2005-059074 Washington County, Oregon 2 ®05_059074
OF 7005 09:41:51 AM
s _ D•. Cnt =1 Stn =22 I REED
•
$10.00 $11.00 • Total = $21.00
lb 00776094200500590740020029
` ... ..... ... ... or s book m t v ,
Jerry Hanson, Director of Assessment and Taxation
and Ex- Officio Coun Clerk forWashin ton Coun
writing was received and recorded in t, h ���
records of said county. { } I �
SUBORDINATION .'
Oregon, do hereby certify Ifythatths within instrument of �, ;?
to Trust Deed Jerry R. Hanson, DIrectort=sment and Taxation, "`
Ex -Officio County Clerk
After recordin r:eturn:to:
City of Tigard
13125 SW Hall Blvd
Tigard, OR 97223 . Space , •AboveReserved for Recorder's Use
• Subordination Agreement
C'-Fy Lic-&
THIS AGREEMENT, Made and entered into this 14 day of April, 2005, by and
between City of Tigard hereinafter called the first party, and Lehman Brothers Bank, FSB
hereinafter called the second party; W I T N E S S E T H:
On or about July 20, 2004, Lionel, LLC being the owner of the following described
property in Washington County, Oregon:
Lot 21, HERMOSO PARK, in the City of Tigard, County of Washington and State of Oregon
EXCEPTING THEREFROM the Eastern 5 feet as dedicated for road or street purposes by
Deed recorded January 29, 2004, as Fee No. 2004 - 008507 and by Deed recorded April 8,
2004 as Fee No. 2007 - 035932
executed and delivered to the first party a certain city lien, (herein called the first party's lien)
on said described property to secure the sum of $23,200.00 and 1,944.00, which lien was:
Recorded on July 20, 2004 in the Records of Washington, Oregon, in as fee No. 2004-
083280
Reference to the document so recorded or filed hereby is made. The first party has never sold
or assigned first party's lien and at all times since the date hereof has been and now is the
owner and holder thereof and the debt thereby secured.
Ew The second party is about to loan the sum of $653,000.00 to the present owner of the
property, with interest thereon at a rate not exceeding 8.05% per annum, said loan to be
-tt secured by the said present owner's trust deed (hereinafter called the second party's lien)
w upon said property and to be repaid within not more than 25 years from its date.
To induce the second party to make the loan last mentioned, the first party has agreed
and consented to subordinate first party's lien to the lien about to be taken by the second party
as above set forth.
NOW, THEREFORE, for value received and for the purpose of inducing the second
party to make the loan aforesaid, the first party, for himself, his personal representatives (or
successors) and assigns, hereby covenants, consents and agrees to and with the second
party, his personal representatives (or successors) and assigns, that the said first party's lien
on said described property is and shall always be subject and subordinate to the lien about to
be delivered to the second party, as aforesaid, and that second party's said lien in all respects
shall be prior and superior to that of the first party; provided always, however, that if
second party's said lien is not duly filed or recorded or an appropriate financing statement
thereon duly filed with 90 days after the date hereof, this subordination agreement shall be null
and void and of no force or effect.
It is expressly understood and agreed that nothing herein contained shall be construed
to change, alter or impair the first party's said lien except as hereinabove expressly set forth.
In construing this subordination agreement and where the context so requires, the
singular includes the plural, the masculine includes the feminine and the neuter, and all
grammatical changes shall be supplied to cause this agreement to apply to corporations as
• well as to individuals.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand and seal; if the
undersigned is a corporation, it has caused its corporate name to be signed and its corporate
seal to be affixed hereunto by its officers duly authorized thereunto by order of its board of
directors, all on this, the day and year first above written.
IIit IIII lil l ll 111 li Ill
2005 -59074
i •
CITY OF TIGARD
by: -..... J.. AI.. ! . f
as its: T -(1,M -1+r.ar,t+ w AJ:4
STATE OF OREGON, County of Washington) ss.
April /5 , 2005
Personally appeared — Tall , i e- ke_, who being duly sworn, did say that he /she
is the T4 4 rvi ri, ,,,, a ;Di recIvrbf the City of Tigard and he /she acknowledged said
instrument to be his /her voluntary act and deed.
Before me:
Notary Public for Oregon age boa �,
My commission expires: u- /i
}. • OFFICIAL SEAL
1 r M NOT AUREEN PUBL DENNY
1 ) w ' COMMISSION NO.38SR$6
MY COMM466ION EXPIRES JULY a IS
+►' OFFICIAL SEAL
,. MAUREEN DENNY
NOTARY PUBLIC - OREGON
() ' r.r_ COMMISSION NO
( MY COMMISSION EXPIRES JULY 29, 2008 I
4