HomeMy WebLinkAbout~Master - Subordination of mortgage lien for 720 Crestwood Drive, Huxley, 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. 03-050
RESOLUTION APPROVING REQUEST TO SUBORDINATE
SECOND MORTGAGE LIEN FOR
PROPERTY LOCATED AT 720 CRESTWOOD DRIVE,HURLEY,IOWA,
IN CONNECTION WITH THE AMES/STORY COUNTY PARTNERSHIP
AFFORDABLE HOUSING PROGRAM
FOR THE CITY OF AMES,IOWA
WHEREAS,in January 2002,Marge Nerness was a participant 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,she is requesting the City,on behalf ofthe ASCP,to subordinate second mortgage lien on her single-
family home at 720 Crestwood Drive,Huxley,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,the bank financing the property has approved a mortgage loan in the amount of$92,100 plus the
second mortgage of$18,251,the property has been appraised at$123,500, and the County Assessor's tax assessment
value of the property is$116,000; and,
WHEREAS,the property was sold under the program for$116,000; and,
WHEREAS,City Staff,on behalf of ASCP,recommends that the City subordinate its lien positions.
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 720 Crestwood Drive,Huxley,Iowa,is hereby approved.
ADOPTED THIS 11"'day of February,2003.
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Goodhue
Seconded by: Cross
Voting aye: Cross,Goodhue,Hoffinan,Mahayni,Vegge,Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 1 I'day of February,2003.