HomeMy WebLinkAboutRES 05-020 RESOLUTION NO. 05-020
BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF BEAUMONT:
THAT the City Manager is hereby authorized to execute a subordination agreement on a
deferred payment loan for rehabilitation performed on a home located at 2355 San Jacinto
Street. The agreement is substantially in the form attached hereto as Exhibit "A" and
made a part hereof for all purposes.
PASSED BY THE CITY COUNCIL of the City of Beaumont this the 25th day of
January, 2005.
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SUBORDINATION OF DEED OF TRUST TO
DEED OF TRUST LIEN P
Date: January 1—, 2005
Subordinated Deed of Trust
Date: May 26, 2000
Grantor: Lorena Jordan
Beneficiary: City of Beaumont-Cash Management Office
Trustee: Stephen J. Bonczek
Original Principal of Note Secured: $8,500.00
Recording Information: County Clerk's File No. 2000037658, Official
Public Records of Real Property, Jefferson
County, Texas
Superior Deed of Trust
Date: January 41 2005
Grantor: Lorena Jordan
Beneficiary: Hibernia National Bank
Trustee:
Recording Information: County Clerk's File No.
Official Public Records of Real Property,
Jefferson County, Texas
Note Secured by Superior Deed of Trust
Date: January , 2005
Maker: Lorena Jordan
Payee: Hibernia National Bank
Original Principal: $20,000.00
EXHIBIT "A"
Property:
Lot Number Four (4), Block Nine (9), CARTWRIGHT ADDITION to
the City of Beaumont, Jefferson County, Texas.
The undersigned is the owner and holder of the subordinated deed of trust and the
Beneficiary of such subordinated deed of trust. Hibernia National Bank is the owner and
holder of the superior deed of trust and the note secured by the superior deed of trust.
In return for a valuable consideration, Beneficiary of the subordinated deed of trust
subordinates its liens and all of Beneficiary's rights against the property to the deed of trust
lien created against the property in the superior deed of trust, now held by Hibernia
National Bank. The subordinated deed of trust lien will remain subordinate to the superior
deed of trust now held by Hibernia National Bank regardless of the frequency or manner
of renewal, extension, change, or alteration of the note secured by the superior deed of
trust.
SIGNED this day of January, 2005.
CITY OF BEAUMONT
V
By: Kyle Hayes
Its: City Manager
STATE OF TEXAS §
COUNTY OF JEFFERSON §
This instrument was acknowledged before me the
Kyle Hayes, City Manager of City of Beaumont. day of January, 2005 by
GEARL LYNN NALL
t
w * Notary Public
+ + STATE OF TEXAS
o MY Comm.Exp.04-02-2005 NOTAR4PUICAt�TATE O TEXAS
AFTER RECORDING RETURN TO: