Subordination Agreement - Idaho Association Of Counties printable pdf download

SUBORDINATION AGREEMENT

THIS AGREEMENT made and entered into this ______day of __________, 2010, by and

between the following:

1. ADA COUNTY INDIGENT SERVICES (referred to herein as the “Junior

Lienholder”), who is the current beneficiary of a statutory Lien pursuant to Idaho Code

Title 31, dated the 12th day of January, 2010, which was recorded on _______________,

2010, as Instrument No. 109136484, records of Ada County, Idaho;

2. KEY BANK NATIONAL ASSOCIATION (referred to herein as “Lender”), who is the

prospective “First Lienholder” and beneficiary of a Deed of Trust dated the ___day of

________________, 20__, which was/will be recorded on __________________ , 20__,

as Instrument No. __________________, records of Ada County, Idaho; and

3. HAFA ALIC (referred to herein as “Owner”), who is the Owner of all the real property

described in the Deed of Trust identified in Paragraph 2 above and known as 1017 N.

Parkdale Avenue, Meridian, Idaho 83642, Parcel No. ___________________.

In consideration of the benefits to the Junior Lienholder received from the Owner, the receipt

and sufficiency of which is hereby acknowledged, and to induce Lender to advance funds under

its Deed of Trust and all agreements in connection therewith, the Junior Lienholder does hereby

unconditionally subordinate the Lien identified in Paragraph 1 above to the Lien of the Lender’s

Deed of Trust identified in Paragraph 2 above, and to all advances or charges made or accruing

thereunder, including and extension or renewal thereof.

It is understood by the parties hereto that the Lender would not make the loan secured by the

Deed of Trust described in Paragraph 2 without this agreement.

This agreement shall be the whole and only agreement between the parties hereto with regard

to the subordination of the Lien described in Paragraph 1 to the Lien or charge of the Deed of

Trust in favor of the Lender described in Paragraph 2 above and shall supersede and cancel any

prior agreements as to such, or any, subordination including, but not limited to, those provisions,

if any, contained in the lien described in Paragraph 1 that will be provided for the subordination

of the Lien to a deed of trust to be thereafter executed.

The heirs, administrators, assigns and successors in interest of the Junior Lienholder shall be

bound by this agreement.

If this agreement is given to an attorney for enforcement, or if suit is brought for collection or

enforcement, or if it is enforced or collected through probate, bankruptcy, or other judicial

proceedings by one of the parties hereto, then the prevailing party in such matters shall receive

all costs of such collection or enforcement, including reasonable attorney’s fees and court costs

in addition to other amounts due.

SUBORDINATION AGREEMENT- PAGE 1 OF 3

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Subordination Agreement - Idaho Association Of Counties