Agenda 10/28/2025 Item #16D 2 (Casa San Juan Diego, Ltd. Impact fee lien and subordination agreement)10/28/2025
Item # 16.D.2
ID# 2025-3719
Executive Summary
Recommendation to approve and authorize the Chairman to sign a Lien Agreement with the Owner for 100% Deferral of
Collier County Impact Fees for Multi-Family Affordable Housing Rental Housing Units totaling $872,025.60 and the
associated Subordination Agreement as requested by Casa San Juan Diego, Ltd.
OBJECTIVE: To support comprehensive affordable housing opportunities and further the County’s strategic plan focus
area on Community Development for very low, low and moderate income persons through the Collier County Impact
Fee Deferral program.
CONSIDERATIONS: Section 74-202 of Article II of Chapter 74 of the Collier County Code of Laws and Ordinances
(Code), the Collier County Consolidated Impact Fee Ordinance (see Sec. 74-401), as amended, provides for specific
criteria and procedures for processing routine and non-routine requests for impact fee deferral.
The Community and Human Services Division and the Corporate Financial and Management Services Division are
presenting for consideration the impact fee deferral agreement for Casa San Juan Diego, Ltd.
The Developer (“Owner”) received their building permit to commence construction on August 26, 2025. As part of this
development, 80 rental units are restricted for households earning 80% AMI or below, for at least thirty (30) years from
the date the first certificate of occupancy is issued. The Owner requested a deferral in the amount of $872,025.60 to
cover a portion of the cost of impact fees associated with the development of affordable rental housing units at the Casa
San Juan Diego development.
The repayment of the deferred amount is due ten (10) years from the execution date of the Impact Fee Deferral
Agreement. The County is being asked to subordinate its interest to the senior lender utilizing a standard form
subordination agreement with minor modifications, as negotiated amongst all parties’ attorneys. To facilitate the
County’s ability to subordinate its lien position to a senior lender, the Owner will provide collateral in the form of a 10-
year U.S. Treasury Bill (Zero Coupon), which will be assigned to the County and redeemed at the conclusion of the 10-
year term. The collateral shall be submitted for review and approval by the County Attorney’s Office and the Clerk of
Court prior to execution of any related subordination agreement. Upon Board approval, staff will request the Chairman’s
execution of the Impact Fee Deferral Agreement and Subordination Agreement following receipt and approval of the
collateral documentation reflecting the cash-equivalent security and will record the Agreements at the County Clerk’s
Office.
Details of the impact fee deferral request are as follows:
Casa San Juan Diego Ltd. ($872,025.60) – Building permits #2024104057601 and #2024104058601 were issued for
the construction of a total of eighty (80) units. If these units cease to be utilized for affordable housing, the full amount
of deferred impact fees shall be immediately repaid to the County, including all applicable interest and penalties.
Strategic plan objective to support comprehensive affordable housing opportunities.
FISCAL IMPACT: This agreement defers $872,025.60 in impact fees. The term of the deferral is ten (10) years from
the date of the execution of the impact fee deferral agreement by the County, unless otherwise extended by the Board of
County Commissioners. Additionally, the Owner will purchase a 10-year T Bill Zero Coupon Bond and provide Collier
County as security collateral that can be redeemed at the end of the 10 years
GROWTH MANAGEMENT IMPACT: Reimbursement of impact fees that are deferred for affordable housing units
allows Collier County to enhance the development of affordable housing for very low and low-income residents as
required in the Housing Element of the County’s Growth Management Plan.
LEGAL CONSIDERATIONS: This item has been approved for form and legality and requires a majority vote for
Board approval. – CLD
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10/28/2025
Item # 16.D.2
ID# 2025-3719
RECOMMENDATIONS: To approve and authorize the Chairman to sign a Lien Agreement with the Owner for 100%
Deferral of Collier County Impact Fees for Multi-Family Affordable Housing Rental Housing Units totaling
$872,025.60 and the associated Subordination Agreement as requested by Casa San Juan Diego, Ltd.
