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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. ,~ _. , ~~~~ ~~ 1_ ;~ „r !r ~ (,t ',~L ~i r~`C7~,-yam "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