ORDINANCE NO. 900222

Declaring the promissory note secured by Deed of Trust to the former Martin Luther King, Jr. Memorial Hospital building, property and contents to be in default and all indebtedness under that note to be due and payable, directing the Director of Finance to institute foreclosure proceedings on said property and authorizing him to bid at that foreclosure sale for the property in an amount not to exceed the unpaid principal balance and interest due on said note.

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WHEREAS, by Ordinance No. 64505 duly enacted October 19, 1989, the City accepted the assignment of a promissory note secured by a Deed of Trust and a Security Agreement for the former Martin Luther King, Jr. Memorial Hospital building, property and contents located at 2525 Euclid Avenue; and

WHEREAS, said note in the original principal sum of Two Million One Hundred Twenty-Five Thousand Dollars ($2,125,000.00) together with interest has been and remains in default; and

WHEREAS, it is the desire of the City to institute foreclosure proceedings on that note and to sell the property as provided by the Deed of Trust; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Director of Finance is hereby authorized to declare the promissory note, secured by Deed of Trust and Security Agreement to the former Martin Luther King, Jr. Memorial Hospital building, property and contents, to be in default and all indebtedness under that note to be due and payable.

Section 2. In the event that payment of all principal and interest due on said note is not immediately forthcoming, the Director of Finance is hereby authorized and directed to request that the Trustee of said Deed of Trust institute foreclosure proceedings and sell the property as provided by law and said Deed of Trust.

Section 3. That the Director of Finance is hereby authorized to bid for the property at such foreclosure sale an amount not more than the total of the unpaid principal balance and interest due on said promissory note.

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Approved as to form and legality:

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Assistant City Attorney