HomeMy WebLinkAbout992537.tiff RESOLUTION
RE: APPROVE SUBORDINATION AGREEMENT - DEED OF TRUST AND AUTHORIZE
CHAIR TO SIGN - CIRTECH HOLDING, LLC
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 - Deed of
Trust between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, and Cirtech Holding, LLC, with terms and conditions being as
stated in said subordination agreement, and
WHEREAS, after review, the Board deems it advisable to approve said subordination
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 - Deed of Trust between the County
of Weld, State of Colorado, by and through the Board of County Commissioners of Weld
County, and Cirtech Holding, LLC, be, and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized
to sign said subordination agreement.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 20th day of October, A.D., 1999.
BOARD OF COUNTY COMMISSIONERS
D COUNTY, C LORADO
ATTEST: LW
ria/
�� S . Hall, hair
Weld County Clerk to th ::o- fV� ' f/ ki t
fcite illit � bar . Kirkmeyer, -Tem
BY: A Deputy Clerk to the :• 1:^
l�J/n ���P'1 e
LL�� eorg Baxter
APP ED AS TO FO M '
M. . ee
ounty Attorne EXCUSED
Glenn Vaad
C , /' 992537
Bank One, Greeley, NA Tel 303 3561234
7th Street at 9th Aver
Post Office Box 1098
Greeley.Colorado 80632
RINK ONE
September 20, 1999 SEp , /999
'S
Bruce T. Barker
Office of County Attorney
P.O. Box 1948
Greeley, CO 80632
RE: Subordination Agreement for Cirtech Holding, LLC
Dear Bruce:
Enclosed, please find a copy of a new Subordination Agreement for Cirtech Holding,
LLC. Cirtech Holding (Florida Cirtech) has recently added on to their building. Because
of the additions to the building, Bank One has increased our loan amount on the building
to $580,000.00. The Subordination enclosed is to subordinate your deed to our new deed.
I have also enclosed for your records a letter from Cirtech Holding stating that they will
now be responsible for compliance with the agreement and provisions of the deed of trust
which was originally issued and agreed by Florida Cirtech, Inc.
If you have any questions about the new subordination agreement or if there is a problem,
will you please give me a call at 970-392-3224.
Thank ou,
St
Kri > Cozbey
Sales Support Specialist
Business Banking
AGREEMENT
Grantor: Cirtech Holdings, LLC
1309 North 17th Ave
Greeley, CO 80631
Beneficiary: The County of Weld, State of Colorado, by and through the Board of County
Commissioners of County of Weld
915 10th St
P.O. Box 1948
Greeley, CO 80632
The following provisions shall be added to the original deed of trust dated 1-25-1996 from then
owner (Florida Cirtech, Inc.) in favor of beneficiary:
Current GRANTOR hereby assumes and accepts all responsibilities incurred in said agreement
and deed of trust by Florida Cirtech, Inc. The ownership of Cirtech Holdings, LLC, is identical
to that of Florida Cirtech, Inc.
All other terms and conditions of the original agreement and Deed of Trust shall remain the
same.
GRANTOR ACKNOWLEDGES HAVING READ THE ABOVE PROVISION OF THIS
AMENDMENT AND AGREES TO ITS TERMS. THIS AMENDMENT IS DATED
SEPTEMBER 17, 19 , .
G TO .
C tech H di LC
BY:
ichak , Mgr
ORIG AL
Flori ec , I
BY: its
Michael Scimeca, President
RECORDATION REQUESTED BY:
BANK ONE, COLORADO, N.A.
SEVENTH STREET AND 9TH AVENUE
GREELEY, CO 80631
WHEN RECORDED MAIL TO:
Business Banking Loan Servicing
AZ1-2565
P. O. Box 4190
Mesa, AZ 85211-4190
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
BANK ONE®
SUBORDINATION AGREEMENT - DEED OF TRUST
THIS SUBORDINATION AGREEMENT ("Agreement") dated April 15, 1999 is entered into among CIRTECH HOLDING LLC, a Colorado
Limited Liability Company ("Borrower"), THE COUNTY OF WELD, STATE OF COLORADO, BY AND THROUGH THE BOARD OF COUNTY
COMMISIONERS OF COUNTY OF WELD("Beneficiary") and BANK ONE, COLORADO, N.A. ("Lender").
SUBORDINATED DEED OF TRUST. The deed of trust dated 01-25-1996 from the then owner ("Grantor") of the Real Property to the
Public Trustee of WELD County, Colorado ("Trustee") in favor of Beneficiary (the "Subordinated Deed of Trust"), which secures certain
indebtedness owing by Borrower described therein, is recorded in WELD County, State of Colorado as follows:
RECORDED JANUARY 25, 1996 IN BOOK 1528 AS RECEPTION#2473270
REAL PROPERTY DESCRIPTION. The Subordinated Deed of Trust covers the following described real property (the "Real Property")
located in WELD County, State of Colorado:
See Exhibit "A" attached hereto and made a part hereof for all purposes intended.
The Real Property or its address is commonly known as 1309 N. 17TH AVE., GREELEY, CO 80631.
REQUESTED FINANCIAL ACCOMMODATIONS. Borrower, who may or may not be the same entity as Grantor, wants Lender to provide
financial accommodations to Borrower (the "Superior Indebtedness") in the form of (a) new credit or loan advances, (b) an extension of
time to pay or other compromises regarding all or part of Borrower's present indebtedness to Lender, or (c) other benefits to Borrower.
Now, therefore, Beneficiary represents and acknowledges to Lender that Beneficiary will benefit as a result of these financial
accommodations from Lender to Borrower, and Beneficiary acknowledges receipt of valuable consideration for entering into this
Agreement.
LENDER'S LIEN. As a condition to the granting of the requested financial accommodations, Lender has required that its deed of trust or
other lien on the Real Property("Lender's Lien") be and remain superior to the Subordinated Deed of Trust.
NOW THEREFORE THE PARTIES TO THIS AGREEMENT HEREBY AGREE AS FOLLOWS:
SUBORDINATION. The Subordinated Deed of Trust is hereby subordinated in all respects to Lender's Lien and it is hereby agreed that
Lender's Lien shall be and remain, at all times, prior and superior to the lien of the Subordinated Deed of Trust. Beneficiary also
subordinates to Lender's Lien all other Security Interests in the Real Property held by Beneficiary, whether now existing or hereafter
acquired. The words "Security Interest" mean and include without limitation any type of collateral security, whether in the form of a lien,
charge, mortgage, deed of trust, assignment, pledge, chattel mortgage, chattel trust, factor's lien, equipment trust, conditional sale, trust
receipt, lien or title retention contract, lease or consignment intended as a security device, or any other security or lien interest
' whatsoever, whether created by law, contract, or otherwise.
LENDER'S RIGHTS. Lender may take or omit any and all actions with respect to Lender's Lien without affecting whatsoever any of
Lender's rights under this Agreement. In particular, without limitation, Lender may, without notice of any kind to Beneficiary, (a) make
one or more additional secured or unsecured loans to Borrower; (bl repeatedly alter, compromise, renew, extend, accelerate, or otherwise
change the time for payment or other terms of the Superior Indebtedness or any part thereof, including increases and decreases of the rate
of interest on the Superior Indebtedness; extensions may be repeated and may be for longer than the original loan term; (c) take and hold
collateral for the payment of the Superior Indebtedness, and exchange, enforce, waive, and release any such collateral, with or without the
substitution of new collateral; (d) release, substitute, agree not to sue, or deal with any one or more of Borrower's sureties, endorsers, or
guarantors on any terms or manner Lender chooses; (e) determine how, when and what application of payments and credits, shall be
made on the Superior Indebtedness; (fl apply such security and direct the order or manner of sale thereof, as Lender in its discretion may
determine; and (g) assign this Agreement in whole or in part.
