HomeMy WebLinkAbout~Master - Subordination of mortgage lien for 1819 Third 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. 03-061
RESOLUTION APPROVING REQUEST TO SUBORDINATE
SECOND MORTGAGE LIEN FOR
PROPERTY LOCATED AT 1819 THIRD STREET,NEVADA, IOWA
IN CONNECTION WITH AMES/STORY COUNTY PARTNERSHIP
AFFORDABLE HOUSING PROGRAM
FOR THE CITY OF AMES,IOWA
WHEREAS, in March 2002, Matt and Becky Vermillion 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 the eight participating cities in Story County; and,
WHEREAS,they are requesting the City, on behalf of the ASCP, to subordinate the second mortgage lien on
their single-family home at 1819 Third Street in Nevada; 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 that is refinancing the property has approved a mortgage loan in the amount of$89,000
plus the second mortgage of$17,541, and the property has been appraised at $110,000; and,
WHEREAS, the property was sold under the program for $110,000; and,
WHEREAS, City Staff 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 1819 Third Street,Nevada, Iowa, is hereby approved.
ADOPTED THIS 25'h day of February, 2003.
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Goodhue
Seconded by: Hoffman
Voting aye: Goodhue, Hoffman, Mahayni, Vegge, Wirth
Voting nay: None Absent: Cross
Resolution declared adopted and signed by the Mayor this 25`h day of February, 2003.