Memorandum
City of Lawrence
Planning and Development Services
TO: |
David L. Corliss, City Manager |
FROM: |
Danelle Dresslar, Community Development Manager, Planning and Development Services |
CC: |
Scott McCullough, Director, Planning and Development Services |
DATE: |
June 19, 2014 |
RE: |
Mortgage Subordination |
Background:
The following individuals participated in a Community Development Division loan program.
1) Jerod Ryan Gregg and Stacy L. Wall, 1243 Prospect Avenue, participated in the HOOT Program in 2001.
In order to participate in the program, they were required to sign a mortgage and mortgage note to protect the City’s interest in the property. Mr. Gregg and Ms. Wall wish to finance a primary mortgage on the property. In order to do so the City must subordinate the lien to the loan with Landmark National Bank.
Staff Recommendation:
The City’s interest will be protected and staff recommends approval.
Action:
Approve the mortgage Subordination Agreement for Jerod Ryan Gregg and Stacy L. Wall, 1243 Prospect Avenue, if appropriate.
The City Clerk will have the document ready for the Mayor's signature. If you have further questions, please let me know.