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Home My WebLink About~Master - Mortgage lien for 2238 10th Street Place, Nevada, Iowa DO NOT WRITE IN THE SPACE ABOVE THIS LINE,RESERVED FOR RECORDER Prepared by:Diane R.Voss,Ames City Clerk,515 Clark,Ames,IA 50010 Phone:515/239-5105 RESOLUTION NO.01-354 RESOLUTION APPROVING REQUEST TO SUBORDINATE THE SECOND MORTGAGE LIEN FOR THE PROPERTY LOCATED AT 2238 TENTH STREET PLACE,NEVADA,IOWA, IN CONNECTION WITH THE AMES/STORY COUNTY PARTNERSHIP AFFORDABLE HOUSING PROGRAM WHEREAS, in May 2000, Jason and Erika Choate were participants in the Ames/Story County Partnership (ASCP)Affordable Housing Program to help low-and moderate-income first-time home buyers purchase single-family homes in eight participating cities in Story County; and, WHEREAS, the Choates are now requesting that the City, on behalf of the ASCP, subordinate the second mortgage lien on their home at 2238 Tenth Street Place in Nevada,Iowa; and, WHEREAS,in order for the second mortgage to be secure,the value of the property must be equal to or greater than all outstanding debts so that all debts can be repaid in the event of a sale or default on a mortgage;and, WHEREAS,the second mortgage is in the form of a 12-year 2%low-interest loan;and, WHEREAS, if the property is sold, transferred, abandoned, or rented within a one-to three-year period, the recapture payment is 8%of the sales price(original purchase price under the Program);and, WHEREAS,State Bank&Trust,who is re-financing the property,has approved a mortgage loan in the amount of$96,800 plus the second mortgage of$12,519 makes the total indebtedness against the property$109,319;and, WHEREAS, the property has been appraised at $121,000, and the City/County Assessor has the property assessed for tax purposes at$122,500. NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Ames,Iowa, that the request to subordinate the second mortgage lien for the property located at 2238 Tenth Street Place,Nevada,Iowa,in connection with the Ames/Story County Partnership Affordable Housing Program is hereby approved. ADOPTED THIS 14th day of August,2001. d& Diane R.Voss,City Clerk Ted Tedesco,Mayor Introduced by: Cross Seconded by: Hoffinan Voting aye: Campbell,Cross,Goodhue,Hoffman,Quirmbach,Wirth Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 14th day of August,2001.