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R E S 0 L U T I0N
?'••eie F?':p'"; ?`?f i4:. T' K?,i ' r<<'r•,, tl' r - - r r w - r
No. 58-20
?i2?i:^f`43eyr:f?,Tri?kr a-'-?f :^} •'
Fti't FOr= 3rWt. a:>''' WHEREAS J. Frank Hancock Jr. is indebted to
? t a.? ?E E'yNr ; the City of Clearwater in the sum of $40,000.00 to-
gether with interest thereon at the rate of Four (4)
t Qy'R ;°:i`:^"? -:'.',F ;•..', . • Percent per annum from July 20, 1957, representing
. ?' ,, ,,.r• ?...•,;.: rr." balance due on a romissory note in the original prin-
?j„!?, cipal amount of q 0,000.00 given as part payment for
:rr°''}t•'°_':' : ?, the purchase price of certain property purchased by
Hancock from City, which said promissory note is se-
k`<!n?? cured by a first mortgage dated November 26, 1956,
P1 recorded in Mortgage Book x.197, at Page 600, Pinellas
6i S'
px?z:fi. County Records, encumbering the property purchased;
; k9?3.?,??i• -,ter=;,?s ytY 1.. and,
?., ,.'a??.:?>,;,?•="'t'??'?:r,;:?•• ' •' ?:. WHEREAS, Hancock has requested City to extend
q` -ILI payment of said indebtedness so that it will be paid
in four principal payments of $x.0,000.00 each, together
Nov-
with interest thereon to be met an rya 20, 195$, ??i'? -' ember 20 195 May 26 1959, and November 20 1959
p " =i'}: .c ''?:-??• ?`?Y? ?%''t? ••,;;.,:.,,: and has indicated that with such extension the Bank of
Clearwater Clearwater1 Florida, will purchase said
Kr'?Zi ?c?'`" "5 a?r?r il'•t:sn?`?$c.`: ?'" 1
note and mortgage for the balance of principal and in-
?x'??? 7?r:.aFt ,, c.-?,?-=5?;"a?:- £ said purchase, pro-
terest due thereon at the time o
viding said note and mortgage, as modified, are assigned
?2 t a Sr"'r1a'=,rltr: ?'.. sr. 1 r>:
?.?:xl?.z?i:??-F ;'?;;- ??;?;~;:,?. ,._ _ :'?.•? with recourse; and,
- it
.i
WHEREAS, City desires to obtain the proceeds from
this indebtedness immediately and is agreeable to assign-
ing said note and mortgage as modified, with recourse,
subject to terms which will protect its interest;
NO?I, THEREFORE, BE IT RESOLVED BY THE CITY COMMIS-
SION OF THE CITY OF CLEARSIATER, MaIDA, IN SESSION DULY
AND REGULARLY ASSEMBLED, AS FOLLOWS:
1. That the proper City officials are authorized
to enter into a mortgage extension agreement with J. Frank
Hancock, Jr. extending and modifying-the terms of said
note and mortgage as above set out.
2. That proper City officials are authorized to
assign, with recourse, said note and mortgage, as modified,
to Bank of Clearwater, Clearwater, Florida, upon payment to
City of balance of principal and interest due on said note
as of the date of assignment, subject to provision that
said mortgage and note shall not subsequently be assigned,
shall not be extended or modified by Bank and shall be re-
assigned to City in the event of default.
PASSED AND ADOPTED, this 24th day of February, 1958.
Atteat: ,
yor- is ioner
Ci Clerk'
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