HomeMy WebLinkAbout92-0812 727 Canyon Lane Deed RESOLUTION
AUTHORIZING EXECUTION OF A RELEASE DEED FOR 727 CANYON LANE
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN,
ILLINOIS, that Larry L. Rice, City Manager, be and is hereby
authorized and directed to execute a Release Deed on behalf of
the City of Elgin for the property commonly known as
727 Canyon Lane and legally described as follows:
Lot 329 in Valley Creek, Unit No. 9, in the
City of Elgin, Kane County, Illinois .
a copy of which is attached hereto and made a part hereof by
reference.
s/ George VanDeVoorde
George VanDeVoorde, Mayor
Presented: August 12, 1992
Adopted: August 12, 1992
Vote: Yeas 7 Nays 0
Recorded:
Attest:
s/ Dolonna Mecum
Dolonna Mecum, City Clerk
FILED FOR RECORD
KANE COUNTY. ILL.
92K35866 92 KAY 19 AM 9: 15
RECGRCE
[Space Above This Line For Recording Data]
* in the original principal amount of $11,350.00
MORTGAGE
THIS MORTGAGE ("Security Instrument")is given on May 1
19..4.2...The mortgagor is William G. Vincent and Sally B. Vincent, husband and wife
("Borrower").This Security Instrument is given to....Me..C.Lty
.af...Eigin.,...a...ongti.C.7,Ra.)...C.omrAtign ,which is organized and existing
under the laws of the State 9f Illinoisand whose address is 150 Dexter Court,
Elgin, Illinois 60120 ( prier").
Borrower owes Lender the principal sum of Six Thousand Nine Hundred Thirty-six and 0SI100
March••13, 1989* Dollars(U.S.$ 6,9 3.6:.Q.$.........).This debt is evidenced by Borrower's note
dated/tltttontotl't tatibiRSocuxityt ("Note"),which provides for monthly payments,with the full debt,if not
paid earlier,due and payable on MArch 13, 1994 This Security Instrument
secures to Lender:(a)the repayment of the debt evidenced by the Note,with interest,and all renewals,extensions and
modifications;(b)the payment of all other sums,with interest,advanced under paragraph 7 to protect the security of this
Security Instrument;and(c)the performance of Borrower's covenants and agreements under this Security Instrument and
the Note.For this purpose,Borrower does hereby mortgage,grant and convey to Lender the following described property
located in County,Illinois:
1 CD
That part of Lot 8 in Block 22 of the Original Town of Elgin, on the West side of
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Fox River, described as follows: Beginning at the Northwest corner of said lot; 0
ii thence Southerly along the Westerly line of said lot 22 feet; thence Easterly at N
right angles to the Westerly line of said lot 55.95 feet; thence Northerly 22.30
feet to a point in the Northerly line of said lot 53.60 feet Easterly from the O
Northwest corner thereof; thence Westerly along the Northerly line of said lot 0
53.60 feet to the point of beginning, in the City of Elgin, Kane County, Illinois. CO
PIN: 06-14-431-004
II'
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Mortgagor agrees that the lien of this Mortgage is subject and subordinate
to that certain Mortgage given on April 15, 1992 from the Borrower to the
Elgin State Bank, 500 Dundee Avenue, Elgin, Illinois 60120 ("Prior Mortgage"),
anal=' which Prior Mortgage secures a principal sum of $12,978.32.
whichhastheaddressof 7 South State Street Elgin
[Street] [City]
Illinois 60120 ("Property Address");
[Zip Code]
TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, rights,
appurtenances, rents, royalties, mineral, oil and gas rights and profits, water rights and stock and all fixtures now or (3
hereafter a part of the property.All replacements and additions shall also be covered by this Security Instrument.All of the C
foregoing is referred to in this Security Instrument as the"Property." c
BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to c
mortgage,grant and convey the Property and that the Property is unencumbered,except for encumbrances of record. e a 0(
Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any t c
encumbrances of record. A
THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with cn o it
limited variations by jurisdiction to constitute a uniform security instrument covering real property. e m
ca.Iv'eW
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ILLINOIS—single Family—FNMA/FHLMC UNIFORM INSTRUMENT Folin 3014 12/83 0
c 3 2 K 3 5 8 6 6 44711 SAF SYSTEMS AND FORMS
CHICAGO,II.47 I s oc
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal and Interest;Prepayment and Late Charges. Borrower shall promptly pay when due
the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note.
to Lender on the day monthly payments are due under the Note,until the Note is paid in full,a sum("Funds") ••al to
one-twelfth of: (a) yearly taxes and assessments which may attain priority over this Security Instrum .) yearly
leasehold payments or ground rents on the Property, if any; (c) yearly hazard insurance premiu . , and (d) yearly
mortgage insurance premiums,if any.These items are called"escrow items."Lender may estima e Funds due on the
basis of current data and reasonable estimates of future escrow items.
