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1364 Gerald Konig Loan Subsidy AgrmtIIIIIIIInIIMINNNINNNNIININ11Nllt�llq I IIII Prepared by Lonnie N. Groot, Esquire Stenstrom, McIntosh, Colbert, Whigham & Partlow, P.A. 1001 Heathrow Park Lane Suite 4001 Lake Mary, Florida 32746 (407) 322 -2171 Return to: Robert Tunis, Director Community Redevelopment Agency City of Sanford 300 North Park Avenue Sanford, Florida 32771 Tax Parcel Identification Number: 25 -19 -30 -5AG- 0202 -0050 NARYANNE NORSE, CLERK OF CIRCUIT COMT SENINOLE COUNTY BK 07505 Pgs 1606 — 1613; (eNs) CLERK'S # 201 1 000457 RECORDED 01/03/2011 03 M A3 PM NT6 DOC TAX 210.00 RECORDING FEES 69.50 RECORDED BY J Eckenroth(all) CITY OF SANFORD LOAN SUBSIDY AGREEMENT AND GRANT OF ��� LIENHOLD INTEREST THIS LOAN SUBSIDY AGREEMENT AND GRANT OF LIENHOLD INTEREST is entered into this day of �� , 2010 by GERALD C. KONING, as Trustee of the Gerald C. Koning Trust Dated February 16, 2000, joined by SHARON A. KONING and others, whose address is 1052 Kersfield Circle, Heathrow, Florida 32746, (hereinafter collectively referred to as the "OWNER "), and the CITY OF SANFORD, a Florida municipal corporation, whose address is 300 North Park Avenue, Sanford, Florida 32772, (hereinafter referred to as the "CITY ") This Agreement is for the benefit of the OWNER relative to the following described real property (hereinafter the "Property ") and the CITY shall have the rights hereinafter set forth as to the Property: Tax Parcel Identification Number 25 -19 -30 -5AG- 0202 -0050. (See the Exhibit "A" attached hereto and incorporated herein by this reference thereto). The Property is generally addressed as follows: 210 and 212 East First Street located in the City Limits of the City of Sanford. Page 1 The CITY hereby subsidizes the financing of the renovation efforts relative to the redevelopment of the Property in the sum of up to, but no greater than, SIXTY THOUSAND AND NO /100THS DOLLARS U.S. ($60,000.00), as part of a total project that approximates ONE HUNDRED FIFTY THOUSAND AND NO /100THS DOLLARS U.S. ($150,000.00), with the loan supplemented in this action totaling amounts drawn under personal lines of credit. This loan subsidization being made under the following terms and conditions: (1). The purpose of this Agreement is to implement a program of the CITY, as set forth in Ordinance Number 2009 -4162, which has been legislatively developed to encourage the renovation and productive use of the Property which is located in the Sanford Lake Monroe Waterfront and Downtown Sanford Community Redevelopment Area within the City Limits of the City of Sanford and to assist business owners such as the OWNER to redevelop properties located within the City of Sanford for the benefit of the public. (2). The CITY's grant to the OWNER, as set forth herein, will provide a loan subsidy to the OWNER to effectively reduce the interest rate on the OWNER's financing which is necessary for funding the building renovations occurring on the Property. (3). The OWNER has obtained financing for the Property, or the cash advances relating to the Property, from the below- referenced institutions to assist in the funding of the renovation and improvement of the structures located 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. Page 2 (4). The OWNER covenants and agrees that the financing from the CITY or otherwise, shall be used, or have been used, solely relating to the renovation and improvement of the Property and exclusively used for the purposes set forth in the OWNER's grant application filed with the CITY relative to the Property which is deemed to be incorporated into this Agreement by this reference thereto. (5). The OWNER and the CITY agree that, in order to secure the use of the public funds as set forth herein, the CITY shall have a lienhold interest relative to the Property upon the recording of this Agreement in the Official Records (Land Records) of Seminole County, Florida at the expense of the OWNER (to include, but not be limited to, the payment of the documentary stamp tax). (6). The OWNER and the CITY agree that the amounts set forth above as the CITY's financial supplementation of the renovation