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Terwilliger (540) 980-0690 P.O1
RESOLUTION NO. 99-10 '
RESOLUTION AUTHORIZING COLLATERAL MODIFICATION
ON PULASKI LAND COMPANY, L.C. UDAG LOAN
Whereas, the Town of Pulaski made a UDAG Loan to Pulaski
Land Company, L.C., secured by a shared first lien with First National
Bank of Christiansburg on mobile homes and trailers located on real
estate known as Peak Creek Village Mobile Home Park; and,
Whereas, the Borrowers have complied with the terms of the
loan to the satisfaction of the Town and the bank; and
Whereas, the Borrowers have made a decision to sell their
mobile homes to their occupants or others so that the trailer park will
be rented to owner-occupied mobile homes; and
• Whereas, First National Bank of Christiansburg has agreed to
subordinate its lien on the real estate to the Town of Pulaski, if the
Town of Pulaski is willing to release its lien on the remaining ten {10)
mobile homes; and
Whereas, the value of the real estate far exceeds the
outstanding balance on the loan and the Town's position would be
improved;
Now, Therefore, be it resolved by the Town Council of the Town
of Pulaski, Virginia, sitting in open session on March 3, 1999, that the
request for modification is approved and the Town administration is
authorized to release the Town's lien on any mobile homes used as
collateral for the loan, upon receipt or simultaneous with execution
and recordation of a subordination agreement from First National
Bank of Christiansburg giving the Town a first priority lien on the real
estate associated with said loan.
Pale I cif 2
This resolution is effective upon adoption and is adopted this 3rd day of March,
1999, recorded by the Town Council as follows:
James M. Neblett -Aye W. Edgar Hale -Aye
Lane R. Penn -Aye Joseph L. Weddle -Aye
Jeffrey S. Worrell -Aye Pauline G. Mitchell - dye
Bettye H. Steger -Aye Charles W. Stewart, Jr. ~ Aye
Town of Pulaski, Virginia by
John A. Jo on, Mayor
ATT T:
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Patricia Pendergrast, Cler f Council
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