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Home My WebLink About2011-063 Subordination Agrmt-811 Helman & 87 Nevada•rr�� r� ti M�� First American City of Ashland, Martha Bennett 20 E. Main Street Ashland, OR 97520 FirrtAmeiican Title Znsu2nce Company o/Oregon 370 Lithia Way Ashland, OR 97520 Phn (541�88-6840 Fax (866)391-8367 May 04, 2011 File No.: 7162-1701217 (ja) Re: Property: 811 Helman Street and 87 Nevada, Street W, Ashland, OR 97520 Regarding the above referenced escrow closing, enclosed please find the following: Original Subordination Agreement, recorded as Instrument No. 2011-013140 Please retain the enclosed items for your records. We appreciate having had the opportunity to be of service to you in this transadion. If you should have questions, or if we can be of assistance in the future, please don't hesitate to contact us. First American Title Insurance Company of Oregon Lisa Tate, Assistant for Julie Austad, Escrow Officer Page 1 of 1 �1 R RDIHG REQUESTED BY: First American Title Insurance Company of Oregon PREPARED BY AND WHEN RECORDED MAILTO: First American Title 370 Lithia Way Ashland OR 97520 Jackson County Official Records 201 1-01 31 40 R-SA Cnt=1 ALONZO}CM 04/29/2011 08:30:00 AM $20.00 $10.00 �5.00 511.00 �15.00 TOtel:$64.00 53.00 IIIIIIIII IIII I III IIIIII IIIII IIII IIIIIIIII 0147B570201100131400040044 I, CM1ri¢tine WalFer, Cowty CIerF !or Jackson County, Orepon, certify that the instmms�� idmtifled heroln was rerordetl In Ne CIerM Christine Walker- County Clerk A.P.N: 1-011358-3 ile No: 162-1701217 SUBORDINATION AGREEMENT (Existing to New) NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY IN5TRUMENT. THIS AGREEMENT, made this 2" 1 day of 2011 by Wilma, LLC, An Oregon Limited Liability Company Owner of land hereinafter described and hereinafter referred to as "Owner", and City of Ashland, A Municipal Subdivision of the State of Oregon present owner and holder of the Deed of Trust and Note first hereinafter described and hereinafter referred to as "Beneficiary", WITNESSETH THAT WHEREAS, Wilma LLC, An Oregon Limited Liability Company has executed a Deed of Trust dated ]uly 24, 2009, to First American Title, as Trustee, covering: See attached Exhibit "A" To secure a Note in the sum of $400,000.00, dated July 21, 2009, in favor of The City of Ashland which Deed of Trust was recorded ]uly 21 2009 in Docket/Book Page or Instrument No. 2009-028581, of said County; and WHEREAS, Owner has executed, or is about of execute, a Deed of Trust and Note in the sum of $190,000.00, (NOT TO EXCEED THIS AMOUNT), dated April Sth 2011, in favor of Rogue River Mortgage LLC, An Oregon Limited Liability Company, hereinafter referred to as "Lender", payable with interest and upon the terms and conditions described therein, which Deed of Trust is to be recorded concurrently herewith; and WHEREAS, it is a condition precedent to obtaining said loan that said Deed of Trust last above mentioned shall unconditionally be and remain at all times a lien or charge upon the land hereinbefore described, prior and superior to the lien or charge of the Deed of Trust first above mentioned; and WHEREAS, lender is willing to make said loan provided the Deed of Trust securing the same is a lien or charge upon the above described properry prior and superior to the lien or charge of the Deed of Trust first above mentioned and provided that the Beneficiary will specifically and unconditionally subordinate the lien or charge of the deed of trust first above mentioned to the lien or charge of the deed of trust in favor of the lender and WHEREAS, it is to mutual benefit of the parties hereto that Lender make such loan to Owner; and Beneficiary is willing that the Deed of Trust of Lender securing the same shall, when recorded, constitute a lien or charge upon said land which is u�conditionally prior and superior to the lien or charge of the Deed of Trust first above- mentioned. NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce Lender to make the loan above referred to, it is hereby declared, understood and agreed as follows: 1) That said Deed of Trust securing said note in favor of Lender, and renewals or extensions thereof, shall unconditionally be and remain at all times a lien prior charge on the property therein described, prior and superior to the lien or charge of the Deed of Trust first above mentioned. 2) That lender would not make its loan above described without this subordination agreement. 3) That this agreement shall be the whole and only agreement with regard to the subordination of the lien or charge of the Deed of Trust first above mentioned to the lien or charge of the Deed of Trust in favor of lender above referred to and shall supersede and cancel, but only insofar as would affect the priority between the Deed of Trust hereinbefore specifically described any prior agreement as to such subordination including, but not limited to, these provisions, if any, contained in the Deed of Trust first above mentioned, which provide for the subordination of the lien or charge thereof to another deed or deed of trust or to another mortgage or mortgages. Beneficiary declares, agrees and acknowledges that 1. Beneficiary consents to and approves (i.) all provisions of the note and Deed of Trust in favor of Lender above referred to, and (ii.) all agreements, including but not limited to any loan or escrow agreements, between Owner and Lender for the disbursement of the proceeds of Lender's loan; 2. Lender in making disbursements pursuant to any such agreement is under no obligation or duty to, nor has Lender represented that it will see to the application of such praeeds by the person or persons to whom Lender disburses such proceeds and any application of such proceeds for purposes other than those provided for in such agreement or agreements shall not defeat the subordination herein made in whole or in part; 3. The Beneficiary intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the Deed of Trust first above mentioned in favor of the lien or charge upon said land of the Deed of Trust in favor of Lender above referred to and understands that in reliance upon, and in consideration of, this waiver and relinquishment and subordination specific loans and advances are being and will be made and, as part and parcel thereof, specific monetary and other obligations are being and will be entered into which would not be made or entered into but for said reliance upon this waiver, relinquishment and subordination; and 4. An endorsement has been placed upon the note secured by Deed of Trust first above mentioned that said deed of trust has by this instrument been subordinated to the lien or charge of the deed of trust in favor of Lender referred to. NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTlON OP WHICH MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND. z Exhibit A PARCEL 1 AND 5 OF PARTITION PLAT NO. P-66-2008, RECORDED NOVEMBER 18, 2008 IN THE RECORD OF PARTITION PLATS IN JACKSON COUNTY, OREGON AND FILED AS SURVEY NO. 20231 IN THE OFFICE OF THE COUNTY SURVEYOR. EXCEPTING THEREFROM THAT PORTION CONVEYED TO THE CITY OF ASHLAND FOR ALMEDA DRIVE/PEROZZI STREEf BY INSTRUMENT NO. 2009-023392, OFFICIAL RECORDS OF ]ACKSON COUNTY, OREGON. 3 9 BENEF� of Ashland �nici� ivision STATE OF OREGON ss County of )ackson BE rily. SfATE OF OREGON County of Jackson OFFICIAL SEAL DIANA R SHIPLET NOTARY PUBIIGOREGON COMMISSION NO. 454135 SSION EXPIRES NOVEMBER 28, 2011 ss �(L��►�L� BE IT REMEMBERED, that on this �/f 'personally appeared the within named Valri Williams and John Zupan, Managing Members o1 Wil a LLC( and acknowledged to me that he/she/they executed the same freely and voluntarily. OFFICIAI SFAL J. AUSTAp COMMISSION NO. 4 6094 MY COMMISSION E%PIRES JUtdE 21, 2017 Notary Publi for tate of Oregon IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. OWNER: Wilma LLC, An Oregon Limited Liability Company i1- f on this tt0� nl a�,o'LOl personally appeared the within named and acknowledged to me that