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Home My WebLink About1993-03-22 93-195 RESOLVEDate 03-22'93 Item No. 9}195 RaSimw, goal of Corearrc m 1 are£er marbgage Assunprias ard FdrtRga SubadUution = Retabil'tetion Item/Subject: r...^, 9 areal 16 Caster Street Avenue I Tuns Responsible Depsrtmant: Commentary: - Mae attached Order taarld mtl cri t1 s City M gpor to execute a lbneast to a arefer Ptrtxprge Assrrgt am Mortgage Sulnxdinattas for a rehebflitetion loan for 'ltre.'1bgsT.Mr rlme and is xelwatias of 9 aist 16 (fit S[ slvenue. 'Rale City's crlgisml action (gee ( 11 w olve 92-398) alxuo¢od the lom to be seouxEfl by a third mortgage on the lard aril butUdisge. As t91e overall loss package has ewlved, oWea of the City's tame¢ and ceditiaa Lave cbargai. Ibever, fret M of a first nortgage If= the redersl. Fame I &mgt of Borbors and a second Mortgage few empsr Savings BaNc, the fisal loan w 1 bave only ore loan fxan Bm Savings Beak. ne a result, Use City x be in second pisdtim . rather than third. Simi the original C.auscil scrims specified 3rd gcsiticn, the attached Rmeolma cares fovaxd W xwogroiva this tecMical. chereie. D",o,mt road Manager's Commend: - I xecmmeM appmval for this tecMical change. - CrY Mvnvger Aasociated Information: (rider, mnsent w'R:arefec, solve 92-398 Budget Approval Fiw ,e Doctor Legal Approval: City solicitor Int uced For Passage First Reading Page _ of _ ❑Referral - EssigneddtchCoaacilor 9ax3 _ 22, 1993 CITY OF BANGOR By the City Couaod of W City of Ba . RESOLVED, YaaaEn.°., t Clty Co A oft City of Bangor t xeviened tte aMliration of Fri of U lbgetLer Place, IK. for a C®nwtity Oauelcpent �illtation lean in the mrount of $27,977 for U xehabilitat on of prcpexties aural by the applfravt a locatai at 9, ami 16 Center Stm Awmve, Bangor, MaLm; aM 6a!¢IafS, it Furs bean deWadred that the applica assts all alfgibility criteria of the Rasitlential F¢tm tatian Loan A.vgram: and WffiR&S, by passage of rm...-v i Freolw 92-398 on August 24, 1992, said application w apprz by the Bangor City C 3A of the City of Balt ; and 6a�d+f5, in oxer m £foolis said appilcation, &hmxd A. Barrett, City Mager for tbo City of a npr, has � a "ConsmR w g a=f Mxttp MsmiPtion and Mortgage ntir..fv..atv,..,,• a �Pf of mFdch is attacted leretu; MAI, 1f�OBE, BE Pi' IQ:S'(Q.I.ID w 7 CPM IXJIB M OF' CPM of PAiYiR, 'M WT the eucuUon of said -�to mrafer Mortgage Assmipcion e� Pbvtgage SV>Jxdiration" by Fit axd A. 6 ett, City SHnagar for the City of Ba ps, fa hemty ratifiod by the City Comv:il of the City of By . i IN CITY COUNCIL March 22, 1993 K✓ y CI1y CIERK 93-195 R E S O L V E R,tifaine Execution of Consent to Transfer Mortgage Assumption and Mortgage Subordination Rebabilitation Loan, 9 and 16 Center Street Avenue CONSENT TO TRANSFER MORTGAGE ASSUMPTION AND MORTGAGE SUBORDINATION Inhabitants of the City of Bangor, a body corporate having its principal office at 73 Harlow St., Bangor, Penobscot County, Maine, holder of a mortgage interest in the premises at 9 and 16 Center Street Avenue, Bangor, Maine pursuant to a mortgage deed given by Friends of Together Place, Inc., a Maine non-profit corporation having its principal place of business at 150 Union St., Bangor, Maine, dated August 25, 1992 and recorded in the Penobscot County Registry of Deeds at Book 5149, Page 28, hereby gives its prior written consent, as contemplated in paragraph 1 0£ the covenants in said Mortgage Deed, to: 1) the transfer Of the buildings and fixtures located at 9 and 16 CenterStreetAvenue, and a leasehold interest in the land, from Friends of Together Place, Inc. to Together Place Housing, Inc., a Maine corporation having its principal place of business at 158 Union St., Bangor, Maine; and 2) assumption of said loan by Together Place Housing, Inc. The City ofBangor hereby subordinates its said mortgage interest