HomeMy WebLinkAbout[05g] Subordination Agreement
Council Agenda Item 5g
MEETING DATE: August 5, 2019
AGENDA ITEM: Subordination Agreement Transfer
SUBMITTED BY: Finance
BOARD/COMMISSION/COMMITTEE RECOMMENDATION: None
PREVIOUS COUNCIL ACTION: Council accepted MN Small Cities Housing Rehab grant from
DEED and contracted with Central MN Housing Partnership to administer the grant.
BACKGROUND INFORMATION: The 2018 housing grant award is in process with three homes
completed. One of the homeowners is refinancing their home and is requesting to send the subordination
agreement for the housing grant liens to the new bank. Upon council approval, staff will forward the
agreement.
BUDGET/FISCAL IMPACT: none
ATTACHMENTS: Request for Council Action – Subordination Agreement Transfer
Subordination Request
Legal Description
Subordination Agreement
REQUESTED COUNCIL ACTION: Approve transfer of subordination agreement.
EXHIBIT 'A'
Lot 4, Block 2, Cloverdale Estates 3rd Addition, Stearns County, Minnesota.
A.P.N. 84.53475.0020
File No: 1524046
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