Resolution 4172 - Authorize Purchase of Foreclosed Property• M
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RESOLUTION NO. 4172
A RESOLUTION AUTHORIZING ACQUISITION OF LOT 12, BLOCK 188,
KALISPELL TOWNSITE COMPANY'S ADDITION NO. 1 TO KALISPELL.
WHEREAS, the City of Kalispell is the beneficiary of a Montana
Trust Indenture on Lot 12, Block 188, Kalispell Townsite
Company's Addition No. 1, securing a promissory note in
the amount of $30,054.00 executed by Michael Frederick
Jensen and Sheila F. Jensen dated February 16, 1992, and
WHEREAS, Barclays Mortgage of Charlotte, North Carolina is the
beneficiary of a superior Deed of Trust on the same
property, securing a promissory note in the amount of
$46,850.00 executed by Michael Frederick Jensen and
Sheila F. Jensen dated April 15, 1991, and
WHEREAS, the Jensens have become delinquent on payments to be made
under both promissory notes and Barclays Mortgage has
declared the note delinquent, and
WHEREAS, the City Department of Planning, Economic and Community
Development desires to protect the City's interest in the
property by purchasing the note from Barclays Mortgage,
and
WHEREAS, the Jensens have indicated a willingness to execute a
Quit Claim Deed to the City in exchange for forgiveness
of the debt so that the City may acquire title to the
property free and clear of all encumbrances, and
WHEREAS, if the City is able to acquire the property, the Farmers
Home Administration may be able to make the property
available to eligible low income buyers on their waiting
list in Kalispell.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
KALISPELL, AS FOLLOWS:
SECTION I. That the Department of Planning, Economic and
Community Development, the City Manager, and
the City Attorney are authorized and directed
to acquire by purchase from the Barclays
Mortgage the Note secured by a Deed of Trust
on Lot 12, Block 188, Kalispell Townsite
Company's Addition No. 1 to Kalispell for the
sum of $48,910.04.
SECTION II. That the Department of Planning, Economic and
E Community Development, the City Manager, and
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Sheila F. Jensen, by Quit Claim Deed all of
their right title and interest in the property
located on Lot 12, Block 188, Kalispell
Townsite Company's Addition No. 1 to Kalispell
in exchange for forgiveness of the Note
secured by a Montana Trust Indenture in the
amount of $30,054.00.
SECTION III. Upon acquisition of said property the City
Manager and City Attorney are authorized and
directed to dispose of said property as
provided for by law.
SECTION IV. This Resolution
upon passage by
by the Mayor.
shall take effect immediately
the City Council and approval
PASSED BY THE CITY COUNCIL OF THE CITY OF KALISPELL, AND APPROVED
BY THE MAYOR THIS 15thDAY OF AUGUST, 1994
DOUG D. RAUTHE - MAYOR
Attest:
Fina ce Director
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