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.
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