PREPARED BY: Prepared by: Lisa N. Carr, Grants Supervisor, Community and Human ServicesThis item is
consistent with the Collier County
ATTACHMENTS:
1. Impact Fee Lien Agreement
2. Subordination Agreement
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Prepared by and retum to:
Lisa N. Carr
Community and Human Services
3339 Tamiami Trail E, Building H, Suite 213
Naples, FL 34112
Case #29481 lThis space for recordingJ
LIEN AGREEMENT WITH OWNER FOR lOO% DEFERRAL OF COLLIER
COUNTY IMPACT FEES FOR MULTI-FAMILY AFFORDABLE HOUSING
RENTAL UNITS
This Agreement is entered into this day of 2025, between Collier
County, a political subdivision of the State of Florida ("COUNTY"), and Casa San Juan Diego, Ltd.,
a Florida limited partnership ("OWNER"), collectively stated as the "Parties" ("Lien Agreement").
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which is mutually acknowledged, the Parties agree as follows:
L Authority and Conflict. This Lien Agreement is made pursuant to Chapter 74 of the Code of Laws
and Ordinances of Collier County, Florida, known as "The Collier County Consolidated Impact
Fee Ordinance" ("Ordinance"). In the event of any conflict with this Agreement, the terms of the
Ordinance shall apply.
2. Legal Description and Number of Rental Units. This Agreement shall affect, encumber, and
otherwise apply to the 80 Rental Units (consisting oftwo buildings, (i) one building with 38 units and
a clubhouse, and (ii) a second building wtth 42 units) located on the Owner's property described in
Exhibit " A" , attached hereto an incorporated herein, which constitutes all of the Rental Units on
the property (the "PROJECT").
3. Standards. The OWNER agrees that the Rental units shall remain affordable and shall be offered
for rent in accordance with the standards set forth in the Impact Fee Ordinance for the term of
thirry (30) years after issuance of the certificate of occupancy.
4. Representations and Warranties. The OWNER represents and warrants the following:
A. Exclusively Affordable. Each Rental Unit will, during the term of the Agreement, be solely
offered and available to a qualiffing occupant/tenant.
B. Very Low- or Low-Income. At the commencement of any leasehold and throughout the
duration thereof, the households renting Rental Units must have a very low- or low-income
level, as those terms are defined in the Impact Fee Ordinance (see Sec. 74-402); and the
household's monthly rent must be within the affordable housing guidelines established in the
Impact Fee Ordinance (see Sec. 74-401(bX2)).
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C. Term of Affordability. Each Rental Unit must remain "affordable" pursuant to the Ordinance
for at least thirty (30) years from the date its certificate of occupancy was issued.
D. Leeal Status. The head of the household will be at least l8 years of age and must be either a
citizen of the United States or be a legal alien who permanently resides in the United States.
5. Rental Units. If the OWNER rents a Rental Unit which is subject to the impact fee deferral and
then re-rents that Rental Unit to a subsequent renter, the Rental Unit shall be re-rented only to
persons or households meeting the qualifying criteria set forth in the Impact Fee Ordinance. If
the income of any unit renter which originally qualified as very low or low income level as defined
in the Impact Fee Ordinance increases by more than forty percent (40%) above the maximum low
income level described in the Impact Fee Ordinance, then the per unit deferred impact fee on the
non-compliant unit shall become immediately due and payable by OWNER or, in the alternative,
the OWNER shall have ninety (90) days to comply with the Affordable Housing guidelines set
forth in the Impact Fee Ordinance. Assuming the OWNE,R has not been able to comply with the
guidelines, upon the discontinuance of use of a Rental Unit as affordable housing, the impact fees
deferred shall be immediately repaid to the COLTNTY, OWNER agrees that even though the
impact fees may have been repaid to the COLTNTY, the OWNER will continue to utilize the
Rental Units for affordable housing for at least thirty (30) years from the date the first certificate
of occupancy was issued for a Rental Unit.
6. Terms of Deferral. The OWNER agrees that the term of the requirement to pay the PROJECT's
impact fees will be deferred for ten (10) years from the date of the execution of the impact fee
deferral agreement by the County, unless otherwise extended by the Board of County
Commissioners. OWNER must comply with all terms of Chapter 74 of the Code of Laws and
Ordinance during the term.
7. CHS Annual Comoliance Affidavit. Annually, the OWNER of the Rental Unit shall provide to
the Collier County Community and Human Service Division an affidavit attesting to compliance
with the affordable housing qualihcation criteria and standards set forth in the Impact Fee
Ordinance.
