HomeMy WebLinkAbout931098.tiff RESOLUTION
RE: APPROVE SUBORDINATION OF DEED OF TRUST WITH LOIS JOYCE 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 of Deed of Trust
between Lois Joyce and Weld County Housing Authority, with the terms and
conditions being as stated in said document, and
WHEREAS, after review, the Board deems it advisable to approve said
subordination of deed of trust, 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 between Lois Joyce and Weld County Housing Authority be, and hereby
is, approved.
BE IT FURTHER RESOLVED by the Board that the Chairman be, and hereby is,
authorized to sign said document.
The above and foregoing Resolution was, on motion duly made and seconded,
adopted by the following vote on the 25th day of October, A.D. , 1993.
BOARD OF COUNTY COMMISSIONERS
ATTEST: WE�UNTY, COLORAD-t ''j`e�
O
Weld County Clerk to the Board
Constance��// L. rbert, hairman
BY: l --a*/
Deputy C rk to the Board W. H. bster, Pro- em
APPROVED AS TO FORM:
e e . Baxter
nt At orney D le . Hall
EXCUSED DATE OF SIGNING (AYE)
Barbara J. Kirkmeyer
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VcE OO/�
SUBORDINATION OF DEED OF TRUST
THIS AGREEMENT , made this 25th day of October, 1993, by owner of the
land herinafter referred to as "Owner" and Weld County Housing
Authority present owner and holder of the deed of trust and note first
hereinafter described and hereinafter referred to as "Beneficiary":
WITNESSETH
THAT WHEREAS, Weld County Housing Authority did execute a deed of
trust, dated February 1, 1992 to Lois A. Joyce as trustee, covering:
Lots 14-16 Block 3, Erie Heights Subdivision
County of Weld, Town of Erie, Colorado
to secure a note in the sum of $9,832.90, dated December 10, 1991 in
favor of Weld County Housing Authority which deed of trust was recorded
March 3, 1992 in Book 1327 as Reception Number 02279856 of the Offical
Records of Weld County; and
WHEREAS, Owner has executed, or is about to execute, a deed of trust
and Note in the sum of $67,000 in favor of Margaretten & Company, Inc.
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 abo e described property
prior and superior to the lien or charge of the deed of trust first
above mentioned and provided that the Beneficiary ill specifically and
unconditionally subordinate the lien or charge f the deed of trust
first above mentioned to the lien or charge of d ed of trust in favor
of Lender; and
WHEREAS, it is the mutual benefit of the partie hereto that Lender
make such loan to Owner; and Beneficiary is wil ing that the deed of
trust securing the same shall, when recorded, onstitute a lien or
charge upon said which 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
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declared, understood and agreed as follows:
1. That said deed of trust securing said note in favor
of Lender, and any renewals or extensions thereof,
shall be 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 the lender above referred to shall
supercede and cancel, but only insofar as would
affect the priority between the deeds of trust
hereinafter 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 of trust or to another
mortgage or mortagages.
Beneficiary declares, agrees and acknowledges that
(a) They consent to and approve (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 disbursment 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) The Beneficiary 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 in reliance upon, and in
consideration of, this waiver, relinquishement and
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subordination specific loans and advances are being
and will be made and, as part and parcel thereof,
specific monetary and other obilgations 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 line or charge of the deed of
trust in favor of Lender above referred to.
(J L
Dated this day of &,710&/°- , 1993
Weld County Housing Authority
Constance L. Harbert, Chairman
,o/crlh3
STATE OF COLORADO )
ss.
COUNTY OF WELD
The foregoing instr ent was acknowledged before me thisZ.111 day of
, 1993 by ( 'tnS- , te L. Pt,-b.er{ as Chairman of the Weld
County Housing Authority.
Witness my hand and official seal. �
My commission expires: S CD(I �- r�/,\ 1AM1
MI COMMISSION EXH S JAN. i b•4 NOTARY PU/Bk '
90109a
I (,
6
WELD COUNTY HOUSING AUTHORITY
PHONE(303)0 Box
O.P. A
GREELEY, COLORADO 80632
111k.
COLORADO
To: Constance L. Harbert, Chairman
From: Judy Griego, Director, Department of Social Services
Re: Approval of Subordination Request
Date: October 22, 1993
We have received a request from Lois Joyce of Erie to subordinate the
position of our lien held through the Weld County Housing Authority.
Her property was rehabbed in 1992 with a maturity date on the Note of January
31, 1997. The original amount of the promissory note was $9,832.90 with
$1,966.58 as a straight loan and $7,866.32 as a deferred payment loan
forgivable for each year they occupy the home. Mrs. Joyce is continuing to
pay on the straight loan and is not delinquent. The remaining balance of the
deferred payment loan is $5,113.22.
Mrs. Joyce has requested that the Housing Authority subordinate so that she
may refinance her loan through Margaretten Mortgage Company.
Staff is recommending Board approval of the subordination request.
If you have any questions, please telephone me at 352-1551 ext. 6200.
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