HomeMy WebLinkAboutbocc.con.235.23[LANDOWNER NAME]
DEED OF TRUST SUBORDINATION AGREEMENT
THIS DEE� O,F TRUST SUBORDINATION AGREEMENT, made this
(Day o STK between Peter and Ellen Itzler ("Lender"), and the Board of County
Commissioners of Pitkin County, Colorado, a body corporate and politic, 530 E. Main
Street, Aspen, CO 81611 (the "County").
WITNESSETH:
fWHEREAS, Lender is the holder of that certain Deed of Trust dated
fird- 9aoa/granted4YPeter and Ellen Itzler("Borrower")in
favor of�Lender to secure an indebtedness in the original principal amount
$ 77_0/ nen% O 0 (the "Deed of Trust");
WHEREAS, the Deed of Trust created a lien on certain real property owned by
Borrower in Pitkin County, Colorado more particularly described as Lot 3, Filing I, Capitol
Woods Subdivision (parcel ID# 264503201002);
WHEREAS, the Deed of Trust was recorded in the land records of Pitkin
County, Colorado on 9,/B/a% at Reception No. R35 _
WHEREAS, Borrower has agreed to grant to the County an
Agricultural Covenant ("Covenant") restricting the use of the Property, or a portion
thereof;
WHEREAS, a true and complete copy of the Covenant has been provided to
Lender;
WHEREAS, the Covenant, when granted and recorded shall constitute an interest
or charge upon the Property that is unconditionally prior and superior to the rights, interests,
liens, or charges of the Lender and Deed of Trust;
WHEREAS, the County has agreed to accept the grant of the Covenant, subject to
the subordination or discharge of all prior liens, Deed of Trusts, and other encumbrances
affecting the Property;
WHEREAS, the Covenant in favor of the County shall unconditionally be and
remain at all times an interest or charge on the Property, prior and superior to the lien or
charge of the Deed of Trust; and
WHEREAS, Lender is willing to subordinate the lien of the Deed of Trust to the
Covenant, which is recorded at Reception No.L14:03S3 , in the records of the
Pitkin County Clerk and Recorder.
1111111 11111 11111 l IIffl I111111111fillII101HIll11U1OIllIII1ll1II1111
RECEPTION#: 598309, R: $0.00, D: $0.00
DOC CODE: SUBORD AGREE
Pg 1 of 3, 10/25l2023 at 11:57:42 AM
Ingrid K. Grueter, Pitkin County, CO
NOW, THEREFORE, for $10 and other good and valuable consideration, the
receipt of which is hereby acknowledged, and intending to be legally bound hereby, Lender
and County agree as follows:
1. The Deed of Trust, and all of Lender's rights, interests, claims, remedies and
privileges under the Deed of Trust are, and at all times shall continue to be, subject and
subordinate in all respects to the Covenant, with the same force and effect as if the
Covenant had been executed, delivered and recorded prior to the execution and delivery of
the Deed of Trust.
2. If any action or proceeding is commenced by Lender for the foreclosure of
the Deed of Trust or the sale of all or part of the Property, the County will not be named as
a party therein, and the sale of the Property (or a portion thereof) in any such action or
proceeding shall be made subject to all rights of the County under the Covenant.
3. If Lender shall become the owner of the Property by reason of the
foreclosure of the Deed of Trust or the acceptance of a Deed or Assignment in Lieu of
Foreclosure or otherwise, the Covenant shall not be affected thereby, but shall continue in
full force and effect, and Lender shall abide by all of the terms, covenants and conditions
set forth in the Covenant.
4. In all other respects the Deed of Trust shall remain in full force and effect.
Nothing contained herein shall be deemed to release or discharge any of the indebtedness
or other obligations of Borrower to Lender contained in or secured by the Deed of Trust.
5. All notices, requests, demands, elections, consents, approvals and other
communications under this Agreement (each such communication, hereinafter, a "notice")
must be in writing and delivered by hand, by United States mail or by commercial express
courier service to Lender and the County at the following addresses (or at any other address
which Lender or the County may designate by notice from time to time):
If to Lender: Peter and Ellen Itzler
1421 S E 4th Avenue #A
Ft Lauderdale, FL 33316
If to County: Board of County Commissioners of Pitkin County
530 E. Main Street, Suite 30I
Aspen, Colorado 81611
With Copies to: Pitkin County Attorney
530 E. Main Street, Suite 302
Aspen, Colorado 81611
b. This Agreement shall be binding upon and inure to the benefit of Lender
and the County and their respective successors and assigns.
7. This Agreement may not be amended or modified except by an instrument
in writing executed by both parties.
8. This Agreement shall be construed and enforced in accordance with the
laws of the State of Colorado, and venue shall lie in Pitkin County.
9. This Agreement constitutes the full and final agreement between the parties,
and all prior and contemporaneous understandings of the parties are merged herein.
10. This Agreement may be executed in duplicate original counterparts, each of
which shall have the same binding force and effect.
IN WITNESS WHEREOF, Lender and the County have duly executed this
Agreement as of the date first above written.
COUNTY OFP& '
[NAME OF LENDER],
By: 04144,
Name R AA( F4'c ("&rn
Title: V p
STATE OF•COLOR*90-'r�.M )
) ss..
tnixr
The foregoing instrument was acknowledged before me this a5 day of3uly, 2023
re w kff rn��, 'JP
by
[name and title] ,�n
of MOr%eki 1 S .
[SEAL]
Notary blic
My Commission Expires: 06 .-'a14 _a�
Joshua Schenker
My Commission Expires
6124/2027
Notary 10134377832