INSOLVENCY OF BORROWER. If Borrower becomes insolvent or bankrupt, this Agreement shall remain in full force and effect.
MISCELLANEOUS PROVISIONS.
Applicable Law. This Agreement has been delivered to Lender and accepted by Lender in the State of Colorado. Subject to the
provisions on arbitration in any Related Document, this Agreement shall be governed by and construed in accordance with the laws of
the State of Colorado without regard to any conflict of laws or provisions thereof. No provision contained in this Agreement shall be
construed (a) as requiring Lender to grant to Borrower or to Beneficiary any financial assistance or other accommodations, or (b) as
limiting or precluding Lender from the exercise of Lender's own judgment and discretion about amounts and times of payment in
making loans or extending accommodations to Borrower.
JURY WAIVER. THE UNDERSIGNED AND LENDER (BY ITS ACCEPTANCE HEREOF) HEREBY VOLUNTARILY, KNOWINGLY,
IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE
(WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) BETWEEN OR AMONG THE UNDERSIGNED AND LENDER ARISING
OUT OF OR IN ANY WAY RELATED TO THIS DOCUMENT, AND ANY OTHER RELATED DOCUMENT, OR ANY RELATIONSHIP
BETWEEN LENDER AND THE BORROWER. THIS PROVISION IS A MATERIAL INDUCEMENT TO LENDER TO PROVIDE THE
FINANCING DESCRIBED HEREIN OR IN THE OTHER RELATED DOCUMENTS. No provision contained in this Agreement shall be
construed (a) as requiring Lender to grant to Borrower or to Beneficiary any financial assistance or other accommodations, or (b) as
limiting or precluding Lender from the exercise of Lender's own judgment and discretion about amounts and times of payment in
making loans or extending accommodations to Borrower.
Amendments. This Agreement constitutes the entire understanding and agreement of the parties as to the matters se`f forth in this
Agreement. No alteration of or amendment to this Agreement shall be effective unless made in writing and signed by Lender,
Borrower, and Beneficiary.
992537
04-15-1999 SUBORDINATION AGREEMENT - DEED OF TRUST
Loan No (Continued) Page 2
Successors. This Agreement shall extend to and bind the respective heirs, personal representatives, successors and assigns of the
parties to this Agreement, and the covenants of Borrower and Beneficiary herein in favor of Lender shall extend to, include, and be
enforceable by any transferee or endorsee to whom Lender may transfer any or all of the Superior Indebtedness.
Waiver. Lender shall not be deemed to have waived any rights under this Agreement unless such waiver is given in writing and
signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any
other right. A waiver by Lender of a provision of this Agreement shall not prejudice or constitute a waiver of Lender's right otherwise
to demand strict compliance with that provision or any other provision of this Agreement. No prior waiver by Lender, nor any course
of dealing between Lender and Beneficiary, shall constitute a waiver of any of Lender's rights or of any of Beneficiary's obligations as
to any future transactions. Whenever the consent of Lender is required under this Agreement, the granting of such consent by Lender
in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such
consent may be granted or withheld in the sole discretion of Lender.
EACH PARTY TO THIS SUBORDINATION AGREEMENT - DEED OF TRUST ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF
THIS AGREEMENT, AND EACH PARTY AGREES TO ITS TERMS.
BORROWER:
CIRTECH HOLDING LLC
By:
MICHAEL SCIMECA, Member
BENEFICIARY:
THE COUNTY OF WELD,STATE OF CQLORAOp. BYi/{5ND THROUGH THE BOARD OF COUNTY COMMISIONERS OF COUNTY OF WELD
r
By: v‘
LENDER:
llare KC Hall, Chair ' (10720/99)
BANK ONE, COLORADO, N.A.
