HomeMy WebLinkAbout2005-300 Subordination Agrmt - Davis
First American
First American Title Insurance Company of Oregon
1225 Crater Lake Ave, Ste 101
Medford, OR 97504
Phn - (541)779-7250
Fax - (541)779-4013
Barbara Christensen, City Recorder
20 E Main St
Ashland, OR 97520
January 04, 2006
File No: 7161-705939 (SHT)
Attn:
Re:
Property: 1268 Rose Lane, Ashland, OR 97520
Borrower: Katherine E. Davis
In connection with the above referenced transaction, enclosed please find the following for your records:
· Subordination Agreement
Should you have any questions or need assistance please contact the undersigned.
First American Title Insurance Company of Oregon
Kelly Camino, Assistant for
Sylvia Towne, Escrow Officer
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Jackson County Official Records 2005-078222
R-SA
Cnl=1 Sln=3 MORGANS~2128/2005 02:00:00 PM
$2000 $5.00 $11.00 Total:$36.00
II1I1111111111111111111
01165780200500782220040049
A.P.N.:
Rle No:
1-085800-6
7161-705939 (SHT)
i, Kathieen S. Beckett, County Clerk for Jackson County, Oregon,
certify that the instrument identified herein was recorded in the Clerk
rec ords.
Kathleen S. Beckett - County Clerk
When Recorded Return To:
Rrst American Title
1225 Crater Lake Avenue
Medford, OR 97504
~ -loS-Q3Q-S\
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
UEN OF SOME OTHER OR LATER SECURITY INSTRUMENT.
Jo
S-
1/
THIS AGREEMENT, made this Twentieth day of December, 2005, by
Katherine E. Davis
Owner of the land hereinafter described and hereinafter referred to as "Owner", and
City of Ashland
present Owner and Holder of the Deed of Trust and Note first hereinafter described and hereinafter
referred to as "Beneficiary";
WITNESSETH
THAT WHEREAS, Owner has executed a Deed of Trust dated December 24, 1996 to Paul Nolte, as
Trustee, covering:
Lot 12 of ASHLAND PARKVIEW SUBDIVISION, a Planned Community Development, in
the City of Ashland, Jackson County, Oregon, according to the Official Plat thereof,
recorded in Volume 19, Page 44, Plat Records.
to secure a Note in the sum of $4,395.04, dated December 24, 1996, in favor of City of Ashland,
which Deed of Trust was recorded August 21,1997, as Instrument No. 97-31274, of said
County; and
WHEREAS, Owner has executed, or is about to execute, a Deed of Trust and Note in the sum of
$85,000.00, dated December 15, 2005, in favor of National City Bank of Indiana, 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
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A.P.N. 1-085800-6
Subordination Agreement - continued
File No.: 7161-705939 (SHY)
Date: December 20, 2005
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 property prior and superior to the lien or charge of the Deed of Trust
first above mentioned and provided that 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 Lender; and
WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such loan to Owner; and
Beneficiary is willing that the Deed of Trust securing the same shall, when recorded, constitute a lien or
charge upon said land which is unconditionally prior and superior to the lien or charge of the Deed of
Trust 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 any renewals or extensions
thereof, shall unconditionally be and remain at all times a lien or 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 Deeds of Trust hereinbefore specifically described, any prior
agreement as to such subordination including, but not limited to, those 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
(a) He 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;
(b) 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 proceeds by the person
or persons to whom Lender disburses such proceeds and any application or use 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;
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A.P.N.1-085800-6
Subordination Agreement - continued
File No.: 7161-705939 (SHT)
Date: December 20, 2005
(c) He 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 wavier, 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
(d) 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 above referred to.
NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH
ALLOWS THE PERSON OBUGATED ON YOUR REAL PROPERTY SECURITY TO
OBTAIN A LOAN A PORTION OF WHICH MAY BE EXPENDED FOR OTHER
PURPOSES THAN THE IMPROVEMENT OF THE LAND.
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A.P.N.l-085800-6
Subordination Agreement - continued
File No.: 7161-705939 (SHY)
Date: December 20, 2005
(ALL SIGNATURES MUST BE ACKNOWLEDGED)
IT IS RECOMMENDED THAT, PRIOR TO THE EXEClJT10N OFTHlS SUBORDINATION AGREEMENT, THE ~KTII5 CONSULT WffH THEIR
ATTORNEYS WITH RESPECT THERETQ
(CLTA SUBORDINATION FORM nAn)
BENEACIARY:
By:
''''no? CJ
STATE OF OREGON )
: 55.
COUNTY OF
JACKSON
)
Th~ instrument was~cknowledged before me on
Oi'C. :J..?>, 7 O(h by
(It,i cLuu_L" Frt-u~ if as
Attorney for
the CiW of Ashland.
tv 1/( . t2/t{~r'-J
Notary Public
(My commission expires: l' ~ & - tJh )
;,("",.. .
j~ i' OFFICIAL SEAL
~fY SONJA N AKERMAN
.... .' NOTARY PUBLIC.. OREGON
". .... COMMISSION NO 355829 '.
':~,~~~ MY COMMISSION EXPIRES APRIL 6. 2006
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