05-27-1993 Subordination Agreement Mtn Star506210 B -610 P -131 05128193 11:01 PG 1 OF 3
3 ,SARA J. FISHER EAGLE COUNTY CLERK. COLORADO
P/ SUBORDINATION AGREEMENT
REC DOC
15.00 0.00
\ This SUBORDINATION AGREEMENT is made this A- -%^ day of
1993, by WILDWOOD INVESTMENT COMPANY, a Colorado
partnersl 'p ( "Wildwood ").
RECITALS
A. On January 5, 1993, Mountain Star Limited Liability Company, a
Wyoming limited liability company ( "Mountain Star "), executed (1) that certain Purchase
Money Promissory Note in the original principal amount of $4,870,000 payable to the order
of Wildwood, and (2) that certain Purchase Money Deed of Trust securing the promissory
note described above (the " Wildwood Deed of Trust "). The Wildwood Deed of Trust was
recorded on January 8, 1993, in Book 598 at Page 946, in the Clerk and Recorder's Office
of Eagle County, Colorado.
B. Wildwood has agreed to subordinate the lien of the Wildwood Deed of
Trust to (1) a lien in favor of the Town of Avon ( "Avon ") evidenced by that certain deed of
trust recorded on 1993, in Book 6 /0_ at PageQ in the Clerk and
Recorder's Office of IfAgle County, Colorado (the "Avon Deed of Trust ") and (2) the
provisions of the Amended and Restated Subdivision Improvements Agreement between
Mou tain Star and Avon recorded on ? 1993, in Book 6/0 at Page
in the Clerk and Recorder's Office 4t Eagle County, Colorado (the "Subdivision
Agreement"). Wildwood now desires to acknowledge and confirm such subordination.
AGREEMENT
NOW THEREFORE, in consideration of the mutual benefits accruing to
Wildwood and Mountain Star, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Wildwood hereby declares and agrees as
follows:
1. All liens and security interests provided for in the Wildwood Deed of
Trust are now fully subordinate, junior and inferior to (a) the lien and security interest
granted to Avon pursuant to the Avon Deed of Trust and (b) the Subdivision Agreement.
2. By acceptance of this Subordination Agreement, Avon agrees to give
written notice to Wildwood of any defaults by Mountain Star under the Avon Deed of Trust.
Such notice shall specify the default in reasonable detail and may be given before or after
the notice, if any, to Mountain Star. The notice shall be sent by registered or certified mail,
addressed as follows:
Wildwood Investment Company
P.O. Box 11155
Telluride, Colorado 81435
W
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Wildwood shall have 30 days from the date of mailing such notice within which to make the
payment or render such other performance as may be required to cure any defaults, but shall
not be required to do so. Avon shall not foreclose the Avon Deed of Trust or exercise any
other right or remedy provided therein unless Wildwood fails within such 30 -day period to
cure the default of Mountain Star.
IN WITNESS WHEREOF, Wildwood has caused this Subordination Agreement
to be executed as of the date first set forth above.
WILDWOOD INVESTMENT COMPANY, a
Colorado general partnership
ILV
AGREED AND ACCEPTED:
TOWN OF AVON
I �WA
STATE OF )
ss.
COUNTY OF )
The for Bing instrument was acknowledged before me
199, by A.J. Wells as General Partner
T COMPANY, a Colorado general partnership.
Witness my hand and official seal.
My commission
�EALJ
this O "ay of
of WILDWOOD
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506210 B -610 P -131 05128193 11:01
STATE OF W W )
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PG 3 OF 3
COUNTY OF ) .
The foregoing instrument was acknowledged before me this day of
V� ,199 , by (j J 2 �\ L as V,/\ �, c✓
of the TOWN OF AVO .
Witness my hand and official seal.
My commission expires: I � Z `( I) 3
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Notary Public
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