The URL can be used to link to this page

Browse Search

Home My WebLink About20020487.tiff RESOLUTION RE: APPROVE TWO SUBORDINATION AGREEMENTS AND AUTHORIZE CHAIR TO SIGN - EILEEN HURTADO WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS, the Board has been presented with two Subordination Agreements between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, on behalf of the Greeley/Weld County Housing Authority, and Eileen Hurtado, with terms and conditions being as stated in said agreements, and WHEREAS, after review, the Board deems it advisable to approve said agreements, copies of which are attached hereto and incorporated herein by reference. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, ex-officio Housing Authority Board, that the two Subordination Agreements between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, on behalf of the Greeley/Weld County Housing Authority, and Eileen Hurtado be, and hereby is, approved. BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized to sign said agreements. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 25th day of February, A.D., 2002. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ATTEST: auril I Vaad, Chair Weld County Clerk to the • •V�a • •, ,yam •_ ! � . BY: Z� • David E. ng, Pro- it- • %t l E Deputy Clerk to the Boar. - ' * l/ M. J. Geile RO D AS T • R "7 S✓/- ` William H. Jerke C ty Att ney Robert D. Masden /{ Date of signature: 2002-0487 HA0022 C•e ,"VA/ Elbe 21Usmcn SUBORDINATION AGREEMENT NOTICE THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. THIS AGREEMENT.made Mt day of ,by Eileen J. Hurtado owner of the land hereinafter described and hereinafter referred to as'Owner+,and Weld County Housing Authority present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as'Beneficiary': WITNESSETH THAT WHEREAS, Eileen Hurtado dd execute a deed of bust.dated January 23, 1995 ,to Weld county Public Trustee •as trustee,covering: Lot 14, Bleep 7, Nountview, City of Port Lupton, County of Weld, State of Colorado. • to secure a note in Mourn OS 9,845.00 ,dated January 23, 1995 .In favorer Weld County Housing Authority ,which dead of trust Was recorded February 8, 1995 ,In Reception No. 2425893 ,Official Records of said county;and . WHEREAS,Owner hes executed or Is spout to execute,e deed of rust and note In the sum of$ 111,000.00 dated .Infaveror tr C Lending • hereinafter referred to as 'Lender: payable with Interest and upon the terms and eondltione described therein•which deed of trust is to be recorded concurrently herewith:and WHEREAS,it Is a condlden precedes to obtaining said loan that amid deed of trust last above mentioned shall uncondltlonaly be and remain at all Umea as a lien or charge upon the land hereinbefere gescribed,prior and superior to the lien or charge of the deed of bust $net above mentioned;and WHEREAS,lender Is wolfing to make said loan provided the died of trust securing the same l a Tien or charge upon the above deserted properly prior and superior to the lien or charge of the deed of trust first above mendond and provided that Beneficiary viii specifically and unconrddonefiy subordinate the don or charge of the deed of trust first above mentioned to the lien or charge of the deed of trust Ifll in fever of Lender;and WHEREAS.It is to the mutual brat of cue pertly hereto that Lender make such loan to Owner;and Beneficiary le willing Met the deed of trust securing the same dud,when recorded,consdlute a ban or charge upon said land which le unconddonafiy prior and aupedor Io the Iten or charge of the deed of buitfiret above mentioned. • NOW,THEREFORE.In crMderWr of the mutual benefit accruing to the puree hereto and other valuable consideration,the receipt and sufficiency of which conelderation Is hereby acknowledged,and In order to induce Lender to make the Wen above referred to.It Is hereby declared.understood and aerate as MOM: (i) That said deed of trust securing amid note in laver or LendeR and any renewals or ekernelra thereof,shell 4neendtionnty (, be rd remain at Straw a lien or charge on the property therein deaolbed,prior and superior to the lien or charge of the deed of trust fist above mentioned (2) That Lender would not make he loom above deserted without Ws subordinate agreement. ursueeap 2002-0487 A • I M-tas23W2 (3) That this agreement shall be the whole and only agreement with regard to the subordination of the glen or charge of the dead of trust first above mentioned to the Ilan or charge