HomeMy WebLinkAbout20011133.tiff RESOLUTION
RE: APPROVAL OF SUBORDINATION OF DEED OF TRUST AGREEMENT 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 a Subordination of Deed of Trust
Agreement for Eileen Hurtado, 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, ex-officio Housing Authority Board, that the Subordination of Deed of
Trust Agreement for Eileen Hurtado be, and hereby is, approved.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 30th day of April, A.D., 2001.
BOARD OF OUNTY COMMISSIONERS
WELD C NTY, COLORADO
ATTEST: /ism1%J/ �`� � La� 274-4-1‘/-/
M. J. Geile, hair
Weld County Clerk to 861 RI)
17� 4!9Glenn Vaad;
BY: • '�
Deputy Clerk to the
Will' H. Jerke
AP O DAST M: °A F1/
4
David Long -
n y Attorney /yam
Robert D. Masden
2001-1133
HA0021
pc' ; 1/4
MAR-15-01 00.37 FROM. TITLE ID.9702923862 "WA d/3
SUBORDINATION AGREEMENT
THIS AGREEMENT, is made on this day of
EILEEN BURTADO by
owner (the °Owner•) of the real property hereinafter described (the 'Property.) , and
WELD COUNTY HOUSING AUTHORITY
present holder of the deed of trust and note first hereinafter described (the
•Beneficiary■) ;
WITNESSETE
THAT WHEREAS, EILEEN RURTADDO
executed a Deed of Trust, dated January 23, 1993
of the to the Public Trustee
and County of WELD , State of Colorado, for the
benefit of Beneficiary and which encumbers the following described real property,
to-wit:
LOT 14, BLOCK 7, MOUNTOIEW, COUNTY OF WELD, STATE OF COLORADO
to secure a note in the sum of $9,845.00 dated Jams
in favor of WBT.D COUNTY HOUSING AUTHORITY ary 23, 1995
which Deed of Trust was recorded February 08, 1995
at Ea a _, in Book
g , Reception No. 2425893 _ Official Records of said County; and
WHEREAS, Owner has now executed a Note and Deed of Trust in the sum of
, dated in favor of
TOWN & COUNTRY CREDIT
(the "Lender") , payable with interest and upon the terms and conditions described
therein and which will be recorded in the Official Records of said County and which
will also encumber the Property; and
WHEREAS, it is a condition precedent to obtaining the new loan from Lender that
said Deed of Trust last above mentioned shall unconditionally be and remain at all
times a lien or charge upon the Property, prior and superior to the lien or charge of
the Deed of Trust held by Beneficiary 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 new loan
shall constitute a lien or charge upon the Property 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:
(1) That said Deed of Trust securing said Note in favor of Lender, and any renewals
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 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 agreements as to such
When recorded return to:
F . LTGSUS.1G21 (Rev. 7/23/93) subordination, Recorded Dead of Trust to Deed of Trust to be R� ------
orm ML
2001-1133
MAR-16-01 08. 37 PROm...,.uu TIi,.,:: ID.t.i.,u4M43EI64 PACE JJ/4
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.
Beneficiary declares, agrees and acknowledges that:
(1) Be consents to and approves (i) all provisions of the Note and Deed of Trust in
favor of Lender, 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.
(2) 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 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.
(3) 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.
(4) 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 lieu or charge of the Deed of Trust in favor of Lender.
OWNER(S) :
EILEEN J. EURTADO
STATE OF Colorado
)ss.
County of
The foregoing instrument was acknowledged before me on this day of
by EILEEN J. HURTADO , •
my Commission expires:
Witness my hand and official seal.
NOTARY PUBLIC
BENEFICIARY:
WELD CO HOUSING AUTHORITY
dal/
. Geile, Chair, Weld County
Board of Commissioners
STATE OF COLORADO
)ss.
County of WELD
The foregoing instrument was acknowledged before me on this day of
April 30, 2001
by M. J. Geile C;. _
O ≤-
•Zt :D
my Commission expires: ESTHER E.
Witness my hand and official seal. GESICK
NOTARY PUBLIC .......
of cot.
Form so. LTOWBA021.2 (Psse 2) Rev 7/23/93 My Oormimbn Erprn SptenS 11,2061
FC213153 F1F213153
.E
SUBORDINATION OF LOAN FOR EILEEN HURTADO
The Housing Authority rehabilitated Mrs Hurtado house in 1994. The cost of the rehabilitation
was deferred. The terms of the agreement call for repayment of$9,845.00 at the sale of the
property or upon Mrs. Hurtado's death. At the present time Mrs. Hurtado is behind in her taxes
and has a 11.75%mortgage on the property. This loan will reduce her payments set up a escrow
account for the taxes and protect the position of the Housing Authority.
recommend approval.
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