TO: CRA Board of Commissioners
FROM: Christine Tibbs, Assistant Director
THROUGH: Renée A. Jadusingh, Esq., CRA Executive Director
DATE: July 28, 2020
Title
Subordination agreement - 137 SW 14th AVENUE
Body
Recommended Action:
1. Approve the Subordination Agreement related to the property located at 137 SW 14th Avenue; and
2. Authorize the CRA Board Chair to execute all related documents.
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Background:
The CRA currently holds a Promissory Note in the original principal amount of $30,000.00 (thirty thousand dollars), executed on November 22, 2016, and secured by a Second Mortgage, recorded on November 30, 2016, which encumbers the property located at 137 SW 14th Avenue (“Property”). The current owners of the Property are in the process of refinancing the first mortgage on the Property.
The new lender is requesting the CRA subordinate the terms of the Second Mortgage to the new mortgage in favor of the new lender.
At this time, CRA Staff is requesting the CRA Board approve the Subordination Agreement and authorize the CRA Board Chair to execute all related documents.
Attachments: Exhibit A - Subordination Agreement; Exhibit B - Recorded Second Mortgage
CRA Attorney Review:
The CRA Attorney has prepared and reviewed the Subordination Agreement.
Finance Review:
N/A
Funding Source/Financial Impact:
N/A