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