Declaration of Restrictive Covenants DECLARATION OF RESTRICTIVE COVENANTS
This Declaration of Restrictive Covenants, hereinafter referred to as Declaration, is Q
made and entered into on the \ day of (1e, , 2016, by Denisse
Nenninger, her successers and assigns, hereinafter referred to as "the Owner", in favor
and for the benefit of COLLIER COUNTY, a political subdivision of the State of Florida
("COUNTY"), for the property legally described below.
The East 75 feet of the West 150 feet of Tract 105, Golden Gate Estates,
Unit No. 79, according to the plat thereof as recorded in Plat Book 5,
Page 17, of the Public Records of Collier County, Florida and which has
the address of("Property Address'): 4735 6411 Avenue SE, Naples, Florida
34117, Parcel Number 40809120002, hereinafter referred to as
"Property".
WITHESSETH:
1. The Owner agrees to all terms of the Neighborhood Stabilization Program ("NSP") as
funded by the Federal Housing and Urban Development (NSP/HUD) program as set
forth in the Collier County NSP Action Plan, as amended.
2. Owner had repaid the down payment assistance provided under the terms of the
Purchase Money Mortgage recorded in Official Records Book 4908, Page 319 of the
Official Records of Collier County, Florida, and agrees that the subsidy retention
requirements and definitions set forth therein continue to apply to the Property until April
10, 2028 as follows:
a. Fair Market Value: Fair Market Value is the market value of the Property as
reasonably determined by appraisal. Lender and Homeowner shall mutually select
an appraiser whose determination shall be deemed Fair Market Value. If Lender and
Homeowner cannot mutually agree on an appraiser, each shall select an appraiser
who shall each submit an appraisal. If the two appraisals differ, then the average of
the two appraisals shall be deemed the Fair Market Value. All costs of appraisal
shall be borne by Homeowner.
b. Term: The Subsidy Retention requirement commenced upon transfer of title to the
Property to Owner and shall end on April 10, 2028.
c. Purpose: The subsidy retention amount is the amount necessary to reduce the
purchase price to an affordable level for the qualifying homeowner having an income
below one hundred twenty percent (120%) of the Area Median Income (AMI).
d. Index: U.S. Department of Labor Bureau of Labor Statistics Consumer Price Index—
All Urban Consumers Miami-Fort Lauderdale, Florida Area, effective date of
proposed transfer.
INSTR 5278730 OR 5284 PG 1769
RECORDED 6/16/2016 10:26 AM PAGES 3
DWIGHT E. BROCK, CLERK OF THE CIRCUIT COURT
COLLIER COUNTY FLORIDA
REC$27.00
e. Appreciation Limitation: Should Owner desire to transfer the Property prior to April
10, 2028, appreciation shall be limited to the original purchase price plus annual
appreciation based upon the Index defined in section (d) of this document. For
example, assume the Homeowner purchases the home for $175,000 and there is 3%
annual income inflation as determined by the Index, then at the end of five years the
house will be worth $202,873.00 representing the projected Homeowner equity of
$27,873. Notwithstanding the Property could be sold for a grater Fair Market Value
than $202,873, $202,873 will be the maximum allowable purchase price the house
can be sold for, and only to an income qualified applicant, approved by the Collier
County Community and Human Services (FKA, Collier County Housing and Human
Services).
f. Joint and Several Liability: Each person executing this Mortgage as Homeowner
shall be jointly and severally liable for each and every obligation arising hereunder.
For the term of this Declaration, each and every contract, deed, or other instrument hereafter
executed conveying the property or portion thereof shall expressly provide that such
conveyance is subject to this Declaration, provided, however, that these covenants contained
herein shall survive and be effective regardless of whether such contracts, deed or other
instrument conveyance is subject to this Declaration.
Upon expiration of the period during which Owner is obligated to operate the Property in
accordance with the Subsidy Retention requirement this Declaration shall terminate and shall no
longer be effective.
[SIGNATURE AND NOTARY PAGE TO FOLLOW]
iJ '
Own- _
Ow,
r; • Aligle.L11.-011 -
'rint: I- Nenninser
Witness '• •na re
Print:
Witness.
P I'(2 ( LI 2
STATE OF FLORIDA
COUNTY OF COLLIER
Sworn to and subscribed before me this L1 day of-w , 2016 by
DLn\ �1f'nN\-\ � (name), (title), who is
personally known to me or produced DQL_ as identification.
WITNESS my hand and official seal this q day of -)".l .i1 ,
2016.
(affix notarial seal) `ti 0'' '' �
aSigna •r �Nootaarry Public)
,,,,,-_-_-,, ,--,_„cl,
(Print Name of Notary Public)
..040, WNW NABMMS NOTARY PUBLIC
° s (Nary wNie•SIM of Rondo
r 4
Imo.`? •1 Codon 0 FF 933439 Serial/Commission: CT q �
y,.- 4'/ My Comm.Expires Nov 3,2019 My Commission Expires: U 3)? 1Q
''•.°.�..''' flooded amok MOW Nolory Assn.
Approved as to form and legality:
I
JENNfR A. BELPffp
Assistant County Atto