RES 1999-1469 - Debt subordination agmt for property at 1025 S 22nd St 7 4ieej
•
tA"A'n
o�o yea Planning Department
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���� '�., Omaha/Douglas Civic Center
`h�yry„, rr 1819 Farnam Street,Suite 1100
x �iir «� Omaha,Nebraska 68183-0110
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o•l'O.- ! r`=.•-� (402)444-5200
-kry. (402)444 5150
R4rFn Fesa)�� Telefax(402)444-6140
City of Omaha
Hal Daub,Mayor
Honorable President
and Members of the City Council,
Attached is a proposed Resolution authorizing the Mayor to execute a Debt Subordination
Agreement related to the City's interest in property located at 1025 South 22nd Street, owned by
Rose M. Incontro. In 1992,Ms. Incontro executed a repayable deed of trust and note in the amount
of$10,000.00 and a deferred payment loan deed of trust and note in the amount of$20,000.00,
subsequently reduced to $18,613.00, in favor of the City to secure partial financing of the
rehabilitation of her property under the CDBG Target Area Rehabilitation Program. At that time the
property was appraised at an after rehab value of$25,000.00 and the City's liens were subordinate
to a prior lien in the amount of$2,143.59. She now wishes to construct a 576 sq. ft. addition to her
home at an approximate cost of$46,000.00. Midlands Mortgage is willing to make Ms. Incontro
a loan in an amount sufficient to fund the construction costs and to repay the balance of the City's
repayable loan in the approximate amount of$6,700.00 provided that its interest be in first lien
position. Currently, the City's liens are in first and second positions. The deferred payment loan
balance depreciates over the ten year loan term until it is forgiven on May 19, 2002. The terms of
both deeds of trust and notes require the owner to repay the loans upon transfer of title.
Consequently,Ms. Incontro has asked the City to subordinate its deferred loan interest to a new lien
in an amount not to exceed $54,000.00.
The appraised value of the property after the completion of the addition is estimated at$72,000.00.
This appraised value is more than sufficient to secure the $5,739.01 depreciated balance of the
deferred payment loan plus the new loan amount. Although the City's lien will be subordinate to an
increased amount as a result of this action, the repayment of the other City loan and the enhanced
value of the property will benefit the City.
Your favorable consideration of the Resolution is requested.
Respectfully submitted, Refe,A ed to City Council for Consideration:
`i I
Robert C. Peters Date #ayo 's•ice/Title I ate
Acting Planning Director /
P:\PLN3\9255.SKZ
1141 1
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DEBT SUBORDINATION AGREEMENT
WHEREAS, Rose C. Incontro (hereinafter referred to as "Borrower") is now or hereafter
may be indebted to Midlands Mortgage(hereinafter referred to as "Bank")on account of a loan in
an amount not to exceed Fifty-four Thousand Dollars ($54,000.00) which indebtedness was
incurred for the purpose of making improvements to property located at 1025 South 22 Street,
Omaha, Nebraska and legally described as:
Lot 1, Incontro Addition (formerly known as Lot 17, Block 2,Lillas Place),
an Addition to the City of Omaha,Douglas County, Nebraska, as surveyed,
platted and recorded. (commonly known as 1025 South 22 Street)
WHEREAS, the Borrower is also indebted to the City of Omaha(hereinafter referred to as
"City") by virtue of a Repayable Loan made in the sum of Ten Thousand Dollars ($10,000.00),
which indebtedness was incurred for the purposes of partially financing the rehabilitation of the
above-described property; and,
WHEREAS, the Borrower's above-described indebtedness to the City is secured by no
less than a second Deed of Trust Construction Security Agreement and Assignment of Rents and
Promissory Note, which security interest was perfected on May 19, 1992,upon the filing of same
with the Douglas County Register of Deeds, same being recorded on May 19, 1992, in Book 3800
at Page 332, and refiled in Book 3804 at Page 207; and,
WHEREAS, the Borrower is further indebted to the City of Omaha (hereinafter referred to
as "City") by virtue of a Deferred Payment Loan made in the sum of Twenty Thousand Dollars
($20,000.00), which indebtedness was also incurred for the purposes of partially financing the
rehabilitation of the above-described property; and,
WHEREAS, the Borrower's above-described indebtedness to the City is secured by no
less than a third Deed of Trust Construction Security Agreement and Assignment of Rents and
Promissory Note, which security interest was perfected on May 19, 1992, upon the filing of same
with the Douglas County Register of Deeds, same being recorded on May 19, 1992, in Book 3800
at Page 317, and refiled in Book 3804 at Pages 214; and,
WHEREAS, the Bank is unwilling to make the above-described loan unless same could be
secured by a mortgage/deed of trust in a lien position superior to that of the City; and,
WHEREAS, the City is willing to subordinate its Deferred Payment Loan position as a
secured creditor to that of the Bank upon payment in full of the City's Repayable Loan and upon
written assurance that the remaining loan proceeds will be used solely for the construction of the
addition to the property and related costs.
NOW, THEREFORE, in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Bank and the
City do hereby agree that the lien acquired by the Bank by virtue of a mortgage/deed of trust
executed in its favor by the Borrowers 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 Deferred Payment Loan lien of the City(as hereinabove described), as if the
mortgage/deed of trust executed in favor of the Bank 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 Bank.
