Agenda 12/14/2010 Item #16D 4
Agenda Item No. 16D4
December 14, 2010
Page 1 of 16
EXECUTIVE SUMMARY
Recommendation to approve and authorize thc Chairman to sign a "Mortgage and Note
Modification Agreement" with Crcative Choice Homes XIV, Ltd. to extend the term of a
State Housing Initiative Partnership program loan for an additional eight years. The new
maturity date will be Novembcr 1, 2018.
OBJECTIVE: To approve and authorize the Chainnan to sign a "Mortgage and Note
Modification Agreement" with Creative Choice Homes XIV, LId, to extend the tenn of a State
Housing Initiative Partnership (SHIP) program loan for an additional eight years, The new
maturity date will be November 1,201 X,
CONSIDERATIONS: Every three (3) years, the Board of County Commissioners adopts a
Loeal Housing Assistanee Plan outlining the eligible uses of SHIP program funding, Referred to
as "strategies", the plan details the terms and eonditions when awarding funds to benefit
affordable housing, both homeownership and rental. The SHIP program supports the goal of the
Growth Management Plan's Housing Element to "create an adequate. supply of deeent, safe,
sanitary, and affordable housing t"r all residents of Collier County:'
[n 2003, Collier County awarded Creative Choiee Homes XlV, LId, a $200,000 SHIP loan for
the eonstruetion of a 29X unit atlordable housing development known as Tuscan Isle Apartments
(aka Heron Cove Apartments), The awarding of funding to benefit atl()rdable rental
_. development is an approved strategy eontained in the Collier County Loeal Housing Assistance
Plan.
The awarded funds were secured through a mortgage, recorded at Oflieial Reeords Book 3587
Page 04[2 of the public records of Collier County, Florida, The loan amount was $200,000 and
was to be repaid in full on November I, 2010, Although the tenn of assistanee was only seven
(7) years, the County required that the units remain a1fordable for a period of at least titteen (15)
years,
On September 14,2010, agenda item 6D, Mr. Jason Larson appeared before the Board of County
Commissioners on behalf of Creative Choicc Homcs XIV, Ltd, to requcst an extcnsion to the
loan, The petitioner aecuratcly stated that in this eeonomic cnvironmcnt there is not eurrently a
source of financing to repay the County. During discussion~ the Board of County
Commissioners favored an eight UI) ycar cxtension, bringing the total loan tenn to fifteen (15)
years,
Staff subsequently met with Mr. Jason Larson and it was agrecd that an eight (8) year extension
would provide the relicf and assistance Creative Choiee Homes XIV, LId, was seeking.
Approval of this item will authorize the Chairman to sign the attaehed "Mortgage and Note
Moditieation Agreement" providing I'l!" a new maturity dale of November 1,20 [X,
-
FISCAL IMPACT: This Agreement will eontinue 10 loan $200.000 in SHIP funds to Creative
Choiee Homes XIV, Ltd. The lull amount is due and payable on November 1, 20[ 8,
GROWTH MANAGEMENT IMPACT: None.
Agenda Item No. 16D4
December 14, 2010
Page 2 of 16
LEGAL CONSIDERATIONS: This item is legally suffieient for Board action, - SW
STAFF RECOMMENDATION: To approve and authorize the Chainnan to sign a "Mortgage
and Note Modifieation Agreement" with Creative Choice Homes XIV, Ltd, to extend the tenn of
a State Housing Initiative Partnership (SHIP) program loan for an additional eight years. The
new maturity date will be Novcmber [, 2018,
PREPARED BY: Frank Ramsey, Housing Manager, [-lousing, Human and Veteran Services
Item Number:
Item Summary:
Meeting Date:
Agenda Item No. 16D4
December 14,2010
Page 3 of 16
COLLIER COUNTY
BOARD OF COUNTY COMMISSIONERS
1604
Recommendation to approve and authorize the Cllairman to sign a Mortgage and Note
Modification Agreement with Creative Choice Homes XIV, Ltd. to extend the term of a State
Housing Initlalive Partnership program loan for an additional eight years. The new maturity
dale will be Novembel 1, 2018.
