HomeMy WebLinkAbout2024-011-01.02.2024Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2024-011
RESOLUTION APPROVING A SUBORDINATION
AGREEMENT WITH FDP WTC, LLC, IN FAVOR OF
RESOURCE BANK, N.A., PERTAINING TO OBLIGATIONS
UNDER A MORTGAGE AGREEMENT DATED AUGUST 23,
2023, IN FAVOR OF THE CHANDLER GROUP, LLC,
PERTAINING TO OBLIGATIONS UNDER A MORTGAGE
AGREEMENT DATED AUGUST 23, 2023, IN FAVOR OF
NOTES ONE TWO THREE, LLC, PERTAINING TO
OBLIGATIONS UNDER A MORTGAGE DATED DECEMBER
28, 2023, AND IN FAVOR OF STATE BANK OF CHERRY,
PERTAINING TO OBLIGATIONS UNDER A MORTGAGE
AGREEMENT DATED NOVEMBER 3, 2023, FOR A PROJECT
LOCATED AT 250 WESTFIELD AVENUE, AND
AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE SAID DOCUMENT.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA
that the Subordination Agreement with FDP WTC, LLC, in favor of Resource Bank, N.A.,
pertaining to obligations under a Mortgage Agreement dated August 23, 2023, in favor of The
Chandler Group, LLC, pertaining to obligations under a Mortgage Agreement dated August 23,
2023, in favor of Notes One Two Three, LLC, pertaining to obligations under a Mortgage dated
December 28, 2023, and in favor of State Bank of Cherry, pertaining to obligations under a
Mortgage Agreement dated November 3, 2023, for a project located at 250 Westfield Avenue,
and authorizing the Mayor and City Clerk to execute said document.
PASSED AND ADOPTED this 2nd day of January 2024.
Querd in 91cri
Quentin Hart, Mayor
ATTEST:
Kelley Feichle
Kelley Felchle, City Clerk
SEAL
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