Florida to release
and satisfy said lien of record.
In Witness Whereof, the City of Sanford has signed and sealed this Release of Lienhold
Interest this day of August 2023.
CITY OF SANFORD, a municipal corporation of the
State of Florida
Attest
'lam 6 ` y , HUfa 4 By:
Traci Houc in
City Clerk
Approved as to firm and legality:
David W. Hall. Esq.
Assistant City Attorney