Partial Release of Mortgage_Bryce and Cynthia Davis(11/21/2012) Kevin Firnstahl - Re: Davis Partial Mortgage Release Page 1
From: Laura Carstens
To: Alvin Nash; David Johnson; Kris Neyen; Maureen Quann; Mike Van Milli...
CC: Barry Lindahl; Juanita Hilkin; Kevin Firnstahl; Tracey Stecklein
Date: 11/21/2012 3:17 PM
Subject: Re: Davis Partial Mortgage Release
All,
I spoke with attorney Art Gilloon today. The property owners have run into a two -month delay and a great
deal of paperwork to get the release on the mortgage from Wells- Fargo.
As an alternative, he is looking to have a plat of survey done that will re -draw the lot lines in a simpler
fashion, and will make Davis' lot just a little larger while keeping the wall on their lot. This avoids the
release from Wells- Fargo. I told him that sounds reasonable and from his verbal description the plat
should meet zoning requirements. He is checking with the County as well.
Laura
»> Maureen Quann 11/7/2012 1:09 PM »>
Everyone,
Attached is the memo, partial mortgage release and supporting documentation related to the partial
release of the Bryce and Cynthia Davis (257 Hill Street) mortgage with respect to a small parcel of land
now owned by Rusty and Wendy Knight (205 Hill Street). For those of you who have been contacted
about this matter in the past couple of days, the Knights are selling their home and wish to close as soon
as possible. In order to transfer clear title to the property as it is now platted, they need a partial release
of the Davis mortgage. The partial release does not affect the money owed to the City or the Davis'
obligation to repay such money. It only affects the land to which the mortgage attaches.
These documents have been loaded into Novus as a consent item for the November 19, 2012 Council
meeting in order to facilitate the Knights' request to close as quickly as possible. If you have any
questions, please let me know.
Thanks,
Maureen
Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Partial Release of Mortgage
Bryce and Cynthia Davis
DATE: November 7, 2012
Dubuque
kital
All- America City
II 111!
2012
Assistant City Attorney Maureen Quann recommends City Council approval of a partial
release of a mortgage executed by Bryce S. Davis and Cynthia J. Davis to the City of
Dubuque Housing and Community Development Department.
The Davis' and their neighbors, the Knights, have exchanged small pieces of property
with each other. The parcels have been replatted accordingly. Releasing the mortgage
with respect to the piece of the property gained by the Knights and amending the
mortgage with respect to the piece of the property gained by the Davis' would allow the
Davis mortgage by the City to accurately reflect the land to which it attaches.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
kri,„
Michael C. Van Milligen
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Teri Goodmann, Assistant City Manager
Maureen Quann, Assistant City Attorney
THE CITY OF
DUB E MEMORANDUM
Masterpiece on the Mississippi
MAUREEN A. QUANN, ESQ.
ASSISTANT CITY ATTORNEY
To: Michael Van Milligen
City Manager
DATE: November 7, 2012
RE: Partial Release of Mortgage
Bryce and Cynthia Davis
INTRODUCTION
This memorandum presents for City Council consideration a partial release of a
mortgage executed by Bryce S. Davis and Cynthia J. Davis to the City of Dubuque
Housing and Community Development Department ( "Housing ").
The Davis' and their neighbors, the Knights, have exchanged small pieces of property
with each other. The parcels have been replatted accordingly. Releasing the mortgage
with respect to the piece of the property gained by the Knights and amending the
mortgage with respect to the piece of the property gained by the Davis' would allow the
Davis mortgage by the City to accurately reflect the land to which it attaches.
BACKGROUND
The Davis property is commonly known as 257 Hill Street and legally described as Lot 2
Dupree Place No. 2 ( "Davis Property "). The Knight property is commonly known as 205
Hill Street and legally described as Lot 1 Dupree Place No. 2 ( "Knight Property "). In
October, 2012, the Davis' wanted to expand their driveway and repair a wall on their
property. In accordance with this plan, the Davis' gave the Knights an approximately
43.96 square foot (3.87 ft. x 11.36 ft.) piece of land highlighted in yellow on the attached
survey plat. In return, the Knights gave the Davis' an approximately 97.90 square foot
(25.9 ft. x 3.78 ft.) piece of land highlighted in pink on the attached survey plat. For
purposes of this memorandum, this transaction will be referred to as the "Land
Exchange." The Davis' and Knights obtained and recorded a survey plat after the Land
Exchange to show the newly defined property boundary lines.
The Davis' executed a mortgage with Housing on June 9, 2011 in the amount of Fifteen
Thousand Three Hundred Thirty Eight and 03/100 ($15,338.03) and recorded as
Instrument Number 2011 - 00008593. This mortgage attaches to the Davis Property as it
was platted before the Land Exchange. After the Land Exchange, this mortgage
technically still attaches to the 43.96 square foot sliver of land now included in the
Knight Property and does not attach to the 97.90 square foot sliver of property now
included in the Davis Property.
The Davis' and Knights approached City staff about partially releasing the Davis
mortgage with respect to the 43.96 square foot sliver now included in the Knight
Property. The Knights are currently selling the Knight Property, and a partial release of
the Davis mortgage with respect to the 43.96 square foot sliver now included in the
Knight Property is necessary to do so. The Davis' also wish to accurately reflect the
Davis mortgage and the property to which it now attaches, including the 97.90 square
foot sliver now included in the Davis Property. The Davis' will work with Housing to
amend the Davis mortgage accordingly.
DISCUSSION
Approving the partial release of the Davis mortgage with respect to the sliver of land
now included in the Knight Property will not affect the amount of money owed to the City
or the Davis' obligation to pay such mortgage. The partial release will merely allow the
Knights to sell and transfer clear title to the Knight Property as it is now platted.
Additionally, amending the Davis mortgage will accurately reflect the Davis' obligation to
repay the mortgage attached to the Davis property as it is now platted. These actions
have no effect on any obligation to the City but merely ensure that all documents,
including the Davis mortgage, accurately reflect the properties as they are now platted
and allow the sale of the Knight Property.
RECOMMENDATION
I recommend that the City Council approve the partial release of the Davis mortgage
with respect to the 43.96 square foot sliver of land now included in the Knight Property
and authorize Housing to amend the Davis mortgage to accurately reflect the Davis
Property as it is now platted.
MAQ:tls
Attachments
cc: Alvin Nash, Housing and Community Development Director
Kris Neyen, Housing and Community Development Rehab Programs Supervisor
Laura Carstens, City Planner
Dave Johnson, Assistant Planner
Wally Wernimont, Assistant Planner
F: \USERS \Mquann \Housing \Davis Bryce & Cynthia Partial Release \MVM_PartialRelease_110712.doc
Prepared by: Arthur F. Gilloon, Gilloon, Wright & Hamel, P.C., 770 Main Street, Dubuque, IA 52001; (563) 556 -6433
PARTIAL RELEASE OF REAL ESTATE MORTGAGE
The undersigned, the present owner of the mortgage hereinafter described, does hereby acknowledge that a
certain mortgage bearing the date of the 9th day ofJune, 2011, made and executed by BRYCE S. DAVIS and
CYNTHIA J. DAVIS, husband and wife, to CITY OF DUBUQUE (HOUSING AND COMMUNITY DEVELOP-
MENT DEPARTMENT), and recorded in the records of the office of the Recorder of Dubuque County, State of
Iowa, as Instrument No. 2011 -8593, on the 20th day ofJune, 2011, is redeemed, paid off, satisfied and discharged in
frill as to the following described property:
Lot 1 of DUPREE PLACE NO. 2, in the City of Dubuque, Iowa, according to the "Plat of Survey of:
DUPREE PLACE NO. 2, in the City of Dubuque, Dubuque County, Iowa," recorded October 23,
2012, as Instrument No. 2012- 19116, records of Dubuque County, Iowa Recorder.
Words and phrases herein, including acknowledgment hereof, shall be construed as in the singular or plural
number, according to the context.
Dated: November , 2012.
CITY OF DUBUQUE, IOWA (HOUSING AND
COMMUNITY DEVELOPMENT DEPARTMENT)
, Mortgagee
STATE OF IOWA, DUBUQUE COUNTY, SS:
On this day of November, 2012, before me, the undersigned, a Notary Public in and for the State of
Iowa, personally appeared to me personally known, who, being by me duly
sworn, did say that he /she is the of CITY OF DUBUQUE, IOWA (HOUSING AND
COMMUNITY DEVELOPMENT DEPARTMENT), executing the within and foregoing instrument, that no seal has
been procured by the corporation; that said instrument was signed on behalf of the corporation by authority of its
Board of Directors; and that as acknowledged the execution
of the foregoing instrument to be the voluntary act and deed of the corporation, by it and by him /her voluntarily
executed.
Notary Public
Page 1 of 2
Maureen Quann - Partial Release of Davis Mortgage at 257 Hill Street, Dubuque
From: "Art Gilloon" <agilloon @dbglaw.com>
To: "Maureen Quann" <Mquann @cityofdubuque.org>
Date: 11/06/2012 11:37 AM
Subject: Partial Release of Davis Mortgage at 257 Hill Street, Dubuque
CC: "Russell Knight" <knightr @mercyhealth.com >, "Dave Sandman" <davidsandman...
Attachments: davis.partial release of mortgage.doc
RE: Mortgage 2011 -8593 dated June 9, 2011
Mortgagors: Bryce S. Davis and Cynthia J. Davis, husband and wife
Mortgagee: City of Dubuque, Iowa (Housing & Community Development
Department)
Dear Maureen:
Pursuant to our exchange of e-mails in regard to the above matter, I have attached a Partial
Release of Mortgage for presentation and signature at the next City of Dubuque Council
meeting. Here is a brief history of this matter.
