HomeMy WebLinkAbout990154.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 between
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, and Eileen Hurtado, 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
between 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, and Eileen
Hurtado 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 25th day of January, A.D., 1999.
BOARD OF COUNTY COMMISSIONERS
/00 COUNTY, COLORAD
ATTEST: �! .:.. .^
Dale K. Hall, Chair
Weld County Clerk tot �
U4c9, EXCUSED DATE OF SIGNING (AYE)
/\ } Barbar'J. Kirkmeyer, Pro-Tern
BY: a `, ...,_ . "S. /.f
Deputy Clerk to the y l f7/ei . ylra G
George E. xter
APP A FORM: i
M. . "eile
nt torney 2/:// A /
Glenn Vaal--- -
990154
HA0019
arr ?2-99 09 : 40A P . 02•
RECORDING •R ' UCSTED BY: CO/:::
WHEN REC DED MAUI 76,99 APR M I ' L12 1,/,/ 4.-1-eg. i- • •
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SPACE AeOvir THIS LINE WA RECORDER'S USE
8
w SUBORDINATION AGREEMENT
g NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY SE—
i7ya COMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY
INSTRUMENT.
THIS AGREEMENT,made this day of . 199 .by Eileen J . Hurtado
owner of the land hereinafter described and hereinafter referred ton"Owner,"and
i,
Weld County Housing Authority
a
present owner and holder of the deed of trust and note first hereinafter described end hereinafter referred to es "Beneficiary";
WITNESSETH '
THAT WHEREAS, Eileen J . Hurtado •
did execute a deed of trust,dated January 23 , 1995 ,to TEE PUBLIC TRUSTEE OP Weld
COUNTY ,as trustee,covering: ( LEGAL DESCRIPTION )
•
Lot 14 ,
Block 7 , .
Noun tview,
City of Fort Lupton ,
County of Weld ,
State of Colorado .
to secure e note in the sum of$ 9 , 845 . 00 ,doted January 23 , . 1995,infawrof
to Weld County Housing Authority ,which deed of trust was
r
ecorded February 8 . 19 9 5 6book 147 9 Pane /L/// ,Ottrael newels of aid county;end
Reception p� No . 2425893
WHERE** S'e het executed,or is about M eeeoute, a de�d of mitt note in the sum o exceed
1 ,inlawrof AANES CAPITAL CORPORATION
,hereinafter referred to as"Lender," payable with interest and upon the terms and condition de
scribed therein,which deed of trust Is to be recorded concurrently herewith;and
WHEREAS, it is a condition precedent to obtaining said loan that cold 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 sold loan provided the deed of trust 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 end provided that Beneficiary will tpecifI.
ally end unconditionally subordinate 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 Lender;and .
WHEREAS, it Is to the mutual benefit of the parties hereto that Lender make such leen et Owner;and BenaHeiery is willing that the
deed of trust securing the mine shall, when recorded, constitute a lien or charge upon said land.which is unconditionally prior and
'usenet to the lien or charge of the deed of)rued first above mentioned.
NOW. THEREFORE, in consideration of the mutual benefits accruing to the parties hereto end other valuable consideration,the re•
ceipt and sufficiency of which consideration is hereby acknowledged, and In order to induce Lander to make the loan above referred
to,it is hereby declared,understood and agreed es follows:
II) That said deed of toast securing sold note In favor of Lender,end any renewals or extensions thereof,shall 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.
171 That Lender would not mike its loan above described without this subordination agreement.
Jar. 2-99 09 : 40A P _ 03
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2876329 02/24/1999 12:38P Weld County CO
2 of 2 R 11.00 D 0.00 JA Sukl Taukamoto
(J) deed this
egrgr firstaaant shall be the ve mentioned whole toe a dlieo only
e agreement with regard to the subordination of the Ilan or charge of the
supersde and cancel,but only Insofar as would effect the priority between e°,the deed of athe deeds of In favor of(trust he ender dnbefore p ci and shell
the r deed any
prior
first me al to wsub subordination Including,but not limited to, those provisions,a any,coma contained in provideOr for the subordination of the lien or charge thereof to soother deed
deed of trust fi 10 another mentioned,mortgage or mwhich
des.
Beneficiary declares,agrees and acknowledges thet
b) He consents to and approves ill all provisions of the note end deed of trust in favor of Lender above referred to,and
Mil all agreements,including but not limited to any loan or escrow agreements,between Owner and Lender for the
disbursement of the proceeds of Lender's loan;
•
(DI Lender in making disbursements pursuant to any such agreement N under no obligation or duty to,nor has Lender
represented that it will, Ice to the application of such proceeds by the person or potions to whom Lender disburses
such proceeds and any application or use of such proceeds for purposes other than those provided for In such agree-
ment or agreements shell not deist the subordination herein made In whole or In part;
(CI He intentionally end unconditionally waives, relinquishes and subordinates the lien or charge of the deed of nun
first above mentioned In favor of the lien or charge upon said land of the deed of trust in favor of Lander above re-
ferred to and understands that In reliance upon,and In consideration af, this waiver,relinquishment and subordination
specific loans and advances are being and will be made and, as pert and parcel thereof,specific monetary end other
obligations are being and will be entered into which would not be made or entered Into but tar sold relies*upon this
waiver•relinquishment and subordination;end
(dl An endorsement has bean placed upon the note secured by the deed of trust first above mentions that said deed of
trust has by this instrument been subordinated to the lien Or charge of the deed of trust in favor of Lender above re-
ferred to.
NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON
YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OR WHICH MAY SE EXPENDED FOR
OTHER PURPOSES THAN IMPROVEMENT OF THE LAND.
Dale K. Hal air 01
E Chi
�IKf�C/l—
Eileen J . Hu tado
AT: •
a
Beneficiary TITLE: Owner
( CORPORATE SEAL )
TALL SIGNATURES MUST BE ACKNOWLEDGED)
STATE OF COLORADO
COUNT! OF WELD
•
•
THE FOREGOING INSTRUMENT WAS ACKNOWLEDGED BEFORE ME THIS '•
199.�EYt Dale K. HallAS
25TH DAY OF
OF
WITNESS NT BAND AND OFFICIAL SEAL. ' :
NE i
MY COMMISSION EXPIRES: Y G +,T� '' ••' • •P>
., ace • •
• (NOTARY PUBLIC)
20C,
STATE OF Colorado
Co"'i ssi 'E.Pres Sq'io bw I i,
COMFIT OF WELD
THE FOREGOING IRST&UWDIT WAS ACKNOWLEDCED BEFORE lot THIS0 u u
19998: Eileen J . Hurtado DAT OF
WITNESS NT BAND AND OFF i '1 . r -
IESSAI ION EXPIRES e . c •,, ',
lfY COMMISSION mINESt JANUARY 26, 2002
(NOT Y UBLIC) rl
•
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IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES
CONSULT WITH THEIR ATTORNEYS W/THRESPECT THERETO.
ICLTA SUBORDINATION FORM "A")
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