HomeMy WebLinkAboutResolution 2679 Authorizing execution of subordination agreement - Blevins/Kurland: 9-28-87
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RESOLUTION NO. 2679
A RESOLUTION OF THE CITY COMMISSION OF BOZEMAN, MONTANA
AUTHORIZING THE MAYOR TO EXECUTE A SUBORDINATION
AGREEMENT FOR RICK BLEVINS AND SID KURLAND
WHEREAS, on June 19, 1987, a Trust Indenture agreement was
executed by Rick Blevins and Sid Kurland as Grantors with the
City of Bozeman being the beneficiary and Bruce Becker being the
Trustee on the following described property;
All that part of one acre, Lot 6, Beall's Addition to the
City of Bozeman, Gallatin County, Montana, recorded December
3, 1986, 3:44 P.M., Film 95, Page 67 at the Office of the
Gallatin County Clerk and Recorder.
WHEREAS, under the terms of said agreement, Grantors
received FIVE THOUSAND DOLLARS ($5,000.00) from the City of
Bozema~ under a Home Improvement Loan program; and,
WHEREAS, Grantors desire to obtain refinancing through
Western Federal Savings & Loan Association of Montana, a Montana
Corporation; and,
WHEREAS, Grantors agree to comply with the terms of said
Trust Indenture; and,
WHEREAS, the subordination of the Trust Indenture does not
violate the terms of the Home Improvement Loan program; and,
WHEREAS, said loan may be forgivable according to the terms
of the Trust Indenture on the 10th anniversary of the loan if the
rehabilitated property is neither sold nor transferred by
Grantors;
NOW THEREFORE BE IT RESOLVED by the City Commission of the
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 28th day of September ,
1987.
ATTEST: ~at~~r
r?~ 01 ~~
Robin L. Sullivan
Clerk of the Commission
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SUBORDINATION AGREEMENT
WHEREAS: Rick Blevins and Sid Kurland hereinafter designateded the owners,
are the owners of the following described real property situated in the County
of Gallatin, State of Montana. to-wit:
All that part of one acre. Lot 6. Beall's Addition to the City of
Bozeman. Gallatin County. Montana. recorded December 3. 1986. 3:44 P.M..
Film 95. Page 67 at the Office of the Gallatin County Clerk and Recorder.
and
WHEREAS: The said owners have made application for a loan in the amount of
$23.000.00 from Western Federal Savings and Loan Association of Montana.
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 Municipal 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 mortgages under a Montana Trust Indenture or mortgage
dated June 19. 1987 and recorded August 5. 1987 at 11:02 A.M. in Film
98.
Page 1508. 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 inorder 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 . M.
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 28thday
of Sept:pmhpr . 19.a.:z.
CITY
OF BOZEMAN. a Municipal
Corporation
BY:~
A. ~
Ju
th A. Mathre. Mayor
ATTEST:
f?~ ~2~
Clerk of the Commission
State of Montana )
: ss.
Gallatin County )
On this 28th day of SPDtPmhp.r . 1987. before me the undersigned. a
Notary Public for the State of Montana. personally appeared Judith A. Mathre.
known to me to be the Mayor of the City of Bozeman and Robin L. Sullivan. known
to me to be the Clerk of the Commission of the City of Bozeman. who did execute
the within instrument. and acknowledged the foregoing instrument to be a
voluntary act an deed.
Publi
Mon Residing at Bozeman.
My Commission expires: 08/04/89
SEAL