HomeMy WebLinkAboutResolution - 092635A - Paving Lien - Alice & Z.L. Wright - Overton Addition, Lots 7 & 8 Block 47 - 09/26/1935Aofto%
042(P35A
RESOLUTION AUTHORIZING THE MAYOR
TO SUBORDINATE+, Z. L. VIRIGHT ET AL
PAVI1`iG LIEN
Upon motion by Commissioner M_T Y
seconded b Commissioner ��
y , unanimously
carried, the Mayor of the City of Lubbock is hereby authorized
and directed to execute for and on behalf of the City of Lubbock
an instrument in writing duly acknowledged subordinating paving
lien created by Alice 'Wright and husband Z. L.;"Irignt in favor
of the City of Lubbock upon Lot Eight (8) and the Vest thirty
(W 30) feet of Lot Seven (7), in Block Forty-seven (47) of the
Overton Addition to the town of Lubbock in Lubbock County, Tex-
as. Said subordination to make the City's aforesaid paving lien
second and inferior to any Home 0wners Loan Corporation Loan
made or to be made upon said property. The "Second Lien Holder's
Agreement" executed by the TJayor of the City of Lubbock for such
purpose is hereby ratified and confirmed.
Passed and adopted this the 26th day of September,
1935 .
ATTEST:
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SECOND LIEN ERS' AGREEMENT
THE STATE OF TEXAS
KNOW ALL MEN BY THESE PRESENTS:
COUNTY OF LUBBOCK
`x'HEREAS, the undersigned (whether one or olore) is the owner and holder
of four Paving Certificates described in a Mechanic's Lien executed by
Alice `:'right and husband, Z. L. 'Tright to City of Lubbock, Texas, dated
Jan. 4, 1935, and recorded in Vol. , page of the Mechanic's
Lien Records of Lubbock County, Texas; said Paving Certificates being
secured by a lien upon the land described in said iuechanlc'S Lien, and
`*'HEREAS, Home Owners' Loan Corporation is the holder of a note secured
by a first lien upon the above mentioned lands as provided for under the terms
of a deed of trust executed by Alice ",Tright and Z. L. Wright (hereinafter
referred to as mortgagor) to J?roes Shaw, Trustee for Home Owners' Loan
Corporation, dated _ , and duly filed for record in Lubbock
County, Texas.
Y07t THEREFORE, KNOW ALL MEN BY THESE PRESENTS, that the undersigned,
for and in consideration of the benefits accruing to him by virtue of the
extension of the first lien indebtedness under the above mentioned deed
of trust, executed by mortgagor to James Shaw, Trustee, and in consider-
ation of X10.00 to him in hand paid, receipt of which is hereby acknowledged
and confessed, has and b7r these presents does covenant and agree with the
Home Owners' Loan Corporation, for the joint and several benefit of the
Home Owners' Loan Corporation and mortgagor, as follows:
1. That the lien securing the indebtedness due the undersigned has
been and bT these presents is made inferior to the lien securing the above
mentioned indebtedness due Home 0•,ners' Loan Corporation, and the under-
signed expressly agrees to and ratifies all the provisions of the above
mentioned deed of trust executed by mortgagor to James Shaw, Trustee for
Home 0,7ners' Loan Corporation, and agrees that the lien provided for in
such deed of trust shall be and is hereby made superior to any and all
liens securing indebtedness due the undersigned.
2. That the unpaid balance of the indebtedness due the undersigned,
including all principal and accrued interest, is 5100.00 only, and that
all indebtedness due the undersigned over and above such amount has been
and by these presents is released, discharged and declared paid.
3. That the undersigned shall not require the ,mortgagor to pay more
than 15% of the w-,ount of indebtedness due undersigned as above set out
durin7 any one year, such 15% to include all payments or principal and
interest; provided that the undersigned may, at his election, require
payments upon indebtedness due him in an amount equal to 20°%. of the pay-
ments to be made by mortgagor upon his indebtedness to the Home Owners'
Loan Corporation provided for in the above mentioned Deed of Trust.
4. That the undersigned will not take or secure any lien of any
nature whatsoever upon any property belongings to the mortgagor, real,
personal or mixed, to secure the payment of the indebtedness due the under-
signed other than the lien herein mentioned upon the land described in
the deed of trust executed by mortgagor to James Shan, Trustee, as above
referred to.
5. That from and after this date the balance indebtedness due and
held by the undersigned from the mortgagor shall bear interest at a rate
not exceeding 6 per annum or the rate of interest 17hich said indebtedness
now bears, �Thichever is the smaller.
'7T itness its hand this the 26th day of September , A. D. 1,1935.
ATTEST 1 D BY: CITY OF LUBBOCK
1_1� By:'
Acting City Secretary Mayor
THE STATE OF TEXAS
COUNTY OF _
'3efore me, the undersigned authority, on this day personally a-ppeared
Ross Edwards, Mayor of City of Lubbock, known to me to be the person
whose name is subscribed to the foregoing instrument, and acknowledged to
me that he executed the same for the Nurposes and considerations therein
expressed, as the act and deed of the City of Lubbock, and in the capacity
therein stated.
Given under my hand and seal of office, this 26th day of Sept. , 1935
NOTARY PUBLIC, _ County,
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