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81908
MUNICIPAL ORDER NO. 1232
A MUNICIPAL ORDER AUTHORIZING THE WAIVER OF THE
INDEBTEDNESS AND THE EXECUTION OF THE DEED OF RELEASE OF THE
MORTGAGE LIEN HELD AND ENCUMBERING THE REAL PROPERTY LOCATED
AT 117 SOUTH FIRST STREET, PADUCAH, KENTUCKY, OCCUPIED BY THE
SEAMAN'S CHURCH INSTITUTE
WHEREAS, in order to facilitate and encourage the Seaman's Church Institute
("Seaman's") in the development of an inland waterways training facility and waterways museum in the
City of Paducah (the "Project"), the City of Paducah (the "City") requested that the Paducah—McCracken
County Riverport Authority ("Riverport") make a $500,000.00 investment in the Project to ensure the
successful completion of the improvements that were necessary to establish and make operational the
Project; and
WHEREAS, pursuant to authority vested in it by KRS 65.510 et seq., the Riverport did
loan to the Project the required $500,000.00, interest free (the "Loan"), and the Loan was secured by a
first mortgage lien on the real property owned by the City and leased and occupied by Seaman's located
at 117 South First Street, Paducah, Kentucky (the "Mortgage"); and
WHEREAS, in accordance with the terms and conditions of the Interlocal Cooperative
Agreement made and entered into by and among the Board of Commissioners of the Paducah Water
Works (the "Board") and Riverport on March 28, 2006, Riverport did transfer and assignment to the
Board the Mortgage and the Loan secured thereby held by the Riverport and encumbering the property
occupied by Seaman's located at 117 South First Street, Paducah, Kentucky; and
WHEREAS, the Board, by resolution dated August 30, 2006, recommended and
requested that the Board of Commissioners of the City of Paducah adopt a municipal order authorizing
and directing the Mayor of the City of Paducah to execute a deed of release which fully releases and
discharges the Mortgage on the real property located at 117 South First Street, Paducah, Kentucky; and
WHEREAS, it is beneficial for the City of Paducah to execute the Deed of Release.
NOW, THEREFORE, IT IS HEREBY ORDERED as follows
SECTION 1. The Mayor of the City of Paducah, Kentucky, is hereby authorized and
directed to execute the Deed of Release in substantially the form attached hereto as Exhibit A and made
part hereof, which fully releases and discharges the Mortgage on the real property located at 117 South
First Street, Paducah, Kentucky, and any and all other instruments deemed either necessary or desirable to
carry out the recommendations of the Board to waive and release the obligations to repay the Loan and to
fully release and discharge the Mortgage.
SECTION 2. This Order shall be in full force and effect on and after the date approved
by the Board of Commissioners of the City of Paducah, I
1;�9ww
Tammara S. Brock, City Clerk
Adopted by the Board of Commissioners, September 12, 2006
Recorded by Tammara S. Brock, City Clerk, September 12, 2006
mo/PWW-117 South First St
EXHIBIT A
DEED OF RELEASE
KNOW ALL MEN BY THESE PRESENTS:
The indebtedness mentioned in that certain mortgage dated Febnaary 5, 1998,
from the City of Paducah, Kentucky, to the Paducah -McCracken County Riverport Authority of
record in Mortgage Book 649, page 179, in the office of the Clerk of the County Court of
McCracken County, Kentucky, and subsequently assigned on March 23, 2006 to the City of
Paducah, Kentucky, for the use and benefit of Paducah Water Works, a political subdivision of
the Commonwealth of Kentucky and an agency of the City of Paducah, Kentucky, by
Assignment of Mortgage of record in Deed Book 1089, page 296, in the aforesaid clerk's office
having been fully waived and otherwise satisfied in full, THE LIEN THEREIN ASSERTED IS
NOW FULLY RELEASED AND DISCHARGED.
Dated this day of September 2006.
CITY OF PADUCAH, KENTUCKY, FOR THE
USE AND BENEFIT OF PADUCAH WATER WORKS
TITLE:
STATE OF KENTUCKY )
COUNTY OF MCCRACKEN )
The foregoing instrument was acknowledged before me this day of
September 2006, by , (title)
of the City of Paducah, Kentucky, for the use and benefit of Paducah Water Works, on behalf of
said entity.
My commission expires
This instrument prepared by:
DENTON & KEULER
P. O. Box 929
Paducah, KY 42002-0929
NOTARY PUBLIC, STATE AT LARGE
81252.wpd
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