HomeMy WebLinkAboutProperty #: C-8800 - 2/5/2014 C-8800
CLEF,' , 02/05/2014
OIG ,AL
CITY OF GLENDALE, ARIZONA
SUBORDINATION AGREEMENT
(Agreement C-8800)
(PLEASE DO NOT REMOVE - THIS IS PART OF THE OFFICIAL DOCUMENT)
OFFICIAL RECO- S OF
ICOPA COUNTY RECORDER
HELEN PURCELL
20140141888 03/05/2014 01:26
ELECTRONIC RECORDING
1401736713R.-5-2-1--
DRIGG8 TM.E A e e CY,ISIC. sarabiam
WHEN RECO' - MAIL TO:
City of Glendale
Community Revitalization Division
5850 W.Glendale Avenue Suite 107
Glendale,AZ 85301
SUBORDINATION AG'
This Subordination ; made this ...5dx day of F •
2014_, is among the following parties: No]a .• ("Owner"); the Atizon*
nnuaicipal corporation("City");stud . • . ki e e *il * 4.6 ("Lcadee).
RECITAIS
A. Subject Property: 5835 N. 63.4 Avenue, Glendale,Arizona 85301. More particularly&son. • as:
Lot 7620,Maryvale Terrace No.20-A,ac... • .1 to Book 79 of Maps Page 19,Records of .a
County,Arizona.
B. The subject property is subject to the following liens:
1. A note in the original amount 0(380.750.M secured by a Deed of Ttust,each lewd May 25,
2001. The Deed of Trust was recorded on June 12, $41 at the blitricopa County Recorder,
INlo,01-509306("Lien 1').
2 A note in the o al amount of SZ 14 Q0 secured by a of Tres each dated
February 4,2004. The Deed of Trust was reco on,Fe JO.201,at ilte •*copa
County Recorder,No.04.430755("Lien 2"). The City is the turrent ben
C. The Owner wishes to execute a note in the amount of S79,500.00 in favor of Lender,secured by a
Deed of Trust of which Lender win be the ben . and which will constitute a lien on the subject
property("Lien 3"). This loan trartsaction is for the purpose of refinancing Lien 1.
11. As a condition precedent to making the loan (Lien 3) to Owner, Lender requires that the City
subordinate its security interest(Lien 2) to Leaden security interest(Lien 3)created by the new loan
ttansaction.
•
: ; If
20140141888
• TEAMS '
1. The Parties agree that
1.1 Lien 3 and any renewals or extensions thereo 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 fulls 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
. ... don
/1
Brenda S.Fischer,City Manager
Ar r"
erk
—le , (S
APPROVED AS TO FORM:
•
Gi ey
"Oil ER." ... .0. 4.. 1 i il, I# 0. /
No Borrego S'
STATE OF ARIZONA ) ,`
) ss. 1
County of Maricopa )
The foregoing instrument eves acknowledged before me day of $ i '.
20_,,,by Nola Borrego
Notary Publi
My Commission Expires-?7,51)n
a....
,_,,,..,-) 116.30120ftropro 0'Mows
2
,
2014014188'8 _ ....
. . .
- I
"LENDER" FIRST CALIFORNIA MORTGAGE COMPANY.
BY: ...i(N r7S4Avt,o...,1.• ,
Its: c.Fo
STATE OF ARIZONA )
) U.
County of Maticopa )
The foregoing instrument was acknowledged , .. me this day of
20_, by , the of First California Mortgage
Company
Notary Public
a. at,e116,40L.,
My Co.....:s.sion Expires:
I 01Z4 12Di i
3
•
20140141888
ACKNOWLEDGMENT
State of California
County of )
On Furca. ‘ t before rne.
(Insert dame and title of the officer)
personally appeared [ ..it1 r i "#a ► .. -Co a L
who proved to me on the basis of satisfactory evidence to be the persorgefwhose na }Ishare
subscribed to the within instrument and acknowledged to me thaNteleheithey executed the same in
ItisfhertlhelA authorized capacityy(jes),and that by r eir-signature(al on the instrument the
person( ),or the entity upon behalf of which the person(i)acted,executed the Instrument
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing
paragraph is true and correct.
WITNESS my hand and official seal. ,. .a a gpy1
ammo essay
Signature /34444_01,_. (Seal)
•
20140141888
Exhibit "A"
Lot 7620,MARYVALE TERRACE NO.20-A,according to Book 79 of Maps,Page 19,records of
Maricopa County,Arizona.
AM; 144-57-141