financing shall be reduced annually, consistent with the terms of this Agreement, such that credits shall occur and be implemented by equal amounts of reduction of the OWNER's indebtedness to the CITY, for a period of ten (10) years and, during such period of time, the CITY shall hold a declining balance lien upon the Property. The declining balance calculation is set forth in Exhibit "B" to this Agreement attached hereto and incorporated herein by this reference thereto. (7). The OWNER accepts the funds set forth herein from the CITY for the purposes herein stated. The OWNER hereby grants unto the CITY, in accordance with the terms of this Agreement a lien on the Property. Should the OWNER sell or transfer title to the Property without completing the renovations and improvements of the Page 3 Property to the satisfaction of the CITY, the OWNER shall repay said sums to the CITY upon demand of the CITY. (8). The OWNER covenants and agrees to the following terms and conditions: (a). To ensure that the work for the project set forth in the specifications provided to the CITY and made a part hereof in a workmanlike manner and all work shall be accomplished in strict conformance with all applicable Federal, State, County and City codes, laws, regulations and ordinances. (b). To commence the specified work within and complete the work as set forth in the application filed with the CITY. (c). To ensure that all work accomplished is bonded and guaranteed for a period of at least one (1) year against defects in workmanship and materials. (d). To hold the CITY harmless in the event of property damage, personal or physical injury occurring as a result of working on the project and in any way relating to the Property. (e). To adhere to, and comply with, all terms and conditions of the grant program of the CITY under which funds have been paid to the OWNER which terms and conditions are incorporated herein by this reference thereto. (f). Upon any sale or transfer of the Property, the OWNER shall immediately notify the CITY of such sale or transfer and to satisfy any outstanding obligation as provided herein to the CITY. (g). Upon expiration or satisfaction of the lien the OWNER shall be entitled to have a satisfaction of the lien filed for record by the CITY at the expense of the OWNER. Page 4 (h). Any failure to notify the CITY of sale or transfer or to maintain the Property in compliance with CITY codes and ordinances or to satisfy the conditions of this Agreement shall result in the total original principal amount becoming immediately due and payable. (i). Payments or correspondence required by this lien for the CITY, shall be directed to the CITY's Community Redevelopment Agency or its successor. IN WITNESS WHEREOF, the said OWNER has signed and sealed these presents the day and year first above written. ATTEST. First Witness Si nd . Witness S rinted Name Of Witness OWNER/ HTLC PROPERTIES LLC: GERALD C. � KONING SHARON A. KONING ACKNOWLEDGMENT STATE OF FLORIDA ) COUNTY OF SEMINOLE ) The foregoing was sworn to and subscribed before me this day of `J`�� , A.D. 2010, by GERALD C. KONING and SHARON A. KONING, for the OWNER, who are personally known to me or who produced Page 5 as identification and who did execute the foregoing document under oath or affirmation. WITNESS my hand and official seal in the County and State aforesaid this -" day of J , A. D. 2010. MOM E. LARSOM MMWP" .WA Ma woMM~wM�woa�. c«Mwr�Mw • oo nm AGR Agreed to by the CITY: ATTEST.• JANET DOUGHER Y CITY CLERK APPROVED AS TO FORM AND LEGALITY: William L. Colbert v City Attorney -- 6 dd fu Y Notary ublic, Stat f FI ida My Commission Expires: EEMENT BY THE CITY CITY OF SANFORD LINDA KU N, MAYOR Page 6 Seminole County Property Appraiser Get Information by Parcel Number Page I of I Personal Property Please Select Account PARCIEL DETAIL, _J DAVW.70f"j,CFA,A5A Z PR=TV �. >., HE KI F 1101 i. R ".ST E iSTST , a 14 2 1 21 - 12.6 2. . 0 4A 3.0.. �=03P012 VALUE SUMMARY VALUES 2010 Working 2009 Certified GENERAL Parcel Id: 25-19-30-5AG-0202-0050 Value Method CosttMarket Cost/Market Owner: KONING GERALD C TRUSTEE Number of Buildings 1 1 Own/Addr: FBO Depreciated Bldg Value $197,092 $229.609 Mailing Address: 1052 KERSFIELD CIR Depreciated EXFT Value $1,479 $1,479 City,State,ZipCode: HEATHROW FL 32746 Land Value (Market) $33,558 $33,558 Property Address: 21 1ST ST SANFORD 32771 Land Value Ag $0 $0 Facility Name: Just/Market Value $232,129 $264,646 Tax District: S3-SANFORD-WATERFRONT REDVDST Portablity Adj $o $0 Exemptions: Save Our Homes Adj $0 Dor: 11 STORES GENERAL-ONE S Assessed Value (SOH)l $232,1291 $264,646 Tax Estimator 2010 TAXABLE VALUE WORKING ESTIMATE Taxing Authority Assessment Value Exempt Values Taxable Value County General Fund $232,129 $0 $232,129 Schools $232,129 $0 $232,129 City Sanford $232,129 $0 $232,129 SJWM(Saint Johns Water Management)_ $232,129 $0 $232,129 County Bonds 1 $232,1291 so! $232,129 The taxable values and taxes are calculated using the current years working values and the prior years approved millage rates. SALES Deed Date Book Page Amount Vac/Imp Qualified 2009 VALUE SUMMARY WARRANTY DEED 05/2000 03871 0751 $100 Improved No 2009 Tax,Bill.A.mount: $5,163 WARRANTY DEED 03/1981 01329 0308 $122,500 Improved No 2009 Certified Taxable Value and Taxes WARRANTY DEED 01/1975 01053 1890 $60,000 Improved Yes DOES NOT INCLUDE NON-AD VALOREM ASSESSMENTS Find Sales within this DOR Code LEGAL DESCRIPTION LAND PLATS: Pick jl Land Assess Method Frontage Depth Land Units Unit Price Land Value LEG BEG 243.2 FT W OF SE CDR BLK 2 TR 2 RUN W 53.63 SQUARE FEET 0 0 5,593 6.00 $33,558 FT N 104.2 FT E 53.72 FT S 104.2 FT TO BEG BLK 2 TR 2 TOWN OF SANFORD PB I PG 58 BUILDING INFORMATION Bid Num Bid Class Year Bit Fixtures Gross SF Stories Ext Wall Bid Value Est. Cost New 1 MASONRY PILAS 1920 4 5,490 1 BRICK COMMON - MASONRY $197,092 $317,890 Subsection i Sqft CANOPY / 486 Subsection / Sqft OPEN PORCH UNFINISHED / 36 Subsection I Sqft OPEN PORCH UNFINISHED / 48 Permits EXTRA FEATURE Description Year Bit Units EXFT Value Est. Cost New ALUM SCREEN PORCH W/CONC FL 1979 435 $1.479 $3,698 EXHIBIT NOTE: Assessed values shown are NOT certified values and therefore are subject to change before being finalized for ad valore m I *If you recently purchased a homesteaded property your next year's property tax will be based on Just/Market value. IF hftp://iNim.scpafl.org/web/re 6/9/2010 Sanford Downtown Waterfront CRA Rehabilitation Loan Subsidy Program Amortization of Lien for Recording Purposes For Loan Subsidy given to Gerald C. Koning For TAX Parcel ID # 25- 19- 30 -5AG- 0202 -0050 Exhibit'B' Loan date 01/01/2011 Loan Amount $ 60,000.00 Lien Dates Lien Amount From 1/01/2011 to 12/31/2011 $ 60,000.00 From 1/01/2012 to 12/31/2012 $ 53,923.40 From 1/01/2013 to 12/31/2013 $ 47, 846.80 From 1/01/2014 to 12/31 /2014 $ 41,770.20 From 1/01/2015 to 12/31/2015 $ 35,693.60 From 1/01/2016 to 12/31/2016 $ 29,617.00 From 1/01/2017 to 12/31/2017 $ 23,540.40 From 1/01/2018 to 12/31/2018 $ 17,463.80 From 1/01/2019 to 12/31/2019 $ 11, 387.20 From 1/01/2020 to 12/31/2020 $ 5,310.60 INSTRUCTIONS TO ESCROW Belair v 115 West Development, LLC Case No: 2010 -CA- 1334 -14 -k Instructions to comply with Judgment of November 23, 2010, which Order is unappealed and Final. 115 West Development, LLC instructs Stenstrom, McIntosh, Colbert, Whigham and Partlow, P.A. to distribute escrowed monies to the Clerk of the Court of Seminole County, 301 N. Park Avenue, Sanford, Florida. The amount paid shall be the awarded amount of $5,820 with an additional $18.60 for accrued interest. Totaling $5,838.60. 115 West Development, LLC instructs that the remaining funds in said escrow account be distributed to 115 West Development, LLC, 5224 West State Road 46, # 305, Sanford, Florida. Witness itness State of Florida County of Seminole Sworn to and subscribed Stephen G. Tibstra of 115 to n Tibstra, Managing Member Acknowledgment before me this �� day of ec em P� a v'. / 20 10, ,by-j West Development, LLC., who is personally kliQvef.to ei- n. "WANK HORSE CLERK OF CIRCUIT COURT am OF SEMIM XE COUNTY BK 07506 Pg 1545; (1pg) FILE NUM `try 1 1 trytry 1 1 23 RECORM 01/04/2011 02141.23 PM RECORDING FEES 10.00 RECORDED BY T Ssith \ /1 Y Notary Public, in ancL for `the County and State Aforementioned LOWSE GROOT M C M y PUBLIC STATE Comm# EE015662 Expires 8/9/2014 N11l�MNIN�NM����a���NlNN�N1�9