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MUNICIPAL ORDER NO. 594
A MUNICIPAL ORDER AUTHORIZING THE MAYOR TO EXECUTE
A SUBORDINATION AGREEMENT BY AND BETWEEN GROWTH, INC., THE
CITY OF PADUCAH, KENTUCKY, AND SECURITY TRUST FEDERAL
SAVINGS AND LOAN ASSOCIATION
WHEREAS, Security Trust Federal Savings and Loan
Association (hereinafter referred to as "Lender") has been
informed of an unrecorded mortgage upon the property which
benefits Growth, Inc. and the City of Paducah; and
WHEREAS, Lender has made a loan in the amount of
$90,000.00 to Beverly McKinley Harris and her husband, David
Harris, which loan is secured by a mortgage on said property
dated March 6, 1991, of record in the McCracken County
Clerk's Office; and
WHEREAS, to induce Lender to make the loan, Growth
and the City of Paducah agree to subordinate their mortgage
referred to above to the mortgage of Lender.
BE IT ORDERED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. The Mayor is authorized to execute a
Subordination Agreement by and between Growth, Inc., the
City of Paducah, Kentucky, and Security Trust Federal
Savings and Loan Association. 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 May 14, 1991
Recorded by Lenita Smith, City Clerk, May 14, 1991
mo/agree
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