IN WITNESS WHEREOF,the parties have executed this Debt Subordination Agreement
as of the date indicated below.
ATTEST: CITY OF OMAHA, A Municipal Corporation
:7i--. V.i 0 (11, 1,,, ,;.,, tb---_____
C Y LERK 4A7)RTOF THE CITY OF OMAHA
STATE OF NEBRASKA )
) ss.
COUNTY OF DOUGLAS )
AYA
On this 1' day of Z L&► 'F , 19 before me the undersigned,
a Notary Public in and for said County, personally came N,a L 7 Ak ?. /V1 ri v Oi
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.
(7?-2-x-43—Z -i/-7-5-67-1
NOTARY PU
My Commission expires .3/ 1,24D
GENERAL NOTARY•State of Nebraska
je. CINDY J. KIGER
IIy Comm.Exp.Nuoh 5,2001
r
%y
MIDLANDS MORTGAGE
By
WITNESS Title
Date
STATE OF NEBRASKA )
) ss.
COUNTY OF DOUGLAS )
On this day of , 19 before me the undersigned,
a Notary Public in and for said County, personally came
to me known to be the person named in and who executed the foregoing instrument, and
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
APPROVED AS TO FORM:
ASSISTANT CITY ATTORNEY
• DEED 4RUST,CONSTRUCTION SECURITY AGQ MENT
% BOOK 3'Q 04 P AG:. 214 AND ASSIGNMENT OF RENTS a
•
THIS CONSTRUCTION SECURITY AGREEMENT(HEREINAFTER MAY SE REFERRED TO AS SECURITY AGREEMENT)
SECURES AN OBUGATION WHICH THE DEBTOR INCURRED FOR THE PURPOSES OF MAKING IMPROVEMENTS ON
THE REAL PROPERTY DESCRIBED BELOW.
THI OE=OF TRUST,CONSTRUCTION SECURITY AGREEMENT AND ASSIGNMENT OF RENTS,made this 19thday of May
:art
I..
is 92 ,among Rose C. Incontro, 1025 South 22nd Street, Omaha, NE 68108 as Trustor, t
John S.Katelman, Abrahams, Kaslow and Cassman c
8712 West Dodge Road, Omaha, NE 68114
as Trustee.and City of Omaha, a Municipal Corporation
1.
...-----7 1819 Farnam Street, Omaha, NE 68183 c
'•\as Beneficiary: —
WITNESSETH:
\ . That Trustor irrevocably grants,transfers and assigns to Trustee in trust.with power of sale,the following described Real Estate:
Lot 17, Block 2, Lillas Place, an Addition to the City of Omaha,
-� Douglas County, Nebraska, as surveyed, platted and recorded
(commonly known as 1025 South 22nd Street)
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together with aTnterest which Trustor 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:(b)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 Trustor or in
which Trustor now has or hereafter acquires an interest(3)ail of the rents,royalties.issues and profits of the Real Estate and the Improvements,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;(f)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".
FOR THE PURPOSE OF SECURING:
A. Payment of the principal sum of Twenty Thousand Dollars(t 20.000.00 )
evidenced by that certain promissory note dated of even date herewith(hereinafter referred to as the"Promissory Note")issued by Trustor in said amount
and payable to the order of Beneficiary,together with interest thereon,late charges and prepayment bonuses according to the terms of the Promissory
Note and all renewals,extensions and modifications thereof.
B. Performance,discharge of and compliance with every obligation,convenant and agreement of Trustor incorporated by reference or contained
herein or in any other security agreement or deed of trust at any time given to secure any indebtedness hereby secured,or any part thereof.including the
Redevelopment Agreement with the City of Omaha dated March 4, 1992 and approved by City Council des• No. 1 0 GG
C. Payment of all fees and charges of Beneficiary,whether or not set forth herein.
0. Payment of future advances necessary to protect such property.
a Payment of future advances to be made at the option of Trustor and Beneficiary.
TO PROTECT THE SECURITY OF THIS DEED OF TRUST,TRUSTOR COVENANTS:
I. Title:That it is lawfully seized and possessed of a good and indefeasible title and estate to such property in fee simple and will forever warrant and
defend the title thereto against the claims and demands of all persons whosoever,that it will,at its expense,maintain and preserve the lien of this Oeed of
Trust as a first and paramount lien upon such property.
e. pL.„:,9 _ rfa. r•-==
c'X,-s:. i 1..y„ e ice":
Tr Schedule "A"
DEFERRED LOAN PROMISSORY NOTE
• Target Area Program
Project No. (Columbus Park) Place: Omaha, Douglas County, Nebraska
Loan No. 92-HCD/1194 Date: May 19, 1992._
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 -Dollars, ($ 20,000.00 ). Payment shall
be made in lawful money of the United States at the principal office of the
City of Omaha, 1819 Farnam, Omaha, Nebraska, or at such other places as shall
be designated by the City as follows: ,
1. If the undersigned rents or leases, sells or conveys , grants, mortgages,
assigns or otherwise transfers their interest or a portion thereof within A�
Sn
five (5) years of the date of this Note, in the property or improvements
at 1025 South 22nd Street and legally described as:
Lot 17, Block 2, Lilies Place, an Addition to the City of Omaha,
Douglas County, Nebraska, as surveyed, platted and recorded
(commonly !mown as 1025 South 22nd Street)
hereinafter referred to as the "Property")
then on the first day after the said transfer the total amount of this
Note is due.
2. If the undersigned retains title to the property and Rose C.Incontro ,
resides there more than five (5) but less than ten (10) years, the
Principal shall be due on the first day after the said transfer and the
amount of the Principal due shall be computed as follows:
If the undersigned rents, leases, sells, conveys,
grants, mortgages, assigns or Rose C. Incontro
vacates the property after the first five years , the
principal amount of this Note shall be depreciated by
one-one hundred twentieth (1/120th) for each month the
undersigned occupies the property.
3. If the undersigned shall not rent, sell, lease, convey, grant, mortgage,
assign or otherwise transfer said property for a period of ten (10) years
from the above date, this Note shall be considered paid in full and will
be released from said property.
V)
The undersigned reserve(s) the right to repay at any time all or any part
of the principal amount of this Note without the payment of penalties or
premiums.
Revised May, 1988 •
7p* -2- 8CC;K 3z� , PAGE 220
n THE EVEN the undersigned shall fail to pay the interest on or
principal amount of this Note when due, and if such failure exists on the date
the next installment payment under this Note becomes due and payable, the
unpaid principal amount of this Note, together with accrued interest and late
charges , shall become due and payable, at the option of the CITY, without
notice to the undersigned. Failure of the CITY to exercise such option shall
not constitute a waiver of such default. No default shall exist by reason of
non-payment of any required installment of principal and interest so long as
the amount of the optional prepayments already made pursuant hereto equals or
exceeds the amount of the required ins tall ments. If the interest on, and
principal of, this Note are not paid during the calendar month which includes
the due date, the undersigned shall pay to the CITY a late charge of four
percent (4%) per calendar month, or fraction thereof, 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 nine
percent (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 costs.
THIS NOTE is secured by a Third 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 otherwise 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.
Rose C. Incontro
By Ronald J. Incontro, POA
5035y ,�
C.-.3 • •
MC
PG
4/c/-9( cL
COMP FIB
Revised May, 1988
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6
Rose CInco o 11 .
1025 So. 2 2"1 eet
Omaha, NE 6 04
March 24, 1998
1
1
kit Diesin g
Planning Department
1319 Farnam Street, Suite 1100
Omaha, NE 68183-0119
Dear Ms. Diesing:
This is in response to your letter dated December 23. 1998, and the phone conversation with my
grandson in early March. 1999. The HCD loan 44 is 1194.
I apologize lbr the confusion in.thinking that your approval process was underway from the letter
you sent me on December 23, but after your conversation with my grandson, I understand you
are looking for information from me, which is as follows in response to your requirements.
1. I agree.
2. As stated in your phone conversation with my grandson,we have already started the
construction process based on your letter dated December 23, 1998. The areas of cost for my
remodel project.
Construction Costs — 1025 So. 22"`t Street
dock Work I
Die footings and excavate property 5850.00
Hauling old cement offpatio 1 5400 00
Block work material and labor S3,925.00
Block Work Subtotal I 55,175.00
I Frame Work � 1_
Framing material, including exterior windows and doors S6.339.00
Framing labor—576 x 9.50 per so. foot 1 S5,472.00
Extension of roof from old to new . 51.500.00
Remove and repair two exterior wall I S 1,2_50.00
Frame Work Subtotal I S14,561.00
Ii ofene
Remove old roofing and wood on cxi ng house I $i.500.00
Re-roof new and old roof —T S1.8S0.0(
n Roofing materials I S900.00
j Trash removal I SI.200.067 '
_ I Roofing Subtotal I S5,450.00
Electrical i I
Libor and material I S3.900.00
Electrical Subtotal t 53.900.0J
z
I
7 i
I Plumbrns.1 -
• Labor and material i _ S2.890.00
umbin Subtotal I
52,890.00
Heating and Air Duct Work
Labor and material I S1.790.00
1.--- Heating and Mr Duct Subtotal 1 S1.790.00
Insulation i
Labor and material ! 51/50.00 I
Insulation Subtotal 1 S1.250.001
tI Drywall Work
Labor and material j 1 S2.200.00
L I Drywall Subtotal ( S2.200.00
Trim Wood Work
Labor and material I 51.000.00 ,
Trim Wood Work Subtotal I __ I
51.000.00
I Paint
ILabor and material I 5850.00
Paint Subtotal , 5850.00�j
Carpet 1
Labor and material I S2,000.00
Carpet Subtotal ; 52.000.00
Permits S251.00
r
Fstunated Total Construction S41,317.00
• City Loan Payoff- Estimate S6,800.00
TOTAL I S. 8.117On
I I
3. The recent appraisal of January 21, 1999. appraised at S72,000. See attachment.
•
4. This is agreed by both the lender and owner. The owner and Iender will send or sign letters
upon approval from City and the Ioan company.
5. T request the City use the attachment for a summary of current construction and lender will
provide final statement of ail loan draws.
Kit, please review the information provided and process the request and approvals needed to
grant the subordination request. And, based on the above cost breakdowns, I am requesting the
subordination lien limit be S52,000 to allow for any misquotes or overruns not identified.
if you have any questions, please contact my grandson, James Incontro, at 222-6823. Thank you
for your help.
