HomeMy WebLinkAbout1986-09-08 86-371 ORDER8Y3J1
Introduced by Councilor McCarthy, September 8, 1985
CITY OF BANGOR
(TITLE.) Mrbtra I
_....�'aC City of,eangar ¢mamicy.,DB alopseht Property .....
Rehabilitation loan Programs Policies and Prp,Edures
By the My Couyrll of de atr of Bae .
ORDERED,
TEAT i5 the Qty Of Bangor Cemity Davelopnent Property
lehabilitiation loan Progran Policies aud erocedures, adapted August 1982 and
amended by Certain Council orders, does not expressly provide far a policy
ragardi g the suCordinatimu of rehabilitation loans to other mortgages; and
wHEREtS, such a policy Would be in the best interest of the
City of Bmgor ro adopt,
NCK, TFgWEfbRE, By the City Council of the City of Bangor,
be it
ORCERED,
THAT iters i "�Verms and Condition Under Uhich Rehabilitation
Loans are Mede" of the "City of Bang¢ Cvmmity Cevelopnent Pr fty
Pebabilitation Loan Program Policies and ltoc Jures", August 1982, as
amended, is hereby aranded by adding a provision I.5.q to read as follows:
"Subordination of loan to Liens Attaching After the
Date of the Com. %no City in its sole
discretion may Choose to subordinate the loan W
mortgage entered into after the date of the
loan, upon request of the mortgagor. Ne such
subordination shall be sherd to unless the
rehabilitation loan remains in at least as high
priority as When the loan was made. further, my
newm Mage to which the rehabilitation loan is
subordinated must he used only for improverents
to the lroperty. Further, the applicant
requesting the subordination shall pay all costs
incurrel by the City in arranging the
subordination, including the value of the time
spent by City staff. -
City Cmmcil 6eptem`ver 8,1986
Passed
R5-3]1
ORDER
Title,
ame�i�y City Of Bengo Community
Oevelopnent Ptoparty R¢Mbilitation
..'............... 4....................
I an Program pDlicies and procedures
Introduced and filed ty
.9
6 ..�... .. l....
Councilman