By:
Authorized Officer
LIMITED LIABILITY COMPANY ACKNOWLEDGMENT
STATE OF
) S5
COUNTY OF
On this day of , 19 , before me, the undersigned Notary Public, personally appeared SCIMECA, Member of CIRTECH HOLDING LLC, and known to me to be a member or designated agent of CIRTECH HOLDING MICHAEL
that
executed the Subordination Agreement and acknowledged the Agreement to be the free and voluntary act and deed of the limited liability
company, by authority of statute, its articles of organization or its operating agreement, for the uses and purposes therein mentioned, and
on oath stated that he or she is authorized to execute this Agreement and in fact executed the Agreement on behalf of the limited liability
company.
By
Residing at
Notary Public in and for the State of My commission expires
INDIVIDUAL ACKNOWLEDGMENT
•
STATE OF
)ss •
COUNTY OF
On this day before me, the undersigned Notary Public, personally appeared
be the individual described in and who executed the Subordination Agreement, and acknowledged that he or she signed , to me known to
the Agreement as
his or her free and voluntary act and deed, for the uses and purposes therein mentioned.
Given under my hand and official seal this day of
19
By
Residing at
Notary Public in and for the State of My commission expires
04-15-1999 SUBORDINATION AGREEMENT - DEED OF TRUST
Loan No Page 3
(Continued)
CORPORATE ACKNOWLEDGMENT
STATE OF COLORADO }
I ss
COUNTY OF WELD }
On this 20th day of -.0*AY•p�49, .
October 19 99 , before me, the undersigned Notary; o?�personally° �'i. of THE
COUNTY OF WELD, STATE OF COLORADO, BY AND THROUGH THE BOARD OF COUNTY COM
known to me to be authorized agents of THE COUNTY OF WELD, STATE OF COLORADO, BY AN a° RS OF COUNTY•,�,ELD, and
COMMISIONERS OF COUNTY OF WELD that executed the Subordination Agreement and acknowle..ed,�O R "•�; OUNTY
voluntary act and deed of the corporation, by authority of its Bylaws or by resolution of its board � dirkctor le n1 free r and
therein mentioned, and on oath stated that they are authorized to execute this Agreement and in fac -Nadir the Agreeryf� ar' behalf of
the cor ration. J►
PY
Y �4' /
� ' � � Residing at 915 10th St rQ __ CO 80631
Notary Public in and for the State of Colorado
My commission expires ,s Switembpr ff 20C1
LENDER ACKNOWLEDGMENT
STATE OF )
}ss
COUNTY OF }
On this day of , 19 , before me, the undersigned Notary Public, personally appeared
an , authorized agent for the
Lender that executed the within and foregoing instrument and acknowledged said instrument to be the free and voluntary act and deed of
the said Lender, duly authorized by the Lender through its board of directors or otherwise, for the uses and purposes therein mentioned,
and on oath stated that he or she is authorized to execute this said instrument and that the seal affixed is the corporate seal of said
Lender.
