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Home My WebLink AboutResolution 1993-034 RESOLUTION NO. 93-34 WHEREAS, the city of North Richland Hills has two assessment liens against Lot 1, Block 1, Valley Park Estates Addition to the City of North Richland Hills, Texas, which were created by Ordinance 1537 (passed on May 9, 1988) and Ordinance 1735 (passed on May 13, 1991); and WHEREAS, Doris Foster, the current owner of said property, has made application to the City Council to subordinate those liens to a renewal and extension of a present first lien mortgage on said premises; and WHEREAS, after considering said request the Council finds that the city's position will not be adversely affected by granting this request. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND HILLS, TEXAS, that: 1. The Mayor be, and is hereby, authorized to execute a Subordination Agreement in connection with such Lot 1, Block 1, Valley Park Estates, a copy of which is attached to this Resolution and marked Exhibit "A". The action of the Mayor in signing said agreement shall be deemed to be the act and deed of the City. PASSED AND APPROVED this 9th day of August, 1993. APPROVED: ATTEST: Qf ...~;Z¿U rf.¿.; c· y Secretary APPROVED AS TO FORM AND LEGALITY: .------ ~X(L¿. r It II + tsói/~ k~ --.. SUBORDINATION AGREEMENT THE STATE OF TEXAS COUNTY OF TARRANT § § § 1",\0\\ ALL \If''\ BY THESE PRES[,\IS THAT, the City ot "Iorth Richland Hill" Tc\a', Jel1n~ within ih 1'1\\tul l1111nlup.'¡ authority as a local ~overnl11ent unit under rile 1,1\\, III the State of Tnas, ùld 1'\ mdinancc( s) dulv adoptcd and approved, Ie,,", .1"e" and char~e cerrain prllperr\ ,'\\lIL'!' whose properlY ahuts certain streets In '\mtl1 RI(hland Hili" and create a lien IIn pn'pcrT\ itsclf for pavin~ and othcr improvel11enh t" Ihe ,treets "hutting the property ",,,IL'!S propcrt\', THAT, the Ordinaneels) relerred I" ¡'\ tl\" A"rCel\lcnt ,Ire a, tollllws: I) Ordinance #IS.<7, pa"ed and apprmc'û \la\' 'I, IlI~,S, reemded III V"lul11e' 'I~-', Pa~e Ihl7, Real E,rate Recmd" I"dlTant ,-oumy, l-c_\<1' 1>11 Vlav ~û, Ill", 2) Ordinance #17:<S, pa"ed and "pprmcl1 VIa, I.', 1')\)1. recorded in V"lul11e 111~h.~, Page 1 SÛ(), Real [,tate Reeurd,. r .1rrant C"UI1t\, re\as, IIn Mav 22, ]IN I, THAT, ,aid Ordinancels) ,peeltie,IiI, k"ed, a"""ed and crcated a lien ,I~allb! certain real properlY In the sums of S,<..~ I h,(,!' and S 1.1 Sli.,û, rcspectivelv, located In ,\, 1I'th Riehland Hills, Tarrant Count\', Tc\as a' 11111,1\,,: LOT L BLOCK L \ALLEY PARK ESIAIES '"I ,\dditilln tll the Cit, ,'i ""rth Riehland Hills, LIITant ("unt\, roa" aee"rdil1~ to the plat reemcell in Vulumc .~>:--:-\'. 1\1:;( "-J. Pldt k.~Cli!·d". Ll1T~tnt ( \lul1l~. rC\a~. THAT, the City lit '\"rth Riehl'lIld Hill-. re"" IIP"11 rcquc,t Irol11 the "WilL'! ,,1 Ihe Jhnvc lk~cribcd rC;J! prnp...'rly. !'l'C\l~nlZi.,'" IJìd{ tl1crc i.... d prH)r l1lurtgag¡; on :-'~liJ llr(}!Ji..'n~ from the purchase therco\. dated \Ia, .'11, I'''h, In the ''',,,l11al principal al1111Ul1t (,t S7H.950,()(), cxecutcd 11\ I)IIns Foster and CM' 1)'111 h"ler, and pavahle to the "rder III \1etroplex Federal \lort~a~e COrpmall(1I1, ,I> parllall\ e\ ilkneed bv a Deed 01 TllI,t ,'I c'\CI1 date therewith to Jim :\'1. E\'erett. Tru,tce, ,q recurd In \"llIme hS70, Pa~e Ih,'2, "I tile Deed ot Trust recmds ot farrant CIIUl1t\', L'\a" "lid ,\, 'te and the liens seeunn~ il L"t re~ularl\' transterred to [3a\'\lew f'ederal S.l\ln~' ,-'\",'elatll'l1 h, In"rument dated AIi~lI,1 ¡eI. IlJ~l1. recurded In V"llIme I> 7-1 1. Pa~e .212.', [)c.:J R.:e'1Iùs, 1.1ITallt l'"unt\', ¡-c\a" \\lIICIl \vas and is a priur lien or mortgage í.Igí.l[ll~t tl1.: r.:~d property d('~crìhcd ¡'crCiní.lt"H\\(,: ~I!lJ THAT the ('it\, "I ""rth Riehlal1d Ililk r':\,I>, ila,ln~ been ad\Jscd lilal Ih,' aforesaid prior Il1debtedness and liel1 i, i'eil1~ retil1.lneed bv CRAM \10RTGAl;[ SERVICE I~C. t" take liP, renew and III' e\lend ,aid il1dc'l'tedne" and liel1 "I1J c'.IiJ'\ forward the pnor licn positi"n, and abll lee"t:nlzin~ that It, paving lien and a','c"'lilc'nl under certain circumstances could take a ,uperim lien pllSlllon with respect t" the real property which is an impediment to the pr"pert\- 11\\ners' abilit\' tll refinance the 11l11rr~at:e loan: THEREFORE. the City of ~orth Riehland Hills, Tc\as h\' these presents. 