Agenda 03/10/2015 Item #16D 2 3/10/2015 16.D.2.
EXECUTIVE SUMMARY
Recommendation to approve a mortgage satisfaction for the Tuscan Isles Apartments in the
amount of$200,000.
OBJECTIVE: To support the affordability of rental housing in Collier County by acknowledging the
return of funds to the Marco Island Trust Fund Account for Tuscan Isles Apartments.
CONSIDERATIONS: In 2003, Creative Choice Homes XIV, Ltd was awarded a$200,000 loan for the
construction of a 298 unit affordable housing development known as Tuscan Isle Apartments (aka Heron
Cove Apartments). The awarding funds were secured through a mortgage, recorded in Official Records
Book 3587,Page 0412 of the Public Records of Collier County.
At the September 14, 2010 Board meeting(Agenda Item#6D), a representative of Creative Choice Homes
XIV, Ltd requested an extension to the loan. The Board granted the extension to November 1, 2018. A
Mortgage and Note Modification was recorded on December 28, 2010, in Official Records Book 4637,
Page 1286.
In November 2014, Creative Choice Homes XIV, Ltd advised staff they would be paying off the second
mortgage. The $200,000 mortgage repayment will satisfy the loan agreement between Collier County and
Creative Choice Homes XIV, Ltd.
The mortgage was paid on November 6, 2014. Tuscan Isle Apartments will continue to retain affordable
rental units. The apartment complex receives housing tax credit through the Florida Housing Finance
Corporation that requires the units remain affordable through 2054.
FISCAL IMPACT: A budget amendment is necessary to recognize Marco Island Trust Fund loan
repayment in the amount of$200,000. Such funds will reside in Miscellaneous Grant Fund 116,Project
33750 and may be reused for other eligible activities.
GROWTH MANAGEMENT IMPACT: The satisfaction of the 2nd mortgage will continue to support
the goals, objectives and policies of the Housing Element of the Growth Management Plan.
LEGAL CONSIDERATIONS: This item is approved for form and legality and requires a majority
vote for Board approval. -JAB
RECOMMENDATION: That the Board of County Commissioners approve a Satisfaction of Mortgage
for the Tuscan Isles Apartments (aka Heron Cove Apartments) for payment of$200,000, the full amount
of the mortgage.
Prepared by: Elly Soto McKuen, Grant and Housing Coordinator and Amy Patterson, Impact Fees and
Economic Development Manager
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COLLIER COUNTY
Board of County Commissioners
Item Number: 16.16.D.16.D.2.
Item Summary: Recommendation to approve a mortgage satisfaction for the Tuscan Isles
Apartments in the amount of$200,000.
Meeting Date: 3/10/2015
Prepared By
Name: McKuenElly
Title: Grants and Housing Coordinator, Senior, Community&Human Services
1/24/2015 11:37:56 AM
Submitted by
Title: Grants and Housing Coordinator, Senior, Community&Human Services
Name: McKuenElly
1/24/2015 11:37:57 AM
Approved By
Name: TownsendAmanda
Title:Director-Operations Support, Public Services Department
Date: 2/10/2015 4:19:30 PM
Name: Bendisa Marku
Title: Supervisor-Accounting, Community &Human Services
Date: 2/24/2015 8:49:23 AM
Name: KushiEdmond
Title: Accountant, Community &Human Services
Date: 2/24/2015 8:49:36 AM
Name: GrantKimberley
Title: Director-Community and Human Services, Community&Human Services
Date: 2/24/2015 7:00:15 PM
Name: CarnellSteve
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3/10/2015 16.D.2.
