HomeMy Public PortalAboutbazil-todd subordination agreementWhen Recorded Mail To:
City of Moab
217 East Center Street
Moab, UT 84532
Ent 529447 Bk 867 P 717 719
Date: 26-APR-2018 S:01:35PM
Fee: NoneFiled By: GKW
JOHN ALAN CORTES Recorder
GRAND COUNTY CORPORATION
For: CITY OF MOAR
SUBORDINATION AGREEMENT
For valuable consideration, this Subordination Agreement made as of the date set
forth below by U.S. Bank National Association, having an address of 420 East Main
Street, Aspen, CO 81611 (Subordinator), and the City of Moab, a Utah Municipality,
having its address at 217 East Center Street, Moab, UT 84532 (City).
RECITALS:
A. Rhonda J. Bazil and Thomas J. Todd (Borrowers) are currently indebted to
Subordinator, the debt being secured by a deed of trust in the amount of $536,000.00,
dated November 6, 2009, and recorded in Book 754, Page 113 et seq., Entry No. 493296,
of the land records of Grand County, Utah (the Deed of Trust). The Deed of Trust
encumbers the entirety of Borrowers' property, Grand County, Utah, Tax Parcel No. 01-
001-0178.
B. Borrowers have agreed to convey to the City a Deed of Easement across the
property encumbered by the Deed of Trust. The easement is described in Exhibit A,
attached (Easement). Concurrently, the City has also agreed to abandon and restore an
existing trail crossing the Borrowers' property in conjunction with the construction of
improvements in the new Easement, as confirmed by a separate Temporary Construction
License and Agreement.
C. It is necessary that the City obtain unencumbered title to the Easement prior to the
construction of all improvements, and it is in the interests of all parties that the new
Easement be established, and the old trail abandoned.
In consideration of the performances described above, and of the mutual benefits
and obligations set forth in this agreement, the parties agree as follows:
AGREEMENT:
1. The Recitals are incorporated into and made part of this Agreement.
2. Subordinator agrees that the Deed of Trust described above is hereby
subordinated and made subject to the Deed of Easement conveyed by Borrowers Thomas
J. Todd and Rhonda J. Bazil, dated 1r;1 2 , 2018, and conveying to the City of
Moab the Easement as described in Exhibit A. Said Easement is recorded at Reception
No. 5 2 ei gel 9 of the Grand County, Utah, land records.
3. Any default, foreclosure, sale, or other legal process with respect to the Deed of
Trust shall not extinguish or otherwise impair the Easement in any way.
1
Bazil/Todd Subordination Agreement
4. This Subordination Agreement is a valid, enforceable, and binding obligation
executed after obtaining all necessary authority.
SUBORDINATOR
U.S. Bank, National Association
By:
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Title: pv°
STATE OF COLORADO
COUNTY OF PITKIN
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ACKNOWLEDGMENT
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Date
The foregoing Subordination Agreement was acknowledged and executed before
me this go- day of Af ti t , 2018 by U.S. Bank, National Association, acting by
and through M0,1lC Qe44'SdoIN. . Witness my hand and official
seal. My commission expires: a.et;\ Q V g•CQ 1
DYLAN BONTEMPO
1 Notary Public- State of Colorado I
1 Notary ID 20174017129
ii My Commission Expires Apr 20, 2021
Address:NOO . Ma;K 5' Stt , Ol
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2
Ent 529407 Bk 0867 Pg 0718
Exhibit A
A 16' wide trail easement located within parcel #01-001-0178, within the West half of Section 1, T26S,
R21E, SLB&M, Grand County, Utah and being more particularly described as;
Beginning at a point on the West R-O-W of 100 West Street, said point also being the Northeast corner
of grantors parcel, said point being South 2722.0 feet and West 274.3 feet from the North Quarter
corner Section 1, Township 26 South, Range 21 East, Salt Lake Base and Meridian and running thence
North 89°28'07" West 19.05 feet;
thence North 86°36'29" West 15.49 feet;
thence with a curve having a radius of 58.00 feet, to the right with an arc length of 12.32 feet, (a chord
bearing of North 80°31'28" West 12.29 feet);
thence North 74°26'27" West 40.38 feet;
thence with a curve having a radius of 58.00 feet, to the right with an arc length of 11.74 feet, (a chord
bearing of North 68°38'34" West 11.72 feet);
thence East 55.30 feet;
thence with a curve having a radius of 42.00 feet, to the left with an arc length of 7.68 feet, (a chord
bearing of South 81°22'15" East 7.67 feet);
thence South 86°36'29" East 13.67 feet;
thence North 02°11'20" East 1.96 feet;
thence North 90°00'00" East 19.93 feet;
thence South 00°17'00" West 18.22 feet to the point of beginning.
Ent 529407 Bk 0867 Pg 0719