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: June 9, 2010
RE: Subordination Agreement
The Community Development Division received a request for a Subordination Agreement for a lien the City holds for a loan recipient. The information regarding the request follows:
In 1999, Kiley and Mary Bost, 832 Locust, participated in the First Time Homebuyer Loan Program. In order to participate in the program, they were required to sign a mortgage and mortgage note to protect the City’s interest in the property. Mr. and Mrs. Bost wish to refinance a second mortgage on the property and in order to do so the City must subordinate the lien to the new loan with US Bank. The City’s interest will be protected and staff recommends approval.
The City Clerk will have the document for the Mayor's signature. If you have further questions, please let me know.