HomeMy WebLinkAbout2002-173 Subordination Agrmt - Washington MutualSubordination Agreement between the city of Ashland and Washington Mutual.
Lot 4 in Eagle Creek Subdivision in the City of Ashland.
Deed of Trust
09//24/2002 TUE 12:16 FAY
02 515ii.
16003/004
To induce the second parry to make the loan last mentioned, the first parry has agreed and consented to subordinate fast
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 parry and also on behalf of the fast patty's personal representatives, successors, and assigns, hereby
covenants, consents and agrees to and with the second party and second parry's personal representatives, successors, and assigns, that
the first pasty'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 there-
to 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
parry's lien, except as hereinabove expressly set forth.
In construing this subordination agreement, and where the context so requires, the singular includes the plural, and all gram-
matic: l changes shall be made so that this agreement shall apply equally to corporations and to individuals,
IN V NESS WHEREOF, the undersigned has executed this agreement. If the undersigned is a corporation, it has caused its
name to be signed and its seal, if any, affixed by an officer or other person duly authorized to do so by order of its board of directors,
City o Ashla ___----__ _
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STATE OF OREGON, County of _Jd== ?'_f2---------------) ss.
This instrument was acknowledged before me on ------------------------=-------------------,
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This instrument was acknowledged before me on _8?te13 ?b ? 4 v -LL
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ppo ONJA N AKE??A Notary Pubior Oregon
OFFICIAL SEAL
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NOTARY PUBLIC OREGON
cyOMCOMMIISSINOEXPIRES APRIL 5. 20H
Jackson County, Oregon
Recorded
OFFICIAL RECORDS
SEP 3 0 2002
a. ?oo
TY CLERK
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