Loading...
HomeMy WebLinkAboutResolution #3046RE90LUTION IND. 3046 A RE9OLUT I ~V APPFrJ1/ I PG TI-E RELEASE OF bDRTC3AGE 11=0R KAY-I.EEN C~61~ELL ; A NDTE APD REAL ESTATE N~TC~ Fq~ Ti0OD W. PUTMAN Ai~D SUZAN~E E . PUIMAIV; MD, DIRECT 1 PG Tl-E M4YOR TO E~CUTE APD DEL 1 VER SAID AC~EE7v~~1fT. W-F~E/LS, t he Corrmun i ty and I ndus t r i a l Deve I oilmen t Corrmi t tee of the Canton City Council has determined that it is necessary and in the best interest of the City of Canton, to release the mortgage of Kathleen Gosnell; and, approve a note and real estate mortgage for Todd VV. Putman and Suzanne E. Putman, hereto attached and herein incorporated as Exhibit "A" and Exhibit "B"; and, W-EE}~/~5, the City of Canton had formally entered into a Real Estate tilortgage with Kathleen Gosnell as part of the rehabilitation program funding through the Department of Housing and Urban Develo ~ pment; and, 1NfJ~FAS, it is in the city's best interest to allow the transfer of the mortgage on the property from Kathleen Gosnell to Todd W. Putman and Suzanne E. Putman; and, W-EFiEAS, the Canton City Council has made a similar determination. t~N, TFEREFORE , BE I T RESOLVED BY Ti-E C 1 T'Y OQrC I L ~ llf CITY OF CANTON, Fulton County, Illinois as follows: 1. That the Release of Mortgage hereto attached as Exhibit "A" between the City of Canton and Kathleen Gosnell is hereby approved. 2. That the Note and Real Estate P~lortgage hereto attached as Exhibit "B" between the City of Canton and Todd VV, Putman and Suzanne E. Putman is hereby approved. 3. That the Mayor is hereby authorized and directed to execute and deliver said release of mortgage 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 4th day of Jtme 1991, upon a roll call vote as follows: AYES: Aldermen :~.y, Barnett, 'Meade, Bohler, Steck, Sarf~, Coay, ~lolleck. NAYS : idone . ABSENT: None. APPF~1/ED G~~~~~~~ onald E, Edwards, P~layor ATTEST: Nan Whites City Clerk FZELEASE !3f N~iTGAGE 14~CJJN ALL NE]V BY TI-f SE PRESEMS , That t h e C i t y o f Canton , a n Illinois municipal corporation, for and in consideration of One Dollar and other good and valuable considerations, the receipt of which is hereby acknowledged, does hereby Remise, Convey, Release, and Quit-Claire unto Kathleen Gosnell of the County of Fulton and State of Illinois, all the right, title, interest, claim or demand whatsoever it may have acquired in, through or by a certain mortgage bearing date of 30th day of April, A.D. 1981, and recorded in the Recorder's Office of Fulton County, Illinois in Volume Number 881 to the premises therein described, situated in the City of Canton, County of Fulton and State of Illinois, and being legally described as follows, to-wit: Lot number eighteen (18) in A.N. Anderson's Fourth Addition to Canton, situated in the City of Canton, County of Fulton and State of Illinois. IN TESTINI~VY Wf~ZEAF, the City of Canton has hereunto caused i is corporate seal to be affixed, and these presents to be signed to Its Mayor and attested by Its City Clerk as of this day of A.D. 19 C17Y ~ C~WT~I, an I I I inois municipal corporation, BY: Donald E. Edwards), Mayor ATTEST: (Nancy `dJhites), City Clerk STATE aF ILL 1 PD 1 S OOINTY OF F1.11LTaV SS. 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, whose names are subscribed to the foregoing instrument, appeared before me this day in person and severally acknowledged that as Mayor and City Clerk of the City of Canton they signed and delivered the foregoing instrument as tvlayor and City Clerk of the City of Canton, and caused the seal of the City of Canton to be affixed thereto, pursuant to authority given by the City Council of the City of Canton as their free and voluntary act, and as the free and voluntary act of the City of Canton for the uses and purposes therein set forth. GIVEN under my hand and notarial seal as of this day of A.D. 19 Notary Public (S E A ~) Todd tiN. Putman and Suzanne E. Putman, husband and wife, as joint tenants with the right of survivorship and not as tenants in cormion, promises to pay to the order of the CITY OF CANTCN, an Illinois municipal corporation, the sum of Seven Thousand Forty-two and 79/100 Dollars together with interest, thereon at the rate of Five Percent (5;0) per annum from the date hereof to and including June 1, 1998. PAYI1~ENf SQ-~.E (a) PRINCIPAL & INTEREST: Principal and interest shall be paid in eighty-three (83) equal monthly installments of $100.00 each cormiencing on the 1st day of July, 1991, and continuing every month thereafter with a final and eighty-fourth (84) payment on June 1, 1998 of $54.06. (b) INTEREST: Interest, as aforesaid, .shall be paid on the unpaid principal balance at the rate of five percent (5;%) per annum with the first payment due on July 1, 1991 and then continuing every month thereafter until said interest and principal is fully paid. Unpaid interest shall be added to principal and bear interest at the same rate as noted above for the principal. Interest shall be considered unpaid if not received by the City of Canton within 7 calendar days following the due date. Todd~~~J. Putman and Suzanne E. Putman shall have the right to prepay any and all interest and principal at any time without penalty or additional interest. To secure the payment of this Note, Todd VV. Putman and Suzanne E. Putman hereby irrevocably empowers any attorney at any time hereafter to appear for us in any court in term time or vacation, and confess judgment against us, each or any of us, including any guarantor(s) hereof, without process of this Note in favor of