CITY OF ORLANDO
COUNCIL AGENDA ITEM

Items Types:
Housing 		For Meeting of:
June 15, 2015
District: 5 From:
Contract ID: 2395 Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: Yes
Subject:
Revised Subordination Agreement between The City of Orlando, Greystone Funding Corporation, and Church Street Housing Partners I, LLC
Summary:

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.

 
Fiscal & Efficiency Data:
Recommended Action:
Approve and authorize the Mayor and City Clerk to execute the revised subordination agreement between City of Orlando and Greystone Funding Corporation, and Church Street Housing Partners I, LLC.
Agenda Item attachment(s) on file in the City Clerks Office.
Note: All agenda items must be in the City Clerk's office by Noon Friday, six(6) business days prior to the regular Monday City Council meeting.
Contact: David E Medley, Housing and Community Development, x2395
Approved By:

Department Date and Time
Budget Outside Routing Approval 6/4/2015 11:23 AM
Budget Outside Routing Approval 6/4/2015 11:23 AM
Grants 6/4/2015 5:05 PM
City Clerk 6/5/2015 7:01 AM
ATTACHMENTS:
Name: Description: Type:
Subordination_Agreement_For_City_View_Revised.doc Revised Subordination agreement between The City of Orlando, Greystone Funding Corporation, and Church Street Housing Partners I, LLC Backup Material
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