RES 2004-0050 - Debt subordination agmt with Natali I Smith re 5017 Ruggles St � C1
:+' — � ate- t r.
OMAHA,NFe r J E I V E Planning Department
u 4 ..q; > Omaha/Douglas Civic Center
Ce n 03 DEC 3 1 P P� 2: tie 1819 Farnam Street,Suite 1100
�® 'IIL�c A Omaha,Nebraska 68183-0110
�a �:.". m
.yA�ti (402)444-5200
oy �� CITY CLr Rh (402)444-5150
arFD FEBR‘ Telefax(402)444-6140
of Omaha h 14 A. N E:R I S K City Robert C.Peters
Mike Fahey,Mayor Director
January 13, 2004
Honorable President
and Members of the City Council,
Attached is a proposed Resolution authorizing the Mayor to execute a debt subordination
agreement regarding the City's interest in property located at 5017 Ruggles Street. The terms of
the 1996 Deed of Trust securing this loan provided for the partial financing of the acquisition of
this property by Natalie I. Smith, such financing consisting of a CDBG funded deferred loan in
the original amount of $20,000.00. This financing was provided through an agreement
(Ordinance 33875, approved April 30, 1996) with Holy Name Housing Corporation, to construct
new residential units and sell them to eligible homebuyers.
The terms of the Agreement and Deferred Loan Promissory Note require the City's lien to be in
no less than second lien position. The terms, as modified by Council Resolution No. 363,
approved on January 23, 1998, also allow for the loan principal to depreciate 50% after ten years
from the date of the Note, November 1, 1996. Ms. Smith wishes to pay off the depreciated
balance of $10,000.00 now in return for the City's consent to subordinate the remaining
$10,000.00 portion of its loan interest to a new loan in an amount not to exceed the appraised
value of the property. The new lender is only willing to make this loan if its lien can be in first
position.
Approval of this Resolution will allow for the subordination of the City's interest to a refinanced
amount not to exceed the appraised value of the property in exchange for early payment of the
$10,000.00 depreciated balance of the deferred loan. The balance of the deferred loan will
remain as a lien against the property until the expiration of the ten-year depreciation period,
November 1, 2006, at which time the lien will be released. This proposed Resolution is
consistent with the precedent set on January 26, 1999,by Council Resolution No. 182.
Your favorable consideration of the attached Resolution is hereby requested
Sincerely, Referred to City Council for Consideration:
/O. 3
Robert C. Peters M yor Office Date
Planning Director
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DEBT SUBORDINATION AGREEMENT
WHEREAS, Natalie I. Smith, (hereinafter referred to as "Borrower") is now or hereafter
may be indebted to Omaha 100 as Beneficiary with First National Bank as Trustee (hereinafter
referred to as "Bank") on account of a loan in the amount of Sixty Thousand and 00/100 Dollars
($60,000.00) which indebtedness was incurred for the purpose of acquisition of property located
at 5017 Ruggles Street, Omaha, Nebraska and legally described as:
Lot 2, Fontenelle Estates, an Addition to the City of Omaha, as surveyed,
platted and recorded in Douglas County,Nebraska
WHEREAS, the Borrower's above-described indebtedness to the Bank is secured by a
Deed of Trust, which security interest was perfected on November 1, 1996, upon the filing of
same with the Douglas County Register of Deeds, same being recorded on November 5, 1996, in
Book 4860 at Page 056; and,
WHEREAS, the Borrower is indebted to the City of Omaha (hereinafter referred to as
"City") by virtue of a loan made in the sum of Twenty Thousand and 00/100 Dollars
($20,000.00), which indebtedness was also incurred for the purposes of partially financing the
acquisition of the above-described property; and,
WHEREAS, the Borrower's above-described indebtedness to the City is secured by a
Deed of Trust and Promissory Note, which security interest was perfected on November 1, 1996,
upon the filing of same with the Douglas County Register of Deeds, same being recorded on
November 5, 1996, in Book 4860 at Page 061; and,
WHEREAS, CitiFinancial (hereinafter referred to as "Lender") is willing to make a loan
sufficient to refinance the balance of the first deed of trust, pay in full the depreciated balance of
the City's deferred payment loan, plus consolidate other debts, in a total amount not to exceed
Ninety-eight Thousand 00/100 Dollars ($98,000.00), including reasonable closing costs, the
proceeds of which loan to be used solely for the aforementioned purposes; and,
WHEREAS, the Lender is unwilling to make the above-described loan unless same
could be secured by a"first"mortgage/deed of trust; and,
WHEREAS, it was the intention of the City that its security interests in the above-
described property be subordinate to a"first"mortgage/deed of trust; and,
WHEREAS, the City is willing to subordinate its position as a secured creditor to that of
the Lender.
NOW, THEREFORE, in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Lender and the
City do hereby agree that the lien acquired by the Lender by virtue of a mortgage/deed of trust
executed in its favor by the Borrower to secure the above-referenced indebtedness shall be
deemed a first and prior lien upon the above-described property, which lien shall be superior to
the previously acquired lien of the City (as hereinabove described), as if the mortgage/deed of
trust executed in favor of the Lender had been filed with and duly recorded by the Register of
Deeds at some time prior to that of the City, further, that the City's lien shall therefore be
deemed a second lien upon said property, being subject and subordinate to that of the Lender.
IN WITNESS WHEREOF, the parties have executed this Debt Subordination Agreement
as of the date indicated below.
ATTEST: CITY OF OMAHA, A Municipal Corporation
CI N CLERK MAYOR OF THE CITY F OMAHA _ .
STATE OF NEBRASKA )
) ss.
COUNTY OF DOUGLAS )
On this /.Stl� day of � t<--vLc.c z z , o2C65 , before me the undersigned,
a Notary Public in and for said County, personally came `7/1-u,.1Z4_,
, ,
who executed the above document, and acknowledged the execution thereof to be their voluntary
act and deed as such officer and the voluntary act and deed of the City of Omaha, a Municipal
Corporation.
In testimony whereof I have hereunto set my hand and affixed by Notary Seal at Omaha
in Douglas County, on the day and date last above written.
gr, GENERAL NOTARY- u:/u��
State of Nebraska C?"" W to 1.FORD
N Comm.COTARY PUBLIC
Bp,Aug.AuD16,mg
My Commission expires /U 7 - -
- 2 -
CITIFINANCIAL
By
WITNESS Title
Date
STATE OF NEBRASKA )
ss.
COUNTY OF DOUGLAS )
On this day of , , before me the undersigned,
a Notary Public in and for said County, personally came
who executed the above document, and acknowledged the execution thereof to be their voluntary
acknowledged that he/she executed the same as his/her voluntary act and deed.
In testimony whereof I have hereunto set my hand and affixed by Notary Seal at Omaha
in Douglas County, on the day and date last above written.
NOTARY PUBLIC
My Commission expires
AP 0 ED AS TO FORM:
ASSISTANT CITY TTORNEY
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Return To: Dave Tollcfsrud ' 4 7 p ► , 111' ' '! iI ' I' � I I I � !! �I �I'i; i �City Planning Department , � , b I I I' Ili Ill i jl f I; I IjIIII 11II,Iil 1" iI it II 1819 Farnam Street, Suite 111f1Ef I• IIli I IIl " 11! I I I II 1 I' II II !I:III II III II II
Krt• I li�. .I i I! ! ii II I!Il. ;i it li!li I I lli Itit
Omaha,NE 68183 r;,,, :II r�� ED� 1 _��� �J c
t.
DEED OF TRUST,CONSTRUCTION SECURITY AGREEMENT
AND ASSIGNMENT OF RENTS
THIS CONSTRUCTION SECURITY AGREEMENT (HEREINAFTER MAY BE REFERRED TO AS
SECURITY AGREEMENT)SECURES AN OBLIGATION WHICH THE DEBTOR INCURRED FOR THE
PURPOSES OF MAKING IMPROVEMENTS ON THE REAL PROPERTY DESCRIBED BELOW.
THIS DEED OF TRUST,CONSTRUCTION SECURITY AGREEMENT AND ASSIGNMENT OF RENTS made this 1st
day of November, 1996,among Natalie I. Smith ,a single person,5017 Ruggles Street, Omaha, NE
68104 as Trustor, i , )-'
f. /A'3/'- ...._.... .
