HomeMy WebLinkAboutRES.2720.10-15-2012A
BILL NO. 12-154
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE CITY
MANAGER TO EXECUTE A SUBORDINATION
AGREEMENT WITH THE BANK OF MISSOURI,
FOR A NEIGHBORHOOD STABILIZATION
PROGRAM GRANT AGREEMENT, FOR 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 Agreement with The Bank of Missouri
for a Neighborhood Stabilization Program Grant Agreement
for property owned by Jason Chavez and Sarah E. Chavez, in
the City of Cape Girardeau, Missouri. A copy of said
Agreement is attached to this Resolution and made a part
hereof.
PASSED AND ADOPTED THISDAY OF 2012.
ATTEST:
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Harry E. Rediger, Mayor
SUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT entered into between
CITY OF CAPE GIRARDEAU, herein known as "Subordinating Entity" and
THE BANK OF MISSOURI, herein known as "Lender."
The City of Cape Girardeau is the holder of a Grant Agreement from
Jason Chavez and Sarah E. Chavez, herein known as 'Borrowers",
which is recorded in Mortgage Records Volume Document # 2011-14406 of Cape Girardeau County Records,
State of Missouri. Borrower has secured a loan from The Bank of Missouri and has requested that City of Cape
Girardeau, subordinate the Grant Ap-reement to Deed of Trust of The Bank of Missouri.
THEREFORE, city of Cape Girardeau, for a valuable consideration, the receipt of which is hereby acknowledged,
does hereby subordinate its Grant Agreement to the Deed of Trust lien of The Bank of Missouri, which lien is in
the maximum amount of $25,323.73, dated December 15, 2011, and is recorded in Mortgage Records Volume
Document 42011-14406 Cape Girardeau County, State of Missouri.
All of Lot Twenty-seven (27) of Red Oak Estates Revised Record Plat in the City of Cape Girardeau, as
shown by Plat recorded in Plat Book 18 at Page 50, land records of Cape Girardeau County, Missouri.
Also known as: 1935 BENJAMIN COURT, CAPE GIRARDEAU, MO 63701
IN AFFIRMATION of the foregoing, The City of Cape Girardeau has executed this
instrument the day of October, 2012.
CITY OF CAPE GIRARDEAU
Lo
Its:
Witness:
Witness:
STATE OF MISSOURI )
COUNTY OF CAPE GIRARDEAU )
The foregoing Subordination Agreement was acknowledged before me on
by
_, by
on its behalf.
Notary Public
Commission Expiration Date:
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