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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