Jackie Barfield,Attorney-at-Law,2505 North 24th Street,Omaha,Nebraska,68110, -\,
as Trustee;and, I ' /�
F' '".J`?-_fir-°:_ ' •� _ \ Y—
• r .. -----'...--1 .i _ ,,
City of Omaha a Municipal Corporation, 1819 Farnam Street,Omaha,Nebraska,68183,1`• r, k-} -•- — 'h_._~ `' 1
as Beneficiary: :'---_• i•✓ • '>� _ b r
WITNESSETH:
That Trustor irrevocably grants, transfers and assigns to Tnistee in trust, with power of sale, the following described Real
Estate:
LOT 2, FONTENELLE ESTATES, AN ADDITION TO THE CITY OF OMAI-IA,AS SURVEYED,
PLATTED AND RECORDED IN DOUGLAS COUNTY,NEBRASKA(commonly known as 5017 Ruggles
Street)
together with all interest which Tntstor now has or may hereafter acquire in and to said Real Estate and in and to: (a) all
easements and rights of way appurtenant thereto and all of the estate, right, title, interest, claim and demand whatsoever of
Trustor in the Real Estate,either at law or in equity,now or hereafter acquired:(h)all structures,buildings and improvements
of every kind and description now or at any time hereafter located or placed on the Real Estate (the "Improvements"); (c)all
machinery, appliances, apparatus, equipment and fixtures now or hereafter located in, upon or under the Real Estate or the
Improvements, or any part thereof, and used or usable in connection with any present or future operation thereof, and all
additions thereto and replacements therefore;(d)all articles of personal property and any additions to,substitutions for,changes
in or replacements of the whole or any part thereof, including, without limitation, all furniture and furnishings, now or at any
time hereafter affixed to, attached to, placed upon or used in any way in connection with the use, enjoyment, occupancy or
operation of the Real Estate or the Improvements, or any portion thereof, and owned by the Tntstor or in which Trustor now has
or hereafter acquires an interest; (3) all of the rents, royalties, issues and profits of the Real Estate and the hnprovements, or
arising from the use or enjoyment of all or any portion thereof or from any lease, license, concession, occupancy agreement or
other agreement pertaining thereto (the "Rents and Profits"), and all right, title and interest of Trustor in and to all leases,
licenses and occupancy agreements of the Real Estate or of the Improvements now or hereafter entered into and all right, title
and interest of Trustor thereunder, including without limitation, cash or securities deposited thereunder to secure performance
by tenants, lessees or licensees, as applicable, of their obligations thereunder; (I) all building materials and supplies now or
hereafter placed on the Real Estate or in the Improvements;(g)all proceeds of the conversion,voluntary or involuntary,of any of
the foregoing into cash or liquidated claims, including,without limitation, proceeds of insurance and condemnation awards;and
(h)all other or greater rights and interests of every nature in the Real Estate and the Improvements and in the possession or use
thereof and income therefrom,whether now owned or subsequently acquired by Trustor. The property so conveyed hereunder is
hereinafter referred to as"such property".
PROMISSORY NOTE
5017 Ruggles Street
Project No. Holy Name Housing Corporation Place: Omaha, Douglas County, Nebraska
Loan No. Ordinance 33875 Date: November 1st, 1996
•
FOR VALUE RECEIVED, the undersigned jointly and severally promise(s)to pay to the order of the
CITY OF OMAHA (herein called"CITY"),acting by and through the Director of the Planning Department or its
successors, the sum of Twenty Thousand and 00/100 Dollars, ($20,000.00 ). The Principal on this Note is
payable on the first day after the undersigned conveys, grants, mortgages,assigns or otherwise transfers their
interest or a portion thereof in the property or improvements at 5017 Ruggles Street and legally described as:
LOT 2,FONTENELLE ESTATES. AN ADDITION TO THE CITY OF OMAHA,AS SURVEYED,
PLATTED AND RECORDED IN DOUGLAS COUNTY,NEBRASKA(commonly known as 5017 Ruggles
Street)
without the prior written consent of the said Director, and in lawful money of the United States at the principal
office of the City of Omaha, 1819 Famam Street. Omaha, Nebraska,or at such other places as shall be designated
by the City.
The undersigned reserve(s)the right to prepay at any time all or any part of the principal amount of this
Note without the payment of penalties or premiums.
IN THE EVENT the undersigned shall fail to pay the principal amount of this Note when due, the
undersigned shall pay to the CITY a late charge of 4%per calendar month,or fraction therof, on the amount past
due and remaining unpaid. If this Note be reduced to judgment. such judgment should bear the statutory interest
rate on judgments, but not to exceed 9%per annum.
IF suit is instituted by the CITY to recover this Note, the undersigned agree(s) to pay all costs of such
collection including reasonable attorneys'fees and court cost.
