HomeMy WebLinkAboutRES.2197.07-17-2006BILL NO. 06-154
RESOLUTION NO. QEB
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE A SUBORDINATION AGREEMENT WITH
CITIMORTGAGE, INC., FOR A SECOND DEED OF
TRUST FOR PROPERTY OWNED BY ROY L. JOYCE,
SR.
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 with Citimortgage, Inc., for a Second
Deed of Trust for property owned by Roy L. Joyce. A copy of
said Subordination Agreement is attached to this Resolution and
made a part hereof.
PASSED AND ADOPTED THIS DAY OF 20�__L(
Gayle L� Vonrad, City Clerk
ay Knu tson, Mayor
PREPARED BY & RETURN TO:
General American Corporation
5401 Gamble Dr —Suite 300
St. Louis Park, MN 55416
SUBORDINATION AGREEMENT
This Subordination Agreement is made and entered into this 17T" day of July 2006, by and between City
of Cape Girardeau (hereinafter "GRANTOR") and Citimortgage, Inc. (hereinafter "GRANTEE").
WITNESSETH, THAT WHEREAS, Roy L. Joyce, Sr. (hereinafter "Borrower"), did enter into an
Memorandum of Agreement and Notice of Lien (the "Prior Security Instrument"), dated 11/02/2004, in favor of
GRANTOR, covering the following described real property in the City of Cape Girardeau, County of Cape
Girardeau, and State of Missouri, to wit:
PART OF LOTS FIVE (5) AND SIX (6) IN BLOCK THIRTY-TWO (32) OF WEST END PLACE
ADDITION IN THE CITY AND COUNTY OF CAPE GIRARDEAU, MISSOURI, AS SHOWN BY PLAT
RECORDED IN PLAT BOOK 2 AT PAGE 8 AND DESCRIBED AS FOLLOWS: BEGIN AT THE
SOUTHWEST CORNER OF LOT 6 AND RUN NORTH 112 FEET TO THE NORTHWEST CORNER
OF LOT 5; THENCE EAST ALONG THE NORTH LINE OF LOT 5,49 FEET; THENCE SOUTH 112
FEET TO BLOOMFIELD STREET; THENCE WEST 49 FEET TO THE POINT OF BEGINNING.
SUBJECT TO BUILDING LINES, EASEMENTS, RESTRICTIONS AND CONDITIONS OF RECORD
IF ANY, TO ANY ZONING LAW OR ORDINANCE AFFECTING THE HEREIN DESCRIBED
PROPERTY.
BEING THE SAME PROPERTY CONVEYED TO ROY LEE JOYCE, SR., A SINGLE PERSON, BY
DEED FROM CYNTHIA DARBY ULERY, A SINGLE PERSON, RECORDED 12/10/2002, IN DEED
BOOK 127, PAGE 346, IN THE RECORDER'S OFFICE OF CAPE GIRARDEAU COUNTY,
MISSOURI.
TAX ID# 21-110-00-09-013.00
Which Prior Security Instrument was recorded on 11/15/2004 in Book 2004, Page 17528, among the official
land records of the Recorder of Deeds' Office for the County of Cape Girardeau, and State of Missouri, and
WHEREAS, Borrower executed an additional Mortgage (the "Current Security Instrument") on the
day of 20 , securing a note in an amount not to exceed $54,826.00, in favor of
the GRANTEE, payable with interest and upon the terms and conditions described therein, which Current
Security Instrument will be recorded concurrently herewith; and
WHEREAS, it is a condition precedent to obtaining said Current Security Instrument that the lien of such
loan shall unconditionally be and remain at all times a lien or charge upon the land hereinabove described, prior
and superior to the lien or charge of the Prior Security Instrument; and
WHEREAS, GRANTEE is willing to make said loan provided that Current Security Instrument securing
the same constitutes a lien or charge upon the above described property prior and superior to the lien or charge of
the Prior Security Instrument and provided that GRANTOR will specifically and unconditionally subordinate the
lien or charge of the Prior Security Instrument to the lien or charge of the Current Security Instrument in favor of
GRANTEE; and
WHEREAS, it is to the mutual benefit of the parties hereto that GRANTEE make such loan to Borrower;
and GRANTOR has agreed that the Current Security Instrument securing the same shall, when recorded,
constitute a lien or charge upon said land which is unconditionally prior and superior to the lien or charge of the
Prior Security Instrument.
NOW, THEREFORE, in consideration of the premises, and the mutual benefits accruing to the parties
hereto, and for other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and in
order to induce GRANTEE to make the loan above referred to, it is hereby declared, understood, and agreed as
follows:
(1) GRANTOR does hereby unconditionally subordinate the lien of the Prior Security Instrument to
the lien of the Current Security Instrument in favor of GRANTEE, and all advances or charges
made or accruing thereunder, including any extensions or renewals thereof.
(2) GRANTOR acknowledges that, prior to the execution hereof, GRANTOR has had the
opportunity to examine the terms of GRANTEES Current Security Instrument, note and
agreements relating thereto, consent to and approves same, and recognizes that GRANTEE has
no obligation to GRANTOR to advance any funds under its Current Security Instrument or see to
the application of GRANTEES funds, and any application or use of such funds for purposes other
than those provided for in such Current Security Instrument, note or agreements shall not defeat
the subordination herein made in whole or in part.
(3) GRANTEE would not make its loan above described without this agreement.
(4) This agreement shall be the whole and only agreement between parties hereto with regard to the
subordination of the lien or charge of the Prior Security Instrument to the lien or charge of the
Current Security Instrument in favor of GRANTEE above referred to, and shall supersede and
preempt any prior agreements as to such subordination including, but not limited to, those
provisions, if any, contained in the Prior Security Instrument, which provide for the subordination
of the lien or charge thereof to any other Security interest, mortgage, or mortgages thereafter
created.
