MEMORANDUM
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: September 26, 2012
RE: Subordination Agreement
The Community Development Division received a request for Subordination Agreements for two liens the City holds for a loan recipient. The information regarding the request follows:
In 1998 and 2009, Donna Logan, 1603 Wedgewood Drive, participated in the City’s First Time Homebuyer and Emergency Loan programs respectively. In order to participate in the programs, she was required to sign a mortgage and mortgage note to protect the City’s interest in the property. Ms. Logan wishes to refinance the primary mortgage on the property and in order to do so the City must subordinate the liens to the new loan with Capitol Federal Savings Bank. The City’s interest will be protected and staff recommends approval.
The City Clerk will have the documents for the Mayor's signature. If you have further questions, please let me know.