HomeMy WebLinkAboutGrand Investments, LLC (Subordination Agreement)-9/21/2015pcopy to.
lease return this
CRY Clerk & Finance pot.
715 Mulberry 5t.
0703
Waterloo, LA
Prepared By: Eric W. Johnson, P.O. Box 178, Waterloo, IA 50704-0178 (319)234-1766
After Recording Return To: Eric W. Johnson, P.O. Box 178, Waterloo, IA 50704-0178
SUBORDINATION AGREEMENT
WHEREAS, Grand Investments, LLC, executed a mortgage to the City of Waterloo,
Iowa, on the real estate legally described as:
See attached Exhibit "A",
which was filed June 3, 2015, as Document No. 2015-19747, and modified by a modification
filed 1 f 3 0 y 2015, as Document No. 2-0 149 — z jar. , in the office of the Black
Hawk County Recorder, and
WHEREAS, Grand Investments, LLC, executed a mortgage to U.S. Bank National
Association, securing credit in the amount of $250,000, on the real estate legally described as:
See attached Exhibit "A",
which was filed July 7, 2015, as Document No. 2016-00428 in the Office of the Black Hawk
County Recorder, and
WHEREAS, it is the intention of the parties hereto that the above mortgage to U.S. Bank
National Association, be a lien prior to the lien of the City of Waterloo, Iowa, against the real
estate legally described as:
See attached Exhibit "A"
NOW THEREFORE, in consideration of the sum of One Dollar ($1.00) and other good
and valuable consideration, the City of Waterloo, Iowa, does hereby subordinate the lien of their
said mortgage to the lien of U.S, Bank National Association, and that the lien of the said
mortgage of U.S. Bank National Association, shall be prior, paramount, and superior to any right
title of claim to the said premises of the City of Waterloo, Iowa,
Dated this Z15Y day of SelAtr o -✓ __. 2015,
City o Waterloo, Iowa
By: Ernest G. Clark
Its: Mutv►—
STATE OF IOWA
COUNTY OF BLACK HAWK )ss.
This record was acknowledged before me on this .9\1 day of _Se--&-
Ernest G. Clark, as Mayor of the City of Waterloo, Iowa,
NANCY H GCY
COMMISSION NO.788229
MY CS3Mpl115S10NS
Notary Public in nd fos aid'State
2015, by
EXHIBIT "A"
Parcel A in Part of Lot No. 30 in "Auditors Falls Avenue and Mullah Avenue Plat" in the City of Waterloo, Black
Hawk County, Iowa, dcscribcd as follows:
Commencitw, at tl:elmost Southerly comer of Lot 30; thence N 48°50'00." W. along the Southwesterly line of said
Lot 30, a distance of 323.07 fcon°.. the Paint of Beginning; tlteneo coniinuiog along said Southwesterly line, 14 48°
50'00" W, a distance .of 243.81 feet; thence N 62°55'58" 13, a distance of 222.89 feet; thence N 83°45'11" E, a
distance of 78.78 loot; Thence S 3707'37" E, a distance of 103.99 feet; thence 8 48050100" E, a distance of 17.47
feet; thence 8 41'43'43" W, a distance of 280.28 feet to the Peint.oflicginning, containing 1.2010 aeras.
a/k/a That part of Lot 30 in "Auditor's Falk Avenue and Mullan Avenue Plat", Black Hawk County, Iowa as
indicated and dcscribcd on Plat of Surrey Due. 112014-11362.
And also, Parcel 12" in part of Lot No. 30 in "Auditor's Falls Avenue and Mullen Avenue Plat" in the City of
Waterloo, tllaci: Iluwk County, Iowa, as nppaars in tho plat ofsurvoy rocorded ill Book 327, Pagel 12 in the Office
of the Recorder, B!nc:k Hawk County, Iowa, except the southeasterly 137.00 Seel of said Parcel "I. , a4Ifteent to
West Mullan Avenue.
