HomeMy WebLinkAbout992365.tiff RESOLUTION
RE: APPROVE SUBORDINATION AGREEMENT AND AUTHORIZE CHAIR TO SIGN -
EILEEN HURTADO
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 the
County of Weld, State of Colorado, by and through the Board of County Commissioners of
Weld County, on behalf of the Greeley/Weld County Housing Authority, for Eileen Hurtado, in
the favor of Centex Home Equity, 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 the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, on behalf of the Greeley/Weld County Housing Authority, for
Eileen Hurtado, in favor of Centex Home Equity 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 27th day of September, A.D., 1999.
BOARD OF COUNTY COMMISSIONERS
LD COUNTY,
ATTEST: Lixteil
Dal. K. Hall, Chair
Weld County Clerk to thao.
arbar J. Kirkmeyer, -Tem
Deputy Clerk to the Bo-�''U
eorge xter
ApPROVED AS TO FORM:
M. J. eile
C ou y Aorne EXCUSED DATE OF SIGNING (AYE)
Glenn Vaad
x; A 992365
HA0019
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THIS MaSZKINS, is made on this day of
eta J. mmaec by
owner (the *Owns*) of the real property hereinafter described (the 'property.), and
MILD CDWn7 MOOmnU hUf80RITy
present bolder of the dead of trate and note first hereinafter described (the
•aeneficiarye);
Alum
Taal MffiSM, NILSEN J. MiaThDO
executed a Dead of Trust, dated January 22. 1999 . to the Public nests*
of the and County of MILD
benefit of Beneficiary and which . crbe of allprope, for the
to-wits eneahees the following described real roaty,
LOT 14. BLOCS 7, NOUMTvTBM, COUNTY OP MILD, BTRTs or COLOReD0
to acute a Date in the sun at $9.043.00 dated January 23, 1999
ie gavot of WSW cower NOVI= megtaxry
tub Deed of Trust no recorded Pebauary OS, lees
of Rook
at Page Reception No. 2425693 Official henardc of said County; and
MEBas. Owner bas now executed a Mate and Deed of Trost in the sea of
$77,230.00 dated
CRRre- Rots Mourn in favor of
(the *Leader•). payable with interest and Upon the terns and Condition.) described ,
rn
therein and which will be recorded is the Official Records of said county end which
will oleo eevmaber the Property. and
NNXIMAS. it is a condition precedent to obtaining the new loan frog Lander that
said Deed of Trust last above mentioned shall uneeaditiceally be and remain at all
time a lien or charge open the Property, prior and superior to the lien or charge of
the Deed of Trust held by nonoficiery first above aaotioned; and
MssRIA9, Lender is willing to make said loan provided the Dead of Tr'uet securing
the same is a lien or charge upon the above described Property, prior and superior to
the lien or charge of the Deed of Trust first above mentioned and provided that
noneficiary will specifically and uscaediaimaily subordinate the ISO= ON charge of the
De of Tenet first abuse uentionsd to the lima er
Dead
far of Lender; and charge of the Deed of Trust in
w°
MMaRahs, it is to the tutus' benefit of the parties hereto that Leader sake such
loan to Wes. and Beneficiary is willing that the Deed of Trust securing the new loan
shall constitute a lien or charge upon the Property which is ttnvonditi°nally prier and
superior to the lien or charge of the Deed of Trust first above aentionsd.
MOM, T®non, in consideration of the mutual benefits flossing 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 •aka the loan
above referred ea, it is hereby thiourea endersteed and agreed as follows:
(1) That Said Deed of Trost slanting said Meta in favor of Lender, and any renewals
extensions thereof. shall unconditionally be end Millis at all tines a lien or charge
on the property therein described, Drier and superior to the lien or charge of the
Deed of Trust first above aentiwad.
(2) That Lender would not make its lean above described without mid subordination
agteaatent.
(3) That this agreement shall ha the whole and only agreement with regard to the
subordination of the lien ore charge of the Deed of Trust first above mentioned to the
lien or charge of the Deed of Trust is favor of Lender above referred to and shall
supersede end cancel, but only insofar as would affect the priority between the grade
of Trust hereinhefere specifically described. any prior agreements as to ouch
When recorded return to:
form No. anus.um taw. 7123/93) Sawdinetion, Recorded Deed of trust to US of Trust to be Recorded PTpl971o1
g9a.36s
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00/21/9 TUE 06: 8 FL: 33 LTC-LONCYDFT ' OCJ
subordination, including, but not limited to, those Drovtaiese, it any, contained in
the need o₹ 'rust first above mentioned, which provide for the subordination of the
lien or charge thereof to another Deed or beads of Trust or to another aoregage or
mortgages.
laneficiary declares, serene and acknowledges that:
(1) MO consents to and approves (LI all provisions o₹ the Note and Deed of Trust in
favor of Lender, and (ii) all agreements, including but not limited to any loan or
escrow agreements, between Owner and tender for the diabetes'smt of the proceeds nt
pander's loan.
(2) Lender in aakiag disbursement' pennant to any such agreement is under no
obligation a duty to, nor has Lesdar represented that it will, see to the application
et such proceeds by the person(e) to whom Lender disburses such peeaoods 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 resin made in whole or Sn
part.
(3) RA intentionally and unconditionally waives, relinquishes and subordinates the lieu
or charge of the Deed of Trust first than mestioned in favor of the lien or charge
upon said land of the Deed of Trust in favor o₹ Leader above referred to and
umderetaa.ds that in reliance upon, and is oonsideratie of, this waiver. relinquishment
and subordination specific loans and advances are being and will be ode and as part .
and parcel thereof Dpeeifis asoetary and ether obligations are being and till be
entered into 'which would net be lade err entered into but ter said reliance upon this
waiver, relinquishment and subordination.
(i) At eadaeaemsat has been placed upon the Note secured by the need of Trust first
shave mentioned that said goad el Treat has by fain instatement bean subordinated to
the lien or charge of the heed of Trust in favor of tender.
OaaMit(s),
NiLma J, gOaTADO
SMITS Op )
)4e.
County of MatO
The foregoing Leerximeet was acknowledged before as on this day of
by =LLNQ a. E1mraad
Zr Caaaissiea umpires;
Witness ay hand and official seal.
Chu - , Lard of Co 'ry , o��jj mis .. "aamp_
ATTEST 7GI f 1 I� \
WELD COUNTY
maim or Colorado )sr CH;K TO 1"Hr �yQ
County" of VELA ) BY: _�.E�ra -ens,a_42.._ >0
DEPUTY CLERK TO TliC Er-0k'
The foregoing instrument was acknowledged before as an this day of ''. ' '
September 27. 1999 '.(h) VS
by Dale K. Hall . Chair
My commission aspires,
Memos ay hand and •.p ..7/
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reverie.st I.TCDq.tetl.z c„ mi 11EE E
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OP COLN'
My Cos,ill iss+;,7 Expires ODia6n 1,2001
SUBORDINATION FOR EILEEN HURTADO
Eileen Hurtado is requesting us to subordinate the loan she has
with us . She needs to get a loan where they will escrow payments
for her insurance and taxes . She also needs some funds for her
terminally ill son.
The amount of the loan remaining with us is $9, 352 . 50 . This
amount is deferred until she sells the property or does not
occupy the property any more . She has repaid the $508 . 03 of the
loan that was not deferred.
992365
AOO19
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