HomeMy WebLinkAbout980922.tiff RESOLUTION
RE: APPROVE SUBORDINATION AGREEMENT - DEED OF TRUST AND AUTHORIZE
CHAIR TO SIGN - FLORIDA CIRTECH, INC., CIRTECH HOLDING, LLC, ET. AL
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 - Deed of
Trust between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, and Florida Cirtech, Inc., Cirtech Holding, LLC, et. al, 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 - Deed of Trust between the County
of Weld, State of Colorado, by and through the Board of County Commissioners of Weld
County, and Florida Cirtech, Inc., Cirtech Holding, LLC, et. al, 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 1st day of June, A.D., 1998.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
ATTEST: Lu
Constance L. Harbert, Chair
Weld County Clerk to
13ct 4:' //� ) ��'2J"
W. H. We ster, Pro-Tem
BY:
Deputy Clerk to the �c
orge . Baxter
riVED RM:
Dale K. Hall
y Atto ne 4114“4- f i
Barbara J. Kirkmeyer
980922
BC0026
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RECORDATION REQUESTED BY:
BANK ONE,COLORADO,N.A.
SEVENTH STREET AND 9TH AVENUE
GREELEY,CO 80631
WHEN RECORDED MAIL TO:
Business Banking Loan Servicing
AZ1 -2565
P.O.Box 4190
Mesa,AZ 85211-4190
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
BANK-HONE
SUBORDINATION AGREEMENT - DEED OF TRUST
THIS SUBORDINATION AGREEMENT ("Agreement") dated February 19, 1998 is entered into among CIRTECH HOLDING LLC
("Borrower"), THE COUNTY OF WELD, STATE OF COLORADO, BY AND THROUGH THE BOARD OF COUNTY COMMISIONERS OF
COUNTY OF WELD("Beneficiary")and BANK ONE,COLORADO,N.A.("Lender").
SUBORDINATED DEED OF TRUST. The deed of trust dated 01-25-1996 from the then owner ("Grantor") of the Real Property to the Public
Trustee of WELD County, Colorado ("Trustee") in favor of Beneficiary (the "Subordinated Deed of Trust"), which secures certain indebtedness
owing by Borrower described therein,is recorded in WELD County,State of Colorado as follows:
RECORDED JANUARY 25,1996 IN BOOK 1528 AS RECEPTION NO.2473270
REAL PROPERTY DESCRIPTION. The Subordinated Deed of Trust covers the following described real property(the"Real Property")located in
WELD County,State of Colorado:
A part of Tract "D" Weld County Business Park P.U.D. a subdivision within the City of Greeley, County of Weld, State of
Colorado,more particularly described as follows:
Commencing at the NE Corner of Section 31,Township 6 North,Range 65 West of the 6th PM.,and considering the East line of
the NE 1/4 to bear South 00 degrees 00' 00" West, to the E 1/4 Corner of said Section 31,with all bearings contained herein
being relative thereto; thence South 00 degrees 00'00" West along the East line of the NE 1/4,a distance of 850.00 feet to the
Centerline of "M" Street; thence Along said Centerline of "M" Street the following (3) courses and distances, (1) South 90
degrees 00'00"West,a distance Of80.00 feet;(2)thence along a curve to the left having a radius of 500.00 feet,a central angle
of 33 degrees 00,00"an arc distance of 287.98 feet,the long chord of which bears South 73 degrees 30'00"West,a distance of
284.02 feet; (3) thence South 57 degrees 00' 00" West, a distance of 440.00 feet to a point on the Centerline of 17th Avenue;
thence along,said Centerline North 33 degrees 00' 00" West, a distance of 82.26 feet; thence leaving the Centerline of 17th
Avenue,South 57 degrees 00'00"West,a distance of 40.00 feet to a point on the South Right-of-Way line of 17th Avenue,also
being the Southeast Corner of Rubadue Wire Company property and the True Point of Beginning; thence along said
Right-of-Way line, South 33 degrees 00' 00" East,a distance of 200.00 feet; thence leaving said Right-of-Way line, South 57
degrees 00'00" West,a distance of 708.77 feet to the Westerly line of Tract "D"; thence along the said Westerly line,North 33
degrees 00'00" West,a distance of 200.00 feet,to the Southwest Corner of Rubadue Wire Company Property; thence leaving
the Westerly line of Tract "D" along the South line of Rubadue Wire Company Property, North 57 degrees 00' 00" East, a
distance of 708.77 feet,to the South Right-of-Way line of 17th Avenue also being the Easterly line of Tract "O" and the True
Point of Beginning
The Real Property or its address is commonly known as 1309 NORTH 17TH AVE, GREELEY, CO 80631. The Real Property tax
Identification number is 080331100050.
