HomeMy WebLinkAboutRes.3095.07-24-2017 BILL NO. 17-110 RESOLUTION NO. .3095-
A
09.. 'A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE A SUBORDINATION OF DEED OF TRUST
AGREEMENT WITH DITECH FINANCIAL, LLC, FOR
PROPERTY LOCATED AT 308 LOUIS STREET, IN THE CITY
OF CAPE GIRARDEAU, MISSOURI
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CAPE
GIRARDEAU, MISSOURI, AS FOLLOWS:
ARTICLE 1. The City Manager, for and on behalf of the City
of Cape Girardeau, Missouri, is hereby authorized to execute a
Subordination of Deed of Trust Agreement with Ditech Financial,
LLC, for property located at 308 Louis Street, in the City of
Cape Girardeau, Missouri. The Agreement shall be in
substantially the form attached hereto as Exhibit A, which
document is hereby approved by the City Council, with such
changes therein as shall be approved by the officers of the City
executing the same.
PASSED AND ADOPTED THIS \JI 'IcuJ
DAY OF ,l Aimi , 2017.
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Harry E. •ediger, Mayor
ATTEST:
Bruce Taylft Deputy City Clerk y {�C` f ,� ';f
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Commitment Number: 22401162
After Recording Return To:
ServiceLink
1355 Cherrington Parkway
Moon Township,PA 15108
New Lender Address:
1100 Virginia Drive,Fort Washington,PA 19034
SUBORDINATION OF DEED OF TRUST
This Subordination of Deed of Trust is made as of the , 2017 by City of Cape
Girardeau-Community Investment AHP Housing ("Subordinating Lender"), under the
following circumstances:
A. Subordinating Lender is the holder of a Deed of Trust (the "Existing Deed of Trust")
executed by Bridget A. Lowe ("Borrower"), in favor of Subordinating Lender in the amount of
$6,333.00, recorded Dec. 15, 2014 at Instrument #2014-12942, the Public Records of Cape
Girardeau County, Missouri,which is a lien on the real estate described below(the"Property").
Lot One(1) in Block 1 of Pattengill Place in the City of Cape Girardeau,Missouri,as
shown by Plat recorded in Plat Book 3 at Page 50. County of Cape Girardeau
Property Address:308 Louis St,Cape Girardeau,MO 63703
B. Lender, Ditech Financial,LLC,will be making a loan secured by a Deed of Trust, in the
maximum principal amount of$42,500.00 (Forty Two Thousand Five Hundred Dollars and Zero
Cents), to Bridget A. Lowe as Borrower, ("New Deed of Trust"), which will be a lien on the
Property.
C. As part of the consideration for Lender's agreement to make the loan secured by the New
Deed of Trust, and to induce Lender to make that loan, Subordinating Lender has agreed to
subordinate the lien of the Existing Deed of Trust to the lien of the New Deed of Trust, upon the
terms and conditions set forth in this Agreement.
NOW THEREFORE,Subordinating Lender and Lender agree as follows:
1. Subordinating Lender hereby subordinates the lien of the Existing Deed of Trust
to the lien of the New Deed of Trust; however, this subordination shall not otherwise affect the
validity or priority of the Existing Deed of Trust.
2. This Subordination Agreement is made on the understanding that Subordinating
Lender shall not be responsible for any of the obligations of Borrower contained in or secured by
the New Deed of Trust.
3. This Subordination Agreement shall be binding upon and inure to the benefit of
Lender and Subordinating Lender and their respective successors and assigns.
Executed this_day of ,2017
City of Cape Girardeau-Community
Investment AHP Housing
i
By: II a. l,-:7_I .v/i I� /
. ./, 10 ty,
STATE OF&Ala o
COUNTY OF *SIM
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� oregoing •mstm wqs? acknowledged before Ise thit S day of
I� sa.A 2017 by-7//j/f (S II , the ,,/.I r MAL i f
7,, of C+J.a Girardeau -Comma Investment AHP Housing for . s d ;I its •-half. ,
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March 3,2i€A4z: cape maiden 018
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This instrument prepared by:
Jay A. Rosenberg, Esq., Missouri Bar Number 68253; Rosenberg LPA, Attorneys At Law, 3805
Edwards Road, Suite 550, Cincinnati,Ohio 45209.