HomeMy WebLinkAboutMidtown Development, LLC-Agreement for Prior Lienholder-07.20.2009 AGREEMENT OF PRIOR LIENHOLDER
Take this form to the person holding a lien on the real
_ estate to be pledged as collateral. Have them fill in all
blanks marked by a check.
Return the original to SBA, and give one copy to the prior
lienholder. Borrower's copy is enclosed with the
documents marked "Borrower's Copies".
•
0003579507/DLB 37036160-04
NOTICE
This is to certify that the Small Business Administration has complied with the applicable provisions of
the Right to Financial Privacy Act of 1978,Title XI of Public Law 95-630. Pursuant to Section 113(h) (2)
of that Act, no further certification shall be required for subsequent access by the Small Business
Administration to financial records of the customer.
AGREEMENT OF PRIOR LIENHOLDER
\I The undersigned hereby represents that (he/she/they/it) is the owner and holder of a prior
lien on certain real estate of MIDTOWN DEVELOPMENT, LLC., WHO ACQUIRED TITLE AS
MIDTOWN DEVELOPMENT, LLC (hereinafter referred to as "Borrower"), in Black Hawk County,
State of IA by virtue of a certain Mortgage or Deed of Trust dated , 20
recorded in Book , Page , of the Mortgage or Deed of Trust Records of said
county and state, which real estate is more fully described and set forth in the lien instrument which
was originally given to secure the payment of$ upon which there remains
unpaid principal and accrued interest aggregating $ as of the date hereof.
CURRENT IN HIS REPAYMENT OF THIS
INDEBTEDNESS. (If not current, please indicate amount of delinquency: $
.)
_ In consideration of a loan in the approximate amount of $437,500.00 to be made by the SMALL
BUSINESS ADMINISTRATION (hereinafter referred to as "SBA") to Borrower (and other valuable
considerations),which loan is or will be,secured by an inferior lien upon the real estate covered by the
above described lien instrument,the undersigned does hereby covenant and agree as follows:
1. That if said prior lien instrument contains a clause intended to secure future advances to
Borrower, the undersigned hereby subordinates to the lien of SBA any right to make future
advances under such clause. However, it is specifically agreed and understood that this
instrument shall not be construed as a subordination of the lien held by the undersigned
except to the extent of the rights,if any,conferred in said lien instrument as to the privilege of
making future advances to be secured by said lien. This agreement is not applicable to
advances to preserve security,i.e.,tax payments,insurance premiums,etc.
2. If said prior lien instrument contains a clause prohibiting the Borrower from further
mortgaging the land therein described, such provisions are hereby waived as to said loan by
SBA.
3. That should foreclosure of said prior lien be commenced pursuant to a power of sale, if any,
contained in said lien instrument, to give SBA written notice of the commencement of such
foreclosure,which notice shall be delivered or forwarded by registered mail to 10737 Gateway
West #300, El Paso, TX, 79935 at least fifteen (15) days prior to the date of commencement of
such foreclosure.
Page 1 of 2
0003579507/DLB 37036160-04
IT IS UNDERSTOOD AND AGREED that in the event said loan is not completed and made by SBA to
Borrower,this agreement shall be null and void,otherwise to remain in full force and effect.
441
\l Executed and delivered this o9V day of --5-44--l y ,206 9 .
CITY OF WATERLOO IA
Bet
Auth6nzed I(presen e
�u-r 14y Y\•ay o r
ATTEST
ChA—
‘ `Title)
11116
Page 2 of 2
0003579507/DLB 37036160-04
NOTICE
This is to certify that the Small Business Administration has complied with the applicable provisions of
the Right to Financial Privacy Act of 1978,Title XI of Public Law 95-630. Pursuant to Section 113 (h) (2)
of that Act, no further certification shall be required for subsequent access by the Small Business
Administration to financial records of the customer.
AGREEMENT OF PRIOR LIENHOLDER
The undersigned hereby represents that (he/she/they/it) is the owner and holder of a prior
lien on certain real estate of MIDTOWN DEVELOPMENT, LLC., WHO ACQUIRED TITLE AS
MIDTOWN DEVELOPMENT, LLC (hereinafter referred to as "Borrower"), in Black Hawk County,
State of IA by virtue of a certain Mortgage or Deed of Trust dated , 20
recorded in Book , Page , of the Mortgage or Deed of Trust Records of said
county and state, which real estate is more fully described and set forth in the lien instrument which
was originally given to secure the payment of$ upon which there remains
unpaid principal and accrued interest aggregating $ as of the date hereof.
CURRENT IN HIS REPAYMENT OF THIS
INDEBTEDNESS. (If not current, please indicate amount of delinquency: $
.)
_ In consideration of a loan in the approximate amount of $437,500.00 to be made by the SMALL
BUSINESS ADMINISTRATION (hereinafter referred to as "SBA") to Borrower (and other valuable
considerations),which loan is or will be,secured by an inferior lien upon the real estate covered by the
above described lien instrument,the undersigned does hereby covenant and agree as follows:
1. That if said prior lien instrument contains a clause intended to secure future advances to
Borrower, the undersigned hereby subordinates to the lien of SBA any right to make future
advances under such clause. However, it is specifically agreed and understood that this
instrument shall not be construed as a subordination of the lien held by the undersigned
except to the extent of the rights,if any,conferred in said lien instrument as to the privilege of
making future advances to be secured by said lien. This agreement is not applicable to
advances to preserve security,i.e.,tax payments,insurance premiums,etc.
2. If said prior lien instrument contains a clause prohibiting the Borrower from further
mortgaging the land therein described, such provisions are hereby waived as to said loan by
SBA.
3. That should foreclosure of said prior lien be commenced pursuant to a power of sale, if any,
contained in said lien instrument, to give SBA written notice of the commencement of such
foreclosure, which notice shall be delivered or forwarded by registered mail to 10737 Gateway
West #300, El Paso, TX, 79935 at least fifteen (15) days prior to the date of commencement of
such foreclosure.
Page 1 of 2
0003579507/DLB 37036160-04
IT IS UNDERSTOOD AND AGREED that in the event said loan is not completed and made by SBA to
Borrower,this agreement shall be null and void,otherwise to remain in full force and effect.
NI Executed and delivered this day of ,20 .
CITY OF WATERLOO IA
Authorized Representative
ATTEST:
(Title)
Page 2 of 2
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