HomeMy WebLinkAboutProperty #: C-8537 - 7/19/2013 CITY LERK 07/19/2013
O ' G 9 '! ,'A L
CITY OF GLENDALE, ARIZONA
SUBORDINATION AGREEMENT
(Agreement C-8537)
(PLEASE DO NOT REMOVE - THIS IS PART OF THE OFFICIAL DOCUMENT)
MARICOPA COUNTY RECORDER
HELEN PURCELL
20130871165 09/30/2013 03 : 52
ELECTRONIC RECORDING
1380580683278--2-1-1--.
• Tomutac
City of Glendale
Community Revitalization Division
5850 W.Glendale Avenue Suite 107
Glendale,AZ 85301
Recording requested by: LSI
When recorded return to :
Custom Recording Solutions SUBORDINATION AGREEMENT
5 Peters Canyon Road Ste. 200
Irvine, CA 92606‘051G} 1 O
800-756-3524 Ext. 5011
This Subordination Agreement, made this 26th day of ,august
2013_._, is among the following parties: , , _ •1• ("Owner"); the City.of Glenda e, an Arizona
municipal corporation("City");and NATIONSTA,P,MORTGAGE mg("Lender").
RECITALS
A. Subject Property: 6441 W. Oregon Avenue, Glendale,Arizona 85301. More particularly described
as: Lot 7124, Maryvale Terrace No. 20, according to Book 81 of lvIaps Page 11, Records of
Maticopa County,Arizona.
B. The subject property is subject to the following liens:
1. A note in the original amount of 562,838.011 secured by a Deed of Trust,each dated May 24,
2003. The Deed of Trust was recorded on July 17,2003 at the Maticopa County Recorder,
No.20030941390("Lien 1').
2 A nota in the original amount of$35,000.00-secured by a Decd of Trust,each dated March
5, 199g. The Deed of Trust was recorded on March 11, 1998, at the Marie:opa County
Recorder,No.98-0188691 ("Lien 2'). The City is the current beneficiary.
C. The Owner wishes to execute a note In the amount of$58,200.00 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
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.
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 GLENDALE,an Arizona municipal
corporation
-_ " `moi�•
Jamslieed Mehta,Interim Assistant City Manager
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City lerk (S i
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"OWNER"
Nancy . ion
STATE OF ARIZONA
) ss.
County of Maricopa )
The foregoing instrument was acknowledged before me this '. day of
201 L by Nancy M.Colon
644.6a ePl-a-24, &#a
• CHARLOTTE LOUISE COFFELT Notary Public
Notary Public-Arizona
•
. MARICOPA COUNTY 2
My Commission Expires
`t�' -, MARCH 17,2014