to a mortgage given by Together Place Housing, Inc. and Friends of Together Place, Inc. to Bangor Savings Bank, of substantially even date herewith and not to exceed forty-four thousand four hundred and fifty dollars ($44,450.00). The said inhabitants Of the City of Bangor have caused this instrument to be signed inits corporate name by , its duly authorized, this day of 1993. ry: Its: State of Maine County of Penobscot, as City of Bangor Dated , 1993 Personally appeared before me the and authorize representative of the City of Bangor and acknowledged the foregoing instrument to be hie/her free act and deed in his/her said capacity, and the free act and deed of said City. Before me, Notary Public Printed or typed name of Notary: My Commission expires: CITY OF MAINE DEPARTMENT of COMMUNITY eM ECONOMIC DEVELOPMENT TEL. 2GXAvWvvL4W community Development Mvi,ian FAX amroee.,ue Penney a McKn. Di,ecta, March 4, 1993 Frederick B. Stocking RR 2, Box 151 Ellsworth, ME 04605 RE: Friends of Together Place, Inc./Together Place Mousing, Inc. Dear Mr. Stockingt Your request dated February 1, 1993 was referred to Erik Stump£el, City Solicitor, for his review. Please feel free to contact him directly regarding the status of your request.. Sincerely, C I/ Rodney G. [Mw Director RGM/rp c: Roger Griffith, c/o The Together Place,Inc. Edward D. Leonard, III, c/o Eaton, Peabody ,Erik Stua 1, Bangor City Solicitor FREDERICK B. STOCKING ATTORNEY AT LAW RR 2, BOX 151 ELLSWORTH, ME 04605 RECEIVED mT,9 4 1993 (307)661-6007 March 3, 1993 Rodney G. McKay, Director Department of Community a Economic Development. City of Bangor 73 Barlow Street Bangor, ME 04401 Re: Friends of Together Place, Inc./Together Place Housing, Inc. Dear Mr. McKay: I am writing to follow up on my letter to you of February 1, 1993 (enclosed), concerning this transaction and the need for the City of Bangor to subordinate its mortgage to that of Bangor Savings Bank. I enclose redlined and clean copies of the changes proposed by the Bank's attorney. I will call your office shortly to discuss the statue of this matter. Thank you for your cooperation. Sincerely//, -I{{MCGA ;,a • S�L_.� Frederick B. Stocking cc: Roger Griffiths Edward D. Leonard, III FBS/abs Inhabitants of the City of Bangor, a body corporate having its principal office at 73 Harlow St., Bangor, Penobscot County, Maine, holder of a mortgage interest in the premises at 9 and 16 Center Street Avenue, Bangor, Maine pursuant to a mortgage deed given by Friends of Together Place, Inc., a Maine non-profit corporation having its principal place of business at 150 Union St., Bangor, Maine, dated August 25, 1992 and recorded in the Penobscot County Registry of Deeds at Book 5149, Page 28, hereby gives its prior written consent, as contemplated in paragraph 1 of the covenants in said Mortgage Deed, to: 1) the transfer of the buildings and fixtures located at 9 and 16 Center Street Avenue, and a leaeahold interest in the land, from Friends of Together Place, Inc. to Together Place Housing, inc., a Maine corporation havia.9�its principal place of business at 150 Union St., Bangor, Maine; 49 2) Friends --of Together Place, Inc. to Bangor Savings Beek, of substantially even date herewith and not to exceed forty-four thousand four hundred and fifty dollars ($44,450.00). The said inhabitants of the City of Bangor have caused this instrument to be signed in its corporate name by its duly authorized, this ii a day o21993. By: Its: State of Maine County of Penobscot, as City of Bangor Dated , 1993 Personally appeared before me the and Jut or zed representative of taw City of Bangor and acknowledged the foregoing instrument to be his/her free act and deed in hie/her said capacity, and the free act and deed of said City. Before me, Notary Publ c Printed or typed name of Notary: My Commission expires: