HomeMy WebLinkAboutBozeman Interfaith Housing II Subordination Agreement, 1999
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SUBORDINA TION AGREEMENT w "02 :II( 'if 1 ')
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WHEREAS, Bozeman Interfaith Housing II, a nonprofit corporation, hereinafter designated
the "Owner", is the owner of the following described real property situated in Gallatin County, State
of Montana, to-wit:
Lot 2 of Bozeman Interfaith Housing 2, Minor Subdivision No. 223, in Gallatin
County, Montana, according to the official plat thereof on file and of record in the
office of the County Clerk and Recorder, Gallatin County, Montana.
WHEREAS, the said Owner has made application for a loan in the amount of Five Hundred
Sixty Seven Thousand Five I-Iundred and No/I 00 Dollars ($567,500.00) from the Montana Board
of Housing, hereinafter designated the "Lender", to be evidenced by a promissory note and secured
by a Deed of Trust, which shall be a first lien upon the real property described above,
WHEREAS, the undersigned, City of Bozeman, has an interest in or lien upon the real
property described above as follows:
c<l A Montana Trust Indenture, dated November 19, 1997, wherein Bozeman Interfaith
-9 Housing, Inc. (II) is the Grantor, PaulJ.Luwe, Bozeman City Attorney, is the Trustee
. .--::;- and the City of Bozeman is the Beneficiary which Trust Indenture secures a loan in
C) the amount of Twenty Five Thousand and No/lOO Dollars ($25,000.00) and was
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(:I recorded on December 19, 1997, in Film 179, Page 4308, as Document No. 356256,
e.J records of Gallatin County, Montana.
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C{"l NOW, THEREFORE, in order to permit the Owner to borrow said sum from the Lender and
to secure the same by a Deed of Trust on the real property hereinabove described, and in order to
induce theL.ender to make said loan to the Owner, the undersigned, City of Bozeman, lor itself and
for its heirs, representatives, successors and assigns does hereby agree that all of its right, title, lien
and interest in and to the above-described real property shall be subject to and subordinated to the
said Montana 'rrust Indenture and the Deed of Trust in favor of: or for the benefit of: the Lender and
its assigns, which is dated the day of , 1 99l,9and recorded on
the 8TH day of SEPTEMBER , 199J~ at 3:49 o'clock p .M., in Film
202 , Page 3592DOC!13994;m'Mortgage records in Gallatin County, Montana, and which shall
be a 1irst and prior lien upon the real property described above, superior to any right, title, line and
interest of the undersigned, City of Bozeman.
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IN WITNESS WI-IEREOF, Paul J. Luwe, Bozeman City Attorney, has set his hand and
affixed his Seal this ~: ~.'6(I day of April 1999.
CITY OF BOZEMAN
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15aul 1. Luwe,
Trustee ././'
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STATE OF MONT ANA )
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County of Gallatin )
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On this /., day of April 1999, before me, the undersigned, a Notary Public for the State
of Montana, personally appeared PAUL 1. LUWE, known to me to be the City Attorney and Trustee
for the City of Bozeman and the person whose name is subscribed to the within instrument and
acknowledged to me that he executed the same for and on behalf of the City of Bozeman.
" '. -~ ~ ~SS WHEREOF, I have herelmto set my hand and aiTixed my Notarial Seal the day
and ~ear ~t 'ab6'2::e, written. /
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Notary Public for the State of Montana
Residing at Bozeman
My Commission Expires 6/15/99
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State of Morn ~"'l'''lit'' n~ f~:>II""i'"1 >:'1< ...il"'0 1r.. ~r.i"""'''! ,....s,Er_IEtLSgK ...!o?.,.. .,..,_, 1 9 __2.2_
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at 3:51 P W.. ~ n',';.(;;,Ju;j ir, f(".h~ 202 ~j'i MISCELLANEOUS ~:': 3612
~.~9 an", Re.or<Jt;:-t\- ~~ U'~;-
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FEE: $12.00
RT: SECURITY TITLE CO.