•
Respectfully.
t
Rose C. Incontro
ruaR_d_. 1yyy J-G4P r, MLDI_Ia4US fVHIE-w4lt NO.551 F.C/r+
REALCORP '171II N 5S,Z2aitbig.0!1I •
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4
is- N. leertntion • __ - _ UNIFORM RESIDENTIAL APP SA REi71311T Retie. 1025322ST
p_etastOSRkp1,I.a2S seWl__22 Sr RE ET _ �_ City c __ �NL 53E AttS94�6P 109 _ __-
.Legl Description LOT 1 INCOHTRO ADOH -
ASSastar'S Pajeel No. 1438 0250 11 -, `log CUR,• _3. 3 40S.72 (•gpl�lente S O_.OOY
Borro
wer :NGONTRO Current Owner INCONTRO Opant tM Owner f_1 Tenant ' 1 Vncant
..: Prooerry Monts xppretsed )7Q Fee Simple I I tease/raid Protect Type t : PUO 1 I Gondominlwn{HUO/VA onlvt HOA S NA JMo.
••I Neighborbaod Or Prefect Name INCONTRO Mad RelfDpa Censu;Jpet 1 9
Sale e-S NA Date of Salo N/A Otlutlidllan.atd SAINUULertait chance/caredesstats.to de nafd.to_Willer._. .-. . ... --. .. - ..
1 _l,erldei !onl MIDLANDS MORTGAGE ACIAME311_2_9,A_!RIGHT CIRCLE,_OtrAMA, NE 68144
• Appraiser JUDITH LEN/AIRE., IFA, REALCORP Address CMAHA, NE
Location Xi Urban I__J Suhurhan 1 _, Rural Predomleent Sid•letinny hoping Pine lend use Y Land use champBUMu0 l� Over 7591. (� 25-75% Under 26x ""'o'^`r g. Ws, One fame,/ O �Q Not Ihe*y I 1 Ilkley
Growth rate ❑ Rapid CO Stable Slow Owner L._7a• Low i40 2-d family 0 M process
1: Property values 0 InereesInQ Stable Q Draining Tenant EIS ors. Uwlt-ramdy_S To:_ „_ ___,--_
I,- Oemanorstraply Q Sharingin balance ❑ Over supply I Vacant(0-SSA) :ii=::f 'awn Commnrc 10 .•-_-•_-_
_'Mar1certng limeOK f-
Under 3 mos.f1 3-6 moe. f�_ 1 Y,u.L1 %)i 6 7S ) __-.__.�.—..
Nees: Race and the meted canweeettlew of the Mieheorh.ed are nee aopralaet feet
Neighborhood boundaries and characteristics: LE•AVENWORTH ST TO THE NORTH- . ST TO THE EAST; I-8O To THE SOUrtlj AV? ____
• I-480 TO THE NEST. HONES Aar. pit ARj,LY AVERAGQLv,iTY FRAME CONSTRUCT'.CN. I __ -- ,__
Factors that atfect the martrelabNlry at
of the properties In the neighborhood(promtty to.mpfoyieent and amenities,employment stabflty,aepeat is market,etc.)
+� S:1BJ5CT LOCATED iN AN OLDER AREA or SOt1Tt1 CMAHA. THERE IS A MIX OF Frig CE.IITY TYPES 1NLCrr 15 TYr;ra.1 . OF-, ._
ate OLo_gA AREAS. SOME M$OR SIGNS OF DEFERRED P4.712T1TEHANCE crERE NOTED ALSO TYPICAL 05 OLDER AREAS,PUDLLC•
••• No.?RZ�!?!,Ts SC//gems NE..ag8Y. PtIgLIC Sr.RVICgsAND MAJOR_Slissi PING AVAILAa G ALONG_13.-STREET TO THE CAST
AND .2. .3TriEET_TO w£Sy7' _ OMAHA•l,S, cps IS HITHIN lS !HINUTES...AN. ATTRACTIVE ,FEATURE _c!OR_TAUS AREA-
P.`ePLOYMENT IN OetAHA_IS STABLE NTTH A CURRENT UNEMPLOYMENT RATE <3". .• ___ _, _ _ .. . .
Morsel condmonc In the settee neighborhood(Including support for the Moro conclusions routed to the trend of property values.demand/supply,and mertrettni time
• •such as data on campelittve properties for said in the neighborhood.description of the prevalence tit:�fps and Ilnurdng concessions,etc.):
7t1TH CURRENT LOW TO MODERATE INTEREST RATES, LOAN DISCOUNT, INTEREST BUYDOurNS AND SELLER CONCESSION AF:F:
NOT PREVALENT FACTORS IN TODAY•S MARxET. THE AVAILABLE ATTRACTIVB INTEREST RATES HAS RESULTED IN MARKET
TIMES TN THIS AREA OF UNDER 3 MONTHS. HOMES THAT ARE HELL NTAINED TEND TO SELL MORE QUZCisLY. __O£tt .e1D_
REMAINS STABLE. - ----- - --
' PrI..tlnform.tion for PUDe fir applicable)--is the devefooer/bullder In control al the Home ers Uon(N04)9 U Yes. I___] No
d Aporarknate fatal number of Units in the subject protect Apptbldmate total number of units far sale in the subject roe _
Qesattte common_slerrtents and recreational facilities: (SUBJECT IS NOT A PUD/CONDO.)
Dimensions ray xJ.32✓ � _ Topography GENTLE SLOPE r___.
