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R13-1311 2 3 4 5 15 7 10 11 12 13 1.4 15 16 17 1,8 1!� 2� 21 22 23 24 25 26 27 28 29 30 RESOLUTION R13 -131 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOYNTON BEACH, FLORIDA, ACCEPTING THE OFFER OF $6,000 AS SETTLEMENT OF THE CITY'S SECOND MORTGAGE AS A RESULT OF A PROPOSED SHORT SALE FOR DIANE DOLPHIN BASED ON THE CITY'S SHORT SALE POLICY FOR FIRST TIME HOMEBUYER ASSISTANCE PROGRAM; WAIVER OF RIGHT OF FIRST REFUSAL; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, with the assistance of the City of Boynton Beach's first time homebuyer assistance program Diane Dolphin purchased her home at 318 Glen Arbor Terrace, Boynton Beach, Florida for $183,000 in January of 2007; and WHEREAS, the City of Boynton Beach's second mortgage in the amount of $75,190 is a zero interest (0 %) lien that runs concurrent with the first mortgage; and WHEREAS, rather than be foreclosed upon, the homeowner was able to secure a buyer for the property and their bank has agreed to a short sale in the increased short sale price from $50,000 to the revised amount of $62,000; and WHEREAS, the proposed settlement offer is in accordance with the City's Short Sale Policy for the City's First Time Homebuyer Assistance Program; and WHEREAS, the City Commission of the City of Boynton Beach upon recommendation of staff, deems it to be in the best interest of the citizens and residents of the City of Boynton Beach to accept the offer of $6,000 as settlement of the City's second Mortgage as a result of the proposed short sale for Diane Dolphin and to authorize the Mayor to execute the Waiver of Right of First Refusal. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION 9 OF THE CITY OF BOYNTON BEACH, FLORIDA, THAT: 2 Section 1. The foregoing "Whereas" clauses are hereby ratified and p confirmed as being true and correct and are hereby made a specific part of this 4'' Resolution upon adoption. 5 Section 2. The City Commission of the City of Boynton Beach, Florida 5 7 S 9 1� 11 12 13 14 15 15 17 18 19 2D 21 22 23 24 25 26 27 28 29 33 31 32 33 34 35 hereby accepts the offer of $6,000 as settlement of the City's Second Mortgage as a result of the proposed short sale for Diane Dolphin. Section 3. The Mayor is authorized to execute the Waiver of Right of First Refusal, a copy of which is attached hereto as Exhibit "A ". Section 4. This Resolution will become effective immediately upon passage. PASSED AND ADOPTED this 3rd day of December, 2013 CITY OF BOYNTON BEACH, FLORIDA yor — rry Ta r l V Mayor — Woodfw L. Hay Commiss ner Davi r r A/ Co missio er — 'cha M. itzpatrick Con imissioner — Joe Casello ATTEST: P qMC Short Sale(rev) doc 9 Prepared by and return to: City of Boynton Beach Community Improvement Division Post Office Box 310 Boynton Beach, Florida 33425 -0310 WAIVER OF RIGHT OF FIRST REFUSAL The CITY OF BOYNTON BEACH, FLORIDA (the "CITY "), a Florida municipal corporation, being the owner, holder and beneficiary of a right of first refusal on any sale or resale or transfer of the real property located at 318 Glen Arbor Terrace, Boynton Beach, FL 33426, hereby acknowledges that it has been offered the following described land pursuant to its right of first refusal, on the following basic terms, and the CITY hereby waives its right to exercise such right of first refusal on the following described transaction. SELLER: OFFEROR /BUYER: DATE OF CONTRACT: � - PROPERTY DESCRIPTION: Lot 124 of GLEN ARBOR ADDITION NO. 1, according to the Plat thereof as recorded in Plat Book 25, Page 182, of the Public Records of Palm