The Funds shall be held in an institution the deposits or accounts of which are in =.or guaranteed by a federal or
state agency(including Lender if Lender is such an institution).Lender shall a.. the Funds to pay the escrow items.
Lender may not charge for holding and applying the Funds,analyzing the :•.,.unt or verifying the escrow items,unless
Lender pays Borrower interest on the Funds and applicable law pe der to make such a charge. Borrower and
Lender may agree in writing that interest shall be paid on the •s. Unless an agreement is made or applicable law
requires interest to be paid,Lender shall not be required to •.• •rrower any interest or earnings on the Funds.Lender
shall give to Borrower,without charge,an annual acco • g of the Funds showing credits and debits to the Funds and the
purpose for which each debit to the Funds was m .• . e Funds are pledged as additional security for the sums secured by
this Security Instrument.
If the amount of the Funds hel. .• nder,together with the future monthly payments of Funds payable prior to
the due dates of the escrow item : 1 exceed the amount required to pay the escrow items when due,the excess shall be,
at Borrower's option,either • •mptly repaid to Borrower or credited to Borrower on monthly payments of Funds.If the
amount of the Funds h . .y Lender is not sufficient to pay the escrow items when due,Borrower shall pay to Lender any
amount neces . ake up the deficiency in one or more payments as required by Lender.
Upo .:yment in full of all sums secured by this Security Instrument,Lender shall promptly refund to Borrower
any Fu.= eld by Lender.If under paragraph 19 the Property is sold or acquired by Lender,Lender shall apply,no later
t immediately prior to the sale of the Property or its acquisition by Lender,any Funds held by Lender at the time of
3. Application of Payments. Unless applicable law provides otherwise,all payments received by Lender under
paragraphs 1 and 2 shall be applied:first,to late charges due under the Note;second,to prepayment charges due under the
Note;third,to amounts payable under paragraph 2;fourth,to interest due;and last,to principal due.
4. Charges;Liens. Borrower shall pay all taxes,assessments,charges,fines and impositions attributable to the
Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any.
Borrower shall pay these obligations in the manner provided in paragraph 2,or if not paid in that manner,Borrower shall
pay them on time directly to the person owed payment.Borrower shall promptly furnish to Lender all notices of amounts
to be paid under this paragraph. If Borrower makes these payments directly,Borrower shall promptly furnish to Lender
receipts evidencing the payments.
Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower:(a)
agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender;(b)contests in good
faith the lien by,or defends against enforcement of the lien in,legal proceedings which in the Lender's opinion operate to
' prevent the enforcement of the lien or forfeiture of any part of the Property;or(c)secures from the holder of the lien an
agreement satisfactory to Lender subordinating the lien to this Security Instrument.If Lender determines that any part of
the Property is subject to a lien which may attain priority over this Security Instrument,Lender may give Borrower a
notice identifying the lien.Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days
of the giving of notice. This paragraph shall not apply to the Prior Mortgage.
5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property
insured against loss by fire,hazards included within the term"extended coverage"and any other hazards for which Lender
requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The
insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be
unreasonably withheld.
All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause.
Lender shall have the right to hold the policies and renewals.If Lender requires,Borrower shall promptly give to Lender
all receipts of paid premiums and renewal notices.In the event of loss,Borrower shall give prompt notice to the insurance
carrier and Lender.Lender may make proof of loss if not made promptly by Borrower.
Unless Lender and Borrower otherwise agree in writing,insurance proceeds shall be applied to restoration or repair
of the Property damaged,if the restoration or repair is economically feasible and Lender's security is not lessened.If the
restoration or repair is not economically feasible or Lender's security would be lessened,the insurance proceeds shall be
• applied to the sums secured by this Security Instrument,whether or not then due,with any excess paid to Borrower.If
Borrower abandons the Property,or does not answer within 30 days a notice from Lender that the insurance carrier has
offered to settle a claim,then Lender may collect the insurance proceeds.Lender may use the proceeds to repair or restore
_ - the Property or to pay sums secured by this Security Instrument,whether or not then due.The 30-day period will begin
when the notice is given.
Unless Lender and Borrower otherwise agree in writing,any application of proceeds to principal shall not extend or
postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments.If
under paragraph 19 the Property is acquired by Lender,Borrower's right to any insurance policies and proceeds resulting
from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security
Instrument immediately prior to the acquisition.
