CITY OF SALEM
ORDINANCE NO. 991005 - 68 INTRODUCED BY:
First Reading _______________
Second Reading _______________
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BEING AN ORDINANCE AUTHORIZING THE MAYOR OF THE CITY OF SALEM TO ENTER INTO A SUBORDINATION AGREEMENT WITH SKY BANK AND DECLARING AN EMERGENCY.
WHEREAS, The City of Salem currently holds a mortgage on property located at 585 Columbia Street, Salem, Ohio and recorded in Volume 489, page 918 of the Records of Columbiana County, Ohio; and
WHEREAS, The owners of the property wish to finance the property with mortgage financing provided by Sky Bank; and
WHEREAS, Sky Bank 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 Sky Bank subordinating the City's lien to Sky Bank's mortgage on property located at 585 Columbia 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:
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.