HomeMy WebLinkAbout990906.tiff RESOLUTION
RE: APPROVE SUBORDINATION REQUEST AND AUTHORIZE CHAIR TO SIGN -
BRUCE HOOPER AND RHONDA BABCOCK
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 Request 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 Bruce Hooper and Rhonda
Babcock, with terms and conditions being as stated in said subordination request, and
WHEREAS, after review, the Board deems it advisable to approve said subordination
request, 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 Request
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 Bruce
Hooper and Rhonda Babcock be, and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized
to sign said subordination request.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 26th day of April, A.D., 1999.
BOARD OF COUNTY COMMISSIONERS
D COUNTY, COL RA
ATTEST: I���C;i� E r
ter? ri% , ) Dale K. Hall, Chair
Weld County Clerk tot :o . c v
Iiss1 i' __ '!EXCUSED
Li C ' / / Barbara J. Kirkmeyer, P o-Tem
Deputy Clerk to the -t
George axter
AP TO FORM:
M. J. eile
is / 2
o ntyi Attorney ,L t ."ialtf
Glenn Vaad---
990906
,,,, {-i,1 HA0019
SUBOORDINATION AGREEMENT FROM BRUCE AND RHONDA HOOPER
Bruce and Rhonda Hooper are requesting a suboordination of their down payment assistance
loan with the housing authority. The Hoopers have been approved for a 30 year loan with a fixed
interest rate and wish to suboordinate their second loan.
990906
J A M E S B . NUTTER & COMPANY Aontgage 'Rankens
[816]531-2345 WESTPORT/PLAZA OFFICE
04/02/99 4153 BROADWAY
P.O.BOX 10346
KANSAS CITY,MISSOURI 64171-9936
ATTN: Tom
Weld County Housing Authority
2448 First Avenue
Greeley, CO 80631 RE: Bruce A. & Rhonda L. Hooper
970-353-7437 4628 Homestead Court
Greeley, CO 80634
To Whom It May Concern:
Enclosed herein find Subordination Agreement in conjunction with
your second mortgage on the above property.
For your information, we are refinancing their present home loan
in order to lower the interest rate. This is an FHA Streamline Refi-
nance which does not require an appraisal or credit report. There is
no cost and no cash out to them. The terms and approximate amount of
our loan are as follows:
Current Loan Proposed Loan
Loan Amount $86, 043.00 $85, 020.00 (Includes HIP)
Interest Rate 5.750t ARM 7.5$ Fixed
Monthly P & I $502.12 $594.47
Term 30 Years 30 Years
Our title company requires two signatures, either President,
Vice-President or Assistant Vice President and one other officer. If
only one of the above are available, a CORPORATE SEAL is required. If
signer is not an officer or trustee, Power of Attorney or Corporate
Resolution must be attached. Please notarize and forward to us. A
stamped, self-addressed envelope is enclosed for your convenience. To
most efficiently accommodate Bruce & Rhonda with their refinance we
would appreciate a turnaround time of ten days for this requirement.
If you have any questions or need additional information, please
call me at: 1-800-466-7334 x6017
Cordially,
l`2_ � _�yZ C9/Vi4
Angela Robertson
JBN 423705 Title Analyst
Recorded at the request of: JBN#423705
When recorded, mail to:
SPACE ABOVE THIS LINE FOR RECORDERS USE
SUBORDINATION AGREEMENT
NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE
PROPERTY BECOMING SUBJECT TO AND OP LOWER PRIORITY THAN THE LIEN OF SOME OTHER
OR LATER SECURITY INSTRUMENT.
THIS AGREEMENT, made this day of , 19 , , by
BRUCE A. HOOPER and RHONDA BABCOCK
owner of the land hereinafter described and hereinafter referred to as "Owner",
and
WELD 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,
BRUCE A. HOOPER and RHONDA BABCOCK
did execute a deed of trust dated MARCH 19, 1998 to The Public Trustee of
WELD County, (as Trustee) , covering
LOT 35, BLOCK 1, WEST HILL-N-PARK 4TH FILING, COUNTY OF WELD, STATE OF
COLORADO.
to secure a note in the sum of $ 4, 000.00, dated MARCH 19, 1998,
in favor of
WELD COUNTY HOUSING AUTHORITY
which deed of trust was recorded MARCH 20, 1998, at Reception No.
2600880, Official Records of WELD County; and
WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in
the sum not to exceed $ dated , in favor of
JAMES B. NUTTER & COMPANY,
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
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 hereinabove described, prior and superior to the
lien or charge of the deed of trust first above mentioned; and
WHERuAR, 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 specifically 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
same shall, when recorded, constitute a lien or charge upon said land which is
unconditionally prior and superior to the lien or charge of the deed of trust
first above mentioned; and
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 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, an prior agreements as to such 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:
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 Lender's Loan;
b) Lender in 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 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.
NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE
PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN, ALL OF WHICH
MAY BE UNCONDITIONALLY EXPENDED FOR ANY PURPOSE WHATSOEVER.
WELD COUNTY HOUSING AUTHORITY
/ �_✓i i� - z �s
Dale K. f. ll / , c ,,.,e 1 i :, BRUCE A. HOOPER Owner
��Attest: � ' iid �� /:�'.� �'
By llep,// 4 4 5/ , .- Art-
A, �� RHONDA BABCOCK Owner
jet "Uy° .•,,. 'f=
Gler h • l
(ALL SIG y;+= `111y E ACKNOWLEDGED)
STATE OF COLORADO pY P�j�•.,
COUNTY OF ' ? Ss. ice '.
WELD
The foregoing rC�{A�R �L�NtaaC� knowledged before me this 26TH day
of A• . 19 9'";'* % vhle K. Hall
Witness my an. gtticial
My commission expi'•, •.=
• _ No ary Pu lic
My Commission Expires June 8,2002 Address: 915 10 t h Street
Greeley, CO 80632
STATE OF COLORADO
SS.
COUNTY OF
74—
The �orAe� g'oing instrument was acknowledged before me this 2/. day
of '1' 199q ,
Witness my hand and official seal.
My commission expires
Notary Public
Address:
IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT,
THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO.
(CLTA SUBORDINATION FORM "A")
0B/31/1599 13: 47 303-914-5066 FIRST SOUTHWESTERN FAGE 04
TITLE RESOURCES GUARANTY COMPANY$
SCHEDULE A
Order No: . 14476
Effective Date : February 22, 1995 7 :45 AM
1 . Policy or policies to be issued
(a) ALTA Owner' s Policy $
Proposed Insured:
(b) ALTA Loan Policy $83 , 027 . 00
Proposed Insured:
JAMES B. NUTTER & COMPANY and/or The Secretary of -Housing
and Urban Development, their successors and/or assigns , as
their interest may appear
2 . Title to the estate or interest in the land described or referred
to in this Commitment is FEE SIMPLE and is at the effective date
hereof vested in :
BRUCE A. HOOPER and RHONDA BABCOCK, as joint tenants
3 . The land referred to in this commitment is described as follows :
Lot 35, Block 1, WEST HILL-N-PARK 4TH FILING, County of Weld,
State of Colorado.
This commitment is invalid unless tte insuring provisions and
schedules A and B are attached.
03/31/1999 19:47 303-914-9066 FIRST SOUTHWESTERN PAGE 05
TITLE RESOURCES GUARANTY COMPANY
SCHEDULE B - SECTION 1
(REQUIREMENTS)
Order No: 14476
1 . The following are the requirements to be complied with:
A. Payment to, or for the account of, the sellers or mortgagors
of the full consideration for the estate or interest to be
insured.
B . Instruments in insurable form which must be executed,
delivered and duly filed for record.
�. I Quit-Claim Deed, in recordable form and with respect to the
v subject property, from BRUCE A. HOOPER and RHONDA BABCOCK to
BRUCE A. HOOPER and RHONDA L. HOOPER.
D. Record Release of Deed of Trust executed by BRUCE A. HOOPER
AND RHONDA BABCOCK to the Public Trustee of the County of
Weld for the benefit of FIRST CITY FINANCIAL CORP. , to secure
an indebtedness of $86 , 043 . 00, dated MARCH 19, 1998 and
recorded MARCH 20, 1998 at Reception No. 2600879 .
( Record Release of Deed of Trust executed by BRUCE A. HOOPER
AND RHONDA BABCOCK to the Public Trustee of the County of
Weld for the benefit of WELD COUNTY HOUSING AUTHORITY, to
secure an indebtedness of $4 , 000 . 00 , dated MARCH 19, 1998 and
recorded MARCH 20, 1998 at Reception No. 2600880 .
F . Record Deed of Trust executed by BRUCE A. HOOPER and RHONDA
L. HOOPER to the Public Trustee of the County of Weld for the
benefit of JAMES B . NUTTER & COMPANY, to secure an
indebtedness of $83 , 027 . 00 .
G. Furnish Owner' s/Mortgagor' s Affidavit establishing that :
all sums due for labor and/or materials for any work
performed on the property have been paid; and, no liens or
encumbrances against the property other than as stated
herein, are outstanding.