REQUESTED FINANCIAL ACCOMMODATIONS. Borrower, who may or may not be the same entity as Grantor, wants Lender to provide
financial accommodations to Borrower(the"Superior Indebtedness")in the form of (a) new credit or loan advances, (b)an extension of time to
pay or other compromises regarding all or part of Borrower's present indebtedness to Lender,or (c)other benefits to Borrower. Now,therefore,
Beneficiary represents and acknowledges to Lender that Beneficiary will benefit as a result of these financial accommodations from Lender to
Borrower,and Beneficiary acknowledges receipt of valuable consideration for entering into this Agreement.
LENDER'S LIEN. As a condition to the granting of the requested financial accommodations, Lender has required that its deed of trust or other
lien on the Real Properly("Lender's Lien")be and remain superior to the Subordinated Deed of Trust.
NOW THEREFORE THE PARTIES TO THIS AGREEMENT HEREBY AGREE AS FOLLOWS:
SUBORDINATION. The Subordinated Deed of Trust Is hereby subordinated in all respects to Lender's Llen and it is hereby agreed that
Lender's Lien shall be and remain, at all times, prior and superior to the lien of the Subordinated Deed of Trust. Beneficiary also
subordinates to Lender's Lien all other Security Interests in the Real Property held by Beneficiary, whether now existing or hereafter
acquired. The words"Security interest"mean and Include without limitation any type of collateral security,whether in the form of a lien,
charge,mortgage,deed of trust,assignment,pledge,chattel mortgage,chattel trust,factor's lien,equipment trust,conditional sale,trust
receipt, lien or title retention contract, lease or consignment intended as a security device, or any other security or lien interest
whatsoever,whether created by law,contract,or otherwise.
LENDER'S RIGHTS. Lender may take or omit any and all actions with respect to Lender's Lien without affecting whatsoever any of Lender's
rights under this Agreement. In particular, without limitation, Lender may, without notice of any kind to Beneficiary, (a) make one or more
additional secured or unsecured loans to Borrower; (b)repeatedly alter,compromise,renew,extend,accelerate,or otherwise change the time for
payment or other terms of the Superior Indebtedness or any part thereof,including increases and decreases of the rate of interest on the Superior
Indebtedness;extensions may be repeated and may be for longer than the original loan term; (c)take and hold collateral for the payment of the
Superior Indebtedness, and exchange, enforce, waive, and release any such collateral, with or without the substitution of new collateral; (d)
release, substitute, agree not to sue, or deal with any one or more of Borrower's sureties, endorsers, or guarantors on any terms or manner
Lender chooses; (e)determine how,when and what application of payments and credits,shall be made on the Superior Indebtedness; (f)apply
such security and direct the order or manner of sale thereof,as Lender in its discretion may determine;and (g)assign this Agreement in whole or
in part.
INSOLVENCY OF BORROWER. It Borrower becomes insolvent or bankrupt,this Agreement shall remain in full force and effect.
MISCELLANEOUS PROVISIONS.
Applicable Law. This Agreement has been delivered to Lender and accepted by Lender in the Slate of Colorado. Subject to the provisions
'7g0 9,041,
02-19-1998 SUBORDINATION AGREEMENT - DEED OF TRUST Page 2
Loan No (Continued)
on arbitration in any Related Document, this Agreement shall be governed by and construed in accordance with the laws of the Stale of
Colorado without regard to any conflict of laws or provisions thereof. No provision contained in this Agreement shall be construed (a) as
requiring Lender to grant to Borrower or to Beneficiary any financial assistance or other accommodations, or (b) as limiting or precluding
Lender from the exercise of Lender's own judgment and discretion about amounts and times of payment in making loans or extending
accommodations to Borrower.
JURY WAIVER. THE UNDERSIGNED AND LENDER (BY ITS ACCEPTANCE HEREOF) HEREBY VOLUNTARILY, KNOWINGLY,
IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE
(WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE)BETWEEN OR AMONG THE UNDERSIGNED AND LENDER ARISING
OUT OF OR IN ANY WAY RELATED TO THIS DOCUMENT OR ANY OTHER RELATED DOCUMENT. THIS PROVISION IS A MATERIAL
INDUCEMENT TO LENDER TO PROVIDE THE FINANCING DESCRIBED HEREIN OR IN THE OTHER.RELATED DOCUMENTS. No
provision contained In this Agreement shall be construed (a) as requiring Lender to grant to Borrower or to Beneficiary any
financial assistance or other accommodations,or (b)as limiting or precluding Lender from the exercise of Lender's own judgment
and discretion about amounts and limes of payment in making loans or extending accommodations to Borrower.
Amendments. This Agreement constitutes the entire understanding and agreement of the parties as to the matters set forth in this
Agreement. No alteration of or amendment to this Agreement shall be effective unless made in writing and signed by Lender,Borrower,and
Beneficiary.
Successors. This Agreement shall extend to and bind the respective heirs, personal representatives,successors and assigns of the parties
to this Agreement,and the covenants of Borrower and Beneficiary herein in favor of Lender shall extend to, include,and be enforceable by
any transferee or endorsee to whom Lender may transfer any or all of the Superior Indebtedness.
