HomeMy WebLinkAbout20202457.tiffRESOLUTION
RE: APPROVE SUBORDINATION AGREEMENT FOR DEED OF TRUST AND AUTHORIZE
CHAIR TO SIGN - HONNECKE FAMILY TRUST, 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 for Deed of
Trust between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, on behalf of the Department of Planning Services, and Honnecke
Family Trust, LLC, with further 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, that the Subordination Agreement for Deed of Trust between the County
of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County,
on behalf of the Department of Planning Services, and Honnecke Family Trust, LLC, 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 10th day of August, A.D., 2020.
BOARD OF COUNTY COMMISSIONERS
��,��,,//WEELLD`CnOUNTY, COLORADO
ATTEST: �L�D;ok rD ' `-4
Weld County Clerk to the Board
Mike Freeman, Chair
Steve
BY:
Deputy Clerk to the Board
Date of signature: 0(113/.2..0
Cc:CACKM)
O/27/2O
2020-2457
PL2520
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 (O day ofAt_ 2020 by Honnecke Family Trust, LLC
owner of the land hereinafter described and hereinafter referred to as "Owner", and Board of County
Commissioners
present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as
"Beneficiary";
WITNESSETH THAT WHEREAS,
did execute a Deed of Trust on December 14, 2006 in amount of $100,000.00
Public Trustee of Weld County, as trustee, covering:
See Attached Exhibit A.
Address: 10765 Turner Boulevard Longmont CO 80504
to secure the Deed of Trust in favor of Board of Count Commissioners
Which Deed of Trust was recorded on December 14, 2006 at Reception Number 3507541, Official Records of said county; and
WHEREAS, Owner has executed, or is about to execute, a deed of trust and note not to exceed the sum of $810,000.00
Dated ,2020 in favor Zions Bancorporation, N.A. dba:Vectra Bank Colorado as their interest may
appear, 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 as a lien or charge upon the land hereinbefore described, prior and superior to the lien or charge of
the deed of trust 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 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.
2020-2457
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:
(t) 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.
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
agreement 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; and
(d) An endorsement has been placed upon the note secured by the deed of trust first above -mentioned
that said deed of trust has by this instrument been subordinated to the lien or charge of the deed of trust in
favor of Lender above referred to.
NOTICE: THIS SUBORDINATION AGREEMEN
OBLIGATED ON YOUR REAL PROPERTY SECURIT
FOR OTHER PURPOSES THAN IMPROVEMENT 0
Board . _. my y.m r -loners
By
Authorized Officer (Title) ' i e reema
(ALL SIGNATURES MUST BE ACKNOWLEDGED) STAT
County of weld
AUG 10 2020
N WHICH ALLOWS THE PERSON
TION OF WHICH MAY BE EXPENDED
ST:
d County Clerk to Nhe Board
Deputy Clerk to the Board
The foregoing instrument was acknowledged before me this • day of A ofir.) Si" , 2020, by
M K� giver D. u
My commission expires: OW a31 ao Oi 9
Witness my hand and official seal. Notary Publi
CHLOE ALEXANDRA REMPEL
NOTARY PUBLIC
STATE OF COLORADO
NOTARY ID 20164024038
MY COMMISSION EXPIRES JUNE 23. 2024
Pogo - a9s7
Bri White
From:
Sent:
To:
Cc:
Subject:
Yes.
Mike Freeman
Thursday, August 6, 2020 10:56 AM
Bruce Barker; Commissioners; Tom Parko Jr.
Karin McDougal
RE: Subordination Agreement for Turner BVLD
From: Bruce Barker <bbarker@weldgov.com>
Sent: Thursday, August 6, 2020 10:45 AM
To: Commissioners <COMMISSIONERS@co.weld.co.us>; Tom Parko Jr. <tparko@weldgov.com>
Cc: Karin McDougal <kmcdougal@weldgov.com>
Subject: FW: Subordination Agreement for Turner BVLD
See below. We think acceptance and approval for the Chair to sign would assist in gaining compliance for the
property. OK to put onto Monday's agenda?
Bruce T. Barker, Esq.
Weld County Attorney
P.O. Box 758
1150 "O" Street
Greeley, CO 80632
(970) 400-4390
Fax: (970) 352-0242
Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for
the person or entity to which it is addressed and may contain information that is attorney privileged and confidential, or
otherwise protected from disclosure. If you have received this communication in error, please immediately notify
sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action
concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly
prohibited.
From: Karin McDougal <kmcdougal@weldgov.com>
Sent: Wednesday, August 05, 2020 4:29 PM
To: Bruce Barker <bbarker@weldgov.com>
Subject: Subordination Agreement for Turner BVLD
Bruce,
Attached is the subordination agreement that I received from Von and Dianne Honnecke's attorney. It will allow them
to refinance the property located at Turner BLVD. According to their attorney, they need the refinance money in order
to bring the property into compliance and finish their site plan. In addition, I think it is likely in the County's interest to
go ahead and subordinate the loan for a couple of reasons. First, the improvements agreement attached to this deed is
1
not current and probably only partially enforceable and as we move through the current case, we will ask them to sign a
new improvements agreement that will be more applicable to what we actually need them to do. Secondly, we still
have an active case in court regarding this property and although we did not get penalties imposed, the attorney does
understand that the property needs to be brought into compliance and that even if we have to dismiss this case, a new
more detailed complaint will follow. I am told that increased cash flow will help move this process along more quickly.
The attorney is asking me to see if this can be done as soon as possible because they are hoping to close on the
refinance next week. I assume authority to sign this has to be done at an open meeting, but I would like to run it by the
Board beforehand to answer any questions or determine if it is not even worth pursuing.
Please let me know your thoughts on how to best move forwards.
Thanks. Karin
Karin McDougal
Assistant County Attorney
Weld County Attorney's Office
1150 "0" Street
Greeley, CO 80631
970-400-4396
STATEMENT OF CONFIDENTIALITY & DISCLAIMER: The information contained in this email message is attorney privileged
and confidential, intended only for the use of the individual or entity named above. If the reader of this message is not
the intended recipient, you are hereby notified that any dissemination, distribution or copy of this email is strictly
prohibited. If you have received this email in error, please notify us immediately by replying and delete the message.
Thank you.
2
Bri White
From:
Sent:
To:
Cc:
Subject:
Okay by me.
skj
Scott James
Thursday, August 6, 2020 10:50 AM
Bruce Barker; Commissioners; Tom Parko Jr.
Karin McDougal
RE: Subordination Agreement for Turner BVLD
Scott K. James
Weld County Commissioner, District 2
1150 O Street, P.O. Box 758, Greeley, Colorado 80632
970.336-7204 (Office)
970.381.7496 (Cell)
Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or
entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you
have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any
disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by
anyone other than the named recipient is strictly prohibited
From: Bruce Barker <bbarker@weldgov.com>
Sent: Thursday, August 6, 2020 10:45 AM
To: Commissioners <COMMISSIONERS@co.weld.co.us>; Tom Parko Jr. <tparko@weldgov.com>
Cc: Karin McDougal <kmcdougal@weldgov.com>
Subject: FW: Subordination Agreement for Turner BVLD
See below. We think acceptance and approval for the Chair to sign would assist in gaining compliance for the
property. OK to put onto Monday's agenda?
Bruce T. Barker, Esq.
Weld County Attorney
P.O. Box 758
1150 "O" Street
Greeley, CO 80632
(970) 400-4390
Fax: (970) 352-0242
1
Bri White
From:
Sent:
To:
Cc:
Subject:
Follow Up Flag:
Flag Status:
Sure,
Steve Moreno
Weld County Commissioner At Large
1150 0 Street
PO Box 758
Greeley CO 80632
Phone: 970-336-7204 Ext. 4207
Fax: 970-336-7233
Email: smoreno@weldgov.com
Website: www.co.weld.co.us
Steve Moreno
Thursday, August 6, 2020 10:52 AM
Bruce Barker; Commissioners; Tom Parko Jr.
Karin McDougal
RE: Subordination Agreement for Turner BVLD
Follow up
Flagged
Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for
the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise
protected from disclosure. If you have received this communication in error, please immediately notify sender by return
e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning the
contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited.
From: Bruce Barker <bbarker@weldgov.com>
Sent: Thursday, August 6, 2020 10:45 AM
To: Commissioners <COMMISSIONERS@co.weld.co.us>; Tom Parko Jr. <tparko@weldgov.com>
Cc: Karin McDougal <kmcdougal@weldgov.com>
Subject: FW: Subordination Agreement for Turner BVLD
See below. We think acceptance and approval for the Chair to sign would assist in gaining compliance for the
property. OK to put onto Monday's agenda?
Bruce T. Barker, Esq.
Weld County Attorney
P.O. Box 758
1150 "0" Street
Greeley, CO 80632
(970) 400-4390
1
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