Beach County, Florida. PURCHASE PRICE: $62,000.00 WITNESS my hand and seal this li!day of WYYVTOXY , 2013. Signed, sealed and delivered in the presence of: BY: JERRY YLOR MAY l . . . . .............. . _,", . ............................. . I City Clerk's Office loo E BOYNTON BEACH BLVD BOYNTON BEACH FL 33435 (5 742-6060 FAX: (561) 742-6ogo e-mail: prainitoj@bbfl.us www.boynton-beach.org lid III IM; IgIlIKIIII n-MUIVESTM, ". F.M* 0 IL lempl S: \CC\WP\cerUfications\Reso1 utions\2013\R13-13 1.doc America's Gateway to the Gulfstream R 13 -131 �--- , I Lo FIFTH THIRD BANK Pre Foreclosure Sale Acceptance Letter 11/6/2013 DIANE S DOLPHIN 3l8 GLEN ARBOR TER BOYNTON BEACH, FL 33426 FIFTH THIRD BANK MADISONVILLE OFFICE BUILDING MD IMOBAL- ATTN:Kelli Chiacchio 5001 KINGSLEY DRIVE CINCINNATI, OH 45227 -1114 Dear DIANE S DOLPHIN, RE. * * ** *8384 Property Address: 318 GLEN ARBOR TERRACE BOYNTON BEACH, FL 33426 Overnight Address:FIFTH THIRD BANK MADISONVILLE OFFICE BUILDING MD 1MOBAL- ATTN:Kelli Chiacchio 5001 KINGSL EY DRIVE CINCINNATI, OH 45227-1114 Fifth Third Bank agrees to accept a pre - foreclosure sale on account number * * ** *8384 Fifth Third Bank agrees to release the mortgage lien on this property in exchange for $48,287.59 All terns of this sale are based on the estimated HUD -I statement previously provided by the closing agent; and must be honored. The sales price stated in the copy of the contract provided by the real estate agent is $62,000.00 Net proceeds are to be considered the sales price less the following authorized credits. Sale Price: $62,000.00 Commission: $3,720.00 Seller's Closing Costs: $3,992.41 Seller's Consideration: x0.00 Sellers Contribution: 50.00 Buyers Contribution: 50.00 2nd Mortgage Company $6,00000 Tax Credit: $0.00 Minimum Net Proceeds: Sd8,287.59 Payment from any source to any lien holder in excess of the amount set forth above will void this agreement. After the closing has been completed, Fifth Third Bank must receive the sales proceeds check made payable to "Fifth Third Bank ", the borrowers contribution, promissory note and /or mortgage insurance note — if any, and a copy of the executed HUD -] Settlement Statement, Errors and OmissionsfCompliance Agreement, Notice of No Oral Agreements and Affidavit of "Arms Length Transaction". We midst receive the proceeds checks) and the documents listed above within one day of the closing. Closing must occur on or before 1211212013. Payments must be overnight shipped to the address listed below. Bank wires are not accepted for pre - foreclosure sale proceeds. Copies of the signed documents listed above, a copy of the sales proceeds check, and the overnight label must be faxed to (513) 358 -1731 immediately after closing occurs. We will not accept this sale without an executed (signed) HUD -1 Settlement Statement. Continued on next page. Fifth Thtrd Bank k4craber FDIC I_gtw Hotmag I _cnJcc Pre - Foreclosure Sate Acceptance - Acct *****93E4 Pagr 1 of 2 IL. Settlement Cheroee 1700. Total Red Estate Broker Feea Pad From Paid From I tAvisbn of commission fine 700) as follows : Borrower's Seilark 1701.$ To IFunds at Funds at 1702 $ To Isettiement Settlement 1703. Commission paid at settlement I 3,720.00 704. 17 705. 1 1800. Items Payable in Connection with Loan 801. Our orgnmtion charge $ (from GFE #1) 802. Your credit or charge (polls) for the specific interest rate chosen $ (from GFE #2) 1803. Your adusted origination charges (from GFE #A) 804. Appraisal fee to (from GFE#3) 805. Credit report to (from GFE #3) i 806. Tex service to (from GFE 93) 1 1 807. Flood certification to (from GFE #3) I 1809. i 1810. I I I 1611• I i I 1900. Items Required by Lender to be Paid In Advance 1901, Daily interest charges from to S /day (from GFE #10) 1 902 Mortgage Insuranc premium for months to (from GFE 03) 1 1903. Homeowner's Insurance for years 10 (from GFE #11) I W4, 1905. I I 11 OOG. Rosetvi s D!posfted with Lender 11001. Idtlel deposit for your escrow account (from GFE #9) 1 1002 Homeowner's insurance 0 months @ $ per month $ 1 1 1003. Mortgage insurance 0 months @ $ per month $ f 004. Property Taxes 0 months QD $ per month $ 11005. 0 months $ per month S 1 1006. 0 months tie $ per month $ 1 1007. Aggregate Adjustment - $ 1 1 11100. TItie Charges I 1 1101. Trite services and lender's We insurance (tram GFE #4) 1 1102 Settlement or cbeing fee $ 750.00 11 D3. Owner 's title insurance (from GFE #5) 1 1104. Lender's title insurance $ 1 442.15 1105. Lender's We policy #mit $ 1106. Owner's We policy limit $ I 1 1107. Agent's portion of the toted bile insurance premium to $ I 1 11 G8. Underwriter 's portion of the total title insurance premium to $ I 1 1109. I 11110. I 1 11111 Merrill A. Sookstein, PA 1 750.001 1 1112 Abs"zvn a Search 1 350.001 11113, I I I 11200. Government Rsoordlnq and Transfer Charges 1 1201. Government recording charges (from GFE #7) 11202. Deed $ Mortgage $ Release $ 1 1203. Transfer taxes (from GFE #8) 1204 City /County tax /stamps Deed $ Mortgage $ 11205. State tax /stamps Deed $ Mortgage $ 1 1 494.00 11206. 1 I 11207. I 1 11206• I I 11800. Additional Settlement Charsles I 1 1301. Required services that you can shop for (IromGFE #>� 11$02. $ 11303. $ 11304. 11305. 11406. Total Settlsment Charges (enter on lines 109, Section J and 502, Section K) I I 6,446.15 Pace 2 of 2 FIFTH THIRD BANK FIFTH THIRD BANK 5050 Kingsley Drive Cincinnati, Ohio 45227 Date: November 6, 2013 To Shawna Gaghano # OF PAGES 9 Phone # 9541 727 -2326 Fax # (954) 391 -5726 FIFTH THIRD BANK KELLI CHIACCHIO From Phone # 800 - 375 -1745 EXT:82287 Fax # (513) 358-1731 FIFTH THIRD Loan # 403028384 Subject 319 GLm ARBOR 1RRRACS HOYWON SEACR, FL 33426 The "New Buyer's" warranty deed must contain the following provision: Grantee heroin is prohibited from conveying captioned property for any sales price for a period of 30 days from the date of this deed. After this 30 day period, Grantee is further prohibited from conveying the property for a sales price greater than $ (120% of short sale price) until 90 days from the date of this deed. These restrictions shall run with the land and am not personal to the Grantee. "• *" PLEASE EMAIL FINAL HUD FOR APPROVAL 24 HOURS PRIOR TO CLOSING` PLEASE SEND VIA OVERNIGHT MAIL THE FOLLOWING TO MY ATTENTION: Net proceeds check (Not Less Than) $48,287.59 1 Copy of Warranty Deed As Indicated Above 2 Original Signed Promissory Note (If applicable) $0.00 3 Copy of check to the Second Mortgage Holder $0.00 4 Copy of check from the seller $0.00 5 Signed (Stamped True dr Final) Fully Executed HUD -1 Settlement Statement 6 Original Sighed Acceptance letter 7 Original Signed Notice of No Oral Agreements 8 Original Signed Errors dr Omissions / Compliance Agreement 9 Original Signed Affidavit of "Arm's Length Transaction" 10 Forwarding Address Information Sheet NO MONEY IS TO BE GIVEN TO THE SELLERS AT CLOSING. IMPORTANT: FAX OR EMAIL ALL OF THESE DOCUMENTS & COPIES OF ALL CHECKS TO FAX #513.358 -17311 kelli.chiacchio@53.com THE DAY OF THE CLOSING SO THAT I CAN STOP THE SCHEDULED FORECLOSURE SALE IF NECESSARY. — ** — TITLE COMPANY CHECKS ARE ACCPETABLE"*"""' Addw Wm to Contract FLORIDA ASSOCIATION OF REALFORS