• Sits aria -L 1.OAR L.._1- Came/Let 'rev (� No Site PICAS. OF AREA
Specific renktg clesslltcattas end description R7 RESIDENTIAL SilaM* RECTANGULAR r,_-____
Zoning compliance Legal 171 Legal nonconforming(Grandtathwed use)(7 lineal I„1 Ha zoning Drainage ADCCt;ATE_, - _. .„ 1
Nlgtlrt3L-6.to ut .3morgylps 5 Present use ri Other use(exofalnl _ View AVGRESIQENTIaL
Unties Pub*e (Mu Olt-vile improvementsType PbhWc Private Landscaping TYPICAL CF„Tli£ AREA
£lectrlcfy 0 • Street PAVED vNf 0 Driveway Surface CONCRETe
CidS Z Curb/guner CONCRETE y.1 1 m
� Apparent easeertdf NONE_NOT1D___„ ........
Water w? 2] Sidewalk CONCRETE N �_] FEMA Special flood Hazard Ares U Yes p4 Na
Sanitary sewer El Sheet lights STANDARD ( 1 FEMA Zone c Map Oats_2 /91_-_
Storms9 { C ] Alley NONE E. i 1 IFpagaDNo, 315274 aoSOS _..-_-
comments(apparent adverse easements.encroachments.special assessments,slide areas,Magid of le•Qnt nonconforming zoning USE.ate.): LOT SIZE IS
TYPICAL Or THE AREA. PROPERTY HAS EENC ZING, A FRONT ENCLOSED pOjtGH AND A SIDE COVS EO PORC11___,_Tamsts LS Is,
24 X 30 TNO CAR DETACHED GARAGE.
GENERAL DESCRIPTION EXTERIOR OESC tW''T)ON IFOUl10A(EN ABASEMENT u1-'RILATtON
No.of Units ONE Foundation BLOCK IStao Arne Sq.Pi. 1.,100 sS - Roof .__•_,.._ El
1 No.of Stones ONE Esterlor Wails FRAMs Crawl Specs 1 ___ Y.Finished O - Gelling .. I. I
`• Type(DetJAQ.) DETActiED.„ Roof Surface A4sfi SHINGL Basement SS% Ceiling „_ !Wane i
I
_ OesIgn(Style) ONE Gutters 3 Ownspfs. METAL ___.Steep Pump t(ON* _._.._.... Waits ....--H . -•--...... I I
Edsdng/Pr000sed EXISTING Window Type DOUBLE HUNG Dampness NONE N,OTED_ Roof _ NAne ___
('r Age(Yrs.) 1Oo±_ Storm/Screens COMBINATION JSeteement NONE Outside Entry NO Ur* iiaaw
Effective Ade!YTs.1_ 30 Lh(anufeciUred House N/A !infestation NONE NOTED 1 �- ASSUMED ADO
ROOMS I- FaVry I.tvina I g1o10g--F_he),en Den_ Farrr�t'_fi -- - —IA.:r!fmsra.I L U1P na _Qltltt-!_AtSSts4•2.
r J2;:Sfitrnt I_ _ I t =`i` ?IO c2r?I$H
` Ltvei 1 I AREA I 1 I AREA 1 ; 4 _ 1 t __y__ 1•a G94
�pvw 2 L I I I - __� _H._. I 1 • 1i _
I I i I i I I _ I 1_ 1 •
rs Finished area above arado csntalris: 6 Rooms; 4 Bed oom(s); 1 Bath(s); I,SS4 Sangre feet al Gress U inna Area
n• CAR STORAGE'
:V; INTERIOR Matertals:rConBMan HEATYVG KITCHEN EourP. ATTIC Ar NITIES 0 ICl
a.. Hears C17PT/TALE/AVG Type A Refrigerator 0 None 0 Fropface(s)# - None
Wails PLASTER/Die/AVG Fuel G Reece/Oven El Slake ❑ Paulo - U Garage #of cars
TIIm/Fkntsh ROOD/AVERAGECor)ditton AVG Dispose' 'X Drop Step j1 Dcet _-.._ ___. n1 Attached -
• Seth Floor VINYLLVG COOLING Dishwasher Q9 Scuttle QQ_ Porch I',*I',* c SIDt�C w Detached 2C2 __
Bath Wainscot CERAMIC/Aver Central C/A Fanll{oad Ca floor r j frftc arpBunk-in
.
—•_..,
:' Doors HOOD/AVERAGE Other Microwave ❑ Heated L 1 !Pod __-❑ Cort
.,
Condition AVG Masher/Drier I Pnished 1- I E1 'Driveway Additional features(spatial energy Meehan hems,etc.l: SUBJECT IS AN AVERAGE .DUALITY ONE STORY HOME. THERE tS-Art ENCLOO2 D,-_
, FRONT PORCH; TILE FLOOR HIT. 4 DINING AREA; TILECO„STN?ER TOP KITCHEN._- .•--
Condition of the improvements.depredation(physical.functional.and crtemal),reoan;needed,'Warily al construe.Ulm,remodeling/addfeans,etc.: ovERALL
r SUB.:EC•: HAS SEEN ADEQUATELY MAZNTA/NED. THE ADDITION WILL ADO TO THE OVERALL LIVING AREA AND APe_r t.._A,Lr-,„
i. THE. HCms'. SUBJECT' HAS AN OLDER BUT FUNCTIONAL FLOQA. PLAN. NO ADJUSTMENT AS COMPS EXPERIENCE_SAME.__ NO .
