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HomeMy WebLinkAboutContract No. 2013 2517 ANOKA COUNTY MINNESOTA Document No: 514750.003 TORRENS I hereby certify that the within instrument was filed in this office for record on 03/29/2013 11:41:26 AM Fees/Taxes In the amount of: $46.00 Larry W.Dalien Deputy: Tim!Bailey Anoka County Property Tax Administrator/Recorder/Register of Deeds Record ID:2588909 SUBORDINATION AGREEMENT THIS SUBORDINATION AGREEMENT("Agreement") is entered into on February 11, 2013 by and between the City of Columbia Heights, a Minnesota municipal corporation ("City"), and Wells Fargo Mortgage, a National Bank("Wells Fargo"). RECITALS WHEREAS, Constance Fitzgerald, a single person ("Owner") is the fee owner of that certain real property in Anoka County, Minnesota, legally described on the attached Exhibit A("Property"); and WHEREAS,the City is the owner and holder of a mortgage currently encumbering the Property, dated June 25, 2010 and recorded July 19, 2010 as Anoka County Registrar of Titles Document No. 502077.010 in the original amount of$4,630.22 (the "City Mortgage"); and WHEREAS, Wells Fargo is the owner and holder of the proposed mortgage of the refinance; and WHEREAS,Wells Fargo has requested that the City subordinate the City Mortgage to the Wells Fargo Mortgage; and WHEREAS, the City has agreed to subordinate the City Mortgage to the Wells Fargo Mortgage. NOW, THEREFORE, in consideration of the above recitals the parties agree as follows: SECTION 1. SUBORDINATION The City hereby covenants and agrees that the City Mortgage shall be considered, and in all respects shall be, subordinate to the Wells Fargo Mortgage and any extensions or renewals of the Wells Fargo Mortgage; provided, however,that the amount of this subordination shall not exceed the amount of indebtedness outstanding under the Wells Fargo Mortgage of$49,500,with interest thereon as provided in Wells Fargo's promissory note,together with all other costs or expenses advanced pursuant to the terms of the Wells Fargo Mortgage or promissory note. SECTION 2. FURTHER ASSISTANCE The City covenants and agrees that, if reasonably deemed necessary by a title company or an attorney for a title company to properly document the subordination by the City contained in this Agreement,then City shall duly execute and deliver to Wells Fargo and such title company any instrument, document, conveyance, release or waiver which will more fully and adequately subordinate the right, title, estate, lien and interest of the City to the right, title, estate, lien or interest of Wells Fargo. SECTION 3. MISCELLANEOUS A. All rights and obligations arising out of this Agreement shall inure to the benefit of and being binding upon the respective successors and assigns of the parties hereto. B. This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of Minnesota. C. This Agreement shall remain in full force and effect until all amounts due Wells Fargo pursuant to the Wells Fargo Mortgage and promissory note have been fully paid and satisfied, and thereafter it shall terminate. After said termination,the parties shall Return To LSI-LPS S East Recording Solutions 700 Cherrington Parkway Coraopolis, PA 15108 execute such documents or instruments as may be reasonably necessary or required to remove any cloud on title caused by this Agreement. D. This Agreement or a memorandum hereof may be recorded in the appropriate office in Anoka County, Minnesota to protect and give notice of the respective rights of the City and Wells Fargo hereunder. [Signature pages follow] SIGNATURE PAGE TO SUBORDINATION AGREEMENT CITY OF COLUMBIA HEIGHTS IN WITNESS WHEREOF,the parties have caused this Agreement to be executed the year and day above first written. City of Columbia Heights, A Minnesota Corporation By: v !' Date: ? Walt Fehst, City Manager STATE OF MINNESOTA) )ss COUNT'OF' The foregoing instrument was acknowledged before me this day of L�L013, by Walt Fehst, City Manager of the City of Columbia Heights, a Minnesota municipal corporation on behalf of the corporation. Tod A Leo hardt I 1 = Notary Public No Public �. Minnesota �YCommissionEX iresJanu A January 31,2014 City of Columbia eig s, A Minnesota pora ion B I e Dater r'3 Gary Peters n, Mayor STATE OF MINNESOTA) )ss COUNTY 0 The foregoing instrument was acknowledged before me this day of 2013, by Gary Peterson, Mayor of the City of Columbia Heights, a Minnesota municipal corporation on behalf of the corporation. I N6 )Public To T©ri A. t,eanhardt Notary Public Minnesota January31,2014 My Commission Expires SIGNATURE PAGE TO SUBORDINATION AGREEMENT WELLS FARGO NATIONAL BANK Wells Fargo I3c,H 1< A/-4 A By: Name: Michaei Robbins Its: Vice President Loan Documentation Date: L//f' 4s The foregoing instrument was acknowledged before me this iP day of/:its 2013, by X;4 AW,�S the V404w-J L, 6yr 444, bells Fargo aV'law 0cr-wAArt on behalf of the Corporation. otary Public :, ",< Scott M. Severson <•`t:, , .�, Notary Public # Minnesota 4 ' My Commission Exores January 31,2017 Order No.: 15575112 Loan No.: 0295056238 Exhibit A The following described property: In Anoka County, Minnesota, described as follows: Lot 3 and Lot 2 except the North 1/2, Block 8, Sheffield's Second Subdivision. Certificate of Title Number: 77714 Assessor's Parcel No: 25-30-24-33-0127