12/14/2010 900:1J0 AM
Prepared By
Frank Ramsey
Public Services Division
MC:lI1ager - Housing Development
Date
Human Services
11f15!2010 11 :49:49 AM
Approved By
Marla Ramsey
Public S€rvices Divisioll
Administrator - Public Services
Date
Public Services Division
11/15/201012:13 PM
Approved By
Marcy Krumbine
Public Services Division
Director - Housing & Human Servic:es
Date
Human Services
11/17/201010:33 AM
Approved By
Sieven ilViliiall1<j
County Attorney
p5sislani Couniy Aitorney
Date
County !\ltorney
11/17/201010:38 AM
Approved By
OMS Coorrlinator
COlltlty Manager's Office
Date
Office of MmwqernNlt & Budnel
'11/19/20103:26 PM
Approved By
Slleny Pryor
Office of M<'ln3gew1'll1 (,
8u,I~let
M;jrlU~}f'lT1enU BtHi~Jel I\llalyst, Selliur
Date
urricG- d ~.~aij;'gerjjf:n( & Uudrwt
11t22/2010 10:27 AM
Approved By
Jef'f Vdatz!\Ow
C('unty AHmncy
Date
Approved By
12/1/201010:30 AM
Mark Isackson
Office of MmlClgemeltt &
Budqet
fY'lallilgellli::ntlBuclnel j~nal,/~,t, Senior
Date
Office of flIIallafJ~~ment 8, fludg<::t
t2/3/2010 8:38 AM
3420903 OR: 358~~;oJJ~Jz, No. 16D4
RICORlliO i. OmCIAl B1COIDI.I COLf4,IIt~_d~ 14,2010
Oi/1l/100l.t ll;lZAIlOilGBII, BlOCI, CUB Paqe 4 of 16
, om 100100,10
OBLI 100000,00
UC !II lUO
DOC-,ll 700,00
COPllI 1.00
\;L\
Prepared by:
Collier County
Financial Administration and How.ing Dept.
Mr. Cormac Giblin, Housing Dev. Manager
2800 N. Horseshoe Dr.
Naples, FL 34104
941-403.2330
RetD:
mAlC!IL ADKIl i BOUSIIG
IlmOmCI
111I: LIUUI 81!RIlII03-2ll1l
TillS SPACE FOR RECORDING
MORTGAGE
Security Znstrument
THIS SECURITY INSTRUMENT is given on November 1. 2003. The Borrower is:
Creative Choice Hames XIV, Ltd.
CBorrower"). This Security Instrument is given \0 Collier County ("Lender"), which is organiZed
and existing under the laws oflhe United States of America, and whose address is 2800 North Hor...hoe
Drive; Naples. Florida 34.014 BOI"rowerowes Lender Ihe sum of Two IluDClre4 Thou.aJ:I4
J)ollar. (U.S. $ 200,000. DO ). 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 Rcrve:mber
1, 2010" This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with
intefe8t, and all renewals, extensions and modifications; (b) the payment of all alher sums, with interest advanced under
paragraph 7 to pro1ect Ihe security 01 the Socurily InslrumeryF .Jnd(tG) the performance 01 Borrower's covenants and
agreements under-thIS Securrtylnstrument and the Not.E! _,Par this PlIrP<islOl. Borrower does hereby second mortgage, grant
and convey to Lender the fOllOWing desCribed Pfr;lpei1)i located In COllier'-, County, Florida.
, '-,' -'", J.-
As more particularly described in Attachment A, (I egal De,-',criptionj and which..has the address of:
,
("Property Address"): Heron Cove A,partinl!ii:J.ts 8587 Barot Drive Naples, FL 34.10'
/"/-'-~--:'/'I ' ~'::<" ':>';-:-''':, "-';\--'\' ').,"\
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TOGETHER WITH all the irnprolJ,ementsnow;or hereaft~.erecle~, 01thelproperty, andall easements, rights,
appurtenances, rents, royalties; mln~r::tl~ ,d,il arid ~es righ!s:~m!.,pro'ms, watBi:.ri~hts,:'~nu ~tock ana alt ilxtures now or
hereafter a part of the property. All replacements and additions shalLaJso b~ cov~ed.bY the Security Instrument. All r:A the
foregoing is referred to in this SecurilylfJsln.ament as the "Property" "-: I,. I /../
BORROWER COVENANTS Ulat Borrower is lawfully seized ori the, estate hereby conveyed and has the right to
mortgage, grant and convey the Property a~ that Ihe Property is unericiJrn6erEl;d,'I'lXcePI for encumbrances of record.
Borrower warrants and will defend generally Ihe title to the Property againstaH Claims and demands. subject to any
encumbrances 01 record. t ./, . .,\' '
THIS SECURITY INSTRUMENT combinesonifDr:m cov~~anl,s' for national use and non"unilorm covenants with
limited vanatlon by Junsdlctlon to constitute a uniform sedUfrty InsthJmentcovenng real property.
UNIFORM COVENANTS. Borrower and Lender covenanland agree as follows
1. Payment of Principal and Interest; Prepayment and late Charges. Borrower shall promptly pay when due
the plincipal of Bnd interest on the debt evidenced by Ule Note
2. Taxes. The Mortgagor w!ll pay atltaxes. assessments. sewer rents or water rates prior to the accrual of any
penalties or interest thereon
Tile Mortgagor shall payor Cfluse to be paid, as the same respectively become due, (A)(1) all tax.es and
governmental ch<lrges 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 fOf the operation,
maintenance, use, occup,lfIcy. upkeep and improvement of the Propert't. and (3) ali assessments Of other governmental
cl1arpw; that m<lY lawfully he paid in Installments over a period of yp.ars, the Mortgagor shall be obligated under the
Mortga!)/'! 10 payor cause!o be paid or,ly 5UG~1 ;li"lcllllllenis as are reqUired to be paid during the term of the Mortgage, and
shall, promptly after the payment oi arlY of Ule foregOing, forward to Mortgagee eVidence of such payment.
