HomeMy WebLinkAboutResolution #3342RESOLUTION NO. 3342
A RESOLUTION APPROVING A SUBORDINATION AGREEMENT OF MORTGAGE
BETWEEN THE CITY OF CANTON AND BETTY J. HAMMOND OF CANTON AND
DIRECTING THE MAYOR AND CITY CLERK TO EXECUTE AND DELIVER SAID
AGREEMENT ON BEHALF OF THE CITY OF CANTON, ILLINOIS.
WHEREAS, the Community and Industrial Development Committee has determined that it is
necessary and in the best interest of the City of Canton to enter into a loan subordination agreement with
Betty J. Hammond, hereto attached and herein incorporated as Exhibit "A"; and
WHEREAS, the Canton City Council has made a similar determination.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CANTON, Fulton County, Illinois as follows:
I. That the Subordination Agreement of mortgage hereto attached as Exhibit "A" between the City
of Canton and Betty J. Hammond is hereby approved.
2. That the Mayor and City Clerk are hereby authorized and directed to execute and deliver said
agreement on behalf of the City of Canton, Illinois.
3. That this Resolution shall be in full force and in effect immediately upon its passage by the City
Councilk of the City of Canton, Illinois.
PASSED by the City Council of the City of Canton, Fulton County, Illinois at a regular meeting this
_~~ day of (~ ~, t ~}, ar , 1996, upon a roll call vote as follows:
AYES: Aldermen Shores, Meade, Nidiffer, Phillips, Sarff, Hartford,
Molleck.
NAYS: None .
ABSENT: Alderman May ,
APP VED:
-z'~ ! ~~ _
Donald E. Edwards, Mayor
ATTEST:
4 /''~
Nan y White City Clerk
SUBORDINATION AGREEMENT
OF MORTGAGE
THE CITY OF CANTON
("City") is the owner and holder
of the following described
instrument(s) executed by Betty
J. Hammond of Canton, Fulton
County, State of Illinois
Title of Instrument Date of Instrument Date Filed Doc No
Home Repair Mortgage 8/22/1984 8/31/1984 Doc No. 84-8263
Pg. 338
Vol. 959
AND, Heights Finance Corporation(called the "Lender") has agreed to loan Three thousand four hundred
dollars ($ 3,400.00) to Betty J. Hammond (called the "Borrower") for the following purposes:
Refinance prior first mortgage, pay taws, repair roof and other improvements to property.
THEREFORE, in consideration the Lender's agreement to make such loan to Borrower, the CITY
(1) consents to the Borrower obtaining the loan from the Lender for such purposes, and (2) agrees to and
does subordinate in favor of the Lender and its successors and assigns its liens or security interests created or
evidenced by the above-described instrument(s) insofar as they cover the following described property and
provided the Lender perfects a lien on that property:
Lot Number 350 in Wright's Addition to the City of Canton, Fulton County, Illinois.
This subordination is limited to the amount actually loaned by the Lender to the Borrower (principal
and accrued interest) for the foregoing purposes and also the amount actually advanced for foreclosure costs
and other advances made or to be made by the Lender, for a total limitation not to exceeed 'Three thousand
four hundred dollars ($3,400). Any amount which is in excess of this figure will not be covered by this
subordiniation unless prior written consent was obtained from the City for incurring the expenditure in
question.
IN WITNESS WHEREOF, the City of Canton has caused this subordination to be signed on the
.`~/L~ day of O r , 1996.
City of into/n`
By ~,/~z~~f ~ j~
Donald E. Edwards, Mayor
ATTEST:
~ ~ ~ Prepared by and return to: City of Canton
Nancy Whites' City Clerk 210 E. Chestnut St.
Canton, IL 61520
POOK, ~. ~ ~ ti PdGE
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SUBORDINATION AGREEMENT
OF MORTGAGE
THE CITY OF CANTON
("City") is the owner and holder
of the following described
instrument(s) executed by Betty
J. Hammond of Canton, Fulton
County, State of Illinois
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Title of Instrument Date of InStniment Date Filed Doc No
Home Repair Mortgage 8/22/1984 8/31/1984 Doc No. 84-8263
Pg. 338
Vol. 959
AND, Heights Finance Corporation(called the "Lender") has agreed to loan Three thousand four hundred
dollars ($ 3,400.00) to Betty J. Hammond (called the "Borrower") for the following purposes:
Refinance prior first mortgage, pay tazes, repair roof and other improvements to property.
THEREFORE, in consideration the Lender's agreement to make such loan to Borrower, the CITY
(1) consents to the Borrower obtaining the loan from the Lender for such purposes, and (2) agrees to and
does subordinate in favor of the Lender and its successors and assigns its liens or security interests created or
evidenced by the above-described instrument(s) insofar as they cover the following described property and
provided the Lender perfects a lien on that property:
Lot Number 350 in Wright's Addition to the City of Canton, Fulton County, Illinois.