THIS NOTE is secured by a Second Deed of Trust duly filed for record in Douglas County,Nebraska.
DEMAND, protest and notice of demand and protest are hereby waived,and the undersigned hereby
waives, to the extent authorized by law, any and all homestead and other exemption rights which othenvise would
apply to the debt evidenced by this Note.
IN WITNESS WHEREOF, this Note has been duly executed by the Undersigned, as of its date.
Natalie I. Smith
Dec-05-2003 04:17pm From-OMAHA NORTH 27 81 +1 402 391 1149 T-267 P.002/006 F-815
c i t i fi n a n c la l CiriFinancial
7613 Cac jcrcet •
Omaha.Ni: 68114
Tel 402 391 1224
December 5, 2003 Fax 402 391 149
CITY PLANNING DEPT
C/O KIT DIESING
SUITE 1111
1819 Farnam St
Omaha, NE 68183 -
RE: Natalie Smith
5017 Ruggles St
Omaha, NE 68104
HCD Loan #1970
Citifinancial is requesting a subordination from the City of Omaha on the
above property. The house was appraised 1-3-03 by Robert Charlson,
licensed appraisor for $.98;000.00: The loan we would do would be for $98,000.00;
With the proceeds we would payoff the first mortgage company which is
Commercial Federal with a balance $56,457.50 and the second mortgage company
which is Beneficial payoff $30,863.89. (see enclosed payoff statements).
Ms Smith would be making a check to City of Omaha for $10,000 so we are asking
City to do a subordination for $10,000.00.
Yours truly
Becky Sn
Sr CSR
A member of citigrour
Dec-05-2003 04:17pm From-OMAHA NORTH 27 81 +1 402 391 1149 T-267 P.003/006 F-815
•
Commercial
07111 Federal Bank
November 18, 2003
Payoff Statement
Natalie I Smith
5017 Ruggles St
Omaha,NE 65104
Information for Loan# 11095307
Natalie I Smith Loan Type: Cony(Not Insured 5017 Ruggles St Pcr Diem: 1
Omaha,NE 68104 11
Next Prnt Due: 11/01/03
Adjusted Escrow Dalancc: S 149.39
Payoff Calculation for 12/31/03
PRINCIPAL
INTEREST 10/01/03 TO 12/31/03 55292.20
PREPAYIM MERESTENT PENALTY I EREST 1100.0
ESCROW/IMPOUND REQUIRED 0.000
FHA PREM I UM DUE HUD 0.00
OPTIONAL INSURANCE 0.00
LATE CHARGES DUE 0.00
RECORDING FEE 44.02
FAX FEE 5.50
ESCROW APPLIED TO PAYOFF AND/OR DISB )0.00
LESS UNAPPLTED FUNDS 0.00
PAYOFF FUNDS REQUIRED 0.00
56457.50
Contact our Customer Assistance Department al 1-800.6424416 to:
• Stop escrow disbursements from your tax/insunince escrow account
• Cancel automatic payment withdrawals
R9timated Escrow Disbursements paid up to 4S days prior to date below:
Additional information:
• You remain obligated to make mortgage payments when due.
• Ira payoff shartagc occurs,interest will continue to accrue on the current principal balance until final}myna-funds arc received.
• Overpayment t wall be disbwsed within scven days of final payoff. Escrow assignments will be accepted with payoff funds only.
Payoff funds must be received at the address below in the form of a certified check or received via wire transfer at the ABA
number below.
Mail to: Ceinmcrcial Ft l.rdl Bunk Wirt to: Commercial Federal Bank
Attn:Mortgage Payoffs ARA 0040-72os.0
losers nutty St. IMF Numc:CF Mortgage Payaf[Dept
Omaha,NE 69154 BM?Aecount:93356816
OAT:Loon 414araefAchlreag
*If wind add a$5.00 incoming wire fec-wire maeI.he
rsceivcd by 3:00pm Central Time`
1,00/Z00(�
Dec-05-2003 04:18pm From-OMAHA NORTH 27 81 +1 402 391 1149 T-267 P.004/006 F-815
BENEFICIAL FINANCIAL CORPORATION il /9
Date: 11/18/2003
From: Payoff Department
Attn: NATALIE SMITH
• 5017 RUGGLES
OMAHA, NE 68104
Ref: NATALIE SMITH
Acct: 61170400544355
The amount to payoff the above-referenced account in full, is as follows:
Payoff Balance (Principal+ Interest): $30,858.38
PrePayment Penalty: $0.00
Reconveyance/Releasing Fee: $5.50
Other Fees:. $0.00
Total Amount Due: $30,853.89
Good Until: 12/15/2003
• Per Diem: $16.91
The above payoff quote Is subject to a final audit. The payoff quote does not waive our rights to receive any
funds,which are due and owing on this account as a result of any subsequent adjustments.which may Include
but are not limited to recent advances, returned items and additional fees. Additionally,we will hot release any
security Interest until the account is paid in full.
