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Boa 97 PnE 179 <br />Rogers subsequently sold her Country Club Pointe property (Lot 3, Block 2, <br />Replat of Country Club Pointe, Unit No. 1) to Mr. Jeffrey C. Asher. Covenant <br />No. 9 of the Rogers License Agreement provides that upon sale of the Rogers <br />property, the License Agreement terminates, however the purchaser can enter <br />into a similar license agreement with the County. Mr. Asher has expressed a <br />desire to enter into such a license agreement with Indian River County and <br />has executed a similar License Agreement, attached. <br />RECOMMMMATION: <br />Approve the attached License Agreement between Indian River County and <br />Mr. Jeffrey C. Asher, and authorize the Chairman to execute same prior to <br />recording in the Public Records of Indian River County, Florida. <br />ON MOTION by Commissioner Macht, SECONDED by <br />Commissioner Eggert, the Board unanimously approved <br />the License Agreement with Jeffrey C. Asher, as <br />recommended by staff. <br />AGREEMENT IS ON FILE IN THE OFFICE OF THE CLERK TO THE BOARD <br />G. SHIP Program - Execution of Subordination or Satisfactions <br />of Mortgage on Home Loans <br />The Board reviewed the following memo dated 1/24/96: <br />TO: The Board of County Commissioners <br />FROM: ,.,�/ William G. Collins II - Deputy County Attorney <br />DATE: January 24, 1996 <br />SUBJECT: SHIP Program - Authorization for Community Development Director <br />or His Designee to Execute Subordination or Satisfactions of <br />Mortgage With Respect to SHIP Loans. <br />With hundreds of mortgages outstanding under the SHIP Affordable Housing <br />Program, it is becoming common for SHIP homeowners to seek refinancing of <br />their first mortgage at today's more favorable rates. However, when the SHIP <br />homeowner pays off the senior lien holder and refinances at a lower rate, the <br />County's subordinate mortgage attains priority over the primary mortgage. <br />The purpose of the program is to help very low, low and moderate income <br />persons attain affordable housing, and refinancing on better financial terms <br />furthers that purpose. <br />If the Board <br />agrees .Subordination <br />or Satisfactions of Mortgage are an <br />administrative <br />function that can be <br />delegated, <br />review and approval of each <br />instrument by <br />the Board and attendant <br />delays in <br />closings -can be avoided. <br />RECOMMENDATION: <br />Approve the attached Resolution delegating authority to the Community <br />Development Director or his designee to execute Subordination or <br />Satisfactions of Mortgage with respect to SHIP loans. <br />8 <br />FEBRUARY 6, 1996 <br />