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:           August 31, 2012

RE:              Mortgage Release/Subordination Agreement

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

1) Glenda and Terry Shelby, 741 Locust, participated in the Comprehensive Housing Rehabilitation Loan Program in 1994.

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 2004, Rita Moses, 1721 E. 17^th Street, participated in the City’s First Time Homebuyer 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. Moses 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 University National 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.