Please reference our account number and issue a check for.630,863.89 to BENEFICIAL FINANCIAL
CORPORATION forte payoff. Please forward the payoff to the address indicated below,
A copy of your mortgage release will be sent directly to you at the property address stated above, If you wish to
have a copy of your mortgage release mailed to an address or party other than you or the address stated above,
please advise by attaching the necessary correspondence with your payoff check and mail to the address listed
below.
For Regular Mail: For Overnight Mail:
BENEFICIAL FINANCIAL CORPORATION BENEFICIAL FINANCIAL CORPORATION
Attn: Payoff Department Attn: Payoff Department
P.O. Box 60101 941 Corporate Dr
City of Industry,CA 91716 Pomona,CA 91769
If necessary, refer to the information contained In the credit bureaus for verification of this account. BENEFICIAL
FINANCIAL CORPORATION reports to each ofthe three major credit bureaus every 30 days:Trans Union,
Experian, and Equifax.
•Note: If your loan contains one or more credit insurance products forwhich refunds are entitled.the net payoff
amount includes all related refunds due_
T00/T00(�
Dec-05-2003 04:18pm From-OMAHA NORTH 27 81 +1 402 391 1149 T-267 P.005/006 F-815
NH'1'.yL1t; 1 Sri:TH
GOOD FAITH ESTIMATE - RESPA
LENDS R: CitiFinancial ESTIMATED
7613 CASS STREET LOAN AMOUNT: $ 98,000_00
OMAl-LA NE 68114-0000 10/06/2003
The information provided below reflects estimates of the charges which you are likely to incur as the settlement of your loan.
The fees listed are estimates - actual charges may be more or less. Your transaction may not involve a fee for every item listed.
The numbers listed beside the estimates generally correspond to the numbered lines contained in the HUD-1 or HUD-1A settlement statement
which you will be receiving at settlement.The HUD-1 or HUD-1 A settlement statement will show you the actual cost for items paid at settlement.
NUMBERS FROM DESCRIPTION OF CHARGES ESTIMATED AMOUNT
HUD-1 FORM
OR RANGE
801. LOAN ORIGINATION FEE % $
802. LOAN DISCOUNT FEE* 3_0000 °h S 500.00
803. APPRAISAL FEE $ 240.00 - 490.00
804. CREDIT REPORT $
805. INSPECTION FEE $
808. MORTGAGE BROKER FEE PAID FROM PROCEEDS TO $
809. POINTS PAID TO MORTGAGE BROKER
810. MORTGAGE BROKER FEE PAID BY LENDER $ (P.O_C.) $ N/A
811. 5
81 2.
$
1101. SETTLEMENT OR CLOSING FEE $
1102. ABSTRACT OR TITLE SEARCH FEE $ 75.00 - 300.00
1103. TITLE EXAMINATION I, $
1104. TITLE INSURANCE BINDER $
1105. DOCUMENT PREPARATION FEE** $
1106. NOTARY FEES
1107_ ATTORNEYS' FEES $
1108. TITLE INSURANCE 5 357.00
1111. $
-
1112. TAX SERVICE FEE (FIRST MORTGAGE LOAN ONLY)*** g
1113. $
1201 . RECORDING FEE $ 25.50
1202. CITY/COUNTY TAX/STAMPS $
1203. STATE TAX/STAMPS • $
1204. $ 0.00
1205. RELEASE FEE $
1301. SURVEY $
1302. PEST INSPECTIONS $
1303. $
1304. FLOOD CERTIFICATION FEE $
This fee is a cost of the credit extension and does not provide a benefit to the borrower.
Arizona-only for loans over $10,000. Illinois-fee is $25 if loan less than $25,000.
Applicable to California loans over $10,000: Kentucky loans over $15,000.
In Kentucky this provider of service is available for loans over $15,000, only.
These estimates are provided pursuant to the Real Estate Settlement Procedures Act of 1974, as amended IRESPA).
