HomeMy WebLinkAbout[04e] Subordination Agreement Transfer
Council Agenda Item 4e
MEETING DATE: January 6, 2020
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 2013 housing grant award was completed in 2016. One of
the homeowners is refinancing their home and is requesting to send the subordination agreement for the
housing grant liens to the new financial institution. Upon council approval, staff will forward the
agreement. The balance due on the forgivable loan is $3,417.00 as of 11/27/19.
BUDGET/FISCAL IMPACT: none
ATTACHMENTS: Request for Council Action – Subordination Agreement Transfer
Subordination Request
Subordination Agreement
REQUESTED COUNCIL ACTION: Consider transfer of subordination agreement.
SUBORDINATION AGREEMENT
Loan No: 3441294783
20
January6
This Agreement is made this ____________________, 20____ by City of St. Joseph, whose address
75CallawayStE,St.Joseph,MN56374
is______________________________________________________________________(the "Lienholder").
WHEREAS the Lienholder is the holder of a mortgage/deed of trust/lien in the principal amount of
$11,960.00 executed by Loren R. Notsch, a single person dated March 19, 2014 and
recorded on May 20, 2014, in Instrument A1443869, in the records of Stearns County
covering the property commonly known as 27 4th Avenue Southeast, Saint Joseph, MN 56374 (the
Situated in the County of Stearns, State of MN:
LOT ONE (1), BLOCK FOUR (4), OF EASTERN PARK ADDITION, VILLAGE OF ST. JOSEPH,
STEARNS COUNTY, MINNESOTA
Tax ID No.: 84.53515.0000
WHEREAS Quicken Loans Inc. intends to make a loan to the Borrower in a principal amount not to exceed
$117,829.00 and dated on or about ____________________, 20____ to be secured by a mortgage/deed of
trust granted to Mortgage Electronic Registration Systems Inc., as nominee for Quicken Loans Inc., its
successors and or assigns, covering t
WHEREAS Quicken Loans Inc.
subordinate
WHEREAS
NOW, THEREFORE, it is agreed that in consideration of one dollar and other good and valuable
consideration, the adequacy and receipt of which is hereby acknowledged, Lienholder agrees to
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Loan No: 3441294783
Witnesses: Lienholder Signature:
Signature ____________________________ ______________________________________
Lienholder: City of St. Joseph
KrisAmbuehl
Printed Name _________________________
RickSchultz
Printed Name ___________________________
Signature ____________________________
Mayor
Title ___________________________________
LoriBartlett
Printed Name _________________________
Minnesota
STATE OF _____________________)
ss
Stearns
COUNTY OF ___________________)
KaylaKlein
20
January6
On ____________________, 20____ before me, __________________________________(Notary
RickSchultz
Name), personally appeared ____________________________________________(Lienholder
Representative), personally known to me (or proved to me on the basis of satisfactory evidence) to be the
person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that
he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their
signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted,
executed the instrument.
_______________________________________(Notary Signature)
Stearns
Stearns
Notary Public, County of ___________, Acting in ___________ County.
Minnesota
State of __________________
My commission expires ____________________.
This instrument drafted by and after recording return to:
Jenna LeBoeuf
Quicken Loans Inc.
Subordination Dept.
615 W. Lafayette
Detroit, MI 48226
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