any legal holder, for all sums owing hereon, interest, costs, and reasonable attorney's fees, and to waive all right of appeal, release all errors and consent to irmiediate execution. DATED: This day of 1991. Todd W. Putman Suzanne E. Putman REAL_ ESTATE NDRTC'~ THIS IhDEMIJ~E WITPESSETH: That the undersigned, Todd `V. Putman and Suzanne E. Putman, husband and wife, as joint tenants with the right of survivorship and not as tenants in com-non, of the City of Canton, in the County of Fulton and State of Illinois, hereinafter referred to as the "Mortgagor", does hereby Iv1~RTGAGE ArD V~lARF2~V~ff TO TF-~ CITY OF CANTON, an Illinois municipal corporation, of the City of Canton, in the County of Fulton and State of Illinois, hereinafter referred to as the "Mortgagee", the following described real property, to-wit: Lot Number eighteen (18) in A.N. Anderson's Fourth Addition to Canton, situated in the City of Canton, County of Fulton and State of Illinois. together with all easements, rights and privileges; all rents, issues and profits thereof; all buildings and other improvements now or hereafter placed thereon, expressly including all heating, air conditioning, refrigeration, lighting, plumbing, water softening, water heating, gas and electric equipment; all burners, stokers, boilers, tanks, ranges, refrigerators, awnings, screens, blinds, shades, and attached floor coverings; and all units or attachments of every kind attached to, built in or especially designed for use upon said premises, all of which for the purpose of this mortgage shall be considered part of the real estate, hereby releasing and waiving all rights under and by virtue of the Homestead Exemption Laws of the State of Illinois and all right to retain possession of said premises after any default in the payment of indebtedness hereinafter referred to or breach of any of the covenants or agreements herein contained. TO SECITZE (1) the payment of a certain indebtedness in the principal amount of Seven Thousand Forty-Two and 79/100 Dollars ($7,042.79) together with interest thereon, as stipulated in the note hereinafter referred to, said principal and interest being payable in monthly payments of $58.69 each commencing on the 1st day of July, 1991 and continuing every month thereafter until principal is paid in full. Additionally, interest shall be paid on the unpaid principal balance at the rate of 5% per annum from the date hereof, all as more specifically set forth in one certain note made by the mortgagor of the order of the mortgagee, bearing even date herewith; and (2) any advances made by the mortgagee to the mortgagor, or its successor in title, for any purpose, at anytime before the release and cancellation of this mortgage, but at no time shall this mortgage secure advances on account of said original note and such additional advances in a sum in excess of Seven Thousand Forty-Two and 79/100 Dollars ($7,042.79), provided that nothing herein contained shall be considered as limiting the amounts that shall be secured hereby when advanced to protect the security or in accordance with covenants contained in the mortgage; and, (3) the performance of the covenants and agreements herein contained. A. TI-E NgRTG~ORS CONEN4NT (1) To pay said indebtedness and the interest thereon as herein and in said note provided; (2) To pay immediately when due and payable all general taxes, special assessments and other taxes levied or assessed upon said property, or any part thereof, unless the advancements included in the monthly installments paid the mortgagee shall have provided it with sufficient funds for all such payments, and to promptly deliver receipts thereof to the mortgagee upon demand; (3) To keep the improvements now and hereafter upon said premises insured against damage by fire, windstorm, and such other hazards as the mortgagee may require to be insured against, until said indebtedness is fully paid, or in case of foreclosure until expiration of the period of redemption, for the full insurable value thereof, in such companies and in such form as shall be satisfactory to the mortgagee; such insurance policies shall remain with the mortgagee during said period or periods and shall contain the usual clause making them payable to the mortgagee, and, in case of foreclosure sale, payable to the owner of the certificate of sale, and in case of loss, the mortgagee is authorized to adjust, collect, and compromise, in its discretion, all claims under such policies, and to apply the proceeds of any insurance claim upon the indebtedness hereby secured in its discretion, and the mortgagors agree to assign upon demand all receipts, vouchers, and releases required of them by the insurance companies; (4) To pay immediately when due and payable all premiums of said indebtedness herein referred to, unless the said advancements paid the mortgagee shall have provided it with sufficient funds for such payments; (5) Not to commit or suffer any waste of said property, and to maintain the same in good condition and repair; (6) To promptly pay all bills for such repairs and all other expernses incident to the ownership of said property in order that no lien of mechanics or materialmen shall attach to said property; (7) Not to suffer or permit any unlawful use of or any nuisance to exist upon said property; (8) Not to diminish or impair the value of said property of the security intended to be effected by virtue of this mortgage by any act of omission to act; (9) To appear in and defend any proceeding which in the opinion of the mortgagee affects its