Our office represents Rusty and Wendy Knight in regard to the sale of their home at 205 Hill
Street to Rick and Rae Ann Dickinson. Cynthia J. Davis and Bryce S. Davis live next door at
257 Hill Street. Cynthia and Bryce wanted to expand their driveway and repair a wall, so a Plat
of Survey for Dupree Place No. 2 was made by Buesing & Associates on October 9, 2012, and
recorded as a Plat of Survey on October 23, 2012, as Instrument No. 2012 -19116 in the
Dubuque County, Iowa Recorder's office. This Plat is a redrawing of a "Plat of Survey re Lots
1 and 2 of Depree Place No. 2" dated August 31, 2005, and recorded March 26, 2007 as
Instrument No. 2007 -4107, Dubuque County, Iowa Recorder's office. The Plat of Survey of
Depree Place No. 2 performed in October, 2012 was done because of the widening of the
Davis driveway, and in so doing, a small sliver closer to the street is going back to become part
of the Knight property, and a slightly larger sliver away from the street is going back to the
Davis property.
Thus, in order to accommodate this friendly transaction between two City of Dubuque
neighbors (i.e., Knights and Davises), and complete the Knight real estate sale to Mr. and Mrs.
Dickinson, it is necessary that the City of Dubuque release the mortgage only as to the newly
platted Knight property, i.e., Lot 1 of Depree Place No. 2.
The amount of the City's mortgage and its security in the Davis property will be unaffected.
As you say in your e-mail to me of November 6, just the Plat of the land will change.
Please let me know if this explanation and the attached Partial Release of Mortgage are
sufficient to accommodate its placement on the Council agenda for November 19 and
signature by the appropriate City representative at that time.
Please check the notary provisions to insure they are correct for use by the City.
Thank you very much.
file: / /C: \Documents and Settings \mquann \Local Settings \Temp \XPgrpwise \5098F697DB... 11/07/2012
Page 2 of 2
Art
NOTE: Unless otherwise indicated or obvious from the nature of this transmittal, the information contained in this
transmission is confidential and protected from disclosure by the attorney - client privilege, or by attorney work - product
doctrine, or by various privacy laws, or by virtue of it being proprietary in nature. This transmission is intended for the
exclusive use of the named recipient. If you are not the named recipient, or the employee or agent responsible to deliver it
to the named recipient, you are hereby notified that any use, copying, disclosure, dissemination, or other distribution of the
information transmitted herewith is strictly prohibited and you may be subject to legal restrictions or sanctions. If you have
received this communication in error or are not sure whether it is confidential, please immediately notify us by telephone
(collect) at (563) 556 -6433; and return the original message to us at the above address or destroy all copies. Thank you.
IRS Circular 230 Required Notice - - IRS regulations require that we inform you as follows: To the extent this communication
(including any attachments) addresses any federal tax matter, it was not written to be (and may not be) relied upon to (i)
avoid penalties under the Internal Revenue Code or (ii) promote, market or recommend to another party any transaction or
tax - related matter so addressed.
Arthur F. Gilloon
Gilloon, Wright & Hamel, P.C.
770 Main Street
Dubuque, IA 52001 -6820
Phone: 563- 556 -6433
Fax: 563 - 556 -7706
E -Mail: agilloon @dbglaw.com
NOTE: Unless otherwise indicated or obvious from the nature of this transmittal, the information contained in this
transmission is confidential and protected from disclosure by the attorney - client privilege, or by attorney work - product
doctrine, or by various privacy laws, or by virtue of it being proprietary in nature. This transmission is intended for the
exclusive use of the named recipient. If you are not the named recipient, or the employee or agent responsible to deliver it
to the named recipient, you are hereby notified that any use, copying, disclosure, dissemination, or other distribution of the
information transmitted herewith is strictly prohibited and you may be subject to legal restrictions or sanctions. If you have
received this communication in error or are not sure whether it is confidential, please immediately notify us by telephone
(collect) at (563) 556 -6433; and return the original message to us at the above address or destroy all copies. Thank you.
IRS Circular 230 Required Notice - - IRS regulations require that we inform you as follows: To the extent this communication
(including any attachments) addresses any federal tax matter, it was not written to be (and may not be) relied upon to (i)
avoid penalties under the Internal Revenue Code or (ii) promote, market or recommend to another party any transaction or
tax - related matter so addressed.
Arthur F. Gilloon
Gilloon, Wright & Hamel, P.C.
