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ORDINANCE <br />• AUTHORIZING CITY MANAGER TO SIGN <br />SUBORDINATION AGREEMENT <br />WHEREAS, Carter -Gilmer House Partnership was granted a loan <br />from the City of $20,000.00 in 1995 under the Historic Preservation <br />Revolving Loan Fund program to help restore an historic dwelling at <br />800 East Jefferson Street (the "Carter -Gilmer House"); and <br />WHEREAS, a deed of trust dated December 21, 1995, was recorded <br />to secure the aforesaid loan, with the City as a second lienholder; <br />and <br />WHEREAS, Carter -Gilmer House Partnership is attempting to <br />refinance the existing first lien, and has requested the City to <br />sign the attached Subordination Agreement, which will subordinate <br />the City's lien to the lien of a deed of trust securing the new <br />lien; and <br />WHEREAS, the City's second lien status will not be affected by <br />such agreement, and the Carter -Gilmer House Partnership will <br />greatly benefit from the refinancing; now, therefore, <br />BE IT ORDAINED by the Council of the City of Charlottesville, <br />Virginia, that the City's lien, of record in the Charlottesville <br />. Circuit Court Clerk's Office in Deed Book 664, page 548, is hereby <br />subordinated to the new lien of the deed of trust, and the City <br />Manager is authorized to sign a subordination agreement, in form <br />approved by the City Attorney, to effect such subordination. <br />Approved by Council <br />March 4, 1996 <br />1 rk of City Council <br />