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HomeMy WebLinkAbout2019-05-13 19-169 Order 05/13/201919-169 05/13/2019 19-169 Legal Order R21-129 Title, Order Authorizing Execution of Subordination Agreement with Bangor Savings Bank - 17 Shepherd Drive This Order will authorize the execution of a Subordination Agreement with Bangor Savings Bank. In 2005 the City made a mortgage payment on behalf of the property owner of 17 Shepherd Drive through the General Assistance program . The City then recorded a lien on the property. The applicable statute provides that the lien is not enforceable until the death of the recipient or the transfer of the property. The current balance of the lien is $1,406. The mortgage holder is doing a modification of the mortgage and has requested that the City sign a subordination agreement so that the mortgage holder retains its position as senior lender and the City remains in second position. The original mortgage was for $57,775. The modified mortgage will be $27,535. Recommend for passage Consent 05/13/201919-169 CITY OF BANGOR ORDER 05/13/2019 19-169 Nealley Authorizing Execution of Subordination Agreement with Bangor Savings Bank - 17 Shepherd Drive WHEREAS, in 2005 the City of Bangor made a mortgage payment on behalf of the property owner of 17 Shepherd Drive; and WHEREAS, the City recorded a lien on the property for the mortgage payment; and WHEREAS, pursuant to the applicable statute the City's lien is not enforceable until the death of the recipient or the transfer of the property; and WHEREAS, the current balance of the lien is $1,406; and WHEREAS, the mortgage holder is modifying the mortgage and has requested that the City execute a subordination agreement so that the mortgage holder retains its position as senior lender and the City remains in second position. Be it Ordered by the City Council of the City of Bangor that, Catherine M. Conlow, City Manager, is hereby authorized on behalf of the City of Bangor to execute a subordination agreement with Bangor Savings Bank for property located at 17 Shepherd Drive. Said Agreement shall be a final form as approved by the City Solicitor. H O P H Cn r H d1/40 W jtmid �O N (-) o '!