HomeMy WebLinkAbout5.e. Mortgage Release - West Ridge 3rd AdditionCITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: May 19, 1992
AGENDA ITEM:
Release of Mortgage for West
AGENDA SECTION:
Ridge 3rd Addition
Consent
PREPARED BY:
Public Works
Ron Wasmund
Director/Building
AGENDMM E
Official
5
ATTACMTTS:
Mortgage Release
APPROVED BY:
The development agreement which is executed by and between the City of
Rosemount and the developer of new additions to the City requires that
developer to post a surety with the City to financially guarantee
public improvements to the land.
This surety is generally in the form of a bond or letter of credit.
Rosemount Development Company guaranteed the improvements in the West
Ridge 3rd Addition by giving the City a mortgage on all 41 lots
developed in that phase. Repayment of the mortgage amount on each lot
was made in partial payment as the lots were sold and the assessments
were paid.
The original amount of the mortgage was for $275,000. Thirty-one (31)
lots have now been sold and the mortgage has been satisfied. The
attached satisfaction of mortgage as prepared by Attorney, David
Grannis releases Rosemount Development Company of any further
obligation relating to the original executed document.
I recommend approval and execution of this satisfaction of mortgage by
the Mayor and City Clerk.
RECOMMENDED ACTION: MOTION TO RELEASE THE MORTGAGE ON WEST RIDGE 3RD
ADDITION AND AUTHORIZE MAYOR AND CITY CLERK TO SIGN DOCUMENTS.
COUNCIL ACTION:
1
11 ®
Satisfaction of Mortgage Form No. 51-M Minnesota Uniform Conveyancing Blanks (1985)
By Corporation or Partnership
SATISFACTION OF MORTGAGE
(reserved for recording dams)
Date: . 1992
THAT CERTAIN MORTGAGE owned by the undersigned, a municipal corporation under the laws
of the State of Minnesota, dated July 24, 1989, executed by Rosemount Development Co., a Minnesota
Corporation, as Mortgagor, to The City of Rosemount, a Minnesota municipal corporation, as Mortgagee,
and filed for record July 24, 1989, as Document Number 896840 in the Office of the County Recorder of
Dakota County, Minnesota, is, with the indebtedness thereby secured, fully paid and satisfied.
The City of Rosemount
By
By
STATE OF MINNESOTA )
)ss.
COUNTY OF DAKOTA )
Its Mayor
Its Clerk
The foregoing instrument was acknowledged before me this day of
1992, by E. B. McMenomy, Mayor, and Susan M. Walsh, Clerk, of The City of Rosemount, a municipal
corporation under the laws of Minnesota, on behalf of the municipal corporation.
GRANNIS & GRANNIS, P.A.
412 Southview Blvd.
Suite 100
South St. Paul, MN 55075
SIGNATURE OF PERSON TAKING AQINOWLEMMENT