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HomeMy WebLinkAboutC87-050 Subordination Agreement Gerald Best and First Security SavingsBOOK... M7-50-17 SUBORDINATION AGREEMENT Y. EAOLE GT r.LtiV L, .t. An 7 �3 45 FM TP THIS AGREEMENT made this day of , 19871, by GERALD E. 'BEST and VERA BEST, owner of the land described on / Exhibit "A" attached hereto and incorporated herein by this reference and hereinafter referred to as the "Owner," and FIRST (, SECURITY SAVINGS AND LOAN ASSOCIATION, present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as the "Beneficiary"; W I T N E S S E T H: WHEREAS, Gerald E. and Vera Best did execute a deed of trust dated February 10. 1986 , to the Public Trustee of Eagle County, Colorado, as trustee covering the property described on Exhibit "A" attached hereto to secure a promissory note in the sum of $ 72,000.00 dated February 10, 1986 , in favor of First Security Savings and Loan Association, which deed of trust was recorded February 11, 1986 , in Book 436 at Page 113 of the records of Eagle County, Colorado; and WHEREAS, Owner has executed or is about to execute an agreement with the Board of County Commissioners of the County of Eagle, Colorado, dated ' January 12, 1987, (hereinafter referred to as the "County"), which agreement was recorded on January 19, 1987 , in Book 456 at Page 101 of the records of Eagle County, Colorado, and which agreement, inter alia, pro- vides for the conveyance of certain construction and permanent easements from Owner to the County for the purposes more speci- fically set forth in said agreement; and WHEREAS, it is a condition precedent to the terms of said agreement that said construction easements and permanent ease- ments last above mentioned shall unconditionally be and remain at all times prior and superior to the lien or charge of the deed of trust first above mentioned; and WHEREAS, it is of the mutual benefit of the parties hereto that `the County enter into said agreement with Owner, and Beneficiary is willing that the easements conveyed pursuant to said agreement shall when recorded be unconditionally prior and superior to the lien or charge of the deed of trust first above mentioned. NOW, THEREFORE, for and in consideration of the mutual bene- fits accruing to the parties hereto and other valuable consider- ation, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce the County to make the agreement above referred to, it is hereby declared, under- stood, and agreed as follows: 1. That the easements conveyed pursuant to the agreement above referred to with the County and any renewals or extensions -1- thereof shall and conditionally be and remain at all times prior and _s_uperior to the lien or _charge of the deed of trust first above mentioned. 2. That the County would not make its agreement without this Subordination Agreement. 3. Upon the reconveyance of the easements referred to in said agreement to the Owner by the County upon the terms con- tained in said Agreement, this Subordination Agreement shall likewise be extinguished and shall be of no further force or effect. Beneficiary declares, agrees, and acknowledges that: A. It consents to and approves all provisions of the agreement between the Owner and the County above referred to. B. The County is under no obligation or duty to nor has the County represented that it will see to the applica- tion of any proceed or have any obligations to the Beneficiary. C. Beneficiary intentionally and unconditionally waives, relinquishes, and subordinates the lien or charge of the deed of trust first above mentioned in favor of the easements conveyed pursuant to said Agreement in favor of the County above referred to and understands that in w reliance upon and in consideration of this waiver, relinquishment, and subordination, specific agreements are being made and will be made and, as a part and par- cel thereof, specific 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. VERA BEST -2- County Clerk EAGLE COUNTY, COLORADO By Chairma Board of County Commissioners •s• i r• C : •,► by:FIRST SECURITY SAVINGS AND LOAN ASSOCIATION, a Federal Savings & Loan Association, its Servicing Agent By G% Robrt Jordan, Senor Vice President e�4 -3- STATE OF COLORADO ss. County of E T -- ) The foregoing instrument was . day of rkarch , 1987, BEST. acknowledged before me this by GERALD E. BEST and VERA WITNESS my hand and official seal. A toy ,commission expires :ly . �Notary Public STATE OF COLORADO County of z�- f e, J The foregoing, .day of a Chair an t V�'t C.'unty of Eagle, Cc ss. instrument was ack owled ed efor/e �}e this 1987, by on /+?� 17, ie Board of Count Commissioners, and by 9S , as County Clerk, on behalf of the 1orado. WITNESS my hand and official seal. d CD C) My Commission expires: _ 0 O Notaru Publ -4-