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Home My WebLink About2007-165 Subordination Agrmt - 1313 Millpond A AmerlTlfle Part Of The JHD-WEN FamIly August 20, 2007 City of Ashland- Community Development Brandon Golden 20 East Main Street Ashland, OR 97520 RE: Escrow #: AP0781316 Parties: / HADDEN Property: 1313 Mill Pond Road Ashland, OR 97520 Dear Brandon, Weare enclosing the following on the above referenced transaction: RERECORDED SUBORDINATION AGREEMENT 2007-039150 Thank you for closing your transaction with AmeriTitle. We appreciate your business and look forward to working with you again in the future. Sincerely, - ,-bJ,f\0~ ~le Escrow Officer Enclosures 1501 E. McAndrews Rd, Medford, OR 97504 Phone (541) 779-7660 Fax (541) 779-3506 TtI.I~--~!!~~--:J;.~_J?lUN~LRERECQRDED_-TCL I (;~I~-!2~~~~I~~~C>N~~________________________________ THIS AGREEMENT dated ---------- -- -----hl---h-----2-------------_.__n____h__________h_hh______h____h____, by and between -------c:r~_l)F__~tuL~Il_ _ _________________________________________________________________________________, hereinafter called the first party, and _h_.EHH_ ORTGA(;E.-CORPORATION.-____h_h_h_h_h________h_____n____________h_h' hereinafter called the second party, WITNESSETH: On or about (date) -----~~)[_'~6~__~~~____________, __________________________________________________________________ -_h_h_h_h________, being the owner of the following described property in --!~c;~~~-_______h_h_h County, Oregon, to-wit: ~ 01989-1999 STEVENS-NESS LAW PUBLISHING co., PORTLAND, OR www.stevensness.com .--..----- .--.-.---------------~-----. ----..-- --I 1"/ NO PART OF ANY STEVENS-NESS FORM MAY BE REPRODUCED IN' 1 -, '6 t at top - Gv.) Jackson County Of lal Records 07 -026394 L \\,f.. R-SA 200708:03:00 AM I'll en!= 1 Stn=9 WALKER 1'\ Sl1>1500 $5.00 $5.0000 Total:$36.00 Jackson County OffiCial Records 2007 -039150 R~ AM Cnt=1 Stn=10 ALONZO~/20/2007 08:03:00 n $1500 $5.00 $5.00 $11.00 Total :$36.00 ~ 11111111111111 1111111 ~ 01281510200700391500030033 SUBORDINATION AGREEMENT tl CITY OF ASHLAND -------------------------------------------------------- -------------------------------------------------------- ---------------------------To--------------------------- ------J?f1H--MK5Ft1?c;~c;Ef-(X)Fip~------------------------ SPACE RESERVED FOR RECORDER'S USE -------------------------------------------------------- -------------------------------------------------------- I. Kathleen S. Beckett, County Clerk for Jackson County, Oregon, certify that the instrument identified herein was recorded in the Clerk records, After recording, return to (Name, Addraas, Zip): ----~~---~~~~-------------------------- Kathleen S. Beckett - County Clerk -------------------------------------------------------- By -----------u-n____________u_u_h___, Deputy. SEE EXHIBIT 'A' (IF SPACE INSUFFICIENT, CONTINUE DESCRIPTION ON REVERSE) executed and delivered to the first party a certain --..TRUST-.DEED.------u------_h_______h_h__.,-_U________h_h_____U_h_u___ (State whether mortgage, trust deed, contract, secunty agreement or otherwise) (herein called the first party's lien) on the property, to secure the sum of $.NU_AMT._GlYEN, which lien was: - Recorded on ----.AIlGUST.5_1-_~9..94._______u____, in the Records of .JACKSotiL___________h_U County, Oregon, in ~~K~XXXXXXXXXXXX~XXXXXXXXXXXXX~~If~lOO(~~](X'fiX XXXXXXXXXXXXX~1V~~ DOCUMENT NO. 94-28716 - RMwxx-xx-xx-xx-xx-xx-xx-xx*x*x*x*XX.XXX~K1(!~~~*X*x*x*x*x*x*x*x*x*X*X*X*X*XK*K*~XX XXXXXXX~X*XXXXXXXX}GQ{XX*XXX*Xf{RKJXx,X~~~~.f~~~~~~ X~XXXXXXXXXX*X*X~imXx - ~~~~XXWk~~~kX<<1XEOO{}~Xk9cK~JOO{*X*X*X*X*x*X*x*X*x**K***K*X-, ~:Q~~IOO'rJ>>X~R~}t~~XK~X~~RkR~}6{~Rk~~~R*K~ K'>>~XK~~~XXXXXXXX*X*X*XXKWXKKt>>KJQfu~~*X*X*X*x*x*X*X*X*X*X*X*x*x*X*X*x~ XXXXXXXXXXXXX*XXXX}GQ{*X~X~XX\XWxKXKxRKcKXxk:x~KIDf~)OO{}oo{~ XXXXXXXXXXXXXX-~~XX Reference to the document so recorded or filed is herehy 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 therehy secured. The second party is about to loan the sum of $l-ao.rOOO-..OOh-u_ to the present owner of the property, with interest there- on at a rate not exceeding 5~S75hh % per annum. This loan is to be secured by the present owner's h___U_U________h________ -------~~~-~~~------------------------------------------------------------------------------------------ (hereinafter called (State nalure of lien to be given, whether mortgage, trust deed, contract, security agreement or otherwise) -<: 00 c:;: " ..", Ol.. '" e " '" Ol- e- (tI.