770 Main Street
Dubuque, IA 52001 -6820
Phone: 563 - 556 -6433
Fax: 563- 556 -7706
E -Mail: agilloon @dbqlaw.com
file: / /C: \Documents and Settings \mquann \Local Settings \Temp \XPgrpwise \5098F697DB... 11/07/2012
File Number: 2012- 00019116 Seq: 1
(563) 556 -4389
0
a
PREPARED BY: BUESING & ASSOCIATES ADDRESS: 1212 LOCUST STREET, DUBUQUE, IOWA
104 2 -6 OF MRS
IH.SUBDINW pH 1 S
Plat of Survey of:
Dupree Place No. 2,
in the City of Dubuque, Dubuque County, Iowa
°F DIE
THE WESTERLY 83'
TUTHERLY 187F (kc . LA 44'Y, LOT 7 OF MRS.
EPT PART DEEDED TOBTH SGN
124.01' (123,84') )
Comprised of:
EASTERLY OT OR TME SOUiNERLY
] MRS.
S 81'36'10" CE T PART DEED DUBO nIN n')
E 281.76'(281,54•
Lot 1 & 2 of Dupree Place,
in the City of Dubuque,
Dubuque County, Iowa.
SOUTHERLY LH. LANGWpRR Y 5 LOT B °F sueDlvlsloN
157.75'(157.70)
THIS IS AN ASSUMED
BEARING FOR THE PURPOSES
OF THIS SURVEY ONLY.
LOT 1
32,531 SF
6 PT„LC6
LOT 1 OF '1°4°
N 79 59'00" W
48,94•
LOT 2
8,746 SF
LOt 2 Or DUI'
/
N 77;31.73'60r ^ /
6" /
/' /
/ PIPE
OTA
/e.°)4:7
/q 60
N 10'01'26" E
3.78'
N 69'10'36" W
25.90'
/
11.36.
DETAIL
NO —SCALE "/
N 7856,32" K' 199.92'(199.90
)
80'08 38
31.59.
MR SURVEY Is LOCATED 1, R2E (U RE NWI /4 OF
51)41101 25.1. 1. Mt ITV C0 0 TAP) OF
ME SM P.M.. .1 ME COMM. IOWA
TKbUOUE.
W60g1C TT, IOWA
1
S 85'51'29" W
0' 20' 40' 80'
/ LEGEND SCALE: 1• m 40'
/ v/
�� `r • FOUND 1' IRON PIPE
/
(UNLESS OTHERWISE NOTED)
•fi b • FOUND 3/4' ROD W/YELLOW CAP 114414
/F.\\A)ry /
/ ^�, / ® FOUND 5 /8' ROD W/YELLOW CAP 17983
PLACED CUT K
11.76'
ROW
NOTES
ANcwoRTHY
ROW)
1. ALL MEASUREMENTS ARE IN FEET AND DECIMALS THEREOF.
2. PROPRIETOR OF LOT 1 OF DUPREE PLACE: RUSSELL MAYNARD KNIGHT.
14428 10005T RIDGE DR. DUBUQUE :IA 52003
3. PROPRIETOR OF LOT 2 OF DUPREE PLACE: CYNTHIA J. DAVIS & JOHN H. FISH III.
257 HILL ST. DUBUDUE.IA 52001
4. SURVEYED REQUESTED BY: 8RYCE DAMS.
5. TOTAL AREA OF PERIMETER SURVEYED IS 41.277 S0. FT.
6. THIS PLAT 15 SUBJECT TO ALL EASEMENTS OF RECORD AND NOT OF RECORD.
/ / O PLACED 5/8' IRON REROD W /ORANGE
/ / SURVEYED BOUNDARY UNE
PLASTIC CAP MARKED 'KOELKER 15487'
/
/ PROPERTY UNE
5080141DE0 UNE
/
/ / — — — RIGHT 00 W ••••
( ) — RICO OF WAY *•'•
_ ( ) RECORD DIMENSION O�O /i '•
/ SF SQUARE FEET
/ I HEREBY CERTIFY THAT THIS LAND SURVEYING DOCUMENT WAS
/ PREPARED AND 114E RELATED SURVEY WORK WAS PERFORMED 81 ME OR
UNDER MY DIRECT PERSONAL SUPERVISION AND THAT 1 AM A DULY
LICENSED LAND SUR UNDER THE LAWS OF TH STATE OF IOWA.
° �
/911z
TERRY L. ER (DATE) DRAWN BY: .04 CHECKED BY: TUC
UCENSE MBER 15487 SURVEY DATE: 9/20/12 PLOT DATE: 10/5/12
DWG. N0. 12263 -01 SCALE: 1' " 40'
pU""'l 1880 q'W'
02 TERRY L.
K08J1ER
4. 15487
�UESIINNG
SNCFNSSRS IND SNRPRYORS
1212 LOCUST 5T. OUBUWE. N
(563) 556 -4389
MY UCENSE RENEWAL DATE IS DECEMBER 31. 2013
SHEETS COVERED BY 1115 SEAL : SHEET 1 & 2
SHEET 1 OF 3
(Page 2 of 3)
Sheet 2 of 3
Surveyor's Certificate
1, Terry L. Koelker, a Duly Licensed Land Surveyor in the State of Iowa, do hereby certify that the following real
estate was surveyed and platted by me or under my direct personal supervision, To Wit:
Lot 1 & 2 of Dupree Place, in the City of Dubuque, Dubuque County, Iowa.
This survey was performed for the purpose of subdividing and platting said real estate henceforth to be known as
DUPREE PLACE NO. 2, in the City of Dubuque, Dubuque County, Iowa. Total area of DUPREE PLACE NO. 2
is 41,277 square feet. Total area of LOT 1 is 32,531 square feet. Total area of LOT 2 is 8,746 square feet. All
Lot areas are, more or less, and all Lots are subject to easements, reservations, restrictions, and rights -of -way of
record and not of record, the plat of which is attached hereto and made a part of this certificate.
JO /9 //.2
Terry L. Koelker
Licensed Land Surveyor
License No. 15487
Dubuque, Iowa
Date
License Renewal Date: 12/31/13
Owner's Consent
/O , 2012
The foregoing Plat of Survey of: DUPREE PLACE NO. 2, in the City of Dubuque, Dubuque County, Iowa is made
with the free consent and in accordance with the desires of the undersigned owners and proprietors of Lot 1 of
Dupree Place, in the City of Dubuque, Dubuque County, Iowa said real estate.
l/-
Russell Maynard Knight
Wendy Knight
State of Iowa )
County of Dubuque ) ss:
On this 3 day of 06 , AD 2012, before me, the undersigned, A Notary Public in and for the
State of Iowa, personally appeared Russell Maynard & Wendy S. Knight, husband & wife to me personally
known, who, being duly sworn did say that said appeared Russell Maynard & Wendy S. Knight acknowledged the
execution of said instrument to be their voluntary act and deed voluntarily executed.
Witness my hand and Notarial Seal on the date above written.
LORI A. GINTER
Commission Number 196067
My Commission Explresi/ /a;
Dubuque, lowa
3
Owner's Consent
otary Public in and for the tate of Iowa
04. 23 ,2012
The foregoing Plat of Survey of: DUPREE PLACE NO. 2, in the City of Dubuque, Dubuque County, Iowa is made
with the free consent and in accordance with the desires of the undersigned owners and proprietors of Lot 2 of
Dupree Place, in the City of Dubuque, Dubuque County, Iowa said real state. _
1 At CynT .
Joh
Fish III
State of Iowa )
County of Dubuque ) ss:
On this A 3 day of O , AD 2012, before me, the undersigned, A Notary Public in and for the
State of Iowa, personally appeared Cynthia J. Davis and John H. Fish 111, to me personally known, who, being
duly sworn did say that said appeared Cynthia J. Davis and John H. Fish III acknowledged the execution of said
instrument to be their voluntary act and deed voluntarily executed.
Witness my hand and Notarial Seal on the date above written.
I ..
LORI A. GINTER Notary Public in and for the tate of Iowa
Commission Number 1Q4067
I= ' 1My Commission Expires /
L6// %! 13
(Page 3 of 3)
City of Dubuque Planning Services
Dubuque, Iowa
Sheet 3 of 3
69- ,2012
The foregoing Plat of Survey: DUPREE PLACE NO. 2, in the City of Dubuque, Dubuque County, Iowa was
reviewed and approved by the City of Dubuque Planning Servjogs on the to fir �t.written above.
Laura Carstens, City Planner
City Assessor's Certificate
Dubuque, Iowa
I D. a3-
, 2012
The foregoing Plat of Survey: DUPREE PLACE NO. 2, in the City of Dubuque, Dubuque County, Iowa was
entered of record in the Office of the City Assessor of the City of uque, Iowa, on the date first written above.
a
City Assessor of the City d1' Dubuque, Iowa
County Auditor's Certificate
Dubuque, Iowa - -ac-Po41 g3 , 2012
The foregoing Plat of Survey: DUPREE PLACE NO. 2, in the City of Dubugiio`�ubugL(e C9unty,lbwa was
entered of record in the office of the Dubuque County Auditor this 23 rcl ` dt iifo (›r 51tbio or \ '
2012. r„ r < '.,
•
We approve of the subdivision name or title to be recorded.
. UB r (A (1�
Count Auditor of Dubbb'uque.Courity,; Iowa
Recorder's Certificate 2
Dubuque, Iowa 1 / CT(1e C. �J .3rd , 2012
The foregoing Plat of Survey: DUPREE PLACE NO. 2, in the City of Dubuque, Dubuque County, Iowa has been
reviewed by the Dubuque County Recorder.
