Title
A Resolution authorizing and directing the Mayor, on behalf of the Urban County Government, to execute a Subordination Agreement for the property located at 169 Deweese Street (St. James Place), subordinating the LFUCG Federal HOME Loan as a Second Mortgage to the refinanced Primary Mortgage with Traditional Bank. [Div. of Grants and Special Programs, Lanter]
Summary
Authorization to execute a Subordination Agreement for the loan of federal HOME funds to SRO, Ltd., which subordinates the Lexington-Fayette Urban County Government’s second mortgage securing a principal amount of $720,000. No Budgetary impact. (L1272-19) (Lanter/Hamilton)
Budgetary Implications [select]: NO
Advance Document Review:
Law: Yes, Completed by Melissa Moore Murphy, 11/15/19
Risk Management: N/A
Fully Budgeted [select]: N/A
Account Number: N/A
This Fiscal Year Impact: $0
Annual Impact: $0
Project:
Activity:
Budget Reference:
Current Balance:
Body
BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That the Mayor, on behalf of the Lexington-Fayette Urban County Government, be and hereby is authorized and directed to execute a Subordination Agreement, which is attached hereto and incorporated herein by reference, for the property located at 169 Deweese Street (St. James Place), subordinating the LFUCG Federal HOME Loan as a Second Mortgage to the refinanced Primary Mortgage with Traditional Bank. Section 2 - That this Resolution shall become effective on the date of its passage.
PASSED URBAN COUNTY COUNCIL: