HomeMy Public PortalAbout1988_09_27_R179Leesl~ur~ in ~Virffinia
RESOLUTION NO.
88-179
PRESENTED September 27, 1988
ADOPTED September 27, 1988
A RESOLUTION: APPROVING DEED OF SUBORDINATION FOR PROPERTY OWNED BY
LOUDOUN COUNTY RESCUE SQUAD
WHEREAS, on September 13, 1988, the Loudoun County Rescue Squad
requested that the town amend the deed to its property to improve the
squad's ability to borrow funds to meet future needs; and
WHEREAS, the attached deed of subordination has been prepared by the
Deputy Town Attorney to subordinate the reversionary interest of the town
to any future first Deed of Trust placed on the property; and
WHEREAS, the proposed deed of subordination will accommodate the
collateral requirements of lending institutions for future financing.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia
as follows:
Mayor is authorized to execute the attached deed of subordination by
and between the Loudoun County Rescue Squad, Incorporated and Town of
Leesburg.
PASSED this 27th day of September , 1988.
ATTEST:
deed ~
Robert E ~ev~la, M~or
Town of Leesburg
THIS
this 27th day
Leesburg, a
part and
DEED OF SUBORDINATION, made and entered into
of September , 1988, by and between the Town of
Virginia municipal corporation, party of the first
Loudoun County Rescue Squad, Inc., a Virginia
corporation, party of the second part.
WITNESSETH:
THAT WHEREAS, by Deed of Correction dated 1 November
1973 recorded in the Clerk's Office of the Circuit Court of
Loudoun County, Virginia in Deed Book 586, at Page 480, the
Town of Leesburg did convey to the Loudoun County Rescue Squad,
Inc. the following described real property, to-wit:
"BEGINNING at the intersection of the south right-
of-way line of South Catoctin Circle and the
original center line of Clay Road (abandoned);
thence departing from the said south right-of-way
line of South Catoctin Circle and running along
the original center line of Clay Road (abandoned)
on the following courses and distances: S 25
degrees 00'00" E-106.42 feet to a P.C. 106.47
feet on the arc of a curve to the right, which
curve has a radius of 305.00 feet and the chord
of which arc bears S 15 degrees 00'00" E-105.93
feet to a point; thence departing from the
original center line of Clay Road (abandoned) and
running through the property of the Town of
Leesburg S 73 degrees 00'00" W-145.00 feet and N
19 degrees 59' 40" W-206.42 feet to a point in
the aforementioned south right-of-way line of
South Catoctin Circle; thence running along the
said south right-of'way line of South Catoctin
Circle 105.02 feet on the arc of a curve to the
left, which curve has a radius of 695.00 feet and
the chord of which arc bears N 70 degreet 58'40"
E-144.76 feet to the point of beginning.
Containing 31,196 square feet of land.
Subject, however, to a 30 foot sanitary sewer
easement running along the east line of the above
described tract and any other easements, rights-
of-way or restrictions of record."
WHEREAS, by such Deed of Correction the Town did convey
said property upon the condition that if and when the Loudoun
County Rescue Squad, Inc. should ever cease to use the land
herein conveyed to store or house equipment used for purposes
of aiding or rescuing the sick, injured or persons in. positions
of danger or peril or if the corporate charter of Grantee is
dissolved, then title to the above described land shall revert
to the Town of Leesburg together with all improvements thereon.
WHEREAS, the Town of Leesburg is willing to subordinate
said reversion clause, to a first Deed of Trust to be placed on
said property in the future.
NOW THEREFORE, in consideration of the premises and the
sum of Ten Dollars ($10.00) cash in hand paid by the party of
the second part to the party of the first part, the Town of
Leesburg, party of the first part, does hereby agree that the
reversion clause contained in the Deed recorded in Deed Book
586, at Page 480, which states "This conveyance is made upon
the condition that if and when Grantee should ever cease to use
the land herein conveyed to store or house equipment used for
purposes of aiding or rescuing the sick, injured or persons in
positions of danger or peril or if the corporate charter of
Grantee is dissolved, then
shall revert to Grantor,
thereon " be and the
tit.le to the above described land
together with all improvements
same hereby is, subordinated
to the lien of any first Deed of Trust securing a promissory
note for a term not to exceed forty (40) years and placed upon
the property by Loudoun County Rescue Squad, Inc., the party of
the second part.
In all other respects, the said Deed of Correction shall
remain in full force and effect.
WITNESS the following signature and seal.
The/~wn of Leesburg
By: ~~ (SEAL)
STATE OF VIRGINIA
'COUNTY OF LOUDOUN, To-Wit:
the State and C/County aforesaid, do hereby certify
that ~.~ ~f. ~,'/~._ , whose name is signed to. the above
writing, bearing date of the day of , 1988, has
personally appeared before me in my County aforesaid and
acknowledge the same.
Given under my hand this~/L day of~/~J~ , 1988.
My commission .expires: /~-/K-~
/~otary Public