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Home My WebLink AboutRES.978.09-06-1994 r . # BILL NO. 94-229 RESOLUTION NO. �l�r� A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A SUBORDINATION AGREEMENT WITH WEST STAR FINANCIAL CORPORATION FOR A SECOND DEED OF TRUST FOR PROPERTY OWNED BY CHARLES ADAMS AND ROYCE ADAMS 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 West Star Financial Corporation for a second deed of trust for property owned by Charles Adams and Royce Adams. A copy of said Agreement is attached to this Resolution and made a part hereof. PASSED AND ADOPTED THIS G?{.t� DAY OF ` .� .� � ��! , 19�. �_r � A. M. Sp adling, II ayor ATTEST: �� C,,p� � Gayle . Conrad, Deputy City Clerk Rr:i;ORI7IN(b REQUESTED BY: WEST STAR FINANCIAL CORPORATION WI�N RECORDED MAIL TO: WEST STAR FINANCIAL CORPORATION 1335 E. 10600 SOUTH SANDY, UT 84092 THiS SPACE FOR RECORDER'S USP. SUBORDINATION AGREEMENT NOTICE: TffiS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN TI�LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. THIS AGREEMENT, made this day of 1994,by Charles Adams and Royce Adams,owner of the land hereinafter described and hereinafter referred to as "OWNER", and the City of Cape Girardeau present owner and holder of the agreement first hereinaher described and hereinafter referred to as"BENEFTCIARY"; WITNESSETH THAT WHEREAS, Charles Adams and Royce Adams did execute an agreemen[to the City of Cape Girardeau,said agreement constituting a lien,covering: All of the South part of Lots numbered 15,16,and 17 in Block 1 of ZapPs Subdivision of Out Lot 23 in the City of Cape Girardeau,County of Cape Girardeau,Missouri,described as follows: Beginning at the Southeast corner of said Lot 17, measuring West along the north side of College Avenue,119.5 feet;thence North 60 feet;thence east parallel with College Avenue,119.5 feet to Pacific Street;thence south along the west side of Pacific Street,60 feet ro the place of beginning. to secure a grant in the sum of$11,671.00, dated August 4, 1993,by the City of Cape Girardeau which agreement was recorded in Book 647 at Page 694 of the I.and Records of said county; WHEREAS, Owner has executed, or is abou[to execute,a deed of trust and note in the sum of$23,567.00 dated in favor of WFST STAR FINANCIAL CORPORATION,hereinafter referred to as"LENDER", payable with interest and upon the terms and conditions described therein, which deed of trust is[o be recorded wncurrently herewith; and WHEREAS, it is a condition precedent to obtaining said loan that said deed of trust as above mencioned shall unconditionally be and remain at all times a lien or charge upon the land hereinbefore described,prior and superior to the tien or charge of the agreement tirst above mentioned; and V✓HEREAS, L.ender is willing to make said loan provided the deed of[rust securing the same is a lien or charge upon the above described property prior[o the lien or charge of the agreement first above mentioned and provided tha[Beneficiary will specifically and unconditionally subordinate the lien of charge of the agreement first above mentioned to the lien or charge of the deed of trust in favor of Lender,and WHEREAS, it is to the mumal benefits of the parties hereto that Lender make such loan to Owner;and Beneticiary is willing ihai ihe deed u� trust securing the same shall, when recorded,constirute a lien or charge upon said land which is unconditionally prior and superior«>the lien or charge of the agreement first above men[ioned. NOW, THEREFORE, In considera[ion of the mutual benefits accruing to the parties hereto and other vaivahle consideration. the receip�and su�ciency of which consideration is hereby acknowledged,and in order to induce Lender to make the loxn xbove referred «i. it is hercby declared�understood and agreed as foliows: (1) That said deed of trust securing said note in favor of Lender,and any renewals or extensions thereof, shall unconditionally be and remain at all times a lien or charge on the property therein described,prior and superior to the lien or charge of the agreement first above mentioned. (2) That Lender would not make its loan above described without this subordination agreement. (3) That this agreement shall be the whole and only agreement with regard to the subordination of the lien or charge of the agreement first above mentioned to the lien or charge of the deed of trust in favor Lender above referred to and shall supersede and cancel,but onty insofar as would affect the priority between the agreement hereinbefore specificalty described, any prior agreement as to such subordination including,but not limited to,those provisions, if any,contained in [he agreement first above mentioned, which provide for the subordination of the lien or charge[hereof to another deed or � • . deeds of trust or to another mortgage or mortgages. Beneficiary declares,agrees,and acknowledges that (a) He consents[o and approves(n all provisions of the note xnd deed of trust in favor of Lender above referred ro,and(II) all agreements, including but not limited to any loan or escrow agreements,between Owner and Lender for the disbursement of the proceeds of Lender's loan; (b) Lender in making disbursements pursuant to any such agreement is under no obligation or dury to, nor has Lender represented that it will,see to the application of such proceeds by the person or persons ro whom Lender disburses such proceeds and any application or use of such proceeds for purposes other than those provided for in such agreemen[or agreemena shall not defeat the subordination herein made in whole or in parr, (c) He intentionally and unconditionally waives, relinquishes�ind�ubordin�ces ehe iien nr chartr��(ilic :i�'rr�'iii�'ni �"`i .'i"'" mentioned in favor of the lien or eharge upon sxid land of die dc�d uf irutii ui �:i�� Lcn�l�i .�b��c iciei��i i��.�� understands that in reliance upon,and in consideration of this waiver, relinyuishment and suhnrdination tirecific k�an�.ind advances are being and will be made and,as part of parcel[hereof, specihc monetxry and other obligations are being and will be entered in[o which would not be made or entered inro which would not he made or entered into but for�aid reliance upon this waiver, relinquishment and subordination;and (d) An endorsement has been placed upon the note secured by the agreement first above mentioned Uiat said agreement has by this instrument been subordinated to the lien or charge of[he deed of wst in favor of Lender above referred to. NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN,A PORTION OF WHICH MAY BE EXPENDED FOR OTIIER PURPOSES THAN IMPROVEMENT OF THE LAND. BENEFICIARY O W NER (ALL SIGNATURES MUST BE ACKNOWLEDGED BY A NOTARY PUBLIC) STATE OF: • COUNTY OF: � I a in and for said counry and state,hereby certify that who is the of the Ciry of Cape Girardeau, is signed to the foregoing document and that being informed of the contents, (s)he voluntarily executed the same. [Seal) My Commission expires: Date: STATE OF: • COUNTY OF: • a in and for the I, counry and state, hereby certify[hat whose names are signed[o[he foregoing instrument,and who is known to me,acknowledged before me on this date that,being informed of the contents of this instrument, they volontarily executed the same. [Seal] My commission expires: Date: