HomeMy WebLinkAboutProperty #: C-8421 - 4/10/2013 CI 1Y CLEii& 11.,J111UHR11CII
ORIGINAL 2oDocument
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C-8421
WHEN RECORDED MAIL TO: 04/10/2013
City of Glendale
Community Revitalization Division
5850 W. Glendale Avenue,Suite 107
Glendale,AZ 85301
Eafti • 13 006(4
SUBORDINATION AGREEMENT
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This Subordination Agreement, made this I%,n" day of A.,)r I , 2013 is
among the following patties: Larry J-I. Hefner, ("Owner"); the City of Glendale, an Arizona municipal
corporation ("City'); and NATIONSTAR lyfORTGAGE. 1,41,C, a Delaware corporation authorized to do
business in Arizona,("Lender").
RECITALS
A, Subject Property: 8928 N. 56th Lane, Glendale,Arizona 85308. More particularly described as: Lot
Six (6), PACE WEST, according to the plat of record in the office of the County Recorder of
Maricopa County,Arizona,recorded in Book 143 of Maps,Page 5.
B. The Subject Property is subject to the following liens:
1. A note in the original amount of $140,000.00, secured by a Deed of Trust, each dated
January 16, 2008, The Deed of Trust was recorded on January 24, 2008 at the Maricopa
County Recorder,No.2008-0065348 *"Lien 1").
2 A note in the original amount of $22,000.00 secured by a Deed of Trust, each dated
January 14, 2009, The Deed of Trust was recorded on January 21,2009, at the Maricopa
County Recorder,No.2009-0047886("Lien 2"). The City is the current beneficiary.
C. The Owner wishes to execute a note in the amount of$144,314.00 in favor of Lender, secured by a
Deed of Trust of which Lender will be the beneficiary and which will constitute a lien on the Subject
Property("Lien 3"). This loan transaction is for the purpose of refinancing Lien 1. •
D. As a condition precedent to making the loan (Lien 3) to Owner, Lender requires that the City
subordinate its security interest(Lien 2) to Lender's security interest(Lien 3) created by the new loan
transaction.
1
TERMS
1. The Parties agree that:
1.1 Lien 3 and any renewals or extensions thereof,shall unconditionally be and remain a lien on
the Subject Property prior and superior to Lien 2.
1.2 Lender shall pay in full the note described in Lien 1. Upon payment in full,Lender shall
cause to be executed and recorded,a release and satisfaction of the Deed of Trust and note described as Lien
1.
"CITY" CITY OF GLEND.ALE,an Arizona municipal
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"OWNER"
Larry H. efner (94,16.4.----'*-7/
STATE OF ARIZONA )
) ss.
County of Maricopa ) -
The foregoing instrument was acknowledged before me this h day of 421 L. ,
2013,by 1.p,ttrtr_.1 1.4 t 4€cFivrt. .
r/--"-I
N Public
My Commission Expires:
11/II/ao/6
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"LENDER" NATIONSTAR MORTGAGE,LLC,a Delaware
rpo don
Its: .a4...1.1
STATE OF S NA }
) ss.
County ofrvfai•ico sa .114.3 )
T�,e foregoing instrument was acknowledg d bef•re m• this ' day o Apr/.1
2013,by 1 O.tne�GL...( Uo,r^ ,
Y,the - a • .: - ationstar Mortgage,LLC.
• ary Public
Lr,5C)I Do ne 3
My Commission Expires: \A. JIWIN(1461
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gip,0219.2014. r
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