HomeMy WebLinkAbout950886.tiffRESOLUTION
RE: APPROVE SUBORDINATION AGREEMENT AND AUTHORIZE CHAIRMAN TO SIGN -
FRANKLIN
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 from Fred
Franklin under which the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, on behalf of the Weld County Housing Authority, will become a
second lien, subordinate to the Eaton Bank, 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 from Fred
Franklin under which the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, on behalf of the Weld County Housing Authority, will become a
second lien, subordinate to the Eaton Bank, 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 24th day of April, A.D., 1995.
BOARD OF COUNTY COMMISSIONERS
COUNTY CtaLO"DO
ATTEST:
Weld Cou
erk to ti
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BY: Ck 2 1 YIDc
Deputy CIerk4o the Board
APPROVED AS TO FORM:
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Dale K. Hall, Chairman
Barbara] J. Kirkmeyer, Pjo-Tem
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'George'E. Baxter
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Constance L. Harbert
Fxrt ISFn
W. H. Webster
950886
HA0015
SUBORDINATION AGREEMENT
WHEREAS, EATON BANK IS THE BENEFICIARY UNDER A CERTAIN DEED OF
TRUST ORIGINALLY EXECUTED BY FRED FRANKLIN TO THE PUBLIC TRUSTEE
OF WELD COUNTY, COLORADO, IN THE AMOUNT OF $80,000.00, DATED
FEBRUARY 8, 1995 AND RECORDED FEBRUARY 15, 1995 IN BOOK 1480 AT
RECEPTION NO. 2426678, SECURING A PROMISSORY NOTE DATED FEBRUARY
8, 1995 AND ENCUMBERING THE FOLLOWING DESCRIBED PROPERTY:
LOTS 19, 20, 21, 22 AND 23, BLOCK 3, EXCEPT THE WEST 64.5 FEET
THEREOF OF LOTS 19 AND 20, CITY OF EVANS, COUNTY OF WELD, STATE
OF COLORADO.
WHEREAS, WELD COUNTY HOUSING AUTHORITY IS THE BENEFICIARY UNDER
CERTAIN DEED OF TRUST EXECUTED BY FRED FRANKLIN TO THE PUBLIC
TRUSTEE OF WELD COUNTY, COLORADO, RECORDED FEBRUARY 8, 1995 IN
BOOK 1479 AS RECEPTION NO.2425892 AND;
WHEREAS, THE PARTIES HERETO DESIRE THAT THE WELD COUNTY HOUSING
AUTHORITY'S PROMISSORY NOTE AND DEED OF TRUST, IN THE AMOUNT OF
$27,000.00 DATED JANUARY 18, 1995 AND RECORDED FEBRUARY 8, 1995
RECEPTION NO. 2425892 BOOK 1479 BE SUBORDINATED TO THE EATON BANK
AND BECOME A SECOND LIEN, WHEREAS THE EATON BANK WILL DEEM FIRST
POSITION.
WELD COUNTY HOUSING AUTHORITY
Dale K. Hall, Ch irm7n (4/24/95)
Weld County Board of Commissioners
STATE OF COLORADO)
COUNTY OF WELD)
THE FOREG ING INSTRUMENT WAS ACKNOWLEDGED BEFORE ME THIS c"Vt
D Y OF
, 1995,
BY: . Q/I/ PMCarnitn
MY COMMISSION EXPIRES:
MC C0Mij11Ssi0N E,Pi s JAN, 1, 1996
950886
COLORADO
WELD COUNTY HOUSING AUTHORITY
PHONE (303) 352-1551
n2 P.O. Box A
GREELEY, COLORADO 80632
TO HE 00
TO: Dale K. Hall, Chairman, Board of County Commissioners
FROM: Judy Griego, Director, Department of Social Services (
SUBJECT: FRANKLIN SUBORDINATION AGREEMENT
DATE: April 17, 1995
As discussed at the Housing Authority Work Session of April 17, 1995, Mr. Franklin participated
in our recently completed HOME Rental Rehabilitation Program. He was provided a loan for
$27,000 for two units.
Currently we are in first position. In second position is a construction loan which was provided by
the Bank of Greeley (Key Bank). Mr. Franklin is in the process of applying for a permanent loan
through the Eaton Bank. The Eaton Bank is requesting that we subordinate to second position..
Board policy in the past has been to accept second position with regard to housing rehabilitation
projects.
Staff is recommending that the Board approve the subordination agreement as presented.
If you have any questions, please telephone me at 352-1551, Extension 6200.
950886
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