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HomeMy WebLinkAboutC88-082 Subordination Agreement with Arrowhead at Vail` C88 -82 SUBORDINATION AGREEMENT NG ; 59 This Agreement is dated as of the lst day of June, 1988s between Arrowhead at Vail, a Colorado joint venture ( "Borrower "), whose address is P.O. Box 69, Edwards, Colorado 81632, and The First National Bank of Boston ( "Lender "), whose address is 100 Federal Street, Boston, Massachusetts 02110. 0 07� RECITALS A. Borrower executed a Deed of Trust dated November 14, 1984, and recorded November 15, 1984, in Book 399, Page 800, and a Uniform Commercial Code Financing Statement in Book 399, Page 801, both in the records of the Clerk and Recorder of Eagle County, Colorado, to encumber certain real property located in Eagle County, Colorado, more fully described therein (the "Property ") for the benefit of Lender. (The deed of trust and financing statement described in this paragraph are referred to collectively as the "Lender's Deed of Trust" in this Agreement.) B. Borrower has pledged to complete certain improvements to the Property, as evidenced by a Tenth Amended Subdivision Improvements Agreement (the "Tenth Amended Agreement ") executed by Borrower and the Board of County Commissioners, Eagle County, Colorado (the "Board of County Commissioners "), dated the date of this Agreement. The Tenth Amended Agreement is secured by a deed of trust (the "County's Deed of �4 Trust ") also dated this date, encumbering a portion of the Property more fully described in Exhibit A attached to this Agreement (the "Exhibit A Property "), for the benefit of the Board of County Commissioners. C. The Board of County Commissioners requires that the Tenth Amended Agreement and the County's Deed of Trust evidence a lien first in priority against the Exhibit A Property. D. Lender is willing to subordinate the lien of Lender's Deed of Trust to the lien of the County's Deed of Trust, but only to the extent that Lender's Deed of Trust affects the Exhibit A Property, in order that Borrower may continue its plans for development of the Property. For reasons set forth above, and in consideration of the provisions in this Agreement, Borrower and Lender agree as follows: AGREEMENT 1. Subordination. As an inducement to the Board of County Commissioners to enter into the Tenth Amended Agreement, Borrower and Lender hereby subordinate the lien of Lender's Deed of Trust, to the extent it affects the Exhibit A Property, to the lien of the County's Deed of Trust, which will be recorded concurrently with this Agreement in the records of the Clerk and Recorder of Eagle County, Colorado. Borrower and Lender further declare that the lien of the County's Deed of Trust shall be prior and superior to the lien of Lender's Deed of Trust against the Exhibit A property. 2. Binding Effect. This Agreement shall inure to the benefit of the Lender, Borrower, the Board of County Commissioners, and their respective successors and assigns. -1- 3. Governing Law. of the State of Colorado. V'9' %?3 � tRd Yls 41� , '2, AttestAJ.LunWent, Betty S f&6lSg p q tt w A� y4 Attest. Betty J. J. L gren, Secr tary COMMONWEALTH OF MASSACHUSETTS COUNTY OF SUFFOLK This Agreement will be governed by the laws Mil THE FIRST NATIONAL BANK OF BOSTON BY: E ^a Richard E. Lynch �� Vice President ARROWHEAD AT VAIL, a Colorado joint venture BY: Arrowhead at Vail, Inc. a Delaware corpor ion, j nt venturer ,t BY� C. Don Williams President BY: WEDGE Real Estate Ltd., a Texas limited partnership, joint venturer ss. BY: Arrowhead at Vail, Inc. a Delaware corporation, sole general part r C. Don Williams President The foregoing instrument was acknowledged before me this a- 5 day of Plq , 1988, by Richard E. Lynch as A-s� •nt Vice President of THE FIRSt NATIONAL BANK OF BOSTON. Witness my hand and official seal. My commission expires: f(( f -2- STATE OF COLORADO ) ss. COUNTY OF EAGLE ) The foregoing instrument was acknowledged before me this n day of , 1988, by C. Don Williams as President and Betty J. Lundgren as Secretary of ARROWHEAD AT VAIL, INC., a Delaware corporation, joint venturer in ARROWHEAD AT VAIL, and sole general partner of WEDGE REAL ESTATE LTD., a Texas limited partnership, joint venturer in ARROWHEAD AT VAIL, a Colorado joint venture.. Witness my hand and official seal. 4 My commission expires: 6 /lilg9 a� j a tarry Public Y Address: )00 ¢p.4 qn .gg,g�,gtt fa �si9v` �F�6p2��6fi sia T C" -3- EXHIBIT A ;Those_ portions of the NE 1/4 NW 1/4 and the NW 1/4 NE 1/4, -Section 9, Township 5 South, Range 82 West of the Sixth Principal Meridian, Eagle County, Colorado, lying south of U.S.- Highway 6 and .24 and west of Arrowhead at Vail Filing No. 15, according to the map thereof recorded in Book 393 at Page 94 in the office of the Eagle County, Colorado, Clerk and Recorder, being described as follows: Beginning at a point on the'-south line of'said NW 1/4 NE 1/4, which is also the most westerl y. corner of .Lot 1/ of said Arrowhead at Vail Filing No. 15; thence along. said south line S 89'.19'04"W 1035.06 feet to the southeast corner of said NE 1 /4'NW. 1/4; thence the following three courses along the south, west, and north lines of said NE 1/4 NW 1/4: (1) S 89'19'18 "W 1348.00 feet to, the southwest corner of said NE -1/4 NW . 1/4:., (2) 21 00'12'2'6 "E 1400.27 feet to the northwest corner of said NE 1/4 NW 1/4; (3) S 89041153"E 166.98 feet to the southerly right -of -way Of U.S. -Highway -6 and 24; thence the following four courses along said right -of -way: (1) 75.41 feet along the arc of a curve to �the..left having a radius of 2915.00 feet, a of angle of 01'28156 ",and a chord which *bears S 81'16'32 "E 75.40 feet; (2) S 82'01'001!E 1416.40 feet; (3) 407.10 feet along the arc of a curve to the left having a radius of 1960.00 feet, a central angle of. 11'54'00 "E and a chord which bears S 87.58'Op "E 406.35 feet; (4) N 86'05'00"E 52.03 feet to the taesterly boundary of said Arrowhead at Vail Filing o g . .15, thence the following six courses along said boundary: (1) S 03'55'00 "E 107.12 feet; (2) .122.56 feet along the arc of a curve to the right-having a radius of 437.47" feet, a central angle of 16'03103", and a chord which bears S '04'06134 "W 122.16 feet; (3) S 77'51'52 "E 10.00 feet; (4). 678.60 feet along the arc of - curve to the left having a radius Of 530.00 feet, a central angle of 73'21139", and a chord which bears S 24'32141" E 633.19 feet; (5) S 39'37140" W 209.30 feet; (6) S 36'59105" E 229.25 feet to the point of beginning, containing 63.56 acres, more or less.