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RESOLUTION
RE: APPROVE SUBORDINATION AGREEMENT BETWEEN PARKLAND HOMEOWNERS
ASSOCIATION, INC. AND WELD COUNTY AND AUTHORIZE CHAIRMAN TO
SIGN
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 Parkland Homeowners Association, Inc. and Weld
County, 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 between Parkland Homeowners Association and Weld County
be, and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chairman 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 29th day of
December, A.D. , 1986.
BOARD OF COUNTY COMMISSIONERS
ATTE$ On,41.4 WELD COUNTY, COLORADO
We -vot k and Recorder
an ieff --/Board J cqu i nso , Chairman
\\
BY: �� 4 /
!,.4Ai G . Lac , -Tem
Deputy Count
EXCUSED DATE OF SIGNING - AYE
APPROVED TO FORM: Gene R. Brantner
C.W. Kirb�
C_, reltre
County Attorney 2
Fra a i
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F 1097 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO
861252
AH2U$3381 • •
1
SUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT is made effective this 28th day
of October, 1986 , between THE PARKLAND HOMEOWNERS ASSOCIATION,
INC. , as owner of the land (hereinafter referred to as "Owner)
whose address is 4732 Sylvia Lane, Erie, Colorado 80516 , and
COUNTY OF WELD, STATE OF COLORADO, the beneficiary of that
certain undertaking by the owner entitled "Assumption of
Subdivision Agreement" (hereinafter referred to as the
"Undertaking") and secured by a Deed of Trust, whose address is
915 10th Street, Greeley, Colorado 80631 , (hereinafter referred
to as "Beneficiary") .
RECITALS
The Parkland Homeowners Association, Inc. , the owner of
certain parcels of real property situate in the County of Weld,
State of Colorado, more fully described as follows:
Lots 1, 12 , 13 , 18 , 20 , 21, 22 and 23 , Block 1;
Lots 2 and 3 , Block 2 ;
Lot 6 , Block 3 ; and
Lot 7 , Block 4 ,
PARKLAND ESTATES ,
a Subdivision of WELD COUNTY
did execute a Deed of Trust dated October 17 , 1984 , to the Public
Trustee in and for the County of Weld to secure the Undertaking
dated October 17 , 1984 , and payable to Weld County. Said Deed of
Trust was recorded on November 16 , 1984 , in Book 1049 , Reception
No. 1988865 , 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 $44 ,960 .00 bearing
interest at the rate of 12% per annum, dated October 28 , 1986 ,
payable to Frontier Materials, Inc. (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:
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F 1095 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO
861252
1. 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 . 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.
3 . The Beneficiary has reviewed the terms and conditions
of the note and Deed of Trust in favor of the Lender, and hereby
approves those terms and conditions , together with those terms
and conditions of all other agreements between the Lender and the
Owner. 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 Undertaking held by the Beneficiary to the
effect that the Deed of Trust securing said Undertaking 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.
County of Weld, State of Colorado
�\
ATTEST: ��, t ".��e \y^.n_�v_ `
Ch.i an, oard County Commissioners
50,
BY:
Deputli
STAT' cs . r` DO
) ss.
COUNTY OF )
The foregoing instrument was subscribed and sworn to before
in the County of this day of
, 19 , by
Witness my hand and official seal.
My commission expires:
Notary Public
Address:
JTA2d
-2-
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F 1096 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO
mtmoRnnDurft
111 -M6-11k Board of
TO County Commissioners Date December 24 , 1986
COLORADO From Bruce T. Barker, Assistant County Attorney
Subordination Agreement and Letter to HTC
subject. Escrow Company for the Paving of Rue-de-Trust
in the Parkland Estates Subdivision
As you may recall, on October 17 , 1984 , the Board of County
Commissioners approved a complex deal for the paving of the
streets and cul-de-sacs within the Parkland Estates Subdivision.