Title: Administrator-Public Services,Public Services Department
Date: 2/26/2015 10:20:00 AM
Name: BelpedioJennifer
Title:Assistant County Attorney, CAO General Services
Date: 2/26/2015 2:14:58 PM
Name: RobinsonErica
Title: Accountant, Senior,Grants Management Office
Date: 2/27/2015 11:37:38 AM
Name: BelpedioJennifer
Title:Assistant County Attorney, CAO General Services
Date: 2/27/2015 3:06:04 PM
Name: KlatzkowJeff
Title: County Attorney,
Date: 2/27/2015 3:32:07 PM
Name: StanleyTherese
Title: Manager-Grants Compliance, Grants Management Office
Date: 3/2/2015 10:40:22 AM
Name: KlatzkowJeff
Title: County Attorney,
Date: 3/2/2015 10:51:20 AM
Name: DurhamTim
Title:Executive Manager of Corp Business Ops,
Date: 3/2/2015 1:35:05 PM
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3/10/2015 16.D.2.
Prepared by:Jennifer Belpedio
Collier County
Attorney Office
3299 E.Tamiami Trail
Naples,FL 34112
THIS SPACE FOR RECORDING
SATISFACTION OF MORTGAGE
KNOW ALL MEN BY THESE PRESENTS: That COLLIER COUNTY, whose post office address is
3299 E TAMIAMI TRAIL, NAPLES, FLORIDA 34112, the owner(s) and holder(s) of a certain
Mortgage and Mortgage and Note Modification Agreement executed by Creative Choice Homes XIV,
Ltd.to COLLIER COUNTY,recorded on 6/15/2004 in the Official Records Book 3587,Page 0412 and
12/28/2010 in Official Records Book 4637, Page 1286, respectively, of the Public Records of Collier
County, Florida, securing a principal sum of$200,000 and certain promises and obligations set forth in
said Mortgage,upon the property described in the aforementioned mortgage.
COLLIER COUNTY hereby acknowledges full payment and satisfaction of said Mortgage, as modified,
and surrenders the same as cancelled, and hereby directs the Clerk of said Circuit Court to cancel the
same of record.
This Satisfaction of Mortgage was approved by the Board of County Commissioners on March 10, 2015,
Agenda Item Number .
ATTEST: BOARD OF COUNTY COMMISSIONERS
DWIGHT E.BROCK,CLERK OF COLLIER COUNTY,FLORIDA
By: By:
,DEPUTY CLERK TIM NANCE,CHAIRMAN
Approval for form and legality:
Jennifer A.Belpedio
Assistant County Attorney 32
G O,
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RBCORDBDin OFPIC.... ....... .. ,...•..., ..
06/15/2004 at 11:32AN DWIGHT 1. BLOCS, CLBRI
OSLO 200000.00
Prepared by. OBLI 200000.00
Collier County RIC III 35.50
Financial Administration and Housing Dept. DOC-.35 700.00
Mr.Comae:Giblin,Housing Dev.Manager CUBS 4.00
2800 N.Horseshoe Dr. Rata:
Naples,FL 34104 FINANCIAL ADHIM i HOUSING
941-403-2330 INTBROFFICB
ATTN: LAURIN BNARD1403-2330)
THIS SPACE FOR RECORDING
MORTGAGE
Security Instrument
THIS SECURITY INSTRUMENT is given on November 1,2003. The Borrower is:
Creative Choice Homes XIV, Ltd.
("Borrower'). This Security Instrument is given to Collier County Mender),which is organized
and existing under the laws of the United States of America,and whose address is 2800 North Horseshoe
Drive, Naples, Florida 34014 . Borrower owes Lender the sum of Two Hundred Thousand
Dollars (U.S.S 200,000.00 ). This debt is evidenced by Borrower's Note dated the same date as this Security
Instrument which provides for monthly payments,with the full debt,if not paid earlier,due and payable on November
1, 2010. This Security Instrument secures to Lender.(a)the repayment of the debt evidenced by the Note,with
interest,and all renewals,extensions and modifications;(b)the payment of all other sums,with interest advanced under
paragraph 7 to protect the security of the Security I ;4.ed erformance of Borrower's covenants and
agreements under this Security Instrument and dt<. this t e,_ orrower does hereby second mortgage,grant
and convey to Lender the following describ pe cated in Co tier\County,Florida.
