HomeMy WebLinkAbout970636.tiffRESOLUTION
RE: APPROVE SUBORDINATION AGREEMENT WITH TRANS WORLD SUPPLIES, INC.,
AND FRONT RANGE REGIONAL ECONOMIC DEVELOPMENT CORPORATION
AND AUTHORIZE CHAIR 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 among the
County of Weld, State of Colorado, by and through the Board of County Commissioners of
Weld County, and Trans World Supplies, Inc., and Front Range Regional Economic
Development Corporation, 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, that the Subordination Agreement among the County of Weld, State of
Colorado, by and through the Board of County Commissioners of Weld County, and Trans
World Supplies, Inc., and Front Range Regional Economic Development Corporation be, and
hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chair 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 7th day of April, A.D., 1997.
Dale K. Hall
Deputy Clerk10 the Board
/C/
BOARD OF COUNTY COMMISSIONERS
WELCOUNTY, CQLORADO
'Georg(E. Baxter, Chair
nstance L. Harbe Pro-Tem
Barbara J. Kirkmeyer
970636
PR0013
SUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT is made and entered into as of April 7, 1997,
by and among the Board of County Commissioners of the County of Weld, State of Colorado
("Weld County") whose address is P. O. Box 758, 915 10th Street, Greeley, Colorado 80632, and
Trans World Supplies, Inc., a Colorado corporation as owner of the land ("Owner") whose
address is 1299 H Street, Greeley, Colorado 80631 and Front Range Regional Economic
Development Corporation the present holder of a Deed of Trust and note in the amount of
$188,000.00, whose address is 7000 North Broadway, Suite 215, Denver, Colorado 80221 (the
`Beneficiary").
RECITALS
WITNESSETH: Owner is the owner of a certain parcel of real property situate in the
County of Weld, State of Colorado, more fully described as follows:
The real property interest described in the attached Exhibit A, which is
incorporated as a part of this instrument.
Also known and numbered as: 1299 H Street, Greeley, CO 80631
and Owner did enter into and execute a Promissory Note in the amount of $70,872.12 on May 31,
1996, for the benefit of the County of Weld, State of Colorado, said Promissory Note was
secured by a Deed of Trust in the amount of $70,872.12, dated May 31, 1996, and recorded with
the Clerk and Recorder of Weld County, Colorado on June 13, 1996 in Book 1551 as Reception
No. 2496137 (the "Weld County Deed of Trust").
Owner has executed or will execute a Deed of Trust and Note in the original principal
amount of $188,000.00 dated April 4, 1997, payable to Beneficiary.
It is the desire of the parties and for the mutual benefit of all parties that the lien and
charge of the Weld County Deed of Trust be subordinate to the lien of the Deed of Trust
described above for the use and benefit of and the Beneficiary.
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:
1. The Deed of Trust securing said note in favor of the Beneficiary, together with any
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 Weld County Deed of Trust.
2. The consideration to be paid by the Beneficiary is the issuance of a debenture to or
for the benefit of the Owner.
97063!)
3. This agreement shallbe controlling with regard to pity of the Beneficiary's
Decd of Trust and Weld County's Decd ofTrust specified above.
OWNER:
Tuns World Supplies, Ice., a
Colorado corporation,
i STATE OF COLORADO )
et F COUNTY OF 4 Bii dco/L) n
The foregoing instrxuent was acknowledged before me this- r~ day of AP/'1
„dd1997 by Ion C. Rick as President of Taos World Supplies, Inc., a Colorado corpouaon, on
behalf of it: corporation -
My commission expires:
My Commission F,ryres pct 6, 2060
BalE.F'ICLARY :
FRONT RANGE REGIONAL ECONOMIC
DEVELOPMENT CORPORATION
STATE OF COLORADO )
)�
COUNT OF 10.th_r-,
The Inregoi Instrument vas aclnowkdged before methis tstr day of 44411.
19.7__W Matt W. Rostock. as President ofFrort Range Regional Economic Development
Corporation, on behalf ofthe ootpotation..
MY mmrmssioi P:Rirt7
Notary Public
!'I
970636
STATE OF COLORADO
Board of County Commissioners of the
County of Weld, State of Colorado
By: A e
) ss.
COUNTY OF Weld )
04/07/97
The foregoing instrument was acknowledged before me this 7th day of April
1997by George E. Baxter as Chairman of the Board of County Commissioners of the
County of Weld, State of Colorado, on behalf of the Board.
My commission expires:
:_a
,J, 1,:c9
ary Pu
970636
EXHIBIT A
A part of Tract "D" Weld County Business Park P.U.D., a subdivision
City of Greeley, Weld County, Colorado, more particularly described
Commencing at the Northeast Corner of Section 31, Township 6 North,
West of the 6th P.M. and considering the East Line of the Northeast
bear South 00°00'00" West, with all bearings contained herein being
thereto;
within the
as follows:
Range 65
Quarter to
relative
Thence South 00°00'00" West along the East Line of the Northeast Quarter, a
distance of 850.00 feet to the Centerline of "M" Street and thence South
90°00'00" West along the Centerline of "M' Street, a distance of 80.00 feet;
Thence along a curve to the left having a radius of 500.00 feet, a central
angle of 33 00'00", an arc distance of 287.98 feet, a long chord of which
bears South 73°30'00" West, a distance of 284.02 feet;
Thence South
Intersection
57°00'00" West, a distance of 440.00 feet to the Centerline
of 17th Avenue to the North and "H" Street to the South;
Thence South 33°00'00" East, a distance of 117.74 feet
"H" Street;
along the Centerline
of
Thence South 57°00'00" West, a distance of 40.00 feet to the West Right -of -Way
Line of "H" Street and a set #4 rebar and cap PLS #29413 hereafter referred to
as "set corners," said set corner being the True Point of Beginning;
Thence South 33°00'00" East, a distance of 77.34 feet along said right-of-way
to a set corner at the beginning of a curve to the right;
Thence along said curve having a radius of 724.75 feet, a central angle of
0944'40", an arc distance of 123.26 feet, the long chord of which bears South
28°07'33" East, a distance of 123.11 feet to a set corner;
Thence South 57°00'00" West, a distance of 698.32 feet
West Line of said Tract "D";
to a set corner on the
Thence North 33°00'00" West, a distance of 200.00 feet along the West Line of
said Tract "D" to a set corner,
Thence North 57°00'00" East, a distance of 708.77 feet to the True point of
Beginning.
9705
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