By
Residing at
Notary Public in and for the State of
_ My commission expires
LASER PRO,Reg.U.S.Pat.&T.M.Oft.,Ver.3.25a Cc)1999 CFI ProServices,Inc. All rights reserved.IC0.0212 E3.25 F3.25 P3.25 15243602.LN C21.OVLI
LEGAL DESCRIPTION
A part of Tract "D" Weld County Business Park P.U.D. a subdivision
within the City of Greeley, County of Weld, State of Colorado, more
particularly described as follows :
Commencing at the Northeast Corner of Section 31 , Township 6 North,
Range 65 West of the 6th Principal Meridian, and considering the East
line of the Northeast Quarter (NE1\4 ) to bear South 00° 00' 00" West,
to the East Quarter (E1\4 ) Corner of said Section 31 , with all
bearings contained herein being relative thereto; thence South 00°
00' 00" West along the East line of the Northeast Quarter (NE1\4 ) , a
distance of 850 . 00 feet to the Centerline of "M" Street; thence along
said Centerline of "M" Street the following ( 3 ) courses and
distances, ( 1 ) South 90' 00' 00" West, a distance of 80.00 feet; ( 2 )
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, the long
chord of which bears South 73 ° 30' 00" West, a distance of 284 .02
feet; ( 3 ) thence South 57 00' 00" West, a distance of 440 . 00 feet to
a point on the Centerline of 17th Avenue ; thence along said
Centerline, North 33 ' 00 ' 00" West, a distance of 82 . 26 feet; thence
leaving the Centerline of 17th Avenue , South 57° 00' 00" West, a
distance of 40. 00 feet to a point on the South Right-of-Way line of
17th Avenue, also being the Southeast Corner of Rubadue Wire Company
property and the True Point of Beginning; thence along said
Right-of-Way line, South 33 ' 00' 00" East, a distance of 200.00 feet ;
thence leaving said Right-of-Way line, South 57° 00' 00" West, a
distance of 708.77 feet to the Westerly line of Tract "D" ; thence
along the said Westerly line, North 33 00 ' 00" West, a distance of
200 .00 feet, to the Southwest Corner of Rubadue Wire Company
Property; thence leaving the Westerly line of Tract "D" along the
South line of Rubadue Wire Company Property, North 57' 00 ' 00" East ,
a distance of 708 . 77 feet, to the South Right-of--Way line of 17th
Avenue also being the Easterly line of Tract "D" and the True point
of Beginning.
Said Parcel of land contains 3 . 254 acres, more or less , and is
subject to any Rights-of-Way or other easements as granted or
reserved by instruments of record or as now existing on said tract of
land.
Legal Description Prepared by:
-2(-41zyze- 197// a1--
Grant M. Waldo
KLH Engineering , Inc.
822 7th Street, Suite 5
Greeley, Colorado 80631
May 31 , 1995
2473269 8-1528 P-1028 01/25/96 01:18P PG 3 OF 4
EXHIBIT "A"
a
Ks
4;
TO: Board of County Commissioners
FROM: Bruce T. Barker, Weld County Attorney
DWI '
C DATE: October 12, 1999
COLORADO
SUBJECT: Subordination Agreement for Cirtech Holding, LLC
In January, 1996, the Board of County Commissioners sold property to Florida Cirtech, Inc. The
property is located in the Weld County Business Park PUD. Copies of the Resolution, Promissory Note,
Agreement and Deed of Trust are attached. As you can see from the Promissory Note, Florida Cirtech,
Inc., was to own and occupy the property for at least five years from the date of the Note (January 17,
1996). To secure the five year commitment, Florida Cirtech signed a Deed of Trust in favor of the
Board of County Commissioners in the sum of$70,872.12. The Deed of Trust is forgiven over the five
year time frame if the company still owns and occupies the property at the end of that time period.
In June, 1998, the Board subordinated its Deed of Trust to that of Bank One, N.A., when Cirtech
refinanced its earlier debt. A copy of such subordination is attached.
Bank One now is asking the Board of County Commissioners to subordinate again, on the basis that the
bank has increased its loan done in June, 1998, from $420,000 to $580,000. Attached is a copy of Bank
One's recent letter requesting this subordination, along with subordination documents and an Agreement
for Cirtech Holdings, LLC,to accept and assume all responsibilities incurred in the Agreement and Deed
of Trust originally entered into by Florida Cirtech, Inc.
I recommend that the Board approve the subordination and authorize the Chair's signature.
fit-p537
Moo (
Approve Schedule
Subordination Work Session Other
George Baxter
Mike Geile
Dale Hall
Barb Kirkmeyer
Glenn Vaad
/
Bruce T. Bafke
Weld County/Attorney
BTB/db:Memo/BOCC/Cirtech
Attachments
pc: Don Warden
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