Section 110-475; Res. 212-09; Authorizing an agreement with Commerce Bank, N.A. for the subordination of a CDBG loan for property located at 100 Leslie Lane; authorizing Full Deeds of Release on CDBG loans to Six-O-Seven House, Inc


Council Bill No. R 212-09

     A RESOLUTION

authorizing an agreement with Commerce Bank, N.A. for the subordination of a CDBG loan for property located at 100 Leslie Lane; authorizing the City Manager to execute Full Deeds of Release on CDBG loans to Six-O-Seven House, Inc.

BE IT RESOLVED BY THE COUNCIL OF THE CITY OF COLUMBIA, MISSOURI, AS FOLLOWS:

    SECTION 1.  The City Manager is hereby authorized to execute an agreement with Commerce Bank, N.A. for the subordination of a CDBG loan for property located at 100 Leslie Lane.  The form and content of the agreement shall be substantially as set forth in "Exhibit A" attached hereto and made a part hereof as fully as if set forth herein verbatim.

    SECTION 2.    Upon receipt of a substitute promissory note and Deed of Trust from Six-O-Seven House, Inc. for property located at 100 Leslie Lane, the City Manager is authorized to execute Full Deeds of Release on CDBG loans to Six-O-Seven House, Inc. on property located at 607 South Fifth Street.  The form and content of the Full Deeds of Release shall be substantially as set forth in "Exhibit B" and “Exhibit C” attached hereto and made a part hereof as fully as if set forth herein verbatim.

    ADOPTED this 8th day of September, 2009.