HomeMy WebLinkAbout2015-58CITY OF COLUMBIA HEIGHTS, MINNESOTA
! t DEFERRED !.
PROGRAM
BE IT RESOLVED By the City Council ( "Council ") of the City of Columbia
Heights ( "City ") as follows:
Section 1. Recitals.
1.01. The City has heretofore established a deferred loan program for the
rehabilitation of single - family homes (the "Program "), administered by the Economic
Development Authority of the City (the "Authority "), and has approved certain deferred
loans to individual applicants in connection with the Program.
1.02. Each loan under the Program is secured by a mortgage (the "City
Mortgage "), which is subordinated to the mortgage of the applicant's primary lender (the
"Primary Mortgage ") pursuant to the Authority's Subordination Policy (the "Policy ").
1.03. Gregory L. Miller ( "Applicant "), who received a loan secured by a City
Mortgage under the Program, now wishes to refinance his Primary Mortgage, and has
requested that the City subordinate its City Mortgage to the new Primary Mortgage.
1.04. City staff and legal counsel have reviewed Applicant's request and
documentation, have determined that subordination of the City Mortgage to the new
Primary Mortgage complies with the Policy in all respects, and have prepared a
Subordination of Mortgage (the "Subordination "), attached as Exhibit A, for review and
approval by the Council.
1.05. The Council has reviewed the Subordination and finds that the approval
and execution of the Subordination are in the best interest of the City and its residents.
Section 2. City Approval; Other Proceedings.
2.01. The Subordination as presented to the Council is hereby in all respects
approved, subject to modifications that do not alter the substance of the transaction and
that are approved by the Mayor and City Manager, provided that execution of the
Subordination by such officials shall be conclusive evidence of approval.
2.02. The Mayor and City Manager are hereby authorized to execute on behalf
of the City the Subordination.
465680v1 MNI CL205 -3
2.03. City staff and consultants are authorized to take any actions necessary to
carry out the intent of this resolution.
Approved by the City Council of the City of Columbia Heights this 10th day of August,
2015.
Offered by: Nawrocki
Seconded by: Williams
Roll Call: All Ayes
Mayor
ATTEST:
�') a&
City Clerk
465680v1 MNI CL205 -3
EXHIBIT A
SUBORDINATION OF MORTGAGE
THIS SUBORDINATION made and entered into this 10 day of AuQ �- , 2015, by
the City of Columbia Heights, a Minnesota municipal corporation (the "Mortgagee" 1.
RECITALS
A. The Mortgagee is the owner of a Mortgage Deed by Gregory L. Miller, a single person
( "Mortgagor ") dated June 1, 2011 and recorded in the Office of the Registrar of Titles, Anoka County,
Minnesota on August 22, 2011, as document no. 505576.004 (the "Mortgage ") relating to certain real
property situated in the County of Anoka, State of Minnesota, legally described in Exhibit A attached hereto
(the "Property ").
C. The Mortgagor has applied for a mortgage loan from Quicken Loans Inc., its successors
and /or assigns (the "Lender "), in a principal amount not to exceed $78,500 (the "Loan "), and the Lender has
indicated that it is unwilling to accept a mortgage on the Property as security for said Loan unless the
Mortgagee shall subordinate its Mortgage to the lien to be created by the Lender's mortgage (the "Lender's
Mortgage ").
NOW, THEREFORE, in consideration of the premises contained herein, the Mortgagee subordinates
in all respects to the Lender, and to the lien of the Lender's Mortgage, any and all right, title or interest the
Mortgagee has, may have or may hereafter acquire in the Property, and agrees that the Mortgage and
Amendment are in all respects subordinate to the Lender's Mortgage and the lien created thereby
notwithstanding the order of recording or any other priority requirements which may otherwise exist.
(Signature page follows)
465680vl MN} CL205 -3
CITY OF COLUMBIA HEIG
Its
By:
Its City Manager
STATE OF MINNESOTA )
)SS.
COUNTY OF ANOKA )
,, Th for goin instrument was acknowledged before me this day of Avqu�1-1 2015,
b V C and a (k K e)s± , the Mayor and City Man ger, respectively, of the
City of alumbia Heights, a Minnesota municipal corporation, on behalf of the corporation.
-----------
This document drafted by:
KENNEDY & GRAVEN, CHARTERED (MNI)
470 US Bank Plaza
200 South 60' Street
Minneapolis, MN 55402
(612) 337 -9300
465680v1 MNI CL205 -3
V
Notary Public
1'
Property
Lots Nine (9) and Ten (10), Block Six (6), Sheffield's Second Subdivision, Anoka County, Minnesota.
Torrens Property Certificate No. 94739
465680v1 MNI CL205 -3