HomeMy WebLinkAbout2015-766-9/21/2015 Prepared by Kelley Felchle, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703, (319) -291-4323 .
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RESOLUTION NO. 2015-766
RESOLUTION APPROVING THE SUBORDINATION
AGREEMENT WITH GRAND INVESTMENTS, LLC, IN
CONSIDERATION FOR THE SUM ON ONE DOLLAR
($1 . 00) AND OTHER GOOD AND VALUABLE
CONSIDERATION THE LIEN OF THE CITY OF"
WATERLOO' S MORTGAGE TO THE LIEN OF U. S. BANK
NATIONAL ASSOCIATION,, AND THAT THE LIEN OF
THE SAID MORTGAGE OF U. S . BANK NATIONAL
ASSOCIATION, SHALL BE PRIOR, PARAMOUNT, AND
SUPERIOR TO ANY RIGHT TITLE OF CLAIM TO THE
SAID PREMISES OF THEA CITY OF WATERLOO, AND
AUTHORIZING MAYOR TO SIGN SAID AGREEMENT.
BE IT RESOLVED BY THE COUNCIL OF- THE CITY OF WATERLOO, IOWA,
that the Subordination Agreement, dated September 21, 2015
between Grand Investments, LLC and the City of Waterloo, Iowa,
for the sum on One Dollar ($1 . 00) and other good and valuable
consideration the lien, of the City of. Waterloo ' s mortgage to the
lien of U. S. Bank National Association, and that the lien of the
said mortgage of U. S . Bank National Association, shall be prior,
paramount, and superior to any right title of claim to the said
premises of the City of Waterloo, in conjunction with the Grand
Crossing Project located at 451 West Jefferson Street, is hereby
approved and the Mayor is authorized and directed to execute the
same on behalf of the City of Waterloo, Iowa.
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PASSED AND ADOPTED this 21St day f September 2015 .
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,nest G. Clark, Mayor
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ATTEST:
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Suzy S ares, CMC
City C erk
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