HomeMy WebLinkAboutResolution 2663 Authorizing execution of subordination agreement - Olenicki: 7-20-87
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RESOLUTION 2663
A RESOLUTION OF THE CITY COMMISSION OF BOZEMAN,
MONTANA, AUTHORIZING THE MAYOR TO EXECUTE A
SUBORDINATION AGREEMENT OF THE THOMAS J. OLENICKI
AND LINDA A. OLENICKI TRUST INDENTURE.
WHEREAS, on April 18, 1986, Two (2) Trust Indenture Agreements
were executed by Thomas J. Olenicki and Linda A. Olenicki as
Grantors with the City of Bozeman, Montana, being the Beneficiary
and Mary Crumbaker-Smith being the Trustee;
WHEREAS, under the terms of the Agreements, Thomas J.
Olenicki and Linda A. Olenicki received both a loan in the
amount of $11,903.00 and a grant of $10,000.00 for the purpose
of necessary rehabilitation of their property located on Lots
11, 12, 13 and 14 of Block 45 of the Northern Pacific Addition
to the City of Bozeman, Montana;
WHEREAS, Thomas J. Olenicki and Linda A. Olenicki desire
to obtain refinandng through Whi tecap International, Inc., whereby
the loan from the City of Bozeman will be satisfied and place
the Olenickis in a better financial position:
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WHEREAS, Whitecap International, Inc., requires a first
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priority position in said property in order to refinance;
WHEREAS, said grant under the terms of the Agreement will
be forgiven on the 4th Anniversary of the Agreement so long as
the rehabilitated property is not sold or transferred to another
party:
WHEREAS, the Olenickis agree to comply with the terms of
the Trust Indenture which secures the grant;
WHEREAS, the subordmai:ion 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 on behalf of the City of Bozeman.
PASSED AND ADOPTED by the City Commission of the City of
Bozeman, Montana, this 20th day of July, 1987.
~~I-~ A.~
JUD ~H A. MATHRE, Mayor
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ATTEST:
~~: oI.1~ ~~O?6'
ROB N L. SULLIVAN !)~ I'
Clerk of the Commission ~ . 7. va?
City Attorn"
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