HomeMy WebLinkAboutProperty #: 11056 - 8/10/2016#gT-f #tH{aK
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BESOURCE REAL ESTATE
SERVICEs. LLC
300 Hsg€rool( Blvd.
Owinos Mills, MD 21117
{410) 654-5550Mr
fuqorcc{ 67t
Oty of Clendale
Community Rsvilalization Dvision
6829 N. 58e Drivc, Suite 104
Glendele.l{Z 85301
Hh+oB-16-to33)
OFFICIAL RECOBDS OF
},IARICOPA COUNIY RECORDER
ASI.EN PI'RCE'JI
20160835915 ttlL0120]-6 L2t38
EI.ECTRONIC RECORDING
14?9149598? 9 4- 4-2'2--
Yorks
c-l1056
08/10/2016
SUBORDINATION AGRSEI'ENT
This agreement, made AuSrust 10. 2016 . is amoog the follou'ing parties Dale L.
Cargon (*Ownsrg"); the CITY OF GLENDALE. a municipal corporation (€ity'); and
ConscssionalBakISAOAATIMA. fkndefJ.
RECITAIS:
Subjcct Propaty:
Iot Ssven Thousand Swsr Huodred Fifty Four (7754), MARYVALE TERRACE 2SAe
accoilding to thc plat of reoord h the office of lhe County Recordcr of Mricopa County,
Arizona" recoded in Book 79 of Maps, page 19.
Ihe subjccl proparty is subj€ct to fic following lieos:
1. A notc in thc original amount of $126.000.00 sccured by a Decd ofTnrsg cach
dafed Decembcr 4. 2007. The Dced of Trust was recorded on Desetnber l0 2007. at the
Maricopa County Rocordo, No. 20071295115 . {Lien l)
2. A note ia the original amount of $ 25-000.fi1 secured by a Deed of Ttust, esf,Jh
datod May2L2@6 The Deed of Tnrst wos rccordad oo June l. 2006 at the Marioopa
County Recorder, No. 06-0746127 The City is the currort benoficiary, (Lien 2)
owne$ wish to e,xcsute a note in the amoqt of $ 132.000.00 in favor of Lcndcr,
sscured by a Deed of Tnst of which Leirds will be the beneficiary and which will
constit'te a lien on the subjeet puperty. (Lieo 3) This loan transa€tioa is for rhe purpose
of refinancing Lien t.
As a coodition prccodert to rnaking the loan (Licn 3) to owners, r.,lrfiEr roquires
that thc city subo,rdinate it$ s€cluity inte,rcst (Lien 2) to Lender,s security intsr€st (Lien 3)
created by the new loilt taruactioa,
TERIT,TS:
The Prrties agree that:
1. Lien 3 and any renewals or extensions thcreot ehau unconditioually bc and
remain a lien on the Subject Property prior and zuperior to Livt 2.
2. Lesdet shall pay in full the notc described in Lisn l. upon paymenl in full,
Lcoder shall caus€ to be executed and recorded, a relesse and guisfaction ofthe Desd of
Tnret ard note described as Uen l.
OWNERS:
LENDBR:
By
Na
BENEFICIARY:
STATEOFARTZONA
County of Maricopa
CITYOFGLENDALE
el-2 A
Kwin Phelps, City Manager
)
) ss.
)
instrumeirt
APPROVED AS TO FORM:
^ ,Th" foregoing instrumedt was acknowledged I
A"^, tt "2o_f!rby 7.,^ o"n.:+c nd
acknowledged beforc
My Commission Expires:
? -)6-tq
!,tclary fuub. Stdo tAltm
.. . MARICOPACOUiITY
t$y Commission Erpir€! Jut Zf, 2org
STATEOFARTZONA )
CountyofMariorpa I
'"
YTiYe.Pi*"
STATEOFARIZONA
Countyof Mrricopa
i
) ss.
I
1rc forgsoine instrumcrit was acknowtedgcd before ms this20 .bv day of
on behalfof
COMPANY
MyCornmitrion Erpircl
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