CITY OF SALEM
ORDINANCE NO. 990505 - 35 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 ONE STOP MORTGAGE INCORPORATED ON PROPERTY LOCATED AT 442 WASHINGTON STREET, AND DECLARING AN EMERGENCY.
WHEREAS, The City of Salem currently holds two Assignment of Land Installment Contracts on property located at 442 Washington street, Salem, Ohio and recorded in Volume 651, page 921 of the Columbiana County Records.
WHEREAS, The owners wish to refinance the property with mortgage financing provided by One Stop Mortgage Incorporated.
WHEREAS, One Stop Mortgage Incorporated 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, STATE OF OHIO:
SECTION 1:
That 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 One Stop Mortgage Incorporated subordinating the City's lien to the One Sop Mortgage Incorporated's mortgage on property located at 442 Washing 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 of any of its committees that resulted in those formal actions were in meetings open to the public in compliance with the law.
SECTION 3:
That this ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, health and safety in the City of Salem, and shall go into immediate effect for the reason that the deadlines for refinancing are imminent.