HomeMy WebLinkAbout~Master - Subordination of mortgage lien for 916 First Street, Nevada 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. 02-607
RESOLUTION APPROVING REQUEST TO SUBORDINATE
SECOND MORTGAGE LIEN FOR
PROPERTY LOCATED AT 916 FIRST STREET,NEVADA,IOWA
FOR THE CITY OF AMES,IOWA
WHEREAS, in July 2001, Jesse and Elizabeth Tibodeau were participants in the Ames/Story County
Partnership(ASCP)Affordable Housing Program to help low and moderate first-time home buyers purchase single-
family homes in eight participating cities in Story County; and,
WHEREAS,they are requesting the City,on behalf of the ASCP,subordinate the second mortgage lien on
their single-family home at 916 First Street, in Nevada,Iowa; and,
WHEREAS, in order for the City's 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,First National Bank is refinancing the property and has approved a mortgage loan in the amount
of$79,700, plus the second mortgage balance of$15,181—making the total indebtedness against the property
$94,881; and,
WHEREAS,the property has been appraised at$101,000,and the City Assessor's tax assessment value of
the property is $85,500; and,
WHEREAS,the property was sold under the program for$98,500; and,
WHEREAS,City Staff recommends that the City,on behalf of the ASCP,subordinate the second mortgage
lien position.
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 property located at 916 First Street,Nevada,Iowa,is hereby approved.
ADOPTED THIS 10t1i day of December,2002.
Diane R.Voss, City Clerk Ted Tedesco,Mayor
Introduced by: Goodhue
Seconded by: Hoffman
Voting aye: Cross, Goodhue,Hoffman, Quirmbach,Vegge,Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 10t'day of December, 2002.