NOTICE OF LIMITATION OF FUTURE ADVANCES (SECOND MORTGAGE) RECITALS

Transcription

1 @ TillS INSTRUMENT PREPARED 'BY AND RETURN TO: Jan Albanese Carpenter, Esq. Latham, Shuker, Eden & Beaudine, LLP P.O, Box 3353 Orlando, Florida Instr # BK2790 Pages: Filed & Recorded 12/20/20104:1620 PM, # Pages8Rec Fees:$ Karen Nicolai, HERNANDO County Clerk of Court PAG Deputy Clk ABOVE SPACE RESERVED FOR RECORDING PURPOSES ONLY NOTICE OF LIMITATION OF FUTURE ADVANCES (SECOND MORTGAGE) (Magnolia Gardens) (Tax Credit Exchange Program I RFP / C/ CXJ SCX) THIS NOTICE OF LIMITATION OF FUTURE ADVANCES (SECOND MORTGAGE) (this "Notice") is given as of December 8, 2010, by MAGNOLIA GARDENS I, LTD., a Florida limited partnership (the "Mortgagor"), whose address is 5309 Transportation Blvd., Cleveland, Ohio RECITALS A. Mortgagor has executed and delivered to HERNANDO COUNTY. (the "Second Mortgagee"), that certain Loan Agreement dated as of December 8, 2010 in the original principal amount of $75,000, to be recorded in the Public Records of Hernando County, Florida, securing a second leasehold mortgage loan to the Mortgagor (the "Second Mortgage"). The Second Mortgage encumbers Mortgagor's leasehold interest in certain real property of Mortgagor located in Hernando County, Florida and more particularly described in Exhibit "A" attached hereto ("Land") on which certain improvements are or shall be constructed ("Development"). B. The Second Mortgage contains provisions which pennit future advances to be made, at the option of the Second Mortgagee 'and at the request of Mortgagor, which future advances will be secured by said Second Mortgage with the same priority as the original advances made thereunder. C. Mortgagor has executed a third-priority subordinate leasehold mortgage in favor of FLORIDA HOUSING FINANCE CORPORATION ("Florida Housing"), and joined in by Hernando County Housing Authority, the fee simple owner of the Land (the "Owner"), to be recorded against the Development (the "Mortgage"), but Florida Housing has required, as a condition to the Mortgage, that the future advance provision under the Second Mortgage be limited as hereinafter provided.

2 NOW, THEREFORE, for and in consideration of the extension of credit by Florida Housing and other good and valuable consideration, the receipt and sufficiency of which Mortgagor hereby acknowledges, Mortgagor hereby covenants and agrees as follows: 1. The recitals set forth above are true and correct and are incorporated herewith by this reference. 2. Pursuant to Section (1)(b), Fla. Stat., Mortgagor hereby gives notice that the maximum principal amount secured by the Second Mortgage shall hereafter be limited to the principal balance thereof outstanding as of the date of this Notice, which Mortgagor certifies to be in an amount not greater than $75,000 plus any amounts advanced by the Second Mortgagee for payment of taxes, liens, levies, fees, costs, insurance, maintenance or repair of the Development, or accrued interest on the indebtedness secured by the Second Mortgage. Mortgagor further agrees and acknowledges that Mortgagor shall not accept any additional Future Advances under the Second Mortgage and that this Notice shall be binding on Mortgagor and Mortgagor's successors and/or assigns and shall inure to the benefit of Florida Housing and its successors and/or assigns. 3. If the Second Mortgage secures revolving or open end credit, Mortgagor hereby certifies that all credit cards, checks and other devices used to obtain future advances under the Second Mortgage have this date been surrendered to the Second Mortgagee. 4. Mortgagor further certifies that a copy of this Notice will be furnished to Second Mortgagee by certified mail as required in the above-referenced statute and by any other provisions of the Second Mortgage. [SIGNATURE PAGES TO FOLLOW] 2

3 SIGNATURE PAGE FOR NOTICE OF LIMITATION OF FUTURE ADVANCES (SECOND MORTGAGE) (Magnolia Gardens) (Tax Credit Exchange Program I RFP / C/ CXl CX) IN WITNESS WHEREOF, the Mortgagor has caused this Notice to be executed and delivered by its duly authorized representative on the date first set forth above. MORTGAGOR: WITNESSES: MAGNOLIA GARDENS I, LTD., a Florida limited partnership JoAnn Whiteside By: NRP Magnolia Gardens, LLC, a Florida limited liability company, as man~eneral partner.. ByU/f&:~~= Name: Alan F. Scott Title: Managing Member Print: Anne Tyler By: HCHA-Magnolia, LLC, a Florida limited [ liability company, as general partner Print: By: Name: Title: Print:, f \. Address: 5309 Transportation.Boulevard Cleveland, Ohio [SEAL]../,. : I,',". I.',.. ' / ;.,, ~. '... ". STATE OF -"O=H=I=O COUNTYOF=C=uy~a=h=o~ga~ The foregoing instrument was acknowledged before me this 29 th day of November, 2010 by Alan F. Scott, as Managing Member ofnrp Magnolia Gardens, LLC, the managing general partner of Magnolia Gardens I, Ltd., a Florida limited partnership, on behalf of the limited S-1

4 liability company and limited partnership. Said person IS personally known to me or has produced a valid driver's license as identification. SANDRA R. LEWIS-HORTON Notary Public, State of OhIo My Commission Expires Feb. 21, 2015 Recorded In Cuyahoga County STATEOF COUNTY OF The foregoing instrument was acknowledged before me this day of November, 2010 by, as of HCHA-Magnolia, LLC, as general partner of Magnolia Gardens I, Ltd., a Florida limited partnership, on behalf of the limited liability company and limited partnership. Said person is personally known to me or has produced a valid driver's license as identification. Notary Public; State of Print Name: My Commission Expires: My Commission No.: S-2

5 SIGNATURE PAGE FOR NOTICE OF LIMITATION OF FUTURE ADVANCES (SECOND MORTGAGE) (MagnoJia Gardens) (Tax Credit Exchange Program I RFP / C/ CXl CX) IN WITNESS WHEREOF, the Mortgagor has caused this Notice to be executed and delivered by its duly authorized representative on the date first set forth above. MORTGAGOR: WITNESSES: MAGNOLIA GARDENS I, LTD., a Florida limited partnership By: NRP Magnolia Gardens, LLC, a Florida limited liability company, as managing general partner Print: By: Name: Tit]e: Print: By: HCHA-Magnolia, LLC, a Florida limited liability company, as general er Print:~f ~L~ i ~~s. Address: 5309 Transportation Boulevard Cleveland, Ohio [SEAL] STATE OF COUNTY OF S-l

6 The foregoing instrument was acknowledged before me this day of November, 2010 by, as of NRP Magnolia Gardens, LLC, the managing general partner of Magnolia Gardens I, Ltd., a Florida limited partnership, on behalf of the limited liability company and limited partnership. Said person is personally known to me or has produced a valid driver's license as identification. Notary Public; State of Print Name: My Commission Expires: My Commission No.: STATE OF COUNTY OF...J 1)~ The foregoing instrument was acknowledged before me this ~ day of -Novembel, 2010 by~ na. ll C, S'tl)~.QJ", as of HCHA-Magnolia, LLC, as general partner of Magnolia Gardens I, Ltd., a Flonda limited partnership, on behalf of the limited liability company and limited partnership. Said person is personally known to me or has produced a valid driver's license as identification. My Commission Expires: My Commission NON6 IARYl"tfflLIc::SrSfE OHI O~ID6,."'"'''''' Maida M. Watkins rw ~ Commission # DD \~i Expires: MAR. 17, 2014 B~;rn'i 'rhru ATI.ANTIC BoNllING co., INC. S-2

7 CONSENT AND JOINDER (Magnolia Gardens) (Tax Credit Exchange Program / RFP C/ CXl CX) Notwithstanding the provisions of the Second Mortgage, Second Mortgagee hereby consents to the execution, delivery and recording of the of Future Advances (Second Mortgage); provided, however, nothing contained herein shall subordinate or release Second Mortgagee's interest under the Second Mortgage., ":',', ~ ~: ' '::in:'/witness \\!HEREOF, the Second Mortgagee has executed this Consent and Joinder 10>, ~';"Aa,s6fNov~13~ r _,2010. l _ ~ ~_' "/f~ ~ ~2 ~ " \r; ~ r-. _......:. ; ~ ~;.. ~,ATTEST:" I0\REN L. NICOLAI... CLERK OFi)IRCUIT COURT..,-,.'""'"...'... -' ,Y:i\'/J ~ 'BY ~~; : /:, ". ";~N ' }1 (.0puJi? c. _. _oj"o'" :/:? APPROVED AS TO FORM AND LEGAL SUFFICIENCY County Attorney's Office Assistant County Attorney STATE OF FLORIDA COUNTY OF HERNANDO The foregoing instrument was aclqiowledged before me this ± day of Dec, 2010 by John C, OWl b Ick -tis/she is E,ersonally known to me or has produced as identification and did (did not) take an oath. Signature ofperson taking acknowledgement Qk m, GUh.6..1 Name of acknowledger typed, printed or stamped Title or Rank S-3 o.,.,.~v PCI#<f. Nota. ry Public State of Florida :. Alice M Gura ~c;: ; My Comm'SSlon ' f'o.,,0'" Expires 1O/~4/2013

8 EXffiBIT."A" LEGAL DESCRIPTION THE NORTH Y2 OF THE NORTHWEST 1,4 OF THE SOUTHWEST 1,4 OF THE SOUTHWEST 1,4 OF SECTION 27, TOWNSHIP 22 SOUTH, RANGE 19 EAST, PUBLIC RECORDS OF HERNANDO COUNTY, FLORIDA, TOGETHER WITH ALL THAT PART OF THE NORTHWEST 1,4 OF THE SOUTHWEST Y4 OF SECTION 27, TOWNSHIP 22 SOUTH, RANGE 19 EAST, LYING SOUTH OF THE RIGHT OF WAY OF BARNETI ROAD AND STATE ROAD 577, AS THE SAME ABUTS THE NORTH LINE OF THE NORTH 1f2 OF THE NORTHWEST 1,4 OF THE SOUTHWEST 1,4 OF THE SOUTHWEST 1,4, SECTION 27, TOWNSHIP 22 SOUTH, RANGE 19 EAST, PUBLIC RECORDS OF HERNANDO COUNTY, FLORIDA.