of the deed of trust in favor of lender above referred to and shell supersede and cancel,but only tnaober as would effect the priority between the dude of Cruet herelnbelore apadlcally described, any prior agreement as to such subordination Including,but not limited to,those provision°.If any,contained In the deed of trust first above mentioned.which provide for the subordination el me lien or charge thereof to another deed or duds of mist or to another mortgage or mortgages, Beneficiary declares,agree&end aalahow'ledgea tut (a) Ho consents to and approves(I)all provisions of the note and deed of trust In fever of Lender above referred to,and (fig at agfeemenk.including but not limited to any Coen or escrow agreements,between Owner end Lender for the dfabursementof the proceeds of Lender's loan; m1 Lender in melting debursetneMe represented that ft will, u to ma pursuant epptcatl n of lush pro underobligation ceeds by the person orpereolte to Oath Lender isburses such proceeds and any application or use of such proceeds for purposes other tail those provided for In such agree- ment or agreements shell not defeat the subordhnation herein made In whole or In part (a) He Intentionally and unconditionally waives. reiiwiulehee and subordinates the den or charge of the deed of trust first above mntioned In favor of the ten or charge upon said lend of the deed of trust In favor of Lender above referred to end understands that in reliance won,and In consideration of,thhi waiver,reMQWehmnt and subordnadon specific loans end advances are being and will be made and,aspen and parcel thereof,specific monetary end other *Widgeons an being and wit be entered into which would not be made or entered Into,but for said relishes upon this waiver.relinquishment and subordination;and CO) an ndoreamnt has been placed upon the note secured by the deed of trust first above mentioned that said deed of trust has by flea instrument been subordinated to the lien or charge of the deed of trust In favor of Lender above referred to. ROVISION CH ALLOWS PERSON TED ON YOUR NOTICE: THIS REAL PROPERTY SECURITY TO OBTAINUBORDINATION AGREEMENT A LOAN,NTAINS A PPORTION OF WHICH MAY E THE FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND. WaldCo my Heusi? Aut rity , /� Borrower Au a Un J Glenn'Vaac,icChair 02/25/2002) Borrower Borrower Borrower (ALL SIGNATURES MUST BE ACKNOWLEDGED) srATEOP COLORADO PR Courtly of WELD 'i�'I�;., ' II t�l Fehruar 2002 The foregoing instrument was aelmiwleripid bean`m.this' 2iLh' flay _y - Glenn Vaud ' G ..-•tl - ' • t t._ a e enu - ea - , i 1:: I:il99� . i'I,,Y+ . .'•.. t0•'{, ,My ooro lni°n eapltee: - a ER E. 't OESICK } weeny need end olgsi.l tie�L ''l ':.I(�^ .i t 1JJ� i+ 1 I ,��I • ..i.i 1,i1 ,X 'fi'.,•, ,�j ,! Dw Notary Puq�k(L�, • ` I'll,. is . - �F RN iv,. la aacOMMZNDaD THAT,�f� . r• a f piss Sept a6fv if,2006 N AOaBatBM: 7E3 PAffi!BS CONSULT WEE MOP TO ZS$BCUl7ON OP THIS SUBOBDINATTO rIrznArrant:wDBBESPaGT7ztaro. . .it ' ' (CLTA SUBORDINATION FORM"Al - ' I ll 1' i, ii;;`r lit Rite NT-10927CO2 • SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. THIS AGREEMENT,made this day el ,by Eileen J. Hurtede owner of the land hereinafter deecdbed and hereinafter referred to as'Owner.and Wald County Rousing Authority prevent owner end holder or the deed al trust and note Mat hereinafter described and hereinafter referred to at'Benefdary: WITNESSETH THAT WHEREAS, Aileen Hutted* rid execute ached of trust,dated Nay 1, 2001 - to Weld County Public Trustee ,es tnrstee.covering: Lot 14, Block '7, Mountview, City of Part Lupton. County of Weld, State of Colorado_ to secures note in the Sum of S 4,000,00 ,dated May 1, 2001 ,In favor of Weld County Housing Authority ,which dead of tnwt woo recorded May 16, 2001 ,h Reception No, 2848921 ,Official Records of said county;and WHEREAS,Owner has executed,or la about to execute,a dead of cruet end note In the sum of S 111.000.00 dated ,In favor of. U C Lending . hereinafter referred to as 'Lender; payable with Interest and upon the terms and conditions described therein, which deed of trust le to be recorded concurrently herewith;and WHEREAS,it is a edndtlon precedent to obtelydng said loan that said deed el duet lest above mentioned shall unconditionally be and remain at all times as a Ilan or charge upon the land herelMabre described,prior and superior to the lien or charge of the deed of dust list above mentioned;end WHEREAS,lender Is tag to make said loan provided he deed of