HomeMy WebLinkAbout2002-290-05.20.2002 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
RESOLUTION NO. 2002-290
RESOLUTION APPROVING RELEASE OF REAL ESTATE
MORTGAGE FOR JOSEPH AND ARDYS SQUIRES FOR
PROPERTY GENERALLY LOCATED AT 722 WATER
STREET, FOR PAYMENT OF PROMISSORY NOTE IN
CONJUNCTION WITH ECONOMIC DEVELOPMENT LOAN AND
DIRECTING EXECUTION OF SAID RELEASE OF REAL
ESTATE MORTGAGE BY MAYOR.
WHEREAS, Joseph and Ardys Squires have paid the
remaining balance of the Promissory Note and Mortgage in
conjunction with the Economic Development Loan for the
following described property:
That part of the fractional block opposite Block
No. Two (2) in the original plat, on the East Side
of the Cedar River, in the City of Waterloo, Black
Hawk County, Iowa, being in Government Lot No. Four
(4) , in the Northwest Quarter of Section No.
Twenty-five (25) , Township No. Eighty-nine (89)
North, Range No. Thirteen (13) West of the Fifth
Principal Meridian, described as follows:
Beginning at the point of intersection of the
Southwesterly line of Water Street with the
Southwesterly extension of the Northwesterly line of
Sixth Street; thence Northwesterly along the
Southwesterly line of Water Street Three Hundred
(300) feet to the Southeasterly line of East Fifth
Street as now established, which line is also the
extended Northwesterly line of said Block No. Two
(2) ; thence Southwesterly along the Southeasterly
line of East Fifth Street to the Northeasterly line
of the Cedar River as established by the River Front
Improvement Commission; thence Southeasterly along
said Northeasterly line to a point that is Fifteen
(15) feet (arc length) Westerly from the point of
intersection of said Northeasterly line with a line
that is perpendicular to the Southwesterly line of
Water Street at a point that is One Hundred Fifty
(150) feet Northwesterly from the point of
beginning; thence South 42° West perpendicular to
the Southwesterly line of Water Street a distance of
Six and Ninety-nine Hundredths (6. 99) feet; thence
South 50°26' 16" East Forty-seven and Eighty-six
Hundredths (47. 86) feet; thence North 83°6' 6" East
Thirteen and Fifty-nine Hundredths (13. 59) feet to
said Northeasterly line of the Cedar River; thence
Southeasterly along said Northeasterly line to the
point of intersection with a line that is
perpendicular to the Southwesterly line of Water
Street a point Eighty (80) feet Northwesterly from
the point of beginning; thence South 42° West
perpendicular to the Southwesterly line of Water
Street a distance of One and Sixth-tenths (1 . 6)
feet; thence South 50°9' 53" East Eighty and Twenty-
four Hundredths (80.24) feet to the Southwesterly
extension of the Northwesterly line of East Sixth
Street; thence North 41°55' 10" East along said
Southwesterly extension a distance of One Hundred
Twelve and Eight Hundredths (112. 08) feet to the
point of beginning, all in the City of Waterloo,
Black Hawk County, Iowa.
tiZFI FN*41gign No . 2002-290
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!-,1\tbw, ,7:41-IEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE
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GITY QF WATERLOO, IOWA, that the Release of Real Estate
-.•Mortga, • dated May 20, for payment of Promissory Note in
t--:67onirip-I6tion with Economic Development Loan, by and between
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Jo$eph'z and- Ardys Squires, for property generally located at
722 W4‘et, Street, be and the same is hereby approved and the
0 Mayor thithOrized to execute the same in behalf of the City of
t1.6oIowa.
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co PASSED AND ADOPTED this 20th day of May, 2002.
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co Es Es E-4 John • . •oo, f, Mayor
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Nan y Ecker6 City Clerk