3. Application of Payments, Unless <lppllcab'e law provides otherwise, all payments received by Lender shan be
applied; firsl, to interest due: and, to principal due: and 1;151, to any late charges due under the Note
4_ Charges; Liens. Borrower sl1all pay all taxes, assessments, charges, fines and imposrtions allributable to Ihe
Property which /lllly allain priurity over this Security Instrument. Imd leasehold pilyments or ground rents, it any. Borrower
shall promptly fumish to lender alt notices of amounts to be paid under this paragraph, and all receipts evidencing the
payments.
Borrower shall promptly discharge any lien which has pri()(rty over tillS Security Instrument unlesa Borrower: (a)
agrees in writing to the payment clthe obligation secured by the lien in a manner acceptable to lender; (b) contests in good
faith the lien by, or defends against enforcement 01 the lien In, legal proceedings which in Ihe lender's opinion operate 10
prevent the enforcement rJ the lien: 01" (c) secures Irom the hoider of the lien an agreement satisfactory 10 lender
suborc!iflating the Jien to this Security Instrument If lender determines that flry part of the Property is subject to a lien
which mOly attain priority over the Security Instrument. lender may give Borrower a notice identifying the lien_ Borrower
stlali satisfy the lien or take one Of more of Hle actions set forth above with"n 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 Instf\lment. Of there is a legal proceeding that may significantly affect Lender's rights in the
Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations).
then Lender mfly do and pay for whatever is necessary to protect the value of the Prorerty and lender's rights in the
Property_ Lender's <lctions may include paying any sums secured by a lien which has priority over this Security Instrument,
appearing in court, paYing reaSonable ailorneys' fees nnd enterrng 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 shllll become additional debt of Borrower secured by this Security Instrument. Unless Borrower and lender agree to other
terms at payment, these amounts shalt bear interest from the dilte of disbursement at the Note rate and shall be payable,
with interest. upon notice from Lender to Borrower requesting payment.
OR: 3587 P~elo.u.lem No, 16D4
December 14, 2010
Page 5 of 16
6. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender
shall give Borrower notice althe time of or prior to an inspection specifying reasonable cause for the inspection.
7. Condemnation. The proceeds of Bny award Of claim for damages. direct or consequential, In connection with
any condemnation or other taking of any part of the Property, or for con....eyance in lieu of condemnation, are hereby
assigned and shall be paid to Lender. In the event of a totat taking of the Property, the proceeds shaH be applied 10 the
sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. In the evenl of a
partial laking 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 BQl'Tower
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 tolal amoont of the sums secured Immecllately before the taking, divided
by (b) Ihe fair market value of the Property Immediately before the taking. Any balance shall be paid 10 Borrower. In the
event of 8 partial taking of the Property In which the fair market value of the Pro~rty immediately before the takIng Is less
then 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 Ihls Security Instrument
whether or not the sums are then due. Unless Lender and BQl'Tower 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,
8. Borrower Not Relea..d, Forb.arance 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 SUCCesSOffi in interest. lender
shall not be requIred to commence proceedings against any successor in interest or refuse 10 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 sUCCesSOffi 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 Instnu''l1ent shalt bind end 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-Sig~i,~ this Security Instrument only to mortgage, grant and
convey that Borrower's interest in the Property under the te!lJls 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 10 the terms of this Security Instrument or the Note without that
Borrower's consent.
10. loan Charges. If the loan secured by this Securlly Instrument is subject to a law which sets maxImum loan
charges, and thai 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) anx SUC;:h-loanoharge shall be reduced by the amount necessary to
reduce the chargA 10 the permitted limit; and (b)}n~ 5"1.11;1$, Jitre~~J.rc;(ljj~ted. from Borrower which exceeded permitted limits
Will be refunded to Borrower. lender may chlXls~ tQ~ake thts-refui1<1bftec!ucing the principal owed under the Note or by
making a direct payment to Borrower. !f a retl\~'tf reduces principal, the r~t1cU?h, will be treated as a partial prepayment
without any prepayment charge under the Nq!e.>' '-, .-" \
11. Notices. Any notice to Borrower proYkled_(or in this Security Inslrume[)t shall be given by delivering it or by
mailing it by fjffit class mail unless app,'lcable lao.yIeg_~,I~eduse-of8notl't~r melhcilj,. Th~ notice shall be directed 10 the
Property Address or any other address Bo.rower desigl)El~~s .bY n.otice t~lende.r. \Any notice to lender shalt be given 10
Borrower or Lender when given as PrOvided.in:thilllpara~taPh. f,l.,-'r',\,'<-" '1-"'\ \
12. Governing law; S.verabill,tY. /Th~ $eq1Jrnr 1r)s~itt~~tJ:lt1~lt'I:te"~orerned by federal law and the law of the
jurisdiction in which the Property is l~ateA. I~ the event t~at '~y [Ovls10rl.lor tlau$~ of~hls Security Instrument or the Note
confiicts with applicable law, such cdnf1lcl',llhal',::?rat'}gff~.ot~J.~to'.ii:;lons ,d th~ SecU~i In"hurnent or the Note whICh can
be given effect wrthout the COnfliCting,pr. OV\si.6rt. to this end the'Pi-c':i~'FIo.ns'dt.' thiS.,S~;.'.". rity Instrument and the Nole are
declared to be severable. \"..< \. , '~t J ;' '" ,.'/
13. Borrower's Copy. BorrowershaH be given one confor~ed c9py,of Ih",Note and of this Security Inslrument.
14. Transfer of the PropertY-~~,. Beneficial Interest In Bdrrower'.jlCall'Or any part of the Property or any
interest in it is sold or transferred (or if a beneficial Interest in Borrower IS sold-or transferred and Borrower is not a natural
person) without lender's prior written consent{ lender,may, at its optiorr,:'r~~lte'immediate payment in full of all sums
secured by thIS Security Instrument. However;tJiis optj'or} $hall'~ot.~e;,eX~J;ISed by Lender if exercise is prohibited by
federal law as of the date of thIS Security Instrument,_'(', f .__\,~ >,/
If Lender exercised this option, lender shall give Borrower' notice ciracceleration, The notice shalt provide a period of not
less than 30 days from the dale ihe notice is delivered or mailed within which Borrower must pay all sums secured by this
Security Instrument. If Booower fails to pay these sums prior to the expiration of this period, lender may invoke any
remedies pennitted by this Security Instrument without funher notice or demand on Borrower.
15. Borrower'& Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have
enforcement of Ihis 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 Properly pursuant 10 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 thfm would be due under this Security Instrument and the Note as if no acceleration had
occurred; (b) cures and delaul1 of any other covenants or agreements: (c) pays alt expenses incurred in!enforcing this
Security In.c;lrument. im:iudlng, but net limited to. reasonable allorney's fees; and (d) takes such action as Lender may
reasonably require to assure ttlat 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 herebv shall remain fully effective as il 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 Ihis 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 ullI'elated to a sale d the Nole, If there is 8 change of the Loan Servicer.
BorJnt.,yer will be given written notice of the change In accordance with paragraph 14 and applicable law. The notice wi.
stale the neme and address of the new Loan Servlcer and the address to which payments should be made. The notice win
also contain any other information required by applicable law
17. Hazardous Substances, Borrower shall not cause or permit the presence. use, disposai, storage. or release
of any Hazardous Substanr:es on or in the Property_ 8orrower shall not do, nor allow anyone else 10 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 Proper1y 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 reglJliJtory agency or private party involving the Proper1y and any Hazardous Subslaocp, or Environmental
Law of which Borrower has actual knowledge. If Borrower learns, or is notified by any governmental Of regulatory authority.
that any removal or other remediation of any Hazardous Substance affecting the Property is necessary. Borrower shall
promptly lake aft necessary remedial actions in accordance with Environmental Law.
As used in Ihis paragraph 20, "Hazardous Substances' are those substances defined as toxic or hazardous substances by
Environmental law and the following substances: gasoline, kerosflnfl, other flammable or toxic petroleum products. toxic
pesticides and herbicides, volatile solvents. materials containing asbestos or formaldehyde, and
2
OR' 3587 rfI.olerrn Wem No. 16D4
, rU'D~~~~ber 14, 2$10
Page 6 0116
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.
,.. Accelel'llUon; Remedies. Lender shall give notice to Borrower prior 10 acceleration following Booower's
oreach of any covenant or agreement in this Security Instrument (but nol prior to acceleration under paragraph 17 unless
applicable law provides otherwise). The notice shall specify: (a) the default; (b) the action required 10 cure the default: (e) a
date, not less than 30 days from the date the no1ice is given to Borrower, by which Ihe default must be cured; and (d)lhat
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 nolice shall further inform Borrower of
the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the nOfl..exlstence of a default Of
any other defense of Borrower to acceleration and foreclosure. If the defau" is not cured on or before the date specified in
the notice, lender. at its Option, may require immediate payment in full r:J all sums secured by this Security Instrument
without further demand and may foreclose !hill 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
attorney's fees and costs r:I the title evidence.
11. Retea... Upon payment of all sums secured by this Security Instrument, lender shaH release this Security
instrument. without charge. 10 Borrower. Borrower shall pay any recordation costs.
20. AttOrMy.' F.... ks used in this Security Instrument and the Note, "atlOfneys' 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 recortled with iI.
Signed. sealed and delivered in the presence of;
Borrower:
Creatlv. Cholc. Hom.. XIV, Ltd.,
Its Genel1ll Partner
Witness#1 :
J~-re("""
2t
-~t~~"~ L-UL~
,lr, I, ,I<rM
) " ,I I
Signature:
John F. Weir, S
:)
w...,;.
Signature:
Witness#2:
Signature:
'/ ,
Addr..., '11.'13 '''-lhI.h, {3../._J
, .,/ > Pal"", (J",.J, 6_bu FL Jr'(IO
STATE OF Florida. , \
COUNTY OF ~.pd IvY) i6e.Cl~ ...... '.