The deal went like this: The Parkland Homeowners Association
asked that Board to release approximately $100 ,000 in escrow so
that the Association could pave the runway in the Subdivision. In
exchange , the Association gave the Board fourteen lots in a Deed
of Trust, and an agreement whereby all proceeds from the sale of
those lots would be used for the paving of the streets and
cul-de-sacs. The Parkland Homeowners Association contracted at
that time with Frontier Materials for a three-phase paving
program. Phase I was the paving of the runway in 1984. Phase II
was the paving of Rue-de-Trust between Weld County Roads 3 and 5,
to be completed by November 1 , 1986 . Phase III is the paving of
the remaining streets and cul-de-sacs in the Subdivision , to be
completed by December 31 , 1989 . Frontier agreed to this
arrangement only if after the paving of each phase , the Board of
County Commissioners would subordinate its Deed of Trust on the
fourteen lots to Frontier to secure the payment of the paving
costs.
So far, Phase I and Phase II have been completed. The runway was
paved in May or June of 1985 . Rue-de-Trust was paved on or about
October 27 , 1986.
The Board subordinated the Deed of Trust to Frontier for the
remaining costs of paving the runway back in the Spring of 1986 .
The Parkland Homeowners Association has paid Frontier in total for
the paving of the runway, and therefore the first subordination to
Frontier has been released. The Parkland Homeowners Association
is now asking the Board of County Commissioners to subordinate the
Deed of Trust to Frontier for the remaining cost of the paving of
Rue-de-Trust which is $44,960. 00 .
The Parkland Homeowners Association is also requesting the Board
of County Commissioners to approve Jackie' s signature on the
letter from Tom Ayres. That letter will authorize HTC Escrow
Company to release the $30, 100 in the escrow to United Bank of
Denver and to Frontier Materials. A few months ago, the
Homeowners Association took out a loan of $25 ,000 from the United
Bank of Denver to pay Frontier Materials as a deposit for the
paving of Rue-de-Trust. The $30, 100 will first be paid to United
Bank as repayment for the $25 , 000 loan. The remainder will be
paid to Frontier Materials as a reduction of the $44 ,960 . I would
• Hoard of County Co•ssioners •
Page 2
December 24 , 1986
estimate that the Homeowners Association will have $2 ,000 to
$3 ,000 out of the $30 , 100 to pay to Frontier for Rue-de-Trust.
Thus , the amount will be reduced to approximately $42 ,000.
On Friday, December 19 , 1986 , the Parkland Homeowners Association
sold another lot in the Deed of Trust for about $29 ,500. That
amount will be put into the escrow, and it will eventually be paid
to Frontier Materials for the paving of Rue-de-Trust. After this
occurs, the total amount to be paid to Frontier for the paving of
Rue-de-Trust will be reduced to about $12 ,500 .
I would therefore recommend that the Board authorize Jackie' s
signature on the Subordination Agreement and on the letter from
Tom Ayres.
ce T. Barker
Assistant County Attorney
BTB: ss
H UNITED BANK OF DENVER V.A. t
ONE UNITED HANK CENTc 4; lilted Bank
1700 BROADWAY Statement For
DENVER, COLORADO 80274 UNITED MONEY MARKET ACCOUNT
Bank Telephone I Pape N
( 303 ) 861-8811
0 SAFEKEEPING
H TC ESCROW CO I NC Account Number Statement Date
(WELD COUNTY/PHA ) 340 476. DEC 31, 198
1655 GRANT STREET Social Security-Number Merest Paid This Year
DENVER CO 80203-1601 54-0895403 101 .8
DATE DESCRIPTION WITHDRAWALS DEPOSITS BALANC!
BEGINNING BALANCE NJV 28, 1986 30, 101.8
12/16 INVESTMENT - MONEY CENTER 500.00 30,601 .8,
1/01 INTEREST EARNED 143.63 - 30,745.4'.
TOTAL WITHDRAWALS/DEPOSITS .00 643.63
ENDING BALANCE 30,743 .4'.
-- INTEREST RATE HISTORY --------------- •
-
LISTED BELOW ARE THE RATES PAID ON YOUR ACCOUNT DURING THIS STATEMENT PERIOD,
DATES RATE%
11/29 THRU 12/15 5. 150 •
12/16 THRU 12/31 5. 300
CURRENT RATES _
AS OF STATEMENT DATE
BALANCE RATE% EFFECTIVE
--ANNUAL -YIELD = -- ---- _ _ _.00 - 2 ,499.99 5. 150 5.284%
2,500.00+ 5.300 - 5.442%
RETAIN THIS STATEMENT FOR 1986 INCOME TAX PURPOSES
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