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,-EB BOOK <br />PROPOSED SETTLEMENT FOR RELEASE OF LIEN <br />The Board reviewed the following memo dated 1/29/90: <br />TO: . The Board of County Commissioners <br />FROM: William G. Collins II - Assistant County Attorney <br />DATE: January 29, 1990 <br />SUBJECT: Proposed Settlement for Release of Lien <br />On October 24, 1989 Indian River County filed a lien for <br />costs incurred in removing a nuisance structure. The Iien <br />was filed against Lot 1, Block 2, Pompey's Subdivision, said <br />plat being recorded in Plat Book 2, Page 69 of the Public <br />Records of Indian River County, Florida. The lien was In <br />the amount of $3,474.58, the costs incurred in demolishing <br />and removing the structure and paying landfill fees. <br />The owners of the property, J. A. Hammons and Lucille <br />Hammons have a contract on the property and are trying to <br />sell it. We have been contacted by the realtor and closing <br />agent to inquire about a settlement of our lien. There are <br />currently over $11,000.00 worth of mortgages, liens and <br />financing statements against the property. The purchase <br />price of the lot is $7,550.00. Thus, in order for the sale <br />to close, the various creditors are being asked to <br />compromise on the amount of their lien interests. According <br />to the closing agent, most of the creditors have indicated a <br />willingness to take less than 100% payment in order to get <br />some cash out of the transaction. <br />Indian River County is last in line of about five liens on <br />the property. This means that if the County does not agree <br />to compromise the amount of its Iien and one of the prior <br />creditors forecloses, the County's lien would be entirely <br />extinguished. The County's only option would be to pay off <br />all prior liens. The prior liens now amount to <br />approximately $6,500.00. This would place the County is the <br />position of having approximately $10,000.00 in a piece of <br />property which has a current sales contract of $7,550.00. <br />RECOMMENDATION <br />Accept the owner's/seller's proposal—to- release the County <br />lien which now amounts to $3,583.08, including interest, <br />through January 30, 1990 for the amount of $1,500.00. <br />main Rear ca ADProved Dale <br />_ <br />Admir-L i-31 -Q <br />�-y Legai (A) 1-31. <br />APPROVED FOR —10 — � 0 Budget p - <br />B.C.C. MEE�EGULAR AGENDA Deo1• <br />COUNTY ATTORNEY Risk Mgr.• — r <br />85 <br />M M M <br />