The foregoing Mortgage was:aCkn~~edged ~fore"~~'hi~'!~~-h.4l~ of AIJ Y I J, ;,-o{)lj
by John F. we;: of Creative C~or ~~~Sa~~~~~~~~~o'~ trr~"krown It me ; ~f. produced
,
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na
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.. (
9: \. ly Attonwry
~~~ ~,W"OC
!2?;f,~"~q7
:iG""j,;':f?
11";~i'
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PATRICIAG.lAINE
MY COMMISSION' DO '62197
EXPIRES:.!anuary16,2007
B<nIodT1YllHcaary",,*t--.
)
***
OR' 3587 ;i;;1l'rW".l~e~o 16D4
, rU'DW~ber'4,2010
Page 7 of 16
Attachment A. Heron Cove Apartments - Legal Description:
LECAl DESCRtPlIOk
LYING IN
SECTlON Jool, TOWlfSHIP 411 SOUTM, w..ct: 28 EAST,
COLUtR COlM'Y FLORIOA..
(P~SED ~OLEaROOl( PHf.SE TWO)
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4
J I POOR QUALITY ORIGINAL'
AgligeadffiltBf\ld\J1b660
$Hp:tember 14. 2010
PIilggEll bbn 6
Office of the County Manager
Leo E, Ochs, Jr,
3301 East Tamlami Trail' Naples Florida 34112 . (239) 252-8383 . FAX: (239) 252-4010
August 19, 2010
Mr, Jason Larson
Creative Choice Homes XIV, Ltd.
4243 D Northlake Boulevard
Palm Beach Gardens FL 33410
Re:
Public Petition Request regarding a SHIP loan extension.
Dear Mr, Larson:
Please be advised that you are scheduled to appear before the Collier County Board of
Commissioners at the meeting of September 14, 2010, regarding the above referenced subject.
Your petition to the Board of County Commissioners will be limited to ten minutes, Please be
advised that the Board will take no action on your petition at this meeting. However, your petition
may be placed on a future agenda for consideration at the Board's discretion, If the subject
matter is currently under litigation or is an on-going Code Enforcement case, the Board will hear
the item but wiil not discuss the item after it has been presented. Therefore, your petition to the
Board should be to advise them of your concern and the need for action by the Board at a future
meeting.
The meeting will begin at 9:00 a.m, in the Board's Chambers on the Third Floor of the W,
Harmon Turner Building (Building "F") of the government complex. Please arrange to be present
at this meeting and to respond to inquiries by Board members,
If you require any further information or assistance, please do not hesitate to contact this office.
~/ .
. /$'A ~/ "'r
c:-
Mike Sheffield
Assistant to the County Manager
MJS:mjb
cc: Jeffrey Klatzkow, County Attorney
Marla Ramsey, Public Services Administrator
Marcy Krumbine, Housing and Human Services Director
AgilgEladre ttehid'J (l,600
$Hplember 14, 2010
PElggE92:lbn 6
Reouestto Speak under Public Petition
Please print
Name: Jason Larson for Creative Choice Homes XIV, Ltd.
Address: 4243-D Northlake Blvd
Palm Beach Gardens, FL 33410
Phone: 561-627-7988 ext 218
Date of the Board Meetino you wish to speak:
Next BOCC Meeting
Must circle yes or no:
Is this subject matter under litigation at this time?
Yes I No
Is this subject matter an ongoing Code Enforcement case? Yes I No
Note: If either answer is "yes", the Board will hear the item but will have no
discussion regarding the item after it is presented.
Please explain in detai/the reason you are reouestino to speak (attach additional
paoe if necessary):
Attached.
Please explain in detail the action you are askino the Commission to take (attach
additional paoe if necessary):
Attached,
H:\Mary-Jo\PubliC Petition Request Fonn - 2008 new form doc
Asji'lga8dtettehid'J~G60
Sillplember 14, 2010
Pa!'JegHl3:>bn 6
CREATIVE CHOICE
August 16, 2010
County Manager
Collier County Government Complex
3301 East Tamiami Trail
Naples, FL 34112
RE:. Creative Choice Homes XIV, Ltd. SlllP Loan Extension
Deal Sir,
We arc the recipient of a $200,000 SHIP loan provided by the County for Tuscan Isle
Apartments, a 298 unit affordable housing development located at 8650 Weir Lane
Naples, FL 34104-9550,
The development was fmanced with tax exempt bonds and low income housing tax
credits issued by Florida Housing Finance Corporation, The County's SHIP loan is a
second lien position to the fIrst mortgage,
The original note is dated November 1,2003 with a maturity date of November 1,2010.
At the present time, we are unable to repay the loan in full, as there currently exists no
source of fInancing for this type of transaction,
Historically the only source of second mortgage fInancing has been the local government.
