HomeMy WebLinkAbout2002-428-07.08.2002 a td b" a ra
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c' fE s 'Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
0 ,Steer L Waterloo, Iowa.
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EH 0 `7 H RESOLUTION NO. 2002-428
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H RESOLUTION APPROVING REQUEST OF WAYNE NATHEM
0 C o 11 TO EXTEND CONTRACT PURCHASE BALLOON PAYMENT
• cis n >l n n TO DECEMBER 31, 2004, FOR PURCHASE OF
cA PROPERTY LOCATED AT 607 DEARBORN AVENUE IN
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0 ` WHEREAS, on April 12, 1999, the Council of the City of
oo Water.loo, Iowa approved a Loan Agreement with Wayne Nathem, and
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`7., 'WHEREAS, said Loan Agreement authorized a loan in the amount
Hof $57, 350 . 00, with a $15, 000. 00 down payment and $600 . 00 per
month payments for 36 months with a final balloon payment at the
end of three years, and
WHEREAS, as a condition of said Loan Agreement, Wayne
Nathem. agreed to pay the principal and all accrued interest on
June 30, 2002, and
WHEREAS, Wayne Nathem has requested that the contract
purchase balloon payment be extended to December 31, 2004 .
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE COUNCIL OF THE
CITY OF WATERLOO, IOWA, that the request of Wayne Nathem to
extend contract purchase balloon payment to December 31, 2004,
and to continue $600. 00 monthly payments at an interest rate of
6. 38% with principal and all accrued interest due on December 31,
2004, be and the same are hereby approved.
PASSED AND ADOPTED this 8th day of July, 2002 .
John R. Ro f, Mayor
ATTEST:
Nancy Ecker , City Clerk