HomeMy WebLinkAbout~Master - Mortgage lien for 1128 Stafford 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. 03-168
RESOLUTION APPROVING REQUEST TO SUBORDINATE
SECOND MORTGAGE LIEN FOR
PROPERTY LOCATED AT 1128 STAFFORD AVENUE
FOR THE CITY OF AMES, IOWA
WHEREAS, in June 2001, Justin and Laurel Eccles 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,they are requesting the City, on behalf of the ASCP,to subordinate the second mortgage
lien on their single-family home at 1128 Stafford Avenue; 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
$69,500.00, plus the ASCP second mortgage of$12,076.96, which makes the total indebtedness again the
property$81,576.96; and,
WHEREAS,the property has been appraised at$91,000; and,
WHEREAS,the property was purchased under the program for$83,000; and,
WHEREAS, City Staff recommends that the City, on behalf of the ASP, 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 City's second mortgage lien for property located at 1128 Stafford Avenue is hereby
approved.
ADOPTED THIS 13th day of May, 2003.
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Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Cross
Seconded by: Goodhue
Voting aye: Cross, Goodhue, Hoffman, Mahayni, Vegge, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 13th day of May, 2003.