Addendum No. to the Contract dated 10/18x'2012 between FjIan_ ej)d0 ( Seler) and Brian Feldma (Buyer) concerning the property described as: 31 Glen Arbor Ter, l3ayMn Baach FL 33426 (the °Contract7. Buyer and Seller make the following terms and conditions part of the Contract. Buyer and Seiler agree to a contract price of $62,000.00 Date Date: Date; 1 +�Rr� . t—' Date: Buyer Seller Serer: TWs thrm is s w i n m s t a r uss b y 0w attNrs root a itndraitrY asa b as intarr I is i l Cite door as a R sas It tas it a woad cotiactire anrkamnuybeumdantebyvWelhemc awosae:raaabsslid"Netiarut f ohoLvowandv*a �k4�s p? tlS. t,adeliorbid ttieuneut+o►�d relxatktolot►af � meenSirJ�rdrigltcshr�Eamrnpm�l�ed frnt� ACSP -2a Rev, am 4t99 HorklaAwdatioaaFPAft m AN M$ft PAurad rxw� � Settlement Statement I B. Type of Loan FHA 2, RHS 3. Conv. Unins 16. Fife Number: 17. Loan Number: 18. Mortgage Insurance Case Number. 4. VA 5. Conv.Ins. I 1 1 C Nate: This form is tumrahed to give you a statement of actual settlement costs. Amounts paid to and by the settlement agent are shown. items marked "(P.o.c.)" were paid outside the dosing; they are shown here for informational purposes and are not included in the totals. D Name & Address of Borrower: E. Name & Address of Seller F. Name & Address of Lender Brian Feldman Diane S. DOLPHIN 318 Glen Arbor Terrace Boynton Beach, FL 33426 G. Property Location. H. Settlement Agent: L Settlement Date: Title Guaranty of South Ronda 1211=013 318 Glen Arbor Terrace Place of Settlement: Boynton Beach, FL 33426 4430 Weston Road, Davie, FL 33331 Id. Summary of Borrwve Transaction I K. Summary of Seer' Transaction 1100. Gross Amount Due from Borrower Am u Due to Setter o0. Gross 101. Contract sales price 62,000.00 ue 62,000.00 � 1102. Personal property 1 1402. Personal property 1 103. Settlement charges to borrower (One 1400) 1 403 1104. ' 1404 1 105. ' 1 405, 1Adlustment for Items paid by seller In advance 1Adtuatmem for Items paid by seller In advance 106. City /town taxes to 406. Cit Ci Aown taxes to 107. County Taxes to � 407. County Taxes to 108. Assessments 10 1408. Assessments to 1109. 1 409. li 1110 1 1410 1111 ) 1411. 1112. 1412. 1 120. Gross Amount Due from Borrower 62,000A0 14 20. Gross Amount Due to Seer 1 62,000.00 1200. Amount Paid by or in Behalf of Borrower 1500. Reductions in Amount Due to serer 1201. Deposit or earnest money 1501. Excess deposit (see instructions) 1 202. Principal amount of new loan (s) 1502. Settlement charges to seller (line 1400) + 6,446.15 1203. Existing loan(s) taken subject to 1503. Existing loan(s) taken subject to 1 1 204 1 504. Fifth Third Bank 48287.591 205. 1505. City of Boynton Beach 6,000.00 206. 1506. 1 207. I 507. 1 208. 1 508. 1 1209. IJ I 1 509. 1 IAdjustments for Items unpaid by solar 1Adll ants for items unpaid by seller 1210. City /town taxes to ( 510. City /town taxes to ) County taxes to 1511. County taxes 01/01/13 to 12/1212013 1,26626 E 211. 212. Assessments to 1512. Assessments to 213. i 1 1513 1 1214. 1 1 1514. 1215. 1 1515. 1 1216. 1516, 1 1 1 217, 1 517. 1 1 1218 1 1518. I 1 1219. 1 1 1519. 1 1 1220. Total Paid by/for Borrower 1 1520. Total Reduction Amount Due Seller 1 62,000.001 1300. Cash at Settlement fromNo Borrower 1600. Cash at Settlement toffrorn Seller 1301. Gross amount due from borrower (line '20' 62,00.00 62,0.00 J601. Gross amount due to seller (line 420) 62,000.001 1302. Less amounts paid by/for borrower (line 220) ' 1602. Less reductions in amounts due seller (line 520) 1 62,000.001 308. Cash To 4 From Borrower 62,000.001 +603. Cash -e To From Sailor 0.00+ Page 1 of 2