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Home My WebLink About20021263.tiff RESOLUTION RE: APPROVAL OF SUBORDINATION AGREEMENT/DEED OF TRUST AND AUTHORIZE CHAIR TO SIGN -ALTERNATIVE HOMES FOR YOUTH 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 a Subordination Agreement/Deed of Trust for Alternative Homes for Youth, with the terms and conditions being as stated in said agreement, and WHEREAS, after review, the Board deems it advisable to approve said agreement, a copy of which is attached hereto and incorporated herein by reference. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Subordination Agreement/Deed of Trust for Alternative Homes for Youth be, and hereby is, approved. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 15th day of May, A.D., 2002. BOARD OF COUNTY COMMISSIONERS /J WELD COUNTY, COLORAD /1 _ j24i ' ATTEST: 7,. ELI\� Va,—ei� Vaad, Chair Weld County Clerk to the B.: . ii (71 -vid E. Lon., Pro- r BY: Deputy Clerk to the Board'%4' M. J. eile AfrPRO�ED AST G -M: m H. Jerke •'Attorney Robert D. Masden Date of signature: `54/ 2002-1263 BC0032 I i5 17Lv.. . uvi or48� LOAN I 10.370 f'.e/5 - - �rill� iiiiif 'ill Illiiil III IIIII III IIIII IIII IIII 2867177 06/03/2002 11:16A oid County CO 177 1 of 4 R 20.00 0 0.00 J.A. "Auld"Taukamotp WHEN RECORDED MAIL TO: VECTRA BANK COLORADO, N.A, P.O. Box 17649 Denver, CO 80217.0649 SUBORDINATION AGREEMENT-DEED OF TRUST 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 Subordination Agreement dated May 8, 2002 is entered into among Alternative Homes For Youth ("Borrower"), PUBLIC TRUSTEE OF Weld COUNTY ("Trustee"), and the County of Weld ("Beneficiary") and Vectra Bank Colorado National Association("Lender"). SUBORDINATED INDEBTEDNESS. Beneficiary has extended the following described financial accommodations(the"Subordinated Indebtedness")to Alternative Homes For Youth(Trustor): A Promissory Note in the amount of$399,811.00 dated August 30", 1995 in favor of the County of Weld. SUBORDINATED DEED OF TRUST. The Subordinated Indebtedness i§ secured by a deed of trust dated 30"day of August 1995 from Trustor to PUBLIC TRUSTEE OF the County of Weld as Trustee in favor of Beneficiary(the "Subordinated Deed of Trust")recorded in Weld County, State of Colorado as follows: On 31"day of August 1995 at Reception No.2453617. REAL PROPERTY DESCRIPTION: The Subordinated Deed of Trust covers the following described real property (the "Real Property")located in, DENVER County,State of Colorado; See Attached Exhibit"A" The Real Property or its address is commonly known as 1110 "M"Street Greeley CO REQUESTED FINANCIAL ACCOMMODATIONS. Borrower, who may or may not be the same entity as Trustor, wants Lender to provide financial accommodations to Borrower (the 'Superior Indebtedness") in the form of A Promissory Note in the amount of$559,000.00 dated in favor of Vectra Bank Colorado National Association(Lender). Now, therefore, Borrower acknowledges to Lender that as a result of this financial accommodation from Lender to Borrower, Borrower acknowledges receipt of valuable consideration for entering into this Agreement, LENDER'S LIEN. As a condition to the granting of the requested financial accommodations, Lender has required that its deed of trust or other lien on the Real Property("Lender's Lien')be and remain superior to the Subordinated Deed of Trust. NOW THEREFORE THE PARTIES TO THIS AGREEMENT HEREBY AGREE AS FOLLOWS: SUBORDINATION; The Subordinated Deed of Trust and the Subordinated Indebtedness secured thereby is hereby subordinated in all respects to Lender's Lien and the Superior Indebtedness, and it is hereby agreed that Lender's Lien shall be and remain,at all times,prior and superior to the lien of the Subordinated Deed of Trust, BENEFICIARY'S AND LENDER'S REPRESENTATIONS AND WARRANTIES: Beneficiary and Lender represent and warrant that; (a) no representations or agreements of any kind have been made which would limit or qualify in any way the terms of this Agreement, (b) this Agreement is executed at Borrower's request (c) Lender and Beneficiary have made no representations to each other as to the creditworthiness of Borrower. DEFAULT BY BORROWER. If Borrower becomes insolvent or bankrupt, this Agreement shall remain in full force and effect. MISCELLANEOUS PROVISIONS:The following miscellaneous provisions are a part of this Agreement: Applicable Law: This Agreement has been delivered to Lender and accepted by Lender in the State of Colorado, if there is a lawsuit, Beneficiary and Borrower agree upon Lender's request to submit to the jurisdiction of the courts of DENVER County, State of Colorado. Lender, Beneficiary and Borrower hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by either Lender, Beneficiary, Borrower against the other, This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado, 2002-1263 • ii,C1:3U. ,..,. ,, , i. +T rid: :,A'F, Llith EXHIBIT "A" 14'..,, If � nl 4• / ,. r 1 , xq f •xf4�:3lHfAAr,1 f < r,w "'°`l 5�'�' > /. � io W0 i f 1111 c41.1 ≤ Z, '1y,G($�»> "I;,1',4,�ivf it T1 G AC' Ai .4 f lag y �Vy ; ��W ( b 4 S TSIY AT' L ' q[ ';- IM1 M'fV f, � (gRt$ �f � rSS ' .9 .f .