HomeMy WebLinkAbout2015-889-11/16/2015 Prepared by Kelley Felchle, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323 .
RESOLUTION NO. 2015-889
RESOLUTION APPROVING A SUBORDINATION
, . AGREEMENT IN CONSIDERATION FOR THE SUM OF ONE
DOLLAR ($1 . 00) AND OTHER GOOD AND VALUABLE
CONSIDERATION THE LIEN OF THE CITY OF
WATERLOO' S MORTGAGE WITH GRAND INVESTMENTS,
LLC 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 45 WEST
JEFFERSON STREET; AND AUTHORIZE THE MAYOR TO
EXECUTE SAID AGREEMENT-.
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF WATERLOO, IOWA,
that the Subordination Agreement, dated November 16, 2015 between
U. S. Bank National Association and the City of Waterloo, Iowa,
for the sum of one dollar ($1 . 00) and other good and valuable
consideration, that the lien of the City of Waterloo' s mortgage
with Grand Investments, LLC, to the lien 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 45 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.
PASSED AND ADOPTED this 16th day of November 2015 .
Ernest G. Clark, Mayor
ATTEST:
ter,
7
Suzy S hares, CMC
City Clerk