I was not involved in the original closing of the loan; however, with these types of
transactions it is unusual for a loan to have a tern1 of less than 15 years, as 15 years is the
term of the initial affordability period,
We are asking for a loan extension of I 0 years, with a new maturity date of November I,
2020, At thai time it is projected that we win have a debt to equity ratio which will allow
the jjerty to be refinanced for a repayment of the County SHIP loan in fulL
~
Jason Larson
Creative Choice Homes XIV, Inc., Sole General Partner
A~g8Bdtetteflil:Nt1>660
:Thp1ember 14, 2010
p~BgElI4:>bn6
Creative Choice Homes XIV, Ltd
4243 Northlake Blvd.
Suite D
Palm Beach Gardens, FL 33410
December 31,2009
Collier County Government
Housing and Human Services, Building H
3301 E. Tamiami Trial
Naples, FL 34112
Altn: Frank Ramsay
RE: Creative Choice Homes XIV, Ltd
Loan type: Ship Loan
Our auditors, Hablf, Arogeti & Wynne, LLP are currenlly engaged In an audK of our financial statements,
Plaase furnish, directly to them, Ihe following information pertaining to our mortgage note to you aa of
December 31, 2009:
Original note date:_. November 1. 2003
Original note amount__$?OO,OOO.OO
Unpaid principal balance:__$200,000.00_
Interest rate
0%
Tarms of payment of principal___ Balloon Loan
Date to which interest has been paid:
Accrued interest due as of December 31,2009:
Maturity date:__ November 1, 2010
Natura or mortgage and descriptions and location of the property mortgaged:
Affordable Housinq - 8587 Harot Drive,
Naples, FL 34104
A~geAd!EttehOCtJ(\660
3ilIpjember 14, 2010
p~8gE25Jbn 6
Amounts of deposit with you in escrow for:
A Insurance: N/A
B Real estale texes: N/A
C. Mortgage Insurance: N/A
D. Other' N/ A
Please include a detailed analysis of the activity in the escrow accounts heid by you for the year
ended December 31, 2009
Amounts of deposrt wnh you for:
A Reserve for replacement N/A
8 Residual receipts' NI A
C. Other' N/A
Please provide a detailed analysis of the activny in the ",sarve accounts held by you for the year
ended December 31, 2009
Our auditors have also requested that you confirm the follOVY'ing information from your records:
Are defaults on this ioan known to you7 YES ~
To your knowledge, is this loan in default as of 12131120097 YES ~~
Have defaults, if eny, been cured? YES No--tJ
The nature of defaults, including violations of loan covenants (if none, please so indicate):
After completing the information (attach additional sheets if necessary) and signing and dating your
repiy, please fax this confirmation di",ctJy to our audrtors al 770-351-3351, or mall to Habif, Arogett &
Wynne, LLP, Altn: Michele Mosetti, 5 COnCOUiSG Par~ay, Suite 1000, ,6.t!anta, GA 30328. If you have
any questions r ding this confirmation, you may contact our auditors at 770-353-7195.
Sincerely,
;
To: Habif, Arogeti & Wynne, LLP
The information furnished to you with this letter regarding the mortgage obligation of C",ative Choice
Homes XIV, LId agrees with our records as of December 31, 2009
~::'~~-'~f~-
Date~~
Telephone#: ~ - Z~______
'VctVi'c WtM>j
Agenda Item No. 16D4
December 14, 2010
Page 13 of 16
Prepared by and relurn 10:
Frank Ramsey
Housing, )'Iuman & Veteran Services
3339 Tamiami Trail E.. Suite 211
Naples, FL 34112.536 I
MORTGAGE AND NOTE MODIFICATION AGREEMENT
THIS IS a Mortgage and Note Modification Agreement, made effective as of the 14th day of
December, 20 I 0, by and between Creative Choice Homes XIV, Ltd., hereinafter called
"Borrower" and Collier County, hereinafter called "Lender,"
WITNESSETH:
In consideration of the mutual covenants contained herein, the Borrower and the Lender agree
that:
I, Promissory Note and Mortgage, Borrower has given to Lender, a promissory note
and mortgage dated November 1, 2003, filed June 15, 2004, and recorded in O.R. Book 3587,
Page 0412, in the Public Reeords of Collier County, Florida, collectively referred to hereinafter
as the "Loan Documents" eneumbering the following described real property (the "Property"):
8587 Harot Drive, Naples, Florida 34104, as more particularly described in Attachment "A"
(Legal Description),
Borrower warrants that it is the present owner in ree simple of the Propet1y, Lender warrants
that it is the present owner and holder of said note and mortgage and that no judgment liens have
been recorded on the Property sobsequent to the Mortgage being reeorded, Both parties warrant
they have good right and authority to enter into the Mortgage and Note Modification Agreement.
2, Status of Paymeuts, Presently no payments are required under the Loan Doeumen(s
and the mortgage and promissory note arc not in del;mIt.
