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HomeMy WebLinkAboutCity of Tamarac Resolution R-92-095Temp. Reso. # 6298 3 s 3 U! CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-92- q 5 A RESOLUTION APPROVING AND ACCEPTING A PARTIAL SUBORDINATION OF ENCUMBRANCE TO PROPERTY RIGHTS OFFERED BY BANKATLANTIC FOR THE TAMARAC UTILITIES WEST WATER AND SEWER EASEMENT FOR THE WATERS EDGE OF TAMARAC PROJECT; AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE COUNCIL OF THE CITY OF TAMARAC, FLORIDA: SECTION 1: That the Partial Subordination of Encumbrance to Property Rights offered by BankAtlantic for the Tamarac Utilities West Water and Sewer Easement for the Waters Edge of Tamarac project is hereby APPROVED AND ACCEPTED, a copy of said document being attached hereto as "Exhibit 1". SECTION 2: That the City Clerk is hereby authorized and directed to record said document in the public records of Broward County. SECTION 3: This resolution shall become effective immediately upon adoption. PASSED, ADOPTED AND APPROVED this )0 d y of , 1992 ATTEST: CAROL A. EVANS CITY CLERK I HEREBY CERTIFY that I have approved this Resolution as to form. MITCHELL Sv- KR CITY ATTORNE ENDER MAYOR RECORD OF COUNCIL V07 MAYOR BENDER DISTRICT 1 : C/M KATZ DISTRICT 2: V M f-I ANN DISTRICT 3: ^C/M SCHRFIBER DISTRICT 4: C/M ABRAMOWITZ • LI f Corporate je- PARTIAL SUBORDINATION OF ENCUMBRANCE TO PROPERTY RIGHTS PROJECT: Water's Edge of Tamarac, Inc. THIS INDENTURE, made this )Lj' day of , A.D. 19 C�_2 , between BankAtlantic a Feaeilal Savings Bank 1750 East Sunrise Boulevard, Fort Lauderdale, Florida 33304 with its principal office in the county of Broward and state of Florida , hereinafter called "GRANTOR" and City of Tamarac, at 7525 Northwest 88th Avenue, Tamarac, Florida, 33321, a municipal corporation of the State of Florida, hereinafter called "GRANTEE." WITNESSETH: That GRANTOR, for and in consideration of the sum of Ten Dollars ($10.00) and other valuable considerations, receipt of which is hereby acknowledged, hereby subordinates the encumbrance specified below and held by GRANTOR to the property rights acquired or to be acquired by GRANTEE in that portion of the encumbered lands hereinafter described only and for no other portion, to wit: Water and Sewer Utility Easement as Described on Exhibit "B" Sheet 1 of 2 Sheet 2 of 2 The encumbrance now held by GRANTOR hereby partially sub- ordinated to GRANTEE, is described as follows: ---------------------------------------------------------------- Nature of From or In Favor Recorded Encumbrance Date Against of Book Page ---------------------------------------------------------------- Commercial 2/11/92 Water's Edge of BankAtlantic 19172/0930 Mtg & Security Tamarac, Inc. Agreement 4/8/92 =a ';e- 9a2- - s sue, 0 It is expressly understood and agreed that this Subordina- tion of Encumbrance to Property Rights is given to allow GRANTEE, its successors and assigns, to locate, construct, im-prove, and/or maintain a portion of Exhibit "B" Sheets 1 of 2 and Sheets 2 of 2 ---------------------------------------------------------------- over, through, upon, and/or across the herein described lands, being a portion of the encumbered premises, that this instrument subordinates GRANTOR'S encumbrance only insofar as said encum- brance affects the rights and privileges of GRANTEE in GRANTEE'S uses of the lands above -described, and that nothing herein con- tained shall in any way affect, alter, impair, minimize, or diminish the effect of said encumbrance or the remedies at law or in equity for recovering against the parties charged by said encumbrance the full amount of all sums secured by and/or due under same. It is further understood and agreed that in the event said above -described lands are abandoned by GRANTEE and cease to be used as aforesaid, this subordination of encumbrance shall terminate as to the portion of said lands so abandoned and no longer so used, and the encumbrance shall be reinstated and be effective as to such portion as though this subordination had never been made. IN WITNESS WHEREOF, GRANTOR has caused these presents to be signed in its name by its President, attested by its Secretary, and has caused its corporate seal to be hereto affixed the day and year first above written. • (Corporate Seal) r Attest: -•w By orporate Secretary President Jean Carvalho JohnrO'Neill Signed, sealed and delivered in the presence of: /w WITNESS %ryu -Ce WrTN9SS1 Jefferyt•K ssler DOC W/S/EAS/WATR.ED • mw 4/8/92 - 2- 1,e - 902- sue`' EX111111T •,A„ Legal Description of property situated at N.W. 94th. Avenue and 59th. Street, Tamarac, Florida. 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