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HomeMy WebLinkAboutResolution #3342RESOLUTION NO. 3342 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 agreement 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: I. That the Subordination Agreement of mortgage hereto attached as Exhibit "A" between the City of Canton and Betty J. Hammond 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 in effect immediately upon its passage by the City Councilk of the City of Canton, Illinois. PASSED by the City Council of the City of Canton, Fulton County, Illinois at a regular meeting this _~~ day of (~ ~, t ~}, ar , 1996, upon a roll call vote as follows: AYES: Aldermen Shores, Meade, Nidiffer, Phillips, Sarff, Hartford, Molleck. NAYS: None . ABSENT: Alderman May , APP VED: -z'~ ! ~~ _ Donald E. Edwards, Mayor ATTEST: 4 /''~ Nan y White City Clerk 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, Heights Finance Corporation(called the "Lender") has agreed to loan Three thousand four hundred dollars ($ 3,400.00) to Betty J. Hammond (called the "Borrower") for the following purposes: Refinance prior first mortgage, pay taws, repair roof and other improvements to property. 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 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 exceeed 'Three thousand four hundred dollars ($3,400). Any amount which is in excess of this figure will not be covered by this subordiniation unless prior written consent was obtained from the City for incurring the expenditure in question. IN WITNESS WHEREOF, the City of Canton has caused this subordination to be signed on the .`~/L~ day of O r , 1996. City of into/n` By ~,/~z~~f ~ j~ Donald E. Edwards, Mayor ATTEST: ~ ~ ~ Prepared by and return to: City of Canton Nancy Whites' City Clerk 210 E. Chestnut St. Canton, IL 61520 POOK, ~. ~ ~ ti PdGE n ., A N .. SUBORDINATION AGREEMENT OF MORTGAGE THE CITY OF CANTON ("City") is the owner and holder of the following described instrument(s) executed by Betty J. Hammond of Canton, Fulton County, State of Illinois •- u , ul/11 /~ nn111vPfV ~~ "1 71 .'.''. `r .~.. .' lii~ ~ ili IL,..I I~lSl~,) lrJll/ 1 a ~J Ll~iii '•~: ,~u;~ ~,,, •~, ~ 4 ,:..;.,"' '_ cam, r^,~ xr,. ~ n,~t T~Ji- 1~ VI` {~ ' ~ ~ 1 J111J ~J :. ~~/ .. ~~ L t ~.Vt/ v.~.. 1 P 4 ////h/h/ 7^ .I r // J K / y ~ ~ ~~ ~ ` ~ ` / Y~ ~' , ` ./. I ' ~ ( ~ V A .. ~ .~Y ~ y ~ ~ Y '{ ., ~:»;~ra ne a~s~ ~ ~:I ' b ' . 4• a w ~' ~ 3 V ~/1.r eP uLi..(\I\ Ot Iu..tJ ~JIILi.:~ Title of Instrument Date of InStniment Date Filed Doc No Home Repair Mortgage 8/22/1984 8/31/1984 Doc No. 84-8263 Pg. 338 Vol. 959 AND, Heights Finance Corporation(called the "Lender") has agreed to loan Three thousand four hundred dollars ($ 3,400.00) to Betty J. Hammond (called the "Borrower") for the following purposes: Refinance prior first mortgage, pay tazes, repair roof and other improvements to property. 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 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 exceeed Three thousand four hundred dollars ($3,400). Any amount which is in excess of this figure will not be covered by this subordiniation unless prior written consent was obtained from the City for incurring the expenditure in question. IN WITNESS WHEREOF, the City of Canton has caused this subordination to be signed on the ~~(! day of ~~~~,~, 1996. City of Canton, ~., By L~ ~~,~ ~~1~~ Donald E. Edwards, Mayor ATTEST: ~ Prepared by and return t City of Canton Nancy 'tes, City lerk ~`~`,~~ ~ ~ ~, 210 E. Chestnut St. Canton, IL 61520 '~: SUBORDINATION AGREEMENT OF MORTGAGE THE CITY OF CANTON ("City") is the owner and holder of the following described instrument(s) executed by Betty ~ J. Hammond of Canton, Fulton ~~~~ ~O County, State of Ilhnois p~ Title of Instrument Date of Instrument Date Filed Doc No Home Repair Mortgage 8/22/1984 8/31/1984 Doc No. 84-8263 Pg. 338 Vol. 959 AND, Heights Finance Corporation(called the "Lender") has agreed to loan Three thousand four hundred dollars ($ 3,400.00) to Betty J. Hammond (called the "Borrower") for the following purposes: Refinance prior first mortgage, pay tazes, repair roof and other improvements to property. 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 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 exceeed Three thousand four hundred dollars ($3,400). Any amount which is in excess of this figure will not be covered by this subordiniation 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 ~, ~! day of ~~~Pa~e./, 1996. City of Canton, Donald E. Edwards, Mayor ATTEST: ~rycGc Prepared by and return to: City of Canton Nancy 'tes, City Jerk / ~~~~~ "'~~`~ 210 E. Chestnut St. _~'"` Canton, IL 61520 10i01i96 15:50 3096472280 From: HEIGHTS FINANCE 3096472280 To: 10i01i96 15:38 P. 001 n .. HEIGHTS FINANCE CORPOII~TION 303 N. Main Street • fox 4ti8 • Canton,lL 6I520 • (309) 847-2274 • I''AX (30fl} 647.2280 ~7l'~ITI@E El3im City of Canton Attoxney 1522 F.. Af3h f~+-~lc+n,IL. Es157.Q RE: Hetty Hammond Mr . El ac~n ~ Ma. ltturmond has a~rplied with us for a mortgage loan of approximately 53400.00. This would include a net balance currently owed of $?287.28 Ylua a cash arlvar~ce of approximately $'L1 c)0.00 to pay her past due rP..al estat.c Laxes and roof repairs to her residence located at ~+?.5 a . 2r1c1 Av6i _ r r i c.,tntcvt. What we need rr.~n the City of t;anton will be a subordination agreement yimil.~• to the one give~i to F.H.A. which is page 2 of this fax. 1L you have any questions, p22ase feel tree to call me. r ir~ce ~_ _ ' ,7r~}in T. Smith Me~nagcr JTS/c 3y 210 E. Chestnut St. C~mmu~~ Canton, IL 61520 v MEMO To: City Council Members From: Lmda Caudle Re: Subordination Request Date: September 24, 1996 ~DG~A,Y"rt.`1'>-'LdY~t Office (309) 647-1288 Fax (309) 647-1310 The Community Development Department has received a request from Betty Hammond concerning a rehabilitation loan on the property at 625 South 2nd Avenue, Lot #350 in Wright's Addition to the City of Canton. Mrs. Hammond is in the process of refinancing her loan for a new roof and other repairs and has requested the city take a second position to the mortgage. Mrs. Hammond's home repair loan was granted in August 1984 in the amount of $7,867.22. The City Council approved a subordination agreement June 30, 1993 with the Farmer's Home Administration in the amount of $13,990.00 to refinance prior mortgage, pay past taxes and make improvements. This is the second request for the city to take a second position on the loan. ~Dcvcl~mcnt City of Canton