■
As more particularly described in Attach en .(Legal Description)and whic ha e address of:
('Property Address'): Heron C e Apas4iteasts 8587 1 of Dr ve 'Naples, FL 34104
TOGETHER WITH all the i ;'
appurtenances,rents,royalties,min�fpro�xe" mints or er t-: thelproperty,and all easements,rights,
oy ai,c ap i o s,wa iaritt Mock and all fixtures now or
hereafter a part of the property. All t�placrtme�nd a [(ions shat,also b cov the Security Instrument. All of the
foregoing is referred to in this Secur tpstrument as the'Property'. /Q..
BORROWER COVENANTS jti,Bgrrower is lawfully seize tx�est2tBhereby conveyed and has the right to
mortgage,grant and convey the Property e'n`fhat the Property is unerrcefjfcept for encumbrances of record.
Borrower warrants and will defend gene thg��tifle to the Property against- and demands,subject to any
encumbrances of record. O,/2,, s
THIS SECURITY INSTRUMENT coMbllries�ori •_•} s fetr�Clonal use and non-uniiorm covenants with •
limited variation by jurisdiction to constitute a unif8mt. y 6 •- s ovenng real property.
UNIFORM COVENANTS. Borrower and Lenid`ef'c•• - and agree as follows:
1. Payment of Principal and Interest;Prepayment and Late Charges. Borrower shall promptly pay when due
the principal of and interest on the debt evidenced by the Note.
2. Taxes. The Mortgagor wib pay all taxes,assessments,sewer rents or water rates prior to the accrual of any
penalties or interest thereon.
The Mortgagor shall pay or cause to be paid,as the same respectively become due,(A)(1)all taxes and
governmental charges of any kind whatsoever which may at any time be lawfully assessed or levied against or with respect
to the Property,(2)all utility and other charges,including"service charges",incurred or imposed for the operation,
maintenance,use,occupancy,upkeep and improvement of the Property,and(3)all assessments or other governmental
charges that may lawfully be paid in installments over a period of years.the Mortgagor shall be obligated under the
1 Mortgage to pay or cause to be paid only such installments as are required to be paid during the term of the Mortgage,and
shall,promptly after the payment of any of the foregoing,forward to Mortgagee evidence of such payment.
3. Application of Payments. Unless applicable law provides otherwise,all payments received by Lender shall be
applied;first,to interest due;and,to principal due;and last,to any late charges due under the Note.
4. Charges;Liens. Borrower shall pay all taxes,assessments,charges,fines and impositions attributable to the
Property which may attain priority over this Security Instrument,and leasehold payments or ground rents,if any. Borrower
shall promptly furnish to Lender all notices of amounts to be paid under this paragraph,and all receipts evidencing the
payments.
Borrower shall promptly discharge any hen which has priority over this Security Instrument unless Borrower.(a)
agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender;(b)contests in good
faith the lien by.or defends against enforcement of the lien In,legal proceedings which in the Lender's opinion operate to
prevent the enforcement of the lien;or(c)secures from the holder of the lien an agreement satisfactory to Lender
subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien
which may attain priority over the Security Instrument,Lender may give Borrower a notice identifying the lien. Borrower
shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice.
5. Protection of Lender's Rights In the Property. If Borrower fails to perform the covenants and agreements
contained in this Security Instrument,or there is a legal proceeding that may signficantly affect Lender's rights in the
i Property(such as a proceeding in bankruptcy,probate,for condemnation or forfeiture or to enforce laws or regulations),
then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the
Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security Instrument,
• appearing in court,paying reasonable attorneys'fees and entering on the Property to make repairs. Although Lender may
take action under this paragraph 7,Lender does not have to do so. Any amounts disbursed by Lender under this paragraph
7 shall become additional debt of Borrower secured by this Security Instrument. Unless Borrower and Lender agree to other
terms of payment,these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable,
with interest,upon notice from Lender to Borrower requesting payment.