. EXTERNAL AS SUBJECT LOCATED IN A MARKETABLE AREA. - ------ ---._-"•'—
:a Adverse envtrottmenfai cartdttlar s (such ae.but not Itmrted to,hazardous wastes,tcsie substances.cte.)present In the Improvements.an the see.or In the
•,: immediate vicmky of the subled property.: APPRAISER I9.,.NOT TECHNICALLY T_iAINEO TO RECOGNIZE -ADVERSE Env IROF1MI,NTAG__ I'
• CONDITIONS. HOWEVER, NO OBVIOUS ADVERSE ENVIRONMENTAL FACTORS WERE NOTED. _
Freddie Mac some 70 6/93 PAGE i Of 2 Fannie Mae.Fbnst 14044il3
.-_-...... .r...,. ...,..or un_w..........,,...•...,.n,..e,e h...la...tin. hit _t_nna-ALAMOOE
L
mAR.2^. 1999 1'2SPM `MIDLANDS MOf 1GIa.E NO.551 F'.1,6 v
j eiro.io5si2SitEne.+1 ! •
. Alton Section UNIFORM RESIDENTIAL APPBAI AL REPORT Mire. 1025s22ST
ESTIMATED SITE VALUE S 11-4_ o Cenlenenn on Cost Approach(such as.source of cost estimate.en value.
ESTIMATED REPRODUCTION COST-NEW-Of IMPROVEMENTS: toot cata,fadon and tat HUD.VA and Frnf4A,the estimated remaining
Oweibres- Sp.Ft<41 . $ s tdc Me of the property):_ _.
J. _Sq.R OS -
Gerage/Caroort .So.FL a®S t _•
a r'
.71 Tout Estimated Cost New = S i ... - �..-.....____ -_ ••--_..._.
Lees Physleal A:noton& External i =
i _ __ _ «.
DeDrac+allon I S
flea! ciated Vatva or improvements =S i
As•Is•VAN of Sae improvements ... . .... ............. -S.., _-._. ...-.___ _.I_ ....,--••--- ..._...-_.._.______
ED
IMDICAT vALUE BT COST APPROACH 4.S - --- - - -
rFcu L SUO.LECT comesegesq NO.i _ COMPARABLE NO.2 COMPARABLE N0.3
1025 SOUTH 22 STREET 1712 SOtTiti 12 STREET 1435 SOtT H 1.1 STREET 1710 SOUTH L4 STRr.7T
Address __. - _-
Pry__Z �
_N� � �- 10 BLOCXS I 1 'BLOC'BLO'BLOCKS9 BLOCKS
Sales PAee S NT S '5.500 1 67 000 , �$�
Ertiv ssl.LvnQArea ;, cz� - 40 10 $ 45.5241 6 3 .4 ,91 ,
Data and/or INS PECT ION MIS Mt.S MLS
}(4L1(, 0.9:LSoutee --..-- •- - .
VAL
UE N JU5T1aENTS �OESCRJPTION °Esc o'1'SON +(_)SAdlnsl OESCUPiIOH ttst., +t-)SAd{ DESCRIPTION 4.t-)S!!�a..
Sales or Pmancing FHA VA FHA
•
cOncessions NO CONCESa NO GONCE53 NO COHCESS____Y_
Date of Saief11tne .10/99 « 6L9.11 12/99_ __ _._____
Loostian AVERAGE AVERAGE Av>.P•AGPQ•___ Ater ip.AG£_ 4--
j,y-tsehold/Fee a,mQje FE.0 SIMPLE FEE SAMPLE _-,_ E'EE SZtiett FEE SIMPLE «
Site 04 x 132 47 x 130 _ 50 X 125_.__ 50 X 140_ _ •_
V14Vr AVERAGK AVERAGE . • __- AVERAGE
iel{p>Ls> Aooeal owe/AVG 1.5/Av0 1.5/AVG __i - 1.5/AVG 4...--
,Quay of Corotry_etlot__ AVG/E•RAME AVG/SID/NG -2,,000 AVGISTUCCO,. . ;?AVG/ST9Cc. ,. ___ ...
Bee 1O0 /LFF 30 93/EF1F 30 9O/EFF 30 • 77/11rF -30 _« ,,_._-
Condtlk AvSRAGE AVERAGE AVERAGE AVERAGE _.
` Above Grade To dons: Satt)s Total;Bdrms; $oBt9 , -L°ta► 9dnns' 3at+s_r• Total'i3drt�+3;°. h...• Room Cams 6 4 1 7 4 t 1 6 2 -1,500 ; _ t 2 -1.500
.,+
•. 271798 ( p 1, 694 bd, R. 1.883 Sq Ft. -3.SOO 1,4/2_II R. ' +4 r 500 1,600 Sq.Et __ 4.1.500
Basement&RNshed 6514 100% -1.000 100e -1.000 100E -1,000
A-
�• p BeIoM-G a NO FINISH 300 FIN S-1, OO, NO FINISH 31�FIV/ SA -._1,000
- AVERAGD !
r_; .61PCWflBIyLq!N Av'ERAGE . , AV5P.1tat: _AVERAGE i - - - - _
II
L. HeatktyCoelno t t o/CA RirA/C.1 c'seA/CA rarak/CA � -
1. LI P/Qtktert Items so W/O 83At2 ,DH/O aster -500 NO at/O 99MT - W/O 85NT OQ
r: �pQ,i�Ca,�On 2C DETACJHED NC GARAGE -4.COO lc OttiT•>lCHLP ... +2.000 1C orrACHEIZ_ 42..,0�.
