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:           March 20, 2012

RE:              Mortgage Release/Subordination Agreement

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

1) Rauna Gleason, 821 New Jersey, participated in the Emergency Loan Program in 1999.   

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 2002, Jonathan Willems, 2517 Cimarron Drive, participated in the City’s First Time Homebuyer Loan Program.  In order to participate in the program, he was required to sign a mortgage and mortgage note to protect the City’s interest in the property.  Mr. Willems 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 Peoples Bank.  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.