Page 1 of 3
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Black Hawk County Iowa
SANDIE L. SMITH RECORDER
F11e2016-00006852
Prepared By: Eric W. Johnson, P.O. Box 178, Waterloo, IA 50704-0178 (319)234-1766
After Recording Return To: Eric W. Johnson, P.O. Box 178, Waterloo, IA 50704-0178
SUBORDINATION AGREEMENT
WHEREAS, Grand Investments, LLC, executed a mortgage to the City of Waterloo,
Iowa, on the real estate legally described as:
See attached Exhibit "A",
which was filed June 3, 2015, as Document No, 2015-19747, and modified by a modification
filed 5"-Ormaec 3o, 2015, as Document No. aOl [o_Jooa c,..ns in the office of the Black
Hawk County Recorder, and
WHEREAS, Grand Investments, LLC, executed a mortgage to U.S. Bank National
Association, securing credit in the amount of $250,000, on the real estate legally described as:
See attached Exhibit "A",
which was filed July 7, 2015, as Document No. 2016-00428 in the Office of the Black Hawk
County Recorder, and
WHEREAS, it is the intention of the parties hereto that the above mortgage to U.S. Bank
National Association, be a lien prior to the lien of the City of Waterloo, Iowa, against the real
estate legally described as:
See attached Exhibit "A"
NOW THEREFORE, in consideration of the sum of One Dollar ($1.00) and other good
and valuable consideration, the City of Waterloo, Iowa, does hereby subordinate the lien of their
said mortgage to the lien of U.S. Bank National Association, and that the lien of the said
File Number: 2016-00006852 Seq: 1
t-1.r5o✓KV- (1'V
Page 2 of 3
mortgage of U.S. Bank National Association, shall be prior, paramount, and superior to any right
title of claim to the said premises of the City of Waterloo, Iowa.
Dated this (2d5t- day of Seel-e-md✓. 2015.
City gI Waterloo, Iowa
y: Ernest G. Clark
Its: NwJof
STATE OF IOWA
COUNTY OF BLACK HAWK )ss.
��
This record was acknowledged before me on this4 C�,
day of 4'VeivS--✓, 2015, by
Ernest G. Clark, as Mayor of the City of Waterloo, Iowa.
Nottaryy ...
NoPublic in d for said to
File Number: 2016-00006852 Seq: 2
Page 3 of 3
EXHIBIT "A"
Parcel A in Part of Lot No. 30 in "Auditor's Falls Avenue and Mullan Avenue Plat" in the City
of Waterloo, Black Hawk County, Iowa, described as follows:
Commencing at the most Southerly comer of Lot 30; thence N 48°50'00" W. along the
Southwesterly line of said Lot 30, a distance of 323.07 feet to the Point of Beginning; thence
continuing along said Southwesterly line, N 48°50'00" W. a distance of 243.81 feet; thence N 62°
55'58" E, a distance of 222.89 feet; thence N 83°45'11" E, a distance of 78.78 feet; thence S
57°07'37" E, a distance of 103.99 feet; thence S 48°50'00" E, a distance of 17.47 feet; thence S
43°43'43" W, a distance of 280.28 feet to the Point of Beginning, containing 1.2010 acres.
a/k/a That part of Lot 30 in "Auditor's Falls Avenue and Mullan Avenue Plat", Black Hawk
County, Iowa as indicated and described on Plat of Survey Doc. #2014-11362.
And also, Parcel "B" in part of Lot No. 30 in Auditor's Falls Avenue and Mullan Avenue Plat" in
the City of Waterloo, Black Hawk County, Iowa, as appears in the plat of survey recorded in
Book 327, Page 412 in the Office of the Recorder, Black Hawk County, Iowa, except the
southeasterly 137.00 feet of said Parcel "B", adjacent to West Mullan Avenue.
File Number: 2016-00006852 Seq: 3