HomeMy WebLinkAboutCity of Bozeman and HRDC Subordination Agreement RETURN[7UCUMENTTO:
American Land Title Company
IBoo W.Koch,Bozeman,MT 5'9795 Pa4�e: 1 of 2
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SUBORDIINATION AGREEMENT
WHEREAS, the Human Resource Development Council, Inc. (HRDC), a non-profit
corporation, hereinafter designated as Owner, is the owner of the following described real
property situated in Gallatin County, Montana:
Lot 1 in Block 1 and Lot I in Bloch: 2 of West Babcock Subdivision, a tract of land
located in the NE1/ of Section 11, Township 2 South, Range 5 East, P.M.M., Gallatin
County, Montana, according to the official plat thereof on file and of record in the office
of the County Clerk and Recorder of Gallatin County, Montana. [Plat J-189].
WHEREAS, the Owner has made application for a loan in the amount of Four Hundred
Thirty One Thousand Seven Hundred Thirty One dollars and 05/100 ($431,731.05) from Big
Sky Western Bank, hereinafter designated as "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 as follows:
A Montana Trust. Indenture dated January 22, 1996 from HUMAN RESOURCES
DEVELOPMENT COUNCIL, INC (HRDC), as Grantor to PAUL J. LUWE, Bozeman
City Attorney, as Trustee and CITY OF BOZEMAN, as Beneficiaries, recorded
November 10, 1997 as Document No. 353972 pertaining to the following described real
property, to wit:
WHEREAS, THE City of Bozeman, Beneficiary, has appointed Gregory S. Sullivan,
Bozeman City Attorney, as the successor trustee under the above described Trust-Indenture by
Substitution of Trustee duly recorded in the records of Gallatin County, Montana.
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, 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 described above, and to
induce the Lender to make said loan to the Owner, the undersigned, City of Bozeman, for 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 Deed of Trust in favor of, or for the benefit of, the Lender and its assigns,
which is dated the 30th day of May, 2013 and recorded on the 3rd day of June 2013 at document
number 2451107 in the records of the Gallatin County, Montana Clerk and Recorder, and
which shall be a first and prior lien upon the real property described above, superior to any right,
title, lien and interest of the undersigned, City of Bozeman.
This subordination applies only to the above described Deed of Trust between the Bozeman City
Attorney and City of Bozeman to Big Sky Western Bank and shall not operate as subordination
to any other encumbrance.
Dated this 31 st day of May, 2013.
Greg Ilivan, City ttorney and Successor Trustee
State of Montana
:
County of Gallatin
On this '�-- day of
A 2013,before me, a Notary Public in and for said State,
personally appeared 6REd S[XLIVAN, known to me to be the City Attorney for the City of
Bozeman and Successor Trustee and the person whose name is subscribed to the within
instrument and acknowledged to me that they executed the same for and on behalf of the City of
Bozeman.
Heather Sienvenue
ayy tan]
Public
Notar'l
a ary,Public for the State of Montana.
P1,14%C-,I-for the state of mor,tan
rn
Residing at:
Residing at Bozeman, Montana
Bozeman, mantana
my commisson Exp�re!s: My commission expires:
1-6, 20�1 4
Janus r-y,____._j
AIM"......E--"'R-I C - L A-A-N N
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Bigy Sky(Clranclr Of a Ennis(Branch Oj ce)
(406)993-2101 •(866)993-2102 (446)682-5299
Fax:(406)993-2104 (8010)405-5299
tt'er.aIt .kriz Fax:(406)682-5288
78 Meadow Jr11 age Drive,Suite 13 3 Geyser Street
RO.Box 161528 Bozeman(Alain Office)
Big Sky,NIT 59716 (406)587-5563•(888)405-5299• P.O.Box 1248
bigsky@altc.biz fax:(406)587-8038 Ennis,NIT 59729
1800 West Koch-P.O.Box 396 ennis@altc.biz
Bozeman,MT 59715•59771-0396
bozenian@aItc.biz
altc.biz
City of Bozeman. Date Out:
Attn: Greg Sullivan order No.: 1-98751
Bozeman City Attorney
P.Q. Box 1230 Reference: (The Home Corporation)
Bozeman, MT 59771-1230
In connection with the above transaction, we enclose:
[ ] Policy of Title Insurance [ ] Purchasers
[ ] Owners
[ ] Standard Loan
[ ] ALTA Loan
[ ] Sec. Residential
]
Endorsement(s)
[ ] Deed
] Notice of Purchaser's Interest
[ ] Trust Indenture/Deed of Trust/Mortgage
[ ] Assignment All „
[ ] Satisfaction/Reeonveyance
[X] Subordination Agreement
[ 1
[ ] Extra copies of documents which you requested
[ ] Receipted Tax Bill
[ ] Bill
[ ] Refund: our Check# in the amount of$
Thank you for giving us the opportunity of serving you.
AMERICAN LAND TITLE COMPANY
Kelley Johnson
Policy Production