MEMORANDUM

City of Lawrence

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:           January 11, 2011

RE:              Mortgage Release/Subordination Agreement

The following individual participated in Community Development Division loan programs.  The mortgage provisions have been satisfied and the mortgages should be released.  

1) Elizabeth Patrick, 2734 Bonanza, participated in the First Time Homebuyer and Emergency Loan Programs in 2001 and 2004.   

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 1996, Marilyn Figuieras, 2044 Emerald Drive, participated in the City’s Comprehensive Rehabilitation Loan Program.  In order to participate in the program, she was required to sign a mortgage and mortgage note to protect the City’s interest in the property.  Ms. Figuieras wishes to refinance the primary mortgage on the property and in order to do so the City must subordinate the lien to the new loan with Bank of America NA.  The City’s interest will be protected and staff recommends approval.

The City Clerk will have these documents ready for the Mayor's signature.  If you have further questions, please let me know.