MEMORANDUM
Planning and Development Services Department
TO: David L. Corliss, City Manager
FROM: Margene K. Swarts, Assistant Director, Development Services
CC: Scott McCullough, Director, Planning and Development Services
DATE: October 7, 2009
RE: Subordination Agreement
The Community Development Division received a request for a Subordination Agreement for two liens the City holds for a loan recipient. The information regarding the request follows:
In 2001 and 2004, Elizabeth Patrick, 2734 Bonanza, participated in the First Time Homebuyer and Emergency Loan Programs. In order to participate in the programs, the owner was required to sign a mortgage and mortgage note to protect the City’s interest in the property. Ms. Patrick wishes to acquire an additional line of credit and in order to do so, the City must subordinate both liens to the new loan with Capital Federal Savings. The City’s interest will be protected and staff recommends approval.
The City Clerk will have the documents for the Mayor's signature. If you have further questions, please let me know.