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HomeMy WebLinkAboutResolution No. 2012-015 RESOLUTION 2012 -15 CITY OF COLUMBIA HEIGHTS RESOLUTION TO AGREE TO THE SUBORDINATION OF THE CITY MORTGAGE TO SUMMIT MORTGAGE FOR PROPERTY AT 4932 6 STREET IN THE AMOUNT OF $117,160. RECITALS WHEREAS, the City is the owner and holder of a mortgage currently encumbering the property located at 4932 6 Street, dated May 28, 2008 and recorded July 30, 2008 as Anoka County Registrar of Titles Document No. 495761.003 in the original amount of $2,838.50; and, WHEREAS, Summit Mortgage is the owner and holder of a Mortgage given by Ryan Palmer, as Mortgagor, currently encumbering the property, dated November 18, 2011, recorded December 5, 2011, as Anoka County Registrar of Titles Document No. 506475.006; and, WHEREAS, Summit Mortgage has requested that the City subordinate the City Mortgage to the Summit Mortgage; and, WHEREAS, the City has agreed to subordinate the City Mortgage to the Summit Mortgage. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Columbia Heights as follows: 1. The City hereby covenants and agrees that the City Mortgage shall be considered, and in all respects shall be, subordinate to the Summit Mortgage and any extensions or renewals of the Summit Mortgage; provided, however, that the amount of this subordination shall not exceed the amount of indebtedness outstanding under the Summit Mortgage of $117, 160.00, with interest thereon as provided in Summit's promissory note, together with all other costs or expenses advanced pursuant to the terms of Summit Mortgage or Summit's promissory note. 2. The City Council authorizes and directs staff to take all actions and execute any documents necessary to carry out the intent of this resolution. Passed this 13 day of February 2012. Offered by: Nawrocki Second By: Williams Roll Call: Ayes: Peterson, Williams, Nawrocki, Diehm, Schmitt AAA Mayor Gary L. Peterson Attest: A _ �:� Patricia Muscovitz MC City Cle k