Subordination Agreement 8-21-2020Eagle County, CO 202014795
Regina O'Brien 09/01/2020
Pgs: 2 01:13:53 PM
REC: $18.00 DOC: $0.00
SUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT is made and entered into this 21st day of August , 2020_,
by TOWN OF AVON, a Colorado home rule municipality ("Subordinator")").
WITNESSETH
WHEREAS, _ Michael S Rieck and Jessica E Vandeabouten ("Borrower'D executed a Notice and
Statement of Tax Lien now payable to Subordinator dated 9/23/2019 in the principal sum of P200.00 (the
"Notice and Statement of Tax Lien") which Notice and Statement of Tax Lien for the benefit of Subordinator,
recorded on 9/25/2019 at Reception No. 2019.16016 of the records in the office of the
Clerk and Recorder of Eagle County, State of Colorado, which Subordinate Notice and Statement of Tax Lien
encumbers certain real property (the "Property") located in the County of Eagle, Skate of Colorado, being more
particularly described as follows:
WHEREAS, the Section 3.12.060(17) of the Avon Municipal Code provides a real estate transfer tax
exemption for the first $160,000.00 of consideration paid to purchase a property provided that the purchaser uses the
property as a primary residence and provided that th� purchaser grants to the Town a lien securing the indebtedness
for real estate transfer tax liability in the event that Pe property is not used as the purcbaser's primary residence
within one year after closing, and further provides.tb* such lieh shall be subordinate to any fust mortgage or deed
of trust of record; !
r
WHEREAS, Borrower requested that UNIVERSAL LENDING CORPORATION ISAOA ("New
Lender"} make Borrower a loan in the principal sum not to exceed $373,000.00 (the "New Loan");
WHEREAS, New Lender agreed to make the New Loan which New Loan is or will be evidenced by a
promissory note (the 'New Promissory Note") and secured by a deed of trust encumbering the Property (the "New
Deed of Trust"), which shall be the first deed of trustiof record,
. NOW THEREFORE, IN COMPLIANCE ;a IT11 ,SECTION 3.12.060(15) OF TIM AVON MUNICIPAL
CODE, and with acknowledgement by Subordinator that New Lender is relying upon Subordinator's agreement and
representations herein, Subordinator hereby agr�es as follows:
L' Subordinator does hereby agree that the Subordinate Notice and Statement of Tax Lien and all other
documents evidencing or securing the Notice and Statement of Tax Lien and all of the Subordinator's right thereunder
shall be in all respects subordinate, secondary, inferior and junior to the lien of the New Deed of Trust which will be
recorded simultaneously herewith and to all loan documents and to any extensions, renewals or modifications made
thereto, executed and delivered by the Borrower to the New Lender as security for the Now Loan., provided that such
New Deed of Ttust is acid shall remain the first deed of trust of record in priority.
2. This Subordination Agreement, and each and every covenant, agreement and: other provisions hereof, shall
be binding upon the Subordinator and it's successors and assigns.
. 3. This Subordination Agreement is made and executed under, and in all respects will be governed and
construed by, the laws of the State of Colorado.
[SIGNATVAE PAGE FOLLOWS]
n 1 ---
i
D3iG �..:-4� .��a.
SUBORDINATION AGREEMENT . ;�,�, �,. orn 800.4C0.5657
THIS SUBORDINATION AGREEMENT is made and entered into this _21st_ day of August , 2020_,
by TOWN OF AVON, a Colorado home rule municipality ("Subordinator").
WITNESSETH
WHEREAS, Michael S Rieck and Jessica E Vandenhouten ("Borrower") executed a Notice and
Statement of Tax Lien now payable to Subordinator dated 9/23/2019 in the principal sum of2$3 00.00 (the
"Notice and Statement of Tax Lien") which Notice and Statement of Tax Lien for the benefit of Subordinator,
recorded on 9/25/2019 at Reception No. 201916016 of the records in the office of the
Clerk and Recorder of Eagle County, State of Colorado, which Subordinate Notice and Statement of Tax Lien
encumbers certain real property (the "Property") located in the County of Eagle, State of Colorado, being more
particularly described as follows:
WHEREAS, the Section 3.12.060(17) of the Avon Municipal Code provides a real estate transfer tax
exemption for the fust $160,000.00 of consideration paid to purchase a property provided that the purchaser uses the
property as a primary residence and provided that the purchaser grants to the Town a lien securing the indebtedness
for real estate transfer tax liability in the event that ;the property is not used as the purchaser's primary residence
within one year after closing, and further provides that such lien shall be subordinate to any first mortgage or deed
of trust of record;
WHEREAS, Borrower requested that UNIVERSAL LENDING CORPORATION ISAOA ("New
Lender") make Borrower a loan in the principal sum not to exceed $373,000.00 (the "New Loan");
WHEREAS, New Lender agreed to make the New Loan which New Loan is or will be evidenced by a
promissory note (the "New Promissory Note") and secured by a deed of trust encumbering the Property (the "New
Deed of Trust"), which shall be the first deed of trustpf record.
NOW THEREFORE, IN COMPLIANCE WITH SECTION 3.12.060(15) OF THE AVON MUNICIPAL
CODE, and with acknowledgement by Subordinator that New Lender is relying upon Subordinator's agreement and
representations herein, Subordinator hereby agrees as follows:
1. Subordinator does hereby agree that the Subordinate Notice and Statement of Tax Lien and all other
documents evidencing or securing the Notice and Statement of Tax Lien and all of the Subordinator's right thereunder
shall be in all respects subordinate, secondary, inferior and junior to the lien of the New Deed of Trust which will be
recorded simultaneously herewith and to all loan documents and to any extensions, renewals or modifications made
thereto, executed and delivered by the Borrower to the New Lender as security for the New Loan, provided that such
New Deed of Trust is and shall remain the first deed of trust of record in priority.
2. This Subordination Agreement, and each and every covenant, agreement and other provisions hereof, shall
be binding upon the Subordinator and it's successors and assigns.
3. This Subordination Agreement is made and executed under, and in all respects will be governed and
construed by, the laws of the State of Colorado.
[SIGNATURE PAGE FOLLOWS]
IN WITNESS WHEREOF, the Subordinator has executed this Subordination Agreement on the date and
year set forth above.
"Subordinator"
TOWN OF AVON
By:
Its: t'J
STATE OF COLORADO
ss
COUNTY OF EAGLE
The f ��regoin instrument was acknowledged before me this "2 day of m L � , 202 , by
1—i as TiV1A'Y\1 G 12
of TOWN OF AVON.`
Witness my hand and official seal.
My commission expires: o1 3
Public
__oma
RUNEL BURNS
NOTARY PUBLIC
STATE OF COLORADO
NOTARY ID 20194024102
My Commission Expires June 26, 2023