HomeMy WebLinkAbout2012-035 Subordination Agrmt-Lot 24 Ashland Village Ilk
RECORDING REQUESTED BY:
Ticor Title Company of Oregon Re Orded El C ally
1555 E. McAndrews, Suite 100 ID
Medford, OR 97504 Coun
Date 2Time �
AFTER RECORDING RETURN TO: Simpliflle.com 800.480.5857
Ticor Title Company of Oregon
1555 E. McAndrews, Suite 100
Medford, OR 97504
Escrow No: 470312017887-TTJA37
SPACE ABOVE THIS LINE FOR RECORDER'S USE
SUBORDINATION AGREEMENT
THIS AGREEMENT made and entered into this February 9, 2012 by and between City of Ashland
hereinafter called the first party, and JPMorgan Chase Bank NA hereinafter called the second party,
WITNESSETH:
On or about July 22, 1998, Samantha King being the owner of the following described property in
Jackson County, Oregon, to-wit:
Lot 24, ASHLAND VILLAGE SUBDIVISION, a Planned Unit Community, in the City of Ashland, Jackson
County, Oregon.
executed and delivered to the first party a certain Deed of Trust(herein called the first party's lien) on the
property, to secure the sum of$ 6,966.64 , which lien was:
Recorded on July 27, 1998, in the Records of Jackson County, Oregon, in 98-34260;
Reference to the document so recorded or filed is hereby made. The first party has never sold or
assigned first party's lien and at all times since the date thereof has been and now is the owner and
holder thereof and the debt thereby secured.
The second party is about to loan the sum of$ '�53, COD•°D to the present owner of the property,
with interest thereon at a rate not exceeding_ U . ?/o
LJ
per annum. This loan is to be secured by the
present owner's Deed of Trust(hereinafter called the second party's lien) upon the property and is to be
repaid not more than from its date.
To induce the second party to make the loan last mentioned, the first party has agreed and consented to
subordinate first party's lien to the lien about to be taken by the second party as above set forth.
NOW, THEREFORE, for value received, and for the purpose of inducing the second party to make the
loan aforesaid, the first party, on behalf of the first party and also on behalf of the first party's personal
representatives, successors, and assigns, hereby covenants, consents and agrees to and with the
second party and second party's personal representatives, successors, and assigns, that the first party's
lien on the property is and shall always be subject and subordinate to the lien about to be delivered to the
second party as aforesaid, and that the second party's lien in all respects shall be first, prior and superior
to that of the first party, provided always, however, that if the second party's lien is not duly filed or
recorded or an appropriate financing statement with respect thereto duly filed within days after the date
hereof, this subordination agreement shall be null and void and of no force or effect.
It is expressly understood and agreed that nothing herein contained shall be construed to change, alter or
impair the first party's lien, except as hereinabove expressly set forth.
In construing theis subordination agreement, and where the context so requires, the singular includes the
plural, and all grammatical changes shall be made so that this agreement shall apply equally to
corporation and to individuals.
IN WITNESS WHEREOF, the undersigned has executed this agreement. If the undersigned is a
corporation, it has caused its names to be signed and its seal, if any, affixed by an officer or other person
duly authorized to do so by or its board of directors.
Ckot and Samantha King
i . E IARY NE
STATE OF Oregon
COUNTY OF \LICS6A MY CC
This instrum t as acknowledged before me on ^ ' 1 20Q by
as Wt. WIN of
1
OFFICIAL SEAL
DIANA R SHIPLET
ter' NOTARY PUBLIC-OREGON
COMMISSION NO. 454135
Notary Public for Ore On MY COMMISSION EXPIRES NO ��R 28,20]4
My commission expires: �rMPh171Pi� a()l lr� S to foram
Attached to Subordination Agreement dated February 9, 2012
State of OREGON
County of Jackson
This instrument was acknowledged before me on February 27, 2012
By Samantha King
ZI
otary Pu lic— State of Oregon
OFFICIAL SEAL
MELISSA BARNEY
�� COMMISSION LN004341099
MY COMMISSION EXPIRES JAN. 9,2013
OFFICIAL SEAL
MELISSA BARNEY
°UBLIC-0RE00N
innSa�ON NO 434199
MnuSou�. �FIRES IAN. 9, 2013