Loading...
HomeMy WebLinkAbout1995-03-27 95-156 ORDERCOUNCIL ACTION _ Item No. - 95•r56 Date March 27 1995 Item/Subject: Authorizing Execution of Municipal Quitclaim Deed -- Real Estate Located at 915 Union Street Responsible Department: Legal This Order would authorize execution of a Municipal Quitclaim Deed to U.S. Trust Company of Boston, Massachusetts, as redeeming mortgage holder of property owned by the N 4 T Westgate Trust. The deed would release the City's tax title to the Westgate Mall property located at 915 Union Street. The City holds tax title to the property by virtue of a 1993 tax lien certificate recorded in Book 5345, Page 20, Penobscot Registry of Deeds. On March 10, 1995, U.S. Trust Company made final payment of the 1993 taxes, lien charges and interest_ FY 1994 and 1995 taxes, lien chargee and interest in the amount of approximately $149,500 remain unpaid. Manager's Comments: (cont'd on next page) �n ' °I' Department Head City Manager Associated Information: Order, aadvAt Somm4T Budget Approval: Finance Director Legal Approval: City So1rc'tor Introduced For CONSENT AGENDA X Passage First Reading Referral Page I of 3 95-156 Aropud to Commaor Woodcock March 27, 1995 CITY OF BANGOR /p Authorizing Execution of Municipal Quitclaim W(TIU) rbM-..... _... _........ _.._ _............. ...._. Deed -- Real Estate Located at 915 Union Street By the City CONWO of the Olt NBaW .' ORDMU 0r TAT John puartararo, Finance Director, is hereby authorized, on behalf of the City of Bangor, to execute a Municipal Quitclaim Deed releasing any interest the City may have in the real .estate located at 915 Union Street in said Bangor by virtue of a _ undischarged municipal tax lien assessed against the above- described property for tax year 1993. Said deed shall be directed to U.S. Trust Company of Boston, Massachusetts, as redeeming mortgage holder. Said deed shall be in a form approved by the City Solicitor. IN CITY COUNCIL March 27, 1995 Motion to m o New Business Notion Passed Read under New Business Ordom - Passed yay 95-156 O RDLR Title, Authorising Execution of Nunicl 1 Quitclaim Deed - Real Estate tcostsd'a� D�5'ffiiw street. .......iSml .W(l0T ..P.0 c,ililmm .an . Counc. 95-156 The City's lien claims arising out of the PY 1994 and PY 1995 taxes will not be released by this Order or the deed to be given under this Order. U.S. Trust Company was not given notice as mortgage holder of the original filing of the City's MY 1993 tax lien. under 36 MRS& S 943, therefore, U.S. Trust Company was entitled to a separate 90 day redemption period from the date it received actual notice of filing of the City's 1993 tax lien. U.S. Trust Company wag sent the statutory "Notice of Impending Foreclosure" on December 9, 1994, reved the notice on December 12, 1994 and tendered final paymentof1993 taxes, lien chargee and interest on March 10, 1995, the 88th calendar day following its receipt of that notice. Payment was posted to the account on Tuesday, March 14th. At the time of the payment by U.S. Trust Company, N s J Westgate Trust was in default of a tax workout agreement dated December 5, 1994, having missed weekly payments due in January and February, 1995. The Trust's separate redemption rights, which otherwise would have been extended by the workout agreement, therefore - expired as of December 9, 1994, the tax lien foreclosure date for the 1993 lien. Accordingly, the City's deed will be directed to U.S. Trust Company as redeeming mortgage holder. .