security hereunder, and to pay all costs, expenses, and attorneys' fees incurred or paid by the mortgagee in any proceeding in which it may be made a part defendant by reason of this mortgage; (10) Not to suffer or permit without the written permission or consent of the mortgagee being first had and obtained (a) any use of said property for a purpose other than that for which the same is nav used: (b) any alterations, additions to, demolition or removal of any of the improvements, apparatus, fixtures or equipment now or hereafter upon said property; (c) a purchase upon condition sale, lease or agreement under which title is reserved in the vendor, or any apparatus, fixtures or equipment to be placed in or upon any building or improvement upon said property; (d) a sale, assignment or transfer, of any right, title or interest in and to said property, or any portion thereof, or any of the improvements, apparatus, fixtures or equipment which may be found in or upon said property. a . Ti--E r~~r~rr~ncaoRS FuRTI-~ cav~vv~-r (1) That in case of their failure to perform any of their covenants herein, the mortgagee may do on their behalf everything so covenanted; that said mortgagee may also do any act it may deem necessary to protect the lien of this mortgage, and that they will immediately repay any moneys, together with interest hereon as provided in said note, shall become so much additional indebtedness secured by this mortgage and may be included in any decree foreclosing this mortgage and be paid out of rents or proceeds of the sale of said premises, if not otherwise paid by them; that it shall not be obligatory upon the mortgagee to inquire into the validity of any lien, encumbrance or claim in advancing any moneys in that behalf as above authorized, but nothing herein contained shall be construed as requiring the mortgagee to advance any moneys for any purpose not to do any hereunder; that the mortgagee shall not incur personal liability because of anything it may do or omit to do hereunder. (2) That additional advances secured by this mortgage may be made to the mortgagors or their successors in title upon request of the party then holding title and at the option of the mortgagee, and it is agreed that in the event of such advances the amount thereof may be added to the mortgage debt and shall increase the unpaid balance of the note hereby secured by the amount of such advance and shall be a part of said mortgage indebtedness under all the terms of said note and this mortgage as fully as if a new note and mortgage were executed and delivered. An additional advance agreement may be given and used for such advance and provision may be made for different monthly payments, interest rate and other express modifications of the mortgage contract, but in all other respects the~same shall remain in full force and effect as to said indebtedness, including all advances; that it is the intent hereof to secure payment of said note whether the entire amount shall have been advanced to the mortgagors at the date hereof or at a later date, or having been advanced, shall have been repaid in part and further advances made at a later date and to secure any other amount or amounts that may be added to the mortgage indebtedness under the terms hereof. (3) That in the event the ownership of said property, or any part thereof, becomes vested in a person other than the mortgagors, the mortgagee may without notice to the mortgagors, deal with such successor or successors in interest with reference to this mortgage and the debt hereby secured in the same manner as with the mortgagors, and may forebear to sue or may extend time for payment of the debt secured hereby without discharging or in any way affecting the liability of the mortgagors hereunder or upon the debt hereby secured. (4) That time is the essence hereof and if default be made in performance of any covenant herein contained or in making any payment under said note, or any extension or renewal thereof for a period of sixty (60) days, or if proceedings be instituted to enforce any other lien or charge upon any of said property; or upon the filing of a proceeding in bankruptcy by or against the mortgagors, of if the mortgagors shall make an assignment for the benefit of their creditors, or if their property be placed under control or in custody of any court, or if the mortgagors abandon any said property, then and in any of said events, the mortgagee is hereby authorized and empowered, at its option, and without affecting the lien hereby created or the priority of said lien or any right of the mortgagee hereunder, to declare, without notice, all sums secured hereby immediately due and payable, whether or not such default be remedied by the mortgagors, and said mortgagee may immediately proceed to foreclose this mortgage. (5) That upon the commencement of any foreclosure proceeding hereunder, the court in which such complaint is filed may, at any time either before or after sale, and without notice to the mortgagors or any party claiming under them and without regard to the then value of said premises, or the solvency of the mortgagors, or whether the same shall then be occupied by the owner of the equity of redemption as a homestead, appoint a receiver, who may be the mortgagee or its agent, with power to manage and rent and to collect the rents, issues, and profits of said premises during the pendency of such foreclosure suit and the statutory period of redemption, and such rents, issues, and profits, when collected, may be applied, before as well as