H. Payment of any and all unpaid taxes and assessments, which
are now due and payable, as may be indicated by the tax
certificate (s) when furnished.
NOTE: Unless you provide written instructions to the contrary a
Certificate of Taxes Due will be obtained from the Weld County
Treasurer pursuant to Section 39 - 10-115 , Colorado Revised
Statutes, 1982 Repl . Vol . and you will be billed for such
certificate as provided in Section 30-1 -102, Colorado Revised
Statutes .
NOTE: Endorsement Forms 100 and 8 . 1 will be attached to the
final Mortgagee Policy to be issued upon compliance with the
items as set forth in Schedule B - Section 1 .
•
03/31/1999 13:47 303-914-9066 FIRST SOUTHWESTERN FAGE 06
TITLE RESOURCES GUARANTY COMPANY
SCHEDULE B - SECTION 2
(EXCEPTIONS)
Order No . 14476
The policy or policies to be issued will contain exceptions to the
following unless they are disposed of to the satisfaction of the
Company.
1 . Rights or claims of parties in possession not shown by the
public records .
2 . Easements, or claims of easements, not shown by the public
records .
3 . Discrepancies, conflicts in boundary lines , shortage it2 area,
encroachments or any other facts which a correct survey and
inspection of the land would disclose, and which are not shown by
the public records ,
4 . Any lien, or right to a lien, for services, labor or material
heretofore or hereafter furnished, imposed by law and not shown
by the public records .
5 . Defects, liens, encumbrances, adverse claims or other matters, if
any, created, firet appearing in the public records or attaching
subsequent to the effective date hereof but prior to the date the
proposed insured acquires of record for value the estate or
interest or mortgage thereon covered by this Commitment .
6 . Any and all unpaid taxes and assessments .
The subject real property may be located in a special taxing
district .
A certificate of taxes due listing each taxing jurisdiction may
be obtained from the County Treasurer or the County Treasurer' s
authorizing agent .
Information regarding special districts and the boundaries of
such districts may be obtained from the Board of County
Commissioners, the County Clerk and Recorder, or the County
Assessor.
7 , Covenants, conditions and restrictions, which do not contain a
forfeiture or reverter clause, and any provision contained
therein or any statutory provision which may provide a priority
lien for any levies , charges or assessments provided for therein
and deleting restrictions, if any, based on race , color; 'religion
or national origin and any provision contained therein .
8 . Notes and easements as shown on the recorded plat .
e3/31/1999 1,3:47 303-914-9066 FIRST SOUTHWESTERN PAGE 01
FIRST SOUTHWESTERN TITLE COMPANY OF COLORADO
3345 South Wadsworth Boulevard, Suite 101
Lakewood, CC 80227
(303 ) 914-9060
FAX (303 ) 914-9066
DATE: March 31, 1999 FILE NO : 14476
REFERENCE: - HOOPER
PROPERTY ADDRESS - FOR INFORMATION ONLY:
4628 HOMESTEAD COURT - GREELEY, CO
For title or closing inquiries, contact Sue Swanson or Coral
Albers at (303) 914 -9060 ,
PLEASE DELIVER TO:
FIRST SOUTHWESTERN TITLE/Denver Closing Department
3345 South Wadsworth Boulevard, Suite 101
Lakewood, CO 80227
XX JAMES B . NUTTER & COMPANY
4153 Broadway
Kansas City, MO 64171
Attention : Julie Harvey
Pinnacle Division
With regard to the above-referenced TITLE INSURANCE ORDER, please find.
X COMMITMENT (s) X INVOICE
X TAX INFORMATION TAX CERTIFICATE TO FOLLOW
MORTGAGEE TITLE POLICY X COPIES
ENDORSEMENT (S) MORTGAGE GUARANTEE
OWNER' S TITLE POLICY OTHER
Thank you for :he opportunity to be of service . If you have any
questions, or need further assistance, please feel free to call us .
0'3/31/1999 13:47 303-914-9066 FIRST SOUTHWESTERN PAGE 03
TAX INFORMATION SHEET
PILE NUMBER It- `t-7V,
OWNERS NAME /k 00--11-t1/.aG eoCL
Property Address C2 }-i-crh
City, State, Zip tY ' CL 90� 3
Schedule if g r70�J9 i p c� (�
County J_Ja_, I
Date Last Paid a-( a /liC,
Date Next Due (t/(S/Cj 9
Period of Tax Payment ANNUAL /
Amount of Annual Taxes 3 J 7 /�7• Oti
Taxes Due c)-43g 13
Prior Tax Sales ,..1-7
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