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• ORDINANCE <br />AUTHORIZING MAYOR TO SIGN <br />DEED OF SUBORDINATION <br />WHEREAS, the City created a Special Assessment District for local improvements in <br />the University Corner area in 1993, and an assessment in the amount of $37,074.45 was levied <br />on property belonging to V & V Partnership; and <br />WHEREAS, V & V Partnership elected to pay the assessment, docketed as a lien in the <br />Charlottesville Circuit Court Clerk's Office, in ten (10) equal annual installment payments and <br />has made such payments in a timely manner, with a current balance due of $25,952.10; and <br />WHEREAS, V & V Partnership recently conveyed the property, designated as 1509- <br />1511 University Avenue (the "Property"), to Amorgos, L.L.C., which refinanced the mortgage <br />on the Property, and Amorgos, L.L.C. has requested the City to subordinate its lien for local <br />improvements to the lien of a deed of trust securing the new loan; and <br />WHEREAS, the Property is currently assessed at $1,120,900.00, and the deed of trust <br />lien is $570,000.00; now, therefore, <br />BE IT ORDAINED by the Council of the City of Charlottesville, Virginia, that the <br />• City's lien, docketed in Judgment Lien Book 24, page 271, insofar as the same pertains to <br />Property known as 1509-1511 University Avenue, is hereby subordinated to the above -referenced <br />lien of the deed of trust, and the Mayor is authorized to sign a deed of subordination, in form <br />approved by the City Attorney, to effect such subordination. <br />Approved by Council <br />February 5, 1996 <br />rk� Council <br />