8. CMO Annual Compliance Affidavit. Annually, the OWNER shall provide to the county manager
an affidavit of compliance with the criteria set forth in this section, The affidavit must be filed
within 30 days of the anniversary date of the issuance of a certificate of occupancy, or at another
mutually agreed on date. If the affidavit is not filed on time the affiant shall pay to the county a
$50.00 late fee. Any Rental Units monitored by the Florida Housing Finance Corporation or4e03-2s18-6se5v5 Page2 Of 14
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similarly monitored by any other state or federal agency will not be required to file this separate
affidavit of compliance with the County Manager. A copy of the monitoring report by Florida
Housing Finance Corporation or a monitoring report by any other state or federal agency shall be
forwarded to the Collier County Community and Human Service Division.
9. Amount. The OWNER agrees that the dollar amount of deferred impact fees, commencing on the
effective date of this Agreement and continuing until paid or released, will constitute and be a lien
in the amount of Eight Hundred Seventy-Two Thousand Twenty-Five Dollars and 60/100
($872,025.60) (as evidenced in Exhibit "8", Impact Fee Breakdown, attached hereto and
incorporated herein by reference for building one and two is noted in Section 2 above).
10. Subordination and Security. In addition to the subordination provisions of the Ordinance, the
OWNER agrees to provide an additional cash equivalent financial instrument or security that will
yield the full amount of the deferred impact fees when they become due and payable pursuant to
this Agreement, as evidenced by Exhibit "C", attached hereto and incorporated herein by
reference.
ll. Release. Upon satisfactory completion of this Agreement's requirements, including payment of
the deferred impact fees, the COLTNTY shall, at the expense of the COUNTY, record any
necessary documentation evidencing such payment, including but not limited to, a release of lien.
12. Continued Liabilitv. This Agreement shall be binding upon the Parties to this Agreement, their
heirs, successors, and assigns. The OWNER agrees not to convey its interest in the Project or any
Rental Unit without the COUNTY's prior written consent, which shall not be unreasonably
withheld. However, in the case of sale or transfer of the Project or any Rental Unit, the original
undersigned OWNER shall also remain jointly and severally liable for the impact fees deferred
until said impact fees are paid in full.
13. Recording Costs. This Agreement shall be recorded at the expense of OWNER in the Official
Records of Collier County, Florida, within ninety (90) days after execution of this Agreement.
14. Default. OWNER shall be in default of this Agreement:
A. If the OWNER fails to rent the property in accordance with the affordable housing standards
and qualification criteria established in the Impact Fee Ordinance, and thereafter, fails to pay
the impact fees due within thirty (30) days of mailing of written notice of said non-compliance;
B. If the OWNER continues to violate one of the affordable housing qualification criteria in the
Impact Fee Ordinance for a period of thirry (30) days after mailing of written notice of such
violation, or
C. With respect to the Annual Report, once a thirly (30) day cure period from written notice after
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the date of the report being due has expired, the OWNER will thereafter be in default.
l5.Available Remedies. The following remedies are cumulative with any other right or remedy
available to the COLINTY:
A. Should the OWNER of the property: ( I ) fail to comply with the said qualification criteria at any
time during the thirry (30) year term; or (2) violate any provisions of this Agreement, then the dollar
amount of impact fees deferred shall be paid in full by OWNER to the COUNTY within thirty (30)
days of written notification of said violation.
B. Should the OWNER otherwise be in default of this Agreement, and the default is not cured
within ninety (90) days after mailing written notice to the OWNER, the COI-INTY may bring
a civil action to enforce the Agreement.
C. In addition, the lien may be foreclosed, or otherwise enforced by the COUNTY, by action or
suit in equity, including the foreclosure of this lien or mortgage on real property. The
COLTNTY shall be entitled to recover all fees and costs, including attorney's fees, plus interest
at the statutory rate for judgments calculated on a calendar day basis until paid.
