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Home My WebLink About971043.tiff RESOLUTION RE: APPROVE SUBORDINATION AGREEMENT AND AUTHORIZE CHAIR TO SIGN - HINZE 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 Mary B. Hinze under whic-h 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, will become a second lien, subordinate to Countrywide Home Loans, Inc., 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 Mary B. Hinze under which 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, will become a second lien, subordinate to Countrywide Home Loans, Inc., 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 28th day of May, A.D., 1997. bi)daatBOARD OF COUNTY COMMISSIION�ERS , 7çNTY C7ORA ` ``ge E. Baxter, Chair te4-0,,Ifft-' • ty Clerk to the Board 14.11/ fstance L. Harbe, , P// Tem ' s.S eputy Cler/to the Board Dale,K. Hall APP AST FORM: X arbara J. Kirkmeyer r my Att r / ' / // ,�. ,� W. H. Webster 971043 cc Ng; en HA0017 Atram-97 11 .01 FROM: ID+ 3037634716 PAGE 3/6 WHEN RECORDED MAIL TO: �— SPACE ABOVE FOR RECORDERS USE COUNTRYWIDE NOME LOANS INC. MSN SV-79'DOCUMENT CONTROL DEPT. Prepared b P.O.BOX 10266 y VAN NUYS, CALIFORNIA 91410-0266 B. MORLEY LOAN r: 8669373 _ ESCROW/CLOSING#:LR25709897 SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. THIS AGREEMENT, made this _day of , by Mary B. Rinze Page t of t 2194 -1269U(97op CHL(02t97) VMP MORTGAGE FORMS (500)521-7221 ;finals: Aiiii 1 11111111111111111111 2 3 9 9 1 ' ' 0 0 8 8 6 9 3 7 3 0 0 0 0 0 1 2 6 9 U • 971043 M.AIY-20-67 11 .02 FROM. 10. 3037E34716 PAGE 4/6 LOAN #: 8669373 owner of the land hereinafter described and hereinafter referred to as'Owner and welA County_ Housing Authority present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as "Beneficiary'; WITNESSETH THAT WHEREAS, Mary B. Hinze did execute a lien,dated Fehr,/ary 1 4 • 1997 to Weld County Housing Authority • , as 'Trustee,"covering: Lot 15. EXCEPT the North Eighty—five feet thereof, in Block 1f� in the TOWN r]F WTNDSOR _ County of Weld. State of Colorado. to secure a note in the sum of$ 14, 177. 13 ,dated February 14, 1997 in favor of Authority which Deed off Trust was recorded February 2 , 1997 , in book 1 5- 1keception fi2535041 b�f� of Official Records of said county;and WHEREAS, Owner has executed, or is about to execute a deed of trust and note in the sum of$ 54,000.00 ,dated . _ , in favor of COUNTRYWIDE HOME LOANS. INC. hereinafter referred to as "Lender,"payable with interest and upon the terms and conditions described therein,which deed of trust is to be recorded concurrently herewith: and md4.4, j .1269U f97utt CHL(02/9fl Pago2ot4 971043 MAY-2N-97 11 : 02 FROM: ID: 3037634716• PAGE S/6 • LOAN 41: 8669373 WHEREAS. it is a condition precedent to obtaining said loan that said 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 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 described property prior and superior to the lien first above mentioned and provided that Beneficiary will specifically and unconditionally subordinate the lien first mentioned to the lien in favor of Lender:and WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such a loan to Owner; and Beneficiary is willing that the deed of trust securing the same shall, when recorded, constitute a lien or charge upon said land which is unconditionally prior and superior to the lien 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 as follows: (1) That said deed of trust securing said note in favor of Lender, and 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 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 first above mentioned to the lien or charge of the deed of trust in favor of the 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 Subordination including, but not limited to, those provisions, if any. contained in the lien first above mentioned,which provide for the subordination of the lien to a deed of trust. Beneficiary declares, agrees and acknowledges that (a) He consents to and approves (i) all provisions of the note and deed of trust in favor of Lender above referred to, 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 Lenders Loan; nRtits' Cat -1269U(9701; CH (02/97) Page 301 971043 ` MA l:,-.9-97 11 .02 FROM, 1D. 3037639716 PAGE 6/6 LOAN #: 8669373 (b) Lender is making disbursements pursuant to any such agreement is under no obligation or duty to, nor has Lender represented that it will, see to the application of such proceeds by the person or persons to whom Lender disburses such proceeds 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 herein made in whole or in part; (c) He intentionally and unconditionally waives, relinquishes and subordinates the lien 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, relinquish and subordinate 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;and (d) An endorsement has been placed upon the lien first above mentioned that said lien has by this instrument been subordinated to the deed of trust in favor of Lender above referred to. NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF WHICH MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND_ a}) -126911(2701) CHL(02/97) PagO4of4 9 .- rit SS Aar as i • :lliweri Alt►tom • , o�C'4 lr, n rag ISSIO�-fs ' 6" ( A EST:. W).a 7 BOARD j s /L BY: stet ___ �� a i. f D 'U -":"'t"'� 'f' HE BOARD a 971043 ID• 3037E34716 PAGE 2/6 UM W. Countrywide® HOME LOANS May 20, 1997 2519 South Shields Street suite 1-B,R2intree Village F. Cof ias,Colorado 80526 Wald RFltt Si` l f t'yi (41) 16-7746 RE: Mary-Hinze Dear Linda Enclosed is a subordination agreement for Mary Hinze whose residence is located at 330 4th Street, Windsor CO. I understand you need to take a request to a Board for approval. Mrs Hinze is planning to refinance her first mortgage with Countywide for approximanly$50,000 to$59,000. We had an appraisal of her property done,which valued at$110,000 so she has a substantial amount of equity in her home. We would like to close on this loan later this week if at all possible so if this request can be expedited 4 tin1+14 be rfly aPpt giated. If yov have any questions or concerns regarding this matter please cq 9t'Re ek i I<b-7746 or fax 416-r 642. Thank you. Betty Morley Loan Specialist - ter 971043 Hello