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North Grandview Estates Partial Release of MortgageMasterpiece on the Mississippi BARRY LINDAHL CITY ATTORNEY To: Mayor Roy D. Buol and Members of the City Council DATE: September 30, 2011 RE: North Grandview Estates Mortgage Release In 2006, the City entered into an agreement with North Grandview Estates, LLC, the developer of North Grandview Estates Subdivision. Among other things, the City agreed to extend water and sewer service to the subdivision. In order for the City to recoup its costs for sewer and water construction, a per lot payment was established for each lot payable by the developer and due upon sale of each lot in the subdivision. The developer is selling Lot 6 of North Grandview Estates No. 2. The developer has asked for a partial release of the City's real estate mortgage which secures the cost of the water and sewer construction. At the closing, the City will receive a per lot fee for the sewer and water connections. I recommend that the City Council approve the partial release of real estate mortgage for Lot 6 and authorize the Mayor to sign it on behalf of the City. BAL:tls Attachment cc: Michael C. Van Milligen, City Manager David Harris, Housing & Community Development Director F: \USERS \tsteckle \O'Brien \North Grandview Estates LLC\ MayorCouncil _PartialRelease_093011.doc OFFICE OF THE CITY ATTORNEY DUBUQUE, IOWA SUITE 330, HARBOR VIEW PLACE, 300 MAIN STREET DUBUQUE, IA 52001 -6944 TELEPHONE (563) 583 -4113 / FAx (563) 583 -1040 / EMAIL balesq @cityofdubuque.org PARTIAL RELEASE OF REAL ESTATE MORTGAGE THE IOWA STATE BAR ASSOCIATION Official Form No. 130 Recorder's Cover Sheet Preparer Information: (Name, address and phone number) Barry A. Lindahl, 300 Main Street, Suite 330, Dubuque, IA 52001 Telephone: (563) 583 -4113 Taxpayer Information: (Name and complete address) Return Document To: (Name and complete address) City of Dubuque, Iowa 50 West 13th Street Dubuque; IA 52001 Grantors: Grantees: City of Dubuque, Iowa North Grandview Estates, L.L.C. Legal description: See Page 2 Document or instrument number of previously recorded documents: © The Iowa State Bar Association 2005 IOWADOCS© THE IOWA STATE BAR ASSOCIATION Official Form No. 130 Barry A. Lindahl FOR THE LEGAL EFFECT OF THE USE OF THIS FORM, CONSULT YOUR LAWYER PARTIAL RELEASE OF REAL ESTATE MORTGAGE The undersigned, the present owner(s) of the mortgage hereinafter described, for valuable consideration, receipt of which is hereby acknowledged, do hereby acknowledge that the following described real estate situated in Dubuque County, Iowa, to wit: Lot 6 of North Grandview Estates No. 2, in the City of Dubuque, Iowa, according to the recorded plat thereof. is hereby released from the lien of the real estate mortgage, executed by North Grandview Estates, L.L.C. dated September 29. 2005 , recorded in the records of the Office of the Recorder of the County of Dubuque , State of Iowa, recorded as document reference number2005 -16921 specifically reserving and retaining the mortgage lien and all mortgage rights against all of the remaining property embraced in the mortgage above described. Words and phrases herein, including acknowledgment hereof, shall be construed as in the singular or plural, and as masculine, feminine or neuter gender, according to the context. Dated this 3rd day of October 2011, City of upue, owa Roy D. liol, Mayor CORPORATE /PARTNERSHIP STATE OF IOWA , COUNTY OF DUBUQUE This instrument was acknowledged before me on , by Roy D. Buol as Mayor of the City of Dubuque, Iowa • 41. 4+ x . r • ro_; �ow KEVIN S. FIRNSTAHL COMMISSION NO.745295 MY - C'o/01j 1RES [.� iL ./"� _ _✓ A• 7 -t7 Notary Public INDIVIDUAL STATE OF IOWA , COUNTY OF This instrument was acknowledged before me on , by • , Notary Public NOTE: For complete release of real estate mortgage, see Form No. 129. O The Iowa State Bar Association 2075 130 PARTIAL RELEASE OF MORTGAGE •10WADOCS® Revised June 2005