16. Notices. All notices, statements, requests, and demands necessary or desirable under the
provisions of this Agreement shall be sufficient when delivered if hand delivered or delivered by
express or overnight courier and when mailed if mailed certified U.S. mail, return receipt
requested, postage prepaid, to the address or addresses of the parties set forth in the preamble of
this Agreement, or to a different address requested by the party in a notice given consistent with
this section. COUNTY agrees to provide copies of all notices to OWNER under this Agreement
or any other Loan documents that is sent to OWNER to:
COLNTY:Collier County
3315 Tamiami Trail E, Suite 102, Naples, FL 34112
COPY Director, Community and Human Services
3339 Tamiami Trail E, Building H, Suite 213, Naples, FL 34112
DEVELOPER:Casa San Juan Diego, Ltd.
c/o National Development of America
12629 New Brittany Blvd.
Fort Myers, Florida 33907
Emai I : MMiller@national-development.com
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COPY TO:
COPY TO:
COPY TO:
COPY TO:
COPY TO:
Nelson Mullins Riley & Scarborough LLP
390 North Orange Avenue, Suite 1400
Orlando, Florida 32801
Attention: Randy Alligood, Esq.
Email: Randy.alligood@nelsonmullins.com
RJ MT Casa San Juan Diego L.L.C.
c/o Raymond James Affordable Housing Investments, Inc
880 Carillon Parkway
St. Petersburg, Florida 33716
Facsimile No.: 727-5 67 -8455
Attention: Steven J. Kropf, President
Nixon Peabody, LLP
53 State Street
Boston, MA 02109
Attn: Nate Bernard, Esq.
Facsimile No. : 6 I 7 -345-1000
Email : nbernard@nixonpeabody.com
Florida Housing Finance Corporation
227 North Bronough Street, Suite 5000
Tallahassee, Florida 32301 -1329
Attention: Executive Director
Telephone: (850)-488-4 I 97
Latham Luna Eden & Beaudine, LLP
201 S. Orange Avenue, Suite 1400
Orlando, Florida 32801
Attention: Jan Carpenter, Esq.
Telephone: (407)-48 I -5800
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Emai I : j carpenter@latham luna.com
COPY TO:Fifth Third Commercial Funding Inc.
38 Fountain Square Plaza
Cincinnati, Ohio 45263
Attention: Steven Quasny, Vice President
Email Address: steve.quasny@5 3.com
COPY TO Liebler, Gonzalez & Portuondo, PA
Courthouse Tower
44 W. Flagler Street, 25th Floor
Miami, Florida 33130
Attention: Bernardo Portuondo, Esq.
Email Address: bap@lgplaw.com
17. Restrictive Covenant. This Agreement establishes a valid and enforceable covenant running with
the land described in Exhibit'0A", also known as Property Appraiser Parcel No.00127565800,
located at 982 Boston Avenue, Immokalee , FL 34142 (hereinafter "Owner's Property"). Owner
hereby acknowledges that the specified deferral of impact fees described in this Lien Agreement
benefits the Owner's Property. This Agreement shall constitute covenants, restrictions, and
conditions which shall run with the land and shall be binding upon the Owner's Property and
every person having any interest therein at any time and from time to time.
[Remainder of page intentionally left blank;
Si gnature page to .followJ
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IN WITNESS WHEREOF, the Parties have executed this Agreement on the date and year
first above written.
Witnesses:As to OWNER:
CASA SAN JUAN DIEGO, LTD., a Florida lirnited
partnership
Witness # I
By: NDA San Juan Diego, LLC, a Florida
lirnited liability cornpany, its
ffi ad rn in istrat ive general artner-\.oo\ & t*.r^^
ltLLq N€..t fl\trttlrl{ Bula.
6.fl1t€rr.l .€u f$1'-1
Witness # I
Witness #2
By
Miller,
tlx l**lUEA4
Witness #2 Printed Narfie
I
I ?J.GI eu) (Jc6raru1
r?
Witness #2 Post
STATE OF FLORIDA
COUNTYOF (K
The foregoing Agreement was acknowledged before me by means of physical presence th)s E day of(T',Wr 2025. bv Miller'. as manaper of NDA San Juan Dieso- LLC.
Florida limited partnership and is oersonally known to me or produced
Notary Signature
iderrtification.
lGd M. Edwards
Notary Printed Name
I(ARIM. EDWARDS
amrbouursstoN # HH 4t01s9
EXPIRES: October 13, 2027
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ATTEST:
CRYSTAL K. KINZEL, Clerk
As to COUNTY:
BOARD OF COUNTY
COMMIS SIONERS COLLIER COLNTY.
FLORIDA
By
Burt L. Saunders, Chairman
By
Deputy Clerk
Approved as to fonn and legality:
(t>Courtney L. DaSilva
Assistant County Attorney QlUtt tr
[LEGAL DESCRIPTION OF EXHIBIT "A" TO FOLLOWJ
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Parcel ID/Folio No.