3, Modificatiou, In consideration or the mutual covenants herein and other good and
valuable eonsiderations, the parties agree that said promissory note and mortgage are modified as
j'Jllows:
(a) The principal balance of the promissory note is now $200,000.00, which shall be
at the rate or zero percent pcr annum,
(b) The debt evidenced by the Borrowcr's note and mortgage shall be due and
payable on November I, 2018,
4, Other Terms. Notwithstanding anything to the contrary herein or in the Renewal
Note or Mortgage, the I ien 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
or $200,000,00, recorded in Official Records Book, 3587, Page 0412, Public Records of Collier
County, Florida, This Mortgage and Note modification docs not increase the amount of the
mortgage.
Agenda Item No. 16D4
December 14, 2010
Page 14 of 16
except as modi lied by this Agreement. All other terms of said Loan Documents remam
unchanged,
5, Compliance, The Borrower covenants and agrees to perform, comply with, and
abide by each and everyone of the provisions of the Loan Documents, as modified hereby,
6, Agrcement 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
o I' 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 modi lied herein, the Mortgage and note shall remain unchanged
and will continue in lull force and effect.
In Witness Whereof, the parties have caused this Agreement to be executed as of the date first
above written,
DATED this 14th day of December, 20 I 0,
Signed, sealed and delivered
inlhe presence or
Bo....ower:
Cr C\loice Homes XIV, Ltd.
7
'L.'t. l..C.LI,Q
kar, Presi.\lpnt sf Ceneral Partner
'/
---'. . /l-"~' -::"--
\\/itncss
STATE OF FLORWA
COUNTY OF COLLIER
(','C_-'
~ '!'I-IE FOI{FCi()fN(i,~instJlIll1(,l1t \VH~ acknuv./ledgcd be/'ore me this /S day
of l'\iO().t:'>'<~'":'::., 2IJ!IJ, by /i-'lflfh/:ff'''''~lw is _..0--'jicrsonally known to me or. who has
produced as iUl.:l1tificatioll.
/"
)
~:----~~..,,--
~."<--->
--"'-
."-
(SEAL)
)<i~llarv Public
/ .
m"'ll!.
",' ~ SIMON GEAUN
f.l j NO/lfy Public. SII'. 0' florid.
~ I My Comm, expire. Auu 5, 2013
~"li;,?f.:.~~ CommIssion" DO 914314
BOnded Through Nalional Notary Assn.
i. ..
Namc:
c-:; d~ r-! I'C.-.SK.-U,J./
(.- I''''t---J \...J I..,;;;;:
Documentary Stamp Tax and Intangible Tax wcre paid on the original Mortgage in the amount
or $200,000,00. recorded in Official Records Book, 3587, Page 0412, Public Records of Collier
County, Florida, This Mortgage and Note modification does not increase the amount of the
mortgage.
Agenda Item No. 16D4
December 14, 2010
Page 15 of 16
Lender:
Collie.' Couut)'
Atlest:
DWIGIIT E, BROCK, Clerk
BOARD OF COUNTY COMMISSIONERS
COLLIER COUNTY, FLORIDA,
13y:
By:
FRED W, COYLE, CHAIRMAN
. Deputy Clerk
Approved as to f,mll
and legal surneieney:
Recommend Apprq.~al:
Steven \Villiallls ",:,,,) \'J
')' {."
^~)sistanl Coullty Attorney \1 1.1
Marcy Krumbine, ivlPA
Director
Housing, Iluman & Veleran Services
111-IMI'-O(l~lH.'i/2
Doculllentary Stamp Tax and Intangible Tax wt:'re paid 011 the original Mortgage in the amount
of S201J,O(J(J,OO, recorded in Omcial Records Book, 3587, Page 0412, Public Records of Collier
COllllty. Florida. This ivtortgage anu Nole llloJillcalioll does not increase the amount of the
lllortg,-lge.
-
... VK: J1Il
I'li: 1441 ...
App.mj;:J I!prll ~~o. 16 )4
December 14, 2C 10
Page 16 of 16
ATTACHMENT "A" - LEGAL DESCRIPTION
LEGAl DESCRIPTION
LYING IN
SECTION 34, TOWNSHIP 49 SOUTH, RANGE 26 EAST,
COLUER COUNlY FlORIDA.