after the master's sale, towards the payment of the indebtedness, costs, taxes, insurance or other items necessary for the protection and preservation of the property, including the expenses of such receivership, or on any deficiency decree whether there be a decree therefor in personam or not; the upon foreclosure and sale of said premises there shall be first paid out of the proceeds of such sale a reasonable sum for attorneys' fees, and also all expenses of advertising, selling, and conveying said premises, and all moneys advanced for insurance, taxes or other liens or assessments, outlays for documentary evidence, stenographers' charges, all court costs, master's fees, and the cost, either actual or estimated, of procuring or completing an abstract of title or guarantee policy showing the whole title to said premises, and including the foreclosure decree and the Master's Certificate of Sale, and then there shall then be paid the principal indebtedness whether due and payable by the terms hereof or not, and the interest due thereon up to the time of such sale and the overplus, if any, shall be paid unto the mortgagors, and it shall not be the duty of the purchaser to see to the application of the purchase money and in case of payments of said indebtedness, after the filing of any complaint to foreclose this mortgage, and prior to the entry of a decree of sale, a reasonable sum for legal services rendered to the time of such payment shall be allowed as attorneys' fees, which, together with any sum paid for continuation of proceeding, shall be additional indebtedness thereby secured. In the event of foreclosure and any sale thereunder, any abstract of the mortgaged premises deposited with the Association shall become the property of the Association. (6) That each right, power, and remedy herein conferred upon the mortgagee is cumulative of every other right or remedy of the mortgagee, whether herein or by law conferred, and may be enforced concurrently therewith; that no waiver by the mortgagee to require or enforce performance of the same or any other of said covenants; that wherever the context hereof requires, the plural number, as used herein, shall include the singular. In order to further secure the aforesaid indebtedness evidenced by said note, the mortgagors hereby transfer, set over, and assign unto the said City of Canton, an Illinois municipal corporation, the possession of and all the rents, issues, and profits now due or which may hereafter become due under and by virtue of any lease, whether written or oral, or any letting of or any agreement for the use or occupancy of the hereinbefore described premises, or any part thereof, whether heretofore or hereafter made or agreed to either by the mortgagors or by the mortgagee, under the power herein granted, it being the intention to hereby effect an absolute transfer and assignment of all such leases and agreements and the avails thereunder. And the said mortgagors hereby irrevocably appoint the said City of Canton, an Illinois municipal corporation their attorney in fact, with full power of substitution, for the management of the said hereinbefore described premises and it may let and relet said premises, or any party thereof, according to its own discretion and collect and receive alt the rents, issues, and profits derived therefrom, and it may bring or defend in its own name or in the name of the mortgagors any suites in connection with said premises and make such repairs to said premises as it considers expedient, atl its acts nd doings in connection therewith as their said attorney being hereby expressly ratified by the said mortgagors. This assignment and power of attorney shall be construed as a covenant running with the land, it shall become operative only in the event of default in the payment of the aforesaid monthly installments, or in the event of the breach of any of the mortgagors' covenants in the foregoing mortgage contained, and it shall continue in full force and effect until the aforesaid note shall be fully paid, at which time it shall terminate. All rents, issues, and profits collected hereunder shall, at the option of the mortgagee, be applied either in payment of taxes, special assessments, insurance premiums, and operating expenses, or in payment of the aforesaid note. In the event of the exercise of this agreement and power of attorney, the said mortgagors agree to pay such reasonable rent as the mortgagee may demand for such portion of said premises as they may occupy and a failure on their part to promptly pay such rent shall constitute a forcible entry and detainer. It is expressly understood and agreed by and between the mortgagors and the mortgagee that all rights and obligations under this mortgage, assignment, and power of attorney shall extend to and be binding on the respective heirs, executors, administrators, successors, and assigns of the mortgagors and the mortgagees. IN WITNESSI~U-EI~EOF, we have hereunto set our hands and seals this day of 1991. BY: Todd VV. Putman Suzanne E. Putman STATE OF ILLINOIS ) CCUNTY OF FULTON ) ss. I, the undersigned, a Notary Public in and for said County, in the State aforesaid, DO CERTIFY that Todd VJ. Putman and Suzanne E. Putman, 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 acknowledged that they signed, sealed, and delivered the said instrument as their free and voluntary act, for the uses and purposes therein set forth, including the release and waiver of the right of homestead. ~ GIVEN under my hand and notarial seal, this day of 1991. Notary Public