HomeMy WebLinkAboutResolution #3520~-
RESOLUTION NO. ~5~0
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 ageement 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:
1. That the Subordination Agreement of mortgage hereto attached as Exhibit "A" between the City
of Canton and Betty J. Hammond is hereby approved for a period of six (6) months from date 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
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
1Sth day of April , 2000, upon a roll call vote as follows:
AYES: Aldermen Hartford, Sarff, Phl,llips, Ni,differ, Meade, Shores, May.
NAYS: None.
ABSENT: Alderman. Molleck.
APP OVED:
~~~
Donald E. Edwards, Mayor
ATTEST:
Nancy White City Clerk
r~
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, SWS Mortgage Services of 5615 SW Adams St., Bartonville, IL, (called the "Lender") has agreed to
loan Twenty Nine Thousand, Two Hundred Fifty Dollars, ($ 29,250.00), to Betty J. Hammond (called the
"Borrower") for the following purposes:
Refinance house mortgage, and pay for new roof.
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 for a period of six months (6) 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 exceed Twenty Nine
Thousand, Two Hundred Fifty Dollars, ($29,250.00). Any amount which is in excess of this figure will not
be covered by this subordination 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
t ate' day of ~ ~ ~ 2000.
City of Canton,
M
By
Donald E. Edwards, Mayor
ATTEST:
Prepared by and return to: City of Canton
Nancy White City Clerk 210 E. Chestnut St.
Canton, IL 61520