_.:. Porch,Patio.Deep. PORCHES PORCHES ! PORCHES PORCHES
' Pia ).elC. NONE -\ fides NON¢ NONE
VS.Poc(. (c. _ FENCE NONE �2,000 FENCE _ FENCE
• •: APPLIANCES APPLIANCES APPLIAAPPLIANCESAPPLZHCE5 APPLIANCES +-
�i - - 2,SO0 : J - . 000 r + w - is 2,500
Net Act fl•T.I .. . f 1 4.
Adlusted Sales Price E. . t .;i ` •..'. ,-. .- :.' `
.: • ..:n�tit.. _ 1- 73,000 S 71,000 •:r:,., $ 72,400
.- ptCo •.tame .�....:r. ��� '•:; .•h�.a.; ;1•�
Comments on Sales Comparison(lndudtnp property' I5 A RECENT SALE or - . i,ARCCS) .
the sublect s cttmpatfMhty to the rtetghM+rhood,ate.): .O�?-A.l._-.___..
MOM_ USED TO BRACXET SIZE. COMP e2 IS AN OLDER L1,LLE OATS__GSED_•DUL: TO SItOw A. HOilE alxTH,LO 8J,5?.ME.?T,-__• .,
p:_NISH. COMP 43 I3-A VERY RLCr-T1'r SALE OATS USED TO SHOW A HONE MORE 9JMILAR IN SIE£.ALL LONPiS ARE IN.-,
-- ovEsALL 3pejLAR CONOTT ION_ THE MIDDLE OF THE VAI3E RANGE 7.p COHSIIIEg$D REASONABLE AND_ St2PQCFTY.O.••__ _,`
STEM SUBJECT COMPARABLE NO 1 :A1aP$RAOLE N0.2 ETio lT ABLE N0.1 _,•
Oats.Price and Clara NONE NONE NONE NONE
F. Source.for ono(Sates COUNTY MIS RECORDS 1513 RECORDS HLS RECORDS
within Year o1 rgptalsal RECORDS -
Anarysis at any current agreement nt sale.option.or listing of snbleet property end aroiysle of any prior sales of sublect and ecenparables within we year of the dale of aperaisa!:
PER COUNTY RECORDS. SUBJECT HAS NOT Truki44TERRED NOR BEEN�LISTED IN THE LAST 12Tl op-fits..AI't?RAISER__I__,-_..
VNAt4A.RE OF ANYFENDING CONTRACT/1 oN THE FROPFATY:_.____ -,�.�.-....__. .:....- - 72 000
INDICATED VALUE BY SALES COMPARISON APPROACH ...
iNDICATED VALUE BY 1NC01ME APPROACH(ir Aopfleabiet Estimated Marget Rent $ /Mo. ;Gross Rent Mul hirer _ =S -
This appraiss Is made {.,. ' subl�to eomptetion per titans&specifications.
'as le spb)ect b the regales.ahera8anl:.Inspections of conditions listed blow l,.J
Com:Mons ct Aooratset: APPRAISAL I9 t7RITTota SUBJECT TO cotiPLETION of Acorn:cry. oSHEN COMPLETED SU8JECT.SHOULD 1
REMA;.N A MAst ETARLE PROPERTY_ - "•• '• --- LE FJuiZLY
Final Reconciliation: SALES compARZ50N APPROTtef_Ts T�+C MOST Aced:hp:. FtmettCTION OE•l I. w?>•Lu1_.•roR Al,5l.••
_ i NOT APPLICABLE DUE TO AGE. IIOHE$ IN THE AREA ARE RREDOMINANTLY_,._-.__
eZESIDyNCES. THE COST >,PPROACH S
L CwNEA-CCC.UPMED. THUS INCOME APPROACH 1S NOT CON1Z RSD APPL:C.IOLE. -- - - -- -
--
The purpose of this aspre(sal IS to esdmeto the market value a1 the mat property that*the subl♦ct of this report.hosed on the above conei+4ons and the caftilkat!on,centtrigcnt
and limning conditions.and market value detinldon that are stated M the attached Freckle Mac '^439MA form 10046(Revised 6/93 1.
