HomeMy WebLinkAbout~Master - Release of Mortgage for 911 Maxwell Avenue 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. 01-524
RESOLUTION APPROVING RELEASE OF
REAL ESTATE MORTGAGE FOR
PROPERTY LOCATED AT 911 MAXWELL AVENUE
FOR THE CITY OF AMES,IOWA
WHEREAS, in July 1984, Catherine and Marion Ellis were participants in the City's
"CDBG" Housing Rehabilitation Affordable Housing Program, and through this program, low-
income homeowners received a 10-year deferred forgivable loan to help rehabilitate their existing
single-family homes; and,
WHEREAS,to receive financial assistance,the Ellis' signed a second mortgage agreement
with the City that,if the property was sold,rented, or unoccupied within the first year, 100%of the
loan would become due; and,
WHEREAS,Catherine and Marion Ellis have met their 10-year commitment,however,one
of the mortgage liens did not get released; and,
WHEREAS,City staff is requesting that the City Council authorize the release of the deferred
real estate mortgage so that the lien recorded by the City against the above property can be released.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the release of real estate mortgage for property located at 911 Maxwell Avenue in connection
with the City's"CDBG"Housing Rehabilitation Affordable Housing Program is hereby approved.
ADOPTED THIS 27th day of November, 2001.
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Diane R.Voss,City Clerk Ted Tedesco,Mayor
Introduced by: Hoffman
Seconded by: Wirth
Voting aye: Campbell, Cross, Goodhue, Hoffman, Quirmbach, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 27`h day of November, 2001.