HomeMy WebLinkAbout2018-052-Agreement-Fairway Independent Mortgage Corp
Jackson County Official Records 2018-010710
R-SA 04/05/2018 02:43:18 PM
470 31$0S6`13(6 Stn=4 HELMANCD
SUBORDINATION AGREEMENT $20.00 $10.00 55.00 58.00 511.00 $20.00 $78.00
$4.00
I, Christine Walker, County Clerk for Jackson County. Oregon, certify
0B CITY OF ASHLAND that the instrument identified herein was recorded in the Clerk
records.
. 1 20 E. MAIN STREET Christine Walker -County Clerk
Pl ASHLAND, OR 97520
0
TO: Fairway Independent Mortgage
855 Town Centre Dr, Suite B
Medford, OR 97504
r
m
After recording, return to (Name, Address, Zip):
City of Ashland
20 E. Main Street
Ashland, OR 97520
This subordination Agreement is made 2018 , 20/8, between CITY OF
.da ASHLAND, ("Subordinated Creditor") a d Fairway Independent Mortgage Corp., ("Lender"),
under the following circumstances:
A. Subordinated Creditor is the holder of a Trust Deed (the "Existing Trust Deed")
executed by Eric G. Stahlman and Alli M. Newman, as grantor, in favor of
Subordinated Creditor, as beneficiary, and recorded in Official Records in Document
Number 2007-054271, in the amount of $N/A, County Clerk's Office of JACKSON
County, Oregon, which is a lien on the following described real estate (the
"Property"):
Situated in ASHLAND, County of JACKSON, and in the State of Oregon:
See Exhibit A, Attached hereto.
B. Lender is the holder of a Trust Deed dated February 23, 2018 in the principal
amount of $127,000.00, from Borrower, as grantor, to Lender, as beneficiary,
recorded in Official Records as 2018-006592 of the County Clerk's Office of Jackson
County, Oregon (the "New Trust Deed"), which is a lien on the Property.
C. As part of the consideration for Lender's agreement to make the loan secured by the
New Trust Deed, and to induce Lender to make that loan, Subordinated Creditor has
agreed to subordinate the lien of the Existing Trust Deed to the lien of the New Trust
Deed, upon the terms and conditions set forth in this agreement.
NOW, THEREFORE, Subordinated Creditor and Lender agree as follows:
1. Subordinated Creditor subordinates the lien of the Existing Trust Deed to the lien
of the New Trust Deed; however, this subordination shall not otherwise' affect the
validity, or priority, of the Existing Trust Deed.
Subordination Agreement
Pagel of 3
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SUBORDINATION AGREEMENT
UIECITY OF ASHLAND
20 E. MAIN STREET
ASHLAND OR 97520
TO: Fairway Independent Mortgage
855 Town Centre Dr, Suite B
Medford OR 97504
Y
After recording return to (Name Address, Zip):
City of Ashland
20 E. Main Street
Ashland OR 97520
This subordination Agreement is made ,4~2n / Z 2016 , 2018, between CITY OF
ASHLAND, ("Subordinated Creditor") and~y Independent Mortgage Corp., ("Lender"),
under the following circumstances:
A. Subordinated Creditor is the holder of a Trust Deed (the "Existing Trust Deed")
executed by Eric G. Stahlman and Alli M. Newman, as grantor, in favor of
Subordinated Creditor, as beneficiary, and recorded in Official Records in Document
Number 2007-054271, in the amount of $N/A, County Clerk's Office of JACKSON
County, Oregon, which is a lien on the following described real estate (the
"Property"):
Situated in ASHLAND, County of JACKSON, and in the State of Oregon:
See Exhibit A, Attached hereto.
B. Lender is the holder of a Trust Deed dated February 23, 2018 in the principal
amount of $127,000.00, from Borrower, as grantor, to Lender, as beneficiary,
recorded in Official Records as 2018-006592 of the County Clerk's Office of Jackson
County, Oregon (the "New Trust Deed"), which is a lien on the Property.
C. As part of the consideration for Lender's agreement to make the loan secured by the
New Trust Deed, and to induce Lender to make that loan, Subordinated Creditor has
agreed to subordinate the lien of the Existing Trust Deed to the lien of the New Trust
Deed, upon the terms and conditions set forth in this agreement.
NOW, THEREFORE, Subordinated Creditor and Lender agree as follows:
1. Subordinated Creditor subordinates the lien of the Existing Trust Deed to the lien
of the New Trust Deed; however, this subordination shall not otherwise' affect the
validity, or priority, of the Existing Trust Deed.
Subordination Agreement
Pagel of 3
2. This Subordination Agreement is made on the understanding that Subordinated
Creditor shall not be responsible for any of the obligation of Borrower contained
in, or secured by, the New Trust Deed.
3. This Subordination Agreement shall be binding upon, and inure to, the benefit of
Lender and Subordinated Creditor, and their respective successors and assigns.
4. Nothing in this Agreement is intended to, nor shall it, impair as between Borrower
and its creditors, other than Lender and Subordinated Creditor, the obligations of
Borrower to pay Subordinated Creditor, as holder of the Subordinated Creditor
obligations, the principle of, and interest on, the Subordinated Creditor obligation,
as and when the same shall come due.
Signed as of the date first written above.
Signed and acknowledged in the presence of:
CITY OF ASI ILAND:
Y~k C,
TT „t_a....
Witness City Administrator, i
Ae°
TRUSTEE:
Witness Ashland City Attorney
LENDER:
c~ ) L z 7 c~-
STATE OF OREGON )
ss.
County of Jackson )
The foregoing instrument was acknowledged before me this day of~
201,? , by City tC iiinistrator, on behalf of the City of Ashland'
(1-V Notary Public for Oregon
-Z My Commission Expires: I -2-o 12 2- X26b% MELMA ACNE HUHTALA
NOTARY PUBLIC-OREGON
COMMISSION NO. 972897
MY COMMISSION EXPIRES MARCH 20, 2012
Subordination Agreement
Page 2 of 3
i
lv~
the foregoing Subordination Agreement, hereb
The Undersigned, being the Borrower name in Y
accepts and consents thereto and agrees to be bound by all of the provisions thereof and to
recognize all priorities and other rights granted thereby to Lender, and to pay Lender in
accordance therewith.
Borrower:
Date
Subordination Agreement
Page 3 of 3 3
I
EXHIBIT "A"
Legal Description
Lot Two (2), TERRACE COURT, a Planned Unit Development in the City of
Ashland, Jackson County, Oregon, according to the official plat thereof, recorded
in Volume 33, Page 65, Plat Records.
Preliminary Report Printed: 02.20.18 @ 12:33 PM
OR---SPS-1-18-470318056936