HomeMy WebLinkAbout990156.tiff RESOLUTION
RE: APPROVE SUBORDINATION AGREEMENT AND AUTHORIZE CHAIR TO SIGN -
YRINEO AND GENIEVE SALAZAR
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 Yrineo and Genieve
Salazar, 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 Yrineo
and Genieve Salazar 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
�j D COUNTY, COhOR DO
ATTEST: /01.44e,'-
izcr Dale K. Hall, Chair
Weld County Clerk t` th 7 7
i
EXCUSED DATE OF SIGNING (AYE)
cuf Barbara J. Kirkmeyer, Pro-Tem
BY: a,
Deputy Clerk to the Boa d- • r
'George/ axter
PR D AS ) FORM: 5�y _
M. J( Geile
7
County orney"' X .- /7 ,,
Glenn V
990156
HA0019
COfoSUBORDINATION AGREEMENT T
THIS AGREEMENT, is made on this day of SUNK 23, 1998 by
YRINEO M. BALABAN AND GENIHI7A N. Sawn
owner (the "Owner") of the real property hereinafter described (the "Property") , and
WELD COUNTY HOUSING AUTHORITY
present holder of the deed of trust and note first hereinafter described (the
"Beneficiary") ;
WITNESBATH
THAT WHEREAS, Y.RINEO M. SALAZAR AND GENIEVE M. SALAZAR
executed a Deed of Trust, dated October 12, 1994 , to the Public Trustee
of the and County of WILD , State of Colorado, for the
benefit of Beneficiary and which encumbers the following described real property,
to-wit:
LOT 10, BELLA VISTA EECOND PILING, IN THE TOWN OP PLATTEVILLE, COUNTY OF
WELD, STATE OP COLORADO.
to secure a note in the sum of 612,669.00 dated October 'L,, 1994
in favor of WELD COUNTY HOUSING AUTHORITY
which Deed of Trust was recorded , in Book 1463 ,
at Page 511 , Reception No. 2411200 Official Records of said County; and
WHEREAS, Owner ',has now executed a Note and Deed of Trust in the sum of
, dated in favor of
(the "Lender") , payable with interest and upon the terms and conditions described
therein and which will be recorded in the Official Records of said County and which
will also encumber the Property; and
WHEREAS, it is a condition precedent to obtaining the new loan from Lender that
said Deed of Trust last above mentioned shall unconditionally be and remain at all
times a lien or charge upon the Property, prior and superior to the lien or charge of
the Deed of Truest held by Beneficiary first above mentioned; and
WHEREAS, Lender is willing to make said 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 and provided that
Beneficiary will apecifically and 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
loan to Owner, and Beneficiary is willing that the Deed of Trust securing the new loan
shall constitute a lien or charge upon the Property which is unconditionally prior and
superior to the lien or charge of the Deed of Trust first above mentioned.
NOW, THEREFORE, in consideration of the mutual benefits accruing 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 make the loan
above referred to, it is hereby declared understood and agreed ae follows;
(1) That said Deed of Trust securing said Note in favor of Lender, and any renewals
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,
(2) That Lender would not make its loan above described without this subordination
agreement.
(3) That this agreement shall be the whole and only agreement with regard to the
subordination of 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 above referred to and shall
supersede and cancel, but only insofar as would affect the priority between the Deeds
of Trust hereinbefore specifically described, any prior agreements as to such
When recorded return to:
Form Ne. LTGSU6,)b1l (sy, 7,73/93) ubardinetlon, Pocarded Peed of Trutt to Deed of Tr' to be Recorded FTP1S 006
. LG4 !" ULJ
subordination, including, but not limited to, those provisions, if any, contained in
the Deed of Trust first above mentioned, which provide for the subordination of the
lien or charge thereof to another Deed or Deeds of Trust or to another mortgage or
mortgages.
Beneficiary declares, agrees and acknowledges that;
(1) He consents to and approves (i) all provisions of 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 Lender for the disbursement of the proceeds of
Lender's loan.
(2) Lender in making disbursements pursuant to any such agreement is under no
obligation or duty to, no; has Lender represented that it will, see to the application
of such proceeds by the persons) to whom Lender disburses ouch proceeds and any
application or use cf such proceeds for purposes other than those provided for in such
agreement or agreements shall not defeat the subordination herein made in whole of in
part.
(3) He intentionally and unconditionally waives, relinquishes and subordinates the lien
or charge of the Deed of Trust first above mentioned in favor of the lien or charge
upon said land of the Deed of Trust in favor of Lender above referred to and
understands that in reliance upon, and in consideration of, this waiver, relinquishment
and subordination specific loans and advances are being and will be made and as part
and parcel thereof specific monetary and other obligations are being and will be
entered into which would not be made or entered into but for said reliance upon this
waiver, relinquishment and subordination,
(4) An endorsement has been placed upon the Note secured by the Deed of Trust first
above mentioned that said Deed of Truen has by thin instrument been subordinated to
the lien or charge cf the Deed of Trust in favor of Lender.
OWNER(9) : ac.h/t--/
"LIMO
/lie; M• OZNIZVE 1Q. BjSJ►ZAn
STATE OF Colorado ) ,,,,,,,,,,,,,
) Be. . a•• tit
County of _WELD ) : � tl: gyp.• ` ••• 06
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The foregoing instrument was acknowledged before me on this day of = o? 11"-."Sr• n
C.) 1 •
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YYYY 41
by TRIMM. SALAZAR AND MIRY! X. SALAZAR d' 6•41 -
My Commission expires: _n�o113r—o3CX9/ GTAto
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Witness my hand and official seal , / """"""•0�
NOTARY PUBLIC
BENEFICIARY:
STATE OF Od/77 4f; ) /
) 00.
County of _WALD .
The foregoin• in ment w ac nowledged before me on -i- - e-off, 1l9aot
�7
•
My /mission expires; My Commission Expires?-11- X01
Wi ass my hand and official seal .
ARY PUHLIC )
Form Mo, LIGSUB.1021.2 (Pll9. 2) Aev 7/ 3/93
FC1s6006 FTF1f160e6 //
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