HomeMy WebLinkAbout2024-159-03.18.2024Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2024-159
RESOLUTION APPROVING A SUBORDINATION
AGREEMENT WITH GRAND INVESTMENTS, LLC FOR THE
BENEFIT OF ARBOR COMMERCIAL FUNDING I, LLC, TO
REFINANCE AN EXISTING MORTGAGE DATED MAY 15,
2015, FILED JUNE 3, 2015, UNDER -RECORDED DOCUMENT
NUMBER 2015-19747, AND REPLACE THE CURRENT
SUBORDINATION AGREEMENT FILED OCTOBER 9, 2015,
UNDER -RECORDED DOCUMENT NUMBER 2016-6852, FOR
PROJECTS LOCATED AT 21 AND 45 WEST JEFFERSON
STREET, 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 Grand Investments, LLC for the benefit of Arbor
Commercial Funding I, LLC, to refinance an existing mortgage dated May 15, 2015, filed June
3, 2015, under -recorded document number 2015-19747, and replace the current subordination
agreement filed October 9, 2015, under -recorded document number 2016-6852, for projects
located at 21 and 45 West Jefferson Street, is hereby approved, and the Mayor and City Clerk are
authorized and directed to execute said document on behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 18th day of March 2024.
ATTEST:
Kelley Eelchle
Kelley Felchle, City Clerk
SEAL
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Q aeti-Wz 9 Crt
Quentin Hart, Mayor