HomeMy WebLinkAbout2003-061 Subordination Agrmt - Myerson 03 10794
SUBORDINATION AGREEMENT
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AFTER RECORDING, RETURN TO:
JACKSON COUNTY TITLE
1400 ASHLAND ST
ASHLAND OR 97520
SUBORDINATION AGREEMENT
NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN THE SIGNER'S SECURITY
INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRiORITY THAN THE
LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT.
This Subordination Agreement is executed this th
17 day of January, 2003, by City of Ashland, a municipal corporation, herein
"Subordinator."
RECITALS
1. Doris S. Myerson, herein "O~vner," is the owner of the following described real property situated in the County of
Jackson, State of Oregon, herein "the Real Property":
See Exhibit "A" attached hereto and made a part hereof
2. Owner has obtained a loan in the amount of $86,355.00 from Umpqua Bank, herein Lender, secured by a trust deed or
% gage against the Real Property, herein "Lender's Encumbrance," dated ~[q_tk ,2003 recordedon
,~ <X ~ ~ co c~ ~ , as Jackson County recording reference ] 0
Subordinator has an interest in or lien upon the Real Property described below, as follows:
As beneficiary under a deed of trust dated June 15, 2000, and recorded June 30, 2000; File/Fee/Reel No.00-27478,
Official Records of Jackson County, Oregon.
The above interest is herein referred to as "Subordinator's Lien."
Subordinator has never sold or assigned Subordinator's Lien and is the present owner and holder thereof and all
obligations thereby secured.
Subordinator has agreed and consented to subordinate Subordinator's Lien to Lender's Encumbrance.
AGREEMENT
NOW, THEREFORE, in consideration of benefits to Subordinator from Owner, receipt and sufficiency of which are
hereby acknowledged, Subordinator hereby consents, covenants and agrees that all of Subordinator's right, title, lien and
interest in, to, and upon the Real Property, shall be subject to and subordinate to Lender's Encumbrance and that Lender's
Encumbrance, including any and all advances, extensions or renewals thereof, shall be first, prior, and superior to any right,
title, lien or interest of the Subordinator.
Subordinator acknowledges that, prior to the execution hereof, Subordinator has had the opportunity to examine the
terms of Lender's Encumbrance, note, and agreements relating thereto; that Subordinator consents to and approves same, and
recognizes that Lender has no obligation to Subordinator to advance any funds under Lender's Encumbrance or to see to the
application of Lender's funds; and that any application or use of such funds for purposes other than those provided for in
Lender's Encumbrance, note or agreements shall not defeat this Subordination Agreement, in whole or in part.
03 16794
SUBORDINATION AGREEMENT
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It is expressly understood and agreed that nothing herein contained shall be construed to change, alter or impair the
Subordinator' Lien, except as herein expressly set forth.
In the event that the loan above mentioned is an additional advance to be made under the open-end provisions of an
existing trust deed or mortgage held by the Lender as a first lien upon the Real Property, Subordinator agrees that all of
Subordinator's right, title, lien or interest in, to and upon the Real Properly shall be subject to and subordinate to the Lender's
existing trust deed or mortgage not only for the unpaid balance of the original loan and any further advances heretofore made
and secured by Lender's Encumbrance, but also for the additional advances now and hereafter to be made by Lender to
O~vner.
Subordinator agrees to pay Lender's attorney fees and costs in any action to enforce this Agreement, whether through
arbitration, bankruptcy or insolvency proceedings, civil action, appeals, or otherwise.
This Agreement binds Subordinator's heirs, representatives, successors and assigns, and it shall inure to the benefit of
the assignees or transferees of Lender's Encumbrance and the obligations secured thereby.
NOTICE: UNDER THE TERMS OF THIS SUBORDINATION AGREEMENT, THE NEW LOAN PROCEEDS
MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND. IT IS
RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT,
THE PARTIES CONSULT WITH THEIR ATTORNEYS ABOUT THIS AGREEMENT. READ THIS
AGREEMENT CAREFULLY, AND DO NOT SIGN IT UNLESS ALL OF ITS PROVISIONS ARE
ACCEPTABLE TO YOU.
IN WITNESS WHEREOF, Subordinator has executed this Subordination Agreement on the date firs! above wrStt
City of Ashland, a municipal corporation
STATE OFOREGON
County of Jackson :
Personally appeared the above named Paul Nolte, as City Attorney of the City of Ashland, and acknowledged the foregoing
instrument to be a voluntary act and deed, this 17th day of January, 2003.
Notary mu~!~of the Stat~ of Oregon
My commission expires: 4-6-06
OFFICIAL SEAL
SONJA N A,KE~R~A~,
NOTARY PUBLIC - OREGON
COMMISSION NO. 355~9
114884
EXHIBIT A
Lot Seventy-five (75) in CHAUTAUQUA TRACE, PHASE 3, a Planned Community in the City
of Ashland, Jackson County, Oregon, according to the official plat thereof, now of
record.
(Code 5-01, Account #1-091666-9, Map #391EllCA, Tax Lot #2716)
Jackson County, Oregon
Recorded
OFFICIAL RECORDS
FEB 2 4 2003