~ -.r: >0_ eo "'- *~ Q) ,5; 0" -.. 0. the second party's lien) upon the property and is to be repaid not more than --30--------_________ 0 days KJ years (indicate which) from its date. (OVER) ..- ----::::-c=c=:=c"----==:::-.::--=::c:c=J Orde~ No. 0781316 Page 5 EXHIBIT 'A' Lot Twenty-five (25) in CLEAR CREEK SUBDIVISION, d Community to the City of Ashland, Jackson County, Oregon, acco ng to the official plat thereof, now of record, together with t right and easement of enjoyment and use in the common areas, a ore fully set forth in the Declaration of Covenants, Condition, estrictions and Easements for said Subdivision recorded August 19 93 as No. 93-27589 of the Official Records of Jackson County egon and Amendment thereto recorded September 7, 1993 as No. 93-298 said Official Records. Lot 3700, Account No. 1-084038-1, Code 5-01) LEGAL DESCRIPTION "EXHIBIT A" Lot Twenty-six (26) in CLEAR CREEK SUBDNISION, a Planned Community to the City of Ashland, Jackson County, Oregon, according to the official plat thereof, now of record, together with the right and easement of enjoyment and use in the common areas, as more fully set forth in the Declaration of Covenants, Conditions, Restrictions and Easements for said Subdivision recorded August 19, 1993 as No. 93-27589 of the Official Records of Jackson County, Oregon and Amendment thereto recorded September 7, 1993 as No. 93-29847 said Official Records. (Map No. 391ElOB, Tax Lot 3700, Account No. 1-084038-1, Code 5-01) 3 CITY OF ASHLAND May 10,2007 Heather Becher Ameri- Title 1501 E. McAndrews Rd Medford, OR 97504 Delivered via ernail : heatherb@ameri-title.com Attached is the payoff calculation for the Kelly Madding 1 Jennifer Hadden property located at 1313 Mill Pond Road, Ashland, OR, 97520. The City provided a loan to cover the price of the System Development Fees associated with the development of the property on May 26, 1994. This original loan was in the amount of $4516.65 plus the original filing fee of$20.00.This loan (4536.65) accrues at a compound interest at a rate of6% from the date of the loan. In the event a covered unit remains affordable for a full 20 year period, the loan is forgiven without payment. It is my understanding that Jennifer Hadden is taking ownership of the property from Kelly Madding. The City has evaluated the terms of the transfer and determined that this transfer is a qualified transfer under the terms of the resale restriction covenant between the original buyer and the City of Ashland. Therefore the City is not requesting re-payment of the original loan and accrued interest. The City understands that Ms. Hadden will remain the occupant of the covered home and is not electing to payoff the SDC loan at this time. In the event she remains the occupant, or it remains occupied by a qualifying household, until May 26, 2014, then the loan will be forgiven in its entirety. Should Ms. Hadden wish to sell the home to a non-qualified applicant, or otherwise voluntarily chose to payoff the original loan plus interest, a payment in the amount of $8081.95 would be required. In the event the City receives payment in full the City will process a deed of reconveyance that will then be provided to the owner, or Title Company, to remove the City's Trust Deed from the title of the property. This Deed of Reconveyance must be signed and notarized by the City Attorney after the City has been paid in full. Thank you and feel free to call should you have any questions. The dollar amount provided assumes a close date of 6/1/07 and includes the interest accrued on the loan to that date. Interest will accrue at a per diem rate of $0.75 beyond the date stated above for the ~ ~ . d' fi \^" ,^ lmme late uture."" ...././ r .......;,/ '.' ~'-v ./. )-.... ,",' ''-J 'V~-' v'" - ^\ a--L PL--> Brandon Goldman ri.' ~~'" ", /''''.'', . .:-..,.; '-. '-' " < ~ \).: v '''...:0 . _\:L-' ,\SJ'- '\ ' ~&.'- \ /.~r;;~... . ./1. ""-..'"'. 'E- t ~ .!* t> , -- '-~ .~... l' /. V\\.\- 0 .' '\ i>-'-" \ cc. Jennifer Hadden; file 1313 Millpond From the Desk of: Brandon Goldman, Housing Program Specialist Department of Community Development Tel: 541-488-5305 20 East Main Street Fax: 541-488-5311 Ashland. Oregon 97520 TTY: 800-735-2900 www.ashland.Or.us r~'