11'1' a ~l",d and valuable consideration. docs hereby represent. confirm, acknowledge and a~ree that an\' and all rights. privileges and licns held Iw the under,i~ned b\' virtue "t or arisin~ "lit "t the lIndcrs;~ncd\ assessment. indchtcdnc...... (11" li>..'Tl ~I!'...: ;md ....h~¡]II,i.., ....\lb¡H·diní.ltc dilL! iI1r...'ri('r {II hoth the miginal. prior indebtedness ,md lien, re!cITed t" a"me, and to anv 'lIetl le'lln"'ll',', rearrangement. renewal 'II' cxtensi"n ot 'ame, t" Include ,peeiticall\', the refinance "t ,ame bv CRAM MORTGAGE SERVICE I'\c. Dated: July 26, IlJlJ:< c~n1 RICHL.,\,,-!) I !ILLS, T['(.\S Ih' . - --. ---"._----,-~_._--,-,.~---,.~,.--...- SUBORDINATION AGREEMENT THE STATE OF TEXAS COUNTY OF TARRANT § § § KNOW ALL MEN BY THESE PRESENTS: THAT, the City of North Richland II ilb, Tcxas, ,\Ct ing within its lawful municipal authority as a local government unit under the laws of the State of Texas, did by ordinance(s) duly adoptcd and approved, levy, assess and charge certain property owners whose property abuts certain streets in North Richland H ills, and create a lien on property itself for paving and other improvements to the streets abutting the property owners property. THAT, the Ordinance(s) referred to by this Agreement arc as follows: I) Ordinance # 1537, passed and approved May 9, 19RR, recorded in Volume 927R, Page 16 17, Real Estate Records, Tarrant County, Texas on May 24, 19RR. 2) Ordinance # 1735, passed and approved May 13, 199 I, recorded in Volume 10263, Page 1840, Real Estate Records, Tarrant County, Texas, on May 22, 1991. THAT, said Ordinance(s) specifically levied, asscssed and created a lien against certain real property in the Slllns of $3,3 I 6.60 and $1, 159.R4, respectively, located in North Richland Hills, Tarrant County, Tcxas as follows: LOT 1, ßLOCK I, VALLEY PARK ESTATES an Addition to the City of North Richland Hills, Tarrant County, Texas, 'according to the plat recorded in Volume 388- Y, pagè 9, Plat Records, Tarrant County, Texas. THAT, the City of North Richland Hills, Texas upon rcquest from thc owner of the above described real property, recognizes that there is a prior mortgage on said property from the purchase thereof, dated May 30, 19RCl, in the original principal amount of $78,950.00, executed by Doris Foster and Cary Don Foster, and payable to the order of Metroplex Federal Mortgage Corporation, as partially evidenced by a Deed of Trust of even date therewith to Jim M. Everett, Trustee, of record in Volume 8570, Page 1682, of the Deed of Trust records of Tarrant County, Texas, said Note and the liens securing it last regularly transferred to Bayview Federal Savings Association by instrument dated August 19, ]9R6, recorded in Volume R741, Page 2125, Deed Records, Tarrant County, Texas, which was and is a prior lien or mortgage against the real property described hereinabove; and THAT the City of North Richland Hills, Texas, having been advised that the aforesaid prior indebtedness and lien is being refinanccd by CRAM MORTGAGE SERVICE INC. to take up, renew and/or extend said indebtedness and lien and carry forward the prior lien position, and also recognizing that its' paving lien and assessment under certain circumstances could take a superior lien position with respect to the real property which is an impediment to the property owners' ability to refinance the mortgage loan; THEREFORE, the City of North Richland Hills, Texas by these presents, for a good and valuable consideration, docs hereby represent, confirm, acknowledge and agree that any and all rights, privileges and liens held by the undersigned by virtue of or arising out of the undersigned's assessment, indebtedness or lien arc and shall he subordinate and inferim to both the original, prior indebtedness and lien, referred to above, and to any such refinance, rearrangement, renewal or extension of same, to include specifically, the refinance of same by CRAM MORTGAGE SERVICE INC. Dated: July 26, 1993 CITY OF NORTH RICliLAND HILLS, TEXAS B", ~»><- ~ - ___¥,_A___..·.,.___·_".,.~__··_····___,_~_·.._~"_···_-'--_.- THE STATE OF TEXAS § COUNTY OF TARRANT § This instrument was åcknowledged before 10 I1A '" Y J3 1\ J w" , ¡'v\ ðA.. yo" Texas, and in the capacity therein stated. /,' (.t~ ' me thi~ -1- day of:l-tt!ý, 1993, by of the City of North Richland Hills, G.F.No.:GM212171 AFTER RECORDING RETURN TO: Cram 1\1ortgage Servicc Inc. 2700 Airport Freeway Ft. Worth, Tx. 761 II PREPARED IN THE OFFICE OF: Gary J. Manny Attorney at Law, r.c. 3709 S. Univer~ity Drive Fort Worth, Texas 7610l)