HomeMy WebLinkAboutSubordination Agreement paulick/anderson 650 w 4th aveDocument Number
This instrument drafted by:
Attorney Lynn A. Lorenson
Oshkosh, WI 54903 -1130
SUBORDINATION AGREEMENT
Document Title
1 5 1 'a 'z5 !E5 lei
REGISTER'S OFFICE
WINNEBAGO COUNTY,, WI
RECORDED ON
/2582#0" 4RI:53AN
JULIE PAGEL
REGISTER OF DEEDS
RECORDING FEE 35.
TRANSFER FEE
# OF PAGES 3
Recording Area
Name and Return Address /` 1
City Attorney Office
P O Box 1130
Oshkosh WI 54903 -1130
Parcel Identification Number (PIN)
90602970000
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SUBORDINATION AGREEMENT
This Subordination Agreement (Agreement), is entered into between the City of Oshkosh (City),
Jeffery J. Paulick (Paulick), and Janice M. Anderson (Anderson). For One Dollar ($1.00) and other good
and valuable consideration, the receipt of which is acknowledged at the time each signs below, the parties
recite and agree to the following:
All parties are entering into this agreement for the purpose of affecting their interests, present and
future, in the real property (Property) in the City of Oshkosh, Winnebago County, more particularly
described as follows:
The East 71.5 feet of the South 150 feet of Lot -6 according to MAP OF SOUTH
WEST 1/4 of Section 23, 6 th Ward, City of Oshkosh, Winnebago County,
Wisconsin, per Leach's Map of 1894.
(Commonly known as 650 W. 4'O' Avenue)
Anderson, an unmarried person, is the sole owner of the Property.
Paulick possesses a Judgment lien in the amount of $7,500.00 upon the real property identified in
this document as the result of a Divorce Judgment dated August 12, 1997 filed in the Office of the Clerk
of Courts for Winnebago County, Wisconsin as Circuit Court Case No. 96- FA -33, Janice M. Paulick
(now known as Janice M. Anderson) versus Jeffery J. Paulick.
The City is about to loan Anderson a to -be- determined amount for the purpose of rehabilitating
the Property, and that the sum loaned will be secured by a mortgage on and covering the Property above
described.
To induce the City to make such loan, it is necessary that the lien held by Paulick be subordinated
to the lien of the mortgage about to be made by the City as set forth in this document. The City
affirmatively states that it would make no loan to Anderson without Paulick agreeing to subordinate his
lien to the City's mortgage or other lien.
For the reasons set forth and in consideration of the mutual covenants in this document, the City,
Paulick, and Anderson agree as follows:
Paulick hereby covenants, consents, and agrees with the City that his lien against the Property
described above and as set forth in the Winnebago County Circuit Court Case 96- FA -33, and all
associated rights, interests, claims, and remedies shall be subject to and subordinate in position to all
mortgages and other liens against the Property held by the City, including mortgages and other liens
securing loans by the City to Anderson, regardless of the date of recording or perfection, that are or will
be advanced by the City to Anderson securing amounts loaned up to and including an aggregate amount
of $30,000.00.
2. Pauli'ck,only agrees to subordinate his lien against the Property to mortgages and other liens, against
the Property held by the City which secure loans wholly or partially total $30,000.00 or less. In the event
that Anderson's debt to the City which is secured by a inortgage or other lien exceeds $30,000.00, then all
liens for amounts owed in excess of $30,000.00 shall be junior to Paulick's lien identified in this
document.
3. All parties have given and received consideration in return for the execution of this document. The
City has required that Anderson provide, and Paulick hereby affirms that Anderson has in fact provided
good and. valuable consideration to Paulick in return for his execution of this agreement. In return for
Anderson securing this subordination agreement, the City does agree to make a rehabilitation loan
referenced above provided Anderson otherwise complies with all other loan requirements.
4. This Agreement shall be recorded with the County land records, shall run with the land, and shall
inure to and be binding upon all parties executing this agreement, successors in interest, heirs, assigns,
agents, and representatives.
5. Each party to this agreement understands that this Agreement is a legal document and has been given
the opportunity to seek the advice of counsel before signing this document.
6. This Agreement shall be construed and enforced in accordance with the laws of Wisconsin and any
disputes shall have ,a venue of Winnebago County, Wisconsin.
R
WITNESS his hand this f ay of 2009:
By:
Jef ery J. Paulick
Personally came before me, this t® day of 2009, the above named Jeffery J. Paulick, to me
known to be the person (s) who executed the foregoing instrument and acknowledged the same.
Notary Public
Winnebago County, Wisconsin My Commission expires: `
XTNESS her hand this day of 2009:
By ��' `ape
Janice M. Anderson .
Personally came before me, this ) ` 41 4li ay of 6' ` 2009, the above named Janice M. Anderson, to me
kn t be the person s) who executed the foregoing instrument and acknowledged the same. j.
V >
Notary Public
Winnebago County, Wisconsin My Commission expires`. _�
WIT their hands this �C) day 2009:
( Mark A. RohTof°f, Ci Manager
By:
Pamela R. Ubrig, 6iy
Personally came before me, this `! ►� day of 1 2009, the above named Mark A. Rohloff, City
Manager, and Pamela R. Ubrig, City Clerk, of the City of Oshkosh, to me known to be the person (s) who executed
th eg 'ng inst ment d acow edge the same.
Notary Public
Winnebago County, Wisconsin My Commission expires: �J
This instrument was drafted by:
Attorney David J. Praska
City of Oshkosh
215 Church Avenue
Oshkosh, Wisconsin