HomeMy WebLinkAboutResolution #3217RFSOLIITION N0. 317
A RESOLDTION AMENDING RESOLIITION N[TMBER 312/* ENTITLED "A
RESOLDTIOH APPROVING A SUBORDINATION AGREEMENT OF MORTGAGE BETWEEN
THE CITY OF CANTON AND JOHN M. GRAY AND JANET L. GRAY AND
DIRECTING THE MAYOR AND CITY CLERK TO E%ECUTE AND DELIVER SAID
AGREEND~IT ON BEHALF OF THE CITY OF CANTON, ILLINOIS".
WHEREAS, the Canton City Council passed, on March 15, 1994,
Resolution Number 3124 entitled "A Resolution Approving a
Subordination Agreement of Mortgage Between the City of Canton and
John M. Gray and Janet L. Gray and Directing the Mayor and City
Clerk to Execute and Deliver Said Agreement on Behalf of the City
of Canton, Illinois"; and,
WHEREAS, it has been determined by the Community Development
Department, with advice of the City Attorney, that an amendment to
the Subordination Agreement of Mortgage is necessary; and,
WHEREAS, the Canton City Council has made a similar
determination.
NOW, THFJtEFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF CANTON, Fulton County, Illinois as follows:
1. That the Subordination Agreement of Mortgage between the
City of Canton and John M. Gray and Janet L. Gray, passed by the
Canton City Council on March 15, 1994 as apart of Resolution
Number 3124 shall be hereto amended to read as follows:
"That certain mortgage dated April 11, 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 $24,250.00 dated April 11, 1994 with interest
from the date hereof on unpaid principal at the rate of
7.5% per annum; principal and interest payable in
installments of $224.81 on the 1st day of every month
beginning May 1, 1994 and continuing until April 1, 2009
on which date the entire balance of principal and
interest remaining unpaid shall be due and payable.~~
2. That the balance of the Subordination Agreement of
Mortgage shall remain in full force and effect.
3. That the Mayor and City Clerk are hereby authorized and
directed to execute and deliver said amended agreement on behalf
of the City of Canton, Illinois.
4. That this Resolution shall be in full force and effect
immediately upon its passage by the City Council of the City of
Canton, Illinois.
PASSED by the City Council of the City of Canton, Fulton
County, Illinois at a regular meeting this 5th day of April
1994, upon a roll call vote as follows:
AYES: Aldern~n Chapman, May, Meade, Sarff, Phillips, Molleck, Coay,
HAYS: None,
ABSENT: Alderman Bohler,
APPROVED:
Donald E. Edwards, Mayor
ATTEST:
'Y(., .~. ~ ~ ~ -C~Q,~
Nancy Whites City Clerk
3UBORDIAATIOH AGRSffi~1T
OF MORTGAG$
KNOW ALL 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 April 11, 1994 by Joha M. Gray
and Janet L. Gray, as Mortgagor to First of America Bank, as
Mortgagee securing payment of a note in the amount of $24,250.00
dated April 11, 1994 with interest from the date hereof on unpaid
principal at the rate of 7.5~ per annum; principal and interest
payable in installments of $224.81 on the 1st day of every month
beginning May 1, 1994 and continuing until April 1, 2009 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 A ~~-~-' , 1994•
Ci of Canton, Illinois
BY ~ ~~
Donald Edwards, ayor
R, ` f
ATTEST: ~ (S E A L)
Nancy White , City Clerk
STATE OF ILLINOIS )
FULTON COUNTY
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