(5) GRANTOR is the current holder or beneficiary of the Prior Security Instrument and has the full
power and authority to enter into this agreement.
(6) The undersigned is signing on behalf of GRANTOR and has full power and authority to execute
this agreement.
(7) The heirs, administrators, assigns, and successors in interest of the GRANTOR shall be bound by
this agreement
STATE OF MISSOURI )
) SS.
COUNTY OF )
The foregoing instrument was acknowledged before this
as
(the corporation)
driver license(s) as identification.
Notary Public
Printed Name:
Serial Number:
My Commission expires:
GRANTOR:
CITY OF CAPE GIRARDEAU
Print: Douglas K. Leslie
Title: City Manager
day of , 20 , by
(title) on behalf of
He/she is personally known to me or has produced
Title
of Document:
Date of Document:
:Z.
RECORDER OF DEEDS
COVER PAGE
Agreement
11-2-04
c21Z1ED4-- 1 7E5, 8:
RE:C FEE: $33.00
PAGES: 4
NET ROBERT, Recorder of
eds, Gape Girardeau
unty MO, certify that
is document was filed
r record at 11:24AM
d official seal affixed
Jackson, MO. 11/15/2004
NET ROBERT
corder of Deeds
Grantor(s) Name & Address: City of Cape Girardeau
Division of Planning Services
401 Independence Street
Cape Girardeau, MO 63703
Grantee(s) Nam & Address: Roy Lee Joyce, Sr.
912 Bloomfield Street
Cape Girardeau, MO 63703
Deputy
Legal Description: Parts of Lots (5) and Six (6) and Parts of Lot Four (4),
Block (32) of West End Place Second Addition, to the
City of Cape Girardeau, Missouri.
Reference Book & Page, if Required:
AGREEMENT
WHEREAS, the undersigned is the owner of a dwelling unit located on the following
described real estate in the City of Cape Girardeau, Cape Girardeau County, Missouri, more
particularly described as follows, to -wit:
912 Bloomfield Street
Legal Description: Parts of Lots Five (5) and Six (6) and Parts of Lot Four (4),
Block 32, West End Place Addition to the City of Cape
Girardeau, Missouri.
Whereas, the above mentioned dwelling house is in need of repairs, rehabilitation and
improvements to make it conform to the housing standards of the City of Cape Girardeau,
Missouri, and
Whereas, the City of Cape Girardeau, has been authorized to make grants for the repairs,
rehabilitation, and improvements of substandard housing under a Community Development
Program, and
Whereas, it is the intention of the City of Cape Girardeau to benefit only owner -occupants
that meet the eligibility requirements of the property to be improved by grants, and
Whereas, the owner of the above described real estate are desirous of improvements, and
have received or will receive a grant from the City of Cape Girardeau, Missouri, in the amount
of Eighteen Thousand Two hundred Seventy-one Dollars ($18,271.00), and
Whereas, said grant is to be repaid to the City of Cape Girardeau, under certain
conditions.
Now Therefore, it is agreed by the undersigned owner of the above described premises,
in consideration of Eighteen Thousand Two hundred Seventy-one Dollars ($18,271.00), a grant
for rehabilitation of the above described premises from the City of Cape Girardeau, Missouri.
1. If the ownership or occupancy of the above described property by the grant recipient
ceases within four years from the date of this agreement, by reason other than death of the
recipient of the grant, the entire grant or a percentage thereof shall be repaid to the City of
Cape Girardeau, Missouri. Repayments of the rehabilitation grant shall be based on a 25%
reduction of the amount to be repaid per year, according to the following schedule.
Less than one year - - - - - - - - - - - - -
full amount
Less than two years - - - - - - - - - - - -
75% repayment
Less than three years - - - - - - - - - - -
50% repayment
Less than four years - - - - - - - - - - - -
25% repayment
Over four years - - - - - - - - - - - - - - -
no repayment
The repayment shall be made to the City of Cape Girardeau, Missouri, and shall be due
and payable at the time of the sale or discontinuation of occupancy of the property.
This agreement shall be a lien on the above described property, and if the grant is not
repaid in the manner and within the above said time set forth may be enforced by suit and the
property sold by order of any court of competent jurisdiction.
This agreement and lien applies to, inures to the benefit of, and binds all parties hereto,
their heirs, legatees, administrators, executors, successors, and assigns.
In Witness Whereof, this agreement has been duly executed by the owners this
day of 2004.
OWNER:
Roy Lee Joy ., O n
STATE OF MISSOURI )
ss.
COUNTY OF CAPE GIRARDEAU _ 1
CITY OF CAPE GIRARDEAU, MISSOURI
Douglas . Leslie, City Manager
On this i--- day of , 2004, before me personally
appeared Roy Lee Joyce, Sr., to me nown to be the person described in and who executed
the foregoing instrument, and acknowledged that he executed the same as his free act and
deed.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal, at
my office the day and
My Commission Expire
June 12, 2005
STATE OF MISSOURI )
ss.
COUNTY OF CAPE GIRARDEAU )
On this day of , 2004, before me appeared
Douglas K. Leslie, to me personally known, who, being by me duly sworn, did say that he is
the City Manager of the City of Cape Girardeau, Missouri, a Municipal Corporation of the State
of Missouri, and that the seal affixed to the foregoing instrument is the seal of said City and
that the said instrument was signed and sealed in behalf of said City by authority of its City
Council and acknowledged said instrument to be the free act and deed of said City.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal, at
my office in Cape Girardeau, Missouri, the day and year first above written.
ires:
aDonna Laub, Notary Public
iADONNA LAUD
Notary Public -Notary Seal
State of Missouri
County of Scott
My Commission Expires Aug. 4, 2007