On March 9, 2015, the City Council approved a subordination agreement between The City of Orlando, Greystone Funding Corporation, and Church Street Housing Partners I, LLC, to refinance the existing loan to take advantage of available lower interest rates.
Subsequent to this approval, it was discovered that the HUD website had published the wrong version of the subordination agreement. Specifically, it was missing the following sentence in 5(a):
Subordinate Lender agrees to extinguish and release its lien on any and all Mortgaged Property in the event Senior Lender, HUD, or a designee of either acquires title to the Mortgaged Property pursuant to a deed in lieu of foreclosure
The attached revised subordination agreement corrects this omission. No other changes have been made to the subordination agreement.