HomeMy WebLinkAboutProperty #: C-7422-1 - 10/28/2014 C;TY CLE C-7422-1
10/28/2014
OR:GPIPAL
CITY OF GLENDALE, ARIZONA
SUBORDINATION AGREEMENT
(5513 W. Carol Avenue)
(PLEASE DO NOT REMOVE - THIS IS PART OF THE OFFICIAL DOCUMENT)
RECORDED ELECTRONICALLY
BY SECURITY TITLE AGENCY
Official Records ot Maricopa County
A72t, kin Recorder Helen Purcell 20140769918
WHEN RECORDED MAIL To. Electronic Recording
Security Title 11/20/2014 3 02
City of Glendale 55141677-3-3-3--
Community Revitalization Division
5850 W Glendale Avenue Suite 107
Glendale,AZ 85301
SUBORDINATION AGREEMFNT
This Subordination Agreement, made this _28th day of October
2014 , is among the following parties. Marjorie A. Cordry, ("Owner"); thc City of Glendale, an Arizona
municipal corporation ("City");and ARIZONA STATE CREDIT UNION ("Lender"),
RECITALS
A. Subject Property 5513 W. Carol Avenue, Glendale, Arizona 85302. More particularly described as.
LOT 176, BRAEMAR ESTATES NO. 2, ACCORDING TO BOOK 140 OF MAPS, PAGE 16,
RECORDS OF MARICOPA COUNTY,ARIZONA.
B 'The subject property is subject to the following hens:
A note in the original amount of$29,000.00, secured by a Deed of Trust, each dated June
27, 2003. The Deed of 1 rust was recorded on July 8, 2003 at the Mancopa County
Recorder, No 2003-0889036 ("Lien 1")
2 A note in the original amount of$25,000.00 secured by a Deed of Trust,each dated June 2,
2010 The Deed of Trust was recorded on June 8, 2010, at the Maricopa County Recorder,
No 2010-0483521 ("Lien 2") The City is the current beneficiary.
C The Owner wishes to execute a note m the amount of$40,000 in favor of Lender, secured by a Deed
of Trust of which Lender will he the beneficiary and which will constitute a hen on the subject
property("Lien 3")
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
IERMS
1 1 he 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
"CITY" CITY OF GLENDALE, an Arizona municipal
corporation
t,
Brenda S. Fischer, City Manager
ATTES,
ity Clerk (SEAL)
APPROVED AS TO ORM
sio Imo
City
, .
"OWNER" /
M. ,erictinn Cordry
STI ATE OF ARIZONA
) ss.
County of Maricopa
The foregoing instrument was acknowledged before me this i day of Ni
2014,by Marjorie Ann Corday
Notary Public
My Commission Expires:
KRISTEN CARSTENSEN
.":"...", Notary Public-State clArizons
1/43 t4 MARICOPACOUNTY
C°Jurte 4.2016
0.1
2
"LENDER" ARIZONA STA`fF,CREDIT UNION
,/
;2,- ,
.7 -4 4',///47
Its- //)/(-1.1/7' -
STATE OF ARIZONA
) ss
County of Ma.ricopa )
The foregoing instrument was acknowledged before me this day of is.)
2O44,, by P vy0 , the k:thiPMZONA STATE
CREDIT UNION
.k.1\
Notary Public
My Commission Expires
•I SUSAN STERN
st7vis Notaty Public-Stab ctAtizona
' `o-A15 MARICOPA COUNTY
'Ay CoMMIlliOn ROCS
Aitr)r. Are 1.X118
3