"•� I(WE)ESTIL(ATE THE iCET VALUE.A DEFINED,OF THE REAL PROPi3TTYTNATIST11ESt�•i /FHECTOFTHISREPORT.ASOF __JAxUARY io.,, 1999
fe. {WlOCN 15 T iNSPEC'TION A THE EFFECTIVE DATE of THIS REPORT)T�BE S - • 7 2.000
I'. SipOahm suPTERvlsoRY APPRAISER(ONLY iF REWIRED):
AP) S .� 5lggahtre [ ; Old [0 Oid Not
t _ ----
Moon!Property
r,.' ri .^JCIT_,,.L JI RE IFA REALCORF Dame _.«__- _
are n11_ JAN 21, 1999 Oaiq•fi nit Stoned
SIa c a c 960175 Slate Ne Stale Caltll!Ee#t -Seale
I
Ci State USlate is evise* Stale Or State License It -
:reodle WIC form 70 6/9.3 PAGE 2 OF 2 'Fannie M$F ' l04 •53
Form UA2--TOTAL 20001or Windows'appraisal software by a h mode.Me.-1-800-ALAMOOE
06 04/99 FRI 08:54 FAX 402 222 4339 1ST DAT ,•P/SALES 001
"
attretE
Midlands Mortgage
A DIVISION OF SECURITY NATIONAL BANK
MEMBER FDIC
MIOLANDS PLAZA•SUITE 120.11205 WRIGHT STREET•OMAHA,NE 663t W
002)334.9669•iAX 002)334.6719
REFINANCE COMMITMENT LETTER
April 2, 1999 RE: 1025 South 22nd Street
ate: Rose C. Incontro Omaha, NE 68108
Donald J. Incontro LOAN AMOUNT: $54,000.00
1025 South 22nd Street • LOAN TYPE: cotty TERM: 30 y•-ars
Omaha, NE 68108
•
'hank you for the opportunity to be of service to you on the above mentioned property. This letter will confirm the
villingness of Midlands Mortgage, a Division of Security National Bank to make an FHAIVA/CONV Loan on the
hove mentioned property subject to the following conditions:
YOU MUST SUPPLY THE FOLLOWING PRIOR TO CLOSING:
a) Termite Inspection Please order
b) Payoff Letter from Security National Bank - we will order •
NEEDED 3 DAYS PRIOR TO CLOSING
c) Title Insurance Binder/Commitment needed in our office at least 5 days PRIOR to closing.
d) We need the cost of your Homeowners Insurance Premium,the expiration date of the policy and the name of the Insurance
Company,not the Agency. This information must be provided 3 days PRIOR to closing.
e) Evidence of Homeowners Insurance Policy(copy of declaration page)with an endorsement to the policy showing new
mortgagee clause and coverage in the amount of not less than$ 54,000.00
f) INFORM YOUR INSURANCE AGENT THAT THE LOSS PAYABLE CLAUSE MUST READ AS FOLLOWS:
COMMERCIAL FEDERAL MORTGAGE CORPORATION
ITS SUCCESSORS AND!OR ASSIGNS
P.O.BOX 1103 DTS
OMAHA. NE 68101
6) OTHER REQUIREMENTS TO BE PROVIDED BY BORROWER(S):
If closing occurs after May 20, 1999 credit documents will need to be updated
_ - and reviewed.Documentation that energy loan has been paid and released.
Letter from creditors acknowledging that debts for Rose and Don are paid in full _
and accounts closed.
—
Fina inspection rom appraiser on completion of remodeling.
Provided closing occurs no later than floating ,the loan shall be made at an interest rate of float %per annum
with a discount of float%of the principal amount of such loan payable to us.
13. There will be a Three(3)day Right of Rescission upon the closing of transaction.
t. t?stabl:shmcnt of marketable title-and all ether conditions of the FHA/VA/INVESTOR. _ •
5. Evidence of Flood Insurance, if applicable.
6. Private Mortgage Insurance, if applicable.
If you ltavc any questions regarding the above terms,please feel free to call.
Respectful! The foregoing terms and conditions are accepted:
•
--- me u rc elll�n Officer Borrower
Borrower '
c-25A CITY OF OMAHA
LEGISLATIVE CHAMBER
Omaha,Nebr 19
RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA:
WHEREAS, on May 19, 1992, Rose C. Incontro (hereinafter referred to as
"Borrower") executed Deeds of Trust and Notes, in favor of the City of Omaha, to secure the
financing of the rehabilitation of her property, located at 1025 South 22nd Street, under the Target
Area Rehabilitation Program; and,
WHEREAS,that financing consisted of a repayable loan in the amount of$10,000.00
and a deferred loan in the amount of$20,000.00, subsequently reduced to $18,613.00, the balance
of which is forgivable,provided she does not transfer any part of her title interest prior to the end of
the ten year loan term on May 19, 2002, these loans being in first and second lien positions
respectively; and,
WHEREAS, Ms. Incontro intends to improve her property by constructing a 576
square foot addition which will increase the appraised value of her property to $72,000.00; and,
WHEREAS, Midlands Mortgage (hereinafter referred to as "Bank") is willing to
make her a loan sufficient to finance the construction costs and to pay the balance of the City's
repayable loan in full,provided its lien be in first lien position; and,
WHEREAS,Ms. Incontro has requested that the City subordinate its deferred loan
interest in her property to a new loan in an amount not to exceed$54,000.00 upon receipt of payment
in full of the City's repayable loan balance; and,
WHEREAS,construction of this property improvement and repayment of the City's
first lien balance will benefit the citizens of the City of Omaha.
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF OMAHA:
THAT, as recommended by the Mayor, the Mayor is authorized to execute the
attached debt subordination agreement, subordinating the City's interest in property located at 1025
South 22nd Street, to a lien to be acquired by the Bank in an amount not to exceed$54,000.00,upon
satisfaction of the repayable loan balance, is hereby approved.
P:\PLN3\4555.PJM APPROVED AS TO FORM:
9 ASSISTANT C ATTORNEY DATE
By
Councilmember
Adopted JUN 8 1999 0
City Clerk
Approved.
ayor /�
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