Dubuque County Re o d e I OW
hH Viga j - avvt)
File Number: 2012- 00019116 Seq: 3
111 11
11
11
1111
110111
1111111111111
Doc ID 007068220004 Type GEN
Kind MORTGAGE
Recorded: 06/20/2011 at 09:56:08 AM
Fee Amt: $24.00 Pape 1 of 4
Dubuque County Iowa
Kathy Flynn Thurlow Reoorder
Fl1e2011 00008593
Prepared by and return to: Lisa Barton, City of Dubuque Housing & Community Development Dept., 350 W. 6th Street, Suite 312;
DBQ, IA 52001; 589 -4239
REAL ESTATE MORTGAGE - IOWA
(Open -End: To Secure Present and Future Obligations and Advances)
THIS INDENTURE is made this 91" day of June A.D. 2011 between Bryce S. & Cynthia J. Davis, husband and wife,
mortgagor(s) of the County of Dubuque, and the State of Iowa, and the City of Dubuque, Iowa, (Housing and
Community Development Department), Mortgagee, of the County of Dubuque, and State of Iowa.
WITNESSETH:That the Mortgagor(s), in consideration of Fifteen Thousand Three Hundred Thirty Eight and 03/100--- -
DOLLARS ($15,338.03) loaned by Mortgagee, received by Mortgagor(s), and evidenced by the promissory note
hereinafter referred to, and such additional loan or loans at the option of the Mortgagee, referred to in Paragraph I,
below, do SELL, CONVEY AND MORTGAGE, unto the Mortgagee (To create a joint tenancy for more than one
Mortgage, use appropriate words) the following described Real Estate situated in the County of Dubuque, State of
Iowa, to -wit:
Lot 2 of Dupree Place, in the City of Dubuque, Iowa, according to the recorded plat thereof — 257 Hill Street
together with all personal property that may integrally belong to, or be or hereafter become an integral part of said real
estate, whether attached or detached (such as, light fixtures, shades, rods, blinds, venetian blinds, awnings, storm
windows, storm doors, screens, linoleum, water heater, water softener, automatic heating equipment and other
attached fixtures), and hereby granting, conveying and mortgaging also all of the easements, servient estates
appurtenant thereto, rents, issues, uses, profits and right to possession of said real estate, and all crops raised thereon
from now until the debt secured thereby shall be paid in full. As to any such personal property, or fixtures, or both, a
Security Interest is hereby given and attaches thereto.
Said Mortgagor(s) hereby covenant with Mortgagee, or its successor in interest, that said Mortgagor(s) hold clear title to
said personal property, and title in fee simple to said real estate; that they have good and Iawful authority to sell, convey
and mortgage the same; that said premises are Free and Clear of all Liens and Encumbrances Whatsoever except as
may be above stated; and said Mortgagor(s) Covenant to Warrant and Defend the said premises and the said personal
property against the claims of all persons whomsoever, except as may be above stated.
Each of the undersigned hereby relinquishes all rights of dower; homestead and distributive share in and to the above
described premises and waives all rights of exemption, as to any of said property.
CONDITIONED HOWEVER, That if Mortgagor(s) shall pay or cause to be paid to said Mortgagee, or it's successors, or
assigns, said sum of money which shall be legal tender in payment of all debts and dues, public and private, at time of
payment, all at the time, place and upon the terms provided by one promissory note of Mortgagor(s) to Mortgagee, of
even date herewith, and as may be supplemented by loans under Paragraph 1 below, and shall perform the other
provisions hereof, then these presents will be void, otherwise to remain in full force and effect.
2400
cry 'Rehab
2. TAXES. Mortgagor(s) shall pay each installment of all taxes and special assessments of every kind, now or
hereafter levied against said property, or any part thereof before same become delinquent, without notice or demand;
and shall procure and deliver to said Mortgagee, on or before the fifteenth day of October of each year, duplicate
receipts of the proper officers for the payment of all such taxes and assessments then due.
3. INSURANCE. Mortgagor(s) shall keep in force insurance premiums therefore to be prepaid without notice or
demand, against loss by fire, tornado and other hazards, casualties and contingencies as Mortgagee may require on
personal property as herein referred to, and on all buildings and improvements, in companies to be approved by
Mortgagee in an amount not less than the full insurable value of such personal property and improvements or not less
than the unpaid balance herein, whichever amount is smaller, with such insurance jointly payable to Mortgagor(s) and
Mortgagee, as their interest may appear. Mortgagor(s) shall promptly deposit such certificate of insurance /binder with
proper riders with the Mortgagee, shall keep in effect for full term of mortgage, and give written notice of cancellation or
material change within 10 days of change.
4. REPAIRS TO PROPERTY. Mortgagor(s) shall keep the building and other improvements on said premises in as
good repair and condition as same may now be or are hereafter placed, ordinary wear and tear only excepted; and
shall not suffer or commit waste on or to said security.
5. ATTORNEY'S FEES. In case of any action, or in any proceedings in any court, to collect any sums payable or
secured by this mortgage, or to protect the lien or title herein of the Mortgagee, or in any other case permitted by law in
which attorney fees may be collected from Mortgagor(s), or charged upon the above described property, Mortgagor(s)
agree to pay reasonable attorney fees.
6. CONTINUATION OF ABSTRACT. In event of any default herein by Mortgagor(s), Mortgagee may, at the expenses
of Mortgagor(s) procure an abstract of title, or continuation thereof, for said premises, and charge and add to the
mortgage debt the cost of such abstract or continuation with interest upon such expense at the highest legal rate
applicable to a natural person; or if the Mortgagor is a corporation, then at the default rate provided in the note secured
hereby.
7. ADVANCES OPTIONAL WITH MORTGAGEE. It is expressly understood and agreed that if the insurance above
provided for is not promptly effected, or if the taxes or special assessment assessed against said property shall
become delinquent, Mortgagee (whether electing to declare the whole mortgage due and collectible or not), may (but
need not) effect the insurance above provided for, and need not, but may and is hereby authorized to pay said taxes
and special assessments (irregularities in the levy or assessment of said taxes being expressly waived), and all such
payments with interest thereon at the highest legal rate applicable to a natural person (or if the Mortgagor is a
corporation, then at the default rate provided in the note secured hereby) from time of payment shall be a lien against
said premises.
8.1. ACCELERATION OF MATURITY AND RECEIVERSHIP. It is agreed that if default shall be made in the payment
of said note, or any part of the interest thereon, or any other advance or obligation which may be secured hereby or any
agreed protective disbursement, such as taxes, special assessment, insurance and repairs, or if Mortgagor(s) shall
suffer or commit waste on or to said security, or if there shall be a failure to comply with any and every condition of this
mortgage, then, at the option of the Mortgagee, said note and the whole of the indebtedness secured by this mortgage,
including all payments for taxes, assessments or insurance premiums, shall become due and shall become collectible
at once by foreclosure or otherwise after such default or failure, and without notice of broken conditions; and at any
time after the commencement of an action in foreclosure, or during the period of redemption, the court having
jurisdiction of the case shall, at the request of the Mortgagee, appoint a receiver to take immediate possession of said
property, and of the rents and profits accruing there from, and to rent or cultivate the same as he may deem best for
the interest of all parties concerned, and shall be liable to account to said Mortgagor(s) only for the net profits, after
application of rents, issues and profits upon the costs and expenses of the receivership and foreclosure and the
indebtedness, charges and expenses hereby secured and herein mentioned. And it is hereby agreed, that after any
defaults in the payment of either principal or interest, such sums in default secured by this mortgage shall draw interest
at the highest legal rate applicable to a natural person; or if the Mortgagor is a corporation, then at the default rate
provided in the note secured hereby.
8.2. SIX MONTHS' AND 60 DAY PERIOD FOR REDEMPTION. It is further agreed that if this mortgage covers Tess
than 10 acres of land, and in the event of the foreclosure of this mortgage and sale of the property by sheriffs sale in
such foreclosure proceedings, the time of one year for redemption from said sale provided by the statues of the State
of Iowa shall be reduced to 6 months provided the Mortgagee, in such action files an election to waive any deficiency
judgment against the Mortgagor(s) which may arise out of the foreclosure proceedings; this redemption period shall be
reduced to 60 days if all of the three following contingencies develop: (1) The mortgaged real estate herein is less than
10 acres in size; (2) the Court finds affirmatively that said real estate has been abandoned by the owners and those
persons personally liable under this mortgage at the time of such foreclosure; and (3) the Mortgagee in such action files
an election to waive any deficiency judgment against the Mortgagor or their successor in interest in such action. If the
redemption period is so reduced, the Mortgagor(s) or their successor in interest or the owner shall have the exclusive
right to redeem for the first 30 days after such sale, and the time provided for redemption by creditors as provided in
Sections 628.5, 628.15 and 628.16 of the Code shall be reduced to 40 days. Entry of appearance by pleading or
docket entry by or on behalf of the Mortgagor(s) shall be presumption that the property is not abandoned. Any such
short redemptive period shall be consistent with all of the provisions of Chapter 408, 62nd G.A., amending Chapter
628, Code of Iowa.
9. DEFINITION OF TERMS. Unless otherwise expressly stated the word "Mortgagor(s) ", as used here, includes
successors in interest of such " Mortgagor(s)'; the "Mortgagee ", as used herein, unless otherwise expressly stated,
includes the successors in interest of such "Mortgagee ". All words referring to "Mortgagor" or "Mortgagee" shall be
construed to be of the appropriate gender and number, according to the context. This construction shall include the
acknowledgment hereof.
