HomeMy WebLinkAbout20032853.tiff RESOLUTION
RE: APPROVE SUBORDINATION AGREEMENT FOR WELD FOOD BANK AND
AUTHORIZE CHAIR TO SIGN - CACHE BANK AND TRUST
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 for the Weld
Food Bank between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, and Cache Bank and Trust, 4601 West 20th Street, Greeley,
Colorado 80633,with terms and conditions being as stated in said subordination agreement,and
WHEREAS, after review, the Board deems it advisable to approve said subordination
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 for the Weld Food Bank between the County
of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County,
and Cache Bank and Trust be, and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is,authorized to
sign said subordination agreement.
The above and foregoing Resolution was,on motion duly made and seconded,adopted by
the following vote on the 13th day of October, A.D., 2003.
BOARD OF COUNTY COMMISSIONERS
���� COUNTY, COLORADO
iate#4 //v
1cid
id E. Lo , Chair
Iasicrc,: C ..:,Clerk to the Board
J: —
r. 4 - ' Ro ert asden, Pro-Tem
1
%4'N �h�j�ry Clerk to the Board
M. J. eile
APP E AST "C-.,.-3471-,—(1
Willia . JJerke
nt rn /O111/�/�
Glenn Vaad
ate of signature: /n --,D_D-t j' ---
2003-2853
W �� BC0033
SUBORDINATION AGREEMENT
1%
THIS AGREEMENT, made this l Oth day of October, 2003, by the order of the County of Weld, a
body politic and corporate of the State of Colorado, by and through the Board of County Commissioners of
the County of Weld ("Lienholder") in favor of Cache Bank& Trust.
WITNESSETH:
a CD WHEREAS, Lienholder is the current holder of that certain note dated June 27, 2003
r , in the amount of$ 899,692.00 being recorded Document Number 3081081 on July 8, 2003 in the Office of the
o 2 Recorder's Office of Weld County, Colorado executed by Weld Food Bank ("Borrower") in favor of Lienholder
aZiea -2 and secured by that certain Mortgage/Deed of Trust/Security Deed of even date therewith, covering property
ea described therein and commonly known as:
o All of the real property described as follows: Lot 2 of RS-1023, Resubdivision of Union Colony Subdivision,
�o a being part of the Southeast Quarter (SEI/4) of Section 31, Township 6 North, Range 65 West of the 6'"P.M.,
•�v m Weld County, Colorado.
�3f
a6�a (the "Property"); said Mortgage/Deed of Trust/Security Deed in the amount of $899,692.00 being recorded as
am; Document Number 3081082 on July 8, 2003 in the Office of the Recorder's Office of Weld County, Colorado,
insNw (The"Subordinated Mortgage"); and
iiioo
—_— at rINIVI coo WHEREAS, Borrower has executed, or is about to execute, a note to Cache Bank & Trust
rmigg c in the original principal amount of not greater than $600,000.00, payable with interest and upon the terms and
aii 3oo conditions described therein, secured by a Mortgage/Deed of Trust/Security Deed of the same date covering the
��oio Property(the"Senior Mortgage")evidencing a Mortgage loan from Weld Food Bank ("Borrower"); and
era cc WHEREAS, it is a condition precedent to obtaining said loan from Cache Bank & Trust to Borrower that
Np e-o v— the Senior Mortgage shall unconditionally be and remain at all times a lien upon the Property prior and superior to
0 the lien of the Subordinated Mortgage; and
.-..-f9•r WHEREAS, it is the intention of the parties hereto, and the purpose of this Agreement, to make the Senior
Mortgage in all respects, senior, prior and superior to the Subordinated Mortgage,
NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto, and other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and in order to
induce Cache Bank& Trust to make said mortgage loan to Borrower, it is hereby declared, understood and agreed
as follows:
1. The lien of the Subordinated Mortgage is and shall remain fully subordinate for all purposes to the
lien of the Senior Mortgage and any renewals or extensions thereof
2. The subordination of the Subordinated Mortgage to the lien of the Senior Mortgage shall have the
same force and effect as though the Senior Mortgage had been executed, delivered and properly
recorded prior to the execution, delivery and recording of the Subordinated Mortgage.
IN WITNESS WEREOF, the undersigned has executed this Agreement the day and year first above-
written.ATTEST: J�E" ^"1 ��.�� �,����//� COUNTY OF WELD, a body of corporate and politic of the
STATE OF COLORADO, by and through the BOARD OF
9 COUNT OMMISSIONERS OF THE COUNTY OF
0 WELD C
0 _..c. epihly.Cler o e lJ �/
YCOL— ---I. i .1, „ ame: David E. Long, ChairD
'' x 0 e t t •
10/13/2003
p - , t4 C. k${ "r` tle: Board of Weld County Commissioners
tJ • _N T
Oro � ' (ryc
J n: 1 �`�� S e below this line for Acknowledgment
0
STATE OF COLOR\ '
:SS.
/ COUNTY OF WELD •
On this, the /34� day of Oct.\-...-4.4k....,....lo its , before me, a Notary Public in and for the State of
O --A ea -ag , the undersigned officer,personally appeared jam, v; d /, 1—O, .t fy
who acknowledged himself/herself to be the r it iz; r of Er;c .,•il l'
a r Jean 1e� n) eK , beIV in4.g
a ut orOr iz d ire do o, r',
5. k �;47 , and that he/she as such Gl i r , being authorized to do so,
7tr executed the foregoing instrument for yiiip rein contained by signing the name of
by himselflhe„elf as ;�S.C'_�. ..4
IN WITNESS WHEREOF, I her tit::: ',
.°ATI���F > cial seal. ,,
CHLER t
•' ary Public
My commission expires: AN-_ r cold?'" ,
1 My Commission Expires April fa,2004
V\ 2003-2853
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