THIS SECTION TO BE COMPLETED BY LENDER ONLY IF A PARTICULAR PROVIDER OF SERVICE IS REQUIRED
Listed below are providers of service which we require you use. The charges or range indicated in the Good Faith
Estimate above are based upon the corresponding charge of the below designated providers.
ITEM# SERVICE PROVIDED PROVIDER'S NAME AND ADDRESS TELEPHONE # RELATIONSHIP
- Chesapeake Appraisal& Settlement Services Inc.
1190 Winterson Road, Suite 470
803 APPRAISAL Llnthicum, Maryland 21090 (410) 865-4100 ®YES NO
804 Credit Report TRANS UNION 800 888-4213
P.O. BOX 1000
Chester, PA 19022 ®YES ❑NO
Unless a title or appraisal service provider is identified above, Lender will require a particular provider from a
lender-controlled list and the range of costs for the required provider(s) are shown above.
Any relationship which exists between lender and provider of service is based solely on the repeated use of that provider
during the last twelve months, except in the case of Chesapeake Appraisal & Settlement Services Inc. who is an
associate of Lender. Chesapeake's service may not be available in all states. You may inquire of Lender regarding its
services in your state.
If an appraisal report is obtained in connection with your application for credit, you are entitled to a copy of the appraisal provided
you have paid or are willing to pay for the appraisal. A request for a copy of the appraisal must be submitted in writing to the
(..ender, at the address shown above, within 90 days of the date on which you are notified about the action taken on your credit
application or, if you withdraw your application, within 90 days of the withdrawal.
You should be aware that the overall cost of refinancing an existing loan balance may be greater than the cost of keeping the
existing loan and obtaining a second loan for any additional funds you wish to borrow.
The undersigned acknowledges receipt of this Good Faith Estimate of Charges, that there may be other lenders and affiliates
offering services similar to Lender's, and that Lender has encouraged Applicant to compare Lender's loan services and pricing
with others.
Applicant Applicant
21 230-2 8/2003 Branch Copy
Dec-05-2003 04:18pm From-OMAHA NORTH 27 81 +1 402 391 1149 T-267 P.006/006 F-815
ESTIMATED SITE VALUE = $ 1s,coo Comments on Cost Approach(such as,source of cost estimate.site value.
ESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS: square foot calculation and for HUD,VA and FmHA,the estimated remaining
Dweliir J 975 Sq.Ft.@$ e4 AI) 0 $ 81 900 O` e teconomic life of the property): soo at_cached b ls uidn_g eke cch.,and 1
220 Sq.Ft. @5 18.25 = 4 q.f . calculations- _._ ,----. . ._. .. . .
GAppli's,A/C,FP,Fane = 5,500 --.-_.._- .-.._--_. ._. .
a Garage/Carport same Sq.Ft. @S nbi m 1,825 _--- ---_._._...
a4.. Total Estimated Cost New . =- $ 93,240 Main Laval..—. 9'7.5 9a.Ft. __-....-. _.___—,,,
`=. Less Physical Functional External
4.7
Depreciation 3,1051 [ =5 3,105
Depreciated Value of Improvements . . =S 90,135 Doe et Harahell a Swirt, Residential Cost_Handbook
"As-is"Value 01 Slte Improvements =$_____ _ _ 3,500 Estimated remaining economic lira-Ss yeara.
INDICATED VALUE BY COST APPROACH . _$ 108,635Eaimato of mite value from market.
ITEM I SUBJECT COMPARABLE ND.1 _ - COMPARABLE NO.2 COMPARABLE NO.3
501/ Ruggles St 6914 N Bedford St 5045 Evans Sc, 4624 N 61at St
Address Omaha, NE Ommha, NE _ Omaha NE
Proximity to Subject "=':'' '- 1.57 silos 0_26 miles 0.9a miler _
Sales Price ., . - - -
� "`7'''„�$ 97 000 .. . �,A$ loi,s00 -IS 117,000
Price/Gross Llvino Area $ rr✓ $ es.39 cus,i;1%^: `:c=•;;: $ 99.04 11• $ 91.62 '/' _
Data and/or Inspection R. .S Finale C MLS Finals G 14.S Finale &
Verification Source Drive By Drive By Drive By _. , _______
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-)S Adjust, DESCRIPTION +(-IS AJustt DESCRIPTION +(-IS Adjust.
Sales or Financing :; : cony, Conv Cony.