Waiver. Lender shall not be deemed to have waived any rights under this Agreement unless such waiver is given in writing and signed by
Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A
waiver by Lender of a provision of this Agreement shall not prejudice or constitute a waiver of Lender's right otherwise to demand strict
compliance with that provision or any other provision of this Agreement. No prior waiver by Lender, nor any course of dealing between
Lender and Beneficiary,shall constitute a waiver of any of Lender's rights or of any of Beneficiary's obligations as to any future transactions.
Whenever the consent of Lender is required under this Agreement, the granting of such consent by Lender in any instance shall not
constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be granted or
withheld in the sole discretion of Lender.
•
EACH PARTY TO THIS SUBORDINATION AGREEMENT- DEED OF TRUST ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF
THIS AGREEMENT,AND EACH PARTY AGREES TO ITS TERMS.
BORROWER:
CIRTECH HOLDING LLC
By:
MICHAEL SCIMECA,Manager
BENEFICIARY:
THE COUNTY WELD,STATE OF COLORAD ,BY AND THROUGH THE BOARD OF COUNTY COMMISIONERS OF COUNTY OF WELD
•
CONSTANCE L. IT : hair (1. 01/98) ` •;'n.' : "J--)
By ATTEST:
WELD COUNTY CLERK /
LENDER:
BANK ONE,COLORADO,N.A. BY:
DEPUTY CLERK TOT 1i� '`,
By:
Authorized Officer
LIMITED LIABILITY COMPANY ACKNOWLEDGMENT
STATE OF
)SS
COUNTY OF
On this day of , 19 , before me, the undersigned Notary Public, personally appeared MICHAEL
SCIMECA, Member of CIRTECH HOLDING LLC, and known to me to be a member or designated agent of CIRTECH HOLDING LLC that
executed the Subordination Agreement and acknowledged the Agreement to be the free and voluntary act and deed of the limited liability
company,by authority of statute,its articles of organization or its operating agreement,for the uses and purposes therein mentioned,and on oath
stated that he or she is authorized to execute this Agreement and in fact executed the Agreement on behalf of the limited liability company.
By Residing at
Notary Public In and for the State of My commission expires
929c
02-19-198 SUBORDINATION AGREEMENT - DEED OF TRUST Page 3
Loan No (Continued)
CORPORATE ACKNOWLEDGMENT
STATE OF
)SS
COUNTY OF
On this day of , 19 before me, the undersigned Notary Public, personally appeared
CONSTANCE L. HARBERT, ITS: of THE COUNTY OF WELD, STATE OF COLORADO, BY AND THROUGH THE
BOARD OF COUNTY COMMISIONERS OF COUNTY OF WELD, and known to me to be authorized agents of THE COUNTY OF WELD, STATE
OF COLORADO, BY AND THROUGH THE BOARD OF COUNTY COMMISIONERS OF COUNTY OF WELD that executed the Subordination
Agreement and acknowledged the Agreement to be the free and voluntary act and deed of the corporation, by authority of its Bylaws or by
resolution of Its board of directors, for the uses and purposes therein mentioned, and on oath stated that they are authorized to execute this
Agreement and In fact executed the Agreement on behalf of the corporation.
By Residing at
Notary Public in and for the State of My commission expires
LENDER ACKNOWLEDGMENT
STATE OF
)S5
COUNTY OF
On this day of , 19 , before me, the undersigned Notary Public, personally appeared
and known to me to be the , authorized agent for the
Lender that executed the within and foregoing instrument and acknowledged said Instrument to be the free and voluntary act and deed of the
said Lender,duly authorized by the Lender through its board of directors or otherwise,for the uses and purposes therein mentioned,and on oath
stated that he or she is authorized to execute this said Instrument and that the seal affixed is the corporate seal of said Lender.
By Residing at
Notary Public In and for the State of My commission expires
LASER PRO.Reg.U.S.Pal.&T.M.Oil..Ver.3.23(c)1998 CFI ProServices.Inc. All rights reserved.1OO-O212 049CAPo9.LN C21.OVLl
yiEreto7a
Bank One, Colorado, NA Tel 970 356 1234
Greeley Banking Center Fax 970 395 7319
822 7th Street
Greeley CO 80631
PO Box 1098
Greeley CO 80632
__ ,.
BANKEONE I MAY 0 6 1998 '
.—rte::
v'ELD COUNTY
ATTORNEY'S OFFICE
May 4, 1998
Mr. Bruce Barker, County Attorney
915 10th St.
Greeley, CO 80631
SUBJ: Florida Cirtech,Inc., Cirtech Holdings, LLC, et. al
Dear Bruce:
Enclosed, please find a copy of the Subordination Agreement for Cirtech Holding, LLC, that you
requested. If there is any other information needed, please feel free to call either myself at
392-3224 or Mike Bond at 392-3220.
Thank. ou,
Kristi Cozbey
A nistrative Assistant
Cr 9g.,7(2)
EQUAL MUSING N
OPPORTUNITY
LENDER Member FDIC O I"' rr`Ydeu Par
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