HomeMy WebLinkAboutFDP WTC (Chandler Group, LLC) - Subordination Agmnt - 11/6/2023 SUBORDINATION AGREEMENT
The undersigned CITY OF WATERLOO, IOWA, is the owner and holder of a MORTGAGE
dated January 15, 2016, and recorded January 15,2016, at the Recorder of Deeds of Black Hawk
County, Iowa, as Document Number 2016-12510 (the "Waterloo Mortgage"). In consideration
of the sum of two dollars and other good and valuable consideration the receipt of which is
hereby acknowledged, the CITY OF WATERLOO, IOWA, hereby covenants and agrees to the
following: The lien of said Waterloo Mortgage shall be and the same hereby is made subject and
subordinate to,with the same force and effect as if said Mortgage has been executed, delivered,
and recorded after, the Mortgage to THE CHANDLER GROUP, LLC, dated August 23, 2023 in
the amount of$1,500,000.00 and executed by FDP WTC, L.L.C., securing that certain
promissory note dated August 23, 2023, and recorded as Document number 2023-02961 in
August 29, 2023, in favor of THE CHANDLER GROUP, LLC, in the amount of$1,500,000.00
due on April 23, 2024.
WITNESS the hand and seal of the undersigned this 23rd day of August, 2023.
CITY OF WATERLOO, IOWA
By:
Its:
STATE OF IOWA )
)SS
COUNTY OF t Ct. 2 V )
I,the undersigned, a Notary Public in and for said county in the State aforesaid, DO HEREBY
CERTIFY that cj UR.h.+i n --&r4--- personally known to me to
be the of CITY OF WATERLOO, IOWA and
personally kno me to be the same person whose name is subscribed to the foregoing
instrument, appeared before me this day in person and acknowledged that he/she signed and
delivered the foregoing instrument pursuant to authority of said corporation, for the uses and
purpose therein set forth.
GIVEN under my hand and Notarial seal this day of use l,kc , 9-3 .
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1 1P0ALS�c. BRITNI C PERKINS
z° t COMMISSION NO.845529 r- -
* ;,t MY COMMISSION EXPIRES -
IOWA JANUARY 27,2026 No gna
Prepared by: The Chandler Group, LLC
780 S Stone Creek Corner
Layton, UT 84041
.Return to: The Chandler Group, LLC
780 S Stone Creek Corner
Layton, UT 84041