HomeMy WebLinkAboutTien, Mia M.-Subordinantion Agreement 0011 1111 011111 II III II IIIIIII I II
Doc ID: 011912350001 Type: GEN
Recorded: 03/09/2023 at 02:17:01 PM
Fee Amt: $7.00 Page 1 of 1
Black Hawk County Iowa
SANDIE L. SMITH RECORDER
File2023-00012316
D tOa-Lrloo
At Prepared by Waterloo Housing Authority 620 Mulberry Street, Waterloo, IA 50703
(319) 233-0201
SUBORDINATION AGREEMENT
This agreement is made by the City of The City of Waterloo, Iowa, acting by and through the
Waterloo Housing Authority, makes this Agreement
WHEREAS, Mia M Tien, is requesting this agreement to be subordinated which is commonly
known as 1543 Woodmayr Drive Waterloo, Iowa and legally described as follows: Greenbrier Lot
50 in the City of Waterloo, Black Hawk County, Iowa.
WHEREAS, said Mia M Tien received a Mortgage loan from the City dated January 15, 2021
and filed for record on February 9, 2021 in City Lot Mortgage Doc. 2021-00016818.
WHEREAS, this Mortgage loan secures the sum of$3,500 but provides that said Mortgage loan
will be forgiven by the City if said Mia M Tien retains legal possession of this property for a period
of five years from the date of the Mortgage; and
WHEREAS, the City is willing to subordinate this Mortgage interest to a new Mortgage loan to be
given by said Mia M Tien to Veridian Credit Union.
NOW, THEREFORE, in consideration of the mutual benefits accruing to the City and Mia M Tien,
and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is
hereby declared, understood and agreed as follows:
1. That the Mortgage securing the Note in favor of Veridian Credit Union, shall unconditionally be
and remain at all times a lien or charge on the real estate described herein,prior and superior to the
lien of the Mortgage to the City, which was given by Mia M Tien, dated January 15, 2021, and filed
for record on February 9, 2021 in City Lot Mortgage Doc. 2021-00016818.
2. That the Mortgage executed by Mia M. Tien to the City, is and shall be subject both in lien and
payment to the Mortgage dated January 15, 2021, made by Mia M Tien to Veridian Credit Union
shall not be affected or impaired by judicial sale under a judgment recovered under the Mortgage
given to the City, but any such sale shall be expressly subject to the lien of the Mortgage dated
January 15, 2021 to Veridian.Credit Union.
Subordination Agreement dated this March 7, 2023 in Waterloo, Iowa.
CITY OF WATERLOO, IOWA acting by and through
the WATER 00 HOUSIN I,JTH RITY
Jo athan Grieder
State of Iowa, County of Black Hawk ss:
On this 7 day of March2023 before me, a Notary Public in and for the State of Iowa,personally
appeared Jonathan Grieder to me personally known and, who being by me duly sworn, did say that
she is the Chairperson of the City of Waterloo's Housing Authority Board of Commissioners, and
that said Jonathan Grieder, by authority of the City of Waterloo Housing Authority's board of
commissioners, acknowledges the execution of this instrument to be the voluntary act and deed of
said Board of Commissioners, by it voluntarily -4.ecuted.
� i. 0,4I � � , 1
"u S SENADA MUHIC NotaryPublic in and for the State of Iowa
i t COMMISSION NO.
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