HomeMy WebLinkAboutProperty #: C-9172 - 8/8/2014 C-9172
CM CLERK 08/08/2014
1 I Al
CITY OF GLENDALE, ARIZONA
SUBORDINATION AGREEMENT
(Agreement C-9172)
(PLEASE DO NOT REMOVE - THIS IS PART OF THE OFFICIAL DOCUMENT)
OFFICIAL RECORDS OF
• -ICOPA COUNTY REC a ER
HELEN PURCELL
20140548890 08/20/2014 10;51
FIRST ARIZONA TITLE AGENCY ELECTRONIC REC. - a ING
15143457-3-3-3...—
WHEN RECORDED IVIAIL TO: Pal •oa
City of Glendale
Community Revitalization Division
5850 W.Glendale Avenue Suite 107
Glendale,AZ 85301
0/3 /67VV34/57
SUBORDINATION AGREEMENT
This Subordination Agreement, made this _8th day of August
2014_,is among the following pasties:Michelle Y.Driessens, ("Owner');the City of Glendale,an Arizona
municipal corporation("City");and PMS ' _ SEB . N .ISA id ("Lender').
RECITALS
A. Subject Property: 5104 West Lupine Avenue,Glendale,Arizona 85304. More particularly described
as: LOT 51,OF PARKVIEW WEST UNIT ONE,ACCORDING TO THE PLAT OF RECORD
IN THE OFFICE OF THE COUNTY RECORDER OF MARICOPA COUNTY, ARIZONA,
RECORDED IN BOOK 190 OF MAPS,PAGE 14.
B. The subject property is subject to the following liens:
1. A note in the al amount of $75.000.00, secured by a Deed of Trust, each dated
December 12, 2005. The Deed of Trust was recorded on December 29, 2005 at the
Maricopa County Recorder,No.2009-0615740("Lien 2").
2 A note in the original amount of S24.600.00 secured by a Deed of Trust, each dated
September 22. 2004. The Deed of Trust was recorded on Sep ber 29. 2004, at the
Maticopa County Recorder, No. 2004-1135817 ("Lien 1"). The City is the current
beneficiary.
C. The Owaer wishes to execute a note in the amount of$72.000 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 2.
D. As a condition precedent to making the loan (Lien 3) to Owner, Lender requires that the City
subordinate its security interest(Lien 1)to Lender's security interest(Lien 3)created by the new loan
transaction.
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20140548890
TERMS
1. The Parties agree that
L1 Lien 3 and any renewals or extensions thereof,shall unconditionally be and remain a lien on
the Subject Property prior and superior to Lien I.
1.2 Lender shall pay in full the note described in Lien 2. 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
2.
"CITY" CITY OF GLENDALE,an Arizona municipal
corporation
fir
Brenda S.Fischer,City
A1TEsT -
1
' a
City Clerk *-(SEAL)
1
APPROVED AS TO FORM
City Attorn y
"OWNER" 1
Michelle Y.Driessens
STATE OF ARIZONA
) as-
County of Maricopa
The foregoing instrument was acknowledged before me this 1'1 day of ititliti5
20L4,by Michelle Y.Driessens
d.te.
No •ubli
My Commission Expires: 0 10Lit2.
*at SI My Comm Expnis Jan 4,2017'
• ?
2
20140548890
LENDER" p MORGAN CHASE BAN A.ISA0A/A1IMA
Ah .4011,
ziw
By: an 3i-10
it or4:501e- 5.rt tf" r
STATE OF ARIZONA
) ss.
County of Maricopa A ..
The fore. instrument was acknowledged before xç tItThdayof Ala 1)51—
ma, by'Brio,,n* 4r4re.ftndeZ. the N1061,04C, spcf of JP MN. *GAN CHASE
BANK,NA.ISA0A/ATIMA
-----
Notary • blic
J. ALB, 4,411.
My Commission Expires:
MA •
Noloy
%AA. -4 Madeopt
Pubfle-
.1 - it? MY COMM 4,2817
3