Memorandum

City of Lawrence

Planning and Development Services

TO:	Diane Stoddard, Interim City Manager
FROM:	Danelle Dresslar, Community Development Manager, Planning and Development Services
CC:	Scott McCullough, Director, Planning and Development Services
DATE:	September 25, 2015
RE:	Mortgage Subordination

Background:

The following individual participated in a Community Development Division loan program.

1. Ronald P. Hayes, 1215 New Jersey St., participated in the Emergency Loan Program in 2009.

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.  He wishes to do a modification to a primary mortgage on the property; in order to do so the City must subordinate the lien to the loan with Central National Bank.

Staff Recommendation:

The City’s interest will be protected and staff recommends approval. 

Action:

Authorize the Mayor to sign a Subordination Agreement for Ronald P. Hayes, 1215 New Jersey St., if appropriate.

The City Clerk will have the document ready for the Mayor's signature.  If you have further questions, please let me know.