This subordination is limited to the amount actually loaned by the Lender to the Borrower (principal
and accrued interest) for the foregoing purposes and also the amount actually advanced for foreclosure costs
and other advances made or to be made by the Lender, for a total limitation not to exceeed Three thousand
four hundred dollars ($3,400). Any amount which is in excess of this figure will not be covered by this
subordiniation unless prior written consent was obtained from the City for incurring the expenditure in
question.
IN WITNESS WHEREOF, the City of Canton has caused this subordination to be signed on the
~~(! day of ~~~~,~, 1996.
City of Canton,
~.,
By L~ ~~,~ ~~1~~
Donald E. Edwards, Mayor
ATTEST:
~ Prepared by and return t City of Canton
Nancy 'tes, City lerk ~`~`,~~ ~ ~ ~, 210 E. Chestnut St.
Canton, IL 61520
'~:
SUBORDINATION AGREEMENT
OF MORTGAGE
THE CITY OF CANTON
("City") is the owner and holder
of the following described
instrument(s) executed by Betty ~
J. Hammond of Canton, Fulton ~~~~ ~O
County, State of Ilhnois p~
Title of Instrument Date of Instrument Date Filed Doc No
Home Repair Mortgage 8/22/1984 8/31/1984 Doc No. 84-8263
Pg. 338
Vol. 959
AND, Heights Finance Corporation(called the "Lender") has agreed to loan Three thousand four hundred
dollars ($ 3,400.00) to Betty J. Hammond (called the "Borrower") for the following purposes:
Refinance prior first mortgage, pay tazes, repair roof and other improvements to property.
THEREFORE, in consideration the Lender's agreement to make such loan to Borrower, the CITY
(1) consents to the Borrower obtaining the loan from the Lender for such purposes, and (2) agrees to and
does subordinate in favor of the Lender and its successors and assigns its liens or security interests created or
evidenced by the above-described instrument(s) insofar as they cover the following described property and
provided the Lender perfects a lien on that property:
Lot Number 350 in Wright's Addition to the City of Canton, Fulton County, Illinois.
This subordination is limited to the amount actually loaned by the Lender to the Borrower (principal
and accrued interest) for the foregoing purposes and also the amount actually advanced for foreclosure costs
and other advances made or to be made by the Lender, for a total limitation not to exceeed Three thousand
four hundred dollars ($3,400). Any amount which is in excess of this figure will not be covered by this
subordiniation unless prior written consent was obtained from the City for incurring the expenditure in
question.
IN WITNESS WHEREOF, the City of Canton has caused this subordination to be signed on the
~, ~! day of ~~~Pa~e./, 1996.
City of Canton,
Donald E. Edwards, Mayor
ATTEST:
~rycGc Prepared by and return to: City of Canton
Nancy 'tes, City Jerk / ~~~~~ "'~~`~ 210 E. Chestnut St.
_~'"` Canton, IL 61520
10i01i96 15:50 3096472280
From: HEIGHTS FINANCE 3096472280 To: 10i01i96 15:38 P. 001
n ..
HEIGHTS FINANCE CORPOII~TION
303 N. Main Street • fox 4ti8 • Canton,lL 6I520 • (309) 847-2274 • I''AX (30fl} 647.2280
~7l'~ITI@E El3im
City of Canton Attoxney
1522 F.. Af3h
f~+-~lc+n,IL. Es157.Q
RE: Hetty Hammond
Mr . El ac~n ~
Ma. ltturmond has a~rplied with us for a mortgage loan of approximately
53400.00. This would include a net balance currently owed of $?287.28
Ylua a cash arlvar~ce of approximately $'L1 c)0.00 to pay her past due
rP..al estat.c Laxes and roof repairs to her residence located at
~+?.5 a . 2r1c1 Av6i _ r r i c.,tntcvt.
What we need rr.~n the City of t;anton will be a subordination agreement
yimil.~• to the one give~i to F.H.A. which is page 2 of this fax.
1L you have any questions, p22ase feel tree to call me.
r ir~ce
~_ _
' ,7r~}in T. Smith
Me~nagcr
JTS/c 3y
210 E. Chestnut St. C~mmu~~
Canton, IL 61520 v
MEMO
To: City Council Members
From: Lmda Caudle
Re: Subordination Request
Date: September 24, 1996
~DG~A,Y"rt.`1'>-'LdY~t Office (309) 647-1288
Fax (309) 647-1310
The Community Development Department has received a request from Betty Hammond
concerning a rehabilitation loan on the property at 625 South 2nd Avenue, Lot #350 in
Wright's Addition to the City of Canton. Mrs. Hammond is in the process of refinancing
her loan for a new roof and other repairs and has requested the city take a second position
to the mortgage.
Mrs. Hammond's home repair loan was granted in August 1984 in the amount of
$7,867.22. The City Council approved a subordination agreement June 30, 1993 with the
Farmer's Home Administration in the amount of $13,990.00 to refinance prior mortgage,
pay past taxes and make improvements.
This is the second request for the city to take a second position on the loan.
~Dcvcl~mcnt
City of Canton