HomeMy WebLinkAboutResolution 2672 Authorizing execution of subordination agreement - Gnehm: 9-14-87
_c_-
.... "
~.
RESOLUTION NO. 2672
A RESOLUTION OF THE CITY COMMISSION OF BOZF.~AN, MONTANA
AUTHORIZING THE MAYOR TO EXECUTE A SUBORDINATION
AGREEMENT FOR CATHERINE GNEHM TRUST INDENTURE.
WHEREAS, on October 8, 1986, a Trust Indenture agreement
was
executed by Catherine Gnehm as Grantor with the City of Bozeman
being the beneficiary and American Land Title being the Trustee;
WHEREAS, under the terms of said agreement, Catherine Gnehm
received THIRTEEN THOUSAND ONE HUNDRED DOLLARS ($13,100.00)
from
the City of Bozeman under a Horne Improvement Loan Program; and,
WHEREAS, Catherine Gnehm desires to obtain refinancing
through First Security Bank of Bozeman, a Montana corporation;
and,
WHEREAS, Catherine Gnehm agrees to comply with the terms of
said Trust Indenture; and,
{IJHEREAS, the subordination of the Trust Indenture does not
violate the terms of the Home Improvement Program;
NOW THEREFORE BE IT RESOLVED by the City Commission of
Bozeman, Montana, that the Mayor is hereby authorized to sign
said subordination agreement.
PASSED AND ADOPTED by the City Commission of the City of
Bozeman this 14th day of September ,
1987.
ATTEST:
(?~ rZ Jl&~
Robin L. Sullivan
Clerk of the Commission
~~:
City Attorney
--------....-.--- ... ...--
,;~.- "', --...-.---
..
SUBORDINATION AGREEMENT
WHEREAS: Catherine A. Gnehm hereinafter
designated the owners, are the owners of the folowing described real
property situated in the County of Gallatin , State of Montana,
to-wit:
Lots 6 and 7 in Block 50 in the Northern Pacific Addition
to the City of Bozeman, Gallatin County, Montana, according
to the official plat thereof on file and of record in the
office of the County Clerk and Recorder of Gallatin County,
Montana.
and
WHEREAS: The said owners have made application for a loan in the
amount of $21,400.00 from First Security Bank of Bozeman, hereinafter
designated the lender, to be evidenced by a promissory note and secured
by a trust deed or mortgage which shall be a first lien on the real
property above described, and said application is for a refinance
of existing debt only with no cash to borrower.
WHEREAS: The undersigned City of Bozeman, a Municiple Corporation
hereinafter designated the undersigned, have an interest in or lien
upon the real property above described as follows:
(MORTGAGE)
or Montana
Trust Indenture As mortgagees under a Montana Trust Indenture or
mortgage dated October 8, 1986 and recorded
October 9, 1986 at 3:48 P.M. in Film 94, Page 926,
records of Gallatin County, Montana.
NOW THEREFORE, In order to permit the said owners to borrow said
sum from said lender and secure the same by a trust deed of first
mortgage on the real property hereinbefore described, and in order
to induce the said lender to make said loan to the said owners, the
undersigned, for themselves and their heirs, representatives, successors
and assigns, do hereby agree that all of their rights, title, lien
and interest in, to and upon the real property hereinbefore described
as hereinabove specified, shall be subject to and subordinated to
the said trust deed or mortgage and that said trust deed or mortgage
in favor of or for the benefit of the lender and his assigns dated
, and recorded on this day of ,
19_, at , in Film , Page , Mortgage Record
in Gallatin County, Montana, shall be a first and prior lien on the
property above described, superior to any right, title, lien of interest
of the undersigned.
IN WITNESS WHEREOF, we have hereunto set our hands and seals on this
day of September , 19~. CITY OF BOZEMAN, a Municiple Corporation
," ... //
",.../, /' ~ ". ,/' /'~~ ~/ I/"./~!'~
BY: ,/(/,<, / t:. j' /':;.// _ ", ~,.r: /-
State of Montana AL?Eti M. StIFF" Ma'yor ~ot" /,/
County of Gallatin
Personally appeared the above named Alfred M. Stiff. Mayor Protem~~and
acknowledge the foregoing instrument to be a voluntary act and deed.
--