HomeMy WebLinkAboutResolution #3101-A.--
RE90LUTItTI ND. 31o1-A
A RE90UJT I DV APPF~1/ 1 NG A Sly I NAT I ~V AC~iEE7~D~f T OF ti~
BE7NEEN 71-E C 1 TY ~ C~WTQV AND JWV M. GRAY AND JANt~T L . CLAY AND
D 1 RECT I NG TI-E M4Y+at AND C 1 TY CLERK TO D~CUTE AND DELIVER SA I D
AC~EBuENT ~ 8E]-IALF OF TFE CITY ~ CAWTQV, I LL I ND I S .
VIFfREAS, 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 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.
NaIV, T1`fREF~E, BE I T RESOLVm BY TFE C 1 TY CQrC I L ~ 11~-E
CITY ~ C~WfaV, 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 Cterk 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
irmiediately upon its passage by the City Council of the City of
Canton, Illinois.
PASSIM by the City Council of the City of Canton, Fulton
County, Illinois at a regular meeting this l~tn day of March
1992, upon a roll call vote as follows:
J~ i
AYES: Aldermen May, Barnett, Meade, Bohler, Steck, Sarff, Coay, Molleck
NAYS: None
ABSENT: None
APPF~NED:
~ ~< ~tix_,,.,~
onald E. Edwards, Mayor
ATTEST:
v
Q% ~ ~,v
Nancy White City Clerk
SU~INATION ,eGREEMENT
OF MORTGAGE
KN.:1~111 ALL MEtJ 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 date March 19, 1992, by John M. Gray
and Janet L. Gray, as Mortgagor to Transamerica Financial
Services, as Mortgagee securing payment of a note in the amount of
$23,964.72 dated March 19, 1992 with interest from the date
hereof on unpaid principal at the rate of 17.04°,6 per annum;
principal and interest payable in installments of $440.00 on the
19th day of every month beginning April 19, 1992 and continuing
until April 19, 2000 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 fast described to
Transamerica Financial Services.
WITNESS this 13th day of
March
1992.
City of Canton, Illinois
BY C
Donald E. Edwards, Mayor
ATTEST : -l~~t;~X~(J ( S E A L )
an y White City Clerk
STATE OF I~LINDIS )
FULTCN OOUNTY )
I, the undersigned, a Notary Public, in and for said County,
in the State aforesaid, DO I-~EREBY 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.
,~
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"OFFICIAL SEAL" N~ t a r y P u b l i c
KAYMA DUNCAN
Notary Public, Stata of Illinois
My Commission Expires 4/17/93