HomeMy WebLinkAbout20051050 RESOLUTION
RE: APPROVE SUBORDINATION AGREEMENT AS TO DEED OF TRUST AND
AUTHORIZE CHAIR TO SIGN - MELODY BAIRD
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 as to Deed of
Trust between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County,on behalf of the Department of Social Services,and Melody Baird,
with 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,ex-officio Social Services Board,that the Subordination Agreement as to Deed
of Trust between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County,on behalf of the Department of Social Services,and Melody Baird,
be, and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is,authorized to
sign said agreement.
The above and foregoing Resolution was,on motion duly made and seconded,adopted by
the following vote on the 28th day of March, A.D., 2005.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
1.4441
William H. J , Chair
i `4 to rAte ;4 'ur '��Clerk to the Board
r��� • M. J. Geile, Pro-Tern
M •ep f lerk to the Board EXCUSED
:° ,t ^" : :i
APP ASTn
unty Atto ey EXCUSED
Glenn Vaad
Date of signature: OA1-
2005-1050
SS0032
Nn; sc /2f'-6 -CZC
d.\ DEPARTMENT OF SOCIAL SERVICES
P.O. BOX A i. GREELEY, CO. 80632
TWebsite:www.co.weld.co.us
Administration and Public Assistance(970)352-1551
Child Support(970)352-6933
VIIDcTT /� T
COLORADO MEMORANDUM
TO: William H. Jerke, Chair Date: March 23, 2005
Board of County Commissioners a
FR: Judy A. Griego, Director, Social Services kwor
RE: Approval of Subordination Request—Melody Baird
Enclosed for Board approval is a Subordination Request regarding Melody Baird. This
Subordination Request was reviewed at the Board's Work Session of March 9, 2005.
Security Title Guaranty Co. is requesting the Department agree to be in a 2"a position, instead of
l'position, in order that they can be in first position for purposes of re-financing Ms. Baird's
home. The assessed value of the property is $135,000 and the load amount is $48,500.
The major provisions of the Agreement are as follows:
If you have any questions,please feel free to ask me.
2005-1050
6003°1g77
SUBORDINATION AGREEMENT
ESCROW NO. S0039977-340-KBD
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 March 17,2005,by
Melody Replogle Baird
owner of the land hereinafter described and hereinafter referred to as"Owner," and
Weld County Department of Social Services Board
present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as
"Beneficiary";
WITNESSETH
THAT WHEREAS, Melody Replogle Baird did execute a deed of trust,dated November 7,1988,to Public
Trustee of Weld County,Colorado,as trustee,covering:
Lot Four(4),in Replat of Block Three(3),
Edwards Homes,
a subdivision of the City of Greeley,
County of Weld,State of Colorado,
as per the recorded plat thereof
to secure a note in the sum of$16,574.59, dated November 7, 1988, in favor of Weld County Department of
Social Services,recorded November 8, 1988, in Book 1215 at Reception No.02161288, Official Records of said
county; and
WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of$50,500.00 dated
March 17,2005, in favor of Wells Fargo Bank,N.A.,hereinafter referred to as "Lender,"payable with interest and
upon the terms and conditions described therein,which deed of trust is to be recorded concurrently herewith; and
WHEREAS, it is a condition precedent to obtaining said loan that said deed of trust last above mentioned shall
unconditionally be and remain at all times a lien or charge upon the land hereinbefore described,prior and superior
to the lien or charge of the deed of trust first above mentioned; and
WHEREAS, lender is willing to make said loan provided the deed of trust securing the same is a lien or charge upon
the above described property prior and superior to the lien or charge of the deed of trust first above mentioned and
provided that Beneficiary will specifically and unconditionally subordinate 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; and
WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such loan to Owner; and Beneficiary is
willing that the deed of trust securing the same shall , when recorded, constitute a lien or charge upon said land
which is unconditionally prior and superior to the lien or charge of the deed of trust first above mentioned.
NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable
consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce
Lender to make the loan above referred to,it is hereby declared,understood and agreed as follows:
(I) That said deed of trust securing said note in favor of Lender, and any renewals or extensions thereof, shall
unconditionally be and remain at all times a lien or charge on the property therein described,prior and superior
to the lien or charge of the deed of trust first above mentioned.
(2) That Lender would not make its loan above described without this subordination agreement. •
(3) That this agreement shall be the whole and the 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 referred to and shall supersede and cancel,but only insofar as would affect the priority between the deeds
of trust hereinbefore specifically described, any prior agreement as to such subordination including, but not
limited to, those provisions, if any, contained in the deed of trust first above mentioned, which provide for the
subordination of the lien or charge thereof to another deed or deeds of trust or to another mortgage or
mortgages.
' Security
> .. Title
,iI
ESCROW NO.S0039977-340-KBD
Beneficiary declares,agrees and acknowledges that
(a) He consents to and approves (i) all provisions of the note and deed of trust in favor of Lender above
referred to, and (ii) all agreements, including but not limited to any loan or escrow agreements, between
Owner and Lender for the disbursement of the proceeds of Lender's loan;
(b) Lender in making disbursements pursuant to any such agreement is 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 and any application or use of such proceeds for purposes other than those
provided for in such agreement or agreements shall not defeat the subordination herein made in whole or in
part;
(c) He intentionally and unconditionally waives,relinquishes and subordinates the lien or charge of the deed of
trust first above mentioned in favor of the lien or charge upon said land of the deed of trust in favor of
Lender above referred to and understands that in reliance upon, and in consideration of, this waiver,
relinquishment and subordination specific loans and advances are being and will be made and, as part and
parcel thereof, specific monetary and other obligations are being and will be entered into which would not
be made or entered into but for said reliance upon this waiver,relinquishment and subordination;and
(d) An endorsement has been placed upon the note secured by the deed of trust first above mentioned that said
deed of trust has by this instrument been subordinated to the lien or charge of the deed 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 FOR OTHER PURPOSES THAN IMPROVEMENT OF
THE LAND.
Weld County Department of Social Services Board
William H. ,Jerke ,as Chair Melody Replogle Baird
(03/28/2005)
STATE OF COLORADO
COUNTY OF WELD }SS:
The foregoing instrument was acknowledged before me this 24th day of March,2005 by
William H. Jerke as Chair of Weld County Department of Social
Service. Board
My commission expires /
Witness my hand and official seal (' ..
i,••••-"• •,le\
sown.
.
STATE OF COLORADO
< FCp1C ,
COUNTY OF }SS: My Commission Expires May 17.2008
The foreg g i7fs tffikallIf
s• wledged before me this i'74" day of March,2005 by Melody Replogle
Baird { `'i-
.
My co i -fit' O
Witness my tlan �
SLOT
Notary Public
IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE
PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO.
(CLTA SUBORDINATION FORM"A")
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