City of Beatrice Resolution Loan Assumption May 2026
Borrower Obligations Transferred Through Loan Assumption
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Description
The City of Beatrice approves the assumption of a $10,000 Downtown Revitalization loan originally co-borrowed by Robert Taylor, transferring repayment obligations to 117-123 South 5th Street, LLC and Kirnan Koenig. The resolution authorizes related assumption documents and a new Deed of Trust.
Contract Details
Contract Amount
$10,000.00
Vendor
TAYLOR, ROBERT
Agency
Town of Beatrice, AL
Contract Type
FINANCIAL_SERVICES
Document Date
May 4, 2026
Contract Term
Loan originated October 3, 2022; assumption authorized May 4, 2026
Renewal Info
Robert Taylor’s obligations under the September 16, 2022 Promissory Note and Personal Guaranty are to be assumed by 117-123 South 5th Street, LLC and Kirnan Koenig under an Assumption Agreement and related documents. The resolution does not specify any new maturity date or revised repayment schedule.
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