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HomeMy WebLinkAbout2021-38CITY OF COLUMBIA HEIGHTS, MINNESOTA RESOLUTION NO.202148 RESOLUTION APPROVING A SUBORDINATION OF MORTGAGE IN CONNECTION WITH TIIE CITY'S SINGLE FAMILY DEFERRED LOAN PROGRAM BE IT RESOLVED By the City Council ("Council") of the City of Columbia Heights ("City") as follows: Section l. 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. Susan E. Sheehan, (the "Applicant"), who received a loan secured by a City Mortgage under the Program, now wishes to refinance her Primary Mortgage, and has requested that the City subordinate its City Mortgage to the new Primary Mortgage. 1.04. City staffhave reviewed the Applicant's request and documentation, and 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 Approvall Other Proceedinss. 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 City Manager, provided that execution of the Subordination by the City Manager shall be conclusive evidence of approval. 2.02. The City Manager is hereby authorized to execute on behalf of the City the Subordination. 2.03. City staffand 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 22nd day of March, 2021. ATTEST: 4rblL Nicole Tingley, City Secretary EXHIBIT A (suBoRDrNATrON) (reserued for E@rding data) SUBORDINAT!ON OF MORTGAGE Dalet 212212021 FOR VALUABLE CONSIDERATION, the undersigned, as authorized representative of the City of Columbia Heights, a Minnesota municipal corporation, hereby subordinates the lien on real property in Anoka County, Minnesota described as follows: Lot Eleven (1'l), Block Nineteen ('19), Roslyn Park, Anoka County, Minnesota Which is evidenced by a mortgage dated July 31, 2008, filed for record September 24, 2008, as Document Number 2003039.002 (or in Book of Page ), in the of{ice of the County Recorder of the above County, to a subsequent lien evidenced by a mortgage to Wings Financial Credit Union by Susan E Sheehan, a Single Woman, in an amount not to exceed $1 17,000.00, filed for record as Document Number (or in Book of Page ), in the Office of the County Recorder of the above County. CITY OF COLUMBIA HEIGHTS, a Minnesota municipal corporation By: Kelli Bourgeois STATE OF Tf,INNESOTA cour{TY oF ANoKA ) ) ) This instrument was acknowredged before ^" onMaftrhz\t2DLLby Kelli Bourgeois, the City Manager of City of Columbia Heights, a Minnesota municipal corporation. This instrument was draned by: Wings Financial Credit Union 14985 Glazier Avenue Apple Valley, MN 55124-7440 Notarial Stamp or Seal (or other tite or bank): NICOLE MARIE TINGLEY Notary Public-Minnesota My Commissior Expits Jan 3r' 2(P4 DOCSOPE}{\CL 1 62\3 1\7 0967 5.v2-3 / I 9 2l /<s\$ rrs.,GN=. tts: City ManaOer J SS