HomeMy WebLinkAbout4.l. Approve Release of Mortgage for Lots in West Ridge 3rd Addition �
• CITY OF ROSEMOUNT
+ � EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: September 4 , 1990
AGENDA ITEM: AGENDA SECTION:
Approve Release of M. ortgage for Lots in .
' Westridge 3rd Addition Consent �
PREPARED BY: AGEN �,�j��: � �
!. �Richard M. Hefti, Public Wks Dir/City Eng' r ��� �
This item consists of requesting council to authorize the Mayor and
City Clerk to sign partial mortgage release forms so that closings
can take place on houses in the Westridge 3rd Addition. This summary
provides some background on this matter and recommends action for
Council to take.
Council allowed developers of the Westridge 3rd Addition to place the
property they owned and developed as collateral for the financial
guarantee that the Development Contract x'equired. The financial
guarantee was to provide collateral for 600 of the public improvement
cost in order to provide the city with some protection should the
developer go bankrupt or default in his development contract. This
was in lieu of a bond or letter of credit because the savings and
loans and surrounding banks were apparently not giving financial
guarantees when this development was ready for final platting in late
summer of last year.
In order for closings to occur on houses in the Westridge 3rd
Addition the title companies need to have the city release a lot from
the mort�age, As documentation that money has been earmarked for
payment of specia.l assessment, I am requiring that the title
companies submit proof of receipt of the pending assessment amount
that is escrowed at the time of closing. With this we can release
the particular lot from the mortgacse as we will receive payment on
the special assessment from the escrow company once the assessments
are levied. This should occur by bctober 2 , 1990 for this project.
Z have spoken with Administrator Jilk and City Attorney Grannis and
we recommend that council pass the following motion to allow the
Mayor and City Clerk to sign all partial mortgage releases subject to
receipt of a copy of the closing statement and the escrow statement.
RECOMMENDED ACTION: Appr�'ved by:
Motion to authorize the Mayor and City Clerk to sign �,: ,,�/
Partial Mortgage Releases for Lots within the West
Ridge 3rd Addition that have shown proof of and establishment of an
escrow for assessments. '"
COUNCIL ACTION:
�pproved.
liy Corpornuun ur rerwersmp �
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Partial Release
of Mortgage �
Date: � 19_ (reserved for recording data)
FOR.VALUABLE CONSIDERATION, the real property in Dakota County,
Minnesota, legally described as follows:
Lot , Block , West Ridge Third Addition, according to the recorded plat
thereof, and situate in Dakota County, Minnesota. �
(If more space is needed, continue on back)
; is hereby released from the lien of the Mortgage, owned by the undersigned,dated Juiv 24, � 1989
` executed by
; Rosemount Develo�xnnent Co. (a Minnesota Corporation) , as Mortgagor,to
The City of Rosemount, a Minnesota Municipal Cort�oration , as Mortgagee,
and�led for record �Tu�-`� ��'� , 19�9 , as Doc�ament Nt�mher 896$40
(or in Book of Page ),in the Office of the (County Recorder)
; (Registrar of Titles) of Dakota County, Minnesota,
The Cit� O ROSPIl1011llt'i a Mi nna�c�ta Mun i c i na 1
Corporation
By
Its
By
Its
STATE OF MINNESOTA
; COUNTY OF
The foregoing instrument was acknowledged before me this day of , 19—,
by and ,
the and '
of , a
under the laws of , on behalf of the •
TIiIS INC�'RUAIF.NT WAS i1RAFPF.i)BY(NAMF.ANll Ai)DRESSI
SIGNATURE OF PF.RSON TAKING AGKNOWI.F.nGMENT
NOTAHIAL STAMI'OR SEAL(OR OTHBR TITLF.OR RAN[{)
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7373 147th Street West jl��,. }� } Bus: (612) 432-5600
Apple Valley, Minnesota 55124 IJ �Ol.C� �OU�t�y Fax: (612) 432-1177
ABSTRACT COMPANY
A Policy Issuing Representative of The Title Insurance Company of Minnesota
July 12, 1990
City of Rosemount
2875 West 145th Street
Rosemount, Mn 55068
Attention: Mike Wozniak, City Planner
This letter is to verify that we Dakota County Abstract Ccxnpany, as an agent for Minnesota
Title, will hold in escrow all pending assessments due to the city of Rosemount. We will
issue these checks as approved and requested by the Mortgage Ccxnpany involved in each
transaction.
In return we would like a Partial Release of.these: mortgages. The form enclosed will need
to be copied, typed out, signed and notarized. I will request these Releases as the
closing is scheduled for each individual lot and block.
Thank you very much, and if you have any questions at all please feel free to call me or
my office manager at the above phone n�r.
Sincerely,
��`��-%
Sheila Applegate
The first Partial Release I need is for Lot 2, Block 2, G�lestridge 3rd Addition. Which is
scheduled to close June 20, 1990.
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