1
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6. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender
shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
7. Condemnation. The proceeds of any award or claim for damages,direct or consequential,in connection with
any condemnation or other taking of any part of the Property,or for conveyance in lieu of condemnation,are hereby
assigned and shall be paid to Lender. In the event of a total taking of the Property,the proceeds shall be applied to the
sums secured by this Security Instrument,whether or not then due,with any excess paid to Borrower. In the event of a
partial taking of the Property,in which the fair market value of the Property immediately before the taking is equal to or
greater than the amount of the sums secured by this Security Instrument immediately before the taking,unless Borrower
and Lender otherwise agree in writing,the sums secured by this Security Instrument shall be reduced by the amount of the
proceeds multiplied by the following fraction:(a)the total amount of the sums secured immediately before the taking,divided
by(b)the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. In the
event of a partial taking of the Property in which the fair market value of the Property immediately before the taking is less
than the amount of the sums secured immediately for the taking,unless Borrower and Lender otherwise agree In writing or
unless applicable law otherwise provides,the proceeds shall be applied to the sums secured by this Security Instrument
whether or not the sums are then due. Unless Lender and Borrower otherwise agree in writing,any application of proceeds
to principal shall not extend or postpone the due date of the monthly payments referred to In paragraphs 1 or change the
amount of such payments.
B. Borrower Not Released,Forbearance By Lender Not a Waiver. Extension of the time for payment or
modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest
of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender
shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or
otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the
original Borrower or Borrower's successors In interest. Any forbearance by Lender in exercising any right or remedy shall
not be a waiver of or preclude the exercise of any right or remedy.
9. Successors and Assigns Bound;Joint and Several Liability;Co-Signers. The covenants and agreements
of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower,subject to the
Provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs
this Security Instrument but does not execute the Note;(a)Is co-signing this Security Instrument only to mortgage,grant and
convey that Borrowers interest in the Property under the terms of this Security Instrument;(b)is not personally obligated to
pay the sums secured by this Security Instrument;and(c)agrees that Lender and any other Borrower may agree to extend,
modify,forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that
Borrower's consent
10. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan
charges,and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection
with the loan exceed the permitted limits,then:(a)an uch-loa =•-i.e shall be reduced by the amount necessary to
reduce the charge to the permitted limit;and(b)a••s. •r' ..d c• - -•from Borrower which exceeded permitted limits
will be refunded to Borrower. Lender may ch t. • =1.'_ -acing the principal owed under the Note or by
making a direct payment to Borrower. If a reft(n�t�f9d uces principal,the •c rt,will be treated as a partial prepayment
without any prepayment charge under th/N
11. Notices. Any notice to B ow provided for in this Security I rum t shall be given by delivering i or by
mailing it by first class mail unless ap cablg�"la' e. ired"nse-of-enafhar met notice shall be directed to the
Property Address or any other addr Boy#ower desi a -t-- • notice t Lender. Any once to Lender shall be given to
Borrower or Lender when given as p{ovid ' p •12. Governing Law;Sev rabf . e ' Ins- AT. �- IlI go em by federal law and the law of the
jurisdiction in which the Property is I at . I the vet at rly.,• isior a e of his Security Instrument or the Note
conflicts with applicable law,such c t a her. •' ions t S `filly Instrument or the Note which can
be given effect without the conflictin prov io .10 this end the pr ' ions di this6ity Instrument and the Note are
declared to be severable. 1 "�
13. Borrower's Copy. BorrgW all be given one conf �e`rl copy ('r Note and of this Security Instrument.
14. Transfer of the Propeirttil rf neficlal Interest in B Mori )l or any part of the Property or any
interest in it is sold or transferred(or If alkrFefia interest in Borrowers Setyt )nsferred and Borrower is not a natural
person)without Lender's prior written cons ttf y,at its opt' ,srejiif immediate payment in full of all sums
secured by this Security Instrument. However, s o exercised by Lender if exercise is prohibited by
federal law as of the date of this Security Instrume cl." r
If Lender exercised this option,Lender shall give Borrow acceleration, The notice shall provide a period of not
less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this
Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period,Lender may invoke any 1
remedies permitted by this Security Instrument without further notice or demand on Borrower.