�, dl T.,y.^drsai... �d:.� b:< ?il�� 1 N�•1��X' t LL'Tv6„ T M1Y1.-1M&,lu.,;;;-; ,( I t r Ft P ig t •References in the shaded area are for Lender's use only and do not limit the applicability of this document to any particular loan or Item, An item above containing "•••" has been omitted due to text la • , limitations, Borrower: Alternative Herres for Youth Lender: VECTRA BANK COLORADO,NATIONAL 9201 West 44th Avenue ASSOCIATION Wheatrldge, CO 80033 SOUTHWEST DENVER BRANCH 1380 S.FEDERAL BLVD. DENVER,CO 80219 This exhibit le attached and made a pert of a Subordination Agreement- Deed of Trues dated May 28, 2002 between Vectra Bank Colorado, National Association,Alternative Homes for Youth and The County of Weld. A part of Tract "C" Weld County Business Park-P.U,D, a subdivision within the City of Greeley, County of Weld, State of Colorado, more particularly described as follows) Commencing at the Northeast Corner of Section 31, Township 6 North, Range 66 West of the 6th Principal Meridian, and considering the East line of the Northeast Quarter (NE1/4) to bear South 00 degrees 00' 00^ West to the Eaet 1(4 corner of Section 31, Township 6 North, Range 66 West, with all bearings contained herein being relative thereto;thence South 00 degrees 00' 00" West along the East line of the Northeast Quarter INE1/41, a distance of 060.00 feat to the Centerline of "M" Street;thence North 90 degrees 00' 00" West along the Centerline of "M" Street, a distance of 80.00 feet;thence South 00 degrees 00' 00" West a distance of 40,00 feet perpendicular to the South Right-of-Way line of "M" Street, also being a point an a curve and the True Point of Beginning;thence along said curve to The right having a radius of 30.00 feet, a central angle of e0 degrees 00' 00", an arc distance of 47,12 feet.the long chord of which bears South 46 degrees 00' 00" East a distance of 42,43 feet to a point on the West Right-of-Way line of 11th Avenue;thence South 00 degrees 00' 00" Weat along said West Right-of-Way line, a dietanca of 317.36 feat; thence leaving said West Right-of-Way line North 88 degrees 33' 63" West, a distance of 91,13 feet; thence South 67 degrees 00' 00" Want, a distance of 91,35 feet;the* North 33 degrees 00' 00" West, a distance of 330.93 feet to a point on the South Right-of-Way line of "M" Street; thence North 67 degrees 00' 00" Eaet, a dietance of 80.00 feet to a point a curve to the Right having a radius of 460.00 feet, a central angle of 33 degrees 00' 00", en are distance of 264.94 feet,the long chord of which bears North 73 degrees 30'00" East, a distance of 261.29 feet to the True Point of Beginning. County of Weld, State of Colorado. warner WAN,V.,kaput Co,.".,M TnV"r*"MV,I"•lea,1St NAM.'twat 'CO TtliaNIoPC"M"m maim III Ell 49 of 4 R 20.07177 013 0.00 J.A. 'Suki"eld °Tsuka CO mote • • • • X oni 11111 IIIUhI III 1111111 �liii VIII III VIII ill!Zvi 2957177 06/03/2002 11:16A Weld County CO 3 of 4 R 20.00 O 0.00 J.A. "Solt" Tsukamoto CORPORATE ACKNOWLEDGEMENT STATE OF ` t ) )ss COUNTY OF1 1 — POPS On this day of l� ,before me,the undersigned Notary Public,personally appeared of • ,and known to me to be an authorized agent of the corporation that executed the Subordination Agreement and acknowledged the Agreement to be the free and voluntary act and deed of the corporation, by authority of its Bylaws or by resolution,,,,•„ of its board of directo r the uses and purposes there in mentioned,and on oath stated that they are autliptized to•,. "'•.,• execute this Agre fact executed the Agreement on behalf of the corporation. .4) 1. Residing at 490f o 9fr-,4-.-P14#41r _-'3 t(-3 to Notary Pu 'c in an or the State of U . My Commission expires 014/DG `i'• a !c,? `re LENDER ACKNOWLEDGMENT 1�4d0103.Y a STATE OF a: •: hista,Z, o COUNTY or )ss ',Zap ? it 4. 