10. The address of the Mortgagee is 350 W. 6t Street, Suite 312, Dubuque, Iowa 52001.
11. LIENS. Mortgagor(s) shall not create, incur or suffer to exist any lien, encumbrance, security interest or charge
on the Mortgaged Property or any part thereof, without the prior written consent of Mortgagee, other than the lien of
current real estate taxes and installments of special assessments with respect to which no penalty is yet payable.
Mortgagor(s) shall pay, when due, the claims of all persons supplying labor or materials to or in connection with the
Mortgaged Property.
12. INSPECTIONS. Mortgagee, and its agents, shall have the right at all reasonable times, to enter upon the
Mortgaged Property for the purpose of inspecting the Mortgaged Property or any part thereof. Mortgagee shall,
however, have no duty to make such inspection. Any inspection of the Mortgaged Property by Mortgagee shall be
entirely for its benefit and Mortgagor(s) shall in no way rely or claim reliance thereon.
13. ADDITIONAL PROVISIONS.
a. The following additional provisions are hereby incorporated herein: The date of the final payment of the
promissory note above referred to is July 1, 2021 (e)
b. Full payment of remaining balance due on the Promissory Note secured by this instrument is due if
either a) the title to the property identified above is transferred, or if b) a land installment contract is
executed by the owners with the intention to transfer title, and c) if occupancy of the property changes
from the use at the time of execution of this instrument (i.e. changes from owner - occupied single family
to any other form of occupancy), or if d) other changes in terms and conditions of the note, mortgage or
security agreement are made at the request of the borrower. This mortgage is subject only to prior
recorded mortgage(s) and/or lien(s): Dubuque Bank & Trust - $150,771.00
iN WITNESS WHEREOF, said Mortgagor(s) have hereunto set their hands the day and year first above written.
Dated: June 9, 2011
Dated: June 9, 2011
e S. Davis, Mortgagor
l�./ Mt it
kat*`
Cynthia JI+avis, M". =gor
I UNDERSTAND THAT HOMESTEAD PROPERTY IS IN MANY CASES PROTECTED FROM THE CLAIMS
OF CREDITORS AND EXEMPT FROM JUDICIAL SALE; AND THAT BY SIGNING THIS MORTGAGE, I
VOLUNTARILY GIVE UP MY RIGHT TO THIS PROTECTION FOR THIS MORTGAGED PROPERTY WITH
RESPECT TO CLAIMS BASED UPON THIS MORTGAGE.
Dated: June 9, 2011
Dated: June 9, 2011
ce S. Davis
Cynthia J. •vis
111
STATE OF IOWA
) SS.
COUNTY OF DUBUQUE
On this 9th day of June , A.D., 2011, before me, the undersigned, a Notary Public in and for the State of
Iowa, personally appeared Bryce S. & Cynthia J. Davis, husband and wife, to be personally known to be the
identical persons named in and who executed the foregoing instrument, and acknowledged the execution of said
instrument to be the voluntary act and deed.
Notary Public in and for - State of Iowa
Kristina L. Ney: n
Commission Expires: -22 -2013
PROMISSORY NOTE
$15,338.03 Date: June 9, 2011
FOR VALUE RECEIVED, the undersigned, each as principal, jointly and severally,
promise(s) to pay to the order of THE CITY OF DUBUQUE, IOWA at DUBUQUE, Iowa,
the sum of Fifteen Thousand Three Hundred Thirty Eight and 03/100 DOLLARS with
interest thereon at the rate of 3% per cent per annum from August 1, 2011 payable
X monthly or deferred, as follows:
The following terms are in effect if the property remains the principal place of residence of
the borrower: $5,000 will be forgiven after five years on July 1, 2016, 0% interest; and
$10,338.03 will be amortized at $99.82 per month, 3% interest, for ten years beginning on
August 1, 2011. The note is subject to the terms and conditions of a commitment letter,
which is incorporated by reference herein. Closing costs of $160.00 to be paid during the
life of the loan.
Interest, payable as aforesaid, shall first be deducted from the payment; any balance thereof to be applied to
principal. Principal and interest not paid when due shall draw interest at 10 %. Upon default in payment of any
interest, or any installment of principal, the whole amount then unpaid shall become due and payable forthwith, at
the option of the holder without notice. The undersigned, in case of suit hereon, agrees to pay all of lenders
reasonable attorney's fees. Makers, endorsers and sureties waive demand of payment, notice of nonpayment,
protest and notice thereof. Sureties, endorsers and guarantors agree to all of the provisions of this note, and
consent that the time or times of payment of all or any part hereof may be extended after maturity, from time to time,
without notice.
Address: 257 Hill Street
Phone: (563) 581 -5445
John f is , 11 — Non - Occupant
ce S. Davis - Mortgagor
r\
Cynthia Davis — T +rtgagor
jaCtl/tal
Nancy L. Fishl— Non - Occupant