CITY OF SALEM
ORDINANCE NO. 000201 - 11 INTRODUCED BY: MRS. COPE
First Reading _______________
Second Reading _______________
Third Reading _______________
BEING AN ORDINANCE AUTHORIZING THE MAYOR OF THE CITY OF SALEM TO ENTER INTO A SUBORDINATION AGREEMENT WITH CHARTER ONE CREDIT CORPORATION AND DECLARING AN EMERGENCY.
WHEREAS, the City of Salem currently holds a mortgage on property located at 1142 Maple Street, Salem, Ohio and recorded in Volume 651, Page 942 of the Records of Columbiana County, Ohio; and
WHEREAS, the owners of the property wish to finance the property with mortgage financing provided by Charter One Credit Corporation.
WHEREAS, Charter One Credit Corporation requires a first mortgage on said premises in order to approve said financing, thus necessitating this Subordination Agreement.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF SALEM, OHIO, COUNTY OF COLUMBIANA AND STATE OF OHIO:
SECTION 1:
The Mayor of the City of Salem be and is hereby authorized to enter into a Subordination Agreement, attached hereto and marked "Exhibit A" with Charter One Credit Corporation subordinating the City's lien to Charter One Credit Corporation's mortgage on property located at 1142 Maple Street, Salem, Ohio.
SECTION 2:
This Council finds and determines that all formal actions of this Council concerning and relating to the adoption of this ordinance or resolution were adopted in an open meeting of this Council and that all deliberations of this Council and any of its committees that resulted in those formal actions were in meetings open to the public in compliance with the law.
SECTION 3:
This Ordinance is by this Council, found and declared to be an emergency measure and shall go into immediate effect upon passage and approval of the Mayor. It is necessary that this ordinance take immediate effect to preserve and maintain the immediate preservation of the public peace, health, pedestrian and community development in the City of Salem, Ohio.