02002. Tay S�f. �?'". On this day of "11/1-014-1 , tY ,before me,the undersigned Notary Public,p :Mt� t sk1/4% appeared `y'f/lci,t — A- and known to me to be the i2a .f, ///�tl ,authorized agent for the Lender that executed the within and foregoing instrument and acknowledged said instrument to be the free and voluntary act and deed of the said Lender,duly authorized by the Lender through its board of di ctors or otherwise,for the uses and purposes therein mentioned,and on oath stated that he or she is authorized to x c e this said instrument and that the seal affixed is the corporate seal of said Lender. / • By otary Public My Commission Expires: 3'f3 / . :-4.280. iti:t'k,,ni -LLIi.E airs: Lunli LIR N0.370 P.3/S 111111111111111111III111111111111 IIIII III III rum liii 2957177 06/03(2002 11:16A Weld County CO 2 al 4 R 20.00 0 0.00 J.A. "Suki" Tsukamoto Date: SUBORDINATION AGREEMENT-DEED OF TRUST Page 2 Loan# (continued) Amendments: This Agreement constitutes the entire understanding and agreement of the parties as to the matters set forth in this Agreement. No alteration of or amendment to this Agreement shall be effective unless made in writing and signed by Lender,Borrower, and Beneficiary. Successors: This Agreement shall extend to and bind the respective heirs,personal representatives, successors and assigns of the parties to this Agreement and the covenants of Borrower and Beneficiary herein in favor of Lender shall extend to, include,and be enforceable by any transferee or endorsee to whom Lender may transfer any or all of the Superior Indebtedness. Waivers: Lender or Beneficiary shall not be deemed to have waived any rights under this Agreement unless such waiver is given in writing and signed. No delay or omission on the part of Lender or Beneficiary in exercising any right shall operate as a waiver of such right or any other right, A waiver by Lender or Beneficiary of a provision of this Agreement shall not prejudice or constitute a waiver of Lender's or Beneficiary's right otherwise to demand strict compliance with that provision or any other provision of this Agreement. Whenever,the consent of Lender or Beneficiary is required under this Agreement, the granting of such consent by Lender or Beneficiary in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender or Beneficiary. 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 FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND. EACH PARTY TO THIS SUBORDINATION AGREEMENT-DEED OF TRUST ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS AGREEMENT,AND EACH PARTY AGREES TO ITS TERMS, BORROWER: Alternative Homes For Youth BENEFICIARY: County 1. 4.5 of Weld BY: )L.rt Glenn Vaad, /15/2002) LENDER: Vectra Bank Colorado National Association BY: 7Y/a ale 7�u.,--.2pa.o . At t!/u Authorized Officer ACKNOWLEDGEMENT STATE OF COLORADO )ss COUNTY OF WELD .On this 15th day of May , 2002 ,before me,the undersigned Notary Public,personally appeared Cann Vaad as Chair _ of Wald County Board of Commissioners and lmown to me to be the_ • designated agents of the County that executed the Subordination Agreement and acknowledged the Agreement to be the free and voluntary act and deed of the Cqunty ,by authority of statute or its Home Rule Charter ,for the uses and purposes therein mentioned, and on oath state that they are authorized to execute this Agreement and in fact executed the Agreement on behalf of Weld Counev Board of Connell aszoners. ?�4PRYAIAe`C+ By girl/ !� My Commission Expires: Notary Public # ESTHER E. tl GESICK SUBORDINATION AGREEMENT-DEED OF TRUST 03, Page 3 'G (continued) tie- e' My Coma ,s ErOa Stamen 1 r,ZOOS w VECTRABACOLNK DO You do life.We'll do the banking"' • MAY 1 0 2002 WELD COUNTY ATTORNEY'S OFFICE May 8, 2002 Bruce Barker, Attorney P.O. box 758 915 10th Street Greeley, CO 80632 Dear Bruce, Attached you will find a Subordination Agreement for Alternative Homes for Youth, about which Mark Kandilas has spoken with you. I believe that Eldon R. Holland has also discussed this with you. Please have the agreement executed and return it to us at your earliest convenience. We are requesting this prior to our loan closing, as it is a requirement of our title policy. If you have any questions you may call Mark at 720-947-7975 or myself at 720-947-7922. Sincerely, Vectra B olorad Sharon Schadegg, Commercial Loan Assistant P.O. Box 22479 ,,'DE. Denver, Colorado 80222 Member FDIC ag00;2-42(03 Le- WELD COUNTY ATTORNEY'S OFFICE cte 915 TENTH STREET P.O. BOX 758 GREELEY, CO 80632 WEBSITE: www.co.weld.co.us lunge PHONE: (970) 336-7235 FAX: (970) 352-0242 COLORADO May 22, 2002 Sharon Schadegg Commercial Loan Assistant Vectra Bank, Colorado NA P.O. Box 22479 Denver, CO 80222 Re: Subordination Agreement - Deed of Trust Dear Ms. Schadegg: Enclosed is the original of the Subordination Agreement - Deed of Trust signed by Weld County. Also enclosed is a copy of the Board of County Commissioners' Resolution approving the Subordination Agreement. Please feel free to call me at (970) 356-4000, ext. 4390, if I may, of any further assistance. Si erely, ce arke Weld County Attorney Enc. pc: Clerk to the Board Don Warden Hello