15. Borrower's Right to Reinstate. If Borrower meets certain conditions,Borrower shall have the right to have
enforcement of this Security Instrument discontinued at any time prior to the earlier of:(a)5 days(or such other period as
applicable law may specify for reinstatement)before sale of the Property pursuant to any power of sale contained in this
Security Instrument;or(b)entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower,(a)
pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had
occurred;(b)cures and default of any other covenants or agreements;(c)pays all expenses incurred in enforcing this
Security Instrument,including,but not limited to,reasonable attorney's fees;and(d)takes such action as Lender may
reasonably require to assure that the lien of this Security Instrument,Lender's rights in the Property and Borrower's
obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower,
this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had occurred.
However,this right to reinstate shall not apply in the case of acceleration under paragraph 17.
16. Sale of Note;Change of Loan Servicer. The Note or a partial interest in the Note(together with this Security
Instrument)may be sold one or more times without prior notice to Borrower. A sale may result in a change in the entity
(known as the'Loan Servicer")that collects monthly payments due under the Note and this Security Instrument. There also
may be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer,
Borrower will be given written notice of the change in aco dance with paragraph 14 and applicable law. The notice will
state the name and address of the new Loan Servicer and the address to which payments should be made. The notice will
also contain any other information required by applicable law.
17. Hazardous Substances. Borrower shall not cause or permit the presence,use,disposal,storage,or release
of any Hazardous Substances on or in the Property. Borrower shall not do,nor allow anyone else to do,anything affecting
the Property that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence,
use,or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate
to normal residential uses and to maintenance of the Property.
Borrower shall promptly give Lender written notice for any investigation,claim,demand,lawsuit or other action by any
governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental
Law of which Borrower has actual knowledge. If Borrower learns,or is notified by any governmental or regulatory authority,
that any removal or other remediation of any Hazardous Substance affecting the Property is necessary,Borrower shall
promptly take all necessary remedial actions in accordance with Environmental Law.
As used in this paragraph 20,"Hazardous Substances'are those substances defined as toxic or hazardous substances by
Environmental Law and the following substances: gasoline,kerosene,other flammable or toxic petroleum products,toxic
pesticides and herbicides,volatile solvents,materials containing asbestos or formaldehyde,and
7
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radioactive materials. As used in this paragraph 20,'Environmental Law'means federal laws and laws of the jurisdiction
where the Property is located that relate to health,safety or environmental protection.
18. Acceleration;Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's
breach of any covenant or agreement in this Security Instrument(but not prior to acceleration under paragraph 17 unless
applicable law provides otherwise). The notice shall specify. (a)the default;(b)the action required to cure the default;(c)a
date,not less than 30 days from the date the notice is given to Borrower,by which the default must be cured;and(d)that
failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this
Security Instrument,foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of
the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a default or
any other defense of Borrower to acceleration and foreclosure. If the default is not cured on or before the date specified in
the notice,Lender,at its option,may require immediate payment in full of all sums secured by this Security Instrument
without further demand and may foreclose this Security Instrument by judicial proceeding. Lender shall be entitled to collect
all expenses incurred in pursuing the remedies provided in this paragraph 21,including,but not limited to,reasonable
attorneys fees and costs of the title evidence.
19. Release. Upon payment of all sums secured by this Security Instrument,Lender shall release this Security
Instrument,without charge,to Borrower. Borrower shall pay any recordation costs.
20. Attorneys'Fees. As used in this Security Instrument and the Note,'attorneys'fees'shall include any
attorneys'fees awarded by an appellate court.
SIGNING BELOW,Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in
any rider(s)executed by Borrower and recorded with k.
Borrower:
Signed,sealed and delivered in the presence of: Creative Choice Homes XIV,Ltd.,
Its General Partner
•
D.
Witness#1: `r iii Z V ')'\ Signature: l../J..".
John F.Weir,S for Vice President
Signature: L
Witness#2: 11,
Signature: /1∎ 41. W /��...,
�- ).L �� "t1-`43 /I .'th/.i.
STATE OF Florida
Gp :mammy w,r.,, 7r/C0
C
.al .(►M ~ ' �
COUNTYO. .,►_
The foregoing Mortgage wasfack icbfo - ' - I �.fSi�
/ / / A I✓11
b y John F.Weir o f re-five-ho orn-•Xlu L - a ■.-•=••. N• t• II' h-s produced
Itigritif..:: ion. /
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�41 Pl'O' \�J s'ry t re 5f4er1 taking ac I gmeM
1�r`I,e_� A' �` �V7 f ,
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��K•�N 1 na 'of person typed;stamp
IU Y u b116, 'W hi aJ6i7
title serial#(k any)
PATRICIA G.LNNE
14 MY COMMISSION a5 DD 162197
EXPIRES:January 16,2007
)i $,r+•' &eeann Navy Punt UMruaie
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Attachment A,Heron Cove Apartments-Legal Description:
„
1
LEGAL DESCRIPTION
LYING IN
SECTION 34, TOWNSHIP 49 SOUTH, RANGE 26 EAST,
COWER COUNTY FLORIDA.
' (PROPOSE:D SADDLEBROOK PHASE TWO)
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POOR QUALITY ORIGINAL
Packet Page-960- II
INSTR 4510320 OR 4637 PG 1286 RECORDED 12/28/2010 4:37 PM PAGES 4
DWIGHT E. BROCK, CLERK OF THE CIRCUIT COURT, COLLIER COUNTY FLORIDA 3/10/2015 16.D.2.
REC $35.50
OBLD $0.00 OBLI $0.00
Prepared by and return to:
Frank Ramsey
Housing,Human&Veteran Services
3339 Tamiami Trail E.,Suite 211
Naples,FL 34112-5361
MORTGAGE AND NOTE MODIFICATION AGREEMENT
THIS IS a Mortgage and Note Modification Agreement, made effective as of the 14th day of
December, 2010, by and between Creative Choice Homes XIV, Ltd., hereinafter called
"Borrower"and Collier County,hereinafter called"Lender."
WITNESSETH:
In consideration of the mutual coven: ,sliprFaifkicatte the Borrower and the Lender agree
that: 1, ---....,..„,,,,?:\?,'
1. Promissory Note nd Borrow r has given o Lender, a promissory note
and mortgage dated Novem er ,2O31 eed� ne , 004, a d r•corded in O.R.Book 3587,
Page 0412, in the Public Rcoro .0•.0• - - • .,4,. .. ••. • .ect vely referred to hereinafter
as the"Loan Documents"emu r b- in. h fo to fl).-.« 'b ,o r-•l p operty(the"Property"):
8587 Harot Drive, Naples,` o.\\\ r8587 410 , as mor- •artic arle cribed in Attachment "A"
(Legal Description). '~
Borrower warrants that it is the s nt owner in fee si bf e Property. Lender warrants
that it is the present owner and ho''ld ' note ri g6and that no judgment liens have
been recorded on the Property subsegue t t Elie( a n-being recorded. Both parties warrant
they have good right and authority to enteilfitcr-thelvroitgage and Note Modification Agreement.
2. Status of Payments. Presently no payments are required under the Loan Documents
and the mortgage and promissory note are not in default.
3. Modification. In consideration of the mutual covenants herein and other good and
valuable considerations,the parties agree that said promissory note and mortgage are modified as
follows:
(a) The principal balance of the promissory note is now $200,000.00,which shall be
at the rate of zero percent per annum.
(b) The debt evidenced by the Borrower's note and mortgage shall be due and
payable on November 1,2018.
4. Other Terms. Notwithstanding anything to the contrary herein or in the Renewal
Note or Mortgage,the lien and operation of the Mortgage shall continue in full force and effect
Documentary Stamp Tax and Intangible Tax were paid on the original Mortgage in the amount
of$200,000.00, recorded in Official Records Book, 3587, Page 0412, Public Records of Collier
County, Florida. This Mortgage and Note modification does not increase the amount of the
mortgage. -
Packet Page-961-
OR 4637 PG 1287
3/10/2015 16.D.2.
except as modified by this Agreement. All other terms of said Loan Documents remain
unchanged.
5. Compliance. The Borrower covenants and agrees to perform, comply with, and
abide by each and every one of the provisions of the Loan Documents,as modified hereby.
6. Agreement Binding. This Agreement shall be binding upon and inure to the benefit
of the heirs, legal representatives, and assigns of the Borrower and to the successors and assigns
of the Lender.
7. The Borrower and Lender agree that this Agreement shall not constitute a novation of.
the Mortgage and Note and shall in no way adversely affect the lien priority of the Note and
Mortgage nor shall be constructed to be a release in whole or in part of the Note and Mortgage,
and that except as specifically modified herein, the Mortgage and note shall remain unchanged
and will continue in full force and effect.
In Witness Whereof,the parties h. ca; •',s s 4t to be executed as of the date first
above written. C V.t
DATED this 14th day of Dec: b- , .I I.
Signed,sealed, and delivered
in the presence of
r, •Borrow•r: \�
Cr, =C i oice Homes II ,,. d. "-
/ 0
Yash Pal.7; ar,Presit-a�€6z�r'reiat ,-
EE C
Witness
STATE OF FLORIDA
COUNTY OF COLLIER
AA 1t THE FOREGOING inst�uument was acknowledged before me this "'S day
of AUbv cnc4s— , 2010, by r34€/iti`A/ h° is _ ersonally known to me or who has
produced as identification.
(SEAL)
otary Public
SIMON GERUN C
r,? Notary Public Mete of Flalde Name: d!i•LL�� (j— rK�u�
, My Comm. Aug S,2013
s48 Commission#DD 914314
,,,'y," Bonded Through National Notary Assn.
Documentary Stamp Tax and Intangible Tax were paid on the original Mortgage in the amount
of$200,000.00, recorded in Official Records Book, 3587, Page 0412,Public Records of Collier
County, Florida. This Mortgage and Note modification does not increase the amount of the
mortgage.
Packet Page -962-
OR 4637 PG 1288 3/10/2015 16.D.2.
Lender:
Collier County
.,�^,C0r1oQ•
ra4;q:,, # .. BOARD OF COUNTY COMMISSIONERS
P'.TTIT.E P K,Clerk COLLIER COUNTY,FLORIDA,
r 4� —)-L.t.1, IA). .
:.;::;.,,4;,,,,,,,,,?,iu 41, , � � 't-'� By OYLE CHAI'� .N i2.Iii-201
"tq.,k tl l uby Clerk FRED W.COYLE,
Approved as to form Recommend Approval:
and legal sufficiency: /
7 .
. o>--) ----- _..., is:7_,
•
,4--- ...A_ .. C.) „-
Steven illiams .X.acy K\ b ejMPA
Assistant County Attorney Director
• 1 "RI an t&Veteran Services
\\*'14 (--) '''s,
C .�:%"
1 o-IMP-0008sn
Documentary Stamp Tax and Intangible Tax were paid on the original Mortgage in the amount
of$200,000.00, recorded in Official Records Book, 3587, Page 0412,Public Records of Collier
County, Florida. This Mortgage and Note modification does not increase the amount of the
mortgage.
Packet Page-963-
*** OR 4637 PG 1289 ***
3/10/2015 16.D.2.
x* OR: 3171 PG: 1441 ***
ATTACHMENT"A" - LEGAL DESCRIPTION
LEGAL DESCRIPTION
LYING IN
SECTION 34, TOWNSHIP 49 SOUTH, RANGE 26 EAST,
COWER COUNTY FLORIDA.
