HomeMy WebLinkAboutRES.1570.05-15-2000BILL NO. .000-1.7
RESOLUTION NO. IS 2 0
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE A SUBORDINATION AGREEMENT FOR A SECOND
DEED OF TRUST FOR PROPERTY OWNED BY CHARLES A.
PATTERSON AND COSTELLA E. PATTERSON AT 907
NORTH MIDDLE STREET AND 514 OLIVE STREET
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 Agreement for a second deed of trust for property
located at 907 North Middle Street and owned by Charles A.
Patterson and Costella E. Patterson. A copy of said Agreement is
attached to this Resolution and made a part hereof.
ARTICLE 2. The City Manager, for and on behalf of the City of
Cape Girardeau, Missouri, is hereby authorized to execute a
Subordination Agreement for a second deed of trust for property
located at 514 Olive Street and owned by Charles A. Patterson and
Costella E. Patterson. A copy of said Agreement is attached to
this Resolution and made a part hereof.
PASSED AND ADOPTED THIS DAY OF , 20 00
f r
AA.M. Spradling, III, or
p ATTEST:
- Gayl L.' Conrad, City Clerk
SUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT is made this 10TH day of
May, 2000 as follows:
WHEREAS, on the 6th day of November, 1992, Charles Patterson, Jr.
and Costella Patterson, Husband and Wife, executed a Deed of Trust
to Stephen S. Williams and Warren L. Wells Trustees for City of
Cape Girardeau, Missouri, a Municipal Corporation securing one
note of even date in the original principal amount of $7,500.00
and recorded in Book 609 at Page 805 of the land records of Cape
Girardeau County, Missouri, and
WHEREAS, Charles Patterson, Jr. and Costella Patterson,
HusbAnd and Wife, have applied to Union Planters Bank, National
Association, Its Successors and/or Assigns for a loan in the
amount of Twenty -Three Thousand Dollars ($23,000.00) to be secured
by certain real estate to which the Second Deed of Trust affects,
and
WHEREAS, said Union Planters Bank, National Association, Its
Successors and/or Assigns is unwilling to make said loan unless it
is secured by a first lien upon the real estate hereinafter
described, and
WHEREAS, to induce Union Planters Bank, National Association,
Its Successors and/or Assigns to make said loan, said Stephen S.
Williams and Warren L. Wells Trustees for City of Cape Girardeau,
Missouri, is willing to subordinate the lien of its aforesaid Deed
of Trust on the following described real estate to the Deed of
Trust to be given to said Union Planters Bank, National
Association, Its Successors and/or Assigns to secure said loan;
NOW, THEREFORE, in consideration of the premises and to
induce Union Planters Bank, National Association, Its Successors
and/or Assigns to make a loan of Twenty-three Thousand Dollars
($23,000.00) to Charles Patterson, Jr. and Costella Patterson,
Husband and Wife, the said Stephen S. Williams and Warren L. Wells
Trustees for City of Cape Girardeau, Missouri, does hereby consent
and agree that the lien of said Deed of Trust held by it, and
recorded in Book 609 at page 805 of the land records of Cape
Girardeau County, Missouri, shall be junior, subordinate and
subject to the lien of the Deed of Trust on the following
described real estate, to be given to Union Planters Bank,
National Association, Its Successors and/or Assigns to secure said
loan of Twenty-three Thousand Dollars ($23,000.00), but in all
other respects said lien held by City of Cape Girardeau, a
Municipal Corporation, shall remain and continue to be a valid
encumbrance on the property described in said Second Deed of
Trust, situated in the County of Cape Girardeau, State of
Missouri, to wit:
ALL OF THE EAST 100 FEET OF THE SOUTH 90 FEET OF LOT ONE
HUNDRED FIFTEEN (115) OF RANGE "Q" IN INGRAM'S ADDITION TO
THE CITY OF CAPE GIRARDEAU, MISSOURI.
THIS AGREEMENT shall be binding upon the Parties of the First
Part, its successors and assigns, and shall insure to the benefit
of Union Planters Bank, National Association, Its Successors
and/or Assigns.
IN WITNESS WHEREOF, the Parties have executed this
Agreement the day and year first above written.
City of Cape Girardeau,Missouri
By:
Trustee ATTEST
STATE OF MISSOURI )
)ss
COUNTY OF CAPE GIRARDEAU )
On this loth day of May, 2000, before me
a Notary Public appeared
, to me personally
known, who, being by me duly sworn, did say that he is the
Trustee of City of Cape Girardeau, a municipal corporation, of the
State of Missouri, and that the seal affixed to the foregoing
instrument is the corporate seal of said Corporation and that the
said instrument was signed and sealed in behalf of said
Corporation by authority of its Board of Directors and he
acknowledged said instrument to be the free act and deed of the
said Corporation.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed
my official seal, at in Cape Girardeau the day and
year first above written.
NOTARY PUBLIC
My commission expires: