HomeMy WebLinkAboutMO # 645565
MUNICIPAL ORDER NO. 645
A MUNICIPAL ORDER AUTHORIZING THE MAYOR TO EXECUTE A
SUBORDINATION AGREEMENT BY AND BETWEEN THE CITY OF PADUCAH,
KENTUCKY AND CITIZENS BANK AND TRUST COMPANY OF PADUCAH
REGARDING THE GRANT APPLICANT, ROBERT A. AUSTIN AND WIFE,
SHARON K. AUSTIN
WHEREAS, Robert A. Austin and wife, Sharon K. Austin,
were the recipients of a rehab grant provided by the City of
Paducah, Kentucky in the principal amount of $8,500.00. the
terms and conditions of said grant are more particularly set
forth in the grant agreement dated May 1, 1992 of record in
v Deed Book 774, page 335, in the McCracken County Court Clerk's
Office; and
WHEREAS, Robert A. Austin and wife, Sharon K. Austin,
have applied to Citizens Bank and Trust Company for a loan in
the amount of $68,000.00; and
WHEREAS, Citizens Bank and the Austins have requested
the City to subordinate its grant agreement in and to the
subject property to the mortgage interest of Citizens Bank in
order for the Austins to obtain the aforesaid loan, to which
the City is agreeable.
NOW, THEREFORE, be it ordered by the City of Paducah,
Kentucky:
SECTION 1. The Mayor is authorized to execute a
subordination agreement by and between the City of Paducah and
Citizens Bank and Trust Company regarding its rehab grant
agreement with the grant applicants, Robert A. Austin and wife,
Sharon K. Austin. This agreement is attached hereto and
incorporated by reference as if fully set out herein.
SECTION 2. This order will be in full force and
effect from and after the date of its adoption.
Mayor
Adopted by the Board of Commissioners April 6, 1993
Recorded by Lenita Smith, City Clerk April 6, 1993