HomeMy WebLinkAboutResolution #3536;.
RESOLUTION NO.
3536
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:
1. 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
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 Sdpten'ber, 2000, upon a roll call vote as follows:
AYES: Aldermen. -May, Shores , Ni:differ; Phillips , Sarff, Hartford, i~lleck. Alderman
Meade was excused from voting, as Betty is related to Alderman rleade.)
NAYS : None .
ABSENT: None.
APP OVED:
~~
Donald E. Edwards, Mayor
ATTEST:
~~~~.~
Nancy 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, Superior Direct, A Division of Superior Bank FSB, 5600 N. River Rod., Suite 600, Rosemont, IL
60018, (called the "Lender") has agreed to loan Thirty Three Thousand, Nine Hundred Dollars,
($33,900.00), to Betty J. Hammond (called the "Borrower") for the following purposes:
Refinance house mortgage at a new rate.
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 Thirty Three
Thousand, Nine Hundred Dollars, ($33,900.00). 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
day of , 2000.
City of Canton,
By
Donald E. Edwards, Mayor
ATTEST:
~11 ,~,
wl Prepared by and return to: City of Canton
Nancy Whit ,City Clerk 210 E. Chestnut St.
Canton, II, 61520
210 E. Chestnut St. C~O'~~9.LG~~y
Canton, IL 61520 v
September 6, 2000
Superior Direct
Lidia Titiyevsky
5600 N. River Road, Suite 600
Rosemont, IL 60018
Dear Lidia:
~DG~Y'~;'Yl2G'Y~t Office (309) 647-1288
Fax (309) 647-1310
As per yow request, the City Council of the City of Canton, at its regular meeting
September 5, 2000, passed a Resolution approving a subordination agreement with Betty
J. Hammond, hereto attached.
Sincerely,
L' a J. audle
Community Development Coordinator
Encs.
~Devc(~mcnt
City of Canton
MEMORANDUM
To: Mayor Edwards, Aldermen, Jim Snider, Jim Elson
From: Linda Caudle
Date: August 24, 2000
Re: Request for Subordination Agreement on Rehabilitation Loan
I have received a request, (attached), from Superior Direct, a Division of Superior Bank
FSB of Rosemont, IL to subordinate a loan for Betty J. Hammond to refinance home for a
better rate. The amount of the loan would be for $33,900 for a term of thirty (30) years
with payments at $361.81.
The property is located at 625 South 2"d Avenue, Lot Number 350 in Wright's Addition
to the City of Canton, Fulton County, Illinois. The home repair loan was granted August
22, 1984 in the amount of $7,867.22, filed 8/31/84 (Doc No. 84-8263, Pg. 338, Vol. 959).
The city holds a promissory note signed by Mrs. Hammond to repay the full amount at
the time the property changes ownership.
History of this loan:
6/30/93 -City passed resolution approving a subordination agreement fora $13,9001oan
from the Farmers Home Administration to refinance 1~` mortgage, pay taxes, repair roof,
make improvements.
10/1/96 -City passed resolution approving a subordination agreement fora $3,4001oan
from Height's Finance Corporation to refinance 1~` mortgage, pay taxes and repair roof.
10/20/98 -City passed a resolution approving a subordination agreement for a loan for
$31,800 from Mortgage Lenders Network to refinance l~` mortgage for cash flow and
home improvements.
4/18/00 -City passed a resolution approving a subordination agreement for a loan of
$29,250 from SWS Mortgage Services to refinance mortgage and new roof for a period
of six months at which time the City's loan must be paid.
8/24/00 -Requesting the city to subordinate a $33,900 thirty year loan from Superior
Direct to refinance.
The title of the home shows a lien of the City's loan in the amount of $7,867.22 and a
lien placed on the property in June 2000 in the amount of $1785 to DJ Roofing.
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