Concessions SLC-o-
Date of Sale/Time . . '+' CL-3/02_g CL _-10/02-7e CL-9/02-30 ____ __ _
Location _ Fontanelle Eat Similar Similar Similar ____
m Leasehold/Fee Simple Fee siple Fete Simple Fee simmle Fea_Si.mp to . ... . . . 1
Site _ 59=143.98 - 50x135 60x138 140m154
View Average Average Average Avorage ----_ __ __ _
Design and Appeal SPET/Avg SPYT/Avg BRanch/Avg s5ET/Av9_ __- _- __
Quality of Construction Avq/tom Avg/seooi I -1,500 Avg/stick -1,500 Avg/BB __._- .
Age 7 Years 7 Pear, 50 Years , +5,000 New =5,.O011
Condition Good Similar __ 9iailar Nov ______ 51_000
Above Grade .Dotal:Bdrms: Baths Total;Bdrms; Baths Total:Bdrms' Baths . _Total:Bdms•_Baths
in Room Count 5 3 1 6 • 3 1 5 ' 3 1 5 3 -2,400
a Gross Living Area 975 Sq.Ft, . 1,136 Sq.Ft. -4,200 1,14o Sq_Ft. -4,200 1,277, 11.Fi.___... =7,_900
$ Basement 8 Finished 859-.75 Bath 600-.5 Bath +400 1009-.75 Bath 1006-No Bath 7.1.200
yRooms Below Grade 220 SF Fin 312 Sr Yin +800 320 SF Fin -1,000 No Finish +2,zoo
tc Functional Utility Average _ Average
• Heating/Cooling__-- GSM/Central CNA/Control ___ CwA[Central ___ _ CNA/Central__ __
e Enemy Efficient Items Basle Basic BB 5 -- Basic -
.� Garage/Carport 2 HI .._._ 2 Br • 2 B]: -' ------' .2 DI-
to Porcn.Patio.Deck. Appii'c.FP Sim(-)FP,SS +2,500 Sim(+)2nd FP -1,500 Sim(-)FP,ss .2,500
Fireplace(s1.etc. _ Fana,Ss
Fence.Pool.etc. nook . Deck +1,000 E-Porch,Patie -500 Deck _—_— +1,000
_ Fence Fence __
Net Adl.(total) :;tc•.A= 't+`•idr�?+e"wE-I-'I ,.. - :$ 1 o �,oo I J+ - ;$ 3,700 x_ [ I + - S :�_4 00
• Adjusted Sales Price :.,,..., .j,,..-!:-„-rN811?'.1+Qsay6 -;NeV3:6_.% . . Net 11.5%I
of Com.arabie :::-ri<?;:.:d%Gross<:•10:7 % •. 96 coo ••Gros9.c13.5'•.%- '. 97 cos .:'.'Gross 29.2% 5 103 600
Comments on Sales Comparison(Including the subject property's compatibility to the neighborhood,etc.): All sales are eemarablo in design and are,
located in the same general market area as the sub.loct. Sale 4113 is new construction (utilized due to the ago et the
, subject and very limited sales being available in the area) . Price and else bracketing could not ba accomelished:.____
' Contract dste on Bale 41 exceeds the recommended quidelinee. All *aloe considered boot available from_the current vow,,.
limited•eeleetion. See addendum.
ITEM- SUBJECT COMPARABLE NO.1 - COMPARABLE NO.2 __ __COMPARABLE NO.3 -
Date,Price and Data None known None known None known None known
Source,for prior sales 1-a s C Cnty 141.9 G County MLS G County ?S.S G County
within year of appraisal Records Records Reeerds Records _
. Analysis of any current agreement of sale,option,or listing of subject property and analysis of any prior sales of subject and comparabies within one year of the date of appraisal:.
No known current agreement for sale, option or listing.
INDICATED VALUE BY SALES COMPARISON APPROACH , . $ __9e,00 o
> INDICATED VALUE BY INCOME APPROACH/if Appllcablel Estimated Market Rent $ -.. /Mo. x Gross Rent Multiplier- =$..... viz,_,
This appraisal is made Z -as Is" Li subject to the repairs,alterations,Inspections or conditions listed below [..1 subject to completion per plans&specifications.
Conditions of Appraisal: Appraisal is subject to all legal, mechanical or otructural inspections end certifications required.by
the mortgagee. ?unction of this appraisal is for mortgage loan pux—eon,only and is not_intended_for_any other_use.
