HomeMy WebLinkAbout20031936.tiff RESOLUTION
RE: APPROVE SUBORDINATION AGREEMENT AND AUTHORIZE CHAIR TO SIGN -
ERNESTO AND ANTONIA VELASQUEZ
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 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 Ernesto and Antonia
Velasquez, 1209 Pleasant Acres Drive, Evans, Colorado 80620-1420, 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 Housing Authority Board, that the Subordination Agreement
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
Ernesto and Antonia Velasquez 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 July, A.D., 2003.
BOARD OF COUNTY COMMISSIONERS
WEL OUNTY, COLD DO
ATTEST: Melia�r�jj o
David E. Long, Chair
Weld County Clerk to the Board
EXCUSED
Robert D. sden, Pro-Tem
to the Board a(,6'
'I86I I �`" - . J. eie
M:
t'lr � William . Jerke7
or ey
Glenn Vaad
Date of signature: 62-11-03
2003-1936
HA0023
00 : (/7
FROM ,L TERFiELD FIti7FICIfY. 2003.07-10 11.21 *1146 P.03/04
SUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT is made this day of , --
2003, between Ernesto Velasquez and Antonia Velazquez as owner of the land (hereinafter
referred to as "Owner") whose address is 1209 Pleasant Acres Drive, Evans, CO 80620-1420,
and Weld County Housing Authority the present holder of a Deed of Trust and note, whose
•
address is ,(hereinafter referred to as"Beneficiary").
JtECITALS
Ernesto Velasquez and Antonia Velazquez,the owners of a certain parcel of real property situate
• in the County of Weld,State of Colorado,more fully described as follows:
See Exhibit'One in title commitment
did execute a Deed of Trust dated June 29, 2001,to the Public Trustee in and for the County of
Weld to secure a note in the original principal amount of$2,400.00 dated June 29, 2001 and
payable to Weld County Housing Authority. Said Deed of Trust was recorded on July 3,2001 in
Book Reception No. 2862731,Page ,of the records of said County.
The owner has executed, or will execute, a Deed of Trust and note in the original
principal amount of$96,638.00 dated / /03 and payable to Union Federal Savings Bank of
• Indianapolis and payable to (hereinafter referred to as"Lender"). •
It is the desire of the parties and to the mutual benefit of all parties that the lien of the
Deed of Trust in favor of the Beneficiary be subordinate to the lien of the Deed of Trust for the
use and benefit of the Lender.
NOW, THEREFORE,.for and in consideration of the mutual benefits accruing to the
parties hereto, and the promises set forth, and other valuable consideration, the receipt and
sufficiency of which is hereby acknowledged,the parties hereby agree as follows:
I. The Deed of Trust securing said note in favor of the Lender,together with extensions
or renewals thereof, shall unconditionally be, and at all times remain, a lien or charge upon the
property described therein which is prior and superior to the lien or interest created by the Deed
of Trust held by the Beneficiary.
2. The consideration to be paid to the Beneficiary is a follows:
3. This agreement shall be controlling with regard to the priority of the Deeds of Trust
specified above, and the terms hereof shall supersede any provisions contained in the Deed of
Trust for the use and benefit of the Beneficiary regarding subordination.
4. The Beneficiary has reviewed the terms and conditions of the note and Deed of Trust
in favor of the Lender,and hereby approves those tams and conditions_ Beneficiary understands
that the Lender is under no obligation to supervise the application of the proceeds received from
the Lender, and Beneficiary agrees that an endorsement will be placed upon the note held by the
Beneficiary to the effect that the Deed of Trust securing said note has been subordinated to the
lien created by the Deed of Trust for the use and benefit of the Lender named above. Beneficiary
understands that the Lender may not have made the loan or may not have advanced funds to the
Owner without this Subordination Agreement.
•
•
•
2003-1936
FROM ,WRTERF IELD FINRNCIRL 2003.07-10 11.21 M146 P.04/04
' Q--
RENErICIA i OWNER
STATE OF
COUNTY OF VO a 14
The foregoing instnwnen :.L' lib a and sworn to before me this 28th day of July
2003 , by Davi.l' ong, Weld County Board of Commissioners.
11-
Witness my hand and 2t
My commission expire'; tHLER
i
:f.OFCO1. l:'
NOT OBIS
My Cost tdn Expir e:4HO!gaff
•
STATE OF
COUNTY OF 1�. d -
The foregoing instrument was subscribed and sworn to before me this „44S' day
of ,by cr • I ,A £ . L6 .-,
t m
loot evffi * 7. •
GI �s...4o‘
14,
ATTEST: ILI/ I j �
WELD COUNTY CLERK T TH 1 � ' _ , ° 'L
BY: / B .,
r ti.r. `�
D PUTY L N S ~0 THE 0 �► ( '� '\
Hello