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HomeMy WebLinkAboutResolution #3214RESa-'lJT I aPl ND. 3214 A RESOL~Uf I aN APPF~1/ I NG A SUBOFiD I NAT I qV A(~uEM OF N~Tr~f~ 8EIVYEEN TFE CITY OF G4N1'gV AND J01-N M. CLAY AND JANET L. (~-Y AND D 1 IZECT 1 NG TFE 11AAYOR AND CITY CL~F~iK TO EXECUTE AND ON7.! I VER SA 1 D A~uENT ON BF]-~4LF OF TI-E CITY OF CANITgV, I I.~.! I ND I S . W-EJ~EAS, t he Corrmun i ty and I ndus t r i a l Deve l opmen t Comm t tee has determined that it is necessary and in the best interest of the City of Canton to enter into a loan subordination agreement with John M. Gray and Janet L. Gray, hereto attached and herein incorporated as Exhibit "A"; and W-EREAS, the Canton City Council has made a similar determination. NflalU, ll-EAEFOI~E, BE I T RESq!VF~ BY TF-E CITY OOIaVC I L OF Ti-E CITY OF G4NffQV, Fulton County, Illinois as follows: 1. That the Subordination Agreement of Mortgage hereto attached as Exhibit "A" between the City of Canton and John M. Gray and Janet L. Gray 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 effect immediately upon its passage by the City Council of the City of Canton, Illinois. PASSED by the City Council of the City of Canton, Fulton County, Illinois at a regular meeting this 15th day of March, 1994, upon a roll call vote as follows: AYES: Aldermen Coay, Mnlleck, Phillips, Meade, May, Chapman.. NAYS: None. gggp~-; Aldermen Sarff, Bohler. APPF~71/ED: e a Mayor Pro Ten ATTEST: anc White City Clerk S1J801iD I NAT I DTI A[aI~EE]uETf i OF WDRTC~ I<NaN AJ!!! MEN BY THESE PRESENTS THAT: City of Canton, as present legal holder and owner of that certain mortgage dated July 3, 1981 executed by John M. Gray and Janet L. Gray, as mortgagors, to the City of Canton, Illinois, as Mortgagee, recorded July 29, 1981 in Book 887, Page 153-156 of the land records of Fulton County, Illinois and concerning the real property in Canton, Illinois described as follows: Lot Number Four Hundred Twenty-Three (423) in Wright's Addition to the City of Canton, situated in the County of Fulton and State of Illinois for and in consideration and sum of One Dollar and other valuable consideration to it in hand paid, the receipt of which is hereby acknowledged, has, and by these presents does waive the priority of the lien of the said mortgage insofar as the following described mortgage is concerned, but not otherwise: That certain mortgage dated March 28, 1994, by John M. Gray and Janet l!. Gray, as Mortgagor to First of America Bank, as Mortgagee securing payment of a note in the amount of $24,500.00 dated March 28, 1994 with interest from the date hereof on unpaid principal at the rate of 6.875% per annum; principal and interest payable in installments of $332.00 on the 1st day of every month beginning May 1, 1994 and continuing until April 1, 2002 on which date the entire balance of principal and interest remaining unpaid shall be due and payable. The undersigned, City of Canton, acting through its Mayor, Donald E. Edwards, by authority of its City Council consents that the lien of the mortgage first above described to it be taken as second, inferior and subordinate to the mortgage last described to First of America Bank. WITNESS this day of 1994. /~ City of G n Ilinois !i '~ / '~ BY ~~' i~ v`'J Ddnaid dwards ayor ATTEST : ( S E A I! ) Nancy Whites, City Clerk STATE OF ILLINOIS ) FUTON OOUNTY ) I, the undersigned, a Notary Public, in and for said County, in the State aforesaid, DO HEREBY CERTIFY THAT Donald E, Edwards, personally known to me to be the Mayor of the City of Canton, and Nancy Whites, personally known to me to be the City Clerk of the City of Canton, and personally known to me to be the same persons whose names are subscribed to the foregoing Instrument, appeared before me this day in person and severally acknowledged that as such Mayor and City Clerk, they signed and delivered the said .~ caused the corporate seal of said city to be affixed thereto, as their free and voluntary act, for the use and purposes therein set forth. Notary Public