Street
Number Street City, State Zip Legal Description
00 I 27565800 982 Boston Avenue Immokalee, FL
34142
See Exhibit "A" below
EXHIBIT "A"
ILEGAL DESCRIPTION OF EXHIBIT "A" TO FOLLOWJ
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EXHIBIT A
Legal Descrintion of Propertv
Legal Description
The Land referred to herein below is situated in the County of COLLIER, State of Florida, and is described
as follows:
FEE SIMPLE:
COMMENCING AT THE WEST 1/4 CORNER OF SECTION 4, TOWNSHIP 47 SOUTH, RANGE 29
EAST, COLLIER COUNTY, FLORIDA: THENCE RUN N89"40'00"E ALONG THE NORTH LINE OF
THE SOUTHWEST II4, OF SECTION 4 FOR A DISTANCE OF I 3 I9.50 FEET, TO THE NORTHWEST
CORNER OF THE NORTHEAST 1/4, OF THE SOUTHWEST 1/4, OF SECTION 4; THENCE RUN
SOOO22'49''E AI-ONG THE WEST LINE OF THE NORTHEAST 1/4, OF THE SOUTHWEST I/4, OF
SECTION 4 FOR A DISTANCE OF 662.38 FEET, TO THE NORTHWEST CORNER OF THE
SOUTHWEST l/4. OF THENORTHEAST 1/4, OF THE SOUTHWEST 1/4, OF SECTION 4; THENCE
RUN N89"40'3I"E ALONG THENORTH LINE OF THE NORTH 1I2,OF THE SOUTHWEST 1I4,OF
THE NORTHEAST 114,OF THE SOUTHWEST II4,OF SECTION 4 FOR A DISTANCE OF 3O.OO FEET
TO THE POINT OF BEGINNING OF THE PARCEL HEREIN DESCRIBED; THENCE CONTINUE
N89O4O'31''E ALONG THENORTH LINE OF THENORTH II2,OF THE SOUTHWEST 1/4, OF THE
NORTHEAST 1/4, OF THE SOUTHWEST 1/4, OF SECTION 4 FOR A DISTANCE OF 630.61 FEET;
THENCE RUN SOOO27'I8''E ALONG THE EAST LINE OF THE SOUTHWEST 1/4, OF THE
NORTHEAST 1/4, OF THE SOUTHWEST 1/4, OF SECTION 4 FOR A DISTANCE OF 298,36 FEET;
THE,NCE LEAVING SAID EAST LINE, RLIN S89"32'42''W FOR A DISTANCE OF 163.56 FEET;
THENCE RLIN SOO"19'06''E FOR A DISTANCE OF 363.70 FEET TO A POINT ON THE SOUTH LINE
OF THE SOUTH II2, OF THE SOUTHWEST 114, OF THE NORTHEAST 114, OF THE SOUTHWEST
ll4,OF SECTION 4; THENCE RLIN S89o40'54"W ALONG SAID SOUTH LINE FOR A DISTANCE OF
467,05 FEET TO A POINT LYING 30 FEET EASTERLY AS MEASURED AT RIGHT ANGLES TO
THE WEST LINE OF THE SOUTHWEST 1/4, OF THE NORTHEAST I/4, OF THE SOUTHWE,ST 1/4,
OF SECTION 4;THENCE LEAVING SAID SOUTH LINE OF THE SOUTH I12,OF THE SOUTFIWEST
114, OF THE NORTHEAST 114, OF THE SOUTHWEST I14, OF SECTION 4, RUN NOOO22'49''W FOR
A DISTANCE OF 662,38 FEET TO THE POINT OF BEGINNING.
EASEMENT:
TOGETHER WITH the easement rights set forth in that certain Declaration of Easements as recorded
simultaneously herewith, Public Records of Collier County, Florida.
TOGETHER WITH the easement rights set fbrth in that certain Declaration of Restrictions and Easements
simultaneously herewith, Public Records of Collier County, Florida.
TOGETHER WITH the non-exclusive easement rights for ingress and egress related to construction
purposes as set forth in that certain Temporary Construction Easement Agreement by K & B Residential
Rentals #2,LLC as simultaneously herewith, Public Records of Collier County, Florida.
TOGETHER WITH the non-exclusive easement rights for ingress and egress related to construction
purposes as set forth in that certain Temporary Construction Easement Agreement by CCDOV Holdings,
Inc, as recorded simultaneously herewith, Public Records of Collier County, Florida.
TOGETHER WITH the non-exclusive easement rights for ingress and egress related to construction
purposes as set forth in that certain Temporary Construction Easement Agreement by Catholic Charities,
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Diocese of Venice, Inc. as recorded simultaneously herewith, Public Records of Collier County, Florida,
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Building One (38 Units)
EXHII}IT ..B''
IMPACT FEE BREAKDOWN
Type of Impact Fee
A. EMS
B. GOVERNMENT BUILDINGS
C. JAIL
D. LAW ENFORCEMENT
E. LIBRARIES
F, COMMLTNITY PARK
G. ROAD
H. REGIONAL PARK
I. SCHOOL
IMPACT FEES TOTAL
Amount Owed
$2,565.00
s|6,869.72
$8,698.58
$l1,269.28
s6,071.64
s17,297.60
$ I 96,612.00
$46,749.12
$108,079.22
$414,2t2.16
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Building Two: (42 Units)
IMPACT FEE BREAKDOWN
Type of Impact Fee
A. EMS
B. GOVERNMENT BLJILDINGS
C. JAIL
D. LAW ENFORCEMENT
E. I-IBRARIES
F. COMMUNITY PARK
G. ROAD
H. REGIONAL PARK
I. SCHOOL
IMPACT FEES TOTAL
Amount Owed
$2,83 5.00
$ 1 8,645.48
s9,614.22
$12,455.52
$6,710.76
$19,118.40
$217,308.00
$51,670.08
$119,4ss.98
$457,813.44
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EXHIBIT ..C"
IMPACT FEE FINANCIAL INSTRUMENT OR SECURITY
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BORROWER
CASA SAN JUAN DIEGO, LTD., a Florida
limited partnership
By: NDA San Juan Diego, LLC, a Florida limited
liability company, its administrative general
partner
By
Name:Miller
Title: Manager
State of dA
County of
on fr* 1<J 202, before me lGri M- Edwards a Notary Public,
personally appeared Matthew D. Miller as manager of NDA San Juan Diego, LLC, a Florida
limited liability company as manager as administrative general partner of Casa San Juan Diego,
Ltd., a Florida limited partnership, who proved to me on the basis of satisfactory evidence to be
the person(s) whose name(s) is/ate subscribed to the within instrument and acknowledged to me
that he/she/they executed the same in his authorized capacity(ies), and that by his signature on the
instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
I certifu under PENALTY OF PERJURY under the laws of the State of
that the foregoing paragraph is true and correct.
WITNESS my hand and official seal
(Notary)
NG-58SAJ20W #4898-8649-2720 vzsubordinatlon Agreement
Regulatory Agreement Only - TEL (Forrvard) Irage l0
KARI M. EDWARDS
MYCOMMISSION # HH 410159
EXPIRES: October 13, 2027
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IN THE
Steohanie A. Greene-Matthews
CE OF:LENDER:
THE BANK OF NEW YORK
MELLON TRUST COMPANY, N.A.,
as Fiscal Agent
Printed Name
4655 Salisburv Rd.300
Jackson FL 32256 By
Post Office of Witness Name
Title:
Turner
Vice President
Jennifer Gillis
Printed Name
4655 Salisbury Rd. Suite 300
Jacksonville. FL 32256
Post Office address of Witness
ACKNOWLEDGMENT
STATE OF FLORIDA
COUNTY OF DI-IVAL
The foregoing instrument was acknowledged before me by means ,f lpnysical presence
or tJ online notarization, this 9th day of October, 2025, by Nathan Turner, as Vice
President of THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national
banking association, and that s/he, being authorized so to do in such cgpacity, executed the
foregoing instrument for the purposes therein contained. Said person is [ y'] personally known to
n1e, or [_] has produced as identification.
In witness whereof I hereunto set my hand and ial
[Notary Seal]
Print ame:
KNHNNT.SORIANO
t{otary Publk
Ststaof Flotlda
CommtHlt43tl303
ErolruUl6/2027
Notary Public
Commission Number:
Commission
Subordination Agreement
Regulatory Agreement Only - TEL (Forward)Page 1 I
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