Final Reconciliation: See addendum, 4'm 4,55,6,7,9. Subject'a estimated value considered vithin_range of indicated estimaced
value_Ititl, final ceeonciled estimated value toward mid range, with additional coneideration of,preaont goad market
conditions. _
The purpose of this appraisal Is to estimate the market value of the real property that Is the subject o1 this report,based on the above conditions and the certification.contingent
and limiting conditions,and market value definition that are stated In the attached Freddie Mac Form 439/f NMA form 10046(Revised 6/93 ).
I(WE)ESTIMATE THE MARKET VALUE,AS DEFINED,OF THE REAL PROPERTY THAT IS THE SUBJECT HIS REPOR S OF 1-3-03
(WHICH IS THE DA E OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT)TO BE $ -_ __9e,o 1
APPRAIS • SUPERVISO Al D):
Signature �� �� SI nature ,%( Did Did Nut
Name ❑ougla a��Crty (Trainee) Name Robert Charlton, C13PA, Listened Inspect Property
Date Report Sinned 1-7-03 _ Date Report Signed 1-7-03 ___ _ ,__,___. .
State Certification# Slate State Certification* .__•,
Or State License# State Or State License Se L 980020 . State NE _
reddle Mac Form 70 6/93 PAGE 2 OF 2 Fannie Mae Form 1004 6.93
Form UA2-'TOTAL for Windows"appraisal software by a la mode,Inc.-1-800-ALAMODE
i
C-25A CITY OF OMAHA
LEGISLATIVE CHAMBER
Omaha,Nebraska
RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA:
WHEREAS, on April 30, 1996, a Redevelopment Agreement between the City and
Holy Name Housing Corporation was approved by City Council Ordinance No. 33875; and,
WHEREAS, under the terms of that Agreement, eligible homebuyers received
partial financing for the acquisition of single family homes, such financing consisting of a
deferred payment loan the principal of which becomes due upon sale, lease or other transfer of
any kind or nature of the mortgaged property,or any part thereof; and,
WHEREAS, on November 1, 1996, Natalie I. Smith executed a deferred payment
loan Deed of Trust and Promissory Note in the amount of$20,000.00 for the purpose of partially
funding the acquisition of her property located at 5017 Ruggles Street, such documents being
recorded on November 5, 1996, with the Douglas County Register of Deeds in Book 4860 on
Page 061; and,
WHEREAS, the terms of the Deed of Trust and Promissory Note, required that the
Deed of Trust securing such financing be in no less than second lien position; and,
WHEREAS, on February 3, 1998, the City Council passed Resolution No. 363
which authorized the depreciation of homebuyer deferred payment loans for newly constructed
properties by fifty percent(50%) after ten (10) years from the date of the Promissory Note; and,
WHEREAS, the principal balance of the above-referenced deferred payment loan is
scheduled to depreciate on November 1, 2006; and,
WHEREAS, Ms. Smith has been approved for a new loan
in an amount sufficient to refinance the balance of her first mortgage, repay the depreciated
balance of the deferred payment loan, refinance some additional debts, plus cover reasonable
closing costs; and,
WHEREAS, the lender is willing to make such loan provided it can be secured by a
first mortgage/deed of trust; and,
By
Councilmember
Adopted
City Clerk
Approved
Mayor
•
C-25A
'CITY OF OMAHA
LEGISLATIVE CHAMBER
Omaha,Nebraska
•
PAGE 2
WHEREAS, it is in the best interests of the citizens of the City of Omaha that the
Mayor execute a debt subordination agreement, in a form substantially the same as to the
attached Exhibit A, in return for the payment of $10,000.00 as the early depreciated balance of
the deferred payment loan; and,
WHEREAS, the balance of the deferred payment loan will remain as a lien against
the property until the completion of the ten (10) year term on November 1, 2006.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF OMAHA:
THAT, the Mayor is hereby authorized to execute a debt subordination agreement
with Natalie I. Smith,regarding property located at 5017 Ruggles Street,reflecting the terms and
conditions set forth in this resolution, in substantially the same form as the proposed debt
subordination attached hereto.
P:\PIn5\9979pjm.doc APPR AS TO FORM:
a//, :/2/9.4
CITY ATTORNEY DATE
B paw
Y ...
Councilmember
Adopted JAN 1 3 2004 7-v
City Clerk
Approved\r 05/Q.,
Mayor
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