HomeMy WebLinkAbout991212.tiff RESOLUTION
RE: APPROVE SUBORDINATION AGREEMENT AND AUTHORIZE CHAIR TO SIGN -
KEITH AND SHERYL NEDDERMEYER
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 Keith and Sheryl
Neddermeyer, 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, 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 Keith
and Sheryl Nedderrneyer 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 24th day of May, A.D., 1999.
BOARD OF COUNTY COMMISSIONERS
tTHauhair1
COUNTY, COATTEST: /00.444/11 1tWeld County Clerk to t /
Ef.- <%`_ /, /� `mil 1,ie
fiZtlifrA
° < � arbar J. Kirkmeyer, r -Tem
r
Deputy Clerk to the Boa . 7._ c ,e-
/George axter
O AS TO FORM:
J.,Geile
//S/
unty Attorney //Gi
Glenn Vaad
991212
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SUIVORDINA'I'ION
COMPARISON STATEMENT
Customer Namet 1t
Praept a
Existing Loan New Loan (Subordination)
1. Interest Rate � yz
1. IaterptRale y,
2. Original Term r 3(D i Months 2. New Term D
-s1-`x�,.,Months
RemalalagTerm Moalbs
3. Monthlyput
(, . 2� 3. New Monthly
Payment $ 2
1'LtPayment
4. Present Balance S
TO___-- 4. New Amt. Financed$__227 ._
5. Type of Loan I.e.Flied
Variable,ARM.a.
5. Type of Lon AR I.e.Flied
L-�"�L Variable,ARM.
6. Pleaee is slate what the belle reason is for Iola 9ulrordb flan Request
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• 2608627 06/07/1899 12:40P Mold County CO
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Recorded at_ o'clock___M.,
Reception No._ _ Recorder.
IJOa� SUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT is made this 24TH _day of MAy
19 99 ,between KEITH B.NEDDERMEYER AND SHERYL
NEDDERMEYER as owner of the land(hereninafter referred to as"Owner")whose address is 4640
HOMESTEAD CT,GREELEY,CO,80631,and WELD COUNTY HOUSING AUTHORITY the present
holder of a Deed of Trust and note,whose address is P.O.BOX 758,GREELEY,CO,80632(hereinafter
referred to as"Beneficiary").
RECITAL
KEITH B.NEDDERMEYER AND SHERYL NEDDERMEYER,the owner of a certain parcel of real
property situate in the County of WELD,State of COLORADO,more filly described as follows:
LOT 33,BLOCK 1,WEST HILL-N-PARK 4111 FILING,
COUNTY OF WELD,
STATE OF COLORADO
Did execute a Deed of Trust dated FEBRUARY 20, 1998,to the Public Trustee in and for the County of
JEFFERSON to secure a note in the original principal amount of 54,000.00,dated FEBRUARY 20,1998,
and payable to WELD COUNTY HOUSING AUTHORITY. Said Deed of Trust was recorded on,
FEBRUARY 23, 1998 AS RECEPTION NO.2595424,of the records of said County.
The owner has executed,or will execute a Deed of Trust and note in the original principal amount of(NOT
TO EXCEED)S98,000 dated MAY 26, 1999,payable to Fr MORTGAGE SERVICES DIM
CARL I.BROWN(hereinafter referred to as"Lender").
It is the desire of the parties and to the mutual benefit of all parties that the lien of Deed of Trust in favor of
the Beneficiary be subordinate to the lien of the Deed of Trust for the use and benefit of the Lcnder.
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:
L The Deed of Trust securing said note in favor of the Lender,together with extensions or renewals
thereof,shall unconditionally be,and at all times remain,a lieu or charge upon the property described
therein which is prior and superior to the lien or interest created by the Deed of Trust held by the
Beneficiary.
2. The consideration to be paid to the Beneficiary is as follows:
3. 'This agreement shall be controlling with regard to the priority of the Deeds of Trust specified above,
and the terms hereof shall supersede any previsions contained in the Deed of Trust for the use and
benefit of the Beneficiary regarding subordination.
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4.hatch The Beneficiary has reviewed the arms aced conditions of theaaaand cad of host fa favor of the I Padre and
y approves shore tams and cadidata.Bae6ciary cede that the
the application of the ptociteds received from the feader.atd 8 Lettes egan endonemeat will be Sao mlPdon b>ced u
dm not y had y the Beneficiary to that the Deed of Trust seem*said we has been subordinated to the
by Dad of Trust for die use aed benefitofdtt Lemke famed atom.Blien
may not have trade die loan a may nor have advanced fields b wwgr vv the O without �eraraedt that the a Lender
ibis uboAiaadm A�teemaw.
* cunt--.� our Aubhorit
STATE OF COLORADO "`
COUNTY OF w> }u.
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The foregone ninuasaat was sul aedlted and mina to Whet me is the County State of—�oiorado 24th of— Wr1d
by_Da1e i Ha11 r - day a[ ' Ma
��>,31air 19 99..
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Witness and official seal. `. p,Ay....
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:,.1 I it - _I ESTHER E. °
Gz/' �M+n —GESICK i
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STATE OF COLORADO OF COMP
COUNTY OF Ss.
Ik canmissitft Expos SSP*fl&11.20C t
The foregoing instrument was subscribed mad sworn to before me is the County of
Saa of by the day of . 19_,
Witness my hand and official sal. -
My commission=pint_
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