(PROPOSED SAODLE6ROOK PHASE TWO)
A TRACT OR PARCEL or lAND SITUATED IN THE ST^,[ Of F1.ORl[M.. COUNTY OF' COlLIER, lYIHC IN SECTION 34,
TOWNSHIP of' SOUTH, ftANG( 21 EAST. NW BEIHC MORE PARnCULAALY ()(SCRIBED AS FOllOWS:
AS PROVIDED BY OWNER;
THE WEST 1/2 Of' THE SOUTHEAST 1/2 or SECTION J4, TOWNSHIP 49 SOUTH, RANG( 26 EAST, OF COWER
COUNTY, n.ORIOA, LESS THE SOUTH ~' F"OR DAVIS BOUlVAAD (STATE ROAD 84) 100.00 FOOT RtGHT-OF'-WAY
AND THE tAST 726 ftrr or THE SAJO WEST 1/2 AND LESS AND EXCEPT 1H( IN1[R$TATE 7~ (1-75) (STATE
ROAD NO. Vl) RtGHT-Of-WAY REF'ERENCE STATE or FlORIDA DEPNUMENT OF TRANsPoRTATION SECTION
OJ175-24~ SHEET 6 or 10;
BEING MORE PARTtCUlAAL Y DESCRIBEO AS FOLLOWS:
COMMENCING AT THE SOUTHWEST CORNER or THE SOUTHeAST QUARTER (SEI/4) OF SAID SECTION J4;
THENC'[ ALONe n.[ WEST UNE OF' TM[ SOUTHEAST ClIAATtR Or SAID SECnOH J4, N.OO'24'26"E., FOR SO.oo
f"EET TO TliE NORTH RIGHT OF WAY 0( DAVIS BOULEVARD AlSO BONG THE SOUlHWT CORNER or PAU"
SPItING PlAZA. UNIT ONE AS RtCOR[)[D 101 PlAT SOOK e, PAGE 21-2J or THE 0fT1CAl RECOAnS or COlU[R
COUNTY FlORIDA, AND THE POtNT Of' 8tGtHHlHG:
THENCE CONTINUE ALONe THE WEST UHf Of SA[) SOUTHEAST QUARTER (SEl/4), N.OO'24'26"E. FOR 2,S74.~
FEtT TO THE NORTHWEST.COllNOl or THE SO\ITHEASr OUNII[R (5(1/') OF SAIO stcrOlN J., AlSO Bt1NC
THE SOUTHERlY RIGHT or WAY LINE OF.INTERSTAT(,,75 (1-75)(STATE ROAD 9J) PER THE $T.-.n: Of' f\.0Rl~
OEPAR1\4tNT Of' r.w.SPORTATION WoP;Of: '~~P;J1.7S,.,24OV. SHEET 6 or to:
THENCE AlONG $NO RIGHT OfW"'Y:'.S.'1t'4~1J"':E,;~fORi~.lSJ rrET:
THENCE AlONe SAID RtCHT _or',w,W;,'S.68't2'JrE" FOR,~l-S'.q&'JnT;
THENC[ lEAVING SAID RIGHT (ot""W'AY, S.00'21'36.W., FOR 1.2Sl0.0~ rUT;
THENCE N,8"J5'34-W.. FOR 31,4,74 fEEl: . \
THENCE N.44'J5'34-W.,"OR e4.4,O,-rrEf:' ""n. _""','_ \
THENCE: S,45'24'28"W.,:'fOR .'11J"~rtEt TQ A POINt OF" CURvATURE:
THENCE SOUTHWESTERLY $I.9QJ~~ Al.OHG, THE,ARCOf.__A..,T,t,NGENJW. CIRC\A.AR ClJRII[ TO TH[ lEn HAVING
A FW>lUS OF 75.00 ~tET 1]iROUOI;(,." CtN.tRAL IAN9LE 'OF~ 4"00'00" AHD 8[IHG SUBTtNOED BY /It CHORD
WHICH BENtS s.2r5~'2"yf; rOft $~.40f ~~: I I !,.!_j \,.,'/ I i
THENCE S.00'24'2f'W.', F~'. Sde.811 fIE;!': I " I 1/. \! I "..~ !
TI1ENCE S. H'JJ'54"t.., hm, 1.5)," FtET; ,~_ _.._...:, ".\ . "
THENCE S.OO'U'",'.W,,\ fOR' 60.92 ftrr TO THE NO~,'I}oi RIGHT Of' W.A:{ or DAVIS BOUlEVARD:
THENCE AlONe THE 5ANt NoATH RIGHT OF WAY. N.W-5~'2t'w.. F"OR,' 94.3J F"EET TO THE POlNI ot ~EGiNNING.
".' ,"-\. "J"': I ,
CONTAINING 684,9&4 SQuAAE~ rEn OR 20.J2 ACRES, NOREIOR ,lESS,
t,)
'.. i'"
BEARINGS Nt[ BASED ON THE WEST UHE Of THE SOUTHEAST OUAATER (SE1/4) or SECTION Jot, TOWNSHIP 4{t
SOVTH, RANCE 211 EAST, CClUJ[R COUHTY, FtORIDA AS BEfotC N.OO'24'26"E.
RWA SURVOtHC. INC.
lAHO SURVEYORs AND l.W'P[RS
80'" NORTH HORSESHOE DRIVE: SUITE 270
N.-.PlES, f'1.0RI0.t. 34104
(94t) 54(1-1&0.
(fC\
16"52
Mfr. O'/IVO,
NOT VAlin UNi n;o:: [loIoosrr;,rn WITH T~ PACVT"SIONAl '0::; SFAI
REr OI_OUtI_PH'
~
EXHIBIT
-A'
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2/12/02
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THOMAS ECKERTY
LEGAL DESCRIPTION
SADDLE BROOK VILLAGE PHASE T~I
01-0191 ~ 1 _? ~.~......___"
TITlE,
CLIENT:
H
1m -, ... ~Cl
~4 49$ N( fflAIe[1It: