CITY OF SALEM
ORDINANCE NO. 990907 - 58 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 COMMUNITY FINANCE HOME MORTGAGE COMPANY INCORPORATED AND DECLARING AN EMERGENCY.
WHEREAS, The City of Salem currently holds a mortgage on property located at 623 Washington Avenue, Salem, Ohio and recorded in Volume 651, page 948 of the Columbiana County Records; and
WHEREAS, The owners wish to refinance the property with mortgage financing provided by Community Finance Home Mortgage Company Incorporated; and
WHEREAS, Community Finance Home Mortgage Company 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:
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 Community Finance Home Mortgage Company Incorporated subordinating the City's lien to Community Finance Home Mortgage Company Incorporated's mortgage on property located at 623 Washington Avenue, 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 [reason is missing from original ordinance].