(PROPOSED SADDLEBROOK PHASE TWO)
A TRACT OR PARCEL OF LAND SITUATED IN THE STATE OF FLORIDA.COUNTY OF COWER. LYING IN SECTION 34,
TOWNSHIP 49 SOUTH, RANGE 26 EAST.AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
AS PROVIDED BY OWNER:
THE WEST 1/2 OF THE SOUTHEAST 1/2 OF SECTION 34,TOWNSHIP 49 SOUTH. RANGE 26 EAST, OF COWER
COUNTY, FLORIDA. LESS THE SOUTH 50' FOR DAVIS BOULVARO (STATE ROAD 14) 103.00 FOOT RIGHT-OF-WAY
AND THE EAST 726 FEET OF THE SAID WEST 1/2 AND LESS AND EXCEPT THE INTERSTATE 75 (I-75)(STATE
• ROAD NO. 93)RIGHT•OF-WAY REFERENCE STATE OF FLORIDA DEPARTMENT OF TRANSPORTATION SECTION
03175-2409 SHEET 5 OF 10:
BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHWEST CORNER OF THE SOUTHEAST QUARTER (SETA) OF SAID SECTION 34;
THENCE ALONG THE WEST LINE OF Tom• R OF SAID SECTION 34. N.0014'26'E.. FOR 50.00
FEET TO THE NORTH RIGHT OF BEING THE SOUTHEAST CORNER OF PALM
COUNTY UNIT ONE AS,RE Oft."` it *u-BO 1-23 of THE OFFrc�L RECORDS of COWER
THENCE CONTINUE •• Q • LINE OF SAID SOUTHEAS • SE1/4), N•0P24'2CE. FOR 2,574.54
FEET TO THE NOR w NER OF THE SOUTHEAST QUARTER 1/4) SAID SECTOIN 34,ALSO BEING
THE SOUTHERLY�OF A • , .. ; TA-CA.; I-75)(STATE 93) PER THE STATE OF FLORIDA.
DEPARTMENT OF � 2409. SHEET 6 OS 10;
THENCE ALONG SAD RIGHT •• ,.tV• 'TA.••. FEET;
TTHENNCE LEA VINO RIGHT . .. . ..F. ,(4.44,1,1(.. ',a ET'-,
THENCE N.er3 ary ,
�. ,'
THENCE N.44.3q 34`w 4
THENCE SAY2 '26'w 13. "F Cu
TENCCEUS U Or•MAINE '3 ';• ., T..„4,..'r
y.,X1 � { CURVE TO THE LEFT HAVING
v .7. �• SUBTENDED BY A CHORD
THENCE BEARS s2 . t h6 a r,, ik* „-'
THENCE 5.0024' i
THENCE S.14'33' L ?;� (''y
THENCE S.00'49'554 Wyk 4 60.112 FEET TO THE • J '• •, r. `Or VIS BOULEVARD;
THENCE ALONG , 1,.�TH RIGHT OF WAY. H.' '2 y<�i'•4 FEET TO THE PINI Of UEGINNING.
• CONTAINING 054,964 5.,. ^7i 20.32 ACRES, M.•• .... , •
BEARINGS ARE BASED ON THE WEST LINE of THE SOUTHEAST QUARTER(SE1/4) OF SECTION 34, TOWNSHIP 49
SOUTH, RANGE 26 EAST. COWER COUHIY, FLORIDA AS BEING N.O0'24.2CE.
RWA SURVEYNIO. INC. -
LAND SURVEYORS AND MAPPERS
6050 NORTH HORSESHOE DRNE SUITE 270
NAPLES, FLORIDA 34104
(941) 640-1509
FLOI.TW E.ERTRTGI.- OF 1•.100„I• 16952
'f l
4 BMW DATE• 1121.13/112
•.I: ,, . ...a- •.. ..a ,..,A... .
NOT VALID UNLESS EMBOSSED WITH THE PROFr O u'e S r
REF. 01-0191-PHI
2;SZ02
•
EXHIBIT
J AN, NouA2t L cLIE4T. THOMAS ECKERTY
CONS[7L'iltd I. • 230' ,
�' V'. °",,.1H ”. LEGAL DESCRIPTION
i007"199 w144 19a 'W,� SADDLEBROOK VILLAGE PHASE TW!
"'w""t"earmas�`"''°s, H 91
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