trust securing the mane is a lien or charge upon the above described property prier and'weeder to the an er charge of the deed of trust first above mention and provided the:Beneficiary will specifically and uncendtlgnaly subordinate the lien or charge of the deed of teat got above mentioned to the hen or charge of the deed of bust h fevor of Lender,and WHEREAS,it is to the mutual benefit of the panes hereto that Lander male such loan to Owner,end Beneficiary le willing that the deed of trust securing the same shall.when recorded,constitute a lien or charge upon said land which is unoondltbnaly prior end superior to the rwn or charge or the deed of bust fret above mentioned. NOW.THEREFORE,in consideration of the mutual benefits rimming to the parties hereto end other valuable consideration,the receipt end sdlldoray of which o00ille edan Is hereby aoloawledged,and In order to iMiee Lender to make the loan above referred to,It le hereby declared,understood end agreed as follows: (1) That said deed of trust securing add note In favor of Lender,end any renewele or misname.thereof,shall unaondf loneily be and remain al all limes a lien or charge on the property therein described,prior and superior to the lien or charge of the dead of trot first above mentioned (2) Then Lender would not melee Its loan above described stout thle subodinadon agreement. Vieuenee • .AODa -egg 7 /nee Warm (3) That this agreement chat be the whole and only agreement with regard to the subordination of the lien or charge of the deed of trust first above mentioned to the lien or charge of the deed of trust in favor of lender above refereed to end shall supersede and cancel,but only Insofar as would affect the energy between the deeds of trust hereinbe ors specifically described, any prior agreement as to even subordination Including,but not limited to,those provisions,If any,contained in the deed of trust first above mentioned,Which proWde for the subordination of lrye lion or charge thereof to another deed or deeds or trust or to another mortgage or mortgages. Ban lclasy declares,agrees and aelmeMedge.that (a) He consents to and approves(I)all provisions of the note end dead of trust In favor of Lender above referred ax and al)all agreements.Including but not Ilmitad to any lean or escrow agreements,between Owner end Lender for the disbursement of the proceeds of Landers loan; (b) Lender In malting disbursements pursuant to any such agreement la under no obligation or duty to.nor has Lender represented that It will,see to the application of such proceeds by the person or persons to whom Lender disburses such proceeds end any application or use of such proceeds for purposes other than those provided for In such agree- mein or agreements shall not defeat the subordination herein made in whole or In pen; (a) He Intentionally and unconditionally waives, relinquishes end subordinates the lien or charge of-the deed of trust first above mentioned In favor of the ten or Margo upon said lend of the deed of trust In favor of Lender above referred to and understands that In reliance upon.and In conelderadon of.this waiver,rsfngtdehmerd and eubofdnation specific losne end advances are being end wB be made and,as part and parcel thereof,specific monetary end other obligations are being end will be entered Into which would not be made or entered into but for said reliance upon this waiver,relinquishment and subordnadon;and (d) An endorsement has been placed upon the note assured by the dead of trust first above mentioned that said deed of trust has by thla Instrument bean subordinated to the Ian or charge of the dead of trust in favor of Lender above referred to. • NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN.A PORTION OF WHICH MAY BE EXPENDED TOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND. Weld Co ty Roue' g A ority Borrmgf By Autho ized Of io tsi'. el Glenn Vaad, Chair (02/25/2002) Borrower Borrower Borrower (ALL SIGNATURES MUST BE ACKNOWLEDGED) STATE OF COLORADO se, County of WELD The foregoing Instrument was acknowledged before metie 25th d of February 2002 by Glenn Vaad, Chair, Weld Coint Boar of Commissioners RYPV : `.# My commission explicit. t3' I R E. • r Witness my hand and official W a . GES CK••. . es,Ii -lJ • Notary Public Vr CAaalssiaa eppins&mambo,I I,2085 Zr Lf RECOMMENDED THAT.PRIOR TO TH8 BYECDTIO OA 7777E SUEORDINATION AGREEMENT, THE TAMES CONSWT was THEM ATTORNEYS WITH RESPECTTHfRRTO. • (CLTA SUBORDINATION FORM'A') Hello