6. Preservation and Maintenance of Property;Leaseholds. Borrower shall not destroy,damage or substantially
change the Property,allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold,
Borrower shall comply with the provisions of the lease,and if Borrower acquires fee title to the Property,the leasehold and
fee title shall not merge unless Lender agrees to the merger in writing.
7. Protection of Lender's Rights in the Property; Mortgage Insurance. If Borrower fails to perform the
covenants and agreements contained in this Security Instrument,or there is a legal proceeding that may significantly affect
Lender's rights in the Property(such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or
regulations),then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights
in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security
Instrument,appearing in court,paying reasonable attorneys'fees and entering on the Property to make repairs.Although
Lender may take action under this paragraph 7,Lender does not have to do so.
Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this
Security Instrument.Unless Borrower and Lender agree to other terms of payment,these amounts shall bear interest from
the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower
requesting payment.
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If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument,
Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the
insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law.
8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property.Lender
shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
9. Condemnation. The proceeds of any award or claim for damages,direct or consequential,in connection with
any condemnation or other taking of any part of the Property,or for conveyance in lieu of condemnation,are hereby
assigned and shall be paid to Lender.
In the event of a total taking of the Property,the proceeds shall be applied to the sums secured by this Security
Instrument,whether or not then due,with any excess paid to Borrower.In the event of a partial taking of the Property,
unless Borrower and Lender otherwise agree in writing,the sums secured by this Security Instrument shall be reduced by
the amount of the proceeds multiplied by the following fraction:(a)the total amount of the sums secured immediately
before the taking,divided by(b)the fair market value of the Property immediately before the taking.Any balance shall be
paid to Borrower.
If the Property is abandoned by Borrower,or if,after notice by Lender to Borrower that the condemnor offers to
make an award or settle a claim for damages,Borrower fails to respond to Lender within 30 days after the date the notice is
given,Lender is authorized to collect and apply the proceeds,at its option,either to restoration or repair of the Property or
to the sums secured by this Security Instrument,whether or not then due.
Unless Lender and Borrower otherwise agree in writing,any application of proceeds to principal shall not extend or
postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments.
10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in
interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest.
Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for
payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made
by the original Borrower or Borrower's successors in interest.Any forbearance by Lender in exercising any right or remedy
shall not be a waiver of or preclude the exercise of any right or remedy.
11. Successors and Assigns Bound;Joint and Several Liability;Co-signers. The covenants and agreements of
this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower,subject to the provisions
of paragraph 17.Borrower's covenants and agreements shall be joint and several.Any Borrower who co-signs this Security
Instrument but does not execute the Note:(a)is co-signing this Security Instrument only to mortgage,grant and convey
that Borrower's interest in the Property under the terms of this Security Instrument;(b)is not personally obligated to pay
the sums secured by this Security Instrument;and(c)agrees that Lender and any other Borrower may agree to extend,
modify,forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without
that Borrower's consent.
12. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan
charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in
connection with the loan exceed the permitted limits, then: (a)any such loan charge shall be reduced by the amount
necessary to reduce the charge to the permitted limit;and(b)any sums already collected from Borrower which exceeded
permitted limits will be refunded to Borrower.Lender may choose to make this refund by reducing the principal owed
under the Note or by making a direct payment to Borrower.If a refund reduces principal,the reduction will be treated as a
partial prepayment without any prepayment charge under the Note.
13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of
rendering any provision of the Note or this Security Instrument unenforceable according to its terms,Lender,at its option,
may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies
permitted by paragraph 19.If Lender exercises this option,Lender shall take the steps specified in the second paragraph of
paragraph 17.
14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by
mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the
Ii Property Address or any other address Borrower designates by notice to Lender.Any notice to Lender shall be given by
first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower.Any notice
provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided
in this paragraph.
15. Governing Law;Severability. This Security Instrument shall be governed by federal law and the law of the
— jurisdiction in which the Property is located.In the event that any provision or clause of this Security Instrument or the
Note conflicts with applicable law,such conflict shall not affect other provisions of this Security Instrument or the Note
which can be given effect without the conflicting provision.To this end the provisions of this Security Instrument and the
Note are declared to be severable.
16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument.
interest in it is sold or transferred(or if a beneficial interest in Borrower is sold or transferred and Borr.• , . a natural
person)without Lender's prior written consent,Lender may,at its option,require i - .ayment in full of all sums
secured by this Security Instrument;However,this option shall not by Lender if exercise is prohibited by
federal law as of the date of this Security Instrument.
If Lender exercises this option ri give Borrower notice of acceleration.The notice shall provide a period
of not less than 30 da s • .ate the notice is delivered or mailed within which Borrower must pay all sums secured by
this Sec ment.If Borrower fails to pay these sums prior to the expiration of this period,Lender may invoke any
18.Borrower's Right to Reinstate. If Borrower meets certain conditions,Borrower shall have the right to have
enforcement of this Security Instrument discontinued at any time prior to the earlier of:(a)5 days(or such other period as
applicable law may specify for reinstatement)before sale of the Property pursuant to any power of sale contained in this
Security Instrument;or(b)entry of a judgment enforcing this Security Instrument.Those conditions are that Borrower:
(a)pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration
occurred;(b)cures any default of any other covenants or agreements; (c)pays all expenses incurred in enforcing this
Security Instrument,including,but not limited to,reasonable attorneys'fees;and(d)takes such action as Lender may
reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's
obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by
Borrower,this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had
occurred.However,this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17.
•
92K35866
NON-UNIFORM COVENANTS.Borrower and Lender further covenant and agree as follows:
1'5: Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's
breach of any covenant or agreement in this Security Instrument(but not prior to acceleration under paragraphs 13 and 17
unless applicable law provides otherwise).The notice shall specify:(a)the default;(b)the action required to cure the
default;(c)a date,not less than 30 days from the date the notice is given to Borrower,by which the default must be cured;
and(d)that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums
secured by this Security Instrument,foreclosure by judicial proceeding and sale of the Property.The notice shall further
inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-
existence of a default or any other defense of Borrower to acceleration and foreclosure.If the default is not cured on or
before the date specified in the notice,Lender at its option may require immediate payment in full of all sums secured by
this Security Instrument without further demand and may foreclose this Security Instrument by judicial proceeding.
Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this paragraph 19,including,
but not limited to,reasonable attorneys'fees and costs of title evidence.
20.Lender in Possession.Upon acceleration under paragraph 19 or abandonment of the Property and at any time
prior to the expiration of any period of redemption following judicial sale,Lender(in person,by agent or by judicially
appointed receiver)shall be entitled to enter upon,take possession of and manage the Property and to collect the rents of
the Property including those past due.Any rents collected by Lender or the receiver shall be applied first to payment of the
costs of management of the Property and collection of rents,including,but not limited to,receiver's fees,premiums on
receiver's bonds and reasonable attorneys'fees,and then to the sums secured by this Security Instrument.
21.Release.Upon payment of all sums secured by this Security Instrument, Lender shall release this Security
Instrument without charge to Borrower.Borrower shall pay any recordation costs.
22.Waiver of Homestead.Borrower waives all right of homestead exemption in the Property.
23.Riders to this Security Instrument.If one or more riders are executed by Borrower and recorded together with
this Security Instrument,the covenants and agreements of each such rider shall be incorporated into and shall amend and
supplement the covenants and agreements of this Security Instrument as if the rider(s) were a part of this Security
Instrument.[Check applicable box(es)]
0 Adjustable Rate Rider - • Condominium Rider • ❑ 2-4 Family Rider
❑ Graduated Payment Rider El Planned Unit Development Rider
Other(s) [specify]
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security
Instrum and in any rider(s)executed by Borrower and recorded wi hit.
c)—
1,1�i •C(!.. /%'J��urs (Sea,)
wy, _ W Wil tam G. Vincent —Borrow,
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�' N!/R4�""' (Seal) ...... .
0 a ly B Vincent —Borrower
Wi act I [Space Below This Line For Acknow meet)
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STATE OF ILLINOIS
KANE SS:OF
the under s i,gned a Notary Public in and for said county and state,do hereby certify that
William G. Vincent and Sally B. Vincent ,personally appeared
before me and le(are)known or proved to me to be the person(s)who,being informed of the contents of the foregoing instrument,
have executed same,and acknowledged said instrument to be...xbea.t free and voluntary act and deed and that
(his,her,their)
they executed said instrument for the purposes and uses therein set forth.
(he,she,they)
Witness my hand and official seal this /49 g' day of.... .
My Commission Expires: P
s Aw.►
/ OFFICIAL SEAL. / �. . . (SEAL)
/ RENEE A. HOMF
(NOTARY PUBLIC, STATE OF ILLINOIS I Notary Ws
fr NvC m ion lig:Au 12,1995
This instrument was prepared by. Roc( r. . , 